Santos Selling Asian Assets for $221 Million
02 Maio 2018 - 10:06PM
Dow Jones News
By Robb M. Stewart
MELBOURNE, Australia--Santos Ltd. (STO.AU) has struck a deal to
sell a portfolio of Asian energy assets, marking its exit from
Vietnam, Indonesia, Malaysia and Bangladesh as it continues to
reduce its debt burden.
The Australian oil-and-gas producer, a target of a takeover
offer worth about US$10.5 billion, said it was selling the assets
to Ophir Energy PLC (OPHR.LN) for US$221 million, with all its
employees associated with the operations transferring as part of
the agreement.
The assets, which Santos said were relatively "late-life" and
not prioritized for investment, include stakes in oil and gas
fields around Asia. Santos's shares of production from the assets
in the first quarter of the year was 1.4 million barrels of oil
equivalent.
The sale is expected to conclude by the end of the year, subject
to approval by Ophir's shareholders.
Santos, which had debt of US$2.5 billion at the end of March, in
early in April received a fresh takeover proposal from
private-equity-backed Harbour Energy Ltd. Harbour has begun
confirmatory due diligence to determine if it will proceed with a
formal bid.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
May 02, 2018 20:51 ET (00:51 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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