Senex Sells Its Interest in ATP 752 & PL 303
Source: www.gulfoilandgas.com 6/6/2013, Location: Not categorized
Senex Energy has entered into an agreement to sell its 15% interest in the Santos operated Cuisinier oil field (PL 303) and its interests in ATP 752 (15% Barta Block and 17.5% Wompi Block) for $20 million. The sale is subject to existing joint venturer's pre-emption and customary approvals.
The divestment reflects the Company's strategy of continually high-grading its oil portfolio by focusing on permits where Senergy holds a majority equity position and operatorship. The approach ensures Senex manages exploration and development plans and capital allocation decisions. Consistent with this strategy, Senex increased its equity position in northern Cooper Basin permit PEL 514 to 80% in mid-May.
The sale of the PL 303 and ATP 752 interests has an effective date of 15 March 2013. Accordingly, net Senex production for the nine months to 31 March 2013 will be adjusted down by 0.4% to 956,241 barrels of oil.
