Oz Cooper Energy Posts Full Year Loss

Sydney-listed Cooper Energy has announced a net loss of A$86mn (US$63mn) after incurring significant items of A$79.4mn for the twelve months to June 30 (FY2020). The company reported a net loss of A$12.1mn in the previous year.

Cooper recorded an underlying after-tax loss, which strips out one-off items, of A$6.6mn, which compares with the underlying profit of A$13.3mn in the previous year. “The deterioration in underlying earnings is due to increased expenses including gas processing costs, net finance costs, care and maintenance and depreciation and amortisation,” the company said.

Sales revenue for the period grew 3% yr/yr to A$78.1mn, up from A$75.5mn, despite a 38% contraction in oil revenue due to lower prices and production. A 22% increase in revenue from gas, which grew from A$52.3mn to A$63.6mn, more than offset the impact of reduced revenue from oil, Cooper said.

Cooper managing director David Maxwell said the delay to the Orbost gas processing plant’s (OGPP) preparation for firm gas supply “had a material adverse impact” on the company’s revenue and cash flow for the year.

The company’s capital expenditure in FY2021 is expected to be lower, ranging between A$50mn and $58mn. The Otway Basin is expected to account for over 60% of this expenditure with the Athena gas plant project and maintenance capex on existing offshore production facilities being the major items, Cooper said.

Cooper expects substantially increased production and sales in FY2021 as a result of a full year contribution from the Sole gas field. The extent of this increase will depend upon the timing and rate of build-up of production at the Orbost plant, which is still undergoing commissioning, it said.