The board of Orca Energy Ltd. (ASX: OGY.AX) entered a binding sales agreement with Senex Energy Ltd. (ASX: SXY.AX) to sell its Cooper Basin oil assets for about AU$2 million in cash, Orca said March 13. Komodo Energy Pty Ltd., Orca’s wholly owned subsidiary, will also make the sale.
Komodo's 20% interest in the Burruna Field, production license 251 (PPL 251), will be sold.
Komodo's 20% interest in Fury Field and petroleum retention license 117 (PRL 117) will also be sold.
Orca's 20% interest in petroleum exploration license 110 (PEL 110) will be sold.
Orca said the sale to Senex is “prudent” while oil prices are low and will allow Orca to focus on its Seabiscuit project in Matagorda County, Texas.
The transaction is scheduled to close May 31. The transaction’s effective date is Jan. 1.
Orca Energy Ltd. is based in Perth, Australia, and Senex Energy Ltd. is based in Queensland, Australia.
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