Record production levels for Cooper

Cooper Energy has announced record production, revenue, and underlying EBITDAX for the six months ending on 31 December 2023.

The results highlight the robust nature of the underlying business and, setting aside planned downtime at the Orbost Gas Processing Plant (OGPP), group production was up 1 per cent to 61.7  terajoules/day (TJe/d) compared to H1 FY23.

Managing director and chief executive officer Jane Norman said that H1 FY24 results were pleasing, with good progress being made with the OGPP improvement project and on the BMG wells decommissioning.

“The half year results announced today demonstrate that the underlying performance of the business continues to grow,” she said.

“The performance improvement initiatives at Orbost in particular have led to record performance across several key metrics for the half, despite first quarter production at Orbost being impacted by improvement workstreams, and revenue impacted by softer, shoulder season spot gas prices.”

In addition to the Orbost Improvement Project, Norman said that work on the BMG wells decommissioning program was underway, with the lower abandonment plugs being completed on three wells to date.

The Helix Q7000 intervention vessel is currently on site at BMG, progressing through the decommissioning programme.

During the remainder of the program, where possible, Cooper and its contractors continue to pursue savings to offset increased costs, including implementing operational learnings and efficiencies and simplifying the scope of decommissioning.

Based on the updated mid-case estimate, the wells decommissioning programme is expected to be completed in early May 2024.

“I’m also pleased to report,” Norman said, “that the cost-out initiative is starting to deliver meaningful savings, with $10 million of annualised savings being targeted from end of FY24.”