Senex Energy Quarterly Report Q4 FY18

During the fourth quarter of FY18, Senex Energy (Senex, the Company, ASX:SXY) delivered materially higher revenue driven by increased production and a higher realised oil price. Highlights include:

  • Net production: Senex produced approximately 270,000 barrels of oil equivalent (boe), up 42% for the quarter. Full year production was 840,000 boe, up 12% compared to FY17 and in line with guidance of 750,000 - 900,000 boe.

  • Project Atlas: Senex reached a significant milestone by partnering with Jemena to bring Project Atlas gas to the domestic market in late 2019. Jemena will fund capital expenditure on downstream infrastructure and Senex will pay an agreed tariff over a 25-year term. The agreement delivered both the path to market for Project Atlas gas and also a material component of Senex's overall funding requirement.

  • Western Surat Gas Project (WSGP): Senex was granted a Petroleum Lease (PL) over the initial development area of the Glenora and Eos blocks. Production from Phase 2 wells continues to increase, averaging above three terajoules per day.

  • Cooper Basin western flank: Senex agreed with Beach Energy the western flank drilling program for FY19, to include at least three development wells and seven exploration wells and associated infrastructure, commencing in August 2018. Senex will be free carried by Beach for up to $43 million.

  • Capital expenditure was $23.1 million for the quarter, and $80.1 million for FY18, in line with annual guidance of $80 - $100 million.

Subsequent to the quarter end, Senex today announced the following items, more details of which can be found in separate ASX announcements:

  1. Financing: Senex has entered into a fully underwritten A$150 million debt facility with Australia and New Zealand Banking Group (ANZ) to fund the development of its Surat Basin gas projects.

  2. Reserves: Senex delivered material reserves additions with 1P reserves increased by 21% to 20.2 mmboe and 2P reserves increased by 35% to 113.2 mmboe. Additions were driven by positive subsurface performance from the WSGP 30-well Phase 2 appraisal program and the maiden booking on Project Atlas.

Senex Managing Director and CEO Ian Davies commented on the result: “Delivering the downstream solution for Project Atlas, and now the corporate and development debt facility, completes a great year for Senex and really sets us up for success in FY19.

The final quarter of the financial year has seen Senex achieve strong results, with increased production from both the Cooper and Surat Basins and higher oil pricing helping to sustain a healthy cash balance. With a fully funded and agreed work program in the Cooper Basin western flank, and a clear plan for our Surat Basin development projects, FY19 is set to be a transformational year for Senex.”

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