https://www.engineeringnews.co.za

Senex completes $87.5m sale of Cooper Basin to Beach Energy

1st March 2021

By: Donna Slater

Features Managing Editor and Chief Photographer

     

Font size: - +

ASX-listed natural gas producer Senex Energy has completed the $87.5-million sale of its South Australian Cooper Basin business to Beach Energy, satisfying the condition for payment of a special 0.5c apiece dividend to shareholders, in addition to the 0.5c a piece distribution for the 2021 financial year half-year.

The completion strengthens Senex’s balance sheet, now in a proforma net cash position of $33-million, and supports acceleration of the development of its low-cost, high-return and long-life natural gas assets in Queensland’s Surat basin.

Further, the completion comes just a week after Senex’s 2021 financial year results showed “strong production growth and a material step change in earnings and cashflow from the Surat basin”, the company states.

Senex MD and CEO Ian Davies says the sale marked an important milestone for Senex 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.”

He adds that the sale proceeds received reinforce Senex’s balance sheet and position the company strongly for the low-risk high-return growth opportunities within its portfolio.

“The sale proceeds and the cash flow resilience of our natural gas portfolio also support the commencement of dividends for our shareholders."

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Trotech
Trotech

Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.

VISIT SHOWROOM 
Lilak Aluminium
Lilak Aluminium

For over 15 years, Lilak Aluminium, a trusted leader in architectural extrusion supply, has delivered excellence to businesses like yours.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.054 0.931s - 140pq - 2rq
Subscribe Now