Senex Upgrades Cooper Basin Oil Reserves

Australia's Senex Energy Limited announced a significant upgrade in 1P, 2P and 3P oil reserves as at June 30 following a comprehensive review of the Company’s assets in the South Australian Cooper Basin by Senex and independent assessors DeGolyer and MacNaughton.

The scope of the upgrade encompassed Senex’s prolific assets on the western flank oil fairway as well as mature oil fields and discoveries in the northern and southern oil provinces.

The resources upgrade showed that net proved (1P) oil reserves are up by 2.1 million barrels to 5.1 million barrels, while the net proved and probable (2P) oil reserves are 3.9 million barrels higher at 10.8 million barrels. The net proved, probable and possible (3P) reserves are up 8.6 million barrels to 21.4 million barrels.

Senex Managing Director Ian Davies said in a press release the reserves upgrade demonstrated the Company’s commitment to exploiting the oil potential of Australia’s largest onshore oil province.

“By North American standards, the Cooper Basin is extremely underdeveloped. This material increase demonstrates there is plenty of life left in this major oil province and that we will continue our proven track record of growth in oil production and reserves."

Senex has taken steps to boost its oil reserves. It will carry out a 30-well exploration, appraisal and development oil drilling program that was announced earlier.

“The aim of this program is to add reserves, increase oil production and reduce costs in a number of new and mature fields with existing infrastructure, and to evaluate near field exploration opportunities," Davies said.

“Our technical team has identified a large number of opportunities to improve the productivity of our existing assets and exploit oil zones that have previously been overlooked,” Davies added.

In addition, new exploration prospects will be drilled on the western flank of the South Australian Cooper Basin generated from the latest 3D seismic surveys.