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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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
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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COE – Macquarie rates the stock as Outperform
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.
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COE – Morgans rates as Add
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.
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COE – Morgans rates the stock as Add
Morgans notes a significant catalyst for the company is approaching, with development of production wells Sole-3 and Sole-4 the last major de-risking event for the company’s flagship asset.
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