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Senex marks the end of an era

18th March 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Senex Energy will cease share trading at the end of business on Friday, after its takeover by Korean major POSCO International became legally effective.

The Federal Court of Australia on Friday approved the scheme of arrangement, under which the K-A Energy 1 consortium would acquire Senex for A$4.60 a share in cash.

K-A Energy 1 is owned 50.1% by POSCO International and 49.9% by mining magnate Gina Rinehart’s Hancock Energy Corporation, a wholly owned subsidiary of Hancock Prospecting. POSCO is expected to provide A$442.6-million of the acquisition price, with Hancock to contribute the remaining A$440.8-million.

Senex shareholders will be provided the scheme consideration on April 1.

Senex holds two producing assets in the Surat basin, the Atlas and Roma North operations. The company in January finalised an A$80-million acquisition of two undeveloped gasfields from the Australia Pacific Liquefied Natural Gas project owners, which has the potential to increase production from Atlas to 30 PJ/y, by 2024.

Edited by Creamer Media Reporter

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