Each one in plain English, with the numbers worked through for a shareholder.
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.
19 Sept 2019agm notice● Neutral
Notice that the AGM will be held on 18 November 2019 in Brisbane. Administrative only.
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.
23 July 2019quarterly activities report● Neutral
June quarter: production 308 kboe (down 7%), revenue $23.5m (down 15%) and realised oil price $99/bbl. FY19 production was 1.2 mmboe and revenue $94.1m (+34%). Net cash fell to $12.7m. A further 262,000 bbl was hedged at A$90.
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.
