However the Indonesian company continues to fight above its weight by sticking to its original offer of $1.74 per share, 11 cents lower than rival bidder Sunov Petroleum’s $1.85 bid. The Novus board has recommended shareholders accept the Sunov offer.

Led by Novus managing director, Bob Williams, with backing from Hong Kong-based Crosby Capital Partners the Sunov offer is still well below a recent independent valuation of between $2 and $2.86, while latest prices on the ASX have the company trading at $1.88 per share.

Sunov has already agreed, if its bid is successful, to onsell to Santos its minor equity positions in the Cooper Basin and Indonesia for $202 million.