SXY (ASX) Ann: Senex completes asset portfolio review

Originally posted by fruity ↑

Granting of the Atlas block would have pushed back all the the timelines in that presso and any of the slides shown to the shareholders before that tender was awarded.

So I wouldn't pay it much attention, it was unachieveable once Atlas was won, it's basically twice as much due diligence for all the banks who wanted to loan Senex money. Of course it's taken longer.

I am also not concerned about the rate of drilling, surely you are aware there is no material gas facility infrastructure at WSGP right now? They are selling to GLNG through GLNG pipelines and with no compression of their own they cannot optimise production from their wells, they are always subjected to the downstream pressure at the GLNG facility. If that is high then the gas production from any well feeding into that pipeline will be depressed. So what would be the point of draining the bank account to drill all these wells before there a loan facility available, nor a compression facility built or possibly pipelines of their own?

ID has also mentioned teething issues with their first phase of production wells, from my point of view I'm glad they haven't drilled more aggressively since that would just be more wells with the same teething issues, not what you want if you are hoping to make money from your gas project instead of making some drilling rig operator rich beyond their wildest dreams.

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Granting of Atlas had already occurred at the time of the presentation, so the dates would have taken it into account.

As for the imfrastructure - could this not have been planned in advance given the comments regarding project acceleration.

And the teething issues - didn't they also say that SXY was experimenting to optimise well performance. Expirement gone bad, and this is acceptable?

Why won't they show us the production curve against the P50 expected curve that they had released.

4 weeks today and still no financing close.

Tick tock tick tock

The other oil and gas players are moving forward while we are waiting for financing one year later and a substantial shareholder is selling down and our CFO left..

We need a swift change in direction and results