Each one in plain English, with the numbers worked through for a shareholder.
7 Apr 2014drilling progress report● Neutral
Planet Gas says cased-hole testing of four zones in Sprigg-1 (PEL 514, Senex 80% operator, Planet 20% free-carried) starts around 9 April, followed by swabbing. Sprigg-1 found 6.3 m of Murta pay in October 2013.
2 Apr 2014drilling progress report▲ Good
March report: 25 wells drilled in FY14, 23 cased and suspended. Worrior-10 found 4.5 m Patchawarra pay, Vintage Crop-5 was cased as a Murta producer, and Spitfire-5 was cased with 7.3 m porous sandstone. Spitfire-3 is drilling.
2 Apr 2014drilling progress report● Neutral
Beach Energy's March report mostly covers its own wells. For Senex, it notes Spitfire-5 was cased as a future oil producer on strong shows, and Spitfire-3 is drilling ahead after coring the Mid-Birkhead. Little new for Senex.
25 Mar 2014joint venture update● Neutral
Strike Energy announces fracture stimulation of Patchawarra coals in its PEL 96 wells and in Davenport-1 in PEL 94, where Senex holds 15%, starting in May with first flow results expected July 2014. Mostly concerns Strike's own Orica gas contract.
19 Mar 2014drilling result▲ Good
Cooper Energy reports Worrior-10 (PPL 207, Senex 70%) cased as a Patchawarra oil producer after 4.5 m net oil pay; a short test flowed at an equivalent 177 bbl/day. Confirms the Worrior-8 Patchawarra oil pool extends north-west, though more drilling is needed.
13 Mar 2014investor presentation● Neutral
March roadshow presentation repeats known facts: 2P reserve additions of 4–6 mmbbl for FY14, $29/bbl operating cost, $102.5m cash and no debt. It cites about 1,145m shares and a market value near $900m at roughly $0.79 a share.
12 Mar 2014investor presentation● Neutral
Senex's exploration manager presents at an industry conference, restating known points: H1 underlying profit $31.8m, about $100m cash, no debt, the Origin gas farm-out and the Hornet gas sales agreement. Nothing materially new.
5 Mar 2014drilling progress report▼ Bad
Beach Energy's February drilling report mostly covers its own wells. For Senex, it notes Snatcher-11 found 4.5 m of oil shows in poor quality sandstone with depleted pressure, and Beach chose not to participate. Little new for Senex.
5 Mar 2014drilling progress report● Neutral
February report: 22 wells drilled in FY14, 20 cased and suspended. Mirage-6 found 11.6 m of net Murta oil pay; Vintage Crop-4 found about 2.5 m in McKinlay. Snatcher-11 was cased at Senex's sole risk as net pay could not be confirmed.
3 Mar 2014material agreement▲ GoodMajor
Senex signs a two-year gas sales agreement with the Santos-operated Cooper Basin JV for raw gas from Hornet (PEL 115, Senex 100%), up to 10 mmscfd from the September quarter 2014. Supply is discretionary, so Senex can earn revenue during appraisal testing.
3 Mar 2014material agreement● Neutral
Re-lodgement of the Hornet gas sales agreement announcement with the Santos-operated Cooper Basin JV; the text is the same, with only the map figure differing. No new information.
3 Mar 2014well test result▲ Good
Orca reports Burruna-3 in PEL 115 (Senex 80%, Orca 20%) completed as a Birkhead oil producer after a brief clean-up flow brought oil to surface. This confirms the November 2013 discovery; flow rate testing is planned over coming weeks.
28 Feb 2014drilling spud● Neutral
Partner Cooper Energy reports Worrior-10 spudded on 27 February in PPL 207 (Senex 70% operator, Cooper 30%) to test how far the Patchawarra oil pool found by Worrior-8 (670 bopd) extends. Expected to take 14 days.
24 Feb 2014investor presentation▲ Good
Half-year results presentation repeats known points: on track for FY14 production of 1.4–1.6 mmbbl, operating costs down to $29 per barrel from $31, and 2P reserve adds of 4–6 mmbbl. Highlights Origin as gas partner; nothing materially new.
24 Feb 2014farm in farm out agreement▲ Good
Planet Gas, holding 20% of PEL 514, announces the Origin farm-out of the Deeps: Origin earns 30%, rising to 40% after Stage 2, and Senex falls to 40%. Planet Gas keeps 20%. Restates the Senex deal from the partner's side.
24 Feb 2014half year report▲ Good
Half-year report: profit before tax $31.4m, up 30%; production 0.65 mmbbl, down 1.5%. Cash and listed shares $102.5m, no debt. 15 wells drilled, 13 cased. Mostly confirms results already announced.
24 Feb 2014farm in farm out agreement▲ GoodMajor
Origin farmed into Senex's Cooper Basin tight gas acreage under two agreements, Area A (PEL 516/115) and Area B (PEL 514 Deeps), with up to $252m of work. Senex is free-carried for its share of the first $185m two-stage program, and completion is expected by 30 June 2014.
24 Feb 2014farm in farm out agreement▲ Good
Origin's own release on the Cooper Basin gas farm-ins with Senex: Origin invests $97m in Stage 1 for 40% of Area A and 30% of Area B, then optionally $72m more for 10% each. Completion expected around 30 June 2014; repeats the deal already reported.
24 Feb 2014half year report▲ Good
Senex reports record half-year underlying profit of $31.8m, up 37%, with statutory profit after tax up 9% to $25.6m on revenue of $88.3m. Cash is $102.5m with no debt. Largely repeats results already released earlier the same day.
24 Feb 2014half year report▲ Good
Appendix 4D for the half to 31 December 2013: revenue up 14% to $88.3m, profit after tax up 9% to $25.6m on higher Australian dollar oil prices. No dividend; net tangible assets $0.41 per share.
18 Feb 2014other● Neutral
Notice that Senex will release half-year results on 24 February 2014, with a 1:30pm Brisbane briefing. Administrative only, no results or new information.
5 Feb 2014drilling progress report● Neutral
Beach Energy's January drilling report covers its own Cooper Basin wells. For Senex, it notes Spitfire-4 was cased as a producer and that Beach saw no reservoir in Growler-12 and chose not to participate. Little new for Senex shareholders.
5 Feb 2014drilling progress report▲ Good
January report: 19 oil wells drilled in FY14, 17 cased and suspended. Acrasia-8 found 29.8 m net pay, Spitfire-4 13.8 m, Mirage-5 12.1 m in Murta. Growler-12 could not confirm net pay but was cased at Senex's sole risk.
8 Jan 2014drilling progress report● Neutral
Beach Energy's December drilling report covers its own Cooper Basin activity. For Senex, it notes Growler-13 (PPL 242, Senex 60%, Beach 40%) hit oil-saturated Birkhead and was cased and suspended. No new Senex information.
8 Jan 2014drilling progress report▲ Good
December report: 15 oil wells drilled since 1 July, 13 cased for future production. Growler-13 found about 10 m of oil-saturated pay; Vintage Crop-3 about 7 m net pay (3.8 m Murta, 3 m Birkhead). Acrasia-6 results restated; Acrasia-8 drilling.
16 Dec 2013business combination▼ BadMajor
AWE reveals it rejected a non-binding, conditional Senex scrip takeover proposal of 1.9 Senex shares per AWE share (implied $1.44, merged group 53% Senex/47% AWE), and Senex has withdrawn. Senex had also been buying AWE shares in the market.
16 Dec 2013business combination● NeutralMajor
Senex confirms it made a non-binding, indicative merger proposal to AWE on 11 December, and withdrew it on 15 December after AWE said it would not engage. This closes the AWE approach; the proposal was subject to due diligence.
10 Dec 2013investor presentation● Neutral
Presentation by Ian Davies and James Crowley expands on the 450+ leads and prospects across the western flank, northern and southern regions. Shows 4,300 sq km of 3D seismic coverage and 2014 targets from Cordillo, Lignum and Dundinna surveys. Largely repeats the same-day announcement.
10 Dec 2013investor presentation▲ Good
Senex says it has identified more than 450 leads and prospects across its Cooper-Eromanga permits, about 80% conventional oil and about 80% structural traps. Two new drilling rigs are planned for 2014. This is a prospect inventory, not drilled results.
9 Dec 2013drilling result▲ GoodMajor
Acrasia-6 (PPL 203, Senex 100%) reached 2,369 m with about 31 m of net oil pay and 15 m possible, plus a new upper Tinchoo oil accumulation. Acrasia-8 is planned next and facility upgrades are planned. Arrabury pay is not yet known pending core analysis.
