Cooper Basin oil and gas producer Senex Energy delivered record production, sales revenue and reserves growth for the 2014 financial year.
The company’s outlook for 2015 is buoyant as it targets further oil and gas prospects and plans more than $100 million in capital expenditure.
Senex Managing Director Ian Davies said today’s full year results show 2014 was a year of continued strengthening of the Cooper Basin oil business, with a solid foundation laid down for a gas business in the Cooper and Surat Basins.
“Senex delivered strong financial performance in FY14, with record sales revenue of $170.9 million, up 24 per cent on FY13,” he said.
“This resulted from record production of 1.38 million barrels of oil in FY14, an increase of 10 per cent, combined with strong Australian dollar oil prices.
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“In our gas business, we delivered a game-changing $252 million unconventional gas farm-out transaction with Origin Energy, with Senex free-carried for the first $169 million work program.
“These strong results set a foundation for our growth acceleration strategy with an aim to consistently deliver enhanced returns to shareholders through successful exploration and development of our enviable acreage position in the Copper and Surat basins, with a dual focus on oil and gas.”
Looking ahead, Senex said it plans to acquire around 1,000km2 of 3D seismic and drill more than 25 oil and gas wells, with initial production testing to commence at the Hornet and Vanessa gas discoveries.
Capital expenditure for FY15 is expected to be between $100 million and $120 million.
Senex reported that it retains a strong balance sheet with $76.6 million of cash and no debt at 30 June 2014, and is fully funded for all of its work programs.
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