In a note on Senex's recent move to hedge 1 million barrels of crude for the 2016 financial year, the broker said additional debt funding was being considered.

"With a significant portion of the production base now hedged, this could provide potential lenders further assurances surrounding the underlying profitability of the business," Macquarie said.

"Indeed we understand that Senex is investigating a less than $100 million corporate debt facility. While we suspect such a facility will remain largely undrawn (given existing cash balances), it will likely provide a necessary buffer as Senex investigates marketing/development options for both the Hornet and Western Surat gas projects."

Macquarie also noted that such a debt facility was more than manageable for Senex even when based on spot oil prices and it being fully drawn.