1 Apr 2011director officer appointment● Neutral
Chairman Denis Patten appointed fellow non-executive director Tim Crommelin as his alternate director. Administrative; no change to the board's membership.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Mar 2011business combination● Neutral
Senex extended its unconditional Stuart offer by two weeks, now closing 12 April 2011 instead of 29 March. It held more than 75% of Stuart at 25 March. This continues the takeover; holders who have not accepted can still do so.
28 Mar 2011debt financing● NeutralMajor
Senex gave Stuart a $5m unsecured loan facility, repayable within 12 months, as Stuart sought liquidity after merger expenses. Ian Davies becomes Stuart's MD and Julie Whitcombe its CFO. Senex has acceptances for over 75% of Stuart.
24 Mar 2011investor presentation● Neutral
Qupex forum presentation on the Cooper Basin repeats known material: the Stuart acquisition, combined reserves (2P oil 6.9 mmbbl), $56m net cash and the tripled western flank reserves. No new facts.
24 Mar 2011business combination▲ Good
Senex's relevant interest in Stuart has passed 70%, with acceptances for 72.42% of shares. It urges remaining holders to accept before the 29 March close. This continues the takeover toward completion.
22 Mar 2011business combination● Neutral
Statutory notice repeats that Senex's Stuart offers are free of all conditions and gives Senex's voting power as 67.48% at 22 March. Administrative update on the takeover's progress.
10 Mar 2011business combination▲ GoodMajor
Acceptances reached 50.63% of Stuart shares, giving Senex majority control under its unconditional offer. Denis Patten and Ian Davies were appointed to the Stuart board, and the offer stayed open until 29 March 2011.
9 Mar 2011drilling result▲ GoodMajor
Cuisinier-3 reached 2,040 m and was cased as a potential producer after wireline logs indicated 5-6 m of net oil pay in the upper Murta. Cased-hole tests of this and two earlier wells are expected within two months. Senex holds 15%.
7 Mar 2011business combination● Neutral
Formal legal notice that Senex's Stuart offers are free of all conditions in the bidder's statement. It states Senex's voting power in Stuart is 42.36%. Repeats the same-day announcement.
7 Mar 2011half year report▼ Bad
Half-year to 31 December 2010: revenue $2.87m (down 62%), net loss $1.66m, and cash $49.3m. Net oil production fell 85% to 11,805 bbls on Cooper Basin wet weather. Growler production restarted in February 2011.
7 Mar 2011business combination▲ GoodMajor
Senex declared its Stuart offer unconditional after acceptances reached 42.36%, and will issue shares within three business days. It also pays a 1.0% broker handling fee on retail acceptances. This removes the 50.1% minimum condition; the offer still closes 29 March.
7 Mar 2011other● Neutral
Beach announces its own Western Flank drilling program, which includes a Beach-reported note on Senex's 10-well program in PEL 104 and PRL 15 (four Growler development wells). This is a counterparty's release with no new Senex results.
4 Mar 2011business combination▲ Good
Senex says its relevant interest in Stuart now exceeds 40% after strong acceptances to its all-scrip offer. All Stuart directors accepted on 1 March. The offer still closes 29 March 2011 unless extended or withdrawn.
4 Mar 2011other● Neutral
Substantial holder notice: acceptances of 3,998,703 Stuart shares on 3 March lift Senex's voting power in Stuart from 34.40% to 40.36%. Administrative form tracking the takeover.
4 Mar 2011director officer appointment● Neutral
Non-executive director Ben McKeown appointed Yanina Barila, a fellow executive of major shareholder Sentient (13.8%), as his alternate director. Administrative; no change to the board's membership.
2 Mar 2011investor presentation● Neutral
Conference presentation on joint ventures and alliances repeats known facts: reserves upgrade, the Beach relationship, CSG permits and the Stuart merger terms. It notes Senex's relevant interest in Stuart is over 30%. No new information.
1 Mar 2011business combination▲ Good
Stuart's remaining directors accepted Senex's offer, lifting Senex's relevant interest in Stuart to 30.3%, above the 19.9% pre-bid acceptance from David Clarke. Offer still closes 29 March 2011 unless extended.
1 Mar 2011other● Neutral
Beach (Senex's new 40% Growler partner) says Senex told it of a ten-well program on PRL 15 and PEL 104: four development and six exploration wells, targeting 1,500 bopd gross. This is a counterparty's release; the well count is slightly different from earlier stated program.
28 Feb 2011business combination● Neutral
Stuart Petroleum's target's statement says its directors unanimously recommend accepting the Senex offer, in the absence of a superior proposal. This continues the merger process and repeats the known recommendation.
25 Feb 2011production update▲ GoodMajor
Growler oil deliveries have resumed for the first time in over a year. Senex expects about 800 bopd gross initially, worth net revenue above $1.4m a month at current prices. The 40% partner is now named as Beach.
23 Feb 2011other● Neutral
Administrative notice that the bidder's statement for the Stuart offer has been sent to Stuart shareholders. Nothing new.
22 Feb 2011drilling spud● Neutral
Cuisinier-3 appraisal well has started drilling in ATP 752P, operated by Santos. It is planned to reach 2,028 m, targeting the Murta Formation. It lies 750 m from the Cuisinier-1 discovery. Senex's interest was previously stated at 15% in wells, carried.
21 Feb 2011resource reserve update▲ GoodMajor
MHA audit of Snatcher and Growler books first Proved (1P) reserves of 1.6 mmbbl. Net 2P oil rises 194% to 4.7 mmbbl and 3P rises 193% to 13.2 mmbbl, as at 19 February 2011. This meets the earlier 4.5 mmbbl 2P target.
21 Feb 2011asset acquisition disposition● NeutralMajor
Senex sold its 20% Impress stake into Beach's 8.5 cent on-market offer, realising about $15m and lifting cash to about $63m. It says the bid undervalues Impress, but it prefers to fund its drilling program and keep Beach as a partner. This resolves the Impress thread.
21 Feb 2011business combination● Neutral
Formal bidder's statement for the Stuart offer of 2.5 Senex shares per Stuart share. It sets out nine reasons to accept and a 50.1% minimum acceptance condition. The offer closes 29 March 2011 unless extended. It adds detail to the merger announced the same day.
21 Feb 2011business combination▲ GoodMajor
Senex agreed a friendly takeover of Stuart Petroleum, offering 2.5 Senex shares per Stuart share, valued at about $77.8m. Stuart's board recommends it, and its largest holder (19.9%) has pre-agreed acceptance. The merged group would have 6.9 mmbbl net 2P oil. The offer closes 29 March 2011.
21 Feb 2011investor presentation● Neutral
Presentation on the Stuart merger repeats the offer terms, premium and combined reserves (2P oil 6.9 mmbbl). It also states the Impress stake sale lifts cash to $63m before the merger. No new facts beyond the same-day announcements.
21 Feb 2011other● Neutral
Beach says Senex's acceptance lifts its interest in Impress to 96%, so it will compulsorily acquire the rest. Beach will become Senex's partner in the western flank joint venture, where Senex remains operator. This is a counterparty's release.
17 Feb 2011production update▲ GoodMajor
Oil production has restarted at the Growler field after the new access road restored access. Ensign Rig 48 is being mobilised to start the drilling program. This resolves the year-long flood shutdown that began February 2010. Senex holds 60% and operates.
14 Feb 2011director officer appointment● Neutral
Name change to Senex Energy Limited (ASX: SXY) is complete. Frank Connolly, ex-ASIC, is appointed Legal Counsel and Company Secretary, replacing Denis Rakich. The registered office moves from Perth to Brisbane. This resolves the pending name-change thread.