While most energy firms struggled today following a slump in oil prices in the US on Friday, Cooper Energy soared as much as 80% to an all time high of $1.295 after it said it had discovered a new oil field in the Cooper Basin. In addition, oil shows have been detected at its Indonesian well.
FY19 results were in line with estimates. There is a 10% increase to 2P estimates for Casino Henry, offset by a -2% decrease for Sole. Sole start-up guidance remains on track and firm gas sales are expected in December.
The ACCC has published its LNG netback time series. Netback pricing averaged $11.20/gigajoule in the September quarter and pricing is expected to average around $12.20/gigajoule in 2019, ahead of expectations.
FY18 results were solid and ahead of Morgans. The company is considering ways to maximise value for investors, including a partial sell down of its Gippsland interests, future divestment of Cooper Basin interests and/or debt options.