Santos, an Australian energy company, has consented to an extension that allows the XRG consortium to finalise due diligence and progress a scheme implementation agreement (SIA) until August 22.

 

Santos has received a non-binding indicative proposal from a consortium led by XRG, a subsidiary of the Abu Dhabi National Oil Company (Adnoc) and including Abu Dhabi Development Holding Company (ADQ) and Carlyle, to acquire 100 per cent of Santos' issued shares for $5.76 (£8.89) per share in cash.

 

The XRG Consortium has substantially completed due diligence under the process and exclusivity deed dated 27 June 2025.

 

Santos has confirmed that the XRG Consortium has not discovered anything to date that would cause it to withdraw its indicative proposal and has requested a two-week extension to the due diligence and exclusivity period under the Process Deed.

 

Santos shareholders do not need to take any action in relation to this announcement; however, there is no certainty that the XRG Consortium will enter into a binding SIA on terms acceptable to Santos or that the potential transaction will proceed. Santos will continue to keep shareholders informed in accordance with its continuous disclosure obligations. -OGN / TradeArabia News Service