Planet Gas to Sell Oz Cooper Basin Interests

Planet Gas Limited has agreed to sell its remaining Australian Cooper Basin hydrocarbon interests to Senex Energy and, separately, agreed with Beach Energy to terminate its unconventional gas joint venture, also in the Cooper Basin, Planet Gas said September 5.

“As such, Senex will retain the area for potential further assessment and Planet Gas has agreed to transfer its interests to Senex for a consideration of [A]$400,000 [$287,377] plus a 2% overriding royalty interests on potential future cashflows from the acreage, subject to certain conditions,” the company said.

The Planet Gas interests to be transferred include a 20% participating interest in the CBOS North Shallows Joint Venture and a 12.5% participating interest in the CBOS North Deeps Joint Venture, it said.

The Cooper Basin interests are in South Australia.