Oz Senex's H1 Underlying Profit Jumps 91%

Australian Senex Energy’s underlying net profit, which excludes the impact of one-off items, during the six months to December 31 (H1 2020) was up 91% yr/yr to A$2.7mn (US$1.8mn) thanks to higher average realised oil prices and increased gas sales volume, the company said February 21.

Sales revenue during H1 was A$53.3mn, an increase of 25% from the same period of the previous year. Oil revenue increased A$2.6mn to A$37.7mn as a result of higher average realised prices of A$106/ barrel as against A$97/b in H1 2019. Gas revenue increased A$7.9mn to A$15.6mn driven by an increase in sales volume to 363,000 boe from the continued ramp-up of Roma North and first gas production from the Atlas and Gemba fields, Senex said.

Senex said it production during H1 was up 40% yr/yr to 779,000 boe. For the full year the company expects production of 1.8 – 2mn boe supported by continuing gas production ramp-up. In the previous year, Senex’s production stood at 1.2mn boe.