Following the recent development well success at the Callawonga and Worrior fields in the Cooper Basin, Cooper Energy is forecasting a step change in production from these fields, with base case production of 300,000 barrels of greater now expected for 2007-08, up from 256,871 barrels for 2006-07.
The Perth-based oil and gas producer also recently successfully completed its A$55 million share placement and A$5 million share purchase plan, boosting its cash position to record levels and underpinning its aggressive growth drive.
Michael Scott, managing director of Cooper Energy, said: We are heading towards 2008 with the company in its strongest ever position – record cash levels, an expected major production boost at a time of high oil prices, and a forward drilling program that has the objective of proving up our first international development.
This production boost is particularly timely as it coincides with a period of high oil prices thereby providing a very strong cash generation capability which, combined with the recent capital raising, will enable us to turbo-charge our global growth strategy.