Cooper Energy delivered its second-quarter production results with production of 0.49 mmboe lower than Morgan Stanley's estimated 0.75 mmboe.

For now, due to absorber cleaning every six weeks, current sustainable production levels are expected to be 45 TJ/day, below the broker's forecasts of 55 TJ/day. While expecting improvements over time, Morgan Stanley concedes the situation remains difficult to forecast. 

Equal-weight retained for Cooper Energy. Target unchanged at 40c.

Sector: Energy.

Target price is $0.40.Current Price is $0.34. Difference: $0.06 - (brackets indicate current price is over target). If COE meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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