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Orca Energy Sells Cooper Basin Assets to Senex Energy

Source: www.gulfoilandgas.com 3/13/2015, Location: Not categorized

Orca Energy has announced that it has entered into a binding Sales Agreement with Senex Energy to sell its Cooper Basin assets for approx. $2,000,000 in cash, with an effective date of 1 January 2015.

Orca (and its wholly owned subsidiary, Komodo Energy, will sell to Senex the following permit and associated joint venture interests:
Komodo’s 20% interest in Burruna oil field, being petroleum production licence 251 (PPL251)
Komodo’s 20% interest in Fury oil field and petroleum retention licence 117 (PRL117)
Orca’s 20% interest in petroleum exploration licence 110 (PEL 110).

The Transaction is subject to regulatory approvals, with settlement expected to occur on or before 31 May 2015.

Throughout the course of the past year, Orca has worked very closely and effectively with Senex Energy in trying to deliver value to shareholders via these assets. Given the assets will require further investment, the monetisation of Orca’s Cooper Basin interests is a prudent course of action in the current low oil price environment and will enable Orca to focus its efforts and investment on its Seabiscuit project in Texas, USA as well as pursuing other opportunities.

The disposal of these assets will leave Orca with in excess of $5,000,000 in cash (approx. 1.1c per share) and a board and management team focused on delivering long term and sustainable value for shareholders.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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