Oil & Gas

08 Nov 2021

Senex Energy to Buy 2 Undeveloped Gas Fields From APLNG for A$80 Million

08 Nov 2021  by   
Senex Energy Ltd. said it intends to recommend an improved offer from South Korea's Posco International Corp. that values its equity at 852.1 million Australian dollars (US$630 million).

Senex said the latest offer of A$4.60/share represents an increase on Posco's original proposal of A$4.40/share, and it has agreed to extend exclusive negotiations through to Nov. 26. Senex also said it intended to pay a dividend of up to A$0.05 per share for the six months through December in due course.

Posco plans to allow Hancock Energy to possibly acquire a stake in the business should its takeover be successful, Senex said.

Separately, Senex said it has agreed to buy two undeveloped gas fields from the Australia Pacific LNG venture for A$80 million. The gas fields, known as PL 209 and PL 445, are adjacent to Senex's Atlas natural-gas development and would help to lift Atlas's annual production to 30 petajoules in 2024.

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