PERTH (miningweekly.com) – The Foreign Investment Review Board (FIRB) has approved a strategic investment by EIG Global Energy Partners in ASX-listed Senex Energy.
Senex in February announced that it would raise A$55-million through a share placement to EIG, under which 146-million shares would be issued at a price of 31.5c each.
Following the placement, EIG will hold a 12.6% interest in Senex.
“Our strong financial position and operating capability mean we are ideally placed to convert opportunities in the structurally short east coast gas market. We are looking forward to working with EIG to pursue material growth for Senex,” Senex MD and CEO Ian Davies said on Friday.
Senex and EIG will work together to develop an appropriate funding model for the Western Surat gas project, as well as other growth projects within the Senex portfolio, with EIG expected to provide development funding of up to $300-million for the Western Surat gas project’s acceleration.