Senex Energy Ltd. has agreed to a Surat Basin, onshore Australia, gas asset swap with the PL 171 and ATP 574P joint venture (JV) partners QGC JV, the company said in a news release.

Under the terms of the tenement transfer agreement, Senex will transfer its minority interest in eastern Surat Basin permits PL 171 and ATP 574P 2 to the QGC JV. The QGC JV will transfer its 100% interest in and operatorship of western Surat Basin permits ATP 795, ATP 767 and ATP 8892 to Senex.

No cash consideration is payable by any party in respect to the tenement transfers, the release said.

The QGC JV permits are adjacent to Senex’s existing western Surat Basin assets ATP 771P and ATP 593P and form the basis of the Western Surat Gas Project. Completion of the transaction is expected by Dec. 14, 2014, and is conditional on Foreign Investment Review Board, Queensland government and other regulatory approvals.