Santos Ltd reported on 3 May 2018 that it had entered into an agreement with Ophir Energy Plc to sell its non-core Asian assets.Â  This will include its 45% interest in Bangladesh PSC SS-11, located in the Bengal Basin. The full sale is worth USD 221 million.  On 7 September 2018 Santos reported that the sale of its producing assets included in the deal, had been completed.Â  A payment of USD 144 million has been paid at the completion of this part of the sale.  Santos holds 45% interest and operatorship of SS-11, with joint venture partners KrisEnergy (Asia) Ltd, which holds 45% and Bangladesh Petroleum and Exploration Company (BAPEX) with 10%.Â  Santos and KrisEnergy had been jointly seeking a farm-in partner for the permit.Â  Seismic is also being planned for the permit, in coordination with the DS-12 permit which is adjacent.Â  SS-11 was awarded on 12 March 2014 and covers an area of 4,371 sq km.  The overall deal with Ophir Energy will see country exit in Bangladesh, as well as in Indonesia, Malaysia and Vietnam.Â  The sale is subject to regulatory authority and stock exchange approvals as well as Ophir Energy shareholder approval.Â  The deal is expected to be completed in 2H 2018 and will have an effective date of 1 January 2018.  Santos has appointed RBC as financial advisers and Herbert Smith Freehills and legal advisers in the sale.
Santos Ltd reported on 3 May 2018 that it had entered into an agreement with Ophir Energy Plc to sell its non-core Asian assets.  This will include its 45% interest in Bangladesh PSC SS-11, located in the Bengal Basin. 