Cooper Energy released its June Quarter Report and upgraded production guidance which was within schedule and budget for its major development, the offshore Sole Gas Project. The Group reported an increase of 6 per cent in production (0.35 million boe) as compared to the previous quarter. Further, the Group recorded an increase of 51 per cent in its quarterly revenue on pcp and the same amounted to $19.6 million from $13.0 million. Its full year production of 1.49 million boe was 54 per cent higher than the previous year and this was driven by full year contribution from the Casino Henry and Minerva assets that were acquired effectively from 1 January 2017 and increased Cooper Basin oil production.
Cash Balance at 30 June was $254.3 million which was largely unchanged from $254.9 million at the beginning of the quarter. Its Sole Gas Project involves the development of the Sole gas field and upgrade of the Orbost Gas Processing Plant to supply approximately 24 PJ per annum from 2019 and the total Sole Gas Project has progressed during the quarter to 56 per cent complete as at 30 June 2018. It is expected that FY19 will be a year of consolidation as the Sole Gas Project will be completed and preparations will be made for an offshore drilling campaign which will commence in the December quarter 2019 (subject to rig availability) and the Group anticipates a production of approximately 1.4 million boe from existing operations. The Group is planning to acquire the Minerva Gas Plant with respect to an agreement with BHP and it will provide an edge to its plans for the development of an Otway Basin supply hub. The stock price climbed up by 2.92 per cent and was trading at $0.422 that is very near to its 52-week high price of $0.430 (as on 16 July 2018; 02:30 PM AEST).
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