Senex Energy has exceeded its 2020 financial year production by 73 per cent, with gas output at Roma North increasing by 278 per cent.
As a result of the company’s success, it is now positioned as a low-cost business with a diversified asset portfolio and material acceleration and expansion growth.
Senex managing director and chief executive officer Ian Davies said the company outperformed through the financial year, delivering strong project, operating and financial results.
“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 through this critical period, while our large capital works program continued on schedule,” Davies said.
He added that the company also undertook decisive action to streamline operations, which would deliver material and ongoing cost savings, with it still positioned for its growth strategy.
With production targets re-set and an ongoing focus on operation and cost efficiencies, Senex now has a production target of 3.6-4.1 mmboe from its foundation asset base in 2022 financial year.
“After an incredibly successful year, Senex has unquestionably delivered the foundations to achieve a step-change in annual production, cashflow and earnings,” Davies said.
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