21 May 2013investor presentation● Neutral
RBC Cooper Basin conference deck restates known facts: Hornet-1 (2.2+ mmscfd) and Kingston Rule-1 (1.4+ mmscfd) gas flows, Paning-2 confirming gas in the north, and 64 permits. No new announcements.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 May 2013resource reserve update▲ GoodMajor
Senex names a new Hornet gas field in PEL 115 and PEL 516: 141 Bcf of 1C contingent resource and 771 Bcf best-estimate prospective resource (up to 2.9 Tcf high). First appraisal well is planned early in the September quarter, with the field under 30 km from the Moomba-Sydney pipeline.
15 May 2013resource reserve update▲ Good
Orca's release of Senex's Hornet gas field estimate: 176 Bcf gross contingent resource in PEL 115 Hornet Block (35 Bcf net to Orca, 20% holder), with prospective resource up to 2.9 Tcf field-wide. Duplicates Senex's 15 May announcement, adding Orca's share.
15 May 2013farm in farm out agreement▲ GoodMajor
Planet Gas transfers 10% of PEL 514 North and 30% of South to Senex, cutting its stake to 20% and lifting Senex to 80%. Senex pays $5m cash and carries Planet Gas for $9m of costs, plus royalty and reserve-based payments.
1 May 2013investor presentation● Neutral
Macquarie conference deck restates known facts: 1,140.8 million shares, A$0.72 price, A$821m market cap, $150m cash with no debt, Sentient 16.5%. It repeats the Hornet-1 and Kingston Rule-1 gas flows. No new announcements.
1 May 2013drilling progress report▲ Good
April drilling report: Paning-2 (PEL 90) fracture stimulation has started, earlier than the 'later in 2013' timing. Hornet-1 is shut in after averaging 2.2 mmscfd, with an extended test planned. Vintage Crop-2 has 6.5 m net oil; Growler-5 back on production; Snatcher-9 on production from September quarter.
30 Apr 2013investor presentation● Neutral
Morgan Stanley forum presentation restates Hornet-1 (2.2+ mmscfd) and Kingston Rule-1 (1.4+ mmscfd) flows and the goal of a material contingent resource. It describes potential for hundreds of Bcf in the Hornet and Kingston Rule tight sands. No new announcements.
15 Apr 2013production update▲ GoodMajor
Senex reached its 1 million barrel net oil target for 2012/13 more than two months early and lifted full-year guidance to 1.2 million barrels. ASX also reclassified it as a Mining Producing Entity, so quarterly reporting moves to listing rule 5.1.
10 Apr 2013investor presentation● Neutral
Conference presentation on Cooper Basin gas restates the Hornet-1 (>2 mmscfd) and Kingston Rule-1 (1.4 mmscfd) results. It says appraisal wells are planned for 2013/14 and a dedicated rig arrives July 2013. Market cap A$856m at 8 April.
4 Apr 2013drilling progress report▲ GoodMajor
March drilling report: Kingston Rule-1 reached up to 1.4 mmscfd with 10-20 barrels of condensate per million cubic feet and is suspended. Vintage Crop-2 found 59 m gross oil and Cuisinier-7 about 6.2 m net pay; Skipton-1 flowback resumes.
3 Apr 2013flow test result▲ Good
Orca's release of the Hornet-1 result: gas flowing at over 2 mmscfd after fracking. Hornet-1 is the second PEL 115 well to flow gas at constrained rates, alongside Kingston Rule-1. Duplicates Senex's announcement the same day.
3 Apr 2013flow test result▲ GoodMajor
Hornet-1 (PEL 115, Senex 80%) flowed gas at over 2 million cubic feet per day after a multi-zone frac of Patchawarra tight sands, 2,484-2,678 m. This is the second frac'd well in the program to flow gas; testing continues through April.
25 Mar 2013drilling progress report● Neutral
Orca reports Senex finished fracking Hornet-1 (PEL 115) over a weekend, stimulating six Patchawarra zones between 2,489 m and 2,678 m. The well now flows for clean-up and testing; Kingston Rule-1 and Hornet-1 testing continues into the June quarter.
11 Mar 2013flow test result▲ GoodMajor
Kingston Rule-1 (PEL 115, Senex 80%) flowed gas at a constrained 1.2 million cubic feet per day after fracture stimulation of five zones. Skipton-1, the first well fracked in the campaign, had begun initial flowback.
11 Mar 2013flow test result▲ Good
Orca's release repeats Kingston Rule-1 (PEL 115, Senex 80%, Orca 20%) flowing gas at a constrained 1.2 mmscfd after fracking four Patchawarra zones and one Epsilon zone, with gas flared and condensate samples taken. Duplicates the Senex result already reported on 11 March.
8 Mar 2013director officer appointment● Neutral
David Pegg, a senior lawyer who joined Senex on 1 February 2013, is appointed additional group secretary to cover four weeks of leave by secretary Frank Connolly. Temporary administrative cover.
6 Mar 2013drilling progress report● Neutral
February drilling report: Skipton-1 and Kingston Rule-1 are fracked and flowing back, with results due in weeks. Cuisinier gets a five-well oil campaign (Senex 15%), and Vintage Crop-2 is next. Paning-2 frac is now 'later in 2013'.
6 Mar 2013drilling progress report● Neutral
Orca relays Senex's February drilling report: Kingston Rule-1 (Orca 20%) has been fracked in five zones and flow-back has started, with initial results expected in coming weeks. Duplicates Senex's release.
4 Mar 2013investor presentation● Neutral
March global roadshow deck restates known facts: 1,140.8 million shares, A$742m market capitalisation, $150m cash with no debt, Sentient holding 16.5%, and the half-year results. No new announcements.
27 Feb 2013drilling progress report● Neutral
Orca reports Senex has begun fracture stimulation at Kingston Rule-1 (Senex 80%, Orca 20%), with three of six zones done. Hornet-1 is perforated and will be fracked next month, after Talaq-1.
25 Feb 2013half year report▲ GoodMajor
Senex reported a record half-year net profit of $23.4m on revenue of $77.3m (up 208%), with oil output of 660,136 bbl. Cash was $150m with no debt. Management says it will exceed its 1 million bbl full-year oil target.
25 Feb 2013resource reserve update▲ GoodMajor
Senex raised its net Surat Basin coal seam gas 2P reserves 13.4% to 156.6 PJ and 3P to 357.7 PJ. With contingent resources, the total is 598.2 PJ, up 15.1%. Independently estimated by MHA; 11 wells are planned over 12 months.
25 Feb 2013half year report▲ GoodMajor
Half-year accounts to 31 December 2012 show revenue of $77.3m, net profit of $23.4m (versus $2.0m a year earlier) and cash of $149.6m. Oil output was 660,136 bbl. Ten oil wells were drilled, eight successful.
25 Feb 2013investor presentation● Neutral
Half-year results presentation repeats known figures: record 660,136 bbl output, $23.4m profit, $150m cash, 156.6 PJ CSG 2P reserves, and the frac program under way. No new information.
21 Feb 2013drilling result▲ GoodMajor
Paning-2 in PEL 90 (100%) was cased at 3,144 m after intersecting 117 m of net gas pay: 47 m in tight sands and 70 m in deep coals. Senex estimates 2.1 Tcf potential gas in place in the coals; frac testing follows.
13 Feb 2013other● Neutral
Senex announces it will release first-half results on 25 February 2013, with a webcast briefing. Notice only, no substance.
7 Feb 2013drilling progress report▲ GoodMajor
Senex began a five-well fracture stimulation program, starting with Skipton-1, then Kingston Rule-1, Talaq-1, Hornet-1 and Paning-2, over about two months. Senex expects it to support certification of material contingent gas resources; flow testing runs into the June quarter 2013.
7 Feb 2013drilling progress report● Neutral
Orca relays Senex's 7 February release that fracture stimulation has begun at Skipton-1, the first of five wells including Kingston Rule-1 and Hornet-1 in PEL 115 (Orca 20%). Duplicates Senex's same-day announcement; nothing new.
6 Feb 2013drilling progress report● Neutral
Senex moves to monthly drilling reports. Paning-2 reached 3,144 m on 2 February and will be cased for fracture stimulation. The five-well stimulation program is starting at Skipton-1, due to finish early April. Snatcher-6 and -7 are producing; Mustang-1 continues testing at over 800 bopd.
17 Jan 2013asset acquisition disposition▲ GoodMajor
Senex has sold 100% of Port Bonython Fuels to Mitsubishi, rather than 90% with an option over the last 10% as announced in March 2012. Price is not stated here. The project came with the 2011 Stuart Petroleum purchase; Senex plans up to $130m on twelve unconventional gas wells.