Oil and Gas News

Senex completes acquisition of APLNG

Atlas expansion project

POSCO International’s takeover of Senex looks increasingly likely as Senex purchases $50 million gas fields, meeting a key condition of the $900 million acquisition deal. 

Senex Energy has announced it has completed the acquisition of the undeveloped Australia Pacific LNG (APLNG) gas fields PL 209 and PL 445. 

The acquisition of the fields, adjacent to Senex’s Atlas field, was completed on 17 January 2022 following the announcement of the intended acquisition on 8 November 2021. 

Completion of the acquisition of the fields is one of the conditions precedent to the scheme implementation agreement (SIA) announced to the ASX on 13 December 2021. 

With the acquisition now complete, that condition has been satisfied, and the proposed acquisition of Senex by POSCO remains subject to certain other conditions as outlined in Section 3.1 of the SIA. 

The Senex board has unanimously recommended the takeover by the Korean giant. 

Now the deal hinges on a shareholder vote that will be held in March, as well as the Foreign Investment Review Board and Korean foreign exchange approvals. 

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