Australian vitality main Santos Ltd. has reached an settlement with Kumul Petroleum Holdings Ltd. to amend their settlement promoting to Kumul a 2.6 % stake in PNG LNG from Santos.
On the finish of August 2023, the 2 firms executed a binding gross sales settlement for the two.6 % collaborating curiosity in PNG LNG. The entire buy consideration includes $576 million in money and the belief of about $160 million in mission finance debt.
In its newest media launch, Santos mentioned that the settlement has been amended, offering extra time for Kumul to pay the total buy worth for the curiosity share. Santos mentioned that Kumul paid $352 million to Santos (equal to about 1.6 % curiosity) on January 31, 2024. Kumul now has time to pay the remaining buy worth of $241 million.
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In December, Santos mentioned that Kumul paid roughly $250 million into escrow with Santos as a part of the acquisition worth. Kumul has executed binding funding preparations for the rest of the consideration that it was ready to attract down on January 31.
Till last completion, Santos retains management of the entity holding the two.6 %.
Santos has additionally agreed to grant Kumul a name possibility to amass an additional 2.4 % collaborating curiosity in PNG LNG for a money buy worth of $524 million, plus a proportionate share of mission finance debt. The choice should be exercised by June 30, 2024.
To contact the writer, electronic mail andreson.n.paul@gmail.com
