Each one in plain English, with the numbers worked through for a shareholder.
17 Apr 2012drilling spud● Neutral
Tigercat-2 oil exploration well spudded 13 April in PEL 104, targeting 1,850 m about 6.5 km east of Growler. It is the fourth of six planned exploration wells in the 14-well program, just over 1 km from Tigercat-1's earlier oil find.
12 Apr 2012drilling scheduled● Neutral
Ambassador says Kruger-1 in the PEL 516 Mudlalee Block will be drilled by Century 3 after Talaq-1 finishes in late May, with approvals being finalised. It targets about 380,000 barrels recoverable. Timing is a little later than the earlier early-May guidance.
11 Apr 2012drilling result▲ GoodMajor
Growler-10 found a 15.2 m gross oil column (at least 14.0 m net pay) and was cased as a future producer, the eleventh consecutive Growler success. Production is expected in April. The rig moves to Tigercat-2, then Snatcher-4.
11 Apr 2012drilling result▲ GoodMajor
Sasanof-1 (TD 3,102 m) showed significant gas shows and wet gas indications, with positive desorption results; it is cased and suspended. Fracture stimulation starts early May. Talaq-1 spudded 10 April, Skipton-1 is due June, and a fourth well follows in PEL 115.
5 Apr 2012resource reserve update▲ Good
Beach, Senex's 40% partner, says it expects to raise its Growler reserves following Senex's upgrade. If endorsed at financial year end, its net increase would be 1.3 mmbbl, versus 0.9 mmbbl booked so far. Beach has not yet reviewed Senex's assessment.
4 Apr 2012resource reserve update▲ GoodMajor
Independently certified oil reserves upgrade: net 1P rises to 4.2 and 2P to 8.1 mmbbl (both up 27% since June 2011), with Growler 2P up 90%. Net 3P falls 11% to 14.0 mmbbl as barrels move into firmer categories. This delivers the long-awaited upgrade.
30 Mar 2012drilling scheduled▲ GoodMajor
Senex and Beach expand the western flank campaign to 14 wells, adding Growler-10, Snatcher-4 and Snatcher-5. Growler-10 spudded 27 March. Snatcher, offline since the January 2010 flood, is expected to resume production in April.
28 Mar 2012drilling progress report● Neutral
Sasanof-1 in PEL 516 (100% Senex) reached 3,102 m, short of the 3,200 m target after a mechanical problem, with 13 cores and over 200 m of core taken. Desorption testing continues; fracture stimulation is planned early next quarter, and the rig then moves to Talaq-1.
27 Mar 2012drilling result▼ BadMajor
Thunderchief-1, the eighth well of the 11-well program, hit poor-porosity sandstone and minor oil shows in the Birkhead channel and was plugged and abandoned. It is the exploration dry hole after Growler successes; the rig moves to Growler-10 (PRL 15).
14 Mar 2012drilling result▲ Good
Kato-2 reached 304.6 m, with 10.5 m net coal and 5.6 m net gas-bearing shale; four drill stem tests showed excellent permeability, with gas flowing to surface from one. It supports extending ATP 771P's coal seam gas potential into ATP 593P, as Kato-1 did.
6 Mar 2012drilling spud● Neutral
Kato-2 coal seam gas well spudded 4 March 2012 in ATP 593P (Senex 45%, operator) to 285 m. Kato-1 desorption results are expected at the end of the March quarter.
28 Feb 2012drilling spud● Neutral
Thunderchief-1 exploration well spudded 27 February 2012 to 1,850 m, 6.3 km northeast of Growler, testing the Birkhead Formation. It is the eighth well in the 11-well program.
24 Feb 2012drilling scheduled● Neutral
Ambassador reports Senex has been delayed in securing a rig for Kruger-1 in PEL 516 Mudlalee Block; the Century 3 rig is expected to spud in early May. The well targets about 380,000 barrels recoverable if successful.
22 Feb 2012drilling result▲ GoodMajor
Growler-8 found 20.5 m gross reservoir with at least 18.5 m net, again extending the Growler field west. It will be cased as a producer, online in March 2012; rig moves to Thunderchief-1.
13 Feb 2012drilling spud● Neutral
Growler-8 appraisal well spudded 11 February 2012 on the western limb of Growler, 600 m southwest of Growler-7. It is the seventh well of the 11-well program; seven of nine Growler wells are now producing.
6 Feb 2012drilling result● NeutralMajor
Spitfire-1 found oil in a new stratigraphic trap (shows at 1,722-1,731 m) but tests recovered only 2.5 barrels of oil, so it is classed non-commercial and plugged. Senex sees follow-up locations updip; rig moves to Growler-8.
1 Feb 2012farm in farm out agreement▲ GoodMajor
Orca Energy (the PEL 115 partner) will farm out 22% of PEL 115 to Senex, and Senex will subscribe $4m for 115 million Orca shares at 3.5c (19.99%). Orca is free-carried on its remaining 20% for an unconventional gas well later in 2012.
1 Feb 2012farm in farm out agreement▲ Good
Senex lifts PEL 115 interest to 55% by funding Orca's remaining 20% share (about $1m) of an unconventional gas well planned for second half 2012. It also buys 19.99% of Orca for $4.025m at 3.5c a share. Same deal as Orca's announcement.
23 Jan 2012drilling spud● Neutral
Spitfire-1 exploration well spudded 20 January 2012 in PEL 104 (Senex 60%), 2.5 km west of Growler, targeting the Birkhead Formation to 1,830 m. It is the sixth well of the program and second exploration well, following dry Jaguar-1.
20 Jan 2012drilling result▲ Good
Two small-scale water injection tests were completed at Allunga Trough-1 in PEL 516 (100%) in the Roseneath and Murteree shales. The data will guide the design of large fracture stimulations at Sasanof-1 and the other two wells.
19 Jan 2012drilling progress report● Neutral
Sasanof-1 is on schedule at 2,198 m, with an extensive coring program about to start: roughly 160 m of shale core and 70 m of coal and tight sand. Total depth of 3,200 m is expected by mid-February. No results yet.
17 Jan 2012drilling result▲ GoodMajor
Growler-7 found a 20 m gross oil column with at least 18.8 m net pay, the thickest in the Growler field, extending it to the west. Online early February 2012; rig moves to the Spitfire-1 exploration well.
9 Jan 2012drilling spud● Neutral
Growler-7 appraisal well spudded 5 January 2012, the fifth well of the 11-well program, on the western limb of the field. Seven of eight Growler wells are now on production after Growler-9 started on 6 January.
6 Jan 2012drilling spud▲ GoodMajor
Senex launched a three-well unconventional gas program in PEL 516 (100%); Sasanof-1 spudded 4 January 2012 to 3,200 m, with Skipton-1 and Talaq-1 to follow. Senex aims to book a material contingent resource at the end of FY12.
4 Jan 2012drilling result▲ Good
Growler-11 found a 10.1 m gross oil column with at least 7.7 m net pay, confirming the eastern limit of the Growler field with good connectivity to other wells. To be producing in January 2012; rig moves to Growler-7.
23 Dec 2011drilling spud● Neutral
Growler-11 appraisal well spudded 22 December 2011, the fourth well of the 11-well program, 430 m west of Growler-6. It targets the Birkhead Formation to 1,830 m.
15 Dec 2011drilling result▼ BadMajor
Jaguar-1, the first exploration well of the program, will be plugged and abandoned at 1,850 m. The channel was present but filled with mudstone and siltstone rather than sand. Gas shows were seen. The rig moves to Growler-11.
12 Dec 2011drilling result▲ Good
Kato-1 CSG well reached 330 m, with 9.8 m net coal and 7.6 m net gas-bearing carbonaceous shale, and four drill stem tests indicating excellent permeability. Coal thinned westward as expected. Kato-2 is planned for early 2012; gas content results are pending.
5 Dec 2011drilling spud● Neutral
Jaguar-1, the first of six exploration wells in the 11-well program, spudded 2 December 2011 in PEL 104 (Senex 60%), targeting the Birkhead Formation about 2.3 km from Growler to 1,850 m. Growler-6 and -9 have been suspended as producers.
28 Nov 2011drilling result▲ GoodMajor
Growler-9 found a 17.5 m gross oil column with at least 11.5 m net pay, much thicker than expected, extending the Growler field limits. Cased as a producer due online December 2011. Better than Growler-6's 6 m net pay; rig moves to Jaguar-1.
