Senex Energy - Entrusted East Coast gas supplier
Senex has a diverse portfolio of conventional and unconventional oil and gas assets in Australia’s Cooper and Surat Basins. Its growing portfolio of projects is well placed to deliver new gas to meet the shortfall along Australia’s East Coast. Projects are underpinned by existing recoverable gas resources and robust demand. Consensus expects continued growth in Senex’s underlying oil business, with revenues enhanced by a rising oil price, with gas sales from two projects in Queensland (Western Surat Gas Project and Project Atlas) driving a step change in production. We note that the consensus valuation of A$0.41/share (Bloomberg average) heavily risks the NPV of Senex’s development portfolio and compares to an unrisked consensus NPV of A$1.18/share.*Senex Energy is engaged in oil and gas exploration and production. Co.'s areas of focus include oil and gas exploration and production in the Cooper-Eromanga Basin, and the appraisal and development of coal seam gas tenements in the Surat Basins. As of June 30 2016, Co. had total proved plus probable reserves of 83.4 million barrels of oil equivalent, consisting of 10.4 million barrels of crude oil and 73.0 million barrels of gas and gas liquids.
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