Cooper Energy laments low share price but sets out plan for growth COOPER Energy's board acknowledged the company's unsatisfactory share price performance at the annual meeting today, but reiterated that it had a growth strategy it was well-placed to execute. The company's share price has fallen from a high of 62c in January this year to 42c now, this despite Beach Energy recently increasing its stake in the company by 8.8 per cent to 18.4 per cent. It was also running contrary to the company's performance: Cooper posted a slightly lower underlying profit of $12.7 million last financial year, but recorded its second highest annual production while also increasing reserves by 15 per cent. Chairman John Conde said the company was "not alone among small and medium resource companies in finding that good underlying performance and resource potential is not being fully reflected in its share price." However the facts are that the company has higher reserves and resources and higher production expectations than 12 months ago, has maintained its strong balance sheet and ... is executing a plan to grow the value of our company for our shareholders. Cooper is undergoing a transformation into a company which is more focused on its Cooper Basin and eastern Australian assets, and looking to diversify into gas, rather than one which was generating oil-only revenues in Australia and exploring overseas. The desire to divest most of its overseas assets has been complicated somewhat by good results from the Hammamet West-3 well in Tunisia, which remains to be completed. "The company expects to be in a position to advise of the implications for resource estimates for Hammamet West, and our Tunisian portfolio, arising from this exercise before the end of the current calendar year," Mr Conde said. Managing director David Maxwell said Beach had made it clear to Cooper that it supported the company's strategy to diversify into gas away from its core oil business. "In some respects (the buy-up) was a little opportunistic because the Tunisian well dragged for a while and there was a bit of drag on the share price and they took the opportunity to support the company," he said. Mr Conde said the company had no debt, cash and investments worth $67.8 million and undrawn loan facilities worth up to $40 million at the end of the September quarter.