Cooper Energy : FY21 Half Year Results and Outlook 15 February 2021

FY21 half year results and outlook

Cover: Aerial photo of Coorong landscape to be revegetated with carbon offset investment by Cooper Energy

• 1. Step-change in production underway

• 2. Challenging 2020

• 3. Strong fundamentals for continuing growth

Transition Agreement with APA underpins step-change growth in 2021

Solid progress during a challenging period

H1 FY20

Production and revenue growthBalance Sheet strength

• • 82% production increase and 24% revenue increase in H1 FY21

• • FY21 full year production guidance of 2.7 - 2.9 MMboe (FY20: 1.56)

• • H1 FY21 results include Sole production increase and Transition Agreement impacts

• • $115 million cash reserves at 31 December 2020

• • Continuing lender support; targeting debt facility adjustments by end FY21

1. Sole GSA annual contract quantity total for CY2021

Sales revenue ($ million)

H1 FY21

+24%

48.6

39.1

H1 FY20

H1 FY21

Underlying EBITDAX ($ million)

(40%)

16.3

9.7

H1 FY20

H1 FY21

Reconfigured absorbers and improved operating performance

Orbost Gas Processing Plant

Sulphur absorber reconfiguration works completed

• • Increased operational flexibility to manage cleaning cycles

• • Variable production in January 2021 while testing and tuning the reconfigured absorbers

• • Both absorbers cleaned late January 2021

Current status

• • Stabilising production rates in parallel absorber mode

• • ~95% plant uptime in February to date at rates of 40 - 45 TJ/day

• • Ongoing focus on increasing rates through refining plant operations

• • Root cause analysis ongoing

• • APA and Cooper Energy committed to increasing production to 68 TJ/day

Sulphur absorbers