COE 0.00% 32.5¢ cooper energy limited

cooper energy reports $11.4m net profit for year

  1. 741 Posts.
    10:50, Tuesday, 13 September 2005

    Sydney - Tuesday - Sep 13: (RWE Australian Business News) -
    Cooper Energy Ltd (ASX code: COE) today announced a $15.9 million profit
    turnaround, achieved on the back of record production and revenues from
    its Cooper Basin operations.
    The result allows Cooper Energy to pursue its growth aspirations
    by funding the company's entry into new, high-value international
    venture opportunities.
    Cooper Energy has posted a net profit for the year of $11.4
    million (compared with a net loss of $4.46 million for 2003/04), which
    resulted in the company completing the financial year with cash reserves
    of $22 million, no debt and no oil hedging.
    Oil sales revenue for the year was $25.1 million (up 334 per
    cent from $5.8 million in 2003/04), generated from the company's
    production of 368,086 barrels of oil (up 209pc from 119,041 barrels),
    coupled with high oil prices.
    Average annual production rate was 1008 barrels of oil per day.
    Cooper Energy shares in production from the Worrior (30pc),
    Christies (25pc) and Sellicks (25pc) producing oilfields, from where
    crude oil is trucked to offloading terminals at Moomba and Tantanna.
    Through development infill drilling and modest exploration
    success at Arwon, Cooper Energy added 332,500 barrels of oil reserves to
    its books during 2004/05, which helped to offset the record production
    volumes and enabled the company to complete the year with just over 1
    million barrels of discovered P50 oil reserves.
    CEO Mr Michael Scott said, "Our development portfolio in the
    Cooper Basin is full of opportunities and, in addition, we are currently
    investigating production and reserves enhancements at our existing oil
    fields through infill drilling and facility upgrades."
    "Planned upgrades and enhancements to the production facilities
    on the Worrior and Christies oilfields, potential additional infill
    drilling locations on all oilfields and production from the Arwon
    oilfield is expected to assist in sustaining production volumes through
    the 2005/06 financial year," he said.
    Cooper Energy's share of production is forecast to be between
    250,000 and 350,000 barrels of oil for the next financial year.
    Shares in Cooper Energy traded steady at 39c this morning.
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