Each one in plain English, with the numbers worked through for a shareholder.
24 Sept 2012investor presentation▲ Good
FY12 results presentation: revenue $70.4m, EBITDA $19.7m, NPAT $8.9m, record oil of 601,647 bbl, cash $124m at 30 June. Repeats the results released the same day; the FY13 outlook and further detail were truncated in the text shown.
24 Sept 2012annual report▲ Good
Senex's 2012 annual report restates FY12 results: record oil output above 600,000 bbl, 2P oil reserves of 8.1 mmbbl, 138 PJ net 2P CSG reserves, and ASX 200 entry in April 2012. Market capitalisation was $733m at 30 June. Largely repeats known facts.
24 Sept 2012annual report▲ GoodMajor
Senex reported FY12 net profit after tax of $8.9m on revenue of $70.4m, with oil output up 248% to 601,647 bbl. It targets 1 million bbl in FY13, 17 Surat CSG wells and 12 unconventional gas wells, with cash over $165m and no debt.
20 Sept 2012resource reserve update● Neutral
Strike Energy, Senex's PEL 94 partner (Strike 35%), raised its southern Cooper Basin prospective gas resource 136% to 14.3 Tcf net to Strike, citing Davenport-1 results. Senex holds 15% of PEL 94. Not a Senex resource booking.
12 Sept 2012drilling progress report▲ Good
Snatcher-7 was cased and suspended as a producer with 7.5 m net oil pay. Production licences PPL 240 (Snatcher) and PPL 241 (Vintage Crop-1, PEL 516) were granted. Skipton-1 coring has begun with high gas readings in mud logs; Mustang-1 production testing is due soon.
5 Sept 2012drilling progress report● Neutral
Beach's August report repeats Senex-operated results: Snatcher-6 (expected about 450 bopd gross) and the dry Tomcat-1. It adds that three more Snatcher wells could add about 1,150 bopd gross. Other items are Beach's own wells, such as Bauer-8.
4 Sept 2012investor presentation● Neutral
Ian Davies presented at the RIU Good Oil Conference, repeating known points: over 600,000 bbl FY12 oil, 1 million bbl FY13 target, over 100 Tcf gas in place in PEL 516, and over $180m cash with no new results visible in the text shown.
29 Aug 2012drilling result▼ BadMajor
Senex starts fortnightly drilling reports. Tomcat-1 found a developed Birkhead channel but no hydrocarbons and was plugged and abandoned, a dry hole following the Mustang-1 discovery. Snatcher-7 is drilling, Skipton-1 is setting casing, and Sasanof-1 is shut in for cleanout equipment after exceeding 200,000 cf/d.
20 Aug 2012admin correction● Neutral
Senex lodged an updated copy of its constitution, incorporating amendments passed at the 23 November 2011 AGM. Administrative only; no new substance.
17 Aug 2012other● Neutral
Senex is offering to sell holdings worth under A$500 (724 shares or less) through a no-brokerage sale facility, unless holders opt out by 3 October 2012. Administrative; no change to the business.
15 Aug 2012drilling spud● Neutral
Skipton-1 started drilling in PEL 516 (Senex 100%), the next unconventional gas well, aiming for about 3,000 m with extensive coring in about 60 days. Kingston Rule-1 follows in October, then a large fracture campaign. Senex is still sourcing a dedicated gas rig.
14 Aug 2012drilling result▲ Good
Snatcher-6 was cased and suspended as a producer after a 10.5 m gross oil column (5.2 m net pay) in the Birkhead. It is the first of a continuing appraisal program at the Snatcher field (Senex 60%, Beach 40%). The rig now moves to Tomcat-1.
9 Aug 2012drilling progress report▲ Good
QGC and Senex began an 11-well appraisal program in PL 171 (Senex 20%) and ATP 574P (30%), aiming to materially increase 2P reserves. First wells found 36-41 m of coal, which management says exceeds expectations. Three more wells are due within a month.
7 Aug 2012drilling result▲ Good
Indy-1, a Surat Basin coal seam gas exploration well in ATP 771P (Senex 45%, operator), reached 350.6 m and found 7.3 m of net coal and 5.3 m of net gas-bearing shale, with good permeability on four tests. Indy-2 spudded 6 August. Early, encouraging; no reserves added yet.
6 Aug 2012drilling result▼ BadMajor
Kruger-1 in PEL 516 reached 1,675 m with oil shows over 7 m in the basal Birkhead/Hutton, but a drill stem test recovered no hydrocarbons and the well was to be plugged and abandoned. Ambassador funded the well to earn 60% of Mudlalee; Senex operates with 40%.
1 Aug 2012drilling progress report● Neutral
Beach's July drilling report repeats the Mustang-1 oil discovery (about 2,500 bopd on test, cased and suspended; Senex operator, Beach 40%). Other items concern Beach's own wells. An amended re-release of the earlier report; no new Senex information.
1 Aug 2012drilling progress report● Neutral
Beach's July drilling report repeats the Mustang-1 discovery (2,484 barrels a day, cased and suspended; Senex 60%, Beach 40%). Other items concern Beach's own wells, including Bauer-5 in PEL 91. No new Senex information.
30 July 2012drilling progress report● Neutral
Ambassador reports Kruger-1 drilling at 1,189 m after setting surface casing at 658 m. The basal Birkhead/Hutton target is expected later this week. No results yet; Ambassador funds the well and Senex operates with 40%.
24 July 2012joint venture update● Neutral
Orca, Senex's partner in PEL 115, confirms Kingston Rule-1 is its free-carried well, due in October subject to joint venture approval. It also says Senex now operates PEL 110 with a 250 sq km 3D seismic survey starting in the September quarter. Largely repeats Senex's news.
24 July 2012director officer appointment● NeutralMajor
CFO Julie Whitcombe moves to a new General Manager, Planning and Reporting role. Andrew Price, from Anglo American, joins as Chief Financial Officer in September 2012, as part of an expanded senior management team.
24 July 2012drilling spud● NeutralMajor
Ambassador reports Kruger-1 spudded on 23 July and was drilling at 174 m toward a planned 1,675 m. Ambassador funds the well to earn 60% of the Mudlalee block; Senex operates and keeps 40%. This follows the dry Shocking-1.
24 July 2012drilling scheduled▲ GoodMajor
Senex contracted Weatherford Rig 826 for the next two wells of its 12-well unconventional gas program: Skipton-1 (PEL 516, spud second week of August) and Kingston Rule-1 (PEL 115, October, subject to joint venture approval). A three-well fracture campaign including Talaq-1 follows.
19 July 2012capital raising announcement● Neutral
Senex issued 104,111,540 shares for the retail entitlement offer, completing the $155m raising. Issued capital is now 1,136,205,731 shares. The Sentient entities' holdings listed total about 9.08%, 4.37% and 2.78% in separate lines.
19 July 2012investor presentation● Neutral
Ian Davies presented at the RBS Morgans conference. The visible text repeats known points: the $155m raising at $0.74, a roughly 600,000 barrel FY12 and 1 million barrel FY13 oil target, and over 100 Tcf gas in place in PEL 516. No new results visible.
18 July 2012drilling scheduled● Neutral
Ambassador says it will start Kruger-1 in PEL 516 this weekend, with the Century 3 rig being moved in. The well has a mean 380,000 barrel oil potential, with upside over 800,000. Ambassador funds it to earn 60%; Senex keeps 40% and operates.
18 July 2012well test result▲ GoodMajor
Sasanof-1, Senex's first unconventional gas well in PEL 516, flared liquids-rich gas at a peak of 178,000 cubic feet a day during clean-up after fracturing in May. Testing continues. This is the first measured gas rate after earlier reports of gas to surface.
17 July 2012drilling result▲ Good
Beach, Senex's 40% partner in PEL 111, repeats the Mustang-1 discovery: a 4.5 m oil column flowing at 2,484 barrels a day. It adds that the rig will move to Tomcat-1, about 2 km northeast, subject to joint venture agreement. No new result.
17 July 2012drilling result▲ GoodMajor
Mustang-1 (Senex 60% operator, Beach 40%) discovered a new western flank oil field. A 4.5 m gross column (4.0 m net) in the mid-Birkhead flowed at a rate equivalent to 2,484 barrels a day. It will be cased as a future producer. The release is dated 17 June but the events are July 2012.
16 July 2012capital raising announcement● NeutralMajor
The retail part of the $155m raising closed with applications for about 35.9m shares (about $26.6m), 34.7% of the 103.5m offered. The shortfall of about 68.2m shares (about $50.5m) goes to sub-underwriters. Sentient took its full entitlement; settlement 18 July.
13 July 2012drilling result▲ Good
Cuisinier North-1 (Santos operator, Senex 15%) found a 5.0 m gross oil column in the Murta Formation, with 2.0 m interpreted net pay, and will be cased as a future producer. It is the fourth and last well of the Barta Block campaign, after Cuisinier-4, -5 and -6.
