Senex Energy Limited (ASX:SXY) has agreed to a Surat Basin gas asset swap with the PL 171 and ATP 574P joint venture partners (QGC JV).
The oil and gas explorer will transfer its minority interest in eastern Surat Basin permits PL 171 and ATP 574P to the QGC JV.
QGC JV will transfer its entire interest and operatorship of western Surat Basin permits ATP 795, ATP 767, and, ATP 889 to Senex.
Senex advises no cash consideration is payable in respect of the tenement transfers which are expected to be tied up by mid December, pending approvals.
Managing Director Ian Davies has described the mutually beneficial asset swap as a win-win transaction and says the deal positions Senex as part of the solution to the looming gas shortage in domestic and export markets.
Senex Energy’s net profit dropped 38 per cent to $37.9 million in the 2014 financial year.
