Broker Valuations, page-139

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Credit Suisse observes Senex Energy is targeting more than 10mmboe in annual production by FY25 versus the circa 3mmboe in FY21. This target is driven by the 24TJ/d expansion of operations at Roma North, Atlas and Roma North West.While the company hasn't ruled out inorganic growth, the broker believes it remains focused on developing the existing large coal seam gas reserves in Queensland.The broker considers Senex Energy a coal-seam-gas (CSG) pure-play with its valuation leveraged to both oil and East Coast gas prices. There are upside catalysts including stable cash flows from its assets at Roma North and Atlas and improving gas prices.Credit Suisse retains an Outperform rating and reduces the target to $0.41 from $0.43.

Ord Minnett observes Senex Energy's investor briefing highlighted the potential growth within the company’s Queensland coal seam gas (CSG) assets. Management aims to reach 10 mmboe driven by growth from the Roma North and Atlas assets.The broker believes the key to the outlook will depend on the gas markets. Senex remains Ord Minnett's preferred small-cap energy stock due to its attractive valuation and leverage to east coast gas prices.Buy rating maintained with the target rising to $0.43 from $0.42.