Cooper Energy (ASX: COE) is pleased to provide the following operations update.

Orbost Gas Processing Plant and Sole gas field

The average processing rate at the Orbost Gas Processing Plant (OGPP), owned and operated by APA Group (ASX: APA), was 46.5 TJ/day in January, 5% higher than the prior month (44.4 TJ/day). The OGPP's two sulphur absorbers were cleaned in a back-to-back 6-day period in January, with an average rate during the cleans of 34.6 TJ/d. The higher average processing rate in January reflects improvements due to continued optimisation of the OGPP's process parameters. Improvements are planned to continue in February, trialling processing rates above 50 TJ/d from 7 February. The shutdown and sales gas outage for the Phase 2B works is planned to commence on 26 February, with gas sales planned to re-commence on 10 March. Cooper Energy will implement appropriate contractual arrangements with existing customers and third-party gas suppliers to manage the outage.

Sole gas sales volume

Cooper Energy sold 113TJ of surplus gas on the spot market across January. High demand has continued with sales into the Company's Sole Gas Sales Agreements during January averaging 45 TJ/d, close to the Maximum Daily Quantity (MDQ) of 47.7 TJ/d, noting the new terms with AGL (announced 13 September 2021) commenced from 1 January, prior to which the MDQ was 59.7 TJ/d. The new terms included 7 TJ/day being supplied from the Athena Gas Plant from 1 January.

Athena Gas Plant

The Athena Gas Plant has achieved its first full month of processing gas from the Casino, Henry and Netherby (CHN) fields. Cooper Energy completed ramp-up of gas processing at the plant in early January and has achieved processing rates up to 29.5 TJ/d from the CHN fields. The average processing rate for January was 26.8 TJ/d with work on optimisation of the processing rates, well configuration and cycling ongoing.

Contact:

David Maxwell

Tel: +61 8 8100 4900

Cooper Energy Limited (ASX: COE) is an 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-focused acreage and assets, including well located reserves and resources in the Otway and Gippsland basins. These include the Sole gas field in the Gippsland Basin which recently became the first new offshore gas development in south-east Australia to commence production in several years, the Casino Henry operations in the offshore Otway Basin and undeveloped resources such as Manta and Annie.

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