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    Senex Energy's revenue up 54% in Oct-Dec

Summary

The Australian gas producer said that Posco International deal is expected to complete in late March.

by: Shardul Sharma

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Senex Energy's revenue up 54% in Oct-Dec

Australian gas producer Senex Energy on January 21 reported a 53.5% year/year increase in sales revenue during the three months to December 31 (Q2FY22). The revenue growth was due to higher sales volume and realised prices.  

The revenue came in at A$38.7mn ($27.82mn) compared with A$25.2mn in the same period last year. Total sales volume was 4.9 petajoules, up 22.5% yr/yr. Senex realised an average gas price of A$7.8/gigajoules, up 25.8% yr/yr.

The company has revised higher its full-year capital expenditure guidance to between A$120mn and A$140mn, up from between A$70mn and A$80mn because certain drilling development activity previously planned for FY23 has been brought forward to late FY22 to fill available additional gas processing capacity at both Atlas and Roma North.

Senex said that Posco International deal is expected to complete in late March. South Korea’s Posco last month agreed to acquire Senex for A$885mn. The deal now needs approval from Senex shareholders, court, Australia's Foreign Investment Review Board and Korean foreign exchange.

A scheme booklet containing information in relation to the transaction, the reasons for the Senex board of directors’ recommendation, an independent expert’s report and details of the scheme will be sent to Senex shareholders in early 2022, the company said.