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FIN RESOURCES LIMITED — Capital/Financing Update 2013
Oct 14, 2013
64920_rns_2013-10-14_e5303b2d-fab6-4e4d-a465-a9d198238da5.pdf
Capital/Financing Update
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ASX Announcement
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Burruna-2 commences production
Release Date: 15 October 2013
Senex Energy Limited (Senex, ASX: SXY) has commenced an extended production test at the Burruna-2 oil discovery in southern Cooper-Eromanga Basin permit PEL 115 (Senex 80% and Operator, Orca Energy (ASX: OGY) 20%).
Burruna-2 produced oil at a free-flow rate of more than 3,600 barrels of oil per day ( bopd ) on a[40] /64” choke from the Namur Sandstone. Production will be restricted to approximately 800 bopd in the near term to allow for transportation scheduling and oil storage optimisation.
The extended production test will provide information to allow correct sizing of pumps and surface facilities for artificial lift and long term production planning.
Subject to successful appraisal, the Namur Sandstone is estimated to contain approximately 400,000 barrels of recoverable oil within the Burruna structure.
Burruna-3
Following the success of Burruna-2, the joint venture will now drill the Burruna-3 appraisal well after Ensign Rig 48 completes Pirraminta-2 exploration well in PEL 514 (Senex 80% and Operator, Planet Gas (ASX:PGS) 20%) in early November. The primary target for Burruna-3 will be the Namur Sandstone with additional targets in the Murta and Birkhead Formations.
Burruna-3 will be located approximately 564 metres south east of Burruna-2 and will be positioned to evaluate the southern extent of the Namur and Birkhead structural closures. This is intended to accelerate production and provide a second drainage point for the mid Namur oil pool.
For further information contact:
Ian Davies Managing Director Senex Energy Limited Phone: (07) 3837 9900
Andrew Barber Corporate Affairs Manager
Senex Energy Limited Phone: (07) 3335 9821 or 0418 783 701
Senex Energy Limited Head Office ABN 50 008 942 827 Level 14, 144 Edward St, Brisbane Qld 4000 GPO Box 2233, Brisbane Qld 4001
T +61 7 3837 9900 F +61 7 3837 9999
[email protected] Page 1 of 2 senexenergy.com.au
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ASX Announcement
Figure 1 –Burruna oil field
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Competent person’s statement
Unless otherwise indicated, the statements contained in this announcement about Senex’s reserves and resources estimates have been compiled by Mr James Crowley BSc (Hons), who is General Manager Exploration, a full time employee of Senex, in accordance with the definitions and guidelines in the 2007 Petroleum Resources Management System approved by the Society of Petroleum Engineers (SPE PRMS). Mr Crowley consents to the inclusion of the estimates in the form and context in which they appear. Senex’s reserves and resources are consistent with the SPE PRMS.
Senex Energy Limited ABN 50 008 942 827
Head Office Level 14, 144 Edward St, Brisbane Qld 4000 GPO Box 2233, Brisbane Qld 4001
T +61 7 3837 9900 F +61 7 3837 9999
[email protected] senexenergy.com.au
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