Santos
to acquire Novus’ Indonesian and Cooper Basin Assets from
Crosby/Williams
Posted: 6 March 2004
Santos Limited entered into an agreement with Sunov Petroleum Pty
Ltd (the Crosby Capital Partners/Dr Bob Williams bid vehicle) (Sunov)
to acquire Novus Petroleum’s (Novus) Indonesian and Cooper
Basin assets. The agreement is conditional on Sunov’s offer
for Novus being successful.
Santos’ Agreement with Sunov
Santos has agreed to enter into Procurement, and Sale and Purchase
Agreements, to acquire Novus’ 25% interest in the Kakap PSC,
Novus’ 50% interest in the Brantas PSC, both in Indonesia,
and Novus’ interests in the Cooper Basin for a total cash
consideration, of US$192 million, adjusted for an effective date
of 1 January 2004, plus contingent consideration linked to reserves
upside in the Wunut field, which is capped at US$10 million.
John Ellice-Flint Comments
Santos’ Managing Director, Mr John Ellice-Flint, said the
agreement to acquire Novus’ Indonesian and Cooper Basin assets
represented a continuation of Santos’ strategy to grow its
Indonesian and Australian gas businesses. Mr Ellice-Flint said the
acquisition, if it proceeds, would be both earnings and cash-flow
accretive to Santos.
“This transaction is one of many asset acquisition opportunities
that are
regularly brought to us to consider in the course of our business,”
he said.
“If Sunov is successful, it will enable us to supplement
our portfolio with those parts of the Novus portfolio that suit
our objectives and do so in a cooperative manner.”
Santos is a major Australian oil and gas exploration and production
company with interests in all Australian hydrocarbon provinces.
The Santos group also operates in the USA, Indonesia and PNG.
For more information see www.santos.com
Posted by Richard Price,
Editor Pipeline Magazine
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