Page 10 - OGA-Sept-2015
P. 10
THIS MONTH
OIL & GAS AUSTRALIA
Cooper signs gas sales deal for Sole
COOPER Energy has signed its first gas
sales agreement for production from the
Sole gas field, in Victoria’s Gippsland basin,
ahead of a final investment decision on the
project.
A Santos-operated joint venture project, the Celebrations were held as bottle-maker O-I Australia signed a gas sales agreement with Cooper
Sole gas field is located in VIC/RL3, about 62 Energy. Image courtesy INGImage.
kilometres from the onshore Orbost Gas Plant,
in which Cooper also has a 50 per cent stake. The heads of agreement will become a sales underwrite development of the field,” he said.
agreement on completion of a final investment “There is a clear need for additional sources
It is currently in the front end engineering decision, with first gas supplies anticipated to
and design (FEED) phase ahead of a final begin in January 2019. of gas for Eastern Australia. Interest levels,
investment decision, expected by the third prices and terms continue to reinforce the
quarter of 2016. Cooper Energy managing director David case for the development of conventional gas
Maxwell said the deal was an important reservoirs close to infrastructure such as Sole
Cooper will sell 1 petajoule (PJ) of gas milestone for the company, and said he was and the adjacent fields like Manta,” he said.
from its share of production every year for delighted O-I Australia was involved.
eight years, or the life of the project, to glass The field has been assessed by Cooper
container manufacturer O-I Australia under “We expect to secure further agreements for Energy as containing a 2C contingent gas
the heads of agreement. the sale of gas from Sole over the remainder resource of 211 petajoules (PJ) of which Cooper
of the current calendar year, which will Energy’s share is 105.5 PJ. l
O-I Asia Pacific president Timothy Connors
said he welcomed the opportunity to partner
with Cooper Energy for long-term gas supply.
“We are pleased to be working with Cooper
Energy to source supply from the Sole gas
field,” he said.
“The heads of agreement is an important
first step in the process and we look forward to
the support this supply will provide to our local
operations in the years ahead.”
The volume contracted to be sold represents
8% per cent of the company’s share of the field‘s
anticipated production.
Cooper says gas business led to company loss
COOPER Energy has reported a full-year significant non-operating items reported after Manta, which the company is investigating.
loss after tax of $63.5 million, compared tax was impairments to Cooper’s Tunisian Mr Maxwell said conversations with gas
to a profit of $22 million in the previous assets, recorded in February this year.
corresponding period. users confirmed demand exists at the right
This came after the company’s decided to prices for Sole and Manta, with additional sales
Reported in the company’s 2015 full-year impair its Tunisian acreage to a nil carrying contracts for Sole expected to be finalised over
results, Cooper said the underlying result, value after its sales process was affecte d by a the course of the year.
exclusive of significant non-operating items, fall in oil prices.
was a loss of $1.3 million compared with an Cooper recorded proved and probable
underlying net profit of $25.3 million recorded Cooper’s oil business generated an reserves of 3.08 million barrels, up 53% on the
in the previous year. underlying net profit after tax of $5.7 million 2.01 million recorded in the previous year.
but this was offset by the loss of $7 million
Cooper Energy managing director David from corporate and gas development activities. Sole and Manta accounted for a large
Maxwell said while most movement in majority of the increase in contingent resources
underlying profit was accounted for by lower oil The average oil price for 2015 was $85.48 at 58.4 million barrels of oil equivalent (boe)
prices and sales volume, the small underlying per barrel, 31 per cent lower than an average of up from 35.1 million boe in the previous
loss had been brought about by company $124.10 per barrel in 2014. corresponding period.
spending on establishing a gas business during
the year. Revenue from sales was down for the year The bulk of the reserves increase came from
from $72.3 million in 2014, to $39.1 million in its Indonesian assets, where the Bunian 3 well
Mr Maxwell said the company was 2015 and operations generated a gross margin led to a major reserve upgrade, Cooper said.
leveraging its profitable oil business to build a of $14.1 million in 2015, down 69% from $46.2
gas business. million in the previous year. Cooper expects it will produce between
450,000 to 550,000 barrels of oil in 2015-2016,
“The ingredients are now in place for a gas Cooper acquired a 50% interest in the Sole compared to the 475,000 barrels produced the
business which has the capacity to multiply our gas field and Orbost gas plant in 2014 after previous year.
production by a factor of five within four years registering the transfer of its 65% interest in the
and generate long-term stable cash flows,” he Basker Manta Gummy (BMG) gas and liquids The company plans to spend $39 million
said. resource, completing a business case for the on capital expenditure in 2016, most of which
resource in 2015 after acquiring it in 2014. will be directed to the development of the
The principal item of the $62.2 million in Gippsland basin gas projects. l
The BMG business case identified another
Gippsland basin gas supply opportunity at
8 ENERGY PUBLICATIONS CELEBRATING 34 YEARS OF PUBLISHING IN AUSTRALIA
OIL & GAS AUSTRALIA
Cooper signs gas sales deal for Sole
COOPER Energy has signed its first gas
sales agreement for production from the
Sole gas field, in Victoria’s Gippsland basin,
ahead of a final investment decision on the
project.
A Santos-operated joint venture project, the Celebrations were held as bottle-maker O-I Australia signed a gas sales agreement with Cooper
Sole gas field is located in VIC/RL3, about 62 Energy. Image courtesy INGImage.
kilometres from the onshore Orbost Gas Plant,
in which Cooper also has a 50 per cent stake. The heads of agreement will become a sales underwrite development of the field,” he said.
agreement on completion of a final investment “There is a clear need for additional sources
It is currently in the front end engineering decision, with first gas supplies anticipated to
and design (FEED) phase ahead of a final begin in January 2019. of gas for Eastern Australia. Interest levels,
investment decision, expected by the third prices and terms continue to reinforce the
quarter of 2016. Cooper Energy managing director David case for the development of conventional gas
Maxwell said the deal was an important reservoirs close to infrastructure such as Sole
Cooper will sell 1 petajoule (PJ) of gas milestone for the company, and said he was and the adjacent fields like Manta,” he said.
from its share of production every year for delighted O-I Australia was involved.
eight years, or the life of the project, to glass The field has been assessed by Cooper
container manufacturer O-I Australia under “We expect to secure further agreements for Energy as containing a 2C contingent gas
the heads of agreement. the sale of gas from Sole over the remainder resource of 211 petajoules (PJ) of which Cooper
of the current calendar year, which will Energy’s share is 105.5 PJ. l
O-I Asia Pacific president Timothy Connors
said he welcomed the opportunity to partner
with Cooper Energy for long-term gas supply.
“We are pleased to be working with Cooper
Energy to source supply from the Sole gas
field,” he said.
“The heads of agreement is an important
first step in the process and we look forward to
the support this supply will provide to our local
operations in the years ahead.”
The volume contracted to be sold represents
8% per cent of the company’s share of the field‘s
anticipated production.
Cooper says gas business led to company loss
COOPER Energy has reported a full-year significant non-operating items reported after Manta, which the company is investigating.
loss after tax of $63.5 million, compared tax was impairments to Cooper’s Tunisian Mr Maxwell said conversations with gas
to a profit of $22 million in the previous assets, recorded in February this year.
corresponding period. users confirmed demand exists at the right
This came after the company’s decided to prices for Sole and Manta, with additional sales
Reported in the company’s 2015 full-year impair its Tunisian acreage to a nil carrying contracts for Sole expected to be finalised over
results, Cooper said the underlying result, value after its sales process was affecte d by a the course of the year.
exclusive of significant non-operating items, fall in oil prices.
was a loss of $1.3 million compared with an Cooper recorded proved and probable
underlying net profit of $25.3 million recorded Cooper’s oil business generated an reserves of 3.08 million barrels, up 53% on the
in the previous year. underlying net profit after tax of $5.7 million 2.01 million recorded in the previous year.
but this was offset by the loss of $7 million
Cooper Energy managing director David from corporate and gas development activities. Sole and Manta accounted for a large
Maxwell said while most movement in majority of the increase in contingent resources
underlying profit was accounted for by lower oil The average oil price for 2015 was $85.48 at 58.4 million barrels of oil equivalent (boe)
prices and sales volume, the small underlying per barrel, 31 per cent lower than an average of up from 35.1 million boe in the previous
loss had been brought about by company $124.10 per barrel in 2014. corresponding period.
spending on establishing a gas business during
the year. Revenue from sales was down for the year The bulk of the reserves increase came from
from $72.3 million in 2014, to $39.1 million in its Indonesian assets, where the Bunian 3 well
Mr Maxwell said the company was 2015 and operations generated a gross margin led to a major reserve upgrade, Cooper said.
leveraging its profitable oil business to build a of $14.1 million in 2015, down 69% from $46.2
gas business. million in the previous year. Cooper expects it will produce between
450,000 to 550,000 barrels of oil in 2015-2016,
“The ingredients are now in place for a gas Cooper acquired a 50% interest in the Sole compared to the 475,000 barrels produced the
business which has the capacity to multiply our gas field and Orbost gas plant in 2014 after previous year.
production by a factor of five within four years registering the transfer of its 65% interest in the
and generate long-term stable cash flows,” he Basker Manta Gummy (BMG) gas and liquids The company plans to spend $39 million
said. resource, completing a business case for the on capital expenditure in 2016, most of which
resource in 2015 after acquiring it in 2014. will be directed to the development of the
The principal item of the $62.2 million in Gippsland basin gas projects. l
The BMG business case identified another
Gippsland basin gas supply opportunity at
8 ENERGY PUBLICATIONS CELEBRATING 34 YEARS OF PUBLISHING IN AUSTRALIA
