Senex Completes Asset Portfolio Review to Support Gas Project Development

Source: www.gulfoilandgas.com 2/20/2018, Location: Not categorized

Senex Energy Limited announced that its east coast gas business will drive major production and earnings growth from 2019, with Senex completing a comprehensive asset portfolio review to prioritise future capital allocation to accelerate gas project development.

As a result, Senex expects to recognise a non-cash impairment charge of $80 million in its half year results to be released on 22 February 2018 in respect of non-core Cooper Basin exploration assets.

In September 2017 Senex was awarded prime coal seam gas acreage (Project Atlas) by the Queensland Government following a competitive tender. The Project Atlas acreage contains 201 PJ1 of recoverable gas from highly productive coal seams, to be delivered into the domestic east coast gas market from 2019.

The accelerated development of Project Atlas in combination with development of the Western Surat Gas Project and Cooper Basin core assets will deliver a step-change in production and earnings for Senex from calendar year 2019.

Given substantially increased capital requirements following the award of Project Atlas, Senex has undertaken a comprehensive review of its asset portfolio to focus the business on the high value opportunities ahead. Corporate and development financing discussions with lenders are progressing positively and on schedule for financial close in mid-2018.

Managing Director and CEO Ian Davies said, “We are embarking on major investments in our Surat Basin gas projects that will provide very material production and earnings growth in the near term, and importantly deliver additional gas supply to the east coast of Australia.

“Our announcement today underscores our focus and commitment to achieving superior results from our suite of core assets,” he said. 1


Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.