Each one in plain English, with the numbers worked through for a shareholder.
21 Mar 2012investor presentation● Neutral
Business breakfast presentation by MD Ian Davies repeating known themes: acreage of 65,854 sq km, over 100 Tcf net gas-in-place, 700,000 bbl FY12 target, and a reserve upgrade due in March 2012. Market capitalisation cited at about $1 billion. No new results.
14 Mar 2012drilling result▲ Good
Kato-2 reached 304.6 m, with 10.5 m net coal and 5.6 m net gas-bearing shale; four drill stem tests showed excellent permeability, with gas flowing to surface from one. It supports extending ATP 771P's coal seam gas potential into ATP 593P, as Kato-1 did.
13 Mar 2012half year report▲ Good
Press release for the half-year result: $1.95m net profit, revenue $25.1m (up 774%), net oil 213,524 bbl and cash $90.6m. Management says the 700,000 bbl FY12 target remains on track despite adverse weather.
13 Mar 2012half year report▲ Good
Half-year to 31 December 2011: revenue $25.1m, net profit $1.95m (versus a $1.66m loss), net oil 213,524 bbl, cash $90.6m. Production restarted at Growler in late September 2011; $53.5m was raised in a 1-for-5 entitlement issue in September.
9 Mar 2012security holder rights change● Neutral
Orca received an ASX waiver letting Senex keep its percentage in Orca through a top-up right on future share issues. The right lapses if Senex's holding falls below 15% or the relationship ends.
9 Mar 2012asset acquisition disposition● NeutralMajor
Senex agreed to sell 90% of Port Bonython Fuels, the fuel terminal project inherited with Stuart in May 2011, to Mitsubishi Corporation, with the other 10% under a put and call option within 13 months. Price undisclosed until completion; conditions precedent pending.
6 Mar 2012drilling spud● Neutral
Kato-2 coal seam gas well spudded 4 March 2012 in ATP 593P (Senex 45%, operator) to 285 m. Kato-1 desorption results are expected at the end of the March quarter.
2 Mar 2012other▲ Good
S&P index rebalance notice. Senex is listed as an addition to the S&P/ASX 300 index, effective after the close on 16 March 2012. Most of the notice covers other companies.
28 Feb 2012drilling spud● Neutral
Thunderchief-1 exploration well spudded 27 February 2012 to 1,850 m, 6.3 km northeast of Growler, testing the Birkhead Formation. It is the eighth well in the 11-well program.
24 Feb 2012drilling scheduled● Neutral
Ambassador reports Senex has been delayed in securing a rig for Kruger-1 in PEL 516 Mudlalee Block; the Century 3 rig is expected to spud in early May. The well targets about 380,000 barrels recoverable if successful.
22 Feb 2012drilling result▲ GoodMajor
Growler-8 found 20.5 m gross reservoir with at least 18.5 m net, again extending the Growler field west. It will be cased as a producer, online in March 2012; rig moves to Thunderchief-1.
15 Feb 2012other● Neutral
Administrative notice: 75,000 unlisted options at $0.25 expired on 31 January 2012 and were cancelled. No substance for shareholders beyond updating the options register.
13 Feb 2012drilling spud● Neutral
Growler-8 appraisal well spudded 11 February 2012 on the western limb of Growler, 600 m southwest of Growler-7. It is the seventh well of the 11-well program; seven of nine Growler wells are now producing.
6 Feb 2012drilling result● NeutralMajor
Spitfire-1 found oil in a new stratigraphic trap (shows at 1,722-1,731 m) but tests recovered only 2.5 barrels of oil, so it is classed non-commercial and plugged. Senex sees follow-up locations updip; rig moves to Growler-8.
1 Feb 2012farm in farm out agreement▲ GoodMajor
Orca Energy (the PEL 115 partner) will farm out 22% of PEL 115 to Senex, and Senex will subscribe $4m for 115 million Orca shares at 3.5c (19.99%). Orca is free-carried on its remaining 20% for an unconventional gas well later in 2012.
1 Feb 2012farm in farm out agreement▲ Good
Senex lifts PEL 115 interest to 55% by funding Orca's remaining 20% share (about $1m) of an unconventional gas well planned for second half 2012. It also buys 19.99% of Orca for $4.025m at 3.5c a share. Same deal as Orca's announcement.
1 Feb 2012other● Neutral
Partner Beach Energy's January monthly drilling report, mostly about Beach's own wells. For Senex's western flank, it confirms Growler-7 is cased for production and Spitfire-1 had strong oil shows with a drill stem test under way.
25 Jan 2012investor presentation● Neutral
Managing Director's January 2012 presentation largely repeats known facts: oil target above 700,000 bbl net in FY12, over 100 Tcf unconventional gas in place, Sasanof-1 drilling. Notes a reserve upgrade is due in February 2012.
25 Jan 2012quarterly activities report▲ Good
December quarter net oil output averaged 1,453 bopd (133,691 bbl), up 69%, with current production over 2,100 bopd. Revenue was over US$14m, cash over $90m, and the 700,000 bbl FY12 target is on track. Mostly recaps known events.
23 Jan 2012drilling spud● Neutral
Spitfire-1 exploration well spudded 20 January 2012 in PEL 104 (Senex 60%), 2.5 km west of Growler, targeting the Birkhead Formation to 1,830 m. It is the sixth well of the program and second exploration well, following dry Jaguar-1.
20 Jan 2012drilling result▲ Good
Two small-scale water injection tests were completed at Allunga Trough-1 in PEL 516 (100%) in the Roseneath and Murteree shales. The data will guide the design of large fracture stimulations at Sasanof-1 and the other two wells.
19 Jan 2012drilling progress report● Neutral
Sasanof-1 is on schedule at 2,198 m, with an extensive coring program about to start: roughly 160 m of shale core and 70 m of coal and tight sand. Total depth of 3,200 m is expected by mid-February. No results yet.
17 Jan 2012drilling result▲ GoodMajor
Growler-7 found a 20 m gross oil column with at least 18.8 m net pay, the thickest in the Growler field, extending it to the west. Online early February 2012; rig moves to the Spitfire-1 exploration well.
12 Jan 2012price query● Neutral
Responding to an ASX query, Senex said it knew of no undisclosed information explaining the share price rise from 62.5 cents to an 80 cent intraday high. It pointed to recent announcements, media coverage and broker reports, including a takeover-target mention.
9 Jan 2012drilling spud● Neutral
Growler-7 appraisal well spudded 5 January 2012, the fifth well of the 11-well program, on the western limb of the field. Seven of eight Growler wells are now on production after Growler-9 started on 6 January.
6 Jan 2012drilling spud▲ GoodMajor
Senex launched a three-well unconventional gas program in PEL 516 (100%); Sasanof-1 spudded 4 January 2012 to 3,200 m, with Skipton-1 and Talaq-1 to follow. Senex aims to book a material contingent resource at the end of FY12.
4 Jan 2012drilling result▲ Good
Growler-11 found a 10.1 m gross oil column with at least 7.7 m net pay, confirming the eastern limit of the Growler field with good connectivity to other wells. To be producing in January 2012; rig moves to Growler-7.
4 Jan 2012other● Neutral
Partner Beach Energy's December monthly drilling report. It confirms Jaguar-1 was dry and Growler-11 intersected the reservoir. Mostly covers Beach's own wells, with no new Senex information.
23 Dec 2011drilling spud● Neutral
Growler-11 appraisal well spudded 22 December 2011, the fourth well of the 11-well program, 430 m west of Growler-6. It targets the Birkhead Formation to 1,830 m.
19 Dec 2011well test result▲ Good
Growler-6 flowed at a rate of over 1,300 bopd (1,374 bopd) in a 1.5-hour free flow test on 17 December 2011. Continuous production through a choke is expected at over 600 bopd, supporting the FY12 target of over 700,000 bbl.
