Each one in plain English, with the numbers worked through for a shareholder.
22 July 2019production update▲ Good
Roma North gas production reached 8.4 TJ a day in late June after the compressor station was commissioned, and the plant now produces sales-specification gas. Nine of ~110 wells are drilled; Atlas drilling follows in August, with first gas late 2019.
16 July 2019other● Neutral
Notice that the June 2019 quarterly report will be released on 23 July 2019, with a conference call. Administrative only.
8 July 2019regulatory community update▲ Good
Jemena started construction of the 60 km Project Atlas pipeline to Wallumbilla. First gas is still planned for late 2019. Senex says it and Jemena will invest almost $400m across Atlas and Roma North.
27 June 2019investor presentation● Neutral
Macquarie conference presentation repeating known themes: the ~110-well campaign started in early June, Roma North commissioning, Atlas end-2019, the $50m Jemena sale and Gemba-1. It refers to the new Surat block as 'Project Artemis'. No new announcements.
26 June 2019other● Neutral
Senex advised that its Securities Trading Policy has been revised, effective 24 June 2019. Governance and administrative notice only, with no operational or financial substance.
19 June 2019director officer appointment▼ BadMajor
CFO Gary Mallett resigned to move to Sydney and will stay until October 2019. The search for a replacement starts immediately. He arranged the ANZ debt facility, the Jemena deals and the hedging program.
17 June 2019asset acquisition disposition▲ GoodMajor
Senex agreed to sell the Roma North gas plant and pipeline to Jemena for $50m, paid on completion expected September 2019, and will pay a tolling tariff under a 21-year agreement. This resolves the plant sale-leaseback thread; Jemena will then own both plants.
11 June 2019material agreement▲ Good
Third Project Atlas gas sales agreement signed, with O-I Australia: 1 PJ a year for five years from 1 January 2021, with options for up to 10.5 PJ in total. Fixed price indexed annually. Atlas contracts now exceed 23 PJ including options.
5 June 2019drilling spud▲ GoodMajor
Senex began its ~110-well Surat Basin gas drilling campaign, starting at Roma North and moving to Project Atlas after Q1 FY20. It targets about 18 PJ a year of gas by end FY21. Atlas gas sales to customers start 1 January 2020.
28 May 2019asset acquisition disposition▲ GoodMajor
Senex won preferred tender status for a 153 sq km Surat Basin block (PLR2018-1-1) near Miles, subject to tenure grant. Three wells are committed in FY22-23, with minimal early capex, and all gas must be sold domestically. It is Senex's second government-awarded block after Atlas.
28 May 2019investor presentation● Neutral
APPEA conference presentation repeating known themes: ~110-well drilling from May 2019, Roma North commissioning mid-2019 and Atlas end-2019, and the Gemba-1 discovery. It cites a market capitalisation of about $430 million. No new announcements.
27 May 2019production update▲ GoodMajor
Roma North gas plant reached mechanical completion and began commissioning, on schedule and on budget. Initial capacity is 16 TJ/d, expandable to 24 TJ/d and up to 48 TJ/d. Processed gas to GLNG is expected by mid-year, resolving the plant-construction thread.
1 May 2019material agreement▲ GoodMajor
Second Project Atlas gas sales agreement signed with Orora, for up to 9.9 PJ. The initial two years supply 3.3 PJ from January 2020, with a mechanism to extend six years for up to 6.6 PJ more, at a fixed price indexed annually.
24 Apr 2019other● Neutral
Notice that the March 2019 quarterly report will be released on 30 April 2019, with a conference call. Administrative only.
17 Apr 2019material agreement▲ GoodMajor
First Project Atlas gas sales agreement signed with CSR, for up to 3.25 PJ. The initial three years supply 0.65 PJ a year from 1 January 2020, at a fixed price indexed annually. This advances the Atlas gas sales thread targeted for mid-2019.
16 Apr 2019contract award▲ GoodMajor
Easternwell won the Surat Basin gas drilling contract, with drilling starting May 2019 and the initial program due to finish mid-2020. Senex can extend it up to two years in total. Contract value is within the capex guidance given in October 2018.
3 Apr 2019contract award▲ Good
Jemena has awarded construction of the Project Atlas processing plant to Valmec, with civil works sub-contracted to FKG Group and already on site. This is the $140m Jemena-owned facility, with first gas still targeted for late 2019.
2 Apr 2019director officer appointment● Neutral
EIG nominee Vahid Farzad, an EIG Senior Vice President, was appointed non-executive director, replacing Mr Zhmurovsky. EIG says it remains committed to its Senex investment.
27 Mar 2019regulatory community update▲ GoodMajor
Queensland environmental approval for Project Atlas received, adding to the federal approval of January. This completes the environmental approvals and lets Senex move to full development, with Atlas commissioning by end 2019 and first gas sales after.
25 Mar 2019director officer appointment● Neutral
EIG nominee director Andy Zhmurovsky has resigned from the Senex board. EIG, a substantial shareholder, says it will soon appoint a replacement nominee.
20 Mar 2019contract award▲ Good
Civil works have started for the ~110-well Surat Basin drilling campaign, with initial well pads and roads awarded to T&W Earthmoving. Drilling is still due in Q4 FY19, Roma North commissioning mid-2019 and Atlas first gas end 2019.
19 Feb 2019half year report▲ Good
Half-year accounts to Dec 2018: revenue up 44% to $42.8m, statutory loss narrowed 95% to $4.5m, underlying profit $1.4m. Net tangible assets $0.24 per share, no dividend. The prior-year loss included a $79.9m impairment.
19 Feb 2019investor presentation● Neutral
Half-year results presentation repeating the release. New detail: Roma North peaked at 6 TJ/d after balance date, and Growler-16 and -17 came online in January 2019. Roma North commissioning is mid-2019 and Atlas first gas is end 2019.
19 Feb 2019half year report▲ Good
Half-year results: production up 49% to 557 kboe, revenue up 44% to $43m, EBITDAX up 74% to $17m, operating cash flow $14m versus -$6m. Roma North gas and Gemba-1's 8 mmscfd test are highlighted; Surat gas targeted at 48 TJ/d by end FY21.
14 Feb 2019regulatory community update▲ GoodMajor
Queensland awarded Jemena a petroleum facility licence to build the $140m, 40 TJ/d Project Atlas processing plant. Construction can start, and Senex says first gas by end 2019 stays on schedule.
13 Feb 2019other● Neutral
Notice that the half-year results will be released 19 February 2019, with a conference call. Administrative only.
23 Jan 2019other● Neutral
Notice that the December 2018 quarterly report will be released 30 January 2019, with a conference call. Administrative only.
21 Jan 2019regulatory community update▲ Good
Federal EPBC environmental requirements for Project Atlas are confirmed satisfied. State environmental authority applications are all submitted. This advances the Atlas approvals thread, though state approvals remain outstanding.
17 Dec 2018well test result▲ GoodMajor
Gemba-1 (PEL 516, Senex 100%) flowed at a stabilised ~8 mmscfd after fracturing, with about 20% CO2. The pre-drill 15 Bcf recovery estimate may be exceeded. An extended test is planned for Q3 FY19, with possible first gas by end 2019.
28 Nov 2018investor presentation● Neutral
Goldman Sachs presentation repeating the growth plan. New detail is additional November 2018 oil hedging: swaps of 310 kbbl for Dec-18 to Jun-19, 350 kbbl in FY20 and 150 kbbl in FY21 at roughly A$93-98/bbl, plus existing puts. Market capitalisation cited is about $550m.
