31 May 2012drilling result▲ GoodMajor
Snatcher-4 found a 10.3 m gross Birkhead oil column (at least 6.5 m net pay) and was cased as a future producer. The rig now moves to Snatcher-5, 470 m west of Snatcher-3, to spud around 3 June.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 May 2012drilling progress report▲ Good
Senex completed fracture stimulation at Sasanof-1, treating four Permian intervals, and claims a first multi-zone frac on a dedicated unconventional well in the southern Cooper Basin. Cleanup and flowback now follow, with preliminary results expected in about two weeks.
28 May 2012contract award▲ GoodMajor
A 790 sq km 3D seismic survey is underway in the northern Cooper Basin, covering PEL 88, PEL 90M and northern PEL 514. Senex awarded Terrex a contract worth over $11m. It targets Birkhead oil traps like Growler and Snatcher.
28 May 2012joint venture update● Neutral
Planet Gas says Senex will shoot 158.69 sq km of 3D seismic over northern PEL 514 as part of the larger survey. This counts toward Senex's roughly $10.5m farm-in to earn 50% of the Northern and 70% of the Southern area.
25 May 2012other▼ Bad
Beach says Santos will permanently close the Tantanna oil pipeline on 1 June, so Western Flank oil must be trucked. Beach expects its output to fall to about 4,000 bopd net until the new Lycium–Moomba trunkline (Senex 40%) starts in Q4 2012. PRL 15 is not materially affected.
22 May 2012drilling spud● Neutral
Santos spudded Cuisinier-4 in ATP 752P (Senex 15%), 600 m northwest of the Cuisinier-1 discovery, targeting 1,759 m. It is the first of three appraisal wells and one exploration well planned for the Barta Block.
18 May 2012drilling result▲ Good
Davenport-1 in PEL 94 (Senex 15%, non-operated) hit total depth of 2,102 m and found over 110 m of net coal, including a 45 m seam, well above pre-drill expectations. Sidetrack coring is underway; a positive early result for a minor interest.
16 May 2012drilling spud● Neutral
Snatcher-4 oil appraisal well spudded 15 May, targeting 1,858 m, the first of two approved appraisal wells at Snatcher. Follows production restart on 3 May with Snatcher-3 online and Snatcher-1/-2 reinstated.
15 May 2012drilling progress report● Neutral
Multi-zone fracture stimulation began at Sasanof-1 (PEL 516, Senex 100%), expected to take 11 days across the Roseneath and Murteree shales and Patchawarra tight sands. It is the start of the test announced earlier; no results yet.
10 May 2012resource reserve update▲ GoodMajor
Net Surat Basin CSG 2P reserves rose 75% to 138.1 PJ (from 79.0 PJ at June 2011), 3P to 314.0 PJ, plus 205.4 PJ 2C contingent resource. First reserves booked in ATP 593P. This is the CSG upgrade previously flagged; MHA certified it.
10 May 2012investor presentation● Neutral
Senex presented to a J.P. Morgan shale access day, repeating known facts: an over 100 Tcf net gas-in-place claim, the 700,000 bbl FY12 oil target, Sasanof-1 fracturing on 15 May, Talaq-1 coring and Skipton-1 in early June. No new results.
8 May 2012drilling progress report▲ Good
Sasanof-1 fracture stimulation is scheduled to start 15 May and run at least 11 days. Talaq-1 reached its first coring point, with 17.4 m of Roseneath shale core taken and over 300 m planned. Shale tests show rock becoming more brittle with depth.
8 May 2012price query● Neutral
Senex answers an ASX query on a press report that it may sell its Queensland CSG assets for over $200m. It says it has received no offer and not decided to sell; the figure came from broker research. Assets are under ongoing strategic review.
4 May 2012production update▲ GoodMajor
Oil production restarted 3 May at Snatcher field, flooded since January 2010 (Snatcher-1/-2 were making over 500 bopd gross before). Pumps are being installed; Senex expects rapid growth in 2012/13 and will drill Snatcher-4 and -5 with Beach.
2 May 2012other● Neutral
Beach's April drilling report, mostly on its own wells. Relevant to Senex: Growler-10 was cased with ~19 m of core, and Tigercat-2 had minor shows, no oil on test, and was plugged and abandoned. Both repeat known Senex results.
1 May 2012capital raising announcement● NeutralMajor
QGC (BG Group) sold its 73.9m Senex shares (8.0%) in a $75m institutional bookbuild at $1.02, a 9.1% discount to the 30 April VWAP. This is a secondary sale, not new capital; QGC stays a partner in PL 171 and ATP 574P.
27 Apr 2012joint venture update● Neutral
Strike Energy reports Davenport-1 spudded 25 April in PEL 94 (Strike 35%, Beach 50% operator, Senex 15%) to test Permian coals and shales in the Milpera Trough. Planned depth 2,192 m; a minor non-operated interest for Senex.
27 Apr 2012drilling result▼ BadMajor
Tigercat-2 found only 1.6 m of net pay in thin sandstone; drill stem testing recovered no oil, so it will be plugged and abandoned as non-commercial. A second exploration miss after Thunderchief-1; the rig moves to Snatcher.
17 Apr 2012drilling spud● Neutral
Tigercat-2 oil exploration well spudded 13 April in PEL 104, targeting 1,850 m about 6.5 km east of Growler. It is the fourth of six planned exploration wells in the 14-well program, just over 1 km from Tigercat-1's earlier oil find.
17 Apr 2012investor presentation● Neutral
Presentation on Cooper Basin unconventional gas potential repeating known facts: Sasanof-1 preliminary results, Talaq-1 spudded 10 April, fracture stimulation in early May and Skipton-1 in June. No new results.
13 Apr 2012joint venture update● Neutral
Ambassador says the 100 sq km Zulu 3D seismic location in PEL 113 is agreed, with acquisition scheduled for September 2012. This is the first phase of its farm-in to earn 50%; Senex remains operator and is securing approvals.
12 Apr 2012drilling scheduled● Neutral
Ambassador says Kruger-1 in the PEL 516 Mudlalee Block will be drilled by Century 3 after Talaq-1 finishes in late May, with approvals being finalised. It targets about 380,000 barrels recoverable. Timing is a little later than the earlier early-May guidance.
11 Apr 2012drilling result▲ GoodMajor
Growler-10 found a 15.2 m gross oil column (at least 14.0 m net pay) and was cased as a future producer, the eleventh consecutive Growler success. Production is expected in April. The rig moves to Tigercat-2, then Snatcher-4.
11 Apr 2012other▲ Good
S&P index notice: Senex replaces Austar United in the S&P/ASX 200 after the close on 16 April 2012. This follows its earlier addition to the ASX 300 and All Ordinaries. Mostly covers another company.
11 Apr 2012drilling result▲ GoodMajor
Sasanof-1 (TD 3,102 m) showed significant gas shows and wet gas indications, with positive desorption results; it is cased and suspended. Fracture stimulation starts early May. Talaq-1 spudded 10 April, Skipton-1 is due June, and a fourth well follows in PEL 115.
5 Apr 2012resource reserve update▲ Good
Beach, Senex's 40% partner, says it expects to raise its Growler reserves following Senex's upgrade. If endorsed at financial year end, its net increase would be 1.3 mmbbl, versus 0.9 mmbbl booked so far. Beach has not yet reviewed Senex's assessment.
4 Apr 2012other● Neutral
Beach Energy's monthly drilling report, mostly about Beach's own wells. It confirms Thunderchief-1 was plugged and abandoned and Growler-10 was drilling ahead. No new information on Senex.
4 Apr 2012resource reserve update▲ GoodMajor
Independently certified oil reserves upgrade: net 1P rises to 4.2 and 2P to 8.1 mmbbl (both up 27% since June 2011), with Growler 2P up 90%. Net 3P falls 11% to 14.0 mmbbl as barrels move into firmer categories. This delivers the long-awaited upgrade.
30 Mar 2012drilling scheduled▲ GoodMajor
Senex and Beach expand the western flank campaign to 14 wells, adding Growler-10, Snatcher-4 and Snatcher-5. Growler-10 spudded 27 March. Snatcher, offline since the January 2010 flood, is expected to resume production in April.
28 Mar 2012drilling progress report● Neutral
Sasanof-1 in PEL 516 (100% Senex) reached 3,102 m, short of the 3,200 m target after a mechanical problem, with 13 cores and over 200 m of core taken. Desorption testing continues; fracture stimulation is planned early next quarter, and the rig then moves to Talaq-1.