19 Aug 2013other● Neutral
Administrative notice: Senex will release full-year 2013 results on 28 August 2013, with a webcast briefing at 10am AEST. No substance beyond the schedule.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Aug 2013drilling spud● Neutral
Orca notes Senex began drilling Burruna-2 on 6 August in the Fury JV (Senex 80%, Orca 20%), targeting 1,870 m in the Murta Formation. Orca is free carried. The Orca shareholder meeting on the PEL 115 sale was due 7 August.
7 Aug 2013drilling progress report▼ BadMajor
Worrior-9, drilled alone by Senex, found a poorly developed reservoir and was plugged and abandoned, the campaign's first dry hole. Worrior-8 is cased and suspended as a future producer. Burruna-2 began drilling 6 August, and Acrasia-7 is next.
24 July 2013quarterly activities report▲ Good
June quarter: production 0.29 mmbbl and revenue $33.1m, with FY13 production of 1.24 mmbbl and revenue of $137.3m, up 95%. Cash is $127m with no debt. The Cuisinier sale for $20m is being finalised and 2P oil reserves stand at 10.8 mmbbl.
19 July 2013farm in farm out completion▲ GoodMajor
Planet Gas confirms all approvals are met and the PEL 514 deal with Senex has completed. Senex now holds 80% and Planet Gas 20%, for $5m cash plus a $9m free carry. This resolves the pending PEL 514 transfer; Cordillo 3D and two wells are still due by November 2013.
17 July 2013investor presentation● Neutral
RBS Morgans breakfast deck restates known results and the 1.4–1.6 million barrel FY14 oil guidance. It shows FY13 production of 1.24 million barrels, 2P reserves of 10.8 million barrels and 2C gas resources of 1.9 Tcf, with a focus on commercialising Hornet.
17 July 2013other▲ GoodMajor
FY14 guidance: net oil production of 1.4–1.6 million barrels, up from 1.24 million, and 2P oil reserves growth of 4–6 million barrels. Capex is expected at $120–140m, mostly oil. Hornet appraisal is prioritised with an early partner sought, and CSG monetisation is pursued alongside an 11-well Surat program.
16 July 2013drilling result▲ GoodMajor
Worrior-8, the first well of the 30-well oil campaign, reached 1,778 m with up to 18 m of net oil pay interpreted from logs, to be confirmed by testing. Senex will next drill Worrior-9 alone, targeting up to 12 million barrels of oil in place.
16 July 2013drilling result● Neutral
Cooper Energy says Worrior-8 will be cased and suspended for further testing, with 36 m of Murta core to be analysed. Cooper (30%) will not join Worrior-9, which Senex will drill alone at its own risk.
11 July 2013drilling result● Neutral
Partner Cooper Energy reports Worrior-8 reached 1,778 m with hydrocarbon shows in several zones; logging continues. Separately, its own Hooper-1 in PEL 92 (Beach operated, no Senex interest) was dry. Nothing changes for Senex beyond the Worrior-8 depth.
3 July 2013drilling progress report● Neutral
Orca re-releases Senex's news that Fury-1 was recompleted and reached initial flows of up to 75 bopd, not yet stabilised. Orca keeps 20% of the Fury and Burruna blocks, estimated at about 5 million barrels of oil in place. No new information.
3 July 2013drilling progress report▲ Good
June drilling report: Worrior-8 hit an oil-bearing Murta reservoir with 36 m of core, still drilling at 1,651 m. Fury-1, drilled 2009 and never produced, was recompleted and reached 75 bopd in an initial test, not yet stabilised. Vintage Crop-2 completed as a future producer.
27 June 2013resource reserve update▲ GoodMajor
Independently assessed oil reserves rise to 5.1 mmbbl (1P), 10.8 mmbbl (2P) and 21.4 mmbbl (3P) at 30 June 2013, up from 2P 8.1 mmbbl. This includes first bookings at Mustang and Spitfire, a 319% 2P replacement ratio.
26 June 2013resource reserve update▲ GoodMajor
Senex lifts its Cooper Basin gas contingent resources to 1.9 Tcf (2C) and 5.5 Tcf (3C), independently estimated. Hornet moves from prospective to contingent, and Sasanof and Paning get first bookings. Senex plans to seek a Hornet partner early.
25 June 2013regulatory community update● Neutral
Orca notes Senex's Dundinna 3D survey has started, with about 176.7 sq km acquired across PEL 110 (Orca 20%). Orca is free carried through the program under its 13 June sale agreement with Senex.
25 June 2013regulatory community update● Neutral
Senex began the 1,037 sq km Dundinna 3D seismic survey over six operated permits to find oil and gas targets. Completion is expected early in the December quarter 2013, with targets defined by the September quarter 2014.
24 June 2013drilling spud● Neutral
Worrior-8 spudded on 22 June in PPL 207 (Senex 70%, Cooper Energy 30%), targeting 1,780 m. It is the first of the oil campaign and one of two Worrior wells in the September quarter; about 18 days expected.
21 June 2013drilling scheduled▲ GoodMajor
Senex starts a self-funded campaign of more than 30 oil wells over 12 months in the Cooper Basin, beginning with Worrior-8. It follows a review that identified over 50 oil prospects; the program needs board and joint venture approval.
19 June 2013production update▲ GoodMajor
Senex met its revised 1.2 million barrel net oil guidance for 2012/13, more than doubling output for the second year running. Cash is $140m with no debt, and a large drilling campaign starts within a week.
13 June 2013investor presentation● Neutral
UBS conference deck restates Hornet-1, Kingston Rule-1 and Paning-2 results and the up to 2.9 Tcf Hornet estimate. It shows 64 permits, 37 joint ventures and 71,933 sq km net acreage. No new announcements.
13 June 2013asset acquisition disposition▲ GoodMajor
Orca sells its 20% of PEL 115 to Senex for benefits worth about $7m, including cancelling Senex's 19.99% Orca stake and free carries. Orca keeps 20% of the Fury and Burruna blocks. Subject to approvals and an Orca shareholder vote.
13 June 2013drilling scheduled● Neutral
Orca says Senex, as operator, will complete Fury-1 and run a 10-day initial production test within weeks. The well was drilled in 2009; Fury and Burruna blocks are estimated at about 5 million barrels of oil in place combined.
5 June 2013drilling progress report▲ GoodMajor
Paning-2 flowed gas from Toolachee Coal at up to 90,000 scfd over four days, with 2.1 Tcf gas in place estimated. Senex also agreed to sell its 15% Cuisinier interest for $20m, and Hornet-2 appraisal and a restart of oil drilling are planned.
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.
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.