12 Sept 2017agm notice● Neutral
Notice that the AGM will be held on 15 November 2017 at 9.30am at the Stamford Plaza, Brisbane. Administrative, repeating the date already known.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Sept 2017drilling progress report● Neutral
August report: 14 of 30 Western Surat Phase 2 wells drilled, all cased and suspended as future gas producers. Martlet North-2 (Senex 60%, Cooper Basin) reached 1,626m and was plugged for lack of commercial pay, a small setback after the Marauder-1 discovery.
6 Sept 2017drilling result● Neutral
Beach's August report mostly covers its own wells. For Senex it repeats that Martlet North-2 (Senex 60% operator, Beach 40%) was plugged for lack of commercial pay. No new Senex information.
5 Sept 2017asset acquisition disposition▲ GoodMajor
Senex won 58 sq km of Surat Basin gas acreage near Miles in the Queensland Government's domestic gas tender, for nil consideration. Estimated P50 recoverable gas is 201 PJ, with first gas targeted for 2019. This resolves the April tender bid and expands its gas business.
22 Aug 2017investor presentation● Neutral
Presentation of the FY17 results and FY18 outlook, repeating known figures: production 0.75 mmboe, revenue $43.6m, cash $134.8m, FY18 capex $80-100m. Adds that oil sales are hedged to March 2018 with a US$50 floor, and Surat Phase 2 targets A$1.2m per well.
22 Aug 2017annual report● Neutral
FY17 Corporate Governance Statement says Senex complies with all eight ASX principles. Records Ben McKeown's May 2017 resignation as a director after eight and a half years, with Sentient's Yanina Barilá replacing him. Administrative.
22 Aug 2017annual report● Neutral
Senex releases its 2017 Annual Report covering FY17 operations and finances, and notes the AGM is on 15 November 2017 in Brisbane. The visible text is front matter and does not add new figures.
22 Aug 2017other● Neutral
Appendix 4G, the standard checklist of where Senex's corporate governance disclosures are found, lodged with the annual report. No new business information.
22 Aug 2017annual report● Neutral
FY17 revenue fell 37% to $43.6m and the loss after tax improved 32% to $22.7m. No dividend was declared. Net tangible assets were $0.30 per share, versus $0.32 a year earlier.
22 Aug 2017annual report● NeutralMajor
FY17 results: revenue fell 37% to $43.6m, loss $22.7m, cash $134.8m. FY18 capex guided at $80-100m, production 0.75-0.90 mmboe, focused on Western Surat gas and Cooper western flank oil. Material Surat gas production is expected in FY19; Vanessa gas is due early 2018.
11 Aug 2017other● Neutral
Notice that Senex will release FY17 results on 22 August 2017 with a 9am AEST webcast. It restates known figures: production 0.75 mmboe, revenue $43.6m, cash $134.8m, capex $62.3m, exploration expense $8.7m.
2 Aug 2017drilling result● Neutral
Beach's July report mainly covers its own wells. It repeats the Marauder-1 discovery in ex-PEL 104 (Beach 40%, Senex 60% operator), 655 bopd on test, to be brought online in coming months. No new Senex information.
2 Aug 2017drilling progress report● Neutral
July report: seven of 30 Western Surat Phase 2 wells are drilled, with five Eos wells cased and suspended as future gas producers. Marauder-1 reached 2,130m and was suspended as a future Birkhead producer. Repeats the earlier discovery news.
26 July 2017quarterly activities report● Neutral
June quarter production was about 0.17 mmboe and FY17 production 0.75 mmboe, in line with guidance. Quarterly revenue was $9.9m and capex for the year $62.3m. Cash was $134.8m. Silver Star-1 casing problems and the Marauder-1 discovery are noted; Surat Phase 2 is under way.
26 July 2017resource reserve update▲ GoodMajor
At 30 June 2017, proved (1P) reserves rose 38% to 16.7 mmboe and proved plus probable (2P) reserves were broadly flat at 83.9 mmboe. Surat Basin gas gains offset Cooper declines. Contingent resources (2C) were 208.1 mmboe.
25 July 2017drilling result▲ GoodMajor
Marauder-1 (ex-PEL 104, Senex 60% operator, Beach 40%) is a Birkhead oil discovery, flowing 655 bopd on a drill stem test with up to 8.6m net pay. It sits about 2km north of Growler and Spitfire, with production expected in the coming months. This follows the dry PEL 182 wells.
25 July 2017drilling result▲ Good
Beach, Senex's 40% partner, announces the same Marauder-1 Birkhead oil discovery: 655 bopd on test and up to 8.6m net pay. The well will be cased and suspended as a future producer. Repeats Senex's announcement.
19 July 2017other● Neutral
Notice that the June quarterly report will be released on 26 July 2017, with a webcast at 10am AEST. No substantive content.
5 July 2017drilling result▼ Bad
June report: Immortals-1 (PEL 182, Senex 57%) hit non-commercial Birkhead oil shows and was plugged, ending the three-well PEL 182 campaign. Obelix-1 (Senex 12%) had uneconomic shows. Two more Surat wells were drilled and Silver Star-1 DW1 collapse is confirmed; Marauder-1 is due to be drilled in early July.
5 July 2017drilling result● Neutral
Partner Beach's June drilling report covers its own Cooper wells. For Senex, it confirms Immortals-1 in PEL 182 (Beach 43%, Senex 57% operator) was plugged for lack of commercial pay, and notes Birkhead testing is planned in FY18.
28 June 2017admin correction● Neutral
Senex's share registry moves to Computershare from 30 June 2017. Holdings are not affected; shareholders will get written notice. Administrative only.
19 June 2017drilling result▼ BadMajor
Unstable coals collapsed in the Silver Star-1 DW-1 horizontal section while casing was run, damaging the casing. The well is suspended while replacement casing is procured. The joint venture still plans frac and testing in first half FY18; weekly reporting paused.
14 June 2017production update▲ GoodMajor
Senex starts drilling 30 wells on the Glenora and Eos blocks of its Western Surat Gas Project, part of the $50m Phase 2 programme sanctioned in February. First wells are expected online in Q1 FY18, slightly later than the mid-2017 earlier indicated.
14 June 2017drilling progress report● Neutral
Planet Gas reports the Silver Star-1 DW-1 lateral of 1,180m is drilled with gas saturation in line with expectations, and production casing is being set. Fracture stimulation and testing to follow. Largely repeats the 7 June update.
7 June 2017drilling progress report▲ Good
Silver Star-1 DW1 reached 4,969m on 1 June with a 1,180m horizontal section; gas saturation was in line with expectations. Fracture stimulation and testing expected early FY18. The 30-well Surat drilling starts in June; Immortals-1 is next in Cooper.
29 May 2017drilling progress report● Neutral
Planet Gas repeats the Silver Star-1 DW-1 position of 4,490m, unchanged from the prior week. No new information.
22 May 2017drilling progress report● Neutral
Planet Gas reports the Silver Star-1 DW-1 lateral at 4,490m on 22 May. Drilling continues.
15 May 2017drilling progress report● Neutral
Planet Gas reports the Silver Star-1 lateral is at 4,224m on 15 May. Drilling continues.
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.
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.