Drilling of the Parsons-2 appraisal-development well is expected to start at the beginning of March, about a month before production from the Parsons-1 discovery well is expected to begin.
Located using 3D seismic, the Parsons-2 well site lies about 125km south of the discovery well.
Cooper Energy said this latest well was targeting 400,000 barrels of previously undeveloped recoverable oil.
The PEL 92 joint venture discovered the Parsons oil field discovery nearly two months ago, with Parsons-1 which flowed 3300 barrels of oil per day on test.
The field is about 9km west of the Christies and Callawonga oil fields.
Beach holds a 75% stake in PEL 92, while Cooper has 25%.
