Australian explorer Cooper Energy slipped into red during the six months ending December 31 (H1) owing to costs associated with fixing its Orbost gas processing plant, it said on February 15. 

The company reported a loss of A$23.1mn (US$18mn) compared with a profit of A$6.3mn in the same period of last year. Sales revenue grew 24% year/year to A$48.6mn.  

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Overall hydrocarbon output was 82% higher at 1.2mn boe, thanks to the Sole gas field ramping up supply. Gas output rose 101% to 6.9 petajoules, while liquids extraction was 21% lower, mainly due to natural field decline in the Cooper basin, the company said.

In the second half of the year, Cooper expects to record growth in production, revenue and cash flow thanks to increased production from Sole and the start of the long-term Sole gas sales agreements.  

Cooper expects to produce 2.7-2.9mn boe in the year ending June 30, versus 1.56mn boe in the previous 12 months. Its capital spending guidance is A$45-A$50mn, down from A$76mn in the year before.