Senex reports 80% jump in revenue in Jul-Sep

Australian gas explorer Senex Energy on October 19 reported an 80% year/year increase in sales revenue in the three months to September 30 (Q1). The revenue growth was due to higher sales volume and realised prices.  

The revenue came in at A$35.4mn compared with A$19.6mn in the same period last year. Total sales volume was 4.8 petajoules, up 45% yr/yr. Senex realised an average gas price of A$7.5/gigajoules, up 25.4% yr/yr.

On October 18, Senex announced it had received a takeover offer from South Korea’s Posco International. The Korean firm in September submitted a revised non-binding proposal to acquire 100% of Senex for a cash offer price of A$4.40 ($3.26)/share. Senex said it expects a further revised proposal at a price higher.