Cooper Basin oil and gas company Senex Energy has posted a record profit off the back of rising revenues in 2012/13.
Revenue more than doubled to $147.9 million, generating gross profit of $80.5 million, up 160 per cent on last year.
Production costs fell by around 15 per cent.
Net profit after tax jumped 585 per cent to $61 million
Senex Managing Director Ian Davies said the Company’s results for 2012/13 demonstrated that it had the technical and commercial expertise to build a valuable energy company.
“These are excellent results that highlight our underlying strength and profitability,” he said.
“Senex is in an enviable financial position with strong production generating strong cash flows allowing us to protect our balance sheet in volatile market conditions.”
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Senex outperformed its oil production guidance for the year, delivering record production of 1.25 mmbbls from its rapidly growing oil business in South Australia’s Cooper-Eromanga Basin.
With no debt, cash reserves of $126.8 million at 30 June 2013 and oil revenues set to increase further in the coming year, Senex said it is well placed to continue its rapid growth agenda in 2013/14.
“In the current year, Senex will drill more than 30 oil wells across its permits in the South Australian Cooper-Eromanga Basin, with exploration, appraisal and development wells to be drilled in both the northern and southern oil provinces,” Davies said.
“At the same time, predicted east coast Australian gas supply shortages present numerous opportunities to rapidly commercialise our valuable gas assets.”
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