Senex Energy has reported a “robust” half-year for the 2022 financial year, delivering a significant increase in production and strong sales revenue.
The company revealed a natural gas production of 10.2 petajoules (PJ), up 29 per cent from the previous half-year, and a sales revenue of $74.1 million, up 65 per cent.
Managing director and chief executive Ian Davies said Senex’s production, earnings, balance sheet and growth outlook are rapidly growing.
“Our company delivered the 20th consecutive quarter of record Surat Basin production in the half-year, highlighting a strong trajectory towards our production growth target,” said Davies.
Senex currently holds a growth target of 60 PJ by year-end FY25.
A final investment decision (FID) for the Atlas expansion was reached in August 2021 for $40 million.
The acquisition of the undeveloped gas fields in PL209 and PL445 from Australia Pacific LNG, adjacent to Senex’s Atlas gas development, will support the company’s growth target.
Analysis of Atlas stage 3 expansion is now underway.
The company also released its Decarbonisation Action Plan, which included its ambitious targets to reduce greenhouse gas emissions across its operational footprint to net zero by 2040.
“Together with the release of our Decarbonisation Action Plan and Sustainability Report, Senex’s performance demonstrates its ability and commitment to support Australia’s transition to cleaner energy and a low-carbon economy.”
On 13 December 2021, Senex announced it had entered into a binding scheme implementation agreement (SIA) with POSCO INTERNATIONAL, whereby the latter will acquire 100 per cent of Senex’s shares for a cash offer price of $4.60 per share.
The scheme is still conditional upon Senex shareholder approval, court approval and certain other conditions outlined in the agreement.
The scheme meeting will be held on 15 March, and if approved, the scheme is expected to complete on 1 April 2022.
The Senex board unanimously recommends the takeover in the absence of a superior proposal.
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