Santos rejects Harbour and goes alone

Santos has rejected Harbour Energy's upped bid of US$5.21/share (A$6.86) - we expect Habour has given up on Santos for now having made a number of failed approaches and putting forward fairly full bids. Harbour re-approached in April 2018 with a bid of US$4.98 (A$6.50) subject to due diligence, funding and unanimous recommendation from the Santos board. This bid was at a 28% premium to the prevailing share price and a 43% improvement to the...

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Papua New Guinea LNG force majeure a week after expansion plans announced

ExxonMobil has declared force majeure on PNG LNG after Papua New Guinea was hit by a 7.5 magnitude earthquake on Monday. The partners in the plant, which exported 7.8 million tonnes last year, are ExxonMobil (33.2% operator), Oil Search (29%), State of Papua New Guinea (16.8%), Santos (13.5%), JX Nippon (4.7%) and Mineral Resources Development Company of Papua New Guinea (2.8%). Latest reports are that the pipeline and liquefaction plant...

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