May 1 (LNGJ) - Santos, the Australian shareholder in Papua New Guinea LNG and its expansion project, has again extended its sell-down exclusivity period with Kumul Petroleum of PNG until the end of August 2023. The binding conditional offer from Santos to Kumul is to acquire a 5 percent interest in PNG LNG for asset value of US$1.4 billion, including a proportionate share of LNG project finance debt of around US$300 million.
“Kumul has advised Santos it has now extended the period in which the offer will remain open until 31 August 2023. Santos has agreed to deal exclusively with Kumul during this period regarding the sale of equity in PNG LNG,” said Santos. “Kumul has agreed it will work closely with Santos during this extension period in order to assist it in arranging the finalisation of its acquisition financing with third parties. There is also strong support from both the government and the joint venture partners for the transaction proceeding,” added Adelaide-based Santos.
