HIGHLIGHTSSenex Energy Ltd (Senex, ASX: SXY) has continued its...

HIGHLIGHTS

Senex Energy Ltd (Senex, ASX: SXY) has continued its strong momentum from FY18 into the new financial year with success in the field and delivery of key project milestones. Highlights include:

• $150 million debt facility agreed: Senior secured reserve-based lending facility to fund Surat and Cooper Basin development programs; conditions precedent for financial close near complete

• Oil exploration success: Two Cooper Basin oil discoveries from the first three wells of the FY19 drilling campaign; Breguet-1 and Snatcher North-1 to be brought online in Q2 FY19

• Free-carried Cooper Basin drilling campaign: Ten-well drilling campaign commenced with program free-carried for up to $43 million (gross)

• Production growth: Production up 4% from the prior quarter to 281 kboe, with continuing ramp-up of Roma North gas volumes and first gas from the Vanessa Field

• Ramp-up of Roma North gas volumes: Production rates in excess of 4 TJ/day achieved with well optimisation activity ongoing

• WSGP milestone achievements: EPBC approval secured, with all regulatory approvals now received; separation of gas sales arrangements agreed to accelerate development of Roma North

• Project Atlas approvals: Environmental assessment work nearing completion to support environmental approval submissions

• Robust liquidity position: Cash reserves of $57.6 million at quarter-end