Santos to sell non-core Asian portfolio

Company News

by Rachael Jones

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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.