I'm bullish on the company long term because of its gas more than its oil.
You aren't looking at the All in sustaining costs (to use the gold mining term) of oil production. A simple analysis of the balance sheet will show that Senex hasn't really been making cash from oil despite A$120/bbl prior to this price slump. Of course some of their development/exploration spending goes into drilling for gas but the majority is still for oil.
I have no idea on what the full AISC would be per barrel if you averaged out over the last few years and took into account all development etc but maybe A$70-80 at a guess.