The pair entered an agreement stipulating that Senex is to make cash payment of A$5 million (US$4.94 million) to Planet Gas to acquire a further 10% interest in PEL 514 North and a 30% stake in PEL 514 South.
This deal follows on from an initial farm-in agreement signed in December 2011. Upon completion of the transaction, it will effectively reduce Planet Gas’ stake in the entire 1972-square kilometre PEL 514 permit to 20% with Senex holding the remaining 80% interest and retaining operatorship.
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