Petroleum Africa
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Tuesday, February 17, 2015
Cooper Energy has been forced into a $58 million H1 loss after writing off its Tunisian business to zero after the collapse in crude oil prices. Cooper has been seeking to sell its Tunisian business, which is centered on the undeveloped Hammamet West oil discovery. The company has been in talks for months but they all amounted to nothing following the crash in oil prices.
The company’s chief executive, David Maxwell, said that while he was still hopeful of reaching a deal within months to sell the Tunisian business, the Board had seen fit to write off the asset completely on the company’s balance sheet.
Cooper is also slashing spending as a result of the oil price weakness, and has cut its 2014-15 capex budget by 35% to $26 million. The reduction would have been 46% were it not for spending anticipated on Cooper’s new sole gas venture in south-eastern Australia.
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