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BRIEF-Santos Announces Sale Of Non-Core Asian Assets

Published 03/05/2018, 10:32 am
Updated 03/05/2018, 10:40 am
© Reuters.  BRIEF-Santos Announces Sale Of Non-Core Asian Assets
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May 3 (Reuters) - Santos Ltd STO.AX :

* SANTOS ANNOUNCES SALE OF NON-CORE ASIAN ASSETS

* COMPLETION IS EXPECTED IN SECOND HALF OF 2018

* PRODUCING ASSETS SOLD ARE RELATIVELY LATE-LIFE AND ARE NOT PRIORITISED FOR CAPITAL IN SANTOS PORTFOLIO

* ALL SANTOS EMPLOYEES ASSOCIATED WITH THESE ASSETS WILL TRANSFER TO OPHIR AS PART OF SALE

* PROCEEDS FROM SALE WILL BE APPLIED TO FURTHER REDUCE SANTOS' NET DEBT, WHICH STOOD AT US$2.5 BILLION AT END OF MARCH 2018

* 50% INTEREST IN NORTH WEST NATUNA PSC OIL DEVELOPMENT IN INDONESIA NOT INCLUDED IN DEAL PACKAGE, INTENDS TO EXIT ASSET SEPARATELY

* SALE WILL RESULT IN SANTOS MAKING COUNTRY EXITS FROM VIETNAM, INDONESIA, MALAYSIA AND BANGLADESH

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