As at 30 June 2017, Senex reported 1P reserves of 16.7 mmboe, up 38% from the previous year.
Appraisal and planning activities undertaken on our Western Surat Gas Project during the 2017 financial year have driven increases in net 1P and 2P gas reserves in the Surat Basin.
The movement in Cooper Basin 1P and 2P reserves was relatively minor after accounting for production of 0.75 mmboe. The movement reflected minor technical revisions across several fields based on individual performance, incorporating drilling and production optimisation activities undertaken during the year, as well as adjustments to future field development plans.
Senex achieved an organic three-year 2P oil and gas reserves replacement ratio of 342%.
1P reserves FY17
2P reserves FY17
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), MHA Petroleum Consultants LLC
(MHA) and Netherland Sewell Associates (NSAI) 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 (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 2017 Annual Reserves Statement