Senex's higher production drives increased revenue
PERTH (miningweekly.com) – ASX-listed Senex Energy has reported increased production and sales revenue for the full year ended June as the company completed its A$400-million Surat basin gas development projects.
Production for the full year was up 73% on the previous financial year, to 2.1-million barrels of oil equivalent, with gas production from the Roma North project up 278%, to 1.2-million barrels of oil equivalent.
Sales revenue for the period was up by 28%, to $120-million, while underlying earnings before interest, taxes, depreciation and amortisation was up 51%, to $53-million, and operating cash flow reached $52-million, up 16% on the previous financial year.
Senex MD and CEO Ian Davies told shareholders on Monday that the company outperformed throughout 2020, delivering outstanding project, operating and financial results as it continued its trajectory towards high-yielding free cashflow generation in 2022.
“Following the onset of Covid-19, Senex rapidly implemented broad ranging protocols and procedures to mitigate impacts of the pandemic. This ensured business continuity and uninterrupted operations throughout this critical period, while our large capital works programme continued on schedule.
“We also undertook decisive action to streamline operations which will deliver material and ongoing cost savings. Senex remains a highly cost competitive, agile and scalable business well positioned to deliver on its growth strategy.
“Our success in 2020 sees Senex’s transformation to a diversified oil and gas producer now complete. We have a low cost business model with a diversified asset portfolio and material acceleration and expansion growth opportunities.”
Senex is targeting a production of 3.6-million to 4.1-million barrels of oil equivalent in 2022.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation