Australian watchdog clears Santos’ purchase of Quadrant

Australian watchdog clears Santos' purchase of Quadrant
Image courtesy of Santos

Australian Competition and Consumer Commission (ACCC) has cleared Santos’ $2.15 billion acquisition of Quadrant Energy.  

The LNG player Santos said that the completion of the last condition for the acquisition, the transaction is expected to be completed within weeks.

Santos managing director and CEO Kevin Gallagher said the Quadrant acquisition delivers increased ownership and operatorship of a conventional Western Australian natural gas assets which are well known to Santos.

To remind, Santos said earlier that Quadrant’s conventional natural gas assets include significant portfolio overlap with Santos, meaning the latter’s proforma 2P reserves will increase by 220 mmboe and the proforma production will rise some 32 percent by 19 mmboe.

The consideration comprises of a $2.15 billion upfront payment, with contingent payments linked to the Dorado oil 2C certification of over 100 mmbbls and future FID decision as well as royalty over any future project revenue in Bedout Basin, excluding Dorado production.

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