Oz Senex Reports Rise in Full Year Production
Australian Senex Energy’s production during the 12-months to June (FY2019) grew 43% year-on-year to 1.2mn barrels of oil equivalent, it said July 23. Senex achieved a near fivefold increase in gas production and a 4% increase in oil production from the prior year.
Full year revenue of A$94mn was 34% higher than the prior year, thanks to higher production and realised prices partly offset by a greater portion of gas in the sales mix, it added.
Production during the three months to June (Q4 2019) was 308,000 boe as against 269,000 boe in the same quarter last year. Revenue during Q4 was down 15% year-on-year to A$23.5mn, Senex said.
CEO Ian Davis said company’s Surat Basin gas developments are on schedule and to budget. Senex July 22 said Roma North gas output topped 8 terajoules/day (7.5mn ft3/day) following commissioning of the Roma North gas compressor station.
“Roma North production is performing strongly, with daily production reaching 8.4 terajoules late in the fourth quarter. Senex is now firmly in execution mode and the year ahead will be an exciting one for the company and its shareholders,” Davis said.
The company expects Roma North gas production to continue to increase as the gas compression facility completes the commissioning process, and as additional wells are tied in. In June, Senex announced it had agreed to sell its Roma North natural gas processing facility and pipeline to energy infrastructure operator Jemena for A$50mn (US$34mn) and entered into a long-term gas tolling agreement.