News
POSCO’s Australian arm Senex Energy suspends $671 mln Queensland gas project expansion
South Korean steel giant POSCO International Corp’s 047050.KS unit Senex Energy said it would suspend its A$1 billion ($671 million) investment plan of its Queensland gas project amid the Australian government’s efforts to quell surging energy prices. “This will result in less gas, electricity shortages, fewer jobs and weaker regional communities that rely on the resources sector,” Senex, the energy firm which is 50.1% owned by POSCO International, said in a statement on Thursday.
‘Impossible’: Rinehart, Posco stall $1b Queensland gas project
A $1 billion gas project that had attracted interest from customers wanting more than five times the volume of gas initially on offer is on hold after its owners, including billionaire Gina Rinehart, declared the government’s intervention in the gas market made it “impossible” to sign up to new gas sales contracts. The stalling of Senex Energy’s $1 billion Atlas gas project in Queensland is the most serious sign yet of the fallout from the Albanese government’s stricter-than-expected controls over east coast gas to try to rein in energy prices for struggling manufacturers and households.
Hancock Energy reveals backing of key Warrego investors for its cash offer
Gina Rinehart’s Hancock Energy says it has secured the support of a list of Warrego shareholders for its 28¢-a-share cash bid for the junior gas play. Hancock lodged its fourth supplementary bidder’s statement on Wednesday, which outlined a list of supportive Warrego investors.
HANCOCK WARNS WARREGO INVESTORS
Gina Rinehart’s Hancock Energy has warned investors in its takeover target Warrego Energy that they face management and share price risks if they choose to accept a rival bid from Strike Energy. Hancock said taking up Strike’s offer would open shareholders up to risks around potential future funding challenges which “are likely to include substantial funding that is not in place for key developments and onerous debt arrangements’’.
Rinehart hits back in battle for Warrego
Gina Rinehart has hit back in the takeover battle for Warrego Energy and cast doubt on rival Strike Energy’s capacity to fund its onshore gas ambitions in the Perth Basin. Mrs Rinehart’s Hancock Energy maintains its all-cash 28¢ per share takeover offer for Warrego is superior to a revised bid lobbed by Strike on MondayHancock, which has pointed to a near $18 billion cash war chest to fund a Warrego takeover, other acquisitions and project developments, warned Strike would need to go deep into debt under its “high risk” Perth Basin plans.
KYLE SAVES BEST FOR LAST
LONG live the King. If Kyle Chalmers ever thinks about quitting swimming early again, then the whole of Australia needs to beg him to stay. The Dolphins have produced a stack of legendary male freestyle sprinters over the years, but Chalmers deserves to be listed at the very top now. Stop the fight. There is just no argument any more.
