PERTH (miningweekly.com) – Oil and gas major Senex has finalised the acquisition of two undeveloped gasfields from the Australia Pacific Liquefied Natural Gas (APLNG) project owners.
The gasfields are adjacent to Senex’s Atlas field.
Senex in November of last year struck the A$80-million agreement, which had the potential to increase production from Atlas to 30 PJ/y, by 2024. The acquisition of the two gasfields was one of the conditions precedent to the scheme implementation agreement signed with Korean major POSCO in December.
With the acquisition now having completed, that condition has been satisfied.
POSCO is offering Senex shareholders A$4.60 a share for each share held in the takeover target, with the scheme implementation agreement still subject to shareholder approval, court approval, Korean foreign exchange approvals, and Foreign Investment Review Board approvals.