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Cooper Energy shares jump in production levels

Cooper Energy production levels

The company announced a significant increase in production levels as well as in revenue compared to last quarter.

“During the quarter, while total production increased 3 per cent, Orbost production was down 1 per cent compared to the previous quarter, due to variability arising from execution of the Orbost Improvement Project,” Cooper Energy managing director and chief executive officer Jane Norman said.

“Despite this, it was pleasing to see some of the OGPP performance improvement initiatives executed, giving us better information on the Thiopaq process as we continue to strive for production increases.

“Our newly appointed chief operating officer, Chad Wilson, has now commenced with the company and will focus on steering the improvement project.”

In other news, Helix has confirmed the Q7000 is expected to depart from New Zealand in early November before starting BMG decommissioning works in the third week of November.

The vessel will travel via the Port of Geelong where it will clear customs, take on supplies and bunker fuel.

“We remain focused on executing the BMG decommissioning programme safely, within the minimum time possible and within the mid-case cost estimate,” Norman said.

“We continue to actively manage the risks, however some, such as the recent delay in receiving the Q7000 vessel, are outside Cooper Energy’s control.”

Regarding the Orbost Improvement Project, workstreams progressing with a current focus on reducing absorber bed cleaning time.

“During the quarter we realised savings related to personnel and corporate overheads, with further cost reduction initiatives identified, such as rationalising office space, and reducing the expenses associated with sulphur removal and waste disposal at Orbost,” Norman said.

“The cost-out initiative, as well as recent changes to the organisational structure, ensure the business is right sized for our current and future operations.”

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