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Friday, 29 August, 2008, 01:10 GMT | more prices >>

Oil sales boost Cooper profits

By Upstream staff

Australian-based explorer and producer Cooper Energy said today it had delivered a strong increase in earnings for the 2007 financial year-to-date following a 35% increase in oil sales for the March Quarter.

The results come ahead of a landmark second half exploration programme that includes two high growth potential exploration wells in Indonesia, the company said.

Cooper posted oil sales of A$6.5 million (US$5.4 million), compared with A$4.8 million in the December Quarter, resulting in a significantly improved net profit after tax for the year-to-date of A$4.2 million.

Oil production for the March Quarter from the Cooper basin operations in South Australia increased by 3% to 75,675 barrels, with the strong increase in oil sales revenue and improved earnings for the year-to-date predominantly attributable to higher oil prices.

Cooper's oil production for the 2007 financial year-to-date is 202,868 barrels, with the company expecting to achieve its production budget for the full financial year of around 275,000 barrels.

Cooper chief executive Michael Scott said the March Quarter was successful not only in terms of operational and financial performance, but also for the development of the company’s international exploration portfolio, laying the foundations for a major second half drilling push.

“Our current drilling schedule features four to seven planned exploration wells, including the pivotal Kurnia-1 and Gurame-6 wells in Indonesia and two to four exploration wells in the Cooper basin,” Scott said.

Cooper has already contracted the Parker rig 253 to drill the Kurnia-1 well in the South Madura onshore block in Indonesia.

The well is scheduled to spud on 1 July, targeting undiscovered reserves of 200 million barrels of oil and 256 billion cubic feet of gas.

Meanwhile, Cooper is planning to drill the Gurame-6 well in the Seruway production sharing contract off north-east Sumatra in late 2007 or early 2008.