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LIVE

Monday, 08 September, 2008, 18:40 GMT | more prices >>

Cooper glee at cash surge

By Upstream staff

Photo by G Ortner

Australia’s Cooper Energy saw a 103% rise in consecutive quarterly revenues, reporting turnover of A$12.6 million (US$11.1 million) for the three months to 31 December.

Perth-based Cooper said the surge was the result of higher oil prices as well as a 73% quarter-on-quarter increase in production at its Callawonga and Worrior fields in South Australia.

The company reported net fourth quarter output of 115,029 barrels of oil.

Managing director Mike Scott said the higher output had been driven by five successful development wells sunk at Callawonga and Worrior during the company’s 2007 drilling programme.

Meanwhile, the Cleansweep and Parsons discoveries in Australia’s Cooper basin had added 500,000 barrels to the company’s undeveloped reserves, Scott said. He said the fields would add about 1000 barrels of oil per day to the company’s production.

Cleansweep is due to start production this month and Parsons in April, the company said in a statement.

Scott also said a rig had been identified to drill its Gurame-1X well on the Seruway production sharing contract in north-east Sumatra. Cooper holds a 22.5% interest in the well.