Santos announces $474 million Delhi acquisition

Source: www.gulfoilandgas.com 7/17/2006, Location: Not categorized

Santos announced it had reached agreement on the terms of a $474 million acquisition of Delhi Petroleum Pty Limited (Delhi), to increase its stake in the Cooper Basin oil and gas fields. The acquisition includes Santos buying all of the equity in the Delhi Group of Companies (Delhi Group) and the transfer to Santos of the associated ASX-listed Floating Interest Energy LinkeD Securities issued by the Australian Onshore Energy Fund (AOEF), via a creditors scheme of arrangement (Scheme).

Under the Scheme, FIELDS noteholders will be offered a cash payment of $83.25 for each FIELDS, representing a 38% premium to the 30 day volume weighted average price to 27 June 2006 of $60.43. In addition FIELDS noteholders will be entitled to receive the scheduled August 2006 quarterly interest payment of $2.8058 per FIELDS.

Westpac Funds Management Limited (WFML), the Responsible Entity for AOEF, will convene the Scheme meeting to seek approval from FIELDS noteholders for the transfer of the FIELDS to Santos.

The Directors of WFML have welcomed Santos’ offer and intend to recommend the offer to FIELDS noteholders, subject to a finding by an Independent Expert that the Scheme is in the best interests of FIELDS noteholders, and in the absence of a higher offer.

The successful completion of the acquisition will increase Santos’ interest in the Cooper Basin joint venture from approximately 63% to 85% and add approximately 67 million barrels of oil equivalent of Proven plus Probable reserves as at 31 December 2005.

“Santos is pleased to have reached agreement with the WFML Board and shareholders of the Delhi Group on an outcome which is mutually beneficial to Santos and the FIELDS noteholders,” Santos Managing Director, Mr John Ellice-Flint, said.

“Delhi is a natural acquisition for Santos given our long-term operatorship of the Cooper Basin assets and builds on our strategy to extend and enhance the value of our existing core area in eastern Australia,” he said.

“The acquisition will be earnings and cash-flow per share accretive for Santos based on pro forma earnings for the year ending 31 December 2007.”


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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