Cooper reports 20% jump in revenue in October-December

Australian energy producer, Cooper Energy, on January 23 announced a 20% year/year jump in revenue for the October-December quarter (Q2), driven by increased sales volume and higher average realised gas prices.

The company's sales revenue rose to A$55mn ($36mn), against A$45.8mn in the same period the previous year. Cooper reported a 13.3% year/year increase in sales volume.

Average realised gas prices during Q2 were reported at A$8.58/gigajoule, slightly up from A$8.38/gigajoule in the corresponding period of the previous year.

Meanwhile, Cooper has revised the mid-case cost estimate for the BMG decommissioning from A$193-198mn to approximately A$240-280mn due to delays in start-up activities.

Cooper is actively pursuing its claim in the Supreme Court of Victoria against Pertamina, an Indonesian company, for its 10% share of the BMG decommissioning costs. Pertamina, through an Australian subsidiary, was involved in the BMG oil project during its production life. The claim against Pertamina is linked to obligations under the withdrawal and abandonment provisions of the BMG oil project joint operating and production agreement.

The company took legal action by filing an application for default judgment in December 2023 and anticipates being allocated a hearing date in early to mid-2024.