Santos Provides Update on XRG Consortium Proposal and Half-Year Results

Santos Limited (ASX: STO) has issued a fresh update on the potential takeover approach from the XRG Consortium. The bid group is spearheaded by XRG P.J.S.C., part of the Abu Dhabi National Oil Company, and is supported by investment partners ADQ and Carlyle. The consortium had substantially completed due diligence by 11 August 2025 without identifying issues that would halt its indicative proposal. While negotiations have continued toward finalizing a binding scheme implementation agreement (SIA), the parties have not yet reached acceptable terms.

Additionally, the consortium informed Santos that even if terms were settled, it cannot sign a binding SIA until requisite internal approvals are secured, which may take at least four weeks after due diligence completion. As a result, Santos does not expect an agreement by the exclusivity deadline of 22 August 2025, though discussions remain ongoing. Separately, Santos has deferred its half-year results release to 25 August 2025 to coincide with the end of the exclusivity period, at which time a further update on discussions will be provided.

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