Each one in plain English, with the numbers worked through for a shareholder.
30 Apr 2019quarterly activities report▲ Good
March quarter: production 334 kboe (+21%), revenue up 62% to $27.8m, and realised oil price up to $109/bbl. Net cash was $23.1m, after $58.1m cash and $35m debt. Atlas environmental approvals, the CSR gas deal and the drilling contract are covered.
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.
30 Jan 2019quarterly activities report● Neutral
December quarter: Roma North gas up 33%, with rates reaching 5.7 TJ/d. Revenue fell 33% to $17.2m as realised oil price dropped to $78/bbl. Net cash was $39.0m after a $35m first drawdown on the new facility.
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.
15 Nov 2018agm notice● Neutral
Chairman and Managing Director addresses released for the AGM, restating the $150m debt close, the Atlas and Roma North investment decisions and the Beach-funded Cooper drilling. No new information.
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.
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.
24 Oct 2018quarterly activities report▲ Good
September quarter: production rose 4% to 281 kboe and cash fell to $57.6m. Two Cooper oil discoveries (Breguet-1, Snatcher North-1) are due online in Q2 FY19, and the $150m ANZ facility is near financial close, continuing the earlier thread.
22 Oct 2018other● Neutral
Notice that the September 2018 quarterly report will be released 24 October 2018, with a conference call. Administrative only.
26 Sept 2018agm notice● Neutral
AGM will be held 15 November 2018 at 9.30am in Brisbane. 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.
