Santos (ASX:STO) has agreed to sell its non-core Asian portfolio to UK-based Ophir Energy for US$221 million.
The news of the deal came just as the company released details of their AGM.
Santos’ strategy is to exit from Vietnam, Indonesia, Malaysia and Bangladesh.
All Santos employees associated with these assets will transfer to Ophir as part of the sale.
Proceeds from the sale will be applied to further reduce Santos’ net debt, which stood at US$2.5 billion at the end of March this year.
Shares in Santos are up 0.48 per cent to $6.23.