Senex Energy to Increase Interest in Cooper Basin Permit

Senex Energy Limited has agreed to earn a further 22% interest in strategically located Cooper Basin exploration permit PEL 115 and acquire a 19.99% holding in joint venture partner Orca Energy Limited.

With this development, Senex’s interest in PEL 115 will increase to 55% by committing to fund Orca’s remaining 20% share of the cost of an unconventional gas well in the permit at an estimated cost of approximately $1 million.

PEL 115 is thought to have unconventional gas potential in the form of coal seam gas, shale gas and tight gas sands.

A dedicated unconventional gas exploration well will evaluate this potential in the second half of 2012. The vertical well will be cored, analysed and fracture stimulated to assess gas content, gas saturation and permeability of the target zones.