3 Oct 2014drilling spud● Neutral
Planet Gas reports Bagheera East-1 spudded on 2 October in PEL 514 (Senex 80% operator, Planet 20% free-carried), planned to about 2,510 m to test the Tinchoo Formation. This is the follow-on well after Hathi-1.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 Oct 2014drilling progress report● Neutral
Beach's September report confirmed Martlet-1 (PEL 104, Senex 60% operator) intersected six metres of net oil pay in the Namur Sandstone. The well reached a total depth of 2,096 m and was cased and suspended as a future Namur oil producer.
26 Sept 2014drilling result▼ BadMajor
Planet Gas reports Hathi-1 (PEL 514, Senex 80% operator) reached 2,568 m with only trace hydrocarbons on wireline logs, and is being plugged and abandoned. Another dry exploration well; the rig now moves to Bagheera East-1.
15 Sept 2014drilling spud● Neutral
Partner Planet Gas reports Hathi-1 spudded on 13 September in PEL 514 (Senex 80% operator, Planet 20% free-carried), targeting the Tinchoo Formation to 2,530 m. Bagheera East-1 is planned next. Planet's report of a Senex-operated well already flagged.
12 Sept 2014drilling result▲ Good
Partner Beach Energy confirms Martlet-1 (PEL 104; Beach 40%, Senex 60% operator) found 6 m of net oil pay in the Namur Sandstone at 1,454 m. It is the first Namur oil discovery in the PEL 104/111 joint venture area. Repeats Senex's announcement.
12 Sept 2014drilling result▲ GoodMajor
Martlet-1 (PEL 104, Senex 60%) found a Namur oil accumulation, up to 6 m net pay at 2,096 m, to be cased and on production next quarter. Squire-1 (PRL 59) was dry with oil shows in a poor reservoir. Rig moves to Hathi-1 in PEL 514.
3 Sept 2014drilling result▼ BadMajor
Warthog-1 (PEL 111, Senex 60%) was dry: good sands but no oil or gas shows, plugged and abandoned at 1,887 m. Squire-1 reached 2,500 m and was in drill stem testing; Martlet-1 (PEL 104) was drilling. A third exploration miss after Tornado-1 and Sabre-1.
3 Sept 2014drilling progress report● Neutral
Beach Energy's August report mostly covers its own wells and Santos-operated gas wells. For Senex it lists Warthog-1 plugged and abandoned at 1,887 m and Martlet-1 drilling in PEL 104. Nothing beyond Senex's own report.
6 Aug 2014drilling progress report● Neutral
Beach Energy's July report mostly covers its own wells. For Senex it records Sabre-1 (PEL 111) plugged and abandoned at 1,900 m. Nothing beyond Senex's own report.
6 Aug 2014drilling result▼ BadMajor
Sabre-1 (PEL 111, Senex 60%) was dry: good oil shows but poorly developed reservoir, plugged and abandoned at 1,900 m. A second straight exploration miss after Tornado-1. Warthog-1 and Squire-1 (first Cordillo 3D well, PRL 59) are next; FY15 program due 26 Aug.
28 July 2014resource reserve update▲ GoodMajor
Senex lifted net 2P oil reserves by 4.5 mmbbl to 13.3 mmbbl at 30 June 2014, a 327% replacement ratio, independently assessed by D&M. 1P rose to 5.5 mmbbl and 3P fell slightly to 20.5 mmbbl. Delivers the FY14 guidance of 4-6 mmbbl additions.
2 July 2014drilling result▼ BadMajor
Tornado-1 (PEL 111, Senex 60%), the first Lignum 3D exploration well, was plugged and abandoned with excellent Birkhead sands but no hydrocarbons, at 2,170 m. The 30-well FY14 program is complete; Sabre-1 is next in July.
2 July 2014drilling progress report● Neutral
Beach Energy's June report mostly covers its own wells. For Senex it lists Tornado-1 (PEL 111) plugged and abandoned at 2,170 m. Nothing new beyond Senex's own report.
30 June 2014farm in farm out agreement● Neutral
Planet Gas agreed with Origin and Senex to be free-carried on its share of the $80m Area B Deeps program (PEL 638), dropping to 10%. Origin earns 33.75% in Stage 1; Senex reaches 45% by Stage 2. Planet keeps 20% free-carried on oil.
30 June 2014farm in farm out completion▲ GoodMajor
Senex and Origin completed the two Cooper Basin tight gas farm-ins announced 24 Feb 2014. Work programs total up to $252m over 1,935 sq km, with Senex free-carried on Area A (60%) and Origin funding. Planet's share in Area B Deeps is also funded.
4 June 2014drilling progress report● Neutral
Beach Energy's May report mostly covers its own wells. For Senex it repeats Mustang-2 (PPL 243, Senex 60%) cased with 6.4 m net oil pay, and Tornado-1 drilling ahead at 2,147 m. Nothing new.
4 June 2014drilling progress report▲ Good
May report: the planned 30-well FY14 program is complete. Mustang-2 was cased with 6.4 m net pay, and Tornado-1, the first exploration well from the Lignum 3D seismic, is drilling. The FY15 program is to be announced in July.
7 May 2014drilling result▲ GoodMajor
Four Spitfire wells (PEL 104, Senex 60%) are cased as Birkhead producers with up to 13.8 m net pay. Spitfire-4 produces about 700 bopd and Spitfire-6 flowed 1,600 bopd on test. Results support the new seismic technique and further westward drilling.
7 May 2014drilling progress report● Neutral
Beach Energy's April report mostly covers its own wells. For Senex it repeats Spitfire-3 (6.1 m pay) and Spitfire-6 cased as producers, Mustang-3 abandoned in water-bearing sand, and Mustang-2 drilling. Nothing new.
7 May 2014drilling progress report● Neutral
April report: 28 of 30 planned FY14 wells drilled, 25 cased. Spitfire-3 (6.1 m pay) and Spitfire-6 (8.9 m) cased as Birkhead producers. Mustang-3 was plugged and abandoned, below the oil-water contact; Mustang-2 is drilling and Tornado-1 is planned next.
7 Apr 2014drilling progress report● Neutral
Planet Gas says cased-hole testing of four zones in Sprigg-1 (PEL 514, Senex 80% operator, Planet 20% free-carried) starts around 9 April, followed by swabbing. Sprigg-1 found 6.3 m of Murta pay in October 2013.
2 Apr 2014drilling progress report▲ Good
March report: 25 wells drilled in FY14, 23 cased and suspended. Worrior-10 found 4.5 m Patchawarra pay, Vintage Crop-5 was cased as a Murta producer, and Spitfire-5 was cased with 7.3 m porous sandstone. Spitfire-3 is drilling.
2 Apr 2014drilling progress report● Neutral
Beach Energy's March report mostly covers its own wells. For Senex, it notes Spitfire-5 was cased as a future oil producer on strong shows, and Spitfire-3 is drilling ahead after coring the Mid-Birkhead. Little new for Senex.
19 Mar 2014drilling result▲ Good
Cooper Energy reports Worrior-10 (PPL 207, Senex 70%) cased as a Patchawarra oil producer after 4.5 m net oil pay; a short test flowed at an equivalent 177 bbl/day. Confirms the Worrior-8 Patchawarra oil pool extends north-west, though more drilling is needed.
5 Mar 2014drilling progress report▼ Bad
Beach Energy's February drilling report mostly covers its own wells. For Senex, it notes Snatcher-11 found 4.5 m of oil shows in poor quality sandstone with depleted pressure, and Beach chose not to participate. Little new for Senex.
5 Mar 2014drilling progress report● Neutral
February report: 22 wells drilled in FY14, 20 cased and suspended. Mirage-6 found 11.6 m of net Murta oil pay; Vintage Crop-4 found about 2.5 m in McKinlay. Snatcher-11 was cased at Senex's sole risk as net pay could not be confirmed.
28 Feb 2014drilling spud● Neutral
Partner Cooper Energy reports Worrior-10 spudded on 27 February in PPL 207 (Senex 70% operator, Cooper 30%) to test how far the Patchawarra oil pool found by Worrior-8 (670 bopd) extends. Expected to take 14 days.
24 Feb 2014farm in farm out agreement▲ Good
Planet Gas, holding 20% of PEL 514, announces the Origin farm-out of the Deeps: Origin earns 30%, rising to 40% after Stage 2, and Senex falls to 40%. Planet Gas keeps 20%. Restates the Senex deal from the partner's side.
24 Feb 2014farm in farm out agreement▲ GoodMajor
Origin farmed into Senex's Cooper Basin tight gas acreage under two agreements, Area A (PEL 516/115) and Area B (PEL 514 Deeps), with up to $252m of work. Senex is free-carried for its share of the first $185m two-stage program, and completion is expected by 30 June 2014.
24 Feb 2014farm in farm out agreement▲ Good
Origin's own release on the Cooper Basin gas farm-ins with Senex: Origin invests $97m in Stage 1 for 40% of Area A and 30% of Area B, then optionally $72m more for 10% each. Completion expected around 30 June 2014; repeats the deal already reported.