The All Ordinaries Index (ASX: XAO) has dipped into the red in afternoon trade on Friday, but we certainly can't blame ASX All Ords energy share Cooper Energy Ltd (ASX: COE).
The Cooper Energy share price closed yesterday at 14.5 cents. At the time of writing, shares are swapping hands for 16 cents apiece, up 10.3%.
The All Ordinaries started the day in positive territory, up 0.2% in early trade. But it looks to be giving back those gains alongside an afternoon retrace in US market futures.
As for Cooper Energy…
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ASX All Ords share leaps on improved plant capacity
The Cooper Energy share price is racing higher on Friday after the ASX All Ords share reported that its Orbost gas processing plant improvement project is delivering strong results.
Cooper Energy acquired Orbost, located in Victoria, in June 2022 from APA Group. At the time the company said the cost would run in the range of $270 million to $330 million.
On 21 December Cooper completed loading of its new polisher media.
The polisher unit, according to Cooper, is used to "strategically support the plant during absorber cleans, or to increase overall processing rates during periods of high demand".
Since completion, the company reports the production rate at the plant has averaged around 59 terajoules per day (TJ/d) when both absorbers were operating.
Likely helping lift the ASX All Ords share today, management said this included record production of 67.3 TJ/d. And they reported there have been a number of occasions since 21 December where instantaneous rates have exceeded 68 TJ/d, the plant's nameplate capacity.
That included a record instantaneous rate of 70 TJ/d.
Cooper expects its new polisher media will have a longer run-life and allow for continuous operation of the polisher.
Commenting on the improved production levels that look to be sending the ASX All Ords share sharply higher today, Cooper Energy CEO Jane Norman said:
It has been pleasing to see the positive results from the various initiatives under the Orbost improvement project, and with a number of further steps to be trialled in the near term.
Meanwhile, at these higher production rates with both absorbers online we are able to sell circa 20 TJ/d, or around 30% of Sole production, into the higher priced spot market, generating significant incremental cashflow.
Cooper Energy share price snapshot
Despite today's lift, the Cooper Energy share price remains down 15% over the past full year.
But the ASX All Ords shares has been on a tear over the past month, up a whopping 45%.
