Cooper's sales revenue up 15% in July-September
Sydney-listed Cooper Energy on October 19 reported a 15.1% year/year increase in sales revenue during the July-September quarter (Q1) owing to higher realised gas prices.
The sales revenue in Q1 was A$55.4mn ($35mn) compared with A$48.1mn in the same quarter last year. Production was 0.99mn boe, up 22% yr/yr. The average realised gas price in Q1 was A$9.06/GJ, up 22% yr/yr. Compared with the April-June quarter, sales revenue was down 11% while the average gas price decreased by 14%.
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Cooper said that improving performance at the Orbost gas processing plant (OGPP) led to a record average processing rate of 51.4 TJ/day for the quarter and zero third-party gas purchases. The company in July completed the acquisition of the Orbost plant from energy infrastructure company APA.
“Opportunities for further improvements in OGPP performance are being identified, whilst we also advance the next gas production growth phase at a time when gas supply is tight and the outlook for gas prices is strong,” managing director David Maxwell said.
The Orbost plant processes gas from Cooper’s Sole gas field offshore Victoria for supply to customers in southeast Australia.