Senex Energy Limited has agreed a Surat Basin gas asset swap with the PL 171 and ATP 574P joint venture partners (QGC JV).
Under the terms of the Tenement Transfer Agreement, Senex will transfer its minority interest in eastern Surat Basin permits PL 171 and ATP 574P2 (Senex permits) to the QGC JV and the QGC JV will transfer its 100% interest in, and Operatorship of, western Surat Basin permits ATP 795, ATP 767 and ATP 8892 (QGC JV permits) to Senex. No cash consideration is payable by any party in respect of the tenement transfers.
The QGC JV permits are adjacent to Senex's existing western Surat Basin assets ATP 771P and ATP 593P and form the basis of the Western Surat Gas Project. On completion of the transaction, Senex will hold net 2P gas reserves of 488 petajoules (PJ)3.