Cooper Energy's sales revenue up 92% in Oct-Dec
Australian gas producer Cooper Energy on January 27 reported a 92.2% year/year increase in sales revenue during the three months to December 31 (Q2) owing to higher sales volume and gas prices.
The company’s revenue in Q2 was A$47.3mn compared with A$24.6mn in the same period last year. Sales volume was 0.99mn barrels of oil equivalent, up from 0.53mn boe last year. Cooper’s realised gas price during the quarter was up 2.75% yr/yr.
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Cooper said that the operational improvements that have led to higher stable Orbost gas processing plant processing rates are anticipated to favourably impact its production, sales volume and underlying EBITDAX for the full year.
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.