23 Oct 2020other● Neutral
Notice of an Investor Briefing webcast on 5 November 2020 with the CEO, CFO and senior management on operations and outlook. Administrative only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Oct 2020director officer appointment● Neutral
Non-executive director Debbie Goodin, on the board since May 2014 and Audit and Risk Committee chair, will retire at the end of the 19 November 2020 AGM. Board succession item; no replacement named in the text.
15 Oct 2020security holder rights change● Neutral
Senex sets up a small shareholding sale facility for holdings under $500 (1,492 or fewer shares at $0.335), about 0.1% of shares. Holders must opt out by 26 November 2020 or be sold, with no brokerage. Administrative.
13 Oct 2020material agreement▲ GoodMajor
Senex takes final investment decision to expand Roma North gas by 50% to 24 TJ/day (~9 PJ/year), online Q1 FY22. Net cost to Senex is $20m from existing cash; Jemena funds compression. Up to 15 wells; IRR >60%. Resolves the earlier expansion thread.
8 Oct 2020other● Neutral
Notice that the September 2020 quarterly report will be released on 13 October 2020, with a CEO and CFO conference call that morning. Administrative only.
22 Sept 2020material agreement▲ Good
Senex signs a gas sales agreement with Northern Oil Refinery near Gladstone for up to 2.5 PJ of Atlas gas: 0.3 PJ a year for 2.5 years, extendable five years at 0.35 PJ a year. Fixed price in line with current market, indexed annually. A small new customer.
21 Sept 2020asset acquisition disposition▲ GoodMajor
Senex wins preferred tenderer status for 18 sq km of extra Atlas acreage and a 486 sq km Bowen Basin exploration block. Atlas output would rise 50% to ~18 PJ/year, adding 41 PJ of 2P reserves on grant of title, with the Jemena plant expanding to 48 TJ/day.
21 Sept 2020other● Neutral
Webcast notice for 21 September 2020 to discuss the new Atlas acreage and Bowen Basin award. It repeats the award announced the same day and adds nothing new.
16 Sept 2020annual report● Neutral
The 2020 Annual Report restates the FY20 results already released on 24 August. The AGM is set for 19 November 2020. No new information seen in the extract.
16 Sept 2020other● Neutral
FY20 Corporate Governance Statement, lodged with the annual report. It records Farzad's September 2019 resignation and McLoughlin's 1 July 2020 appointment, and says the Board believes it complied with the guidelines. No new substance.
16 Sept 2020other● Neutral
Appendix 4G, the corporate governance disclosure key lodged with the annual report. Administrative only.
24 Aug 2020half year report▲ GoodMajor
FY20 results: production up 73% to 2.1 mmboe, underlying EBITDA up 51% to $53m. FY21 guidance is 3.2-3.6 mmboe and EBITDA $65-75m. FY22 production target is raised to 3.6-4.1 mmboe, with free cashflow of $70-90m and net cash targeted by end FY22.
24 Aug 2020annual report▼ Bad
Appendix 4E and FY20 financial report: revenue up 28% to $120.3m, but a statutory loss of $51.4m after the $52.1m impairment. Underlying profit was $3.8m (down 47%). No dividend. Net tangible assets $0.21 per share.
17 Aug 2020other● Neutral
Notice that FY20 full year results will be released on 24 August 2020, with a webcast that morning. Administrative only.
12 Aug 2020other▼ BadMajor
Senex expects a non-cash impairment of about $52m on Cooper Basin oil assets in FY20, after cutting its long-term Brent assumption to US$62.50/bbl, plus a $2.6m restructuring provision. The company says reserves and financing are unaffected. This follows the COVID-hit oil price fall.
14 July 2020resource reserve update▲ GoodMajor
Surat Basin 2P gas reserves rise 21% to 739 PJ at 30 June 2020 (from 612 PJ), led by Atlas up 62% to 234 PJ and Roma North up 10% to 283 PJ. Total Senex 2P is 781 PJe (134 mmboe), up 19%. Surat output now exceeds 37 TJ/day.
8 July 2020other● Neutral
Notice that the June 2020 quarterly report will be released on 15 July 2020, with a CEO and CFO conference call that morning. Administrative only.
30 June 2020director officer appointment● Neutral
Glenda McLoughlin, a former investment banker and Metgasco co-founder, joins the board as an independent non-executive director from 1 July 2020. She fills the seat left by Vahid Farzad, who resigned in September 2019 when EIG stopped being a material shareholder.
11 June 2020investor presentation● Neutral
Macquarie forum slides reuse the 11 March briefing, marking the 26 May guidance upgrade. FY22 targets stay at EBITDA $100-110m and free cashflow $70-90m, with breakeven below US$30/bbl Brent. No new information.
10 June 2020production update▲ GoodMajor
The $400m Surat Basin development is declared complete, with 80 wells drilled against ~110 originally planned. Roma North is producing about 18 TJ/day and Atlas has exceeded 15 TJ/day toward a 32 TJ/day nameplate. Surat 2P reserves exceed 600 PJ.
26 May 2020production update▲ GoodMajor
FY20 guidance is upgraded: production to 2.0-2.1 mmboe (from 1.8-2.0) and EBITDA to $45-55m (from $40-50m). About 1 PJ of Roma North gas is redirected from GLNG to the domestic market, and the Atlas campaign is cut further to 45 wells.
14 May 2020material agreement▲ Good
New one-year agreement to supply CleanCo Queensland 2.55 PJ of Atlas gas from 1 January 2021 at a fixed price in line with current market levels. Contracted Atlas gas exceeds 35 PJ, with 2020 fully contracted and 2021 over 70% contracted.
9 Apr 2020other● Neutral
Notice that the March quarterly report will be released on 15 April 2020, with a conference call that morning. Administrative only.
27 Mar 2020regulatory community update● Neutral
COVID-19 protocols are in place and operations are proceeding with minimal disruption. At 29 Feb 2020 cash was $105m against $125m drawn debt. Over 500,000 barrels of Cooper oil are hedged at A$90-95. FY20 guidance is unchanged; Surat gas is at 27 TJ/day.
11 Mar 2020investor presentation▲ GoodMajor
Investor briefing targets FY22 production above 3.6 mmboe, EBITDA of $100-110m and free cashflow of $70-90m, with peak net debt under $80m in Q1 FY21. Surat well count is cut by over 20% to 85, saving about $15m net capex after a ~$15m Atlas water plant. Roma North hit 16 TJ/day.
10 Mar 2020other● Neutral
Updated time and link for the 11 March Investor Morning webcast. Administrative only.
5 Mar 2020other● Neutral
Notice of an Investor Morning webcast on 11 March 2020. Administrative only.
2 Mar 2020production update▲ Good
The Roma North drilling campaign is complete at 35 wells, and the rig is returning to Atlas for completion by end FY20. Oil hedges are unchanged: 199 kbbl at A$95 for Jan-Jun 2020 and 318 kbbl at A$90 for FY21. Cash was $123m at 31 Dec.
21 Feb 2020investor presentation● Neutral
Half-year results slides repeat the announced figures: production 779 kboe, EBITDAX $24.1m, Surat output above 24 TJ/day, and the completed Cooper free-carry program (three of four wells met objectives). No new information beyond the results release.
21 Feb 2020half year report▲ Good
Half-year to 31 Dec 2019: revenue rose 25% to $53.3m and statutory profit improved $6m to $1.5m (underlying profit $2.7m). No dividend. Net tangible assets $0.24 per share. Figures match the earlier December quarter trends.