Senex Shares Crashed On Lower Sales Revenue In The First Quarter Of Fiscal 2019

  • Oct 24, 2018 AEDT
  • Team Kalkine
Senex Shares Crashed On Lower Sales Revenue In The First Quarter Of Fiscal 2019

The stock of oil and gas exploration company Senex Energy has nosedived 6.452% on lower sales revenue in September quarter.

In the quarterly report for three months ended 30 September 2018, Senex Energy Limited (ASX: SXY) has reported 4% decline in sales revenue that translates to $25.6 million in Q1 FY19 compared to $26.8 million revenue in Q4 FY18. Senex told that the downtrend in sales revenue reflects the relatively more gas in sales mix as sales volume of 270 kboe were in line with the prior quarter. But it seems to be significantly impacted by the lower oil prices as average realized oil price has reduced from $ 115 per bbl in Q4 FY18 to $114 per bbl in reporting quarter, i.e. Q1 FY19.

Net production has gone up by 4% from 270 kboe in previous June quarter to 281 kboe in September quarter. This another quarter of production growth is underpinned by first gas recorded from the Vanessa Field and the ramp-up of Roma North volumes. 

Senex has achieved the key project milestone since the very beginning of the Fiscal 2019. These developments include the debt facility of $150 million secured for the funding of Surat and Cooper Basin development programs, the receipt of final WSGP regulatory approval for separation of gas sales arrangement and EPBC consent for the Project Atlas approval process.

Meanwhile in the field, the company has reported oil exploration success at Cooper Basin. In the free-carried drilling campaign at Cooper Basin, two commercial oil discoveries were made from the first three well of the FY19 ten-well drilling program. These discoveries of Breguet-1 and Snatcher North-1 is said to be brought online in second quarter of Fiscal 2019. Further, the company has secured $5.26 million funding from the South Australian Government towards the advancement of Gemba gas project. The funds were secured through the second round of the PACE Gas Grant Program. The testing program at Gemba is scheduled to take place during second quarter of FY19 while the initial results are expected to be released in the third quarter of FY19.

The company has incurred the capital expenditure of $23.8 million due to drilling activity in the Cooper and Surat basins and other exploration and development programs including procurement of long-lead items for the WSGP gas processing facility, finalization of WSGP water handling facilities and development planning for Project Atlas.

At the close of first quarter of Fiscal 2019, the company has maintained a decent liquidity position with cash reserves of $57.6 million, relatively lower than previous $66.5 million in Q4 FY18.

Senex Energy has witnessed a bearish market sentiment throughout the day. At the time of writing, 24 October 2018 (2:32 PM AEST), Senex’s stock price has gone down by 6.452% or $0.030 to trade at $0.435 with market capitalization of $675.64 million. Further, the stock has seen a performance change of attractive +34.78% over the past one year.


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