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- Senex Energy (SXY) tabled its June 2021 quarterly report, revealing it achieved its initial production plateau before expansion begins
- SXY recorded a 1 per cent increase in production to 4.7 petajoules (PJ) over the quarter, however its sales revenue dropped by 2 per cent
- The energy stock made $32.5 million over the three month period and ended June with a reduced cash position of $26 million
- Looking ahead, Senex reiterated its growth projects are on track and says it has signed additional customer contracts
- Company shares are trading down 1.23 per cent at $3.22 per share at 11:38 am AEST
Senex Energy (SXY) has tabled its June 2021 quarterly report, revealing it achieved its initial production plateau before expansion begins.
The Australian natural gas producer said it hit an annualised run rate of around 19 petajoules (PJ) per year, ahead of the production expansion.
That run rate includes a 1 per cent increase in production recorded over the June quarter, to 4.7 PJ.
SXY’s sales revenue dropped during the period, down 2 per cent to $32.5 million, with an average realised gas price of $6.90 per gigajoule.
The energy stock ended June with a reduced cash position of $26 million, down from $36 million at the end of March.
Looking ahead, Senex reiterated its growth projects are on track and says it’s signed additional customer contracts.
Managing Director and CEO Ian Davies said its Roma North and Atlas assets were on track for expansion.
“We are quickly progressing the development of our significant Surat Basin natural gas reserves to deliver our targeted five-fold growth in annual production to more than 60 PJe by the end of FY25,” Mr Davies said.
“Our near-term growth projects are proceeding well, with Roma North on track to deliver an expansion to 9 PJ/year in Q1 FY22.
“Further production expansion of an additional 18 PJ/year at Roma North and Atlas combined progressed through FEED during the quarter.
“Portfolio production following completion of planned expansion projects will total around 36 PJ/year.”
Company shares were trading down 1.23 per cent at $3.22 per share at 11:38 am AEST.
