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Santos refers to its announcement of 27 September 2022 concerning the binding conditional provide from Kumul Petroleum Holdings Restricted to amass a 5% curiosity in PNG LNG for asset worth of US$1.4 billion, together with a proportionate share of PNG LNG undertaking finance debt of roughly US$0.3 billion (the provide). On 23 December 2022, Kumul prolonged the provide interval till 30 April 2023.
Kumul has suggested Santos it has now prolonged the interval during which the provide will stay open till 31 August 2023. Santos has agreed to deal solely with Kumul throughout this era concerning the sale of fairness in PNG LNG.
Kumul has agreed it is going to work intently with Santos throughout this extension interval in an effort to help it in arranging the finalisation of its acquisition financing with third events. There may be additionally sturdy help from each the federal government and the three way partnership companions for the transaction continuing.
Santos Managing Director and CEO, Kevin Gallagher, mentioned PNG LNG continues to characterize compelling worth for shareholders.
“With the numerous adjustments within the world vitality panorama over the past 12 months, PNG LNG stays a world-class asset that’s low-cost, low emissions depth and delivers dependable LNG provide to our clients in Asia,” Gallagher mentioned.
“The undertaking is positioned in a supportive regulatory atmosphere, with fiscal stability preparations in place guaranteeing that it contributes sturdy money flows to undertaking members and delivers important financial and social advantages to the nation. Whereas the PNG undertaking is a really invaluable asset and Santos’ stability sheet is robust, Santos stays dedicated to promoting 5% fairness within the undertaking to help the PNG authorities to realize the nation’s fairness aims.”
Prime Minister, James Marape, added: “I’m totally supportive of constant the transaction to buy 5 per cent of PNG LNG in pursuing PNG nationwide curiosity and its nation constructing programmes. Given the volatility within the monetary markets and excessive rate of interest atmosphere, I help Kumul’s request for a time extension to finish the transaction. With credible non-public sector lenders considerably superior, I’m assured that Kumul will safe an acceptable financing bundle.”
Learn the article on-line at: https://www.lngindustry.com/liquid-natural-gas/10052023/santos-png-lng-sell-down-exclusivity-period-with-kumul-extended/
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