Cooper Energy (ASX:COE) shares operations update, shares fall

July 06, 2022 01:38 PM AEST | By Bhawna Gupta
Follow us on Google News:


  • Cooper Energy today shared operations updates for its two gas fields.
  • The company's shares plunged 2.08% on ASX following the updates.

ASX-listed energy company Cooper Energy Limited (ASX:COE) today (July 6) shared operations updates for its two gas fields.

The company's shares went down 2.08% on ASX after the updates and were trading at AU$0.235 at 11.08 AM AEST.

This outperforms ASX 200 Energy Index, which was 3.94% down at 9,756.60 points at 11.11 AM AEST.

Details of Cooper Energy's operations update

Gippsland Basin – Orbost Gas Processing Plant and Sole gas field

The average processing rate at the Orbost Gas Processing Plant (OGPP), which is run by the APA Group (ASX:APA), was 45.4 TJ/d in June, which is 18% less than the average processing rate of 55.7 TJ/d in May. In June, a maximum rate of 60 TJ/d was reached. During absorber cleans that lasted 10 days in June, the average OGPP processing rate was lowered to 35.1 TJ/d.

The H2S polishing unit came offline from 8 June and this is the reason behind the lower rates last month.  A root cause analysis is currently being conducted by APA to determine why the polisher unit's performance has declined.

Cooper Energy anticipates finishing its purchase of the OGPP from APA by the end of July 2022. After construction is finished, APA will manage the OGPP for Cooper Energy as part of a transitional services agreement until Cooper Energy receives the plant's Major Hazard Facilities License. Under the terms of Cooper Energy's integration plan, critical individuals, systems, and procedures will continue to operate during this time.

Image Source: © Rancho |

Otway Basin – Athena Gas Plant and Casino Henry Netherby gas fields

In June, the Athena Gas Plant's average processing rate increased by 1% from May's average processing rate of 25.8 TJ/d to 26.0 TJ/d. The performance of the combined plant and field is currently being optimised.

Cooper Energy (50% and Operator) and Mitsui E&P Australia Pty Ltd (25%) and Peedamullah Petroleum Pty Ltd (25%) are the owners of the Athena Gas Plant and the Casino Henry Netherby fields.

Gas sales volumes

The average price of gasoline in June in the Victoria and Sydney spot markets was $38.82/GJ and $40.70/GJ, respectively. Cooper Energy sold 109 TJ of production above Gas Sales Agreement nominations in June at prices that were in line with these averages (minus transport expenses). With a monthly average of 46.1 TJ/d, all daily nominations for Sole consumers were satisfied in June. 63 TJ of third-party gas were bought in June.


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK