9 May 2017drilling progress report● Neutral
Planet Gas reports the Silver Star-1 lateral, begun 25 April, is drilling ahead at 3,839m. Up to 1,500m of lateral planned, then fracture stimulation.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 May 2017director officer appointment● Neutral
Ben McKeown resigns as a director after 8.5 years as Sentient's nominee, as he leaves Sentient. Yanina Barilá, a Sentient investment manager and previously an alternate director, replaces him.
3 May 2017drilling progress report▲ Good
Silver Star-1 reached 3,770m with gas shows, and met the joint venture's criteria for a horizontal section, Silver Star-1 DW1, now being drilled to about 5,200m. Fracture stimulation and testing expected early FY18. Immortals-1 planned in Q4 FY17.
2 May 2017drilling progress report● Neutral
Planet Gas reports the lateral section of Silver Star-1 is being drilled, after the vertical hole reached 3,770m. Fracture stimulation and testing to follow. Repeats known information.
26 Apr 2017drilling progress report▲ Good
Planet Gas reports Silver Star-1 reached 3,770m with gas shows in the Patchawarra primary target. The well met the criteria for a lateral section of up to 1,500m, with fracture stimulation and testing to follow.
19 Apr 2017other● Neutral
Notice that the March quarterly report will be released on 26 April 2017, with a webcast at 10am AEST. No substantive content.
18 Apr 2017drilling progress report● Neutral
Planet Gas reports Silver Star-1 at 3,565m on 16 April, with gas shows now also in the primary Patchawarra target. Drilling continues toward 3,780m.
10 Apr 2017drilling progress report● Neutral
Planet Gas reports Silver Star-1 at 3,343m on 9 April, with gas shows in secondary Toolachee and Epsilon coals. Planned depth raised to 3,780m.
5 Apr 2017drilling result▼ BadMajor
Hoplite-1 and its sidetrack in PEL 182 (Senex 57%) were plugged and abandoned: the drill stem test flowed free oil but not at commercial rates. Senex calls it encouraging for the Birkhead play; a third PEL 182 well is planned in Q4 FY17. Silver Star-1 is drilling ahead.
5 Apr 2017drilling progress report● Neutral
Beach Energy's March report is mostly about its own wells, including gas discoveries on its own acreage. For Senex's PEL 182, it repeats that Hoplite-1 and its sidetrack were abandoned for insufficient pay. Nothing new for Senex.
3 Apr 2017drilling progress report● Neutral
Planet Gas reports Silver Star-1 at 2,738m on 2 April, drilling toward a casing point at 3,380m. No result yet.
27 Mar 2017drilling progress report● Neutral
Planet Gas reports Silver Star-1 (Senex 53.75% operator) at 1,686m on 26 March, drilling the intermediate hole toward 3,600m planned depth. Routine progress, no result yet.
21 Mar 2017investor presentation● Neutral
Non-deal roadshow presentation for international investors, restating known positions: pro-forma cash A$174m including the A$91m raised, market cap about A$500m, FY17 guidance ~0.8 mmboe, 2P reserves 83 mmboe. No new announcements.
20 Mar 2017drilling progress report● Neutral
Planet Gas reports Silver Star-1 spudded on 17 March 2017 and was at 175.5m on 19 March, drilling surface hole. Planned depth remains 3,600m with Senex operating at 53.75%.
17 Mar 2017capital raising announcement▲ Good
FIRB approval has been secured for the final tranche of about 50 million shares of EIG's 146 million placed. EIG will hold about 12% of expanded capital. This resolves the pending condition.
17 Mar 2017regulatory community update▲ Good
Senex receives $5.82m from South Australia's PACE Gas Grant Program toward infrastructure connecting the Vanessa gas field to South Australian customers. Helps the Vanessa project, which has been delayed to FY18.
14 Mar 2017drilling spud● Neutral
Partner Planet Gas announces drilling has begun at Silver Star-1, to about 3,600m at about $15m gross. Its 12.5% is carried by Origin and Senex. Repeats Senex's announcement of the same day.
14 Mar 2017drilling spud● NeutralMajor
Senex begins drilling the Silver Star-1 gas exploration well in PEL 638 (Senex 53.75% operator), costing about $15m to roughly 3,600m, with Origin carrying Senex's share. Follows Efficient-1 and Ethereal-1; the latter awaits a nitrogen lift test.
8 Mar 2017capital raising announcement▲ GoodMajor
The Share Purchase Plan drew over $36m in applications, with shares issued at $0.315. Total raised across the placement and SPP is about A$91m, assuming FIRB approval of EIG's second tranche. EIG will hold about 12%.
1 Mar 2017drilling result● NeutralMajor
Sparta-1 in PEL 182 (Senex 57%) was plugged and abandoned for insufficient commercial pay, a dry hole. Hoplite-1 found 17 metres of gross Birkhead pay with good oil shows, and a drill stem test is under way. A third well is planned for Q4 FY17.
1 Mar 2017drilling progress report● Neutral
Beach Energy's February report, mostly about its own wells. For Senex's PEL 182 (Beach 43%), it confirms Sparta-1 was abandoned and Hoplite-1 reached 2,200m with a 17 metre gross Birkhead interval to be tested. Repeats Senex's report.
21 Feb 2017material agreement▲ GoodMajor
Senex sanctions its first major Western Surat Gas investment: about $50m for a 30-well campaign, first wells online mid-2017 and around 10 TJ/day (~0.6 mmboe a year) expected by mid-2018. Gas sales to GLNG still depend on agreeing terms. Resolves the pending investment decision.
21 Feb 2017half year report▼ Bad
Half-year to December 2016: revenue down 38% to $22.8m, loss $8.8m (versus $27.1m loss a year earlier), production 0.41 mmboe, cash $82.8m. FY17 production guidance cut to 0.8 mmboe as Vanessa gas slips to FY18; capex at top of $60-70m.
21 Feb 2017investor presentation● Neutral
Presentation of the half-year results and the Western Surat decision, repeating known figures: $50m investment, up to $95m raising, FY17 equity capex $60-70m, H2 oil hedged with US$55 floor. Nothing new beyond earlier announcements.
15 Feb 2017other● Neutral
Notice that half-year results will be released on 21 February 2017, with a webcast at 11am AEST. No substantive content.
8 Feb 2017capital raising announcement● Neutral
Senex launches the Share Purchase Plan (cap A$40m, up to A$15,000 each, no brokerage) following the A$55m placement to EIG and institutions at $0.315. Proceeds are for Western Surat, Cooper Basin and east coast gas growth. Repeats the booklet terms.
8 Feb 2017capital raising announcement● Neutral
Offer booklet for the Share Purchase Plan: eligible shareholders can buy up to $15,000 of shares, capped at $40m, at the lesser of $0.315 or a 5% discount to the five-day average price. Closes 1 March 2017. Follows the February placement.
7 Feb 2017capital raising announcement▲ Good
Senex issued about 96 million shares to EIG and about 27 million to other investors at A$0.315, completing the placement announced 1 February. A second EIG tranche of about 50 million shares awaits FIRB approval. The Share Purchase Plan opens 8 February.
2 Feb 2017drilling result▲ Good
Spitfire-8 appraisal well reached 1,827 metres and found 7.2 metres of net pay in the Birkhead reservoir; cased and suspended, online expected Q3 FY17. The rig moves to Sparta-1 in PEL 182 in early February. Extends the Spitfire field.
1 Feb 2017drilling progress report▲ Good
Beach Energy's January report, mostly on its own wells. For Senex, it notes Spitfire-8 (Senex 60% operator, Beach 40%) was cased and suspended after about seven metres of net pay, results in line with pre-drill estimates, and expected online in Q3 FY17.