Profit was down 38% to $37.9 million from the previous year's $61 million, and this was attributed to a $10.7 million tax bill and transactions which took place in FY13.

These transactions included the $3.6 million sale of its Port Bonython Fuels project and the $15.5 million sale of its 15% interest in ATP 752P and PL 303.

Revenue from ordinary activities enjoyed a 24% boost to $170.9 million, thanks to a 10% increase in oil production to 1.38 million barrels and an improvement in Australian dollar oil prices.

Underlying profit, reflecting the company's own valuation of its financials, increased by $1.5 million from the previous year to $44.7 million.

Senex also recorded a boost to its 2P reserves of 4.5MMbbl, fuelling its growth plans and FY15 guidance.

The explorer plans to acquire around 1000 square kilometres of 3D seismic and drill more than 25 oil and gas wells in 2015, with capital expenditure predicted to be between $100 million and $120 million.

Net production guidance has been posted at more than 1.4MMboe.

During FY14, Senex signed its first gas supply agreement with the South Australian Cooper Basin joint venture, as well as farming out gas tenements in the Cooper-Eromanga to Origin Energy and Planet Gas for $252 million.

Senex's cash balance at June 30 was $76.6 million, which combined with no debt will enable the company to fund its work programs.