Each one in plain English, with the numbers worked through for a shareholder.
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.
15 Apr 2020quarterly activities report▲ Good
March quarter production rose 31% to 589 kboe and revenue 13% to $33.3m, though average realised oil price fell 44% to $63/bbl. Net debt was $26.3m. Surat gas is above 29 TJ/day; 67 of 85 wells are drilled. FY20 guidance is reiterated.
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.
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.
23 Jan 2020quarterly activities report▲ Good
December quarter production rose 35% to 447 kboe and revenue 23% to $29.4m, with gas production up 72%. Cash reserves were $122.7m; the headline net debt figure is $2.3m. The Cooper free-carry drilling program is completed.
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.
18 Nov 2019agm notice● Neutral
AGM addresses by the chairman and CEO, released on the day of the meeting. The chairman says FY19 project goals were met and the company is well funded. The readable text repeats known points, such as the 18 PJ/year target by end FY21.
28 Oct 2019quarterly activities report▲ Good
September quarter production rose 9% to 337 kboe, with revenue of $23.9m. Net cash was $31.6m after $50m of Jemena proceeds ($97m cash, $65m debt). Atlas gas plant commissioning is now due to begin in November; 24 of ~110 wells drilled.
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.
