Cooper posts record first-half profit

Cooper Energy has cashed in on record production at its Cooper Basin and Indonesian operations and higher oil prices to post a record $13.6 million first-half profit.

The bottom line figure was up 198 per cent on the previous corresponding period's profit of $4.6 million.

Production of 0.30 million barrels was 41 per cent higher than the 0.21 million barrels produced in the 2013 first half.

The average oil price for the period of $126.50 per barrel was 15 per cent higher than the previous corresponding period's average of $109.80 per barrel.

Cashflow from operations of $24.2 million enabled the company to maintain its strong financial position with cash and financial assets of $65.7 million at the end of December.

Managing director David Maxwell said the results re-affirmed the company's strategic decision two years ago to refocus the company on Australia and low cost/low risk opportunities in Indonesia.

Cooper reaffirmed full-year production guidance in a range of 0.54-0.58 million barrels, an increase of between 10-18 per cent on full-year 2013.

Cooper shares were steady at 52 cents at 9.05am.