Each one in plain English, with the numbers worked through for a shareholder.
22 Jan 2021quarterly activities report▲ Good
December quarter Surat gas output rose 16% to 4.3 PJ, with peak daily production reaching 50 TJ/day. Revenue rose 26% to $27.9m; net debt $52m after a $15m prepayment. Cooper sale to Beach ($87.5m) still expected to complete in Q3 FY21.
15 Jan 2021other● Neutral
Notice that the December 2020 quarterly report will be released on 22 January 2021, with a CEO and CFO conference call that morning. Administrative only.
21 Dec 2020director officer appointment● Neutral
CFO Mark McCabe is promoted to Chief Commercial Officer once a replacement CFO starts; a search has begun. Darren Stevenson becomes Executive GM Surat Basin. COO Peter Mills stays to end of financial year, overseeing Cooper transfer to Beach.
19 Nov 2020other● Neutral
Chairman and Managing Director addresses for the 19 November 2020 virtual AGM. Chairman says Senex will keep a strong balance sheet, pay a dividend and accelerate growth. Largely repeats known plans.
5 Nov 2020investor presentation▲ GoodMajor
After the Cooper sale, Senex targets $85-95m annual EBITDA, $40-60m free cashflow, dividends from FY22 (20-30% of free cashflow) and >10 mmboe production by end FY25. Pro forma net cash ~$30m. A strategy reset to a gas-focused business.
3 Nov 2020asset acquisition disposition● NeutralMajor
Senex agrees to sell its South Australian Cooper Basin assets to Beach Energy for $87.5m cash, exiting the basin after 20+ years. Pro forma net cash about $30m. Effective 1 July 2020, completion expected early 2021, subject to financier and regulatory approvals.
3 Nov 2020asset acquisition disposition● Neutral
Beach's side of the Cooper Basin deal: $87.5m cash for Senex's assets, with 6.8 MMboe of 2P reserves and ~0.6 MMboe forecast FY21 production. Settlement expected March 2021 quarter, with price adjusted for cash flows from 1 July 2020. Repeats the Senex announcement from the buyer's view.
26 Oct 2020material agreement▲ Good
Senex signs a two-year gas sales agreement with Alinta Energy for 4 PJ from 1 January 2021, delivered at Wallumbilla at a fixed price in line with current term contract market levels. Adds another domestic customer.
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.
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 2020quarterly activities report▲ Good
September quarter production rose 13% to 803 kboe, with Surat gas above 44 TJ/day. Revenue fell 8% to $31.1m on lower oil-linked gas prices; net debt peaked near $55m, below the earlier <$60m guidance. Atlas extra acreage authority granted 1 October 2020.
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.
24 Sept 2020agm notice● Neutral
Confirms the AGM will be held virtually on 19 November 2020 at 9.30am AEST. Director re-election is on the agenda, with nominations closing 1 October 2020. Notice of Meeting due in October. 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.
15 July 2020quarterly activities report▲ Good
June quarter production rose 20% to 711 kboe; FY20 production was 2.1 mmboe, up 73%. The $400m Surat development is complete, with gas above 37 TJ/day heading to 48. Net debt was $45.1m, and peak net debt is now expected near $60m (from $80m).
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.
