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BRISBANE-based oil and gas producer and explorer Senex Energy (ASX: SXY) has increased sales revenue 28 per cent in the second quarter of FY17.
A higher realised oil price of $64 per barrel, compared to $58 the previous quarter, and increased sales volume, pushed sales revenue to $12.8 million.
In the previous corresponding period, sales revenue was $18.1 million, with an average oil prive of $73 per barrel.
While the sales volume of 200,000 bbl was up 5 percent in Q2FY17, production of 200,000 bbl was down 5 per cent due to natural field decline.
The company is trading up 1.75 per cent at $0.290 per share this morning on the ASX.
Senex has also commenced its FY17 drilling program and has had success on the Worrior-11 oil development well.
The company spent $17.8 million on capital expenditure during the period. It still has a cash balance of $82.8 million and undrawn bank facilities of $77 million.
The capital expenditure was made on the completion of five existing wells and construction of surface facilities at the Glenora pilot in the Western Surat Gas Project, Queensland, where Senex is actively progressing the investment decision for the first material tranche of gas to be produced.
In the Cooper Basin, South Australia, Senex drilled the Warrior-11 oil development well during December. The drilling successfully intersected 11.3 metres of net pay in the target zones, and the well was cased and suspended as a future producer. It is expected to be brought online in the third quarter of FY17.
The Spitfire-8 appraisal well was also drilled in the Cooper Basin to test the extent of the Birkhead reservoir on the field. This well was cased and suspended as a producer and the rig will move onto the Hoplite-1 exploration well.
Business News Australia
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