Each one in plain English, with the numbers worked through for a shareholder.
19 Aug 2021investor presentation▲ GoodMajor
FY21 results: gas production 17.3 PJ, underlying EBITDA $54.5m, net cash $26m. Final dividend 5c takes FY21 total to 13c. FY22 guidance: production 21-23 PJ, EBITDA $75-85m, capex $70-80m, with ~85% of FY22 sales hedged at fixed prices.
19 Aug 2021annual report▲ Good
FY21 financial report: profit after tax of $65.7m including a tax benefit; underlying profit from continuing operations $5.4m on revenue of $109.6m. Final dividend of 5 cents (unfranked) is payable 24 September, with a 4% DRP discount.
17 Aug 2021material agreement▲ GoodMajor
Senex takes final investment decision on a ~$40m expansion of Atlas by 50% to 18 PJ/year, funded from cash, with Jemena building the plant expansion; commissioning expected Q1 FY23. Resolves the Atlas expansion thread; portfolio capacity rises to 27 PJ/year.
12 Aug 2021other● Neutral
Administrative notice that FY21 results will be released on 19 August 2021, with a conference call that morning.
9 Aug 2021resource reserve update▲ GoodMajor
Independently assessed Surat 1P reserves rose 24% to 261 PJ and 2P rose 4% to 767 PJ (3P 1,016 PJ), helped by the ATP 2059 award at Atlas. Updates the earlier 780 PJ 2P figure, which is now slightly lower after FY21 production.
3 Aug 2021security holder rights change● Neutral
Senex introduces a dividend reinvestment plan, letting shareholders take dividends as new shares without brokerage cost, starting with the FY21 final dividend. Pricing and timetable to be announced with that dividend.
22 July 2021contract award▲ GoodMajor
Senex signs a seven-year gas deal with cement maker Adbri for up to 11 PJ from January 2023 to 2030, at a fixed price in line with current market levels. Its longest customer contract so far in the story; almost 60 PJ signed since 2019.
13 July 2021other● Neutral
Administrative notice that the June 2021 quarterly report will be released on 20 July 2021, with a CEO and CFO conference call that morning.
25 May 2021director officer appointment● NeutralMajor
Simon Ellinor, currently CFO of Sunwater and previously at Rio Tinto, is appointed CFO, expected to start August 2021. Resolves the CFO search; Mark McCabe moves to Chief Commercial Officer as previously announced.
12 Apr 2021other● Neutral
Notice that the March 2021 quarterly report will be released on 20 April 2021, with a CEO and CFO conference call that morning. Administrative only.
26 Mar 2021director officer appointment● Neutral
Margaret Kennedy, former CEO of Viva Energy REIT, joins the board as an independent non-executive director from 1 April 2021, filling a casual vacancy. She must stand for re-election at the next AGM. Fills the seat left by Debbie Goodin's November 2020 retirement (inference).
25 Mar 2021security holder rights change● Neutral
Confirms actual post-consolidation numbers: 183,502,929 ordinary shares and 7,029,902 performance rights. Administrative update completing the share consolidation.
19 Mar 2021other● Neutral
A further 427,401 performance rights lapsed, leaving 44,102,090 performance rights and 12,136,616 share appreciation rights (pre-consolidation). Administrative employee incentive notice.
18 Mar 2021security holder rights change● Neutral
Formal update confirming shareholder approval of the 8-for-1 consolidation on 18 March 2021. Pre-consolidation trading ends 19 March; normal trading in the new shares begins 31 March. Estimated post-consolidation shares about 183m.
9 Mar 2021contract award▲ Good
Senex signs a one-year gas sales agreement with CleanCo for 2.55 PJ from 1 January 2022 at a fixed price, lifting total CleanCo volumes to over 5.1 PJ across 2020-22. Another domestic customer contract.
1 Mar 2021asset acquisition disposition▲ GoodMajor
Senex completes the $87.5m sale of its Cooper Basin business to Beach, ending 20 years in the basin. Pro forma net cash is $33m, and the completion triggers the 0.5 cent special dividend. Resolves the main open Cooper thread.
22 Feb 2021dividend declaration▲ GoodMajor
Senex starts dividends earlier than promised (FY22): 0.5 cent interim plus a 0.5 cent special after the Cooper sale, paid 7 April 2021. Half-year gas output 8.0 PJ, up 271%; pro forma net cash $33m. FY21 EBITDA guidance now $30-40m; capex raised to $35-45m.
22 Feb 2021half year report▲ Good
Half-year revenue rose 239% to $44.8m, with a statutory profit of just $0.1m and continuing-operations profit of $1.7m. Board determined a 0.5 cent interim dividend plus a 0.5 cent special dividend conditional on the Cooper sale completing. Full-report detail of results announced separately.
16 Feb 2021production update▲ GoodMajor
Atlas reaches its 32 TJ/day (~12 PJ/year) firm nameplate capacity ahead of schedule, with 8 TJ/day of non-firm capacity also available. Completes the production milestones of the $400m Surat development; Atlas expansion could take it to 56 TJ/day.
15 Feb 2021security holder rights change● Neutral
Senex proposes consolidating shares 8-for-1, cutting ordinary shares from about 1,464m to about 183m, subject to a shareholder vote on 18 March 2021. Share price should rise roughly eightfold with no change in underlying value.
15 Feb 2021other● Neutral
Notice that half-year results will be released on 22 February 2021, with a CEO and CFO webcast that morning. Administrative only.
15 Feb 2021other● Neutral
3,335,340 unquoted performance rights lapsed, leaving 48,351,712 performance rights and 12,136,616 share appreciation rights on issue. Administrative employee incentive notice.
11 Feb 2021investor presentation● Neutral
Conference presentation restates FY21 guidance for the Cooper sale: underlying EBITDA $50-60m, production 2.8-3.2 mmboe, capex $30-40m, free cashflow $10-20m. Repeats the Foundation Asset Base targets and FY25 goal of >10 mmboe; no new results.
15 Jan 2021other● Neutral
Notice that the December 2020 quarterly report will be released on 22 January 2021, with a CEO and CFO conference call that morning. Administrative only.
21 Dec 2020director officer appointment● Neutral
CFO Mark McCabe is promoted to Chief Commercial Officer once a replacement CFO starts; a search has begun. Darren Stevenson becomes Executive GM Surat Basin. COO Peter Mills stays to end of financial year, overseeing Cooper transfer to Beach.
19 Nov 2020other● Neutral
Chairman and Managing Director addresses for the 19 November 2020 virtual AGM. Chairman says Senex will keep a strong balance sheet, pay a dividend and accelerate growth. Largely repeats known plans.
5 Nov 2020investor presentation▲ GoodMajor
After the Cooper sale, Senex targets $85-95m annual EBITDA, $40-60m free cashflow, dividends from FY22 (20-30% of free cashflow) and >10 mmboe production by end FY25. Pro forma net cash ~$30m. A strategy reset to a gas-focused business.
3 Nov 2020asset acquisition disposition● NeutralMajor
Senex agrees to sell its South Australian Cooper Basin assets to Beach Energy for $87.5m cash, exiting the basin after 20+ years. Pro forma net cash about $30m. Effective 1 July 2020, completion expected early 2021, subject to financier and regulatory approvals.
3 Nov 2020asset acquisition disposition● Neutral
Beach's side of the Cooper Basin deal: $87.5m cash for Senex's assets, with 6.8 MMboe of 2P reserves and ~0.6 MMboe forecast FY21 production. Settlement expected March 2021 quarter, with price adjusted for cash flows from 1 July 2020. Repeats the Senex announcement from the buyer's view.
26 Oct 2020material agreement▲ Good
Senex signs a two-year gas sales agreement with Alinta Energy for 4 PJ from 1 January 2021, delivered at Wallumbilla at a fixed price in line with current term contract market levels. Adds another domestic customer.
