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    STO   AU000000STO6

SANTOS LIMITED

(STO)
  Report
Delayed Australian Stock Exchange  -  12:10 2022-12-01 am EST
7.430 AUD   +0.41%
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Santos agrees to sell 5% stake in PNG LNG to state-owned Kumul - report

09/26/2022 | 04:41am EST

MELBOURNE, Sept 26 (Reuters) - Santos Ltd has agreed to sell a 5% stake in PNG LNG to Papua New Guinea's state-owned Kumul Petroleum for $1.1 billion in a deal to be announced on Tuesday, the Australian Financial Review reported late on Monday.

Santos declined to confirm the report. Kumul Petroleum could not be reached outside office hours.

Santos said in August it expected to reap proceeds from the sale of a 5% stake in PNG LNG "in line with market consensus valuation", which was around $1.5 billion.

There had been some speculation that Santos was under pressure to give away 5% of PNG LNG to Kumul Petroleum, but Santos Chief Executive Kevin Gallagher told Reuters in August: "Whoever is going to get 5% off us will pay the market value ... or we wouldn't sell it."

Santos became the largest shareholder in PNG LNG, Papua New Guinea's largest resource project, with its takeover of Oil Search last year.

With the selldown of 5%, Santos will own 37.5%, still ahead of Exxon Mobil Corp, the operator, with 33.2%. Kumul Petroleum will own 21.8%. The remainder is owned by a unit of Japan's JX Holdings Inc and PNG state-owned Mineral Resources Development Co.

The PNG LNG stake was one of three assets Australia's no.2 independent gas producer put up for sale this year aiming to raise up to $3 billion.

However it pulled the sale of a stake in the Pikka oil project in Alaska after failing to find a buyer at the right price. Plans to sell a stake in the Dorado oil project in Australia are on hold as Santos indefinitely delayed final approval for the development. (Reporting by Sonali Paul, Editing by Louise Heavens)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL 1.70% 88.02 Delayed Quote.9.01%
ENEOS HOLDINGS, INC. -0.21% 465 Delayed Quote.8.30%
EXXON MOBIL CORPORATION -0.77% 110.2707 Delayed Quote.80.65%
SANTOS LIMITED 0.41% 7.43 Delayed Quote.17.27%
WTI 1.97% 82.129 Delayed Quote.4.48%
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Analyst Recommendations on SANTOS LIMITED
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Financials (USD)
Sales 2022 7 994 M - -
Net income 2022 2 618 M - -
Net Debt 2022 2 784 M - -
P/E ratio 2022 6,42x
Yield 2022 4,21%
Capitalization 16 517 M 16 517 M -
EV / Sales 2022 2,41x
EV / Sales 2023 2,65x
Nbr of Employees 3 786
Free-Float 91,1%
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Technical analysis trends SANTOS LIMITED
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 16
Last Close Price 4,96 $
Average target price 6,14 $
Spread / Average Target 23,7%
EPS Revisions
Managers and Directors
Kevin Thomas Gallagher Chief Executive Officer, MD & Executive Director
Anthea Mckinnell Chief Financial Officer
Keith William Spence Non-Executive Chairman
David Banks Chief Operating Officer
Yasmin Anita Allen Independent Non-Executive Director
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