Cooper posts record revenues

by on July 31, 2012 8:24 am BST

The company generated A$58.8 million (US$61.8 million) during the 12 months to 30 June which Cooper said was up 50% when compared to the previous financial year.

The jump in revenue came as annual output hit a record high of 517,186 barrels of oil, up 27% on the 406,710 produced over the previous 12 month period.

The majority of production came from the company’s assets in the onshore Australian Cooper basin where its share of output totaled 501,012 barrels.

“The underlying business is now performing strongly with increasing production and revenue year on year,” said Cooper managing director David Maxwell.

“This trend is expected continue with further increased production of 550,000 barrels forecast for the 2012/13 financial year from existing licences.”

As of 30 June the company had A$60 million cash and said it was fully funded for its exploration and development programme over the next 12 months.

The company said it expected up to 10 wells to be drilled in its tenements on the Western Flank of the Cooper basin during the current financial year.