Santos bails out of US

SANTOS has found a buyer for all of its United States exploration and production assets.
Santos bails out of US Santos bails out of US Santos bails out of US Santos bails out of US Santos bails out of US

The Adelaide-based major announced last December it was pulling out of the US to refocus its exploration activities in Australia, Asia and the Middle East.

Santos has now said it has agreed to sell the assets to IPR North America Holdings Corp and IPR Lay Creek LLC for $US70 million ($A80 million) cash.

In addition, Santos will retain a 17.5% profit interest in three exploration prospects targeting deep gas structures in the Texas State Waters.

Drilling has already started on the first prospect with the Cougar L exploration well, while two wells are also due to be drilled on the other prospects in the next 18 months.

Santos’ US exploration and development activities spread over more than 180,000 acres in the onshore and offshore Gulf Coast of Texas, as well as Western Colorado.

Santos has grown its focus areas in Asia by adding acreage in Vietnam to its exploration position in Kyrgyzstan and its exploration, appraisal and production activities in Indonesia.

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