Oz Senex 3Q Revenue Sharply Up

Australian oil and gas explorer Senex Energy’s revenue in the three months to March 31 (3Q2019) was up more than 98% year-on-year on higher production and higher realised prices, it said April 30.

Revenue was A$27.8mn (US$19.5mn) compared with A$14mn in the same quarter of last year. The average realised oil price increased to A$109/b from A$87/b in the corresponding quarter of previous year.

Production during 3Q was 334,000 barrels of oil equivalent, up 69.5% year-on-year, Senex said.

“This has been a terrific quarter for Senex, with strong operational results and continued strong progress in the Surat Basin.

“The milestones already achieved in the Surat Basin have significantly de-risked our natural gas development projects.

“We are now ready to commence our integrated drilling campaign across Roma North and Project Atlas. These important development projects will deliver a step-change in production and cash flow by the end of FY21,” CEO Ian Davies said.

Earlier this month, Senex awarded Surat Basin drilling contract to Queensland-based Easternwell. Drilling programme across Project Atlas and Roma North will start in May 2019, with completion of this initial drilling program planned for mid-2020.