Oz Senex's 2Q Revenue Up 1%
Australian oil and gas explorer Senex Energy’s revenue in the three months to December 31 (2Q2019) was up 1.1% year-on-year owing to lower average realised oil price during the quarter, it said January 30.
Revenue was A$17.2mn (US$12.5mn) compared with A$17mn in the same quarter of last year. The average realised oil price reduced to A$78/b from A$95/b in the corresponding quarter of previous year.
Production during 2Q was 276,000 barrels of oil equivalent, up 41% year-on-year, it said.
“Senex has achieved a successful quarter of gas production growth and project milestones. This progress has reinforced our confidence in successfully achieving our project delivery objectives for 2019 as we establish Senex as an important gas supplier to the east coast market,” CEO Ian Davies said.
The company said that detailed design, procurement and environmental approval processes pertaining to Project Atlas is underway. Earlier this month, Senex received federal environmental okay for its Atlas gas project in Queensland.
“At Project Atlas, Senex has passed the key milestone of satisfying environmental requirements under the EPBC [Environmental Protection and Biodiversity Conservation] Act. This achievement recognises Senex’s capabilities and removes a key schedule risk,” Davies said.
Senex is now advancing construction of gas processing infrastructure and contracting rig and well site services to deliver the 110-well drilling program. “2019 promises to be a watershed year for Senex as we deliver our important gas projects,” Davies added.
The final investment decision regarding Project Atlas was taken last October. The primary objective of the Project Atlas natural gas development programme is to reach plateau production of 32 terajoules/d (0.85mn m3/d), with an additional 8 terajoules/d (0.21mn m3/d) of installed redundant capacity. Atlas will include around 60 development wells being drilled in its initial campaigns starting late 3Q 2019, according to Senex.