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Cooper Energy Limited (ASX: COE), an upstream oil and gas exploration and production company from the energy sector announced its December quarterly updates on 23 January 2019 which resulted in its share price fall by 2.174%.
For the three months to 31/12/ 2018, the quarterly production was down by 22% as compared to September quarter 2018. This quarter, the total production recorded was 0.29 MMboe which were 0.37 million in September quarter 2018. As a result, there was a fall in the revenue during the period. In December quarter, the revenue generated was $14.4 million which was $21.8 million in the prior quarter.Â
The half-year sales revenue was up by 16% to $36.2 million which was $31.2 million in the first half of the FY2018. 86% of its Sole gas project got completed by 31 December 2018 that too within the estimated budget of the company. The offshore exploration program is under progress, and the company expects that it will succeed in generating revenue and growth in the near future. The company during the period took debt to finance its Sole gas project. It means that during the period, its debt increased from $153.2 million to $186.4 million. At present, the company has sufficient funds to fund the project to complete the remaining 15% of the project on time.
During this quarter, COE used the hedging strategies to mitigate the risk against the downside oil price scenarios and retain partial exposure to higher oil prices.
For its exploration activities, the Otway drilling in June quarter 2019, the company has contracted the drilling apparatus.
The official listing of COE on ASX is 13 March 2002 where the company has given a series of positive performance since its inception. The overall performance of COE remains 100.71%. In last one-year, COEâs performance was 43.75%.
Based on COEâs annual report for FY2018 which ended on 30 June 2018, the companyâs sales revenue was up by 73% mainly due to increased gas volume along with the increased oil and gas price. The statutory net profit after tax was approximately $27 million and the underlying net profit after tax was $9.8 million. The company generated net cash of approximately $22.2 million from its operating activities.
The balance sheet of COE appears healthy with a net asset base of $443,882 and an optimal debt-equity ratio of 0.84 indicating sound financial health of the company. The position of total current asset and total current liabilities during the period highlights that the company has sufficient funds to meet its working capital and clear its short-term debts. A decrease in the accumulated losses is an indication of an improved operating efficiency during the period.
The net cash and cash equivalent at 30 June 2018 were $236,907.
As per the previous performance of the company, it appears that the investors and the shareholders expect much better results from them with time. However, a weak comparative result of the December quarter led the share price to fall by 2.174%. At present, the market price of the share is A$0.450 (AEST: 3:31 pm, 23 January 2019) which is 0.010 points below its previous trading dayâs closing price with the stock holding a market capitalization of A$745.91 million and a PE ratio of 25.56x.
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