Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Jan 2014quarterly activities report▲ Good
December quarter oil production hit a record 0.35 mmbbl, with revenue a record $44.5m. Cash is $102.5m with no debt; 15 wells drilled, 13 cased, and FY14 guidance of 1.4–1.6 mmbbl is maintained. Describes the AWE approach as withdrawn after a media leak.
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.
4 Dec 2013drilling progress report▲ Good
November report: 12 oil wells drilled since 1 July, 10 cased for future production. Burruna-3 found new Birkhead oil, Acrasia-6 has good shows, Vintage Crop-3 is still drilling, and the western flank program, including Growler-12 and -13, is next. Mostly repeats known results.
29 Nov 2013resource reserve update▲ GoodMajor
Senex books its first Murta Formation contingent oil resource: 4.9 mmbbl 2C (1.6 1C, 10.4 3C) net, with up to 82.6 mmbbl oil in place, independently assessed by DeGolyer and MacNaughton. A pilot horizontal well is planned, with initial results expected this financial year.
22 Nov 2013well test result▲ GoodMajor
Worrior-8 (PPL 207, Senex 70%) flowed gas at 0.7 MMscf/d and stabilised oil at 670 bopd from the Patchawarra, a new oil accumulation at the field. Reinterpretation suggests it may extend across the field. The well is shut in for pressure build-up testing.
22 Nov 2013well test result▲ Good
Cooper Energy, holding 30% of PPL 207, forwards Senex's Worrior-8 announcement: Patchawarra gas at 0.7 MMscf/d and oil at 670 bopd. A re-release of the Senex news with no new information.
21 Nov 2013asset acquisition disposition● Neutral
AOC settles its PEL 182 dispute by selling its 7.5% interest to Senex and Drillsearch for $3.75m, of which Dome receives $2m and AOC $1.75m. Senex's share of the cost and resulting stake are not stated in this text.
20 Nov 2013agm notice● Neutral
Managing Director's AGM address sets out the strategy around 'delivery' and Senex's position as largest operator by area in the South Australian Cooper Basin (just under 11,000 sq km). Restates the 15-year tenure agreement; the visible text contains no new results.
20 Nov 2013agm notice● Neutral
Chairman's AGM address recaps FY13: oil output 1.25 mmbbl, sales $137m, profit $61m, cash over $100m, no debt. Cites the 15-year tenure deal and two discoveries in the 30-well program. Largely repeats known facts; no new figures beyond the recap.
20 Nov 2013drilling result▲ GoodMajor
Burruna-3 (PEL 115, Senex 80%) reached 1,664 m, confirmed the Namur oil of Burruna-2 and found about 3 m of net pay in a new lower Birkhead accumulation, pending logging. This is a positive appraisal result for the field discovered with Burruna-2.
12 Nov 2013drilling result● Neutral
Tellus's final report: Pirie-1 (PEL 105) was cased and suspended as a potential Birkhead oil producer; the rig was released 9 Nov. It missed its Tirrawarra target after engineering problems and logs show poor sand quality. Senex holds 50% subject to approval, rising to 70% after a further well by 30 June 2014.
6 Nov 2013drilling progress report▲ Good
Orca forwards Senex's update: Burruna-3 appraisal (Orca 20%) spuds later this week, 564 m southeast of Burruna-2, to about 1,666 m. Burruna-2 is flowing at a constrained 1,000 bopd.
6 Nov 2013drilling progress report● Neutral
October report: Dunlop-1 (1,200 bopd) to be completed in November; Sprigg-1 cased with 6.3 m Murta pay; Pirraminta-2 dry; Pirie-1 cased as a potential Birkhead producer after oil shows. Burruna-3 starts this week; Spitfire-4, Vintage Crop-3, Acrasia-6 to follow.
4 Nov 2013drilling result▲ GoodMajor
Sprigg-1 in PEL 514 reached 2,472 m and intersected 6.3 m of interpreted net pay in the Murta Formation, plus shows in the Arrabury and Birkhead. Casing is being run; further cased-hole tests depend on rig availability.
