Telecom Growth in PNG Doubles in Five Years, Says ICT Department

Santos Limited has entered into an exclusivity and process deed with XRG, a subsidiary of the Abu Dhabi National Oil Company (ADNOC), in relation to a proposed full acquisition of the company.

XRG is leading a consortium that includes Abu Dhabi Development Holding Company and Carlyle. The consortium has submitted a non-binding indicative proposal to acquire 100 per cent of Santos shares at US$5.76 (approximately K23.96) per share in cash.

 CEO Kevin Gallagher, 

In a statement authorised by Santos managing director and CEO Kevin Gallagher, the company confirmed that the process deed allows the XRG Consortium to conduct due diligence. It also sets out terms for both parties to negotiate in good faith towards a binding Scheme Implementation Deed (SID).

“Santos shareholders do not need to take any action in relation to this announcement,” the company stated, noting that the transaction is not guaranteed at this stage.

Additionally, the XRG Consortium has agreed to a confidentiality agreement with Santos.

Meanwhile, Papua New Guinea’s Minister for International Trade and Investment, Richard Maru, welcomed the interest, describing it as a significant endorsement of PNG’s economic potential.

“The AU$36 billion (about K97 billion) acquisition signals strong international confidence in PNG’s oil and gas sector,” Maru said. “We welcome competition and further exploration in the industry.”

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Telecom Growth in PNG Doubles in Five Years, Says ICT Department