The Senex Energy Ltd (ASX: SXY) share price could be one to watch this morning after it revealed a $50 million asset sale.
Senex is an oil and gas company that has been operating for 30 years. It has a portfolio of oil and gas assets in Queensland and South Australia with access to the east coast energy market.
Senex’s Sale Completes
Senex announced that it has completed the sale of its Roma North gas processing facility and pipeline to major energy infrastructure operator Jemena for $50 million.
After successful commissioning and performance testing, Jemena has taken ownership of the facility and will compress and transport Senex’s natural gas to market under a long term gas tolling arrangement.
Senex will pay a capacity based tariff in line with an agreed production profile.
Managing Director and CEO Ian Davies said: “This transaction allows Senex to focus on its core competency of developing natural gas acreage while also benefiting from long term tolling arrangements with flexible expansion options.”
Whilst this is good news for Senex, I generally prefer to avoid investing in resource businesses. I’d rather buy shares of consistently reliable shares like the ones revealed in the free report below.
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