Cooper Energy's sales revenue up 37% in Jan-Mar
Australian gas producer Cooper Energy on April 20 reported a 37% year/year increase in sales revenue during the three months to March 31 (Q3) owing to higher sales volume and gas prices.
The company’s revenue in Q3 was A$49.2mn ($36.2mn) compared with A$35.9mn in the same period last year. Sales volume was 0.91mn barrels of oil equivalent, up from 0.82mn boe last year. Cooper’s realised gas price during the quarter was up 15.8% yr/yr. The revenue was up 4% quarter/quarter.
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“The optimisation of processing at the Orbost gas processing plant has resulted in a higher average processing rate,” managing director David Maxwell said. “This, together with a reduction in the volume required to be supplied to the Sole long-term customers and a significant reduction in third party gas purchases meant Cooper Energy was a net seller of gas into the higher price spot market.”
Maxwell noted that “discussions are ongoing with APA regarding the long-term arrangements for the Orbost gas processing plant and therefore the transition agreement has been extended to 30 June 2022 for Cooper Energy and APA to finalise terms.”
The Orbost plant processes gas from Cooper’s Sole gas field offshore Victoria for supply to customers in south-east Australia. The plant's performance has been impaired by unexplained foaming in the absorber section of the sulphur recovery unit and it has not been able to reach nameplate capacity.