AsianOil: Senex enjoys significant Surat reserves upgrade

Australian independent Senex Energy reported a significant upgrade to its natural gas reserves this week following an independent assessment by Netherland Sewell & Associates (NSAI).
The company said on August 9 that its proven (1P) gas reserves in the Surat Basin had been lifted by 24% to 261 PJ (6.8bn cubic metres) as of June 30, while its proven and probable (2P) reserves had increased by 4% to 767 PJ (19.98 bcm).
Senex said its 2P reserves represented more than 35 years of production based upon its output target of around 20 PJ (520.97mn cubic metres) per year, or 56 TJ (1.46 mcm) per day.
The reserves upgrade was attributed to both Senex’s development drilling efforts as well as the incorporation of permit ATP 2059 into the company’s portfolio.
ATP 2059, which the Queensland State government awarded to Senex last year, lies adjacent to the Atlas project and boosted the project’s overall area by 32%. The developer said at the time the additional acreage would help underpin a 50% increase in Atlas’ production to 18 PJ (468.87 mcm) per year.
Indeed, Senex said this week that production from Atlas and Roma North had hit a record 17.3 PJ (450.64 mcm) in financial year 2020-2021.
The company noted that daily production had increased by 40% over the course of the year, climbing from 37 TJ (963,800 cubic metres) per day at the start of 2020-2021 to more than 52 TJ per day (1.35 mcm) at present.
Senex managing director and CEO Ian Davies said his company’s Surat Basin reserves position followed several “transformational natural gas developments”.
He said: “Daily production now exceeds 52 TJ per day with our near-term growth projects proceeding well towards our targeted five-fold growth in annual production to more than 60 PJe [1.56 bcm] by the end of financial year 2024-2025.”
The executive said that after successfully expanding Roma North’s processing capacity to 9 PJ (234.44 mcm) per year the company was nearing a final investment decision (FID) on additional expansions of both Roma North and Atlas.
Senex wants to sign off on doubling Roma North’s processing capacity to 18 PJ (468.87 mcm) per year within the coming months, while planning for third stage expansion to 27 PJ (703.31 mcm) per year is underway.
Davies said: “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.”