Each one in plain English, with the numbers worked through for a shareholder.
3 Sept 2014drilling progress report● Neutral
Beach Energy's August report mostly covers its own wells and Santos-operated gas wells. For Senex it lists Warthog-1 plugged and abandoned at 1,887 m and Martlet-1 drilling in PEL 104. Nothing beyond Senex's own report.
28 Aug 2014investor presentation● Neutral
Post-results roadshow presentation repeats FY14 results and the Growth Acceleration Strategy: FY15 production above 1.4 mmboe, 26-30 wells, capex $100-120m, 2P reserves 41.6 mmboe. Nothing new.
27 Aug 2014investor presentation● Neutral
DUG conference presentation stresses gas in the strategy: Hornet extended production test facility nearly complete, with testing early in Q2 FY15, and Vanessa flow testing late Q2 FY15. Growth targets assume no corporate M&A and no new equity capital. Mostly repeats known plans.
26 Aug 2014annual report● Neutral
FY14 revenue rose 24% to $170.9m on production of 1.38 mmbbl, but net profit fell 38% to $37.9m from $61.0m, mainly from a $10.7m tax expense and prior-year asset sale gains. Underlying profit rose to $44.7m. No dividend.
26 Aug 2014annual report● Neutral
Senex's 2014 annual report covers FY14 results already released. The chairman describes four years of growth and the new Growth Acceleration Strategy. Operates over 90% of permits; 30-well program completed; safety incidents down 25%. No new announcements in the extract.
26 Aug 2014investor presentation▲ Good
FY14 results presentation launches a four-year 'Growth Acceleration Strategy' aiming to become an S&P/ASX 100 company, repeating known results: 1.38 mmbbl production, $170.9m revenue, 13.3 mmbbl 2P oil, $76.6m cash, no debt, Origin $252m farm-out.
26 Aug 2014other▲ GoodMajor
Senex sets FY15 guidance: more than 25 wells, about 1,000 sq km of 3D seismic, production above 1.4 mmboe, 2P oil replacement above 200%, capex $100-120m. Fully funded with $76.6m cash. Hornet and Vanessa gas testing to start; builds on the FY14 results.
22 Aug 2014other● Neutral
Senex announces it will release FY14 results on 26 August 2014 with a 10am AEST webcast. Administrative notice only.
21 Aug 2014well test result▲ Good
Strike reports Davenport-1 (PEL 94; Beach 50% operator, Strike 35%, Senex 15%) showed good coal permeability and encouraging hydrocarbon shows at surface during testing. The well is shut in, with further un-stimulated Vm3 testing planned. Early positive but no flow rates.
6 Aug 2014drilling progress report● Neutral
Beach Energy's July report mostly covers its own wells. For Senex it records Sabre-1 (PEL 111) plugged and abandoned at 1,900 m. Nothing beyond Senex's own report.
6 Aug 2014drilling result▼ BadMajor
Sabre-1 (PEL 111, Senex 60%) was dry: good oil shows but poorly developed reservoir, plugged and abandoned at 1,900 m. A second straight exploration miss after Tornado-1. Warthog-1 and Squire-1 (first Cordillo 3D well, PRL 59) are next; FY15 program due 26 Aug.
28 July 2014resource reserve update▲ GoodMajor
Senex lifted net 2P oil reserves by 4.5 mmbbl to 13.3 mmbbl at 30 June 2014, a 327% replacement ratio, independently assessed by D&M. 1P rose to 5.5 mmbbl and 3P fell slightly to 20.5 mmbbl. Delivers the FY14 guidance of 4-6 mmbbl additions.
22 July 2014other● Neutral
Senex announces it will release June quarter results on 28 July 2014 with a 11am AEST briefing. Administrative notice only.
21 July 2014director officer appointment● Neutral
Non-executive director Tim Crommelin appointed Yanina Barila as his alternate director. She has been alternate for Ben McKeown since 2011; both are Sentient Group executives (Sentient holds 16.4%). Administrative.
2 July 2014drilling result▼ BadMajor
Tornado-1 (PEL 111, Senex 60%), the first Lignum 3D exploration well, was plugged and abandoned with excellent Birkhead sands but no hydrocarbons, at 2,170 m. The 30-well FY14 program is complete; Sabre-1 is next in July.
2 July 2014drilling progress report● Neutral
Beach Energy's June report mostly covers its own wells. For Senex it lists Tornado-1 (PEL 111) plugged and abandoned at 2,170 m. Nothing new beyond Senex's own report.
1 July 2014director officer appointment▲ GoodMajor
Craig Stallan, currently Santos' General Manager Upstream South Australia, is appointed Chief Operating Officer from August 2014, responsible for Senex's Cooper-Eromanga operations. The managing director links it to the company's growth ambitions.
1 July 2014other● Neutral
Administrative notice: 75,000 unlisted options at $0.37 expired on 30 June 2014 and were cancelled. Remaining options and contingent performance rights are listed. No substance for shareholders.
30 June 2014farm in farm out agreement● Neutral
Planet Gas agreed with Origin and Senex to be free-carried on its share of the $80m Area B Deeps program (PEL 638), dropping to 10%. Origin earns 33.75% in Stage 1; Senex reaches 45% by Stage 2. Planet keeps 20% free-carried on oil.
30 June 2014farm in farm out completion▲ GoodMajor
Senex and Origin completed the two Cooper Basin tight gas farm-ins announced 24 Feb 2014. Work programs total up to $252m over 1,935 sq km, with Senex free-carried on Area A (60%) and Origin funding. Planet's share in Area B Deeps is also funded.
4 June 2014drilling progress report● Neutral
Beach Energy's May report mostly covers its own wells. For Senex it repeats Mustang-2 (PPL 243, Senex 60%) cased with 6.4 m net oil pay, and Tornado-1 drilling ahead at 2,147 m. Nothing new.
4 June 2014admin correction● Neutral
Senex relodges the May drilling report to fix a typo: the FY15 drilling program will be announced in July 2014, not July 2015. The report is otherwise unchanged.
4 June 2014drilling progress report▲ Good
May report: the planned 30-well FY14 program is complete. Mustang-2 was cased with 6.4 m net pay, and Tornado-1, the first exploration well from the Lignum 3D seismic, is drilling. The FY15 program is to be announced in July.
26 May 2014director officer appointment● Neutral
Debbie Goodin, a chartered accountant and former Downer EDI and Coffey International executive, joins the Senex board as an independent non-executive director. She is also an audit committee chair elsewhere.
21 May 2014joint venture update● Neutral
Tellus says PEL 105 (Senex 50%, Tellus 50%) was converted to three retention licences of up to 15 years, and Senex takes over as operator. The well Senex must drill to earn 70% is pushed to the third quarter of 2014, past the 30 June deadline previously noted.
8 May 2014investor presentation● Neutral
Macquarie conference presentation largely repeats known points: Spitfire drilling success, the Growler water flood, the Origin tight gas partnership and Hornet testing, with 2P oil additions of 4-6 mmbbl for FY14. No materially new information.
7 May 2014drilling result▲ GoodMajor
Four Spitfire wells (PEL 104, Senex 60%) are cased as Birkhead producers with up to 13.8 m net pay. Spitfire-4 produces about 700 bopd and Spitfire-6 flowed 1,600 bopd on test. Results support the new seismic technique and further westward drilling.
7 May 2014drilling progress report● Neutral
Beach Energy's April report mostly covers its own wells. For Senex it repeats Spitfire-3 (6.1 m pay) and Spitfire-6 cased as producers, Mustang-3 abandoned in water-bearing sand, and Mustang-2 drilling. Nothing new.
7 May 2014drilling progress report● Neutral
April report: 28 of 30 planned FY14 wells drilled, 25 cased. Spitfire-3 (6.1 m pay) and Spitfire-6 (8.9 m) cased as Birkhead producers. Mustang-3 was plugged and abandoned, below the oil-water contact; Mustang-2 is drilling and Tornado-1 is planned next.
29 Apr 2014well test result▼ BadMajor
Planet Gas, quoting operator Senex, reported that Sprigg-1 in PEL 514 had no net pay calculated, only a gas show in the Paning Member. The well was suspended pending evaluation of the test results.
