PERTH (miningweekly.com) – ASX-listed Senex Energy has swung back into black during the six months ending December, after reporting an underlying net profit of A$1.4-million, compared with an underlying net loss of A$2.8-million after tax, compared with the first half of 2018.
Production was up 49% over the same period, from 374 000 barrels of oil equivalent (boe) to 557 000 boe, as gas production from the Roma North project area, in Queensland, increased by 33%.
Sales revenue for the interim period also increased by 44% to A$43-million on the back of higher production and higher prices, while earnings before interest, taxes, depreciation and amortisation increased by 74%, to A$17-million.
“Senex achieved continuing growth in production, earnings and cash flow in the first half of this financial year,” said MD and CEO Ian Davies.
“We’ve continued to reach milestones that keep us on schedule for first gas from our Surat basin growth developments. Successful execution of Roma North and Project Atlas will boost annual gas production to three-million barrels of oil equivalent by the end of the 2021 financial year.
“And in the Cooper basin, we’ve delivered further drilling success. As we execute our strategy right across the business, 2019 will prove to be a game-changer for Senex,” Davies said.
Senex in October approved a capital spend of between A$220-million and A$250-million to develop its Project Atlas and Roma North natural gas projects.
Project Atlas is expected to reach a plateau production of 32 TJ/d, or about two-million barrels of oil equivalent a year, with an additional 8 TJ/d of installed redundant capacity available.