Senex Completes Asset Portfolio Review to Support Gas Project Development

Senex completes asset portfolio review to support gas project development; expects non-cash impairment of non-core Cooper Basin exploration assets

Senex Energy Limited (Senex, ASX: SXY) today announced that its east coast gas business will drive major production and earnings growth from 2019, with Senex completing a comprehensive asset portfolio review to prioritise future capital allocation to accelerate gas project development.

As a result, Senex expects to recognise a non-cash impairment charge of $80 million in its half year results to be released on 22 February 2018 in respect of non-core Cooper Basin exploration assets.

Key points:

  • Material production, cash flow and earnings to be delivered from Senex's east coast gas business and western flank oil assets.
  • Following asset portfolio review, strategic focus and capital allocation to be prioritised to core assets to drive growth through Senex's east coast gas development projects and Cooper Basin oil assets.
  • Financing discussions with lenders progressing positively and on schedule for financial close in mid-2018.
  • No plans for substantive exploration expenditure in non-core Cooper Basin exploration assets resulting in expected accounting non-cash impairment charge of $80 million (before and after tax) in H1 FY18. This charge does not impact Senex's oil and gas production, reserves, EBITDAX or cash.

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