Gas company almost triples its production in Surat Basin
SENEX Energy has released its Quarterly Report for June 2020 showing a major increase in gas production across the Surat Basin.
The report showed that gas production was up 73 per cent over the past financial year.
There was also a 278 per cent increase of production in the Surat Basin alongside an additional 80 new wells drilled across the area.
Managing director and CEO Ian Davies commented on the half a billion dollar project.
"Financial year 2020 was a year of focused and successful execution of our $400 million Surat Basin gas developments, which delivered outstanding project delivery performance and continued gas production outperformance," he said.
"In less than two years since the final investment decision was taken, we have successfully developed these critical gas resources for the domestic market, including delivery of first gas from Atlas in record time for a coal seam gas project in Queensland.
"With gas processing infrastructure established and a growing reserves base, Senex has now successfully delivered on the foundations to achieve continued growth in production, earnings and cashflow from its valuable east coast Surat Basin natural gas position."
There has also been a 108% increase in 1P (proved) reserves to 210 PJ and a 21% increase in 2P (proved and probable) reserves to 739 PJ.
Senex generated $120.3 million worth of sales this financial year, according to the report.