14 Jan 2016other● Neutral
Notice that the December 2015 quarterly report will be released on 21 January 2016, with an 8.00am AEST conference call. No substantive content.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 Jan 2016drilling result▲ Good
Ethereal-1, the second Origin joint venture gas well (PEL 637, Senex 60%), reached 3,234 m on 2 January, on prognosis and matching Efficient-1's hydrocarbon zones. It is cased and suspended for fracture stimulation and testing; Senex is free-carried.
16 Dec 2015asset acquisition disposition▲ GoodMajor
The GLNG deal for the Western Surat Gas Project completed: Senex received $42m cash plus technical data for the Maisey block, and a binding 20-year gas sales agreement up to 50 TJ/day. This resolves the September 2015 pending deal; appraisal work starts in the second half of FY16.
4 Dec 2015other▼ Bad
S&P Dow Jones quarterly index rebalance lists Senex among removals from the S&P/ASX All Australian 200 from 18 December 2015. This is an index notice, not company news; Senex was already out of the ASX 200 after September.
2 Dec 2015other● Neutral
Beach Energy's monthly drilling report. For Senex's shared acreage it repeats Martlet-2 (4.5 m net oil column, in line with pre-drill estimates, cased and suspended). The rest covers Beach's non-Senex wells. Nothing new for Senex.
2 Dec 2015drilling result▲ Good
Martlet-2 development well (Senex 60%) reached 1,535 m, found 4.5 m of net Namur oil pay, and was cased and suspended as a future producer, online early 2016. It adds to the Martlet field after Martlet-1 and Martlet North-1.
4 Nov 2015drilling result▲ Good
Efficient-1, the first Origin JV gas well (PEL 637, Senex 60%), reached 3,196 m with hydrocarbon shows; it will be cased and suspended for fracture stimulation and testing. Spitfire-7 began producing in late October, in line with expectations.
22 Oct 2015other● Neutral
Notice that the September 2015 quarterly report will be released on 28 October 2015, with a 10.00am AEST conference call. No substantive content.
21 Oct 2015investor presentation● Neutral
Citi conference presentation repeating known facts: liquidity $129m, 2P 95 mmboe, FY16 guidance unchanged, GLNG deals, hedged minimum oil price US$56/bbl. Market capitalisation about $200m. Rigs preparing for Origin free-carried gas wells. No new information.
7 Oct 2015drilling result▲ Good
Spitfire-7 reached 1,827 m with 6.6 m of net Birkhead pay, on prognosis; cased and suspended, online expected November. Martlet North-1 began production at end September. Efficient-1, the first Origin JV gas well (Senex free-carried), spuds mid-October.
7 Oct 2015other● Neutral
Beach Energy's monthly drilling report. For Senex's shared acreage it repeats the Spitfire-7 result (6.6 m net oil pay, cased and suspended). The rest covers Beach's non-Senex wells. Nothing new for Senex.
30 Sept 2015annual report● Neutral
2015 Annual Report published, covering results already announced: production 1.39 mmboe, statutory loss $80.6m, underlying profit $5.6m, 2P reserves 94.6 mmboe, liquidity $129m. AGM set for 18 November 2015. No new figures in the extract.
24 Sept 2015material agreement▲ GoodMajor
Senex agrees to sell the 77 km2 Maisey block (ATP 889) to GLNG for $42m cash. It also signs a binding heads of agreement for a 20-year gas sales agreement of up to 50 TJ/day, oil-linked pricing. This gives the Western Surat Gas Project a buyer and a funding path. Completion is expected by end of 2015, subject to approvals.
24 Sept 2015investor presentation● Neutral
Presentation of the 24 September GLNG deals: $42m cash for the Maisey block (about $0.32/GJ of gross 2P), a 20-year gas sales agreement up to 50 TJ/day, and Roma production data. Repeats known terms; FY16 guidance unchanged, FID target 2017.
4 Sept 2015other▼ Bad
S&P Dow Jones Indices will remove Senex from the S&P/ASX 200 after the close on 18 September 2015. Senex stays in the ASX 300 (inference from the ASX 300 list not naming it as a removal).
2 Sept 2015other● Neutral
Beach Energy's monthly drilling report. For Senex it repeats the Fulcrum-1 plug and abandon result (poor reservoir) and Spitfire-7 drilling ahead. The rest covers Beach's non-Senex wells. Nothing new for Senex.
2 Sept 2015drilling result● Neutral
Fulcrum-1 (PRL 136, Senex 60%) reached 1,815 m, found Birkhead oil shows but poor reservoir, and was plugged and abandoned. Spitfire-7 was spudded. Growler-14 is online at 350 bbl/d. Martlet North-1 is expected online in October.
25 Aug 2015annual report▼ Bad
Preliminary final report for FY15: revenue $115.9m (down 32%), statutory loss $80.6m after a $97.0m impairment, underlying profit $5.6m (down 87%). Net tangible assets are $0.35 per share (from $0.42). No dividend. Annual report and AGM due 18 November 2015.
25 Aug 2015annual report▼ Bad
FY15 results: production 1.39 mmboe, revenue $115.9m, underlying profit $5.6m, statutory loss $80.6m after a $97.0m impairment. FY16 guidance is capex $35-45m and production 1.0-1.2 mmboe. Cash is $49m with an undrawn $80m facility. Repeats earlier announcements.
25 Aug 2015investor presentation● Neutral
FY15 results presentation repeating the announced figures: production 1.39 mmboe, underlying profit $5.6m, liquidity $129m. Maintaining financial strength is the stated top priority, with the Western Surat Gas Project prioritised in FY16. No new information.
25 Aug 2015resource reserve update▲ GoodMajor
Net 2P reserves rose 137% to 94.6 mmboe at 30 June 2015 (from 39.9), mostly from the QGC gas swap, with gas 83.3 mmboe. Oil 2P fell to 11.3 mmbbl (from 13.3). 1P fell to 4.3 mmboe. Some Murta reserves were reclassified as contingent because of low oil prices.
21 Aug 2015other▼ BadMajor
Preliminary FY16 outlook: capex guidance $35-45m (FY15 actual $82m) and production guidance 1.0-1.2 mmboe (FY15 1.39). Priority is cash preservation and the Western Surat Gas Project. Cooper Basin spend is cut to $15-20m. Origin free-carries a further $25-35m. This delivers the FY16 plan promised earlier.
18 Aug 2015other● Neutral
Notice that Senex will release FY15 results on 25 August 2015, with a 1.00pm AEST webcast. No substantive content.
29 July 2015investor presentation● Neutral
DUG conference presentation repeats Western Surat Gas Project details: 2P reserves 83 mmboe, 35-50 TJ/day plateau target, first gas by end of 2017, FEED in FY16, and pilot wells brought online in FY16. No new information.
29 July 2015director officer appointment● NeutralMajor
Graham Yerbury, formerly CFO of Cardno and earlier at Macarthur Coal and Arrow Energy, is appointed CFO, expected to join late October 2015. He replaces Andrew Price, who resigned to join PanAust and leaves in early August 2015.
21 July 2015other● Neutral
Notice that Senex will release its June quarterly report on 28 July 2015 with a 10am AEST conference call. No substantive content.
17 July 2015investor presentation● Neutral
Noosa conference presentation on the Western Surat Gas Project: about 990 sq km, target plateau of 35-50 TJ/day, first gas end of 2017, with FEED planned in FY16. It repeats known facts; market cap was about A$300m.
3 June 2015drilling progress report● Neutral
Senex finished its FY15 drilling at 13 wells, against an original 26, with none spudded in May. The cut followed the lower oil price. FY16 work program is being finalised, with a market update due by the 25 August results.
18 May 2015asset acquisition disposition▲ Good
Orca confirms the sale of its Cooper Basin assets (PPL 251, PRL 117, PEL 110) to Senex has completed, with the final $1.4m paid and just over $2m in total. This completes the acquisition announced on 13 March.
7 May 2015investor presentation● Neutral
Macquarie conference presentation repeats known facts: cash $63m, $80m undrawn facility, 96 mmboe 2P, capex $80-85m, production guidance 1.36-1.41 mmboe, and aspirational FY18 targets. Market cap was about A$460m.