Given Cooper Energy's strong recent performance, Morgans had expected yesterday's guidance upgrade. As a result, the lift in FY22 production and earnings (EBITDAX) guidance, and reduced planned FY22 capex spend were in-line with the analysts's forecasts.The broker retains the Add rating and $0.35 target and notes the outcome of talks between the company and Orbost-operator APA Group ((APA)) is keenly awaited.In terms of outcomes, Morgans would prefer a change of ownership transaction on Orbost compared to a new long-term commercial operating agreement between APA Group and Cooper Energy.
Ann: Guidance update, page-14
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