Cooper Basin oil producer and explorer Senex Energy Limited has achieved its revised 2012-13 production guidance of 1.2 million barrels of oil, more than doubling its production for the second year running.
“Cumulative net oil production by Senex has now exceeded 1.2 million barrels for the financial year to date,” the company said in a statement to the stock exchange today.
“Full year net oil production will be more than double that of 2011/12, delivering a three year cumulative annual growth rate of 103 per cent.”
Senex provided initial oil production guidance for 2012/13 of one million barrels which was subsequently upgraded to 1.2 million barrels in April 2013.
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The company said its production result has been underpinned by the outperformance of Senex’s western flank and southern Cooper Basin oil fields.
“We are focused on achieving continued growth in production through a substantial drilling campaign in the Cooper Basin, commencing in the next week,” Senex managing director Ian Davies said in the statement.
“Senex is in a very strong financial position with $140 million in cash and no debt. In these volatile times Senex is committed to protecting our balance sheet.
“Additionally, new oil discoveries at Mustang and Spitfire demonstrate the potential for continued growth in reserves and production.”
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