Senex has successfully increased its reserves position over the last five years, with additions demonstrating our strategy in action as we build our east coast gas business and focus on the prolific western flank of the Cooper Basin.
*CAGR: Compound Annual Growth Rate
As at 30 June 2018, Senex reported the following reserves and resources, with annual increases driven by the maiden booking of reserves on Project Atlas, and positive subsurface performance from the Western Surat Gas Project 30-well Phase 2 appraisal program:
Over the past several years Senex has made material steps to realise the potential in the Australian east coast gas market.
Senex’s major development focus in the near term is on Project Atlas and the Glenora and Eos blocks of the Western Surat Gas Project. Together these two project areas constitute 334 petajoules (PJ) (57 mmboe) of 2P reserves, of which around 90% is currently undeveloped. The conversion of these undeveloped 2P reserves to developed reserves and production is the overwhelming priority for Senex.
The breakdown of our 1P and 2P reserves is as follows:
Senex engages the services of DeGolyer and MacNaughton (D&M) and Netherland Sewell Associates (NSAI) to independently assess reserves and resources prior to reporting any updated estimates. D&M and NSAI are independent resource estimating firms with considerable experience in the Cooper Basin and the Surat Basin respectively.
* Footnote to reserves statement
Assumes gas reserves and production from initial production areas of the Western Surat Gas Project (Glenora and Eos only) and Project Atlas of 48 terajoules per day (~3 mmboe per annum) and steady-state oil production of 1 mmbbl per annum.