1 Feb 2017other● Neutral
Notice of a 1 February 2017 conference call on EIG becoming a substantial shareholder and working with Senex on a funding model for the Western Surat Gas Project. Details are in the separate transaction announcement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 Jan 2017quarterly activities report▲ Good
December quarter: first Western Surat appraisal wells (Glenora pilot) online, production 200,000 bbl (down 5%), revenue $12.8m (up 28%), capex $17.8m, cash $82.8m. Worrior-11 succeeded and Spitfire-8 found hydrocarbons. An investment decision on the first material gas tranche is being progressed.
18 Jan 2017other● Neutral
Notice that the December 2016 quarterly report will be released on 25 January 2017, with a 9.00am AEST conference call. No substantive content.
11 Jan 2017drilling progress report▲ Good
December monthly drilling report confirms Worrior-11 found 11.3 metres of net pay and is expected online in Q3 FY17. The rig moves to Spitfire-8 in mid-January. Repeats the partner's earlier result.
4 Jan 2017drilling result▲ Good
Worrior-11 reached 1,669 metres and was cased and suspended, with a 5.2 metre net oil column in the lower Birkhead/Hutton target plus further oil in the mid-Birkhead and McKinlay. Reported by partner Cooper Energy; a small development success for the Worrior field.
22 Dec 2016drilling spud● Neutral
Cooper Energy, Senex's 30% partner in PPL 207, reports Worrior-11 spudded on 21 December 2016. It is an oil development well with a planned depth of 1,632 metres, expected to take about nine days. This starts the campaign announced on 2 December.
2 Dec 2016drilling scheduled▲ GoodMajor
Senex starts its FY17 Cooper Basin drilling campaign, with Worrior-11 spudding mid-December, then Spitfire-8, then Sparta-1 and Hoplite-1 oil exploration wells in PEL 182 in early 2017. Silver Star-1 gas well (about $15m, Origin carrying Senex's share) is due to spud in February after rig delays.
16 Nov 2016agm notice● Neutral
Release of the Chairman's and Managing Director's AGM addresses. The chairman reviews FY16 (hedging gain of $13m, capex cut to $28m, headcount down over 30% since 2014, cash $102m), repeating known facts. The Managing Director's address is cut off in the text.
15 Nov 2016joint venture update▲ GoodMajor
The Glenora pilot, the first Western Surat Gas Project development, was completed on budget and ahead of schedule, and appraisal testing starts immediately. A raw gas sales agreement with Santos GLNG is still being negotiated. A legacy well on the Eos block free-flowed over 2 million cubic feet a day for about three hours.
17 Oct 2016quarterly activities report● Neutral
September quarter: production 210,000 bbl (down 5%), revenue $10.0m (down 36%) on a A$53/bbl realised price, cash $93.5m with $77m undrawn. Western Surat appraisal wells are on track online by end 2016; first of two Namur oil prospects in PEL 182 to spud by end 2016. Second-half FY17 hedging completed.
10 Oct 2016other● Neutral
Notice that the September 2016 quarterly report will be released on 17 October 2016, with a 9.00am AEST conference call. No substantive content.
23 Aug 2016annual report● Neutral
2016 Annual Report, with the AGM set for 16 November 2016. Production fell 27% to 1.01 mmboe; acreage over 68,000 sq km. Repeats the full year results already reported. Text shown is mostly front matter.
23 Aug 2016annual report▼ Bad
Appendix 4E: FY16 revenue down 40% to $69.3m, statutory loss $33.2m (from $80.6m loss), underlying profit nil versus $5.6m. No dividend; net tangible assets $0.32 per share. Repeats figures already reported.
23 Aug 2016investor presentation● Neutral
Full year results presentation repeating reported figures: production 1.01 mmboe, 2P reserves 83.4 mmboe, cash $102m, hedging gains $13/bbl. Notes location agreed for a northern Cooper gas well with Origin. No new information.
23 Aug 2016half year report● Neutral
FY16 results: sales revenue down 40% to $69.3m, underlying profit nil, statutory loss $33.2m after $69.7m impairment offset by $38.2m Maisey gain. EBITDAX $63.6m, cash $102m, liquidity $180m. FY17 guidance repeated, with Vanessa now expected in Q3 FY17.
23 Aug 2016other● Neutral
Corporate governance statement for FY16 stating compliance with ASX principles. It notes Denis Patten retired and Dr Warburton joined the board in March 2016. Administrative, no new substance.
16 Aug 2016other● Neutral
Notice that full year results will be released on 23 August 2016 with a 9.00am AEST webcast. No substantive content.
27 July 2016other● NeutralMajor
Senex guided FY17 capex of $60-70m and production of 0.8-1.0 mmboe, with at least six Cooper Basin wells and the first Surat appraisal wells online by end 2016. The Vanessa gas field was expected online in Q1 FY17, and a high-impact Cooper gas exploration well with Origin was planned for Q2 FY17.
27 July 2016quarterly activities report● Neutral
June quarter: production 0.22 mmboe (down 12%), no new wells online. FY16 production 1.01 mmboe and capex $27.8m, both within guidance. Cash $102.4m, liquidity $180m. Fracture stimulation began on the first of two southern Cooper gas wells with Origin.
27 July 2016resource reserve update▲ GoodMajor
At 30 June 2016, 2P reserves rose 15% to 83.4 mmboe (net of Maisey sale) and 1P to 12.1 mmboe, with first Surat Basin 1P booking after the GLNG gas deal. Cooper contingent resources were cut 39% to 208 mmboe, mainly unconventional gas, after weak Hornet-1 and Kingston Rule-1 tests.
20 July 2016other● Neutral
Notice that the June quarter report will be released on 27 July 2016 with a 9.00am AEST conference call. No substantive content.
15 June 2016investor presentation● Neutral
June 2016 Asia-Pacific roadshow presentation repeating known facts: cash $101m, liquidity $178m, 20-year GLNG gas agreement, hedging, ~A$41/bbl break-even. Adds that first Western Surat appraisal wells are targeted online by end 2016. No new announcement.
27 Apr 2016quarterly activities report● Neutral
March quarter: production 0.25 mmboe (down 4%), revenue $16.7m, cash $100.5m, liquidity $178m. FY16 capex guidance cut to $25-30m from $35-45m (Surat spend deferred) and production narrowed to 1.0-1.05 mmboe after Vanessa gas field connection delays. Western Surat Phase 1 appraisal begun.
4 Apr 2016regulatory community update▼ Bad
Energy Drilling Australia (an Ausdrill subsidiary) sued Senex for about $6.7m over a drilling contract Senex terminated in March 2015. Senex calls the claim without merit, will defend it and counterclaim more than $1.2m.
29 Mar 2016investor presentation● Neutral
International roadshow presentation repeating known facts: cash $100m, liquidity $177m, 20-year GLNG gas sales agreement, hedging. Notes about 15% headcount cut in March 2016, break-even about A$41/bbl, market cap about A$300m at 26c. Pro forma 2P reserves shown as 72 mmboe after Maisey.
15 Mar 2016director officer appointment▲ Good
Dr John Warburton joins the board as an independent non-executive director. He has a 34-year career in exploration with BP, Oil Search, Roc Oil and others, and is expected to strengthen the board's technical depth on exploration.
9 Mar 2016material agreement▲ Good
Senex bought put options over 400,000 barrels of Brent for the first half of FY17, with a US$45/bbl floor (about A$62) and upside kept. The premium was US$2.4m. This extends hedging beyond FY16's A$75 floor, at a lower price.
2 Mar 2016drilling progress report▼ Bad
No wells were spudded in February. Senex says it will do no drilling in the near future because of the subdued oil price outlook, and will stop monthly drilling reports until drilling resumes.
1 Mar 2016price query● Neutral
ASX queried a share price rise to an intraday high of 21.25c. Senex said it knew of no unannounced information and pointed to investor interest after the results, and Brent rising to US$37/bbl.
23 Feb 2016investor presentation● Neutral
Half year results presentation repeating reported figures: underlying profit $5.2m, cash $99.6m, liquidity $176.9m, G&A down 39%. Notes two Murta wells fracture stimulated and Origin production testing to start shortly. No new information.