Each one in plain English, with the numbers worked through for a shareholder.
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 2018quarterly activities report▲ Good
June quarter production rose 42% to about 270,000 boe and revenue rose 89% to $26.5m at A$115/bbl. FY18 production was 840,000 boe (+12%), capex $80.1m, and cash fell to $66.5m. Western flank FY19 program to start August 2018.
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.
26 Apr 2018quarterly activities report● Neutral
March quarter: production about 190,000 boe (-5%), revenue down 18% to $14.0m at A$87/bbl, cash $83.3m. Growler-15 came on at about 1,850 bbl/d. Financing still on track for mid-2018; FY18 production and capex guidance on track.
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.
18 Apr 2018director officer appointment● Neutral
Company Secretary Frank Connolly retired on 18 April 2018. David Pegg, who joined in 2013, continues as Company Secretary and General Counsel. Administrative change.
16 Apr 2018farm in farm out agreement▲ GoodMajor
Senex and Beach agreed to move Beach's up to $43m free-carry commitment from Cooper unconventional gas to Senex-operated western flank oil permits (Senex 60%/Beach 40%). At least three horizontal development and seven exploration wells over about 18 months from early FY19. Lattice-earned gas interest reverts to Senex.
4 Apr 2018drilling progress report● Neutral
Beach Energy's March drilling report. For Senex's joint ventures it repeats Growler-15 online (578m net oil pay) and Marauder-2 plugged, with Marauder-2 DW1 drilling ahead. Rest covers Beach's other wells.
4 Apr 2018drilling result● Neutral
Growler-15 found 578m of net pay and went online 17 March. Marauder-2 exploration well found 8.6m of net sand with no commercial pay and was plugged back; sidetrack Marauder-2 DW1 is drilling to test the Marauder-1 discovery's extent.
29 Mar 2018regulatory community update▲ GoodMajor
Senex was granted a Petroleum Lease and preliminary environmental approvals for Project Atlas, giving on-ground access for about 100 wells and associated infrastructure. It expected remaining approvals in mid-2019 and targeted first gas to the domestic market in late 2019.
12 Mar 2018investor presentation● Neutral
Non-deal roadshow presentation repeating known facts: 2P reserves 84 mmboe, cash $82m, share price $0.38, about 1,447m shares and market cap about $550m. Gas growth is the pitch. No new information.
