Cooper Energy’s Sole gas project faces delays due to Victorian bushfires

Cooper Energy had been hoping to deliver gas from its flagship Sole project by the end of last year, but it has suffered a further setback due to the bushfires.

BUSHFIRES have pushed back the first gas production from Cooper Energy’s Sole project in Victoria until February, the company said.

In its quarterly report, the Adelaide-based energy company said while the Orbost gas plant, which will receive gas from the offshore project was not damaged, its commissioning was interrupted by the bushfires.

In November last year Cooper was expecting the Sole Project to be producing gas by the end of the calendar year.

The company’s quarterly showed it had produced record first half revenues.

“Sales revenue for the year to date of $39.1 million was 8 per cent higher than the prior corresponding period revenue of $36.2 million and the highest first half revenue yet recorded by Cooper Energy,’’ the company said.

“The increase in half year revenue is attributable to higher gas production and prices which offset lower oil’ prices and volume.’’

Managing director David Maxwell said the acquisition of the Minerva gas plant in Victoria was also a major milestone during the quarter.

“We are delighted with the flexibility the plant adds to our Otway gas operations and to add an asset of this calibre to our portfolio,’’ he said.

“We are now working towards a final investment decision for the plant modifications and the connections we have planned.’’

Production for the December quarter of 0.27 million barrels of oil equivalent was 31 per cent lower than the prior quarter and 7 per cent below the previous corresponding period due to lower production of gas and oil. Cooper shares closed 4.3 per cent lower at 55c.