Oz Senex's Annual Loss Widens, Revenue Jumps

Australia’s Senex Energy’s statutory net loss for the 12-month period ended June 30, 2018 widened to A$94mn ($69mn) from A$22.7mn in the previous year thanks to a non-cash impairment of A$113.3mn.  

Underlying net profit, however, was A$2mn compared with loss of A$22.5mn in the previous year, Senex said August 21. Sales revenue during the year was A$70.3mn, up 61% on year thanks to higher realised oil price and increased production. Production was 0.84mn barrels of oil equivalent, up 12% on year.

Commenting on the outlook for the 12-month period ending June 30, 2019, Senex said it plans to take the final investment decisions (FIDs) pertaining to Surat Basin projects during the year.

“FY19 will be a crucial year for Senex as we rapidly progress to development of both Project Atlas and the Western Surat Gas Project, focusing on continued operational excellence,” CEO Ian Davies said. “Together with a continuing active drilling program in the Cooper Basin, the investment in Senex’s Surat Basin gas assets will drive a long term step-change in production, cashflow and earnings, and importantly deliver new gas supply to the east coast of Australia.”

On the Western Surat Gas Project, the company said it is planning FID on initial field development plan. Last week, Senex received the federal government approval to develop the Western Surat Gas Project in Queensland. Senex has now received all primary approvals to commence development of the Western Surat Gas Project, it said.

On Cooper Basin gas, the company said it continues to see significant prospectivity in its unconventional gas acreage with flexibility to progress longer-dated opportunities in the future.