Good oil for Cooper Energy

Perth-based oil company Cooper Energy Ltd has posted "another strong quarter of oil production" on the back of its largest ever quarterly production figures and a significant rise in proved oil reserves.

Cooper's net production for the December 2005 Quarter was 94,334 barrels of oil, a six per cent increase on the September result, which helped push actual production levels ahead of year-to-date budget.

Cooper's proved reserves grew by 11.6 per cent to 1.13 million barrels in the quarter and the increase was attributable to growth in the company's Christies and Sellicks oil fields in South Australia.

The company is targeting in excess of 200 million barrels of undiscovered reserves in a 10 well program during the first 6 months of 2006, with the second well in the Cooper Basin, Strickland Bay-1, currently underway.

Oil sales for the quarter were down 12 per cent on the previous quarter to $7.3 million, caused in part by softer oil prices.

Cash reserves at the end of the quarter were $25 million, in line with budgets and forecasts.

Cooper Energy's CEO, Michael Scott, said continuing high oil prices, good production volumes, prudent cash flow management and an aggressive business development strategy provided a robust continuing growth outlook for the Company.