Senex Energy Limited has completed the sale of its Cooper Basin business to Beach Energy for $87.5 million.
Senex Managing Director and CEO Ian Davies said the sale marked ‘an important milestone’ for the company as it builds ‘an exciting future’ in the Surat Basin as a material new entrant in a strong domestic natural gas market.
“We have successfully delivered our $400 million Surat Basin natural gas development projects, with new investments underway to accelerate production from our extensive 780 PJ 2P natural gas reserves.” Mr Davies said.
“The $87.5 million sale proceeds received from the sale reinforces our balance sheet and positions us strongly for the low-risk high-return growth opportunities within our portfolio.
“The sale proceeds and the cash flow resilience of our natural gas portfolio also support the commencement of dividends for our shareholders.
“I would like to thank our employees, contractors, landholders, partners, and South Australian Government, who have helped build a successful Cooper Basin business over the past 20 years,” Mr Davies concluded.
Image credit: www.senexenergy.com.au
