Senex Energy Limited (Senex, ASX:SXY) and GLNG have completed the transaction for the development of the Western Surat Gas Project in Queensland, announced on 24 September 2015.
Key points:
- Senex has received $42 million in cash and a comprehensive suite of subsurface, production and other technical data, in exchange for the sale of the Maisey block to GLNG
- Senex to supply up to 50 TJ/day of sales gas from its Western Surat Gas Project to GLNG under a binding 20-year gas sales agreement
Senex’s Western Surat Gas Project represents a near term opportunity to develop a major new revenue stream from a large 2P reserve base in a strategically located gas producing region. The combined effect of the two agreements is to significantly de-risk the advancement of the project by delivering a clear commercialisation and financing pathway, allowing access to GLNG infrastructure, and providing valuable subsurface data.
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