Cooper Energy cuts underlying loss in Jul-Dec
Sydney-listed Cooper Energy’s underlying loss shrank during the six months to December 31 (H1) owing to higher oil and gas sales.
The company reported an underlying loss, which excludes one-off items, of A$6mn ($4.32mn) compared with a loss of A$17.4mn in the same period last year. Cooper’s net loss came in at A$5.9mn versus a loss of A$23.1mn in the year-ago period.
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Cooper’s sales volume rose 67% year/year while sales revenue was up 96% yr/yr. The company’s production was at a record 1.6mn barrels of oil equivalent, up 31% yr/yr, thanks to increased gas production from the Sole field.
The company said that the optimisation of the Orbost gas processing plant (OGPP) has led to an increase in the Sole production rate from November 2021.
The Orbost plant, which is operated by energy infrastructure firm APA, processes gas from Cooper’s Sole gas field offshore Victoria for supply to customers in south-east Australia. The plant's performance has been impaired by foaming in the absorber section of the sulphur recovery unit and it has not been able to reach nameplate capacity.
Cooper recently announced that Orbost plant Phase 2B works would begin end-February. However, APA has told Cooper that there are delays in the supply of some of the equipment required for some of the Phase 2B works.
“The project implementation schedule and cost are being reassessed taking account of the improved production performance,” Cooper said.
Meanwhile, the company has kept the full-year production guidance unchanged at 3-3.4mn boe.