Over a year after its initial offer in September 2022, Papua New Guinea's Kumul Petroleum Holdings has secured funding for the acquisition of 2.6% of Santos' stake in the PNG LNG project.
Santos has disclosed that it has received a payment of approximately US$250m into escrow from Kumul. In addition, the company has also filed binding funding arrangements which will be available for drawdown by January next year.
The transaction has also been approved by Papua New Guinea's Independent Consumer and Competition Commission (ICCC).
For more information, please visit EICDataStream.