Oz Cooper Keeps Output Guidance Unchanged
Australian explorer Cooper Energy March 31 said guidance for the total production for the 12 months to June 30 (FY2020) is unchanged from that announced in February.
Cooper expects FY2020 production to be approximately 1.2mn barrels of oil equivalent from its existing operations in the Otway and Cooper basins. “This guidance now incorporates higher gas production and lower oil production. Gas production of approximately 5.9 petajoules (5.5bn ft3) and crude oil production of approximately 0.2mn barrels is now anticipated. This guidance is to be upgraded to incorporate production from Sole once firm supply from the field is established,” the company said. In February, Cooper had guided gas production of approximately 5 petajoules and oil production of approximately 0.24mn barrels.
The company said it has a number of growth projects at various stages of maturity which will supply gas to south-east Australia and “therefore their pursuit is expected to be unaffected by the recent decline of crude oil prices”.
Work on the main projects is expected to continue, however, due to disruption associated with Covid-19, rig availability and other factors may result in some slippage to the dates previously outlined for some projects, Cooper said, adding that slippage is not anticipated to have a material impact on FY2020 or FY2021 production.
Cooper said that incurred capital expenditure for FY2020 is expected to approximate the middle of the previous guidance range of A$86mn-A$93mn (US$52.7mn-US$57mn) announced in February.