The gas fields, known as PL 209 and PL 445, are adjacent to Senex‘s Atlas natural-gas development.
The company plans to expand Atlas annual production to 30 PJ in 2024.
PL 209 and PL 445 include a 77 km2 development-ready Northern Area, comparable in reservoir quality to the adjacent Atlas field, and a 77 km2 Southern Area requiring future appraisal.
Managing director and chief executive officer Ian Davies said the acquisition increased the quality and scale of Senex’s natural gas supply portfolio, providing portfolio flexibility to further support Senex’s customers and increase supply to the east coast gas market.
“The acquisition of these undeveloped gas fields adjacent to Atlas continues Senex’s growth trajectory in the Surat Basin and reinforces the company’s low-cost, hub-and-spoke infrastructure operating model.
“Atlas is a high-quality development, providing reliable, affordable and sustainable supplies of natural gas to Australian manufacturers, supporting the economy and jobs in local communities,” Davies said.
There will be an initial acquisition cost of $50 million, with a further $30 million payment upon receipt of satisfactory Commonwealth environmental approvals, funded from an acquisition bridge facility and existing cash and debt facilities.
Senex is an established, rapidly growing and low-carbon Australian natural gas producer, with its long-life Surat Basin assets contributing around 20 PJ of natural gas per year into the east coast gas market.
For more information visit the Senex website.
