International law firm Ashurst advised Australia and New Zealand Banking Group Limited (ANZ), as lender and mandated lead arranger, on a A$150 million reserve-based lending (RBL) facility in favour of Senex Energy Limited (Senex), and subsidiaries, to fund expansionary capital expenditure across its Surat Basin and Cooper Basin oil and gas acreage.

The facility is the first senior reserve-based lending facility for a natural gas project in Australia not backed by LNG.

The Ashurst team was led by project finance partner Chris Redden, with support from counsel Lucy Bretherton, senior associates Alison Sawers and David Morgans and associates Jowa Chan and Melany Wilson.

Commenting Chris Redden said:

"We are proud to have represented ANZ in supporting Senex Energy Limited on this landmark RBL. With the strong support of ANZ, Senex are able to execute on their strategy to develop greenfield gas acreage and bring new gas supply to the market which supports the energy needs of Australians. We have now acted on the two most recent RBL facilities in Australia demonstrating the strength and depth of Ashurst's oil & gas business and we look forward to continuing to work with financiers and sponsors in unlocking domestic oil & gas supply to address the shortage on the east coast."