Each one in plain English, with the numbers worked through for a shareholder.
10 Dec 2014production update▲ GoodMajor
Martlet oil field (PEL 104, Senex 60%) began production in early December, initially held to about 50% of capacity due to high water, with oil around 850 bopd. Hornet is flowing about 1.3 mmscfd. Water facilities should lift Martlet output in the second half of FY15.
10 Dec 2014other● NeutralMajor
Senex has begun reviewing capital, operating and administrative spending for the rest of FY15 given a potentially sustained lower oil price, and may defer parts of the capital program. It says it has no plans or need to raise equity and still expects to beat 1.4 mmboe production guidance.
5 Dec 2014other● Neutral
Partner Drillsearch's November drilling report mostly covers its own wells. Relevant to Senex: Sheerkhan-1 (PEL 182) shows in the Birkhead are still being evaluated, and Vanessa-1 production test has begun. Drillsearch quotes its PEL 182 share as 47%, versus 43% in Senex's reports.
3 Dec 2014drilling progress report● Neutral
November drilling report: seven FY15 wells drilled, eighth spudded. Akela-1 confirmed as trace to poor shows, cased and suspended. Sheerkhan-1 (PEL 182, Senex 57%) reached 2,350 m on 30 November with good Birkhead oil shows; testing under way, result not yet known.
1 Dec 2014production update▲ GoodMajor
Senex began commercial gas sales from the Hornet field (PRL 105, 100%) to the SACB JV, its first gas production, under the March 2014 agreement of up to 10 mmscfd. Kingston Rule-1 is expected to add production in early 2015, after workover.
20 Nov 2014admin correction● Neutral
Senex lodges an updated constitution including a new clause 26A, adopted at the 19 November AGM, requiring shareholder approval of proportional takeover bids. Administrative; the AGM resolution was passed.
19 Nov 2014director officer appointment● NeutralMajor
Trevor Bourne, a founding director of Origin Energy and current Caltex director, joins the board as independent non-executive from 1 December 2014. Chairman Denis Patten says this is his last AGM as Chairman; a successor will be named in coming months and he stays on the board.
18 Nov 2014production update▲ GoodMajor
Hornet-1 (PEL 115, Senex 100%) flowed gas at more than 2 million cubic feet per day and is in pre-commissioning for first gas sales to the Santos-operated SACB JV under the March 2014 agreement. It would be Senex's first gas sales.
12 Nov 2014drilling result▼ BadMajor
Cooper Energy reports Akela-1 (PEL 110, Senex 60% operator) reached 2,676 m with trace to poor oil shows and was cased and suspended for possible later evaluation of the Birkhead. Not a discovery; the rig moves to Jenners-1 in PEL 100 in December.
10 Nov 2014investor presentation● Neutral
ASX Investor Series presentation repeats Senex's strategy and known results. It shows about 1,150m shares, market capitalisation roughly $630m, and $69m cash with no debt. No new information.
5 Nov 2014drilling result▼ Bad
Bagheera East-1 (PEL 514) was plugged and abandoned as non-commercial, though hydrocarbon shows confirm oil migration. Akela-1 is drilling. Martlet-1 flowed 2,596 bopd and starts production in December; Hornet-1 is being completed for extended testing, with production expected in the December quarter.
31 Oct 2014director officer appointment● Neutral
Brett Smith, ex-QGC and Stanwell, joins as Executive General Manager Safety, People & Systems and will lead the Western Surat Gas Project. Acting exploration head James Crowley, who signed off Senex's reserves, is leaving; a search for a replacement is under way.
29 Oct 2014drilling spud● Neutral
Orca Energy reports Akela-1 spudded on 29 October in PEL 110 (Orca 20%, Senex 60% operator). Partner repeat of the Cooper Energy notice.
29 Oct 2014drilling spud● Neutral
Cooper Energy reports Akela-1 spudded 29 October in PEL 110 (Senex 60% operator, Cooper and Orca 20% each), targeting oil to about 2,686 m, with about 17 days planned including testing. Part of Senex's northern exploration campaign.
20 Oct 2014drilling result▼ BadMajor
Planet Gas reports two drill stem tests at Bagheera East-1 (PEL 514) found no moveable hydrocarbons; the well is being plugged and abandoned. Despite earlier oil shows, it is the second dry hole in a row in PEL 514 after Hathi-1.
17 Oct 2014other● Neutral
Notice that Senex will release its September quarter results on 22 October 2014, with a briefing for CEO Ian Davies and CFO Andrew Price at 10am AEST. Administrative only.
17 Oct 2014joint venture update● Neutral
Tellus says it and Senex agreed that the PEL 105 (now PRLs 108-110) farm-in commitment, a well due by 30 September 2014, will instead fund about 50 sq km of extra 3D seismic and reprocessing. After that work, Senex holds 70% and Tellus 30%.
15 Oct 2014drilling progress report● Neutral
Planet Gas reports wireline logging of Bagheera East-1 (PEL 514) is complete and drill stem testing is being prepared. No flow result yet.
15 Oct 2014investor presentation● Neutral
Citi conference presentation repeats the Growth Acceleration Strategy: FY15 production above 1.4 mmboe, aspirational FY18 targets of 3-5 mmboe production and 100-150 mmboe 2P, $76.6m cash at June, no debt. Nothing new.
13 Oct 2014drilling progress report● Neutral
Planet Gas reports Bagheera East-1 reached 2,547 m with oil shows in the Birkhead, Poolowanna and Hutton formations; wireline logging is being prepared. An early positive sign, with no test result yet.
8 Oct 2014drilling result● Neutral
Senex's September drilling report: five of 26+ FY15 wells drilled. Martlet-1 is due on production in November; Squire-1 had poor-reservoir oil shows and Hathi-1 (2,569 m) had only trace hydrocarbons, both plugged and abandoned. Rig moves to Bagheera East-1.
3 Oct 2014drilling spud● Neutral
Planet Gas reports Bagheera East-1 spudded on 2 October in PEL 514 (Senex 80% operator, Planet 20% free-carried), planned to about 2,510 m to test the Tinchoo Formation. This is the follow-on well after Hathi-1.
1 Oct 2014drilling progress report● Neutral
Beach's September report confirmed Martlet-1 (PEL 104, Senex 60% operator) intersected six metres of net oil pay in the Namur Sandstone. The well reached a total depth of 2,096 m and was cased and suspended as a future Namur oil producer.
26 Sept 2014drilling result▼ BadMajor
Planet Gas reports Hathi-1 (PEL 514, Senex 80% operator) reached 2,568 m with only trace hydrocarbons on wireline logs, and is being plugged and abandoned. Another dry exploration well; the rig now moves to Bagheera East-1.
15 Sept 2014drilling spud● Neutral
Partner Planet Gas reports Hathi-1 spudded on 13 September in PEL 514 (Senex 80% operator, Planet 20% free-carried), targeting the Tinchoo Formation to 2,530 m. Bagheera East-1 is planned next. Planet's report of a Senex-operated well already flagged.
12 Sept 2014drilling result▲ Good
Partner Beach Energy confirms Martlet-1 (PEL 104; Beach 40%, Senex 60% operator) found 6 m of net oil pay in the Namur Sandstone at 1,454 m. It is the first Namur oil discovery in the PEL 104/111 joint venture area. Repeats Senex's announcement.
12 Sept 2014drilling result▲ GoodMajor
Martlet-1 (PEL 104, Senex 60%) found a Namur oil accumulation, up to 6 m net pay at 2,096 m, to be cased and on production next quarter. Squire-1 (PRL 59) was dry with oil shows in a poor reservoir. Rig moves to Hathi-1 in PEL 514.
10 Sept 2014asset acquisition disposition▲ GoodMajor
Senex swaps its minority stakes in Surat permits PL 171 and ATP 574P for 100% and operatorship of three western Surat permits, with no cash. Net 2P gas reserves rise to 488 PJ from 157 PJ; up to $40m to be spent over three years. Completion expected by 14 December, subject to approvals.
10 Sept 2014investor presentation▲ Good
Presentation on the QGC asset swap repeats the announcement: Senex goes from minority holder to 100% owner of the Western Surat Gas Project, with 488 PJ (83 mmboe) of 2P gas. FY15 guidance unchanged; up to $40m funded from existing resources.
3 Sept 2014drilling result▼ BadMajor
Warthog-1 (PEL 111, Senex 60%) was dry: good sands but no oil or gas shows, plugged and abandoned at 1,887 m. Squire-1 reached 2,500 m and was in drill stem testing; Martlet-1 (PEL 104) was drilling. A third exploration miss after Tornado-1 and Sabre-1.
