Senex Energy
Australian onshore natural gas and oil exploration and production company.
Last updated August 31, 2026
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Overview
Senex Energy Pty Ltd is an Australian energy company whose principal business is the exploration, development and production of onshore natural gas, with operations concentrated in Queensland's Surat Basin. The company also has a historical association with oil production in South Australia's Cooper Basin. Its present identity is primarily that of a Queensland gas producer rather than a diversified national oil and gas explorer. The business entered the Australian Securities Exchange in August 1984 under the name Victoria Petroleum N.L. It was based in Perth at the time and was led by founding managing director John Kopcheff. In 2010, Ian Davies was appointed managing director, and the company announced plans to move its head office to Brisbane. That period marked a push toward more intensive development of the company's acreage in both the Cooper and Surat basins, together with changes to its leadership structure and corporate constitution. In February 2011, the company adopted the Senex Energy name and the ASX ticker SXY. The name was derived from the Latin word meaning “old” or “elder.” Shortly afterwards, Senex announced a merger with fellow Cooper Basin oil producer Stuart Petroleum, strengthening its position in South Australian oil production. The company subsequently became part of the ASX/S&P 200 index in 2012 and was classified by the ASX as a mining producing entity for reporting purposes in 2013. During the 2010s, Senex operated more than ten oil fields in the Cooper Basin. Its Growler oil field was connected by pipeline to the Moomba oil-processing facility in December 2012, and the company continued exploration in the basin, including the discovery of an oil pay zone at the Martlet North-1 well in February 2015. These activities made Cooper Basin oil an important part of the company's earlier operating portfolio. Senex later reshaped its portfolio around Queensland gas. In 2020, it sold its Cooper Basin oil assets to Beach Energy, ending its direct operations in that basin and allowing the company to concentrate on its Surat Basin gas assets. Its Surat operations are located near the Queensland townships of Roma and Wandoan and are intended to supply the Australian domestic gas market. In December 2021, Senex agreed to be acquired by South Korean steel and industrial group POSCO International for A$610 million. Following the transaction, the company became privately owned by POSCO International and Hancock Prospecting and ceased to be an ASX-listed business. In August 2022, Senex announced a proposed A$1 billion expansion of its Surat Basin gas operations, with a target of lifting annual production to 60 petajoules from the end of 2025. The proposed expansion was subsequently put on hold after the Australian federal government announced plans to cap energy prices for twelve months. Senex therefore remains an active private Australian gas producer, with its current business centered on Surat Basin development and domestic energy supply.
History
Senex Energy traces its corporate history to Victoria Petroleum N.L., which was listed on the Australian Securities Exchange in August 1984. The company was initially based in Perth and was led by founding managing director John Kopcheff. Its early and subsequent exploration portfolio included Australian onshore petroleum acreage, especially in the Cooper Basin of South Australia and the Surat Basin of Queensland. A significant management transition took place in 2010, when Ian Davies was appointed managing director. The company also announced that its head office would move to Brisbane. During the same period, it described plans for more aggressive development of its oil and gas interests in the Cooper and Surat basins and made further leadership and constitutional changes. On 14 February 2011, Victoria Petroleum formally became Senex Energy Limited and adopted the ASX ticker SXY. The new name referred to the Latin word “senex.” One week later, Senex announced a merger with Stuart Petroleum, a fellow Cooper Basin oil producer. The transaction reinforced Senex's oil position in South Australia and formed part of the company's broader effort to build a producing resource base. Senex entered the ASX/S&P 200 index in April 2012. Its Cooper Basin activities included more than ten producing oil fields. In December 2012, the Growler oil field was connected by pipeline to the Moomba oil-processing facility, providing an important link between field production and regional processing infrastructure. In February 2015, exploration at the Martlet North-1 well identified an oil pay zone on the western flank of the Cooper Basin. The company later changed its portfolio emphasis. In 2020, Senex sold its Cooper Basin oil assets to Beach Energy. The sale ended Senex's direct operations in the basin and left Queensland's Surat Basin gas assets as the center of its operating strategy. Senex's Surat operations are located near Roma and Wandoan and are focused on supplying natural gas from onshore coal-seam-gas and related gas resources, although the supplied reference material does not specify individual field names or production start dates. On 13 December 2021, Senex agreed to be acquired by POSCO International for A$610 million. Following the acquisition, Senex was no longer an ASX-listed public company and operated as a private business owned by POSCO International and Hancock Prospecting. In August 2022, the company announced a proposed A$1 billion expansion of its Surat Basin operations. The plan targeted annual production of 60 petajoules from the end of 2025. The expansion was later put on hold after the federal government announced plans to impose an energy-price cap for twelve months. Senex's current corporate profile is consequently that of a privately held Australian natural-gas producer whose principal assets and development plans are concentrated in the Surat Basin.
- 2022
Announces Surat Basin expansion
[1]Senex announced a proposed A$1 billion expansion targeting annual Surat Basin production of 60 petajoules from the end of 2025.
- 2021
Agrees to private acquisition
[1]Senex agreed to a A$610 million acquisition by POSCO International and subsequently became privately owned by POSCO International and Hancock Prospecting.
- 2020
Exits the Cooper Basin
[1]Senex sold its Cooper Basin oil assets to Beach Energy and concentrated on Surat Basin gas operations.
- 2015
Martlet North-1 oil discovery
[1]Senex reported an oil pay zone at its Martlet North-1 exploration well in the Cooper Basin.
- 2012
Joins the ASX/S&P 200
[1]Senex was admitted to the ASX/S&P 200 index in April.
- 2012
Growler field connected to Moomba
[1]The Growler oil field was connected by pipeline to the Moomba oil-processing facility in December.
- 2011
Adopts the Senex Energy name
[1]Victoria Petroleum changed its name to Senex Energy Limited and adopted the ASX ticker SXY.
- 2011
Merger with Stuart Petroleum
[1]Senex announced a merger with Cooper Basin oil producer Stuart Petroleum.
- 2010
Management and headquarters transition
[1]Ian Davies became managing director, and the company announced the relocation of its head office from Perth to Brisbane.
- 1984
Listed as Victoria Petroleum N.L.
[1]The company entered the Australian Securities Exchange in August 1984 under the name Victoria Petroleum N.L.
Products and positioning
Australian onshore gas producer focused on developing Surat Basin resources for the domestic market.
Natural gas
Surat Basin natural gas
Senex's principal current offering is natural gas produced from onshore assets in Queensland's Surat Basin. Operations are based near Roma and Wandoan, and the business is positioned around supplying the Australian domestic gas market. The company announced a major proposed expansion in 2022, although that program was subsequently put on hold following the federal government's proposed twelve-month energy-price cap.
Crude oil
Cooper Basin oil
Cooper Basin oil was a major historical product line for Senex. The company operated more than ten oil fields in South Australia, including the Growler field, which was connected to the Moomba processing facility in 2012. Senex also reported an oil pay zone at Martlet North-1 in 2015. The company sold these assets to Beach Energy in 2020 and no longer operates in the Cooper Basin.
Brand decisions
2022
Plan Surat Basin gas expansionStrategyBackground
Senex sought to expand its Queensland gas production and increase the scale of its domestic supply operations.
Action taken
The company announced a proposed A$1 billion expansion designed to lift annual production to 60 petajoules from the end of 2025.
Aftermath
The expansion was subsequently put on hold after the federal government announced plans to cap energy prices for twelve months.
Proposed expansion investment. A$1 billion (Announced August 2022)
2021
Accept acquisition by POSCO InternationalM&ABackground
Senex agreed to a transaction that would take the company from public ownership to private ownership.
Action taken
Senex agreed to be acquired by POSCO International for A$610 million.
Aftermath
Senex became privately owned by POSCO International and Hancock Prospecting and ceased to be an ASX-listed business.
Acquisition value. A$610 million (13 December 2021)
2020
Sell Cooper Basin oil assetsM&ABackground
Senex reviewed its portfolio as it developed a stronger emphasis on Queensland natural gas.
Action taken
The company sold its Cooper Basin oil assets to Beach Energy.
Aftermath
The transaction ended Senex's operations in the Cooper Basin and left Surat Basin gas as its principal operating focus.
Recent events
- 2022
Senex announces major Surat Basin gas expansion[1]
Product generation
The company announced a proposed A$1 billion expansion intended to raise Surat Basin production to 60 petajoules per year from the end of 2025.
- 2022
Surat Basin expansion is put on hold after proposed energy price cap[1]
Regulation
Senex subsequently paused the planned Surat Basin expansion after the Australian federal government announced plans to cap energy prices for twelve months.
- 2021
POSCO International agrees to acquire Senex Energy[1]
M&A
Senex agreed to a A$610 million acquisition by South Korean industrial group POSCO International. The business subsequently became privately owned by POSCO International and Hancock Prospecting.
- 2020
Senex completes sale of Cooper Basin oil assets[1]
M&A
Senex sold its Cooper Basin oil assets to Beach Energy and shifted its strategic focus toward gas production in Queensland's Surat Basin.
- 2011
Senex changes its name and adopts the SXY ticker[1]
Other
The company formally changed its name from Victoria Petroleum N.L. to Senex Energy Limited and began trading under the ASX code SXY.
- 2011
Senex announces merger with Stuart Petroleum[1]
M&A
Senex announced a merger with Stuart Petroleum, another Cooper Basin oil producer, expanding its position in South Australian oil operations.
Sources3 sources
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