Each one in plain English, with the numbers worked through for a shareholder.
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 2014quarterly activities report● Neutral
March quarter oil sales were $37.3m (up 15.8% on a year earlier), with production 0.30 mmbbl, down from 0.35. FY14 output is now expected at the lower end of the 1.4-1.6 mmbbl guidance, due to Growler pressure decline. Cash is $91m, no debt.
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.
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.
