Nov 8 (Reuters) - Santos Ltd STO.AX :
* Strategic review completed
* Santos has today announced completion of its strategic review with $3.5
billion of capital initiatives
* Says has reached agreement to sell its 35% non-operated interest in the
Kipper Gas Field
* Says $3.5 billion of capital initiatives reinforce the Santos balance sheet
* Says Mitsui has agreed to pay Santos $520 million in cash
* Entered into a binding share subscription agreement with an affiliate of Hony
Capital
* Says new dividend framework
* "Expect inbound interest may continue and we will respond accordingly in the
normal course"
* Says for the 2015 final dividend, subject to market conditions, Santos'
intention is to target a payment of 5 cents per share
* Says Hony will subscribe for 73.5 million fully paid ordinary shares in
Santos, at a price of $6.80 per share
* Says "Santos is under no pressure to sell further assets"
* Santos net debt reduced to $6.2 billion
* Says significant liquidity position increasing to over $5 billion in cash and
undrawn facilities
* Source text for Eikon ID:nASX4qX98R