Australia's Senex Energy returns to full-year profit
Sydney-listed Senex Energy on August 19 reported an underlying profit of A$5.4mn ($3.9mn) in the 12 months to June 30 (FY21) compared with a loss of A$6.3mn in the previous year.
Growth in the underlying profit, which excludes one-off items, was due to higher production and cost control, it said. Senex’s production in FY21 was up 141% year/year while sales volume was up 103% yr/yr. Statutory profit came in at A$65.7mn as against a loss of A$51.4mn.
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“Sales revenue and earnings growth were underpinned by strong gas production ramp-up in the Surat basin, with both Roma North and Atlas at nameplate capacity by the end of FY21,” it said.
Earlier this week, Senex announced that the final investment decision had been taken for the A$40mn expansion of natural gas production at the Atlas project in Queensland.
“The expansion was supported by recent domestic manufacturer gas sales agreements, including with metals processor Nyrstar and construction materials company Adbri Limited,” the company said.
In FY22, the company expects production in the range of 3.6mn boe and 4mn boe, up from 3mn boe reported in FY21.