SANTOS has been notified that there will be no ACCC opposition to its acquisition of highly successful offshore Western Australia explorer Quadrant Energy.
Already one of Australia’s leading oil and gas producers, Santos announced in August 2018 that it proposed to acquire 100% of Quadrant Energy for US$2.15 billion plus potential contingent payments.
Santos says that the condition precedent for completion of the acquisition of Quadrant has now been satisfied with the ACCC decision not to oppose the acquisition and completion is expected to occur within weeks.
Santos managing director and CEO Kevin Gallagher said the Quadrant acquisition delivers increased ownership and operatorship of a high quality portfolio of low cost, long life conventional Western Australian natural gas assets which are well known to Santos.
“It is materially value accretive for Santos shareholders and advances Santos’ aim to be Australia’s leading domestic natural gas supplier.”
“We already have very significant growth projects across our five core assets, and Quadrant’s recent oil discovery at Dorado is another exciting opportunity for us,” Mr Gallagher said.