Cooper Energy reports record full-year output
Sydney-listed Cooper Energy on August 23 said its output hit record during the 12 months to June 30 (FY21) owing to the start of the Sole gas sales agreements and improving performance at the Orbost gas processing plant (OGPP).
The company’s production in FY21 was 2.64mn boe, up 69% year/year. Total gas production of 15.1 PJ was 82% higher than the prior year. The company managed to cut underlying losses to A$6.6mm ($4.73mn) from A$25.9mn in the previous year.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
Managing director David Maxwell said that despite a challenging year the strong momentum in the second half demonstrates Cooper Energy’s underlying value proposition.
“FY21 was a year of two halves, with Orbost reconfiguration works and lower production in the first half and improving Orbost performance and higher sales volume in the second half,” he said. “Initiation of our Sole gas sales agreements was a key milestone for Cooper Energy which delivered a material step-up in revenue and earnings in the second half.”
Maxwell said this momentum is expected to continue in FY22 as well. “This momentum is continuing with expectations for material growth in FY22, including a forecast doubling of underlying Ebitdax to A$60 – 70mn (FY21: A$30mn),” he said. “The second half performance demonstrates the value proposition of Cooper Energy’s asset portfolio and long-established gas strategy. We remain focused on crystalising and growing the latent value within the existing portfolio.”
OGPP performance improved in H2 FY21 following reconfiguration of the absorbers in the first half and ongoing improvement in understanding the plant’s operations. OGPP’s average gas processing rate was 23 TJ/day in H1 FY21, 35 TJ/day in H2 FY21 and 40 TJ/day since July 1, Cooper said.
The company said it had provided approval to gas infrastructure firm APA for further capital works at OGPP to be undertaken during FY22. The work program is designed to significantly improve plant performance, it added.
According to Cooper, despite gas processing shortfalls at OGPP, all Sole customer nominations continue to be met. Average Sole customer nominations have increased during 2021, with average nominations of 34 TJ/day in Q3 FY21, 54 TJ/day in Q4 FY21 and 59 TJ/day since July 1.
The work on the Athena gas plant upgrade is now more than 80% complete, Cooper said. First commissioning gas through the plant is expected in Q1 FY22 and cutover of processing from the Iona Gas Plant is expected in Q2 FY22.
In FY22, the company expects production to be in the range of 3 – 3.6mn boe. Sales volume is likely to be between 3.7 – 4.3mn boe, up 23 – 43% yr/yr.