Further to the announcements of 29 December 2023 and 1 February 2024, Santos is pleased to announce completion of the sale of a 2.6 per cent interest in PNG LNG to Kumul Petroleum Holdings Limited (Kumul).

Santos has received the final payment of US$241 million, taking total cash consideration to US$602 million. In addition, Kumul will assume approximately US$90 million of existing project finance debt associated with the sale interest.

Effective 4 November 2024, Santos’ working interest in PNG LNG is 39.9 per cent. There is no change to Santos market guidance for 2024.

About Santos

Santos is a leading supplier of natural gas, a fuel for the future providing clean energy to improve the lives of people in Australia and Asia.
Santos is already Australia’s biggest domestic gas supplier and aims to be a leading Asia-Pacific LNG supplier. For more than 65 years, Santos has been working in partnership with local communities, providing Australian jobs and business opportunities, safely and sustainably developing Australia’s natural gas resources, and powering Australian industries and households.
With its origins in the Cooper Basin, Santos has one of the largest exploration and production acreages in Australia and extensive infrastructure and is committed to supplying the domestic markets, unlocking resources and driving value and performance.

About Kumul Petroleum

Kumul Petroleum Holdings Limited (KPHL) is Papua New Guinea’s national petroleum and energy company, whose activities are primarily governed by the Kumul Petroleum Holdings Limited Authorisation Act 2015. As Papua New Guinea’s State nominee, KPHL has a mandated option to take up to 22.5% equity in any operational petroleum project.