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Sole Project nears completion

Cooper Energy

The company released its FY19 second quarter report on 23 January, revealing the project was 86 per cent complete and on budget at the end of the 2018 calendar year.

Cooper also reported quarterly production had decreased from the previous quarter to 0.29 million boe, bringing down quarterly revenue to $14.4 million from $21.8 million in the prior period.

Additionally, high oil and gas prices meant the half year salves revenue of $36.2 million was 16 per cent higher than the previous financial year’s first half sales.

Cooper Managing Director David Maxwell said the company had also committed to drilling two prospects during the period and the next two quarters would be very significant.

“We expect the coming six months to be as momentous as any in the company’s history as Sole is completed; we will drill the Annie and Elanora prospects in the offshore Otway Basin; conclude gas contracts and prepare to acquire the Minerva Gas Plant with the upside it offers our operating margin, cash generation and production,” he said.

In addition to existing supply agreements, Cooper currently holds approximately 119 PJ of uncontracted proved and probable reserves.

For more information visit the Cooper Energy website.

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