Australia's Cooper Energy reports 17% revenue growth in April-June

Australian energy company Cooper Energy announced on July 16 that its sales revenue grew by 17.2% year/year in the April-June quarter (Q4FY24) due to higher production and sales volume.

The sales revenue for the quarter was A$57.3mn ($38.6mn), compared with A$48.9mn last year. The revenue was up 2% quarter/quarter. Sales volume increased by 9.6% year/year and 3% quarter/quarter. Cooper Energy reported that total production in Q4 was up 1% from the previous quarter, reaching 63.9 terajoules equivalent (TJe)/day.

In May, Cooper Energy completed the BMG wells decommissioning project, with the final cost of the programme expected to be slightly less than A$270mn. The cost had been revised upwards previously due to startup delays.

“Completing the BMG wells decommissioning programme in May was a significant milestone for the company, and I’m pleased that our team delivered a technically challenging project without incident,” said CEO Jane Norman. “With that now behind us, we are focused on the East Coast Supply Project to backfill the Athena gas plant.”

The company said it continues to pursue its claim in the Supreme Court of Victoria against Indonesian state-owned enterprise Pertamina Hulu Energi for Pertamina’s 10% share of the BMG decommissioning costs. This claim includes interest on the costs to date. An interlocutory hearing has been scheduled for late July 2024. 

Pertamina, via an Australian subsidiary, participated in the BMG oil project during its production life. Cooper’s claim arises with respect to Pertamina’s obligations under the withdrawal and abandonment provisions of the BMG oil project joint operating and production agreement.