Cooper Energy Limited (ASX: COE) is an upstream Oil &Gas production and exploration company that deals in hydrocarbons. The company today released its Sole Gas project update to the exchange.
The company, in its media, released informed that installation and testing of the sixty-seven-kilometre control umbilical connecting the Sole gas filed with the Orbost Gas Plant had been accomplished. This project update flags the completion of the offshore construction phase of the Sole Gas Project. This project is within budget and devoid of lost time due to injuries.
The company highlighted on the pending work, the repair work of the damaged pipe section which is expected to commence in late April. The offshore project that was 93% complete at the end of February is expected to be fully completed, ready and available to deliver gas to APA group’s Orbost Gas Plant, by the end of May 2019.
The company further reported on the project progress of the Orbost gas plant and stated that the work of the plant to process gas from Sole had advanced well. APA are currently evaluating the most likely plant completion date within the September quarter and working with Cooper energy to confirm the timing and making sure a safe and reliable start-up for the plant. The Gas supply from Sole is expected to start before the plant completion for the commissioning and the subsequent plant performance test.
The company recently shared its update for the past six months. The major highlights were, Sole project taken to 93% completion and within budget, redetermination of $250 million finance facility to reflect Sole expenditure, performance and outlook and also the capital is released for the same. The company negotiated and started the supply of gas under new contracts for Otway basin gas. The Company reported completion of Geotech, assessment of offshore Otway basin prospectively. COE contracted Ocean Monarch drill rig for two well programs offshore Otway. The company reported zero LTI environmental incidents.
The company also shared its next six months overview: Upgrade and maintenance of control umbilical system at Casino Henry, Complete Sole gas project and commence sales, Cooper Basin drilling at Parsons and Complete acquisition of Minerva gas plant. COE also has plans to begin its debt repayment. Also, the company intends to operate free of serious incidents or injuries.
The company also released its Half year financial results; it reported 16% uptick in revenue and a 6% growth in EBITDA as compared to the previous corresponding period. The company is fully funded for FY19 Capex program. The quarterly result update from the company could be read here.
The stock has been in an uptrend in the recent past. The stock has moved up by 16.09%, 18.82%, and 2.02%, in the past six months, three months and one month respectively.
The shares of COE closed the day at A$0.515 on ASX, up by 1.98%, (As on 18 March 2019).
Cooper Energy Limited’s (ASX: COE) market capitalization stands at circa $818.88 million. The Stock has noted the 52-week high price of A$0.525 and 52-week low price of A$0.292. As per the latest ASX declaration, the company’s EPS stood at -0.004 AUD.
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