Senex Energy (ASX: SXY) is focusing on its core upstream oil and gas assets with its deal to sell the Port Bonython Fuels Terminal project to Mitsubishi Corporation for an undisclosed sum.
The company is pursuing a rapid growth strategy focused on its Cooper and Surat basin assets that cover both conventional and unconventional oil and gas plays.
This has paid off with company's current market capitalisation of just under A$1 billion representing a 180% gain from its market capitalisation of about A$357 million a year ago.
Senex had earlier this month resumed coal seam gas exploration in the Surat Basin and is currently drilling the Thunderchief-1 oil exploration well in the Cooper Basin western flank.
The company had inherited the project when it acquired Stuart Petroleum but has obviously decided that Mitsubishi would be better suited to develop it.
The company had inherited the project when it acquired Stuart Petroleum but has obviously decided that Mitsubishi would be better suited to develop it.
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