Senex Energy has announced that third-quarter natural gas production increased by 8% in the third quarter of 2020.
The Brisbane-based gas producer said that its total production was up to 4.6 PJ during this period and peak production reached nameplate capacity in the Surat Basin of 52 TJ/day (~19 PJ/year).
This put Senex in a buoyant net cash position of $36 million at the end of the quarter and in a position to announce inaugural dividends.
Managing Director Ian Davies commented: “Senex continued its quality operational and financial performance from our high-growth, low-risk natural gas assets, growing production and declaring a dividend for the first time.
“We have more than doubled production in the past 12 months, reaching nameplate capacity in the past quarter, to produce the equivalent of about 10% t of Queensland’s gas demand.
“Senex also advanced future growth, with the Roma North expansion to 24 TJ/day on track for production in Q1 FY22, and FEED activities advancing to increase Surat Basin natural gas production to 96 TJ/day, or around 35 PJ/year.
“Senex is firmly focused on balance sheet strength, enhanced shareholder returns and tripling growth to our end-FY25 production target of more than 60 PJ/year.”