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Cooper Energy Resumes Australia Drilling Ops; Production Down 13%
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Cooper Energy has reported its results for September 2016.
Key Points: First quarter production: 91 kbbl in the 3 months to 30 September, down 13% on previous quarter of 105 kbbl and compared to the pcp of 125 kbbl Revenue of $4.9 million: down from $6.6 million in previous quarter due to lower volumes and lower average oil price of A$54.93/bbl, down 16% on previous quarter Drilling success: following resumption of Cooper Basin drilling with Callawonga-12 Sole gas contracts: third sales contract signed takes contracted gas up to 9.6 PJ/year Sole Gas Project: progressing towards FID for first gas March quarter 2019 Low cost operations: direct operating costs of A$28.72/bbl, in line with A$28.36/bbl in the previous quarter Strong financial position: cash and investments of $40.2 million Au…- ✓ Full news archive — U.S., Canada & international coverage
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