Orca Energy Ltd. has entered into a binding sales agreement with Senex Energy Ltd. to sell its Cooper Basin assets in South Australia for $1.5 million (AUD 2 million) in cash, with an effective date of Jan. 1.
Orca (and its wholly owned subsidiary, Komodo Energy Pty Ltd.) will sell to Senex the following permit and associated joint venture interests:
- Komodo’s 20% interest in the Burruna oil field, being Petroleum production license 251 (PPL 251)
- Komodo’s 20% interest in the Fury oil field and petroleum retention license 117 (PRL 117)
- Orca’s 20% interest in petroleum exploration license 110 (PEL 110)
The transaction is expected to occur on or before May 31.