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