Senex Energy Limited (Senex, ASX: SXY) expects to deliver record net oil production of 1.2 million barrels for the 2012/13 financial year, after reaching its annual target of one million barrels of oil more than two months before year end.
Commenting on the production milestone, Senex Managing Director Ian Davies said the company had demonstrated its ability to set challenging targets and exceed them.
'In July 2012, we announced plans to produce one million barrels of oil (net) in 2012/13. Today, I'm pleased to report that we achieved that target and have revised our full year net production guidance to 1.2 million barrels of oil,' he said.
The favourable production result was due to strong performance at Senex's existing oil fields on the western flank oil fairway, as well as contribution from new discoveries, Mustang and Spitfire, according to Mr Davies.
'As we foreshadowed back in July 2012, 2012/13 has been a year of rapid development at our western flank oil fields. This work will continue over the current quarter with a focus on consolidating and stabilising our production operations, and improving efficiencies,' he said.
The Australian Securities Exchange has reclassified Senex as a Mining Producing Entity for reporting purposes, effective 1 January 2013, following the Company's strong and continued oil production performance.
Accordingly, listing rule 5.3 will no longer apply to the Company and all future quarterly reports will be released to the market in accordance with listing rule 5.1.
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