Cooper Energy (ASX:COE) updates FY22 guidance

Cooper Energy (ASX:COE) updated its FY22 guidance following a period of higher east coast Australian gas prices.

Its underlying EBITDAX was revised upwards to between $57 and $68 million versus the previous guidance of between $53 and $63 million, as a result of higher gas prices and higher sustained processing levels at the Orbost gas processing plant.

Production guidance was narrowed to the upper half of the previous guidance range of between 3 and 3.4 millions of barrels of oil equivalent (MMboe) to between 3.2 and 3.4 MMboe.

Sales guidance to between 3.7 and 3.9 MMboe, versus the previous guidance range of between 3.7 and 4 MMboe, while capital expenditure guidance was revised lower to between $19 and $21 million, compared to the previous guidance range of between $24 and $28 million. 

Shares in Cooper Energy (ASX:COE) are trading 3.8 per cent higher at $0.28.