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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Cooper Energy Limited    COE   AU000000COE2

COOPER ENERGY LIMITED

(COE)
  Report  
End-of-day quote. End-of-day quote AUSTRALIAN SECURITIES EXCHANGE LIMITED - 12/10
0.575 AUD   +1.77%
10:21aCOOPER ENERGY : Sole Gas Project update
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12/09COOPER ENERGY : Sole Gas Project update 10 December 2019
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12/06COOPER ENERGY : Completion of Minerva Gas Plant Acquisition
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Cooper Energy : Completion of Minerva Gas Plant Acquisition 05 December 2019

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12/04/2019 | 06:20pm EST

ASX Announcement / Media Release

5 December 2019

Completion of Minerva Gas Plant Acquisition

  • Plant to be connected to Casino Henry gas operations
  • Productivity and cost benefits, capacity to process new discoveries such as Annie
  • Connection expected by mid-2021 subject to FID and approvals

Cooper Energy (ASX:COE) announces completion of the transaction for acquisition of the Minerva Gas Plant by the participants in the Casino Henry joint venture (Cooper Energy 50% and Operator, Mitsui E&P Australia and Peedamullah Petroleum, collective interest 50%) announced to the ASX on 1 May 2018.

The plant has been acquired from the Minerva Joint Venture participants (BHP Petroleum 90% interest and Operator, Cooper Energy 10% interest) following the cessation of production from the Minerva gas field announced 3 September 2019.

Cooper Energy and Mitsui have acquired the plant to process gas from the Casino, Henry and Netherby gas fields and from economic new discoveries anticipated from exploration. The first new discovery, Annie, made in September 2019, is currently the subject of analysis and modelling to determine resource size and development options utilising the Minerva Gas Plant.

The connection of existing producing fields to the plant is expected to deliver benefits including lower processing costs, improved recovery enabled by lower inlet pressure and the ability to offer customers uninterruptable supply. The Minerva Gas Plant has processing capacity of up to 150 TJ/day and capability for processing of liquid hydrocarbons.

Planning for engineering and construction works to connect the Minerva Gas Plant to the Casino Henry gas gathering system is well advanced. This project includes minor modification to the gas plant, connection of onshore pipelines and connection of the Casino Henry control system to the Minerva Gas Plant control room and associated regulatory approvals. The project is expected to be completed by mid- 2021.

Further comment and information:

David Maxwell

Don Murchland

Managing Director

Investor Relations

+61 8 8100 4900

+61 439 300 932

About Cooper Energy Limited (ASX: COE) is an ASX listed exploration and production company which generates revenue from gas supply to south-east Australia and low cost Cooper Basin oil production. The company is an emerging player in the south-east Australian energy sector holding a portfolio of gas supply contracts and one of the most extensive portfolios of gas-focussed acreage and assets, including well located reserves and resources in the Otway and Gippsland basins. The most significant resource, the Sole gas field in the Gippsland Basin, is currently being developed to provide a new source of gas supply for south-east Australia.

Disclaimer: This ASX announcement contains forward looking statements that are subject to risk factors related to oil, gas and associated businesses. The expectations reflected in these statements are believed to be reasonable. However, they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to diverge materially, including in respect of: price fluctuations and currency fluctuations, drilling and production results, actual demand, reserve estimates, loss of market,

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competition in the industry, risks (environmental, physical, political etc.), developments (regulatory and fiscal etc.), economic and financial market conditions in Australia and elsewhere, changes in project timings, approvals and cost estimates.

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Disclaimer

Cooper Energy Limited published this content on 05 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 December 2019 23:19:05 UTC

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Financials (AUD)
Sales 2020 203 M
EBIT 2020 83,1 M
Net income 2020 54,3 M
Debt 2020 100 M
Yield 2020 -
P/E ratio 2020 18,0x
P/E ratio 2021 13,7x
EV / Sales2020 5,08x
EV / Sales2021 3,44x
Capitalization 932 M
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Mean consensus BUY
Number of Analysts 6
Average target price 0,68  AUD
Last Close Price 0,58  AUD
Spread / Highest target 33,9%
Spread / Average Target 18,6%
Spread / Lowest Target 4,35%
EPS Revisions
Managers
NameTitle
David Peter Maxwell Managing Director & Executive Director
John Craig Conde Non-Executive Chairman
Iain D. MacDougall Operations Manager
Virginia Katherine Suttell Chief Financial Officer
Jeffrey Warrington Schneider Independent Non-Executive Director
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