Cooper Energy Ltd
Raised the full year production guidance: Cooper Energy Ltd. (ASX: COE) stock rose 2.98% on April 30, 2018 after the company raised the full year production guidance. The company is on track for production as the Sole Gas Project is 38% complete, and is within schedule and budget. COE in the third quarter has posted the production of 0.33 million boe against 0.38 million boe in pcp. The production is 13% lower than December quarter due to lower gas and oil production. However, the year to date production is up 93% to 1.14 million boe. In the third quarter, revenue grew 5% on pcp to $15.8 million and the year to date revenue is up 81% to $47.1 million. Moreover, Casino-5 workover is completed successfully, and the gas production is expected to increase in the June quarter. Further, Casino Henry joint venture has commenced supplying gas to Origin Energy from 1st March under the new sales agreements. Additionally, the full year production guidance has been raised and now expected to be in the range of 1.4 million boe to 1.5 million boe compared to the previous guidance of approximately 1.4 million boe. In view of the above and stock poised to benefit from favorable commodity scenario, we give a “Buy” recommendation on the stock at the current price of $ 0.345.
Third Quarter 2018 Production & Revenue Performance (Source: Company Reports)
Oil Search Ltd
ExxonMobil PNG restarts second LNG train at PNG LNG plant site: Oil Search Ltd.’s (ASX: OSH) stock fell 1.5% on April 30, 2018 after the company announced that ExxonMobil PNG Limited, operator of PNG LNG, has restarted the second liquefied natural gas (LNG) train. The plant is now operating at normal production rates, and exports of LNG have resumed. The company expects to reach full capacity in May. The Komo Airfield, located in the PNG Highlands, has also reopened after the completion of necessary remediation work. Meanwhile, OSH stock has risen 8.2% in last one month as on April 27, 2018. Based on the foregoing while the stock is gaining momentum through the oil landscape, we give a “Hold” recommendation on the stock at the current price of $ 7.840.
Origin Energy Ltd
Australia Pacific LNG continues to deliver strong revenue growth: Origin Energy Ltd.’s (ASX: ORG) stock rose 1.35% on April 30, 2018 after the company released the Third Quarterly Production Report for period ended 31st March 2018. Origin’s share of APLNG production of 62.7 PJ in the March 2018 quarter is 10% higher to 5.9 PJ than the March 2017 quarter due to the ramp up in LNG Train 2 production. ORG’s share of APLNG related revenue has increased by $106.6 million from the March 2017 quarter reflecting higher average realised prices and increased volumes sold as LNG. In the nine months to March 2018, ORG’s share of APLNG production has increased by 14% to 189.6 PJ due to full nine months’ contribution of APLNG Train Two. In the nine months to March 2018, the total APLNG related revenue increased by 48% to $1,476 million (Origin share) due to increased sales volumes of LNG and higher realised prices for both domestic gas and LNG. Moreover, during the third quarter, production from operated fields increased to an average of 1,424 TJ/d from 1,406 TJ/d in the December 2017 quarter (APLNG share), primarily due to improving production from existing wells and facilities. Additionally, APLNG expects to complete one downstream maintenance shutdown in the June quarter FY18 involving Train One for approximately sixteen days. Meanwhile, ORG stock has risen 7.7% in one month as on April 27, 2018. Based on the foregoing, we give a “Hold” recommendation on the stock at the current price of $ 9.750.
Quarterly Production Report for period ended 31 March 2018 (Source: Company Reports)
Infigen Energy
2% fall in the revenue in the third quarter: Infigen Energy Ltd (ASX: IFN) has delivered 2% fall in the third quarter revenue to $48.4 million and 2% increase in production generated to 350GWh on pcp. Year to date FY18 production has fallen by 2% and the revenue grew by 1% compared to corresponding period last year. Meanwhile, IFN stock has risen 6.15% in three months as on April 27, 2018; and given the mixed performance as seen lately, we maintain a “Hold” recommendation on the stock at the current price of $ 0.690.
Third Quarter 2018 Production & Revenue Performance (Source: Company Reports)
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