Senex Energy (ASX:SXY)
has entered into a binding agreement with Beach Energy Ltd (ASX:BPT)
to sell its South Australian Cooper Basin assets for $87.5 million cash consideration.
The sale will result in Senex’s exit from the Cooper Basin after more than 20 years, and will support plans to accelerate the development of its Surat Basin natural gas assets, increasing the supply of natural gas to the east coast to support manufacturing and jobs.
The sale will further strengthen Senex’s balance sheet, with a proforma net cash position of approximately $30 million.
Shares in Senex Energy (ASX:SXY)
are trading 5.26 per cent higher at 30 cents.