The Board of Orca Energy Limited has entered into a binding Sales Agreement (the Transaction) with Senex Energy Limited to sell its Cooper Basin Assets for approximately $2,000,000 in cash, with an effective date of 1 January 2015.
Orca (and its wholly owned subsidiary, Komodo Energy Pty Ltd (Komodo)) will sell to Senex the following permit and associated joint venture interests:
1.Komodo's 20% interest in Burruna oil field, being petroleum production licence 251 (PPL 251)
2.Komodo's 20% interest in Fury oil field and petroleum retention licence 117 (PRL 117)
3.Orca's 20% interest in petroleum exploration licence 110 (PEL 110)
The Transaction is subject to regulatory approvals, with settlement expected to occur on or before 31 May 2015.