Senex delivers Surat Basin natural gas reserves upgrade
Senex Energy Ltd (Senex, ASX: SXY) today released its independently assessed1 estimates of reserves as at 30 June 2021, reporting a 24% increase in Surat Basin 1P gas reserves to 261 PJ and a 290% reserves replacement ratio (RRR) on 2P reserves of 767 PJ (up 4%). The uplift in reserves comes as Senex achieved a record 17.3 PJ of production in FY21 from its high-quality Atlas and Roma North operations and incorporates the award of ATP 2059, now part of the Atlas acreage. Highlights include:
• Surat Basin 1P (proved) gas reserves up 51 PJ (24%) to 261 PJ • Surat Basin 2P (proved and probable) gas reserves up 28 PJ (4%) to 767 PJ • Surat Basin 3P (proved, probable and possible) gas reserves up 21 PJ (2%) to 1,016 PJ • 1P reserves replacement ratio of 440%; 2P reserves replacement ratio of 290%
Senex Managing Director and CEO Ian Davies said Senex’s Surat Basin reserves position follows the successful delivery of its transformational natural gas developments.
“Daily production now exceeds 52 TJ/day (19 PJ/year) with our near-term growth projects proceeding well towards our targeted five-fold growth in annual production to more than 60 PJe by the end of FY25.
“The first phase of our Roma North expansion has now been delivered with additional expansion projects nearing FID for both Roma North and Atlas, which will increase portfolio production to 36 PJ/year.
“Our low-risk, low-carbon and long-life expansion plans are underpinned by our resilient and material natural gas reserves base. With 767 PJ of 2P reserves and over 1,000 PJ of 3P reserves, we are well positioned to continue to grow our production profile and deliver significant and sustainable value for all our stakeholders,” Mr Davies said.
