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Cooper Energy Limited (ASX: COE) is an exploration and production company that generates revenue from gas supply to South-east Australia and low-cost Cooper Basin oil production. The company holds a portfolio of gas supply contracts and one of the most extensive portfolios of gas-focused acreage and assets in the South-east Australian energy sector, including well located reserves and resources in the Otway and Gippsland basins.

FY23 Full-year results

Key features

    • Record annual production: up 7.8% to 3.56 MMboe (FY22: 3.31 MMboe)
    • Record annual underlying EBITDAX: up 35.4% to $109.3 million (FY22: $80.7 million)
    • Record annual operating cash flow: up 9% to $62.8 million (FY22: $57.8 million)
    • FY23 guidance: met revised production and underlying EBITDAX guidance
    • Orbost Gas Processing Plant: operatorship transferred 22 May 2023, performance improvement plan being implemented
    • BMG abandonment: pre-abandonment work programme completed to facilitate a fast-start for Q7000
    • Balance sheet strength: fully funded via $400 million committed bank debt facility and cash on hand
    • FY24 guidance: production up circa 4% compared to FY23