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    Australia : Senex to acquire APLNG natural gas fields


    November 24, 2021 - Al Bawaba Business

     

      Senex Energy Limited announced it has entered into a binding agreement with

      Australia Pacific LNG to acquire undeveloped gas fields PL 209 and PL 445, adjacent to Senexs Atlas

      natural gas development, for $80 million with Atlas production to increase to 30 PJ/year in 2024.

      Key points

      Senex plans to expand Atlas production (including PL 209 and PL 445) to a 30 PJ/year plateau in CY24

      (currently expanding to 18 PJ/year), comprising half of the end-FY25 production target of 60 PJe/year1

      PL 209 and PL 445 include a 77 km2 development-ready Northern Area, comparable in reservoir quality to

      the adjacent Atlas field, and a 77 km2 Southern Area requiring future appraisal (refer map on page 2)

      Estimated Ultimate Recoverable (EUR) volume of 184 PJ in Northern Area2

      , with additional ~600 PJ

      estimated gas-in-place in Southern Area requiring future appraisal

      No existing gas supply obligations or domestic marketing commitments providing portfolio flexibility

      Initial acquisition cost of $50 million, with a further $30 million payment upon receipt of satisfactory

      Commonwealth environmental approvals, funded from an acquisition bridge facility and existing cash and

      debt facilities

      Managing Director and CEO Ian Davies said the acquisition increased the quality and scale of Senexs natural

      gas supply portfolio, providing portfolio flexibility to further support Senexs customers and increase supply to

      the east coast gas market.

      The acquisition of these undeveloped gas fields adjacent to Atlas continues Senexs growth trajectory in the

      Surat Basin and reinforces the companys low-cost, hub-and-spoke infrastructure operating model.

      Atlas is a high-quality development, providing reliable, affordable and sustainable supplies of natural gas to

      Australian manufacturers, supporting the economy and jobs in local communities, Mr Davies said.

      Senex natural gas portfolio and organic growth plans

      In August 2021, Senex announced FID for the expansion of Atlas gas production by 50% to 18 PJ/year. This

      acquisition will allow the further expansion of Atlas to plateau production of 30 PJ/year in 2024.

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