As such, Senex has undertaken a comprehensive review of its asset portfolio to focus business on these opportunities, and will prioritise capital allocation as follows:
- Successful development of Senex’s suite of east coast development projects, including Project Atlas, WSGP and the Cooper Basin Vanessa field
- Disciplined exploration, appraisal and development of Cooper Basin western flank oil assets
- Unconventional gas exploration opportunities in the Cooper Basin in joint venture with Beach Energy, while those activities are free carried by Beach under the Lattice Energy arrangements (approximately $43 million of committed funds remaining)
- Other opportunities that complement strategic priorities.
Senex expects to recognise an accounting non-cash impairment charge of $80 million in its 2018 half year accounts.