Gippsland and Otway Basin Developments
Significant cash generation potential
Gippsland production is highly geared to the East Coast spot gas price
Orbost, operating leverage, A$mm
Athena, average processing rate (100% gross), TJ/d
Sole/OGPP annual EBITDAX, A$mm
■
400
300
200
100
COOPER ENERGY
65 TJ/day
AGP processing capacity 150 TJ/d
90
60 TJ/day
55 TJ/day
45
45
24
26
22
21
50 TJ/day
H1 FY22
H2 FY22
H1 FY23
H2 FY23
Sole GSA MDQ1: 47.7 TJ/day
Indictative
Annie Only
Indicative
OP3D
0
T
T
10
15
20
25
30
35
40
Spot Gas Price, A$/GJ
At A$15/GJ spot prices and a 10 TJ/d increase in
processing rates, the Gippsland Basin hub can
generate an additional ~A$50 million EBITDAX²
A$450-800MM estimated replacement cost³
4-5 year estimated time to obtain regulatory approvals and develop
Third-party gas processing opportunities
Future re-purposing opportunities (gas storage or CCS)
Potential for 6x the current avg. processing rates
◉
OP3D to deliver step change in production
¹Sole GSA MDQ represents aggregate maximum daily quantity sold under Cooper Energy's gas sale agreements. Based on calendar year 2023 contract quantities | 2Rate and spot price for illustrative purposes | 3Cooper Energy
estimates based on publicly available analogue gas plant costs escalated to Jan 2023
ENERGY
COOPER 7
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