Each one in plain English, with the numbers worked through for a shareholder.
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.
4 Sept 2014agm notice● Neutral
Senex will hold its Annual General Meeting on 19 November 2014 at 9.30am in Brisbane. Administrative notice only.
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.
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.
28 July 2014quarterly activities report▲ Good
Record June quarter: production 0.43 mmbbl (up 43% on March) and revenue $49.8m at A$119/bbl, as new Spitfire, Mustang, Burruna and Acrasia wells came online. FY14 production 1.38 mmbbl, revenue $170.9m. Cash $76.6m, no debt.
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.
