Senex Energy – Surging high on June quarter results

  • Jul 31, 2018 AEST
  • Team Kalkine
Senex Energy – Surging high on June quarter results

Fourth-quarter results, reserves and contingent resources update and fully underwritten debt facility: Senex Energy Limited (ASX: SXY) stock rallied 8.54% on July 31, 2018 after the company delivered increased production and a higher realised oil price in the fourth quarter, released its estimate of reserves and contingent resources as at 30 June 2018 and signed fully underwritten debt facility. For the June quarter, SXY has increased 42% of the production to approximately 270,000 barrels of oil equivalent (boe). As a result, in FY 18, the production rose 12% to 840,000 boe, which is in line with the company’s guidance of 750,000 - 900,000 boe. The company incurred the capital expenditure of $23.1 million for the fourth quarter, and $80.1 million for FY18, which is also in line with annual guidance of $80 - $100 million. Moreover, SXY has signed 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. Further, SXY has delivered significant reserves additions with 1P reserves rose by 21% to 20.2 mmboe and 2P reserves rose by 35% to 113.2 mmboe. These additions were driven by positive subsurface performance from the WSGP 30-well Phase 2 appraisal program and the maiden booking on Project Atlas. Additionally, during the June quarter, SXY has agreed with Beach Energy on the western flank drilling program for FY19, including at least three development wells and seven exploration wells and associated infrastructure, expected to commence in August 2018. In addition, SXY has reached a significant milestone after signing the partnership with Jemena to bring Project Atlas gas to the domestic market in late 2019.

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