Cooper Energy has hit record full-year production, sales volume and revenue following the commencement of the Sole gas sales agreements (GSAs) and improving performance at the Orbost gas processing plant (OGPP).
Outlined in the company’s 2021 financial year results, production increased by 69 per cent to 2.63 MMboe, sales volumes increase by 94 per cent to 3.01 MMboe and revenue jumped by 69 per cent to $132 million.
Managing director David Maxwell said that despite a challenging year the strong momentum in the second half demonstrates Cooper Energy’s underlying value proposition.
“2021 financial year was year of two halves, with Orbost reconfiguration works and lower production in the first half and improving Orbost performance and higher sales volume in the second half,” he said.
“Initiations of our Sole GSAs was a key milestone for Cooper Energy which delivered a material step-up in revenue and earnings in the second half.”
Maxwell said the momentum is continuing with expectation for material growth in the 2022 financial year, including forecast doubling of underlying EBITDAX to $60-70 million.
“The second half performance demonstrates the value proposition of Cooper Energy’s asset portfolio and long-established gas strategy. We remain focused on crystallising and growing the latent value within the existing portfolio.”
OGPP performance improved in the second half of the FY21 following re-configuration of the absorbers in the first half and ongoing improvement in understanding the plant’s operations.
Cooper Energy has provided approval to APA for further capital works at OGPP to be undertaken during FY22.
In addition, despite gas roves sing shortfalls at OGPP, all Sole customer nomination continued to be met, with an average of 34 terjaoules a day (TJ/d) in the third quarter of FY21, 54 TJ/d in quarter four and 59 TJ/d since July 1, 2021.
The company excepts to continue the strong momentum and is guiding towards material growth in FY22.
Expected growth is mainly driven by improving performance of OGP and higher increased contribution from the Otway Basin following commissioning of the Athena gas plant.