Senex Energy Provides September 2017 Quarterly Report

During the first quarter of FY18, Senex Energy (ASX:SXY) made significant progress in its long term strategy to build a material gas business, against the backdrop of stronger oil prices. Highlights of the quarter include:

  • Senex was awarded tier one Surat Basin acreage for domestic gas supply by the Queensland Government, and is targeting first gas from the acreage (subsequently named Project Atlas) in 2019
  • Senex completed the majority of the Phase 2 work program on the Western Surat Gas Project, a significant investment expected to deliver material gas by mid-2018, and has since brought the first pod of wells online
  • Senex made an oil discovery on the western flank, and brought the Marauder-1 exploration well online to produce strongly from the Birkhead horizon in the final weeks of the quarter
  • Net production of approximately 180,000 bbls, up 6% on the prior quarter given strong performance at the Growler field along with the initial contribution from Marauder-1
  • Revenue up 29% on the prior quarter given a higher realised oil price, including the benefit of improved pricing related to new Crude Oil Sale and Purchase Agreements signed in late FY17
  • Capital expenditure of $28.1 million, mostly expended on Phase 2 of the Western Surat Gas Project which the Company expects to complete on budget, delivering installed wells at $1.2 million each
  • Senex is in a strong financial position with $110 million in cash at 30 September 2017, and is making good progress on a whole of company financing solution to fund the development of the Western Surat Gas Project in parallel with Project Atlas

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Source: Company Report

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