Two thirds of the Sole Gas Project have been completed in a big financial year for Cooper Energy.
Cooper announced the $355 million offshore development, located in the Gippsland Basin, was 64 per cent complete and within schedule and budget.
The company also posted a net profit of $27 million for the financial year ending June 30, with cash generation up 441 per cent from the previous period.
Much of the profit was attributed to the sale of the Orbost Gas Plant to APA Group, while the acquisition of the Otway Basin gas production had caused the growth in cash flow.
Cooper Energy Managing Director David Maxwell said there was exciting times ahead for the company, with the Sole Gas Project on track to begin production in less than 12 months.
“The work done during the year on gas contracting and well workover benefitted our second half results and will carry on into the new year,” he said.
“The main event for the year was, without a doubt, the Sole Gas Project which, over the past 12 months, has been financed, taken to final investment decision and is now 64 per cent complete with both production wells ready for connection.
“We look forward to commencing the pipelay in October to connect the wells to the plant.”
The field is being developed to supply approximately 24 PJ/a from mid-2019, with approximately 75 per cent of the field’s reserves contracted to a range of utility and industrial customers including AGL Energy, EnergyAustralia, Alinta Energy and O-I.