Senex Energy

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Our support was a key factor in enabling natural gas produced by Senex Energy to be exported from Queensland to Asia.

Senex Energy (Senex) is a publicly listed oil and natural gas explorer, developer and producer, operating in South Australia and Queensland. It provides oil and gas for the domestic and export markets, with a significant amount of gas from its Queensland operations intended to be sold overseas.

The business has developed new gas reserves in the Surat Basin for Project Atlas, which supplies gas domestically within Queensland - and Roma North, to provide gas for export. The cost to develop both projects was around $400 million, according to Senex’s Chief Financial Officer, Mark McCabe.

“The energy industry is really capital-intensive – you need to spend a lot of money up front on infrastructure and earn your return over years, even decades,” Mark explained. “Given Senex's size and balance sheet at the time, we could not have spent the money to construct that project without the support of our banks,” said Mark.

That’s where Export Finance Australia was able to help.

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Critical support


Senex was introduced to Export Finance Australia through its bank in 2019, when the business needed finance for the Roma North project.

“We also required a bank guarantee to give other businesses and regulators assurance that Senex would perform its obligations under various contracts,” said Mark.

While Senex doesn’t export gas itself, it is an integral part of an export supply chain - making it eligible for our support.

“Our sole customer for Roma North is Gladstone LNG (GLNG) – a partnership between Australian company Santos, French energy company Total, Korean energy company KoGas, and Malaysian energy company Petronas,” said Mark.

“GLNG essentially takes natural gas from Australia and exports it to Asia.”

Senex worked with Export Finance Australia’s Project & Structured Finance team, with additional support from our Portfolio Management team, throughout the application process. 

 

I was impressed that Export Finance Australia could come into our facility and learn about an industry they weren’t previously exposed to. They are really helpful in supporting exporters, by filling a specific finance gap. I would recommend them as a collaborative partner that supports jobs and investment for Australia.

Mark McCabe, Chief Financial Officer, Senex

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