Ann: 2018 Annual Reserves Statement, page-32

More detailed upgrades..

Citi rates SXY as Upgrade to Buy from Neutral (1) -
Following a review of the geology surrounding the Atlas project Citi is comfortable that the company can unlock the reserves growth. The broker does not believe the share price is reflecting the extent to which Atlas reserves can increase.

Meanwhile, the infrastructure deal with Jemena and the new $150m debt facility act to de-risk Queensland CSG in terms of funding, scale and schedule. Rating is upgraded to Buy/High Risk from Neutral/High Risk. Target is raised to $0.57 from $0.45.

Morgans rates SXY as Add (1) -
Senex' June Q production was in line with expectation but more importantly the company announced it had secured the funding for its two key gas projects and released an FY18 reserve upgrade.

The debt facility from ANZ is cheaper than the broker assumed. Senex remains a preferred pick in the sector and the broker retains Add. Target rises to 54c from 53c.