Australia's Cooper Energy reports 19% jump in revenue in January-March

Australian energy company Cooper Energy said on April 16 that its sales revenue grew by 19% year/year, reaching A$55.9mn ($35.87mn) in the January-March quarter (Q3). The revenue was up 2% quarter/quarter. 

This growth is attributed to both higher sales volume, which was up 6.8% year/year, and increased average gas prices. Realised gas prices averaged A$9.24/gigajoule during Q3, up from A$8.26/gigajoule in the same period last year.

Meanwhile, Cooper reported significant progress on the BMG wells decommissioning project. With approximately 80% completion achieved, full decommissioning is expected by the second half of May. However, costs are tracking towards the upper end of the mid-case cost estimate, which was previously revised upwards due to startup delays.

Cooper 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.

Pertamina, via an Australian subsidiary, participated in the BMG oil project during its production life and 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.