12 Nov 2018investor presentation● Neutral
Morgans conference presentation repeating known themes: investment decisions taken, FY19 guidance, $58m cash and the $150m facility. It cites a market capitalisation of about $620m. Nothing new.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Nov 2018contract award▲ GoodMajor
Senex awarded the Roma North construction contract to Wasco, and civil works have started. It covers the 16 TJ/d gas plant and a 6km pipeline to GLNG infrastructure, with commissioning targeted for Q4 FY19. This follows the investment decision.
29 Oct 2018other▲ GoodMajor
FY19 guidance: production of 1.1-1.5 mmboe (FY18: 0.84) and net capex of $110-130m (FY18: $80m). This delivers the guidance promised at financial close, with gas and new Cooper oil wells driving the growth.
29 Oct 2018debt financing▲ GoodMajor
Financial close of the $150m ANZ senior secured facility ($125m seven-year reserve-based limit, $25m working capital), with an initial cost of about 6%. Funds are available for drawdown, resolving the pending financing and clearing the way for Surat projects.
29 Oct 2018other● Neutral
Notice of a conference call on 29 October 2018 to discuss the debt close, investment decisions and guidance. Administrative only.
29 Oct 2018material agreement▲ GoodMajor
Final investment decisions taken on Project Atlas and Roma North, with Surat Basin capex of $220-250m over FY19-FY21 and about 110 wells. Targets 3 mmboe a year of gas by end FY21 and 4 mmboe total; Atlas decision is subject to final approvals.
22 Oct 2018other● Neutral
Notice that the September 2018 quarterly report will be released 24 October 2018, with a conference call. Administrative only.
11 Sept 2018material agreement▲ GoodMajor
Senex and GLNG split the Western Surat gas sales deal. Roma North (Glenora, Eos, Mimas, Tethys; 260 PJ 2P) goes to GLNG exclusively on FID, clearing the way for an initial 16 TJ/d project. The deadline for FID on the remaining acreage moves to September 2022.
5 Sept 2018asset acquisition disposition▲ Good
Planet Gas agreed to transfer its remaining Cooper Basin interests to Senex for $400,000 plus a 2% overriding royalty: 20% of CBOS North Shallows and 12.5% of North Deeps. This appears to settle Planet Gas's rights in the area.
21 Aug 2018annual report● Neutral
Appendix 4E: FY18 revenue rose 61% to $70.3m and statutory loss was $94.0m (from $22.7m), driven by $113.3m impairment. Underlying profit was $2.0m versus a $22.5m loss. No dividend; NTA $0.24 per share.
21 Aug 2018investor presentation● Neutral
FY18 results presentation repeating known themes: ten-well free-carried Cooper program, $150m ANZ facility, $140m Jemena Atlas infrastructure, and $67m cash. Surat final investment decisions are planned. Nothing new.
21 Aug 2018other● Neutral
FY18 Corporate Governance Statement, stating compliance with ASX principles. It notes Andy Zhmurovsky (EIG) joined the board 1 January 2018. Administrative only.
21 Aug 2018half year report▲ Good
FY18 results: 2P reserves +35%, production +12%, revenue +61% to $70.3m, operating cashflow $5.3m, statutory loss $94.0m, underlying profit $2.0m. FY19 guidance will come with ANZ debt financial close, expected in four to eight weeks.
21 Aug 2018annual report● Neutral
Full FY18 annual report, repeating known results: production up 12% to 0.84 mmboe, revenue $70.3m. AGM set for 15 November 2018. Safety was weaker, with six recordable incidents (TRIFR 8.8).
21 Aug 2018admin correction● Neutral
Appendix 4G governance disclosure key filed with the annual report. Administrative only, no substantive information.
15 Aug 2018financial restatement▼ BadMajor
Senex guided to a ~$17m gain from completing the Beach unconventional gas JV termination, and ~$33m more impairment on non-core Cooper exploration acreage, taking FY18 impairment to $113m. This resolves the non-core rationalisation flagged earlier.
15 Aug 2018drilling result▲ GoodMajor
Breguet-1, first well of the FY19 campaign (ex PEL 104, Senex 60%/Beach 40%), found Birkhead oil: up to 5.7m net pay in an 18.5m column. It will be cased and suspended, with production expected Q2 FY19 and follow-up appraisal possible.
14 Aug 2018other● Neutral
Notice that FY18 results will be released 21 August 2018 with a 10am AEST webcast. Administrative only.
14 Aug 2018regulatory community update▲ GoodMajor
Senex received Commonwealth EPBC approval for the Western Surat Gas Project, completing all primary approvals for initial Glenora and Eos development. Financial, commercial and contracting steps still remain before a final investment decision.
31 July 2018resource reserve update▲ GoodMajor
At 30 June 2018, 2P reserves rose 35% to 113.2 mmboe and 1P rose 21% to 20.2 mmboe. Project Atlas made a maiden 2P booking of 144 PJ (24.5 mmboe). Cooper unconventional gas 2C resources were reclassified as prospective, so 2C fell to 5.3 mmboe.
31 July 2018debt financing▲ GoodMajor
Senex signed a fully underwritten A$150m ANZ debt facility: A$125m seven-year reserve-based loan starting at about 6% interest, plus a A$25m working capital line. It funds Surat gas development, subject to final documentation. Delivers the mid-2018 financing target.
30 July 2018other● Neutral
Notice that the June quarterly report will be released 31 July 2018 with a 10am AEST webcast. Gary Mallett now appears as CFO. Administrative only.
18 June 2018material agreement▲ GoodMajor
Senex signed with Jemena to build, own and operate Project Atlas processing (40 TJ/d) and a ~60km pipeline, costing about A$140m funded by Jemena. Senex pays a tariff over 25 years. First gas targeted late 2019; resolves the Atlas gas processing talks.
6 June 2018drilling result▲ GoodMajor
Gemba-1 (PEL 516, Senex 100%) found gas ahead of pre-drill expectations and was extended to 2,795m on gas shows in the Dullingari group. A frac and test program is targeted for early FY19; this ends the FY18 drilling program.
2 May 2018drilling progress report● Neutral
Beach Energy's April drilling report. For Senex it repeats that Marauder-2 DW1 hit Birkhead sands and was suspended as a future producer. The rest covers Beach's own wells.
2 May 2018drilling result▲ Good
Marauder-2 DW1 reached 2,144m and hit Birkhead sands; it is cased and suspended as a future producer, completing the Marauder campaign. Gemba-1 gas well (PEL 516, Senex 100%) spudded 23 April, with PACE grant of $5.26m, drilling ahead.
2 May 2018investor presentation● Neutral
Macquarie conference presentation repeating known themes: Atlas and Western Surat gas progress, the $43m free-carry transfer, and FY18 production guidance of 0.75-0.9 mmboe. Financing talks described as progressing positively. Nothing new.
1 May 2018regulatory community update▲ GoodMajor
Senex was granted a Petroleum Lease over the Glenora and Eos blocks, the initial development area of the Western Surat Gas Project. Two further leases and remaining approvals are still expected by mid-2018, moving the project towards development.
20 Apr 2018director officer appointment● NeutralMajor
Gary Mallett, formerly Origin Energy's Acting CFO, will join as CFO in May 2018. He replaces Graham Yerbury, who resigned to join a private-equity-backed mining business and will stay for the coming months to hand over.
19 Apr 2018other● Neutral
Notice that the March quarter report will be released 26 April 2018, with a 9am AEST webcast. Administrative only.