Oil and Gas News

Senex records robust first half production rates

Senex Energy has made strong tracks in the first half of 2020 with production increasing to 779,000 barrels of oil equivalent (boe), with the company’s managing director and chief executive officer Ian Davies bringing its success down to the Surat Basin projects.

Following the company’s strong operational results in the first half of 2020 financial year, oil and gas production increasing by 40 per cent against the same period a year earlier.

“It has been an excellent start to the first of 2020 with highlights including first domestic gas sales at Atlas, gas production ramp-up in the Surat Basin, stable oil production and material growth in earnings and cashflow,” Davies said.

“Performance in the Surat Basin has been expectational, with Roma North production about 15 terajoules (TJ) a day, Atlas production above 9 TJ/day ad 95 per cent gas volumes now contracted to high quality customers for 2020 at fixed prices.”

Senex reported that Surat Basin production increased by 170 per cent to 2.1 petajoules (PJ), as well as reached important milestones.

The company reached first gas sales ahead of schedule at the Queensland-based Atlas project, which was believed to be achieved in record time for a greenfield project.

Senex reported that the milestone also marked the delivery of new gas molecules from Australia’s first acreage dedicated to the domestic market.

Furthermore, the company continued strong work with its drilling campaign at Atlas, with 23 wells of the current campaign were brought online in the half year, with production continuing to increase.

Senex achieved another milestone at its Roma North project, with 10 wells of the current drilling campaign being brought online in first half.

“These excellent results are driving production, earnings and cashflow growth as we rapidly track towards our initial Surat Basin gas production target of 18 PJ/year by the end of the 2021 financial year,” Davies said.

He also commended the company’s ongoing work in the Cooper Basin as it maintained oil production levels and progressed various work programs across the acreage.

 

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