Harbour Increases Bid by 5% to AUD 7.00 per Share if Santos Hedges More Oil-Linked Production
Santos has received an upwardly revised binding offer from Harbour Energy of USD 5.21 (AUD 6.95) per share versus USD 4.98 per share prior. While the increase remains conditional, we increase our Santos fair value estimate by 9% to AUD 6.70 from AUD 6.15. Half comes from a reduction in the AUD/USD exchange rate to 0.75 from 0.78, and the balance from Harbour’s increased bid and our crediting a higher 60% chance for success.Our most recent AUD 6.15 Santos fair value estimate was at the midpoint ...
Santos is a natural gas company engaged in the exploration for, and development, production, transportation and marketing of, hydrocarbons. Co.'s operating segments consist of five key assets/operating areas of: Cooper Basin; Gladstone LNG; Papua New Guinea; Northern Australia; and Western Australia gas; based on the nature and geographical location of the assets, plus Other non-core assets. Co.'s proved petroleum reserves were 485.0 million barrels of oil equivalent at Dec 31 2016.
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