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Senex Energy prioritising accelerated development of top tier gas asset

Shares in the company are trading up 7.3% to $0.365.

tables showing December half financial results
EBITDAX which takes FX into account was $10 million for the December half

Senex Energy Ltd (ASX:SXY) remains on track to deliver production guidance of between 750,000 and 900,000 barrels of oil equivalent in FY18.

The company’s oil and gas assets are spread across the Cooper and Surat basins located in South Australia and Queensland.

In the December half of 2017, Senex produced 0.37 million barrels of oil equivalent.

Accelerated development of Project Atlas

During the December half Senex was awarded a block of prime coal seam gas acreage by the Queensland Government, Project Atlas, strengthening its east coast gas business.

The accelerated development of Project Atlas in combination with the development of the Western Surat Gas Project will deliver a step-change in production and earnings for Senex from calendar year 2019.

After a strategic review, Senex will prioritise strategic focus and capital allocation to its east coast gas development projects and Cooper Basin western flank oil assets.

Progressing development of the Western Surat Gas Project

During the December half, Senex delivered the phase II capital program, bringing 30 wells online.

The phase II wells were brought online over the course of the half year, and as at December 2017 free gas was being produced at rates ahead of expectations

In preparation for full field development Senex continued to progress long lead activities including approvals and land access approvals.

Quick facts: Senex Energy

Price: 0.345 AUD

Market: ASX
Market Cap: $502.48 m

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