Oil and Gas News

Beach Energy completes Cooper Basin acquisition

Otway Basin GSA
Senex Energy has sold its Cooper Basin assets in South Australia to Beach Energy for $87.5 million.

Following the sale, Senex is positioned to accelerate the development of its low-cost, high-return and long-life natural gas assets in Queensland’s Surat Basin.

Senex managing director and chief executive officer Ian Davies said the sale marked an important milestone for the company 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 petajoules (PJ) 2P natural gas reserves,” Davies said.

“The $87.5 million sale proceeds received from the sale reinforces our balance sheet and positions us strongly for the low-risk high-return growth opportunities within our portfolio.”

In November last year, Davies reported that the sale of its Cooper Basin assets followed a strategic review of the company’s asset portfolio.

“Beach’s existing operations and experience in the Cooper Basin, including as joint venture partner in our western flank oil assets, means it is ideally placed to acquire these assets and ensure a smooth transition and ongoing stewardship, as well as providing a number of ongoing employment opportunities,” he said.

Beach managing director Matt Kay said the acquisition would enable the company to apply its exploration, appraisal and development expertise across a broader footprint.

“From a Beach perspective this was a logical acquisition given our proven track record of extracting value from permits we operate, combined with the fact we are building on our extensive position in the Western Flank across the South Australian Cooper Basin,” Kay said.

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