Just out..Senex Energy’s share climb prompts speculation...

Just out..


Senex Energy’s share climb prompts speculation
PUBLISHED: 0 hour 50 MINUTE AGO | UPDATE: 0 hour 50 MINUTE AGO PRINT EDITION: 15 Apr 2013
Cooper Basin gas play Senex Energy’s shares are at a 10-month high, prompting some speculation it may use scrip to mop up some of its smaller neighbours.
Senex is one of several companies exploring the vast unconventional gas potential of the Cooper Basin, where many trillions of cubic feet of gas could be held in shales deeper than the sands holding the conventional gas produced so far in the region.
Its shares jumped 7 per cent on Friday to close at 84¢, its highest level since June 2012. The jump preceded an announcement on Monday morning that Senex’s net oil production for the 2013 financial year would exceed targets.
Should it be looking at smaller Cooper Basin players, one possibility is the listed Ambassador Oil and Gas which has exploration targets in the South Australian sector of the Cooper/Eromanga basin.
Ambassador and Senex know each other well, and the two have a farm-in agreement over one of Ambassador’s Cooper Basin blocks.
Senex itself is often mentioned as a takeover target. Citi’s hedge fund sales desk named it as one of their top merger and acquisition picks for 2013.