Q1 FY25 Quarterly Report

• Record quarterly production of 6.85 PJe or 74.5 TJe/d, up 17% on Q4 FY24
• Record OGPP production rates of 62.3 TJ/d, including highest monthly average of 66.2 TJ/d
• Orbost Improvement Project delivers results, with record runtime of 10 weeks between absorber cleans

Cooper Energy has reported record quarterly production and revenue in Q1 FY25, with total production of 6.85 PJe or 74.5 TJe/d, up 17% on Q4 FY24 on a daily average basis. This was driven by improved performance at the Orbost Gas Processing Plant (OGPP) in the Gippsland Basin, where production averaged 62.3 TJ/d, up 22% on the prior quarter. Multiple production records were achieved, including the highest ever 30-day and 90-day averages of 66.2 TJ/d and 62.5 TJ/d respectively. The improvement initiatives undertaken at the OGPP over the last 12 months, combined with the resolution of inlet pipeline issues in July, enabled the plant to regularly operate at or near nameplate capacity of 68 TJ/d for the first time since the Sole field commissioning in 2020. The Orbost Improvement Project also delivered results, with record runtime of 10 weeks achieved between absorber cleans, significantly reducing downtime. Higher daily production rates, together with fewer and faster absorber cleans, allowed for significantly higher volumes of spot gas sales, increasing realised gas prices and improving margins. The company also reported progress on the East Coast Supply Project, with the order of long-lead items and ongoing discussions with potential domestic gas customers.

The company did not provide any high-importance, price-sensitive forward-looking financial metrics in the announcement.

Cooper Energy continues to progress the East Coast Supply Project, which is expected to bring much-needed gas supply to Southeast Australia in 2028. The company is targeting a three-well programme as part of the project, and expects to sanction the drilling during FY25. Discussions with potential project partners and gas customers regarding foundation contracts are ongoing.