Cooper Energy Provides Operations Update

Source: 4/6/2022, Location: Not categorized

• Orbost Gas Processing Plant processing rate averaged 49.0 TJ/day for March up to Phase 2B shutdown period
• Athena Gas Plant processing rate averaged 29.4 TJ/day for March
• Orbost Gas Processing Plant Phase 2B works commenced on 26 March and have been impacted by severe rains and flooding in the East Gippsland region

Cooper Energy is pleased to provide the following operations update.

Gippsland Basin

Orbost Gas Processing Plant and Sole gas field
At the Orbost Gas Processing Plant (OGPP) (owned and operated by APA Group, there was a single sulphur absorber clean for three days from 17 March, with an average rate of 27.4 TJ/day during this clean. The average processing rate in March was 49.0 TJ/day up to the Phase 2B works shutdown from 26 March. The OGPP processing rate after the absorber clean was steady at 55 TJ/day up to the commencement of the shutdown.

The OGPP Phase 2B works commenced on 26 March with the planned production outage being approximately 9 days. Heavy rainfall and resultant flooding in the East Gippsland region have caused some delays to the Phase 2B works with road closures and power outages in the region impacting logistics and works on site. At this time access to the plant is restricted due to floodwaters along the access road. All non-essential personnel have been safely evacuated from the plant. The extent of the slippage to the start-up will be assessed once the floodwaters recede and personnel can return to the plant.

Otway Basin

Athena Gas Plant and Casino Henry Netherby (CHN) gas fields
The average processing rate at the Athena Gas Plant was 29.4 TJ/d in March, 10% higher than the February rate of 26.8 TJ/d. Trials utilising three wells commenced at the beginning of March, and work to optimize combined plant and field performance is ongoing.

Ownership interests of the Athena Gas Plant and CHN fields are Cooper Energy (50% and Operator), Mitsui E&P Australia Pty Ltd (25%) and Peedamullah Petroleum Pty Ltd (25%).

Gas sales volumes
In March the average gas price in the Victoria and Sydney spot markets was $10.33/GJ and $10.98/GJ respectively. Cooper Energy sold 449 TJ of production surplus to the Company’s Gas Sales Agreement nominations into the spot market in this period, at prices aligned with these averages less transport costs.

All daily nominations for Sole customers continue to be met, averaging 33 TJ/d for March which includes six days at the end of March where Cooper Energy have supplied reduced volumes to customers during the OGPP Phase 2B shutdown.

Gulf Oil and Gas
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