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Santos Limited (ASX:STO) will pay $7.5 million to New Standard Energy (ASX:NSE) for an 35 % operating interest in a Cooper Basin joint venture between New Standard and Drillsearch Energy (ASX:DLS).
New Standard will maintain a 17.5 per cent working interest while the Drillsearch stake remains at 47.5 per cent.
New Standard hopes Santos’ more than 50 years experience in the Cooper Basin will allow fast track development of the PEL 570 project. The cash consideration also removes the majority of funding commitments for New Standard allowing a faster path to commercialisation.
The deal remains subject to government approval.
Santos reported a net profit of $206 million for the half year ended 30 June 2014.
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