Each one in plain English, with the numbers worked through for a shareholder.
6 May 2015drilling result● Neutral
Dunoon-3 (1,268 m) and Morris-1 (1,486 m), both Senex 100% on the Dunoon Ridge, showed oil but no movable hydrocarbons in the McKinlay at Dunoon-3. Both were cased and suspended as future Murta tight oil producers. Thirteen FY15 wells are now drilled.
29 Apr 2015director officer appointment▲ Good
David Spring, ex-Mubadala Petroleum with over 30 years in the industry, is appointed Executive General Manager Exploration from early May 2015. This fills the vacancy left by James Crowley's departure.
22 Apr 2015other● Neutral
Notice that Senex will release March quarter results on 29 April 2015 with a 10am AEST briefing. No substantive content.
20 Apr 2015debt financing▲ GoodMajor
Senex set up an $80m unsecured three-year multi-currency debt facility with Westpac for general corporate purposes. It said it had no requirement to draw it down and that the facility adds to its liquidity.
8 Apr 2015drilling scheduled● Neutral
No drilling in March; eleven FY15 wells are done. Senex plans to spud the twelfth, Dunoon-3 (PRL 161, 100%), in April, a low-risk oil target on the producing Dunoon Ridge, in line with the shift to lower-risk spending.
13 Mar 2015material agreement▲ Good
Senex bought oil price hedges covering one million barrels of FY16 sales, roughly expected base production, using puts and collars with Brent floors of US$55-60 and A$70. Premium is US$1.7m. This extends the protection already in place for the second half of FY15.
13 Mar 2015asset acquisition disposition▲ GoodMajor
Orca Energy agreed to sell Senex its 20% interests in the Burruna oil field (PPL 251), the Fury oil field (PRL 117) and PEL 110 for about $2m cash, effective 1 January 2015. Settlement is expected by 31 May 2015, subject to regulatory approvals.
10 Mar 2015director officer appointment● NeutralMajor
Trevor Bourne, a director since 1 December 2014, becomes Chairman from 10 March 2015, succeeding Denis Patten, who stays on as a non-executive director. This resolves the open chair succession flagged at the November AGM.
4 Mar 2015drilling result▲ Good
February report: Martlet North-1 confirmed with 3.2 m net Namur pay. Growler-14 (PPL 242, Senex 60%) reached 1,890 m with about 6 m net porous sand above the oil-water contact and was cased as a future Birkhead producer, pending testing. Eleven FY15 wells drilled.
4 Mar 2015drilling progress report● Neutral
Beach's February report repeats the Martlet North-1 result (3.2 m net Namur oil pay, cased and suspended, tie-in timing to be determined) and Growler-14 (cased and suspended, cased-hole test later). Senex is the 60% partner; no new Senex results.
24 Feb 2015investor presentation● Neutral
Half-year presentation largely repeats the reported results and strategy. It adds that Origin Stage 1 seismic has started with drilling planned from mid-2015, Vanessa is to come online in 2015, and Western Surat targets first production by end 2017.
24 Feb 2015drilling result▲ GoodMajor
Martlet North-1 (PRL 148, Senex 60% operator, Beach 40%) found a Namur oil discovery with 3.2 m net pay, 1.1 km from the producing Martlet-1. It is cased and suspended as a future producer, with tie-in timing subject to field development planning.
24 Feb 2015half year report▼ BadMajor
Half-year to December 2014: record production of 0.74 mmboe, revenue $69.9m, but a statutory loss of $65.9m after an $86.5m impairment. Underlying profit was $1.6m (down 95%). Cash $74.9m, no debt, no dividend; the impairment was flagged on 18 February.
18 Feb 2015financial restatement▼ BadMajor
Senex expects a non-cash impairment of $86.4m before tax ($60.5m after tax) on Cooper Basin oil assets in its half-year accounts, citing lower oil prices (long-term US$73/bbl). It says operating outlook is unaffected.
17 Feb 2015other● Neutral
Notice that Senex will release half-year results on 24 February 2015, with a webcast. No substantive content.
4 Feb 2015drilling spud● Neutral
Martlet North-1 (PRL 148, Senex 60% operator, Beach 40%) spudded in late January, targeting the Namur about 1.1 km northwest of the Martlet-1 producer. Planned depth 2,028 m. Drilling had reached 1,127 m at the report date.
4 Feb 2015other● Neutral
Beach's January report covers mainly its own wells and Cooper rain delays it calls immaterial. For Senex it notes Martlet North-1 was still drilling ahead. No new Senex results.
21 Jan 2015other▼ BadMajor
Senex cuts FY15 capex guidance 20%, from $100-120m to $85-90m, and the drilling program from 26 wells to about 16. It adds $6m of annual cost savings and keeps 1.4+ mmboe production guidance. This concludes the December spend review.
16 Jan 2015other● Neutral
Notice that Senex will release December quarter results and hold a briefing on 21 January 2015. No substantive content.
14 Jan 2015drilling result▼ BadMajor
Senex confirms Sheerkhan-1 was plugged and abandoned (uneconomic oil volume, poor reservoir) and Jenners-1 abandoned at 2,525 m with poor shows. The six-well northern Cooper campaign found no commercial reserves. Rig moves to Martlet North-1, near the Martlet-1 discovery.
8 Jan 2015other● Neutral
Drillsearch's December report, mostly on its own wells. For Senex: Sheerkhan-1 (PEL 182) was plugged and abandoned as the oil pay was insufficient to test, and Vanessa-1 testing is complete (5.0 mmscfd). It again quotes a 47/53 split versus Senex's 43/57.
2 Jan 2015drilling result▼ BadMajor
Jenners-1 (PEL 100, Senex 55% operator) was plugged and abandoned at 2,525 m in pre-Permian basement, a dry hole. It ends the exploration campaign in the northern Cooper that began in late 2014.
24 Dec 2014farm in farm out agreement● Neutral
Tellus says it amended its PRL 108-110 farm-in with Senex: instead of a carried well, Senex funds about 42 sq km of 3D seismic, starting Q1 2015, and earns another 7% (Tellus left with 43%). Replaces the well commitment noted earlier.
23 Dec 2014resource reserve update▲ GoodMajor
Partner Beach estimates Martlet field (PEL 104/111, Senex 60% operator) gross 2P oil reserves at 589 kbbl (1P 214, 3P 1,634), the first Namur reserves in the permit. Facilities cost about $4.1m and are complete; Martlet-1 began producing in December.
19 Dec 2014other● Neutral
Senex hedged oil sales for January to June 2015: an average Brent floor of A$68/bbl on 720,000 barrels, plus zero-cost collars with an A$84 ceiling on 460,000 barrels. It follows the 10 December spending review.
16 Dec 2014asset acquisition disposition▲ GoodMajor
The QGC swap completed: Senex traded its 20% of PL 171 and 30% of ATP 574P, no cash, for 100% and operatorship of ATP 767, 795 and 889. Net 2P gas reserves rise by 56 mmboe to 83 mmboe. Up to $40m committed over three years, with minimal FY15 spend.
15 Dec 2014drilling spud● Neutral
Cooper Energy reports Jenners-1 spudded 15 December in PEL 100 (Senex 55% operator, Santos 25.835%, Cooper 19.165%), targeting to 2,608 m, about 14 days including testing. It is the next well in the northern Cooper campaign.
12 Dec 2014other● Neutral
Drillsearch (Senex's PEL 182 partner) reports a wet gas discovery at Yarowinnie South-1 in its own Santos joint venture, not Senex's. It notes Senex's Vanessa-1 test result and says it will scrutinise capital spending amid lower oil prices.
12 Dec 2014asset acquisition disposition▲ Good
Senex announced that the Surat Basin gas asset swap with the QGC JV, first announced on 10 September 2014, became unconditional. Completion was expected within five business days.
11 Dec 2014well test result▲ GoodMajor
Vanessa-1ST (PEL 182, Senex 57%) flowed gas at an average 5.0 mmscfd with condensate of 15 bbl per mmscf. It is 4 km from pipeline infrastructure and the JV plans to bring it online, resolving the Vanessa testing thread.
