APA GROUP — Capital/Financing Update 2020

May 21, 2020

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ASX Announcement / Media Release

22 May 2020

Sole Gas Project update

• Commissioning of Orbost Gas Processing Plant resumed by APA following shutdown

• Sole supplying gas into Eastern Gas Pipeline

• Stable production at 28 TJ/day after 36 hours operation; to be increased as commissioning proceeds

Cooper Energy (ASX: COE) provides the following update to its previous advice of 8 May 2020 on the commissioning of the Orbost Gas Processing Plant. The gas plant is owned and operated by APA Group (ASX: APA).

Background

The gas plant is being commissioned to process gas from Cooper Energy’s Sole gas field for supply to customers in south-east Australia. Completion of plant commissioning will enable commencement of the field’s term supply contracts, and commencement of processing tariff payments by Cooper Energy to APA Group.

The gas plant has proven its capability to produce sales specification gas from the Sole raw gas stream. A total of 0.8 petajoules of gas from Sole has been processed and supplied into the Eastern Gas Pipeline up to 21 May 2020 (inclusive).

APA, its technology provider and Cooper Energy have been working collaboratively to improve plant performance to the level required for commissioning to be completed. This work included a shutdown of the gas plant from 9 May to permit inspection, conduct maintenance and complete minor modifications within the sulphur recovery unit.

The Sole reservoir and wells have performed consistent with expectations.

Status update

The shutdown work program was completed in full and plant operations resumed on 20 May 2020. Supply of Sole gas into the Eastern Gas Pipeline recommenced at approximately 8 pm on that day.

Ongoing commissioning plans are to achieve a progressive, sustained increase in output rates whilst maintaining stable plant operation.

It is intended this be achieved gradually through a series of step changes whereby production rates are increased, then maintained whilst plant operation is monitored and assessed prior to proceeding to the next increment, with the ultimate target being 68 terajoules per day (TJ/day).

The plant is currently in the initial phase of this program, having maintained stable production rates equivalent to 28 TJ/day.

It is intended further update on the outcome of the commissioning program will be provided on completion or as material developments occur.

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Approved and authorised by David Maxwell, Managing Director, Cooper Energy Limited Level 8, 70 Franklin Street, Adelaide 5000; www. cooperenergy .com.au

Further comment	Investor Relations
David MaxwellManagingDirector	Don MurchlandInvestor Relations
+61 8 8100 4900	+61 439 300 932

Cooper Energy Limited (ASX: COE) is an ASX200 exploration and production company which generates revenue from gas supply to south-east Australia and low-cost Cooper Basin oil production. The company is an emerging player in the south-east Australian energy sector holding a portfolio of gas supply contracts and one of the most extensive portfolios of gas-focused acreage and assets, including well located reserves and resources in the Otway and Gippsland basins. These include the Sole gas field in the Gippsland Basin which recently became the first new offshore gas development in south-east Australia to commence production in several years, the Casino Henry operations in the offshore Otway Basin and undeveloped resources such as Manta and Annie.

Disclaimer: This ASX announcement contains forward looking statements that are subject to risk factors related to oil, gas and associated businesses. The expectations reflected in these statements are believed to be reasonable. However, they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to diverge materially, including in respect of: price fluctuations and currency fluctuations, drilling and production results, actual demand, reserve estimates, loss of market, competition in the industry, risks (environmental, physical, political etc.), developments (regulatory and fiscal etc.), economic and financial market conditions in Australia and elsewhere, changes in project timings, approvals and cost estimates.

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