Higher output pushes Senex profits
PERTH (miningweekly.com) – Oil and gas producer Senex Energy has swung into profits on the back of a 25% increase in revenues and a 40% increase in production during the six months to December, compared with the previous corresponding period.
Profits after tax for the interim period have been reported at A$1.5-million, up from a loss of A$4.5-million in the previous corresponding period, while underlying profits after tax increased from A$1.4-million to A$2.7-million.
Revenue for the six months under review reached A$53.3-million, on the back of a 40% increase in oil and gas production, which was reported at 779 000 barrels of oil equivalent.
“It has been an excellent start to 2020 with highlights including first domestic gas sales at Atlas, gas production ramp-up in the Surat basin, stable oil production and material growth in earnings and cashflow,” said Senex MD and CEO Ian Davies.
“Performance in the Surat basin has been exceptional, with Roma North production above 15 TJ/day, Atlas production above 9 TJ/day and 95% of gas volumes now contracted to high quality customers for calendar year 2020 at fixed prices.”
Davies noted that the Cooper basin also continued to deliver for Senex, as the company maintained oil production levels and successfully progressed various work programmes across the acreage.
“These excellent results are driving production, earnings and cashflow growth as we rapidly track towards our initial Surat basin gas production target of 18 TJ/y by the end of 2021,” he added.
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