Santos Limited to Acquire Gas Assets

Santos Limited (ASX: STO) has announced the proposed acquisition of ConocoPhillips’ northern Australia business with operating interest in Darwin LNG, Bayu-Undan, Barossa and Poseidon for USD 1.39 billion, and USD 75 million contingent payment subject to Final Investment Decision (FID) on Barosaa.

  • The acquisition is in line with Santos’ growth strategy to build on existing infrastructure positions while advancing its aim to be a leading regional LNG supplier;
  • Santos targeting pre-tax synergies of USD 50-75 million per annum.

By 12:52 PM AEST, STO was trading at $7.92, up by 6.6% relative to the last close.

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