Oz Cooper Reports 29% Jump in Q4 Revenue
Sydney-listed Cooper Energy July 23 reported a 29% yr/yr increase in revenue during the three months to June 30 (Q4) thanks to higher gas sales volume.
The company’s sales revenue was A$24.2mn (US$17.3mn) compared with A$18.7mn in the same quarter of last year. “The increase is principally due to higher gas sales brought by the first full quarter’s supply from the Sole gas field which commenced production in March 2020,” it said.
Cooper’s full year revenue was A$78.1mn, up 3% yr/yr. Revenue from the sale of gas for the year was A$63.6mn, up 22% yr/yr while revenue from crude oil sales of A$14.5mn was 38% lower than the previous year due to lower volumes and prices. Cooper’s sales volume in Q4 was 3.5 gigjoules, up 119% yr/yr. For the full year, sales volume was up 28% yr/yr to 8.3 gigajoules.
Total production in Q4 was 0.61mn boe, up 90% yr/yr owing to first full quarter contribution from the Sole gas field. For the full year, output was 1.56mn boe, up 19% yr/yr.
Cooper said that output in 12 months to June 30, 2021 is expected to increase significantly yr/yr due to a full year contribution from Sole. However, the company did not provide a production forecast as it will depend upon the timing and rate of production escalation achieved at APA’s Orbost gas processing plant.
Last month, Cooper said gas infrastructure company APA has planned a second shutdown of the Orbost gas processing plant as the rates achieved are yet to meet the 68 terajoules/day (64mn ft3/day) required by the plant production test.