Each one in plain English, with the numbers worked through for a shareholder.
5 Dec 2012drilling progress report▲ Good
Senex will start its 12-well unconventional gas program with Paning-2 in PEL 90 (100%). Kingston Rule-1 is cased and suspended, and Hornet-1 will be re-entered for fracture stimulation. Mustang-1 produced over 2,400 bopd, then was constrained to about 800 bopd on extended test.
3 Dec 2012farm in farm out agreement● Neutral
Ambassador and Senex agreed to terminate the farm-in under which Ambassador would earn 50% of the PEL 113 Zulu Block by shooting 3D seismic and drilling one well. Senex keeps its 100% interest in the block. Ends an open thread from the earlier farm-in.
29 Nov 2012drilling result▲ GoodMajor
Kingston Rule-1 in PEL 115 found 53 m of net gas pay plus 150 m of shale and about 20 m of coal, with liquids-rich indications. Senex raised its PEL 115 stake from 55% to 80%. Frac testing is planned for early 2013.
29 Nov 2012drilling result▲ Good
Orca relays Kingston Rule-1's 53 m of net gas pay, calling it an excellent result; Orca keeps 20%, free-carried. Duplicates Senex's same-day release, which also states Senex's PEL 115 stake rose to 80%. Testing is expected early 2013.
28 Nov 2012drilling result▲ GoodMajor
Spitfire-2 found 6.5 m of net oil pay in the mid-Birkhead, confirming a new oil field at Spitfire in PEL 104 (Senex 60%). It reverses Spitfire-1, abandoned as uncommercial in February 2012. Suspended as a future producer.
21 Nov 2012other▲ Good
Chairman Denis Patten's AGM address calls 2011/12 the best year yet: revenue up 433% to over $70m, NPAT $8.9m, cash now $156m, no debt. Repeats known results; no new announcement.
21 Nov 2012other▲ Good
Ian Davies' AGM address promotes the oil business and unconventional gas potential, citing 22 of 30 oil wells since November 2010 cased as producers (73%). Largely repeats known points; remaining text truncated.
16 Nov 2012agm notice● Neutral
ASX granted Senex a waiver on voting exclusions for AGM Resolution 4, ratifying the earlier 67,567,568-share placement. Nominee holders' votes can count where beneficiaries did not take part in the placement. Administrative.
12 Nov 2012drilling result▲ GoodMajor
Snatcher-9 found 11.2 m of net oil pay and extends the Snatcher field to the north west. It reached 1,908 m and will be suspended as a future producer. Another appraisal success in a field Senex runs at 60%.
7 Nov 2012drilling progress report● Neutral
Snatcher-9 was spudded 2 November to test the field's northern limit; Kingston Rule-1 is at 2,083 m. Mustang-1 extended test is expected late November. A 310 sq km Lignum 3D survey is planned over PEL 104/111. No new results.
7 Nov 2012drilling progress report● Neutral
Beach Energy's October report covers its own wells and repeats Senex-operated Snatcher-8 (14 m net pay) and Snatcher-9 drilling at 1,504 m. Nothing new for Senex.
5 Nov 2012drilling progress report● Neutral
Orca says Kingston Rule-1 is on schedule at 2,083 m, with casing being cemented before coring of the Roseneath, Epsilon, Murteree and Patchawarra sections. Target depth is about 2,900 m. Orca remains free-carried.
5 Nov 2012asset acquisition disposition▲ GoodMajor
Strategic Energy Resources agreed to sell its remaining 5% of PEL 182 to Senex's subsidiary for $5m cash, with a $500,000 deposit. Subject to joint venture pre-emption rights. Would lift Senex above its 49.9% in a permit with approvals and 3D pending.
1 Nov 2012business combination● NeutralMajor
Drillsearch now holds 51.98% of Acer Energy, with acceptances including Senex's. So Senex has apparently sold its 6.42% Acer stake into the bid rather than competing, and Drillsearch becomes its partner in PEL 182 and PEL 100.
24 Oct 2012drilling progress report▲ Good
Kingston Rule-1 began drilling 21 October as Senex's fourth operated unconventional well. Snatcher-8 (14.1 m net pay) was suspended; Snatcher-6 and -7 completed as producers; Snatcher-9 rig mobilising; 224 sq km Cuisinier North 3D survey started.
23 Oct 2012drilling spud● Neutral
Orca reports Senex has spudded Kingston Rule-1 in PEL 115, Orca's first unconventional gas well, targeting about 2,900 m. Orca (20%) is free-carried by Senex, the operator. Confirms the spud Senex had signalled for this week.
23 Oct 2012investor presentation● Neutral
Ian Davies presented at the Citi conference, repeating known points: September quarter output up 48% to 337,337 bbl, revenue up 60%, net cash over $171m, and Mustang-1 and Snatcher successes. The text shown has no new results.
22 Oct 2012other● Neutral
Senex adopted a new Securities Trading Policy on 22 October 2012, replacing the June 2010 version, and lodged it with ASX as required. Administrative; no business impact.
22 Oct 2012quarterly activities report▲ Good
September quarter net oil output rose 48% to 337,337 bbl and revenue rose 60% to over US$39m. Net cash was over $171m. Four Snatcher wells succeeded, and the Growler-Moomba flowlines are due operational within weeks.
18 Oct 2012well test result▲ GoodMajor
Mustang-1 free flowed at 6,700 bopd during clean-up and made about 800 bopd on a choked 10-day test with minimal pressure loss. Senex is planning a longer test targeting 2,000 bopd this quarter, supporting the July discovery.
17 Oct 2012drilling progress report● Neutral
Orca Energy said Weatherford Rig 826 is on site at Kingston Rule-1 in PEL 115 (Orca 20%, Senex operator), with spudding expected within the week. It also repeats Senex's Skipton-1 discovery news. No new results.
16 Oct 2012drilling result▲ GoodMajor
Senex called Skipton-1 in PEL 516 (100%) a material liquids-rich gas discovery: over 75 m of net gas pay in the Patchawarra, 164 m of gas-charged shales and over 380 m of core. Fracture stimulation is planned for mid-December; Kingston Rule-1 starts within a week.
15 Oct 2012other● Neutral
Acer Energy's chairman told shareholders to take no action on Drillsearch's unsolicited offer. The letter notes Senex bought a 6.42% stake in Acer on 8 October. Acer is Senex's joint venture partner in PEL 182 and PEL 100; Senex's intent is not stated.
10 Oct 2012drilling result▲ Good
Snatcher-8 was cased and suspended as a future producer after finding 14.1 m of net oil pay. Skipton-1 reached 3,124 m and is being cased ahead of fracture stimulation. The Cordillo 3D data capture and Peebs-11 drilling are complete.
3 Oct 2012drilling progress report● Neutral
Beach's September report repeats Senex-operated results: Snatcher-7 (7.5 m net pay), Snatcher-10 (10 m pay, field open to the north) and Mustang-1 testing at over 800 bopd. The rest covers Beach's own wells; nothing new for Senex.
2 Oct 2012drilling result▲ GoodMajor
Snatcher-10 was cased and suspended after finding a 15 m gross oil column with 10 m net pay, extending the Snatcher field (Senex 60%, Beach 40%) to the north. The rig moves to Snatcher-8, continuing the run of Snatcher successes.
26 Sept 2012drilling progress report▲ Good
Snatcher-10 reached 1,905 m, and Mustang-1 is flowing over 800 bopd on test. Skipton-1's Epsilon Formation is 68 m thick, thicker than expected, with liquids-rich gas confirmed. Cordillo 3D is 92% complete; Peebs-9 and Peebs-11 CSG wells were drilled.
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.
