Each one in plain English, with the numbers worked through for a shareholder.
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.
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 2014agm notice● Neutral
Chairman Denis Patten's AGM address says the share price fall reflects the global oil price drop, not company performance, and the four-year strategy stands. Notes FY14 record oil production (+10%) and revenue (+24%), company has cash and no debt, and the Surat swap should triple 2P reserves.
19 Nov 2014agm notice● Neutral
Managing Director Ian Davies' AGM address restates the Growth Acceleration Strategy and FY14 results (EBITDAX $97.9m, 2P reserves +7%, production +10%), and the 100%-owned Western Surat project. Largely repeats known facts; no new figures in the readable text.
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.
22 Oct 2014quarterly activities report● Neutral
September quarter oil production was 0.38 mmbbl (up 27% on a year earlier, down 12% on record Q4 FY14); revenue fell 14.9% to $42.4m on a lower oil price ($113/bbl). Cash $69.4m, no debt. Martlet-1 flowed 2,596 bopd on a short test; production now expected in December.
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.
