Cooper Energy (ASX: $COE) FY24 Market Update

Cooper Energy Limited (ASX: $COE) has provided a market update on two key drivers for the financial year 2024. The BMG wells decommissioning program is over 70% complete, in line with the mid-case cost guidance of $240-280 million, with lower abandonments now finished, reducing the risk of cost overruns or delays. Additionally, the Company is evaluating the installation of a third absorber for the Orbost Gas Processing Plant, awaiting results from the Orbost Improvement Project initiatives.

Executive Commentary

The BMG wells decommissioning program is progressing well, with over 70% completion and remaining in-line with cost guidance. The successful completion of lower abandonments is a significant milestone, reducing future environmental risks. We are also evaluating the potential installation of a third absorber for the Orbost Gas Processing Plant, which will be decided upon after further progress on the Orbost Improvement Project initiatives. We expect to provide a more comprehensive update around the middle of 2024 as we continue to evaluate the results of the Orbost Improvement Project.

Summary

Cooper Energy (ASX: $COE) has made significant progress in the BMG wells decommissioning program, with over 70% completion and lower abandonments reducing future risks. The Company remains on track to complete the program in early May, within the mid-case cost guidance. Additionally, evaluation of a third absorber for the Orbost Gas Processing Plant is ongoing, with the decision pending further progress on the Orbost Improvement Project initiatives. Cooper Energy continues to focus on its strategic initiatives and expects to provide a more comprehensive update around the middle of 2024 as it evaluates the results of the Orbost Improvement Project.