Sydney-listed Senex Energy has completed the A$87.5mn (US$61.7mn) sale of its Cooper basin business to fellow Australian explorer Beach Energy, it said on March 1. The deal was announced in November last year. 

“The completion strengthens Senex’s balance sheet, now in a proforma net cash position of A$33mn, and supports acceleration of the development of its low-cost, high-return and long-life natural gas assets in Queensland’s Surat basin,” Senex said. 

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The acquisition covers 6.8mn barrels of oil equivalent in 2P reserves and around 1,640 boe/d of projected output in the financial year ending June 30 2021, Beach said when the deal was first announced. Beach will become the sole Western Flank operator, and will also take 100% of its infrastructure, including the Growler-Lycium and Lycium-Moomba flowline systems. 

Senex said that the completion of the sale also satisfies the condition for payment of a special Australian cent 0.5/share dividend to shareholders, in addition to the Australian cent 0.5/share distribution for the FY21 half year.