Cooper Energy reports underlying profit in FY22
Sydney-listed Cooper Energy on August 22 reported an underlying net profit after tax of A$14.4mn ($9.94mn) in the year to June 30 (FY22) compared with a loss of A$25.9mn in the previous year. The company said it returned to profit due to improved performance at the Orbost gas processing plant and higher spot gas prices.
Full-year production came in at a record 3.31mn barrels of oil equivalent, up 26% year/year whereas revenue was up 56% yr/yr to A$205.4mn.
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Cooper said it expects to continue the strong momentum built in the second half of FY22 and is guiding towards material growth in FY23. Expected growth is mainly driven by the increased margin and improving the performance of the Orbost plant following the acquisition from APA and an increased contribution from the Otway basin with a full year of processing at the Athena gas plant, it added.
The company expects a 12–21% increase in production for FY23, at 3.7–4mn boe in FY23. The capital expenditures are expected to be between A$28–$33mn, up 44-69% yr/yr.