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Senex Energy Announces Final Investment Decisions for Project Atlas and Roma North

Source: www.gulfoilandgas.com 10/29/2018, Location: Not categorized

Senex Energy has announced that following financial close of its $150 million debt facility, Final Investment Decisions have been taken and multi-year work programs sanctioned for Project Atlas and Roma North. These projects underpin a targeted increase in annual oil and gas production to 4 mmboe, establishing Senex as a material supplier of natural gas to the east coast market.

Surat Basin work program highlights (FY19 – FY21):

- Integrated drilling across Project Atlas and Roma North, with priority focus on Project Atlas
~110 development wells to be drilled over 18 months commencing late Q3 FY19

- Targeting plateau gas production run rate of 3 mmboe per annum by end FY21
Roma North initial gas processing capacity of 16 TJ/day (~1 mmboe per annum); modular design for rapid low-cost expansion to 24 TJ/day
Project Atlas gas processing capacity of 32 TJ/day (~2 mmboe per annum), plus 8 TJ/day of installed redundant capacity; modular design for rapid low-cost expansion

- Total Surat Basin capital expenditure of $220 – 250 million

Financial close of Senex’s $150 million debt facility, as announced on 29 October 2018, has allowed Final Investment Decisions to be taken for the Project Atlas and Roma North natural gas development programs and sanctioning of their multi-year work programs. These projects aim to establish Senex as a material supplier of gas to the east coast market and a highly cash generative oil and gas operator. With a targeted increase in annual production across the Cooper and Surat basins to 4 mmboe, low-cost modular expansion of gas processing infrastructure provides opportunity for further production growth from strong well performance and future investment decisions on existing acreage.

Commenting on these milestones, Managing Director and CEO Ian Davies said:

'Final Investment Decisions for Project Atlas and Roma North and sanctioning of their work programs are significant milestones for Senex.

'The work programs set the roadmap for development of our long-life natural gas assets as we become a material supplier of gas to the east coast market. We now embark on a cornerstone year for Senex, creating the foundation for a step-change in production and cash flow over the near term, while maintaining significant optionality for ongoing growth from our existing acreage.

'A more than four-fold increase in annual production to four million barrels of oil equivalent demonstrates the step-change Senex is targeting.'

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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