Oz Senex's Reports 1H Underlying Profit
Australian Senex Energy’s underlying net profit for the six months to December 31 (1H2019) was A$1.4mn (US$1mn) versus a net loss of A$2.8mn in the year ago period, it said February 19.
The company was able to cut its 1H statutory net loss as well which stood at A$4.5mn versus A$82.3mn in the same period last year.
Improved results were underpinned by higher production, sales volumes and pricing, Senex said. Production during 1H was 557,000 barrels of oil equivalent, up 49% year-on-year, it said. Sales volume was 534,000 boe, up 55% year-on-year. Average realised oil price during the period was up 10% year-on-year to A$97/b.
The company said that detailed design, procurement and environmental approval processes pertaining to Project Atlas is underway. In January, Senex received federal environmental okay for its Atlas gas project in Queensland. It said it is now working to secure remaining Queensland environmental approvals.
Senex is now advancing construction of gas processing infrastructure and contracting rig and well site services to deliver the 110-well drilling programme. 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 (30mn ft3/d), with an additional 8 terajoules/d (7.7mn ft3/d) of installed redundant capacity. Atlas will include around 60 development wells being drilled in its initial campaigns starting late 3Q2019, according to Senex.