Santos raises US$950 million from share sale

Santos GLNG (Image courtesy of Santos)

Australian LNG operator and stakeholder, Santos said on Monday it raised A$1.24 billion (US$949.9m) following the completion of a share purchase plan for retail shareholders.

Santos operates the Gladstone LNG project and holds stakes in the Darwin LNG project, and PNG LNG in Papua New Guinea.

The company on Monday said it raised A$201 million through the share purchase plan, which closed on January 31. The total amount raised under the institutional placement completed in December and the SPP was about A$1,241 million.

The funds are being used to speed up the Australian company’s debt reduction efforts.

To remind, Santos revealed a plan in December that involves selling off its non-core assets as it is aiming to cut net debt by US$1.5 billion within three years.

Santos will focus on five core, long-life natural gas assets including its GLNG project in Queensland, Papua New Guinea, Cooper Basin, Northern Australia and Western Australia Gas.

The remaining assets, including stakes in Indonesia and Vietnam, will be packaged and run separately as a standalone business.

 

LNG World News Staff

 

Share this article

Follow LNG World News

Posted on February 6, 2017 with tags .

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >

Offshore Energy Exhibition and Conference 2019

The three-day event includes an exhibition where an expected 600+ supply chain companies will showcase their products and services.

read more >

LNGgc London

LNGgc is a fantastic way of raising attendees’ company profile within this market and creating greater awareness of their brand…

read more >

5th CWC China LNG & Gas International Summit & Exhibition

5th CWC China LNG & Gas International Summit & Exhibition will return 16 – 17 October 2019, bringing together the key players…

read more >