7 Mar 2018drilling progress report● Neutral
Beach Energy's February drilling report. Relevant to Senex: Growler-15 (Senex 60% operator, Beach 40%) was drilling ahead in the Growler field. Mostly covers Beach's own wells.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Mar 2018drilling spud● Neutral
Growler-15, Senex's first operated horizontal Birkhead well on the western flank (Senex 60%/Beach 40%), spudded 18 February. It was drilling ahead at 2,056m, aiming for 3,049m to speed up Growler oil production.
22 Feb 2018half year report▼ BadMajor
Half-year loss after tax was $82.3m, mainly the $79.9m impairment; underlying loss was $2.8m. Revenue rose 31% to $29.8m. Senex sanctioned $13m of long-lead items for Western Surat sales gas compression; FY18 capex guidance is under review.
22 Feb 2018investor presentation● Neutral
Half-year results presentation repeating the results: net cash $81.9m, production guidance unchanged at 0.75-0.90 mmboe, and oil largely hedged to June 2019. Nothing new beyond the results announcement.
20 Feb 2018asset acquisition disposition▼ BadMajor
After a portfolio review, Senex expects an $80m non-cash impairment on non-core Cooper Basin exploration assets and will rationalise them (sale, farm-down or relinquishment). Capital goes to Surat gas and western flank oil; lender financing is on track to close mid-2018.
16 Feb 2018joint venture update● Neutral
Metgasco (a partner in the Frey-1 area, not Senex) says it will keep its interest in PRL 237, the eastern part of the Frey-1 area, alongside Cooper Energy and Senex. Mostly about its Byron Energy investment; little new for Senex shareholders.
15 Feb 2018other● Neutral
Notice that half year results will be released 22 February 2018, with a 9am AEST webcast. Administrative only.
19 Jan 2018quarterly activities report▲ Good
December quarter: production about 200,000 boe (+11%), revenue up 33% to $17.0m at A$95/bbl, cash $81.9m (from $109.8m). Phase 2 gas now sold to GLNG; over 15 western flank targets identified. FY19 oil hedged with puts below US$56/bbl.
12 Jan 2018other● Neutral
Notice that the December 2017 quarterly report will be released on 19 January 2018, with a webcast at 10.00am AEST. Administrative only.
10 Jan 2018drilling result▲ Good
Mimas-2 core well (ATP 795, Senex 100%) was drill stem tested and cased and suspended at 533m. Net coal and permeability are in line with expectations and similar to Eos and Glenora; a pilot program in the area is planned later in 2018.
22 Dec 2017director officer appointment● Neutral
Andy Zhmurovsky, Managing Director of EIG's Australian business, joins the board as non-executive director from 1 January 2018. Sentient nominee Yanina Barila resigned on 21 December after Sentient's exit. EIG holds 12.2% of Senex.
21 Dec 2017material agreement▲ GoodMajor
Senex agreed to sell raw gas from the Phase 2 Western Surat wells to GLNG, extending the earlier Phase 1 arrangement, on terms described as competitive. Sales began 21 December at over 4 TJ/day, resolving the open GLNG agreement thread.
20 Dec 2017capital raising announcement● Neutral
Sentient Group sold its entire 13.0% Senex stake at $0.34 per share in a $64m institutional bookbuild placed by Morgans. This is a sale between shareholders, not new capital for Senex, and boosts liquidity as Sentient exits.
19 Dec 2017production update▲ GoodMajor
All 30 Western Surat Phase 2 wells are online on time and at $1.2m per well, producing over 4 TJ/day, ahead of expectations. Mimas-2 core results match Eos and Glenora; the next 40-50 wells are identified, and financing is expected to close in coming months.
18 Dec 2017material agreement▲ Good
Senex will drill a conventional tight sands gas well in the Allunga Trough, southern Cooper Basin, backed by $5.26m of South Australian PACE grant funding, which the joint ventures must match. It follows the $5.82m Vanessa grant of July 2017.
8 Dec 2017regulatory community update▲ GoodMajor
Senex received its Environmental Authority from the Queensland Government to develop up to 425 wells at the Western Surat Gas Project. It expects the remaining State and Commonwealth approvals, including a Petroleum Lease, by the end of FY18.
6 Dec 2017drilling progress report▲ Good
November report: the final three Western Surat Phase 2 wells were drilled, completing the 30-well campaign; two pods are online and the last follows in December. Mimas-2 core well spudded 28 November and reached 533m, west of Eos and Glenora.
15 Nov 2017other● Neutral
Release of the Chairman's and Managing Director's AGM speeches. The cover page carries no new information; the speeches themselves are only partly visible in the text provided, and the Chairman's section is general commentary on strategy and energy policy.
1 Nov 2017drilling progress report▲ Good
October report: six more Western Surat Phase 2 wells drilled, 27 of 30 done. Net coal measurements are slightly ahead of P50 estimates, and the first wells came online. GLNG raw gas agreement still being negotiated.
25 Oct 2017quarterly activities report▲ Good
September quarter: production about 180,000 bbl (+6%), revenue up 29% to $12.8m at A$80/bbl, cash $109.8m (from $134.8m), capex $28.1m. Marauder-1 is online and producing from the Birkhead; Project Atlas planning, and financing for the Surat projects is progressing.
23 Oct 2017production update▲ GoodMajor
Senex brought the first pod of Western Surat Phase 2 wells online; 24 of 30 are drilled and all 30 are expected producing by end 2017. Cost is on track for $1.2m per installed well, and a raw gas sales agreement with GLNG is still being negotiated.
18 Oct 2017other● Neutral
Computershare, Senex's share registry, will move its Brisbane office to Level 1, 200 Mary Street from 1 November 2017. Administrative notice with no business impact.
17 Oct 2017other● Neutral
Notice that the September quarterly report will be released on 25 October 2017, with a CFO webcast at 9.00am AEST. Administrative only.
4 Oct 2017drilling result▼ Bad
Metgasco confirms Frey-1 in PEL 93 was plugged and abandoned for lack of significant hydrocarbon shows, with its cost within budget. It is evaluating other Cooper Basin farm-in options with Senex. Repeats the dry-hole result.
4 Oct 2017drilling result▼ Bad
September report: 7 more Western Surat Phase 2 wells drilled, 21 of 30 done, all cased and suspended. Frey-1 (PEL 93) reached 1,394m with no significant hydrocarbons and is being plugged, confirming the dry hole; Senex paid about 30% of cost. Final Frey-1 area split if partners proceed: Senex 46%, Cooper 19%, Metgasco 20%, Dunns 15%.
4 Oct 2017drilling result▼ BadMajor
Frey-1 in PEL 93 (Senex operator) found no significant hydrocarbons and was plugged and abandoned at 1,394m. Cooper Energy funded 19% of the well. This is a dry hole for the PEL 93 JV, partly cushioned by the farm-in partners' funding.
26 Sept 2017farm in farm out agreement● Neutral
Cooper Energy confirms farmouts partly funding Frey-1: Dunn's Earthmoving may acquire 15% and Metgasco 20% of the Frey-1 area for funding 30% of the well cost. Cooper's share would fall to 16% if all parties retain the area. Senex is operator of PEL 93 (the balance after Cooper's 30%).
26 Sept 2017farm in farm out agreement● Neutral
Metgasco agreed to farm in to the Frey-1 area of PEL 93 for a 20% interest, paying 30% of well costs (up to about $600,000 of a $2m cap). It is conditional on regulatory approvals and on drilling results.
25 Sept 2017drilling spud● Neutral
Cooper Energy reports the PEL 93 JV (Senex operator, Cooper 30%) spudded the Frey-1 exploration well on 23 September, targeting Namur and Murta in an anticline, to a planned 1,502m. The JV is in talks with multiple parties on a PEL 93 farm-in.
13 Sept 2017investor presentation● Neutral
Presentation by COO Darren Greer at the Good Oil Conference, covering strategy and Western Surat progress. It names the newly awarded Surat tender acreage 'Project Atlas'. Market cap is cited at about A$500m; the other figures repeat known information.