Seven mulls sale of stake in Crux gas field in Browse Basin
The Seven Group has appointed Morgan Stanley to potentially find a buyer for its 15 per cent stake in the Crux gas field just days after the approval process for the project was started.
A recent Wood Mackenzie report estimated that production could start from Crux by 2025 when revenue of $US251.1m ($351.5m) is forecast to be earnt. That revenue is expected to increase sharply to $US829.4m the following year before rising to $US1.19 billion in 2027.
Seven Group bought the Crux stake when it picked up Nexus Energy five years ago when the junior went into administration. As part of that deal, Seven also inherited the Longtom gas field in the Gippsland Basin in southeast Victoria. DataRoom understands that a sale of Longtom is not being considered by Seven Group.
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why would you sell off a 15% of Crux, and leave a stranded and none producing Longtom? Longtom supposed to have 20pj of gas left, but needs considerable $$ spent on infrastructure and a new well.
They have not been able to secure a pipeline transport deal with you-know-who, to get the gas to Orbost.
My oney is on Seven getting rid of Longtom.
COE a natural buyer.
Unless, of course, Beach/Seven have eyes on a bigger, consolidated prize???
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