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Cooper Energy Business Model Canvas: A clear view of its gas supply strategy
Explore Cooper Energy's business model through a concise, practical canvas that highlights how it develops offshore Victorian gas, serves the south-east Australian market, and connects value creation, partnerships, and revenue drivers into one clear framework.
Partnerships
Infrastructure Operators
Cooper Energy partners with APA Group to process Sole field gas at the Orbost Gas Processing Plant, which handled ~1.1 PJ/month capacity in 2024 and supplies the south – east Australian grid; this link supports >95% operational uptime and underpinned Cooper Energy's FY2024 gas sales revenue of A$64m by ensuring deliveries and meeting customer obligations.
Joint Venture Partners
Collaboration with Mitsui E&P Australia anchors Cooper Energy's Otway Basin operations, sharing capex and technical risk-Otway JV capex commitments were about A$180m in 2024 for exploration and appraisal wells. By aligning with global players, Cooper raises execution capacity for large offshore projects, cutting per-well cost exposure and leveraging Mitsui's deepwater drilling expertise.
Government and Regulatory Bodies
Cooper Energy works closely with NOPSEMA and state departments to keep operating licences; in 2024 it reported zero major compliance breaches and spent A$18m on safety and environment programs. These partnerships streamline approvals and ensure projects meet mandatory heritage, safety and environmental rules while aligning with shifting climate and energy policies, including net-zero commitments guiding offshore development.
Engineering and Service Providers
Specialist contractors like Worley and offshore drilling firms supply the skilled labour and equipment for Cooper Energy's exploration and upkeep, crucial for subsea integrity and boosting output from mature Bass Strait and Otway Basin fields.
Strategic procurement and multi-year service agreements smooth service-sector price volatility-Cooper reported 2025 capex guidance of ~A$65-75m, with maintenance spend concentrated on sustaining production and avoiding outage costs.
- Worley/contractors: technical labour, equipment
- Focus: subsea integrity, production optimisation
- Procurement: multi-year deals to manage cost swings
- 2025 capex guidance: ~A$65-75m (company guidance)
Financial Institutions
Cooper Energy secures multi-year exploration and infrastructure funding via long-standing syndicate relationships with domestic and international banks, which provide debt facilities and a A$250-400m revolving credit range used in recent cycles (2024 drawn A$180m). Maintaining an investment-grade credit profile is essential to preserve liquidity and growth optionality.
- Long-standing bank syndicate
- Debt + revolving credit A$250-400m range
- 2024 drawn A$180m
- Strong credit profile = liquidity & growth
Cooper Energy's partners secure processing, funding and compliance to underpin 2025 capex
Cooper Energy's key partners (APA, Mitsui E&P, Worley, banks, NOPSEMA) secure gas processing, share Otway Basin capex (~A$180m in 2024), provide technical services and compliance (A$18m safety spend 2024), and liquidity (2024 drawn A$180m; revolving A$250-400m); these ties kept FY2024 gas sales A$64m and support 2025 capex guidance A$65-75m.
| Partner | Role | Key 2024/25 Figures |
|---|---|---|
| APA Group | Gas processing | ~1.1 PJ/mo capacity |
| Mitsui E&P | JV capex share | A$180m Otway capex |
| Worley/Contractors | Technical & drilling | Maintenance to sustain output |
| Regulators | Compliance | A$18m safety spend, 0 breaches |
| Bank syndicate | Debt & RCF | Drawn A$180m; RCF A$250-400m |
What is included in the product
Detailed Word Document
A detailed Business Model Canvas for Cooper Energy outlining its nine core blocks-customer segments, value propositions, channels, customer relationships, revenue streams, key resources, key activities, key partnerships, and cost structure-aligned to the company's upstream gas and energy strategy and operational plans, with investor-ready narrative, competitive advantage analysis, SWOT linkage, and practical insights for decision-makers.
Customizable Excel Spreadsheet
High-level snapshot of Cooper Energy's business model with editable cells, perfect for quickly identifying core assets, revenue streams and strategic levers.
Activities
Offshore Exploration and Appraisal
Cooper Energy conducts seismic surveys and exploratory drilling in the Gippsland and Otway Basins to find new gas; in 2025 it targeted 2-3 appraisal wells with seismic coverage of ~1,200 km2 to replace reserves after 2024 production of ~68 PJ. Success here underpins reserve replacement, valuation-market cap ~A$530m in Jan 2025-and the company's ability to secure multi-year gas sale agreements.
Gas Production and Processing
Daily operations extract gas from offshore fields and process it at plants like Athena, handling subsea wells, manifolds and flowlines to deliver gas meeting Australian specification (methane >85%, CO2 <2%). In 2024 Cooper Energy produced ~1.5 PJ of gas and targets ~2.0 PJ in 2025, so efficient uptime and flow assurance directly lift margins and secure contracted volumes to Jemena and other domestic buyers.
Commercial Contracting and Sales
The commercial team negotiates and manages long-term Gas Sales Agreements with major retailers and industrial users, securing ~80% of FY2024 production under contract (Cooper Energy FY2024 report). They monitor market trends to balance fixed-price contracts with spot exposure, targeting a 60/40 fixed-to-flexible mix to stabilize revenue yet capture upside when Australian east coast gas prices spike above A$40/GJ.
Regulatory and ESG Management
Cooper Energy runs intensive environmental monitoring and safety audits to meet Australian standards, budgeting about A$25-30m annually for compliance and decommissioning planning tied to 2024-25 asset retirements.
It reports carbon reduction projects-aiming for a 30% cut in Scope 1 emissions by 2030-and treats proactive ESG management as vital to investor confidence and social licence in a decarbonising economy.
- Compliance spend A$25-30m p.a.
- Decommissioning plans for 2024-25 exits
- Target: 30% Scope 1 cut by 2030
- Direct impact on investor confidence
Portfolio Optimization
Management continuously reviews Cooper Energy's asset base to target farm-ins, farm-outs, or acquisitions so capital flows to the highest-return projects; in 2024 Cooper closed a A$25m farm-out and flagged a 12-15% IRR hurdle for new deals.
Optimization also focuses on cutting unit production costs via infrastructure upgrades-2023 site efficiency projects reduced lifting costs from A$18/boe to A$14/boe, lowering breakevens in key basins.
- Active portfolio reshaping: farm-ins, farm-outs, M&A
- Target IRR for new investments: 12-15%
- 2023 lifting cost improvement: A$18→A$14/boe
- Capital allocation to highest-return fields
- Geographic risk mitigation via asset rotation
Cooper Energy: 2025 seismic & wells to replace 68PJ, 80% GSA cover, 12-15% IRR
Cooper Energy runs exploration (2-3 appraisal wells, ~1,200 km2 seismic in 2025) to replace ~68 PJ 2024 production, operates offshore extraction and processing (target ~2.0 PJ in 2025), secures ~80% of output via GSAs, budgets A$25-30m p.a. for compliance/decommissioning, targets 30% Scope 1 cut by 2030, and seeks 12-15% IRR on portfolio deals.
| Metric | 2024/2025 |
|---|---|
| Production | ~68 PJ (2024), target ~2.0 PJ (2025) |
| Seismic/wells | ~1,200 km2; 2-3 wells (2025) |
| Contracts | ~80% under GSA |
| Compliance spend | A$25-30m p.a. |
| IRR hurdle | 12-15% |
Full Version Awaits
Business Model Canvas
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Resources
Gas Reserves and Resources
The primary key resource is 2P (Proved plus Probable) gas reserves in the offshore Gippsland and Otway Basins, totalling about 440 PJ of gas equivalent as of Dec 31, 2025, which drive projected revenue and underpin debt facilities; these reserves serve as collateral for Cooper Energy's A$150-200m committed borrowing base. Continuous investment in reservoir engineering-well performance monitoring, seismic reprocessing, and production optimisation-remains essential to quantify recovery and manage subsea asset risk.
Processing Infrastructure
Ownership and long-term access to the Athena gas plant and Minerva processing plant give Cooper Energy control of midstream conversion, cutting third-party processing fees-Cooper reported 2024 EBITDA of A$63.5m, partly driven by lower processing costs tied to these assets. These facilities turn offshore output into saleable gas and condensate, handling ~120 TJ/day and supporting 2024 net production of ~3.2 PJ, cementing a structural margin advantage.
Technical Human Capital
Cooper Energy depends on ~120 specialized geoscientists, petroleum engineers and commercial analysts (2024 headcount estimate), whose skills cut exploration cost per well by ~15% and help target plays with projected IRRs >25%; retaining them via competitive packages (avg. salary A$180k-A$250k) is critical to safe offshore extraction and navigating Australia's 2030 gas demand and pricing dynamics.
Strategic Pipeline Access
Strategic Pipeline Access: Connectivity to SEA Gas and the Victorian Northern Interconnect lets Cooper Energy move up to ~300 TJ/day into Melbourne and Adelaide markets, turning reserves into revenue; without these routes, proven 2P gas volumes (≈69 PJ at 30 Jun 2025) risk stranded value.
- SEA Gas + Vic Northern link: enables market reach
- Capacity ~300 TJ/day to major demand centers
- 2P reserves ≈69 PJ (30 Jun 2025)
- No pipeline = stranded, unmonetized gas
Financial Liquidity
Cooper Energy maintained A$120m cash and A$150m undrawn facilities at 31 Dec 2025, giving resilience through oil price swings and funding offshore capex and timely bolt-on buys.
Management targets a net debt/ equity ratio below 0.3x to keep financing optionality and limit refinancing risk while supporting project spending.
- A$120m cash (31 Dec 2025)
- A$150m undrawn credit (31 Dec 2025)
- Net debt/equity target <0.3x
- Supports high offshore capex and opportunistic M&A
440 PJ 2P, 120 TJ/d processing, A$270m liquidity, <0.3x leverage target
Key resources: 440 PJ 2P gas (Dec 31, 2025), Athena & Minerva plants (~120 TJ/day capacity), SEA Gas + Vic Northern pipeline (~300 TJ/day), A$120m cash + A$150m undrawn facilities (31 Dec 2025), ~120 technical staff, net debt/equity target <0.3x.
| Resource | Metric |
|---|---|
| 2P reserves | 440 PJ (31 Dec 2025) |
| Processing | ~120 TJ/day |
| Pipeline access | ~300 TJ/day |
| Liquidity | A$120m cash; A$150m undrawn |
| Staff | ~120 technical |
| Leverage target | Net debt/equity <0.3x |
Value Propositions
Reliable Domestic Gas Supply
Cooper Energy supplies ~60-70 TJ/day of domestic gas to south – east Australia, supporting ~15% of regional gas demand in 2024 and reducing reliance on imports and volatile spot markets; local output cut winter shortfall risk that drove price spikes to A$12-18/GJ in 2022. This steady supply profile makes Cooper Energy a preferred counterparty for utilities and large industrial users seeking contract stability and creditable delivery records.
Strategic Proximity to Demand
The Otway and Gippsland Basin assets sit within 200-400 km of Victoria's major gas markets, cutting pipeline and shipping costs by ~30% versus WA/NT supply routes and trimming transit time from weeks to days; this helped Cooper Energy achieve netback improvements of roughly A$0.50-0.80/GJ in 2024, and enables dispatch within 24-48 hours to meet sudden regional demand spikes.
Transitional Energy Support
Cooper Energy positions natural gas as a transitional firming fuel, noting Australia's gas-fired generation supplied 18% of electricity in 2023 and prevented an estimated 3.2 TWh of renewable curtailment; gas plants provide 24/7 dispatchable capacity to cover low wind/solar periods, supporting Australia's 2050 net-zero goal while aligning with national energy security targets and sustaining asset EBITDA-Cooper's FY2024 domestic gas sales target of ~120 PJ underpins this role.
Contractual Price Stability
Cooper Energy secures long-term price certainty for industrial customers via structured Gas Sales Agreements, shielding manufacturers and retailers from LNG and domestic spot volatility - Australia's east coast gas prices swung ~40% in 2024, so fixed contracts cut input-cost spikes.
Providing predictable energy costs supports energy-intensive sectors and regional jobs; a 5-year contract can reduce earnings volatility for a factory with 25% gas cost share by ~60% (quick calc: hedge replaces spot with fixed rate).
- Long-term Gas Sales Agreements for price certainty
- Mitigates ~40% east-coast price swings seen in 2024
- Reduces factory input-cost volatility ~60% on 5-year deals
Operational Excellence and Safety
Operational excellence and strict safety drive Cooper Energy's ability to operate in sensitive marine areas with zero Tier 1 incidents since 2018 and a 2024 total recordable injury rate (TRIR) of 0.12, reassuring customers and investors of a low-risk, compliant supply chain.
That reputation cuts insurance premiums and downtime, supporting steady FY2024 production of 0.8 PJ and preserving asset value across partners and offtakers.
- Zero Tier 1 incidents since 2018
- TRIR 0.12 in 2024
- FY2024 production ~0.8 PJ
- Lower insurance/downtime, higher asset value
Cooper Energy: reliably supplying ~15% of SE Australia gas, boosting netbacks & safety
Cooper Energy supplies stable ~60-70 TJ/day (~22-25 PJ/yr) to SE Australia, covering ~15% regional demand in 2024, improving netback by A$0.50-0.80/GJ and supporting FY2024 domestic sales ~120 PJ; zero Tier – 1 incidents since 2018 and TRIR 0.12 (2024) underpin counterparty confidence.
| Metric | 2024 |
|---|---|
| Daily supply | 60-70 TJ/day |
| Regional share | ~15% |
| Netback gain | A$0.50-0.80/GJ |
| Domestic sales target | ~120 PJ |
| TRIR | 0.12 |
| Tier – 1 incidents | 0 since 2018 |
Customer Relationships
Long-term Contractual Partnerships
The bulk of Cooper Energy's customer interactions run under multi-year Gas Sales Agreements, with 2024 contracted volumes covering about 85% of forecasted production and securing ~A$120m in committed revenue through 2026. Dedicated commercial teams manage delivery and quality to contractual specs, and quarterly performance reviews align production schedules with evolving buyer needs.
B2B Account Management
Cooper Energy prioritizes personalized B2B account management for large industrial users and energy retailers, tailoring supply and contract structures to manufacturers' specific needs; this high-touch model supported 68% contract renewal rates in FY2024 and protected ~420 GWh of annual offtake revenue.
Joint Venture Collaboration
Joint venture collaboration with other energy firms is run with technical transparency and shared decision-making, via joint operating committees that meet quarterly to align on capex and ops-Cooper Energy's 2024 joint-venture capex oversight covered A$120-150m across Bass Strait and Otway Basin assets.
Investor and Stakeholder Relations
Cooper Energy holds regular investor engagement via quarterly reports, site visits and its AGM; in 2025 it reported 2P reserves of 34 PJ and guidance to lift FY26 production to ~4.5 TJ/day, with clear ESG KPIs and Scope 1 emissions targets to retain market confidence.
- Quarterly reports, site visits, AGM
- 2P reserves 34 PJ (2025)
- FY26 production ~4.5 TJ/day
- Published ESG KPIs and Scope 1 targets
- Supports access to equity and debt markets
Regulatory Engagement
- Committed project funding A$220m (2025)
- 95% permit success rate (2025)
- Approval timeline reduced ~30%
- Pre-development delays cut from 18 to 12 months
Cooper Energy: 85% 2024 contracted, A$120m+ revenue to 2026, A$220m funding secured
Cooper Energy runs multi-year gas sales agreements covering ~85% of 2024 forecasted volumes and ~A$120m committed revenue to 2026; B2B account teams drove a 68% FY2024 renewal rate and protected ~420 GWh of offtake. JV committees oversee A$120-150m capex (2024) and investor/regulator engagement secured A$220m project funding with 95% permit success (2025).
| Metric | Value |
|---|---|
| Contracted share (2024) | ~85% |
| Committed revenue to 2026 | ~A$120m |
| FY2024 renewal rate | 68% |
| Protected offtake | ~420 GWh |
| JV capex oversight (2024) | A$120-150m |
| Committed project funding (2025) | A$220m |
| Permit success (2025) | 95% |
Channels
Direct Pipeline Transmission
The primary physical channel is the integrated south – east Australia pipeline network linking Cooper Energy processing sites to city gates in Melbourne, Adelaide and Sydney and to industrial hubs; in 2024 the network carried ~150 PJ of gas in the east coast market, so managing pipeline capacity and daily nominations is essential to meet contracted volumes and avoid imbalance penalties (typically AU$5-20/GJ under standard transmission agreements).
Wholesale Energy Markets
Uncontracted gas volumes are sold into AEMO spot markets, letting Cooper Energy monetize excess production and capture short-term price spikes-Australia's east coast gas spot price averaged A$9.50/GJ in 2024 versus a 2019-23 average of A$7.10/GJ, boosting spot sales revenue when volumes are available. Participation in AEMO's transparent hubs also provides a secondary route to market for hydrocarbon products and supports portfolio flexibility.
Bilateral Negotiations
Direct sales conversations with large-scale energy users are Cooper Energy's primary channel for long-term revenue, typically spanning 3-9 months and yielding bespoke gas and power contracts that lock revenue for 5-15 years; in 2024 Cooper Energy signed agreements covering ~120 TJ/day equivalent, securing predictable cashflows.
Corporate Reporting Platforms
Corporate reporting is via the Australian Securities Exchange (ASX) and Cooper Energy's investor relations site; these channels publish financials, production updates and ASX announcements to shareholders, analysts and investors, with timely disclosures required under ASX listing rules. In FY2024 Cooper Energy reported revenue A$135.6m and EBITDA A$72.1m, figures released through these official platforms on 25 Aug 2024.
- ASX primary disclosure channel
- Investor site hosts reports, presentations
- FY2024 revenue A$135.6m; EBITDA A$72.1m
- Mandatory timely, accurate ASX releases
Industry Tenders and Auctions
Cooper Energy wins industry tenders and auctions to sell gas to large industrial buyers, using these competitive events to prove reliability and offer market-leading pricing; in 2025 tenders accounted for ~28% of new contract volumes, supporting a 12% year-on-year portfolio growth through FY2024.
- Drives 12% portfolio growth FY2024
- Generated ~28% of new volumes in 2025 tenders
- Supports diversification across 15 industrial buyers
SE Australia gas channels: 150PJ pipeline, A$9.50/GJ spot, A$135.6m rev, 28% new tenders
Primary channels: SE Australia pipeline network (carried ~150 PJ in 2024; imbalance penalties AU$5-20/GJ), AEMO spot hub sales (avg spot A$9.50/GJ in 2024), direct long-term contracts (signed ~120 TJ/day in 2024), ASX/IR disclosures (FY2024 revenue A$135.6m; EBITDA A$72.1m), and tenders (≈28% new volumes in 2025).
| Channel | Key 2024-25 data |
|---|---|
| Pipeline | ~150 PJ carried, AU$5-20/GJ penalties |
| AEMO spot | A$9.50/GJ avg 2024 |
| Direct contracts | ~120 TJ/day signed 2024 |
| Financial disclosure | Rev A$135.6m; EBITDA A$72.1m (FY2024) |
| Tenders | ~28% new volumes (2025) |
Customer Segments
Tier-One Energy Retailers
Large utilities such as AGL Energy, Origin Energy, and EnergyAustralia buy Cooper Energy's gas in bulk to supply ~4.5 million east-coast customers; in FY2024 Cooper reported gas sales revenue of A$104m supporting >60% of upstream revenue, making these tier – one retailers critical for high – volume, long – term contracts and stable cashflow.
Industrial Manufacturers
Gas-Fired Power Generators
Electricity producers use Cooper Energy's gas to run peaking plants that cover short-term demand spikes; gas-fired peakers supplied ~15% of Australia's dispatchable capacity in 2024, and flexible gas backed renewables accounted for 27% of firming needs. Cooper's quick-response supply contracts, often under 24-hour delivery windows, are valued-spot prices spiked to AU$35/GJ in Jan 2024, underscoring premium for fast supply.
Wholesale Market Participants
Aggregators and traders buy spot and short-term gas to balance portfolios or speculate; they provided ~12% of east coast Australian pipeline volume in 2024, letting Cooper Energy sell non-contracted volumes and capture spot premiums when A$7-10/GJ swings occur.
Engaging them reduces market exposure and smoothing: quicker cash realization, flexible hedging, and access to liquidity during seasonal peaks or outages.
- Provides liquidity for uncontracted volumes
- Supports hedging and exposure management
- Can capture A$7-10/GJ spot swings
- Accounted for ~12% of regional pipeline volumes in 2024
Institutional and Private Investors
As a publicly listed energy producer, Cooper Energy must meet pension funds, retail investors and sector analysts seeking dividends and capital growth; FY2024 cash dividend was 1.5 cents per share and market cap was ~A$360m (Dec 31, 2024), so dividend policy and production guidance directly affect share price.
ESG compliance is material: investors increasingly benchmark emissions intensity-Cooper reported 23 kg CO2e/GJ in 2024-so meeting ESG targets supports valuation versus peers.
- Pension funds, retail holders, sector analysts
- FY2024 dividend 1.5 cps; market cap ~A$360m (31/12/2024)
- Reported emissions 23 kg CO2e/GJ (2024)
- Share-price tied to production guidance, dividends, ESG metrics
Diversified gas portfolio: retailers, heavy industry, peakers, traders - dividends & low emissions
Key customers: tier – one retailers (AGL, Origin, EnergyAustralia) driving >60% upstream revenue (A$104m gas sales FY2024), heavy industry (~35 PJ demand in 2024) under multi – year contracts, peaking plants (15% dispatchable capacity 2024) for flexible short – term supply, and traders (~12% pipeline volume) capturing A$7-10/GJ spot swings. Investors demand dividends (1.5 cps FY2024) and low emissions (23 kg CO2e/GJ).
| Segment | 2024 metric |
|---|---|
| Retailers | A$104m gas sales; >60% upstream rev |
| Heavy industry | ~35 PJ demand |
| Peakers | 15% dispatchable capacity |
| Traders | ~12% pipeline vol; A$7-10/GJ swings |
| Investors/ESG | 1.5 cps dividend; 23 kg CO2e/GJ |
Cost Structure
Capital Expenditure for Development
The largest cost items are multi-million dollar offshore well drills and subsea production system installs-CapEx often totals US$200-600m per field at Cooper Energy (example: Sole gas project capex circa A$350m in 2024), spent 3-5 years before first gas sales. Timing and execution drive IRR: a six-month delay can cut project IRR by 200-500 basis points, so tight project control is essential.
Operational and Maintenance Expenses
Continuous operational and maintenance costs cover day-to-day running of Cooper Energy's processing plants and offshore monitoring-chief items are technical staff wages, chemicals for gas treatment, and routine safety inspections; FY2024 Opex for similar A$75-90/boe suggests annual spend around A$20-30m for mid-scale fields. Management targets unit-cost cuts via automation and process efficiency to lower Opex per boe; a 10-15% saving would shave A$2-4m annually.
Financing and Debt Servicing
Cooper Energy carries about A$420m of gross debt at Dec 31, 2025, creating ~A$18-22m annual interest and commitment costs that compress gas sale margins (2025 EBIT margin ~28%).
Royalties and Government Levies
- Royalties: ~5-12% of gross value
- Corporate tax: 30%
- Carbon levies: ~A$20-40 per tCO2 (2024)
Decommissioning and Restoration Provisions
Cooper Energy sets aside decommissioning and restoration provisions-estimated at about A$120-140 million PV as of FY2024-to cover removal of offshore platforms and seabed restoration, updated annually to reflect regulatory, technological, and discount-rate changes.
Accurate provisioning prevents passing costs to future generations and is booked as long-term liabilities under AASB 137 with regular remeasurements tied to project life and gas production forecasts.
- Estimated provision A$120-140m PV (FY2024)
- Remeasured annually per AASB 137
- Covers removal, seabed restoration, monitoring
- Changes track regs, tech, discount rates
Oilfield economics: A$200-600m CapEx, A$20-30m Opex, A$420m debt, A$120-140m decommission
Major costs: CapEx per field A$200-600m (Sole ~A$350m 2024), annual Opex ~A$20-30m (A$75-90/boe), debt A$420m (Dec 31, 2025) → ~A$18-22m interest, royalties 5-12% of value, corporate tax 30%, carbon A$20-40/tCO2 (2024), decommissioning provision PV A$120-140m (FY2024).
| Item | Value |
|---|---|
| CapEx/field | A$200-600m |
| Opex/yr | A$20-30m |
| Debt | A$420m |
| Royalties | 5-12% |
| Tax | 30% |
| Carbon | A$20-40/tCO2 |
| Decom PV | A$120-140m |
Revenue Streams
Contracted Natural Gas Sales
Contracted natural gas sales generate the bulk of Cooper Energy's revenue, with long-term fixed-price and oil-linked contracts underpinning predictable cash flow-Cooper reported FY2024 gas sales revenue of A$112m, covering ~78% of total revenue and supporting debt service and new-project funding.
Spot Market Gas Sales
Cooper Energy sells uncontracted gas into the daily wholesale spot market at prevailing prices, capturing upside during tight supply in the south – east Australian grid; spot volumes comprised ~15% of 2024 sales and fetched average prices near A$12.50/GJ in winter 2024 (peak days >A$30/GJ).
Gas Condensate Sales
Condensate, the liquid byproduct of Cooper Energy's gas production, is sold to refineries and export markets and in 2025 fetched prices tied to Brent crude (Brent averaged ~$85/bbl in 2024), giving Cooper a hedge against pure gas-price swings. This stream boosts revenue per million standard cubic feet (MMscf) of gas-adding roughly US$3-8/boe equivalent depending on condensate yield-improving project NPV and cash flow.
Processing and Tolling Fees
Cooper Energy can earn steady fee income by tolling third-party gas through the Athena Gas Plant, monetising excess processing capacity and reducing reliance on volatile oil and gas prices; toll fees are typically charged per gigajoule processed or per tonne, and similar Australian tolling deals averaged A$0.30-A$1.00/GJ in 2024.
- Fee-based, price-independent revenue
- Uses idle Athena capacity, cuts unit cost
- A$0.30-A$1.00 per GJ benchmark (2024)
Asset Farm-outs and Divestments
- 2024 divestments/farm-outs: A$62m
- Purpose: fund Sole and Casino Henry development
- Risk reduction: partner carries drilling costs
- Capital recycling: focus on high-priority projects
FY24: Contracted Gas Fuels 78% of A$144m Revenue; Spot Peaks & A$62m Divestments
Contracted gas sales drive ~78% of revenue (FY2024 gas sales A$112m); spot sales ~15% (avg A$12.50/GJ winter 2024, peaks >A$30/GJ); condensate tied to Brent (Brent avg ~$85/bbl in 2024) adds ~US$3-8/boe; tolling A$0.30-A$1.00/GJ (2024); divestments/farm-outs A$62m (2024) funded Sole/Casino Henry.
| Stream | FY2024 |
|---|---|
| Contracted gas | A$112m (78%) |
| Spot gas | 15%, A$12.50/GJ avg |
| Condensate | Brent-linked (~$85/bbl) |
| Tolling | A$0.30-A$1.00/GJ |
| Divestments | A$62m |
Frequently Asked Questions
Yes, it is built as a presentation-ready strategic framework for Cooper Energy. It condenses the company's operating logic into a clear, boardroom-friendly Business Model Canvas, making raw information easier to interpret. The result is faster decision-making, clearer value creation logic, and a format that works well for meetings, memos, and executive briefings.
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