Surat Basin gas project’s big boost

AUSTRALIAN oil and natural gas company Senex Energy Limited announced the successful delivery of their $400 million Surat Basin gas projects, which are set to exceed production expectations and provide the company with strong earnings growth.

Senex supplies 10 per cent of Queensland’s domestic gas and expanded their operations in the Surat Basin five years ago, with their successful Atlas project near Wandoan hitting maximum production at the end of February.

On Monday, Senex announced the start of dividend distributions to its shareholders at an initial rate of 1 cent per share per annum for FY21, and an additional 0.5 cents per share special dividend following completion of the Cooper Basin sale, representing an annualised dividend yield for FY21 of 4.3 per cent.

Senex Energy managing director Ian Davies said it was an exciting time of growth for the company on many fronts.

“We have now invested over half a billion dollars of capital, we’ve reached plato productions, we have lots of growth options ahead, we have job opportunities in the regions, it’s fantastic,” he said.

Mr Davies said the company had not only flawlessly implemented its Surat Basin projects, but had shown an increase in production, reserves, earnings and cash flow.

“We’re also announcing our inaugural dividend today, which is a great day for our shareholders,” he said.

“This means we can continue to support jobs in the region.”