The company reported an increase in its quarterly average production and revenue during the March quarter, underpinned by stronger production at Orbost.
According to Cooper Energy’s managing director and chief executive officer Jane Norman, performance in January and February was particularly strong, with several records set across varying time periods including 67.3 terajoules/day (TJ/d) across a single day and 55.8 TJ/d across 60 days.
“Total production increased 2 per cent on the previous quarter and 6 per cent on the same period in FY23,” she said.
“Unplanned maintenance events during March impacted the quarterly production average at Orbost, and while production was up 7 per cent compared to the previous quarter, we look forward to more stable production and continued improvements in the June quarter.”
Norman said that the Helix Q7000 vessel continued to progress the BMG wells decommissioning program which was approximately 80 per cent complete.
“The lower abandonments are complete for all seven wells, and the trees have been removed from all wells,” she said.
“The remaining scope of work is within the mid case cost estimate and is expected to be completed in the second half of May.”
Norman also said that, as highlighted in the H1 FY24 results, work continued on the cost-out initiatives, including reducing production expenses and general and administrative expenses.
“Subsequent to quarter end, a trial will commence this month to assess the suitability of sulphur waste generated at Orbost as an agricultural fertiliser,” she said.
“If the trial is successful, this has the potential to further reduce production expenses at Orbost, while creating a beneficial use product.”
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