Santos completes Quadrant acquisition

Santos has officially completed its acquisition of Quadrant Energy.

The company announced today that on completion it had paid an amount of US$1.93 billion (AUD$2.67 billion), comprising the purchase price of US$2.15 billion (AUD$2.98 billion) less completion adjustments and cash acquired.

Santos Managing Director and CEO Kevin Gallagher said the acquisition had sharply increased the company’s standing in the domestic gas market.

“Santos has now increased its ownership and become the operator of a high-quality portfolio of low cost, long-life conventional Western Australian natural gas assets with stable cash flows,” he said.

“Santos knows these assets well and has enjoyed a long-established relationship with Quadrant, which has operated our WA natural gas assets for many years.”

Among the assets attained by Santos will be the Dorado oil discovery in the Bedout Basin, which upon detection was described by Quadrant Executive Fred Wehr as “staggering”.

Mr Gallagher said such projects marked a strong future for the company.

“The portfolio also includes a leading position in the highly prospective Bedout Basin, including the recent significant oil discovery at Dorado,” he said.

“This acquisition strengthens our ability to fund our growth activities in WA, northern Australia and Papua New Guinea, and the sustainable dividend through the cycle.

“We look forward to welcoming Quadrant’s staff to Santos and integrating our WA operations.”

For more information visit the Santos website.

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