Each one in plain English, with the numbers worked through for a shareholder.
1 Sept 2011drilling result▼ BadMajor
Sampdoria-1, Santos-operated in the Wompi Block, was plugged and abandoned at 1,823 m. A test at the top of the Hutton Sandstone recovered only 2.8 bbl of mud-cut water. A dry hole, though Senex's 22.75% interest was carried at no cost.
24 Aug 2011material agreement▲ GoodMajor
Senex agreed key terms with Santos to ship Snatcher crude via an upgraded six-inch Charo–Tirrawarra pipeline to Moomba. The PEL 111 venture pays A$4.1m (about A$2.5m Senex share) as tariff prepayment. Completion expected by March 2012; formal documents pending.
23 Aug 2011investor presentation● Neutral
Shale Gas World presentation in Adelaide repeating the known 2011/12 program: over 700,000 bbl oil target, five Growler and six PEL 104 wells, and PEL 516 gas-in-place of 75–110 Tcf. No new results.
22 Aug 2011capital raising announcement● NeutralMajor
Senex launched a fully underwritten 1-for-5 non-renounceable entitlement issue at $0.35 to raise about $53.3m, a 15.7% discount to the last trade. Proceeds fund the flowlines, western flank oil development and unconventional gas. Sentient will take its entitlement and 44.25m shortfall shares.
22 Aug 2011production update▲ GoodMajor
Growler production and the 11-well drilling program in PRL 15 and PEL 104 are scheduled to restart in late September 2011 once road access is regained after the floods. Ensign rigs 48 and 5 are contracted for the year, with workovers planned at Worrior, Acrasia, Mirage and Ventura.
22 Aug 2011investor presentation● Neutral
Presentation supporting the $53.3m entitlement issue at $0.35. Uses: flowlines $20.1m, western flank oil $21.2m, unconventional gas $9.0m, costs $3.0m. Cash would be about $92.3m afterwards. Offer closes 16 September; shares are allotted 26 September.
19 Aug 2011material agreement● Neutral
Beach's announcement of the same Growler flowline agreement with Senex, with Beach as builder and operator. It puts total cost at about $40m shared between the partners and notes the Moomba section needs SACB JV approval. It adds that PEL 104/111 drilling is expected from October 2011.
19 Aug 2011material agreement▲ GoodMajor
Senex and Beach agreed to build flowlines from Growler to Lycium (Senex 60%) and Lycium to Moomba (Senex 40%), at a net cost to Senex of about A$20m. Completion is targeted for June 2012, subject to SACB JV approval of the Moomba tie-in. Formal documents are still being negotiated.
19 Aug 2011farm in farm out agreement▲ GoodMajor
Senex farms into PELA 514 (1,921 sq km, northern Cooper Basin) from Planet Gas, earning 50% of the Northern Area and 70% of the Southern Area by funding three wells. Senex becomes operator. The licence is expected to be granted by end 2011.
19 Aug 2011farm in farm out agreement● Neutral
Planet Gas's notice of the same deal: Senex signed a heads of agreement to earn 50% of the Northern Area and 70% of the Southern Area of PELA 514 by funding three exploration wells. Duplicates Senex's own release of the same day.
18 Aug 2011farm in farm out agreement▲ GoodMajor
Senex farms out 60% of PEL 516's Mudlalee and Rowley Blocks and 50% of PEL 113's Zulu Block to Ambassador Exploration, which will fund three wells and 100 sq km of 3D seismic. Senex stays operator and keeps unconventional gas rights. Conditions precedent still pending.
16 Aug 2011drilling spud● Neutral
Santos spudded the Sampdoria-1 oil exploration well in ATP 752P's Wompi Block, with a planned total depth of 1,835 m. Senex participates at no cost for its 22.75% working interest in the well.
15 July 2011drilling scheduled▲ GoodMajor
Senex set its 2011/12 budget targeting at least 700,000 bbl net oil, with five Growler development wells, six PEL 104 exploration wells, and three dedicated shale gas wells in PEL 516. It says the program is fully funded from existing cash and operating cash flow.
15 July 2011investor presentation● Neutral
Noosa conference presentation repeating the 2011/12 program: 700,000 bbl target, Growler and PEL 104 wells, three PEL 516 shale wells. Notes 756.7m shares on issue, about $42m cash and a ~$302m market value at $0.40. No new results.
29 June 2011drilling result▲ GoodMajor
Coring at Vintage Crop-1 finished, with over 200 m of gross Toolachee coal and shale penetrated. Continuous gas shows with liquids and heavy gases were seen, which Senex says are in line with MHA's up to 99 Tcf gas-in-place estimate for PEL 516 shales. Laboratory desorption results still to come.
14 June 2011drilling result▲ GoodMajor
Vintage Crop-1 in PEL 516 (Senex 100%) found a new oil field, flowing 312 bopd on test from the McKinlay Member with 3 m net pay. Preliminary estimate is at least 305,000 bbl oil in place. Coring of coals and shales follows.
3 June 2011drilling progress report▲ Good
Oil shows were seen in Vintage Crop-1 while drilling at 1,450 m. It will be drilled to 1,670 m for the oil targets, with drill stem tests shortly to confirm whether there is a discovery. The coal and shale coring is still to come.
2 June 2011investor presentation● Neutral
Corporate presentation repeating known material: the Stuart acquisition, 1,500 net bopd normalised, the CSG reserves and $71m program. It notes the CSG program was delayed by Queensland floods and talks with QGC continue on efficiency and cost. No new results.
26 May 2011drilling spud● Neutral
Vintage Crop-1 spudded 24 May in PEL 516 (Senex 100%), targeting 2,075 m in about 23 days. It will test five oil zones, then be deepened to evaluate coals and shales, Senex's first appraisal of its Cooper unconventional gas acreage.
23 May 2011drilling result▲ Good
QGC's Peebs-14 appraisal well in ATP 574P (Senex 30%) intersected 43 m of net coal, reaching 1,150 m. Together with Pinelands-11, it found more net coal than elsewhere in the eastern Surat Basin. Permit number was mistyped as 547P; corrected in the next release.
23 May 2011admin correction● Neutral
Correction: the Peebs-14 announcement wrongly called the permit ATP 547P; it is ATP 574P, where Senex holds 30%. Senex has no interest in ATP 547P. Substance unchanged.
19 May 2011business combination▲ GoodMajor
Senex now owns 100% of Stuart Petroleum after compulsory acquisition of the remaining shares. This completes the all-scrip takeover begun on 21 February 2011. Management cites immediate cashflow, western flank oil upside and Stuart's unconventional gas acreage.
9 May 2011admin correction● Neutral
Senex re-lodged its 21 April shareholder distribution and top 20 list because of PDF formatting errors. Content is unchanged; no new information.
3 May 2011investor presentation● Neutral
RBS Morgans presentation on unconventional gas. It repeats known CSG reserves and the $71m program, and adds MHA Gas-in-Place estimates for PEL 516 shales of 38-60 Tcf in two areas plus 25-39 Tcf elsewhere, and over 17 Tcf in Toolachee coals. Vintage Crop-1 is planned for early May.
21 Apr 2011other● Neutral
Updated shareholder distribution and top 20 list after the Stuart offer closed. There were 744.3m shares on issue at 14 April 2011, with Sentient the largest holder at 6.68% on one line. Administrative.
20 Apr 2011drilling scheduled▲ Good
Vintage Crop-1 in PEL 516, about 65 km south east of Moomba, will first test oil zones and then be deepened to core Permian coals and shales for unconventional gas. This begins Senex's evaluation of Stuart's Cooper Basin gas acreage, with dedicated gas wells possible in 2011-12.
13 Apr 2011business combination● Neutral
Statutory ASIC Form 6021 notice that Senex will compulsorily acquire remaining Stuart shares following its takeover bid. The form is a template with no new figures; the substance is covered in the covering announcement.
13 Apr 2011business combination▲ Good
Senex lodged its compulsory acquisition notice for Stuart after the offer closed on 12 April with acceptances above 92%. Remaining holders get the same 2.5 Senex shares per Stuart share. ASX will suspend Stuart shares five business days after the notice.
11 Apr 2011business combination▲ GoodMajor
Senex reached 90.7% of Stuart and will compulsorily acquire the rest when the offer closes 12 April. Vintage Crop-1 (PEL 516, 100%, 2,075 m) is planned. Growler access was cut again by floods after about 13,830 bbl produced; pipeline design is under way and Pinelands-11 spudded.
8 Apr 2011business combination▲ Good
Senex's relevant interest in Stuart passed 89%, with two days left in the offer. The Managing Director expects it to reach the 90% threshold for compulsory acquisition and says the offer price will not rise and no competing proposal exists. Continues the takeover.
