PERTH (miningweekly.com) – Diversified energy company Senex Energy has struck a deal with fellow ASX-listed Orca Energy to acquire that company’s Cooper basin assets for A$2-million.
Orca on Friday announced that it would sell its 20% interest in the Burruna oilfield, its 20% interest in the Fury oilfield and petroleum retention licence, and its 20% interest in a separate petroleum exploration licence.
Senex already held an 80% interest in the Barruna and Fury oilfields, and a 60% interest in the third asset.
The junior told shareholders that, despite having worked closely with Senex in the past year to deliver value through the assets, the Cooper basin tenements would require further investment and, as a result, the monetisation of Orca’s shareholding in the projects was considered a prudent course of action in the current low oil price environment.
Orca said the divestment would allow the company to focus its efforts on its Seabiscuit project, in the US, as well as on pursuing other opportunities.