6 July 2012drilling progress report● Neutral
Shocking-1 reached total depth of 1,667 m and is preparing to run logs. Oil shows in the Murta, McKinlay and basal Birkhead will be assessed, with drill stem tests to follow if needed.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 July 2012investor presentation● Neutral
Ian Davies presented at the Macquarie Small Companies Conference. Only the disclaimers are visible in the text provided, so no new results or figures can be reported.
4 July 2012drilling result● Neutral
Snatcher-5 (Senex 60%) was cased after a 4 m gross oil column (2.4 m net), recovering 2.6 bbl on test; Mustang-1 is next. Santos's Cuisinier-6 (Senex 15%) found a 5.6 m gross column (3.8 m net). Headline says Cuisinier-5; the text describes Cuisinier-6. Cuisinier North-1 spudded 2 July.
4 July 2012drilling progress report▼ Bad
The McKinlay test in Shocking-1 gave no valid result because the tool plugged. Drilling resumes toward the basal Birkhead, with both zones to be tested at total depth if logs show movable hydrocarbons.
4 July 2012drilling progress report● Neutral
Beach's June drilling report repeats that Snatcher-5 (PEL 111) hit a 4 m gross oil column, recovered 2.6 bbl on test and was cased and suspended, and the rig is moving to Mustang-1. The rest concerns Beach's own wells.
3 July 2012drilling progress report● Neutral
Drill stem testing of the McKinlay oil shows in Shocking-1 began on 3 July. Results are to follow, and the well then drills on to the basal Birkhead.
2 July 2012drilling progress report▲ Good
Shocking-1 reached 1,394 m with good oil shows in the Murta and McKinlay. A drill stem test of the McKinlay is being prepared. Shows are not a flow result.
29 June 2012drilling progress report● Neutral
Ambassador reports Shocking-1 at 634 m, with surface casing set at 602 m, drilling toward the McKinlay target. No results yet; Senex holds 40% with Ambassador funding the well.
27 June 2012security holder rights change● Neutral
Notice that holders with registered addresses outside Australia, New Zealand and the Cayman Islands are ineligible for the retail entitlement offer. Administrative; the offer terms are unchanged ($0.74, 2-for-13).
27 June 2012capital raising announcement● Neutral
Senex sent shareholders the retail booklet and entitlement form for the 2-for-13 offer at $0.74. The offer closes 11 July. These are the terms announced on 19 June, with no new information.
27 June 2012other● Neutral
Confirmation that the retail offer booklet and the ineligible-holder notices were posted on 27 June. Administrative only, with no new information.
25 June 2012drilling spud● Neutral
Shocking-1 in PEL 516 spudded 25 June with the Century 3 rig, targeting 1,700 m in about 14 days. Ambassador funds it to earn 60% (Senex keeps 40% and operates). Mean potential is over 250,000 bbl, and Kruger-1 follows.
22 June 2012drilling result● Neutral
Cuisinier-5 on the Barta Block (Senex 15%) found a 12.8 m gross oil column but only 2.0 m net pay, thinner than Cuisinier-4's, and was cased as a future producer. Cuisinier-6 is due to spud 23 June.
22 June 2012drilling progress report● Neutral
Century Rig 3 left Talaq-1, now suspended awaiting fracture stimulation, and is rigging up at Shocking-1 in PEL 516. Ambassador pays all drilling costs to earn 60%. Kruger-1 follows. No new terms.
21 June 2012capital raising announcement▲ GoodMajor
The $50m placement and $28m institutional entitlement offer at $0.74 closed well oversubscribed. The fully underwritten retail offer of about $77m opens 27 June and closes 11 July. J.P. Morgan and RBS Morgans underwrite.
21 June 2012other● Neutral
ASX circular repeating the Senex entitlement offer terms: 2-for-13 at $0.74, about $105m (about $28m institutional, $77m retail), record date 22 June, retail close 11 July. No new information.
19 June 2012capital raising announcement● NeutralMajor
Senex launches a fully underwritten $155m raising at $0.74 a share: about $50m placement plus a 2-for-13 entitlement offer of about $105m. It funds unconventional gas exploration in the Cooper Basin. Sentient, at 16.6%, will keep its stake. About 210m new shares.
19 June 2012investor presentation● Neutral
Investor presentation supporting the $155m placement and entitlement offer at $0.74. It sets out the case and risks for the unconventional gas program; the offer terms are already announced.
19 June 2012security holder rights change● Neutral
Notice to option holders: options do not carry entitlement offer rights, and exercise before the 22 June record date is needed to take part. Option terms and exercise prices are not adjusted. Administrative notice.
18 June 2012drilling scheduled● Neutral
Ambassador says the Century 3 rig is mobilising to Shocking-1 in PEL 516, with drilling due within seven days. Mean recoverable oil is above 250,000 bbl, and Kruger-1 (380,000 bbl) follows. This matches the Ambassador farm-in already announced.
15 June 2012production update● NeutralMajor
Oil production restarted after the rain, running over 4,500 bopd gross on 14 June. The FY12 target is cut to about 600,000 net bbl, and a 1 million net bbl target is set for FY13. Sasanof-1 gas flows continue; Talaq-1 is being cased.
14 June 2012investor presentation● Neutral
UBS conference presentation by Ian Davies largely repeats known facts: market cap about $800m, 138 PJ CSG 2P, 8.1 mmbbl oil 2P, Sasanof-1 testing, Talaq-1 being cased. It shows the revised FY12 oil target of about 600,000 bbl.
6 June 2012drilling progress report● Neutral
Beach's May drilling report repeats known items: Davenport-1 (PEL 94) cased and suspended after thick coals, and Snatcher-4 cased as an appraisal success with the rig moving to Snatcher-5. No new Senex results.
5 June 2012production update▼ BadMajor
Rain closed Cooper Basin roads, halting Growler (31 May) and Snatcher (1 June) output, which was above 5,500 bopd gross. Senex says the net FY12 oil target will fall below 700,000 bbl; it describes the production as deferred, not lost.
5 June 2012drilling result▲ GoodMajor
Santos's Cuisinier-4 on the Barta Block (Senex 15%) found a 23.4 m gross oil column, at least 9.4 m net pay, and was cased as a future producer. It is the first of four Barta wells; Cuisinier-5 is next, from the week of 11 June.
4 June 2012investor presentation● Neutral
Singapore and Hong Kong roadshow presentation repeating known facts: market cap about $850m, 138 PJ CSG 2P, 8.1 mmbbl oil 2P, Sasanof-1 testing, Talaq-1 drilling. The FY12 oil target is shown as 650,000+ bbl, below the earlier 700,000 bbl.
4 June 2012well test result▲ GoodMajor
Formation gas reached surface during early flowback at Sasanof-1, a positive preliminary result, though quantities are not given. Talaq-1 reached 2,879 m with over 320 m of core and condensate shows in the Epsilon; it will be cased pending fracturing with Skipton-1.
31 May 2012farm in farm out agreement▲ GoodMajor
Ambassador will fund Shocking-1 in PEL 516 to earn 60%, replacing the Rowley location, which is flooded; it keeps a 12-month option on Rowley-1. Senex keeps 40% and operates. Century 3 mobilises in June, spud mid-June, up to 400,000 bbl upside; Kruger-1 follows.
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.
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.