Cooper Energy (ASX:COE) - Managing Director & CEO, David Maxwell
Managing Director & CEO, David Maxwell
Source: HotCopper
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  • Cooper Energy (COE) reports an improved processing rate at the Orbost gas plant in Victoria, which processes gas sourced from its Sole gas field in the Gippsland Basin
  • Orbost averaged a processing rate of 44.3 terajoules per day in December, up five per cent on the previous month
  • Operational improvements have so far continued into January with a stable processing rate of 50 TJ per day
  • Meanwhile, the Athena gas plant project as part of Cooper’s Otway Basin operations reached a “critical milestone”, with first gas from the Casino, Henry and Netherby fields
  • COE shares are up 5.26 per cent at 30 cents

Cooper Energy (COE) has reported an improved processing rate at the Orbost gas plant in Victoria, which processes gas sourced from its Sole gas field in the Gippsland Basin.

The plant averaged a processing rate of 44.3 terajoules (TJ) per day last month, five per cent higher than the previous month.

The company said operational improvements continued into January and a stable processing rate of 50 TJ per day had been delivered to January 12.

Copper said high demand for Sole gas boosted sales under the Sole gas agreements to maximum daily quantities.

The average gas sales volume in December was 58 TJ per day, with Orbost plant processing shortfalls met through the company’s back-up gas supply arrangements and Otway Basin production.

Cooper said a “critical milestone” had been achieved at its 50 per cent-owned Athena gas plant project in the Otway Basin as the first gas from its 50 per cent-owned Casino, Henry and Netherby (CHN) fields was introduced to the plant on December 10.

First gas sales to customers started flowing on December 15, gas processing averaged 6.5 TJ per day last month compared with five TJ per day in November.

Ramp-up of gas processing at Athena in early January has realised processing rates of
28 TJ per day from the CHN fields. The company said work on optimisation of the processing rates was continuing.

“The commencement of processing our offshore Otway Basin gas through Athena in December is a major achievement for Cooper Energy,” Managing Director David Maxwell said.

“It further demonstrates the company’s project delivery and gas operations capabilities.”

COE shares were trading 5.26 per cent higher at 30 cents at 3:45 pm AEDT.

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