18 Aug 2015other● Neutral
Notice that Senex will release FY15 results on 25 August 2015, with a 1.00pm AEST webcast. No substantive content.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
28 July 2015quarterly activities report● Neutral
June quarter: production 0.32 mmboe, revenue $23.6m at A$81/bbl, cash $49m, liquidity $129m. FY15 production was 1.39 mmboe, within guidance, revenue $115.9m (down 32%), capex $82.2m. Origin JVs plan four wells in FY16.
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.
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.
29 Apr 2015quarterly activities report▼ Bad
March quarter: production 0.33 mmboe (down 8%), revenue $22.3m at A$72/bbl, cash $63m, and $143m liquidity including the new facility. FY15 capex cut again to $80-85m, drilling to 14 wells, production guidance 1.36-1.41 mmboe. Martlet North-1, Growler-14 and Dunoon-3 now expected to produce in Q1 FY16.
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 2015quarterly activities report● Neutral
December quarter: production 0.36 mmboe, revenue $28.2m (down 33.5% on an average oil price of A$81 versus A$113), cash $74.9m, no debt. Includes a $20m inflow from QGC for Surat well plugging. Capex cut to $85-90m confirmed.
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.