The QGC joint venture will acquire Senex's minority interest in the PL 171 and ATP 574P permits in exchange for the transfer of 100% interest and operatorship in western Surat permits ATP 795, ATP 767 and ATP 889.
No cash will change hands in the deal, with Senex's acquired acreage lying adjacent to its existing assets and forming the basis of its western Surat gas project.
The combined new acreage in the region will net Senex 2P reserves of 488 petajoules of gas.
"This is a win-win transaction. Combining the QGC JV's western Surat Basin assets with our own western Surat Basin acreage gives Senex the scale required to build a material Surat Basin gas business on our own terms," Senex managing director Ian Davies said.
"The arrangement also enables QGC and its partners to focus on the eastern Surat assets to the benefit of the greater QCLNG project.
"Senex will invest up to $40 million from existing financial resources in the western Surat gas project over the next three years, targeting the start of pilot testing in 2015-2016 and moving to an investment decision on commercial production as soon as appraisal results support it.
"This transaction is a perfect example of our growth strategy in action. The new project leverages the strengths and capabilities of our thriving business in the South Australian Cooper Basin while adding a material gas project to our portfolio."