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ORIGIN ENERGY LIMITED — Capital/Financing Update 2014
Jun 29, 2014
65507_rns_2014-06-29_1d605e47-dafa-4904-81e7-efb326a9706f.pdf
Capital/Financing Update
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ASX Announcement
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Senex and Origin Energy complete gas farm-in transactions
Release Date: 30 June 2014
Senex Energy Limited (Senex, ASX: SXY) and Origin Energy Limited (Origin, ASX: ORG) have completed the two farm-in agreements announced on 24 February 2014, after all conditions precedent were satisfied.
As a result, the Senex-operated joint venture in each area (Area A and Area B Deeps) will now prepare a detailed work program to evaluate the tight gas sands in South Australia’s CooperEromanga Basin. The two key areas cover 1,935 square kilometres (478,000 acres) as illustrated in Figure 1, with two-stage work programs in both areas involving aggregate expenditure of up to $252 million.
Separately, Senex and Origin have reached agreement with the third party in the Area B Deeps joint venture, Planet Gas Limited (Planet, ASX: PGS), for each of Senex and Origin to increase its interest in the Area B Deeps joint venture by funding Planet’s share of the Stage 1 and Stage 2 work programs.
The expected spend, and resulting interests, of the parties through the two stage work programs in Area A and Area B Deeps are set out in Table 1.
Table 1 – Transaction details
| AREA A | AREA B DEEPS | TOTAL ($) | |
|---|---|---|---|
| Petroleum explorationlicence (PEL) | PEL 637(excised from PEL 516)and PRL 106 (excised fromPEL 115) | PEL 638 – Deeps (excisedfrom PEL 514) | |
| Area | 1,031 km2(255,000 acres) | 904 km2(223,000 acres) | |
| Stage 1 work programFunding andparticipating interest | $65 millionSenex: Free carried(60% and operator)Origin: $65 million (40%) | $40 millionSenex: $4 million1(53.75% and operator)Origin: $36 million (33.75%)Planet: Free carried (12.5%) | $105 million |
| Stage 2 work programFunding andparticipating interest | $40 millionSenex: Free carried(50% and operator)Origin: $40 million (50%) | $40 millionSenex: $4 million1(45% and operator)Origin: $36 million (45%)Planet: Free carried(10%) | $80 million |
| Additional Area Bwork programStage 1 and 2 workprogram(equitybasis) | N/A | $67 million | $67 million |
| Total work program | $105 million | $147 million | $252 million |
1Senex’s share of funding for Planet’s share of Area B work programs. Refer Planet announcement of 30 June 2014.
Senex Energy Limited Head Office ABN 50 008 942 827 Level 14, 144 Edward St, Brisbane Qld 4000 T +61 7 3837 9900 GPO Box 2233, Brisbane Qld 4001 F +61 7 3837 9999
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senexenergy.com.au
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ASX Announcement
Figure 1: Area A and Area B in relation to Senex permits in the Cooper-Eromanga Basin
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For further information contact:
Ian Davies
Managing Director Senex Energy Limited Phone: (07) 3837 9900
Andrew Price
Chief Financial Officer Senex Energy Limited Phone: (07) 3335 9777
Senex Energy Limited Head Office ABN 50 008 942 827 Level 14, 144 Edward St, Brisbane Qld 4000 GPO Box 2233, Brisbane Qld 4001
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T +61 7 3837 9900 F +61 7 3837 9999
senexenergy.com.au