Orca Energy to Sell Cooper Basin Assets in South Australia to Senex Energy
Orca Energy Limited (Orca or the Company) reported Friday that it has entered into a binding Sales Agreement (the Transaction) with Senex Energy Limited to sell its Cooper Basin Assets in South Australia for approximately $1.5 million (AUD 2 million) in cash, with an effective date of Jan. 1.
Orca (and its wholly owned subsidiary, Komodo Energy Pty Ltd (Komodo)) will sell to Senex the following permit and associated joint venture interests:
- Komodo’s 20 percent interest in Burruna oil field, being petroleum production license 251 (PPL 251)
- Komodo’s 20 percent interest in Fury oil field and petroleum retention license 117 (PRL 117)
- Orca’s 20 percent interest in petroleum exploration license 110 (PEL 110)
The Transaction is subject to regulatory approvals, with settlement expected to occur on or before May 31.
Throughout the course of the past year, Orca has worked very closely and effectively with Senex Energy in trying to deliver value to shareholders via these assets. Given the assets will require further investment, the monetization of Orca’s Cooper Basin interests is a prudent course of action in the current low oil price environment and will enable Orca to focus its efforts and investment on its Seabiscuit project in Texas, USA as well as pursuing other opportunities.
The disposal of these assets will leave Orca with in excess of $3.8 million (AUD 5 million) in cash (approx. $0.0085 or AUD 0.011 per share) and a board and management team focused on delivering long term and sustainable value for shareholders.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Senex Wins Australia Gas Field, Aims To Start Producing In 2019 (Sep 05)
- Senex Welcomes South Australian Govt's $18.4M Pledge to Develop Gas Supply (Sep 09)
- Australia's PEL 444 Partners Swap Seismic Data with Senex, Bridgeport (Jun 02)
Company: Orca Energy Limited more info
- Orca Energy Sale of its South Australian Cooper Basin Assets to Senex (May 19)
- Orca Energy to Sell Cooper Basin Assets in South Australia to Senex Energy (Mar 13)
- Cooper Energy Reports Poor Oil Shows at Akela-1 Well in Cooper Basin (Nov 12)