Cooper Energy will join the above (blue chip oilers) being the first stocks to turn upwards when the broader market rebounds.
Cooper Energy had a rare good week rising from .44 to .48 on news that it had taken a strategic 22% interest in Seraway PSC offshore North East Sumatra, Indonesia.
The PSC includes the undeveloped Gurame Gas Filed ( according to Cooper) estimated recoverable reserves in the range 400-2,700 Bcf of gas ans 20-150 barrels of condensate. (Those are big numbers but subscribers will be aware that we tend to be a bit leery on such estimates).
Cooper gained the interest by acquiring unlisted Australian public company Rion Energy, for 13 Million Cooper shares.
We expect the market to re-rate Cooper ahead of the drilling of Kurnia #1 in April/May.
Cooper shares were stronger late last week on the news that it had acquired an interest in a new PSC in Indonesia buy acquiring the unlisted Rion Energy. But we would expect them to retreat next week as the impact of the news wears off.
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Last
20.5¢ |
Change
0.000(0.00%) |
Mkt cap ! $541.2M | |||
| Open | High | Low | Value | Volume |
| 21.0¢ | 21.0¢ | 20.5¢ | $64.82K | 313.9K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 7 | 337756 | 20.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 21.0¢ | 402349 | 8 |
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| Last trade - 16.10pm 23/08/2024 (20 minute delay) ? |
| COE (ASX) Chart |