By Gillian Tan
Of The Wall Street Journal
Oil major BG Group's wholly-owned subsidiary QGC has sold its 8%
stake in Australia's Senex Energy for 75.4 million Australian
dollars (US$78.6 million), the company advised the Australian
Securities Exchange Tuesday.
QGC sold 73.9 million shares at A$1.02 a share via an
institutional bookbuild underwritten by RBS Morgans.
The trade was executed at a 9.1% premium to Monday's
volume-weighted average price, or VWAP.
"We appreciate the strong support we have enjoyed from BG
Group," Senex managing director Ian Davies said in a statement.
Through QGC, BG Group intends to produce up to 8.5 million
tonnes of liquefied natural gas, or LNG, from its Queensland Curtis
project in Gladstone.
Senex and BG Group will remain joint-venture partners in two
coal-seam-gas tenements in the Surat Basin.
Senex shares fell 6.6% to A$1.06 in early trade, giving the
energy explorer a market cap of A$979 million. In 2012, the stock
is 67.7% higher, visibly outperforming the benchmark S&P/ASX
200 index, which has added 8.7%.
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By Gillian Tan of The Wall Street Journal; +61-2-82724694; gillian.tan@wsj.com