Each one in plain English, with the numbers worked through for a shareholder.
21 Feb 2020half year report▲ Good
First-half production rose 40% to 779 kboe, underlying EBITDAX up 54% to $24m, operating cashflow up 31% to $18m. 57 Surat wells drilled, 45 online; wells needed for plateau under review. FY20 guidance 1.8-2.0 mmboe; 95% of 2020 Surat gas contracted.
14 Feb 2020other● Neutral
Notice that half year results will be released on 21 February 2020, with a webcast that morning. Administrative only.
22 Jan 2020production update▲ GoodMajor
Surat gas output reached 20 TJ/day: Roma North above 13.5 TJ/day and Atlas above 6.5 TJ/day. 49 wells are drilled and 33 are producing. New Atlas contracts take contracted volumes to over 32 PJ across six customers.
20 Jan 2020other● Neutral
Notice that the December quarterly report will be released on 23 January 2020, with a conference call that morning. Administrative only.
16 Dec 2019asset acquisition disposition● Neutral
Oilex extended the deadline for conditions on buying Senex's 27 Northern Fairway PRLs by two months, with completion now expected by end of February 2020. Government approval of Oilex as operator is still needed. This continues the September term sheet.
11 Dec 2019material agreement▲ GoodMajor
Orora's Atlas gas deal expands by a further 9.9 PJ over six years from 2022 to 2027, bringing the total to 13.2 PJ at market price escalated by CPI. This extends supply well beyond the earlier two-year agreement.
10 Dec 2019production update▲ GoodMajor
Project Atlas made its first gas sales, ahead of schedule, to Queensland-government-owned CleanCo on a fixed price until 30 June 2020. 23 of ~60 Atlas wells are drilled and 15 produce above 3 TJ/day. Plateau target is 12 PJ/year by end FY21.
9 Dec 2019other● Neutral
Senex lodged a revised Securities Trading Policy, effective 9 December 2019, under ASX listing rules. Administrative only, with no financial or operational substance.
5 Dec 2019production update▲ GoodMajor
Gemba gas field (PEL 516, Senex 100%), discovered late 2018, is now on production after tie-in to the Santos-operated network, flowing ~4 mmscf/day constrained. Gas goes to Pelican Point under a fixed-price deal; about 0.1 mmboe is expected in FY20.
21 Oct 2019other● Neutral
Notice that the September quarterly report will come out on 28 October 2019, with a conference call that morning. Administrative only.
16 Oct 2019investor presentation● Neutral
Conference presentation repeating known points: Roma North above 11 TJ/day, first Atlas gas, 23 of ~110 Surat wells drilled, and the 18 PJ/year target by end FY21. No new results disclosed in the readable text.
10 Oct 2019production update▲ Good
Roma North gas output reached 11 TJ/day, up about 40% since June, after the first 10 wells of the ~50-well campaign came online. The plant (now owned by Jemena) has 16 TJ/day capacity; the target is 18 PJ/year Surat gas by end FY21.
8 Oct 2019production update▲ GoodMajor
First gas flowed from Project Atlas, with the first four wells online; 11 of ~60 wells are drilled. Gas goes to flare until Jemena's plant is commissioned this quarter. Sales to CSR, Orora and O-I start 1 January 2020.
3 Oct 2019regulatory community update▲ Good
Jemena completed mechanical construction of the 60 km Project Atlas pipeline, less than three months after starting in July. The gas facility is still being built; first sales gas is still expected by end of 2019.
30 Sept 2019director officer appointment● Neutral
Director Vahid Farzad resigned from the board following EIG's sale of its Senex stake. He had joined in April 2019 as EIG's nominee.
27 Sept 2019asset acquisition disposition● NeutralMajor
Oilex announced a binding term sheet to take all of Senex's operated interest in 27 Cooper Basin Northern Fairway PRLs (2,445 sq km), including the Paning tight gas discovery. Consideration is nominal, with Oilex assuming ~$1.1m rehabilitation and ~$1m annual fees. Conditions, including government approvals, apply.
25 Sept 2019security holder rights change● NeutralMajor
EIG sold its remaining ~9.1% stake in Senex to institutional investors, ending its holding that began in early 2017. EIG says it remains bullish on Senex. Shareholders lose a major backer, though the shares went to other institutions.
16 Sept 2019admin correction● Neutral
Senex corrected an error in the 2C contingent resources table of its 2019 annual report. The corrected page confirms 8.3 mmboe, matching the results release.
13 Sept 2019asset acquisition disposition▲ GoodMajor
Senex completed the $50m sale of the Roma North gas plant and pipeline to Jemena after performance testing. It will pay a tolling tariff under a 21-year deal to 2040. This resolves the sale announced in June; the first compression train ran above 8 TJ/day.
11 Sept 2019director officer appointment▲ GoodMajor
Mark McCabe, previously CFO and Deputy CEO of Australia Pacific LNG for nine years, is appointed CFO, expected to start in early December. This fills the vacancy left by Gary Mallett, who resigned in June.
3 Sept 2019drilling progress report▲ Good
First 15 of ~110 Surat wells drilled (5 at Atlas, 10 at Roma North), with Atlas coal up to 43 m thick. The first four Roma North wells are tied in and producing. Atlas wells connect from October; first sales gas is still late 2019.
29 Aug 2019well test result▲ GoodMajor
Gemba-1 (PEL 516, Senex 100%) flowed a stable 5 mmscf/day in a five-day test after a seven-stage frac, with gas from all seven zones. It is to be tied in late 2019 and a $5.26m SA government grant supports the project.
20 Aug 2019annual report▲ GoodMajor
FY19 results: production up 43% to 1.2 mmboe, revenue up 34% to $94m, underlying EBITDAX up 49% to $39m. 2P reserves 111.4 mmboe (down 2% from 113.2); 2C resources up 57% to 8.3 mmboe on Gemba and Growler. About $150m Surat capex planned in FY20.
20 Aug 2019annual report● Neutral
2019 Annual Report, titled 'Transformation in Motion', covers the year to 30 June 2019 and repeats known results. AGM is set for 18 November 2019. It notes a Mount Isa gas exploration transfer to Bridgeport is pending.
20 Aug 2019investor presentation● Neutral
Results presentation repeating the FY19 figures: production up 43%, revenue $94m, operating cashflow $45m (FY18 $5m). Roma North targeted at 16 TJ/day by end FY21. No new announcements.
20 Aug 2019other● Neutral
FY19 Corporate Governance Statement describing board policies and committees. It records Vahid Farzad (EIG) joining the board in April 2019 and states the board believes it complied with the guidelines. Administrative only.
20 Aug 2019annual report▲ Good
FY19 result: revenue up 34% to $94.1m and a profit of $3.3m, against a $94.0m loss the prior year (which included impairments). Underlying profit was $7.2m. No dividend; net tangible assets $0.24 per share.
20 Aug 2019other● Neutral
Appendix 4G governance checklist lodged with the annual report, pointing to the corporate governance statement. Administrative only, no operational or financial substance.
13 Aug 2019other● Neutral
Notice that FY19 full-year results will be released on 20 August 2019, with a conference call. Administrative only.
1 Aug 2019drilling spud▲ Good
The first Project Atlas well was spudded on 31 July 2019, after the first 10 Roma North wells. This starts Atlas drilling, with first gas still targeted for later in calendar 2019.
