Cooper Energy (ASX:COE) lifts production & sales volume guidance

Company News

by Lauren Evans

Cooper Energy (ASX:COE) revised its FY22 guidance to the upper half of the previous guidance range because of continued improvement in average processing rates at the Orbost Gas processing plant, and a substantial increase in gas prices in Sydney and Victoria.

Production guidance was revised to between 3.3 and 3.4 million barrels of oil equivalent (boe), from between 3.2 and 3.4 million boe. Sales volume was revised to between 3.8 and 3.9 million boe, from between 3.7 and 3.9 million boe. 

Meanwhile, guidance range for underlying EBITDAX was revised upwards to between $70 and $78 million, from between $57 and $68 million. Capital expenditure guidance remains unchanged at between $19 and $21 million.

Cooper Energy said continued improvement in both cases have gone beyond what had been expected at the last guidance update.

Shares are trading 5.6 per cent higher at 28.5 cents. 

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