Santos Limited has received a proposal from the XRG Consortium, led by ADNOC, to acquire all its shares for US$5.76 per share, with due diligence proceedings currently underway.

Information on the Target

Santos Limited (ASX:STO), a prominent player in the oil and gas industry, has received a non-binding indicative proposal from a consortium led by XRG P.J.S.C., a subsidiary of the Abu Dhabi National Oil Company (ADNOC). The consortium also includes Abu Dhabi Development Holding Company (ADQ) and private equity firm Carlyle Group. The proposal entails the acquisition of 100% of Santos' issued shares for a cash price of US$5.76 (A$8.89) per share, marking a significant interest in the company.

Currently, the XRG Consortium has completed substantial due diligence regarding the potential transaction under the Process and Exclusivity Deed established on June 27, 2025. Thus far, the consortium has not identified any issues that would lead them to withdraw their proposal and remains committed to collaborating with Santos to finalize a binding agreement.

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Australia's oil and gas industry plays a crucial role in the country's economy, contributing significantly to its GDP and providing numerous jobs. The sector is characterized by a rich supply of fossil