Cooper Energy has recorded a 72 per cent increase in its September quarter production compared with the same period in 2019.
Outlined in the company’s quarterly report, production was 670,000 barrels of oil equivalent (MMboe) for the quarter, with gas production 11 per cent higher than the prior quarter due to increased output from Sole in the Gippsland Basin.
The report further highlighted that oil and condensate production increased by 2 per cent on the previous quarter due to higher Cooper Basin oil output.
Cooper managing director David Maxwell said the company’s results showed good progress made against its task list for the 2021 financial year.
“The August transition agreement with APA Group led to successful single absorber trials, commitment to plant reconfiguration works and preparation for the initiation of Sole gas supply agreements from December,” Maxwell said.
“Final investment decision (FID) has been taken on the Athena gas plant project, which is now underway and first gas is expected in under 12 months time. Our production and revenues has continued to grow notwithstanding the lower spot gas prices.”
Cooper and APA have committed to works to reconfigure the Orbost gas processing plant so its two absorbers can operate in parallel or sequentially.
The works are expected to commence mid-November and have a three-week duration, with production from Sole being shut in for the period.
Prior to the end of the quarter, Cooper announced that the Sole term gas supply agreements (GSAs) were to commence.
Cooper expects to initiate the agreements on December 1, 2020 and January 1, 2021, with a total annual contract quality of 19.75 petajoules (PJ) per annum.
“The coming months are expected to see the pace of activity pick up as Orbost plant works are conducted, then Sole production resumes and we initiate the Sole term gas sales contracts,” Maxwell said.