As at 30 June 2016, Senex reported proven (1P) gas reserves for the first time in the Surat Basin.
Proven and probable (2P) gas reserves have also increased following an in-depth review of the GLNG Roma subsurface and production data and Senex historical production data, resulting in increased confidence in gas volumes and project economics.
In the Cooper Basin, a year of lower field activity driven by capital conservation measures has resulted in minor upward revisions in 1P and 2P estimates before accounting for production of 1.01 mmboe for the year. The Company has revised down Cooper Basin contingent resources by 39% to 208.0 mmboe, primarily relating to unconventional gas plays.
Senex achieved an organic three-year 2P oil reserves replacement ratio of 104% and an organic three-year 2P oil and gas reserves replacement ratio of 370%.
2P reserves FY16
Notes to the Reserves Statement
Senex estimates and reports its petroleum reserves and resources in accordance with the definitions and guidelines of the Petroleum Resources Management System 2007, published by the Society of Petroleum Engineers (SPE PRMS).
All estimates of petroleum reserves reported by Senex are prepared by, or under the supervision of, a qualified petroleum reserves and resources evaluator. To ensure the integrity and reliability of data used in the reserves estimation process, the raw data is reviewed and quality controlled by senior professional production, reservoir, petrophysical and geological staff at Senex. Access to the substantiated data is then restricted to authorised staff members. During each petroleum reserves review, this data is updated, analysed and checked against the previous years data.
Senex has engaged the services of DeGolyer and MacNaughton (D&M), Netherland Sewell Associates (NSAI) and MHA Petroleum Consultants LLC (MHA) to independently assess the data and assess reserves and resources prior to Senex reporting any updated estimates.
Senex reviews and updates its oil reserves position on an annual basis and reports the updated estimates as of 30 June each year. Senex reviews and updates its gas reserves position as frequently as required by the magnitude of the petroleum reserves and changes indicated by new data.
QUALIFIED PETROLEUM RESERVES AND RESOURCES EVALUATOR STATEMENT
This reserves and resources statement is based on, and fairly represents, information and supporting documentation prepared by, or under the supervision of, a qualified petroleum reserves and resources evaluator, Mr David Spring BSc Geophysics (Hons). Mr Spring is a member of the Society of Petroleum Engineers and is Executive General Manager of Exploration. He is a full time employee of Senex.
See all notes in the 2016 Annual Reserves Statement