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2018-08-22 12:35:00

SANTOS BUYS QUADRANT: $2.15 BLN

SANTOS BUYS QUADRANT: $2.15 BLN

REUTERSAustralian oil and gas firm Santos Ltd said on Wednesday it has agreed to buy privately held Quadrant Energy for at least $2.15 billion, bagging access to what may be the biggest oil find off Western Australia in over two decades.

The deal comes soon after Quadrant and junior joint venture partner Carnarvon Petroleum reported what Carnarvon called a "truly incredible" oil discovery, sending Carnarvon shares rocketing to a nine-year high.

Energy consultants Wood Mackenzie estimated the find could hold well above 150 million barrels of oil, albeit without knowing the boundaries of the reservoir.

Santos said on Wednesday the deal, to be funded by cash and $1.2 billion in new debt facilities, could potentially boost its annual production by about 32 percent. The deal is also subject to potential additional contingent payments, Santos said.

Quadrant didn't immediately comment.

Before Wednesday's deal, bankers had said 50 percent owner Brookfield Asset Management was looking to sell its 50 percent stake.

Macquarie Group, Wesfarmers and mining heiress Angela Bennett are also Quadrant investors.

Retail conglomerate Wesfarmers said in a separate statement on Wednesday that it would be selling its 13.2 percent Quadrant stake for $170 million, and expects to bank a $98 million pre-tax profit on the deal's completion.

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Earlier:

 SANTOS TAKEOVER: $10.4 BLN
2018, April, 6, 18:05:00

SANTOS TAKEOVER: $10.4 BLN

REUTERS - Australian gas producer Santos Ltd (STO.AX) said on Tuesday it would “engage with” Harbour Energy after receiving a $10.4 billion takeover offer from the U.S. company, its fourth unsolicited bid since August 2017.

 

 AUSTRALIA'S LNG INVESTMENT: $900 MLN
2018, March, 4, 10:52:00

AUSTRALIA'S LNG INVESTMENT: $900 MLN

GT - Santos and its GLNG partners—Petronas, Total and KOGAS—will make a massive capital investment of $900 million in upstream developments in the Maranoa, Western Downs, Central Highlands and Banana regions in Queensland this year.

 

 

 AUSTRALIA'S OIL PROFIT DOWN
2016, August, 19, 18:40:00

AUSTRALIA'S OIL PROFIT DOWN

The slumping oil price has carved a chunk out of Australian oil and gas majors, with Woodside Petroleum reporting that profits halved in the first six months of the year while Santos swung to a loss of more than $1bn.

 

 AUSTRALIAN OUTPUT RISES
2014, April, 17, 18:50:00

AUSTRALIAN OUTPUT RISES

Australian Santos' Q1 output rises 1% on year to 12.2 mil boe

 
 
 

 

 

 

 

Tags: AUSTRALIA, SANTOS, QUADRANT
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SANTOS BUYS QUADRANT: $2.15 BLN
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SANTOS BUYS QUADRANT: $2.15 BLN
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