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Senex Energy

Senex Energy to spud Cooper Basin oil exploration well

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Senex Energy (ASX:SXY) is preparing to drill the Bagheera East-1 exploration well in South Australia’s Cooper Basin that will test the oil potential of the Tinchoo Formation.

The well will also test the Poolowanna and Birkhead Formations as well as Hutton Sandstone as secondary targets.

Bagheera East-1 is located about 10 kilometres northeast of Hathi-1. In addition, the Telopea Field and the Keleary Field are located 13 kilometres and 10 kilometres respectively southeast of the well.

From the Dundinna 3D seismic survey analysis, Bagheera East is a structural trap mapped as a four-way dip closure.

Senex, which has a major acreage position in the Cooper and Surat basins, is free carrying Planet Gas (ASX:PGS) through its 20% interest in the drilling and completing the Bagheera East-1 and earlier Hathi-1 wells.

The earlier Hathi-1 well is being plugged and abandoned after wireline logs indicated that trace hydrocarbons were intersected.

Senex produced 1.38 million barrels of oil equivalent (MMboe) in the 2014 financial year and had net Proved and Probable (2P) Reserves of 40MMboe as at 30 June 2014.

It is focused on growing its growing its 2P Reserves with near term production.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Senex Energy

Price: $0.40

Market: ASX
Market Cap: $581.41 m
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