new direction for ogy?, page-7

Explorers reshape oil-gas venture
The Advertiser, Page 64 (Fri 14 Jun 2013) by Valerina Changarathil

Cooper basin-focused oil and gas producer Senex Energy has obtained full ownership of a key petroleum exploration licence in return for $7 million worth of benefits to partner Orca. Orca Energy said it agreed to sell its 20 per cent participating interest in unconventional gas but will retain interest in two key assets in the PEL. This includes the Fury oil discovery and Burruna-1 oil exploration well, which will operate under existing terms but as part of a new joint venture licence. Orca also has free carry for oil exploration and development in the southern Cooper Basin. The deal cancels Senex's 19.99 per cent stake in Orca, which it acquired in January 2012, and reimburses Orca for costs for work on the Kingston Rule-1 and Hornet-1 wells in PEL 115.