Senex Energy Limited (Senex, ASX:SXY) has today announced that net proved plus probable (2P) reserves have more than doubled to 94.6 million barrels of oil equivalent (mmboe) as at 30 June 2015, up from 39.9 mmboe in the previous year.
The uplift in 2P reserves was largely attributable to a 56.5 mmboe net addition of gas reserves in the Surat Basin, primarily resulting from the gas asset swap with the QGC Joint Venture completed in December 2014, establishing the foundations of Senex’s Western Surat Gas Project.
Net 2P reserves comprised of gas reserves of 83.3 mmboe, up from 26.6 mmboe in the previous year, and oil reserves of 11.3 million barrels (mmbbls), down from 13.3 mmbbls in the previous year. Senex has achieved an organic three-year 2P oil reserves replacement ratio of 197% and an organic three-year 2P oil and gas reserves replacement ratio2 of 224%.
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