The Cooper Energy Ltd. (ASX: COE) share price is down 3.0% to $0.48 in early trade on Monday.
This comes after the Oil and gas company this morning announced its interim results for the half year ending 31 December 2018, posting a statutory loss of $12.6 million despite solid profit growth on an underlying basis.
The statutory loss was largely due to a $16.5 million non-cash expense from a reassessment of a provision for the restoration of the Patricia Baleen gas field.
The company's performance looked better on an underlying basis, which was largely attributable to higher oil and gas prices. Underlying profit after tax of $3.1 million was 41% higher than the $2.2 million for the previous corresponding period.
Highlights from the results are provided below:
- Underlying profit up 41%, driven largely by a 32% increase in gas sales revenue
- Higher oil and gas prices led to a 16% growth in total sales revenue despite a 15% decrease in production
- Underlying EBITDA improved 6% to $13.8 million
In a statement, Managing Director David Maxwell pointed to the emerging value of the gas business as well as the execution of the Sole Gas Project, which is 86% complete and within budget.
Cooper Energy said that production for the second half of the fiscal year is expected to be greater than that of the first half, largely due to higher production from the Casino Henry gas project.
The Cooper Energy share price has climbed over 51% higher in the last 12 months, compared to the S&P/ASX 200 index which has risen 3.67% in the period.
