Senex Energy (ASX: SXY) has managed to double oil production, to 1.2 million barrels of oil, for the second year running achieving revised guidance.
Full year net oil production will be more than double that of 2011/12, delivering a three year cumulative annual growth rate of 103%.
Senex provided initial oil production guidance for 2012/13 of one million barrels which was subsequently upgraded to 1.2 million barrels in April 2013.
Production guidance for 2013/14 will be advised in July 2013.
The strong production result has been underpinned by the outperformance of Senex’s western flank and southern Cooper Basin oil fields.
Additionally, new oil discoveries at Mustang and Spitfire demonstrate the potential for continued growth in reserves and production.
Senex is in a very strong financial position with $140 million in cash and no debt.
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