Cooper Energy Approves Sole Gas Project
Oil and gas developer Cooper Energy (COE) is looking to raise $151 million in an equity raising to help fund its new Sole offshore gas project in Victoria’s Gippsland Basin.
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Cooper Energy Limited
Cooper Energy is an S&P/ASX 200 (ASX:COE) listed energy company which generates revenue from the discovery, commercialisation and sale of gas to south-east Australia and low cost Cooper Basin oil production. Gas accounts for the major share of the company’s sales revenue, production and reserves.
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News
Cooper Energy Soars As Energy Firms Struggle
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.
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Analyst Views
COE – Morgans rates the stock as Add
Morgans suggest now is an opportune time to invest in the oil and gas sector after gaining further conviction both oil and LNG markets have moved off their lows. The Add rating and target price of $0.43 are unchanged for Cooper Energy.
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COE – Morgans rates the stock as Add
Morgans believes Cooper Energy’s in-line result was overshadowed by the market’s primary focus on progress at the Sole Gas Project.
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COE – Credit Suisse rates the stock as Neutral
March quarter production and revenue were below expectations, mainly because of a delay at Sole and also lower gas at Casino and lower oil at Cooper Basin.
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COE – Morgans rates the stock as Add
September quarter production, up 22%, was slightly ahead of Morgans' estimates. Revenue from gas sales was up 32% versus the prior quarter, supported by higher gas prices from new contracts and better production, which offset lower revenue from oil.
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COE – Credit Suisse rates the stock as Neutral
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.
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