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Article: AUST GAS CO SANTOS TAKES US$385 MLN STAKE IN EASTERN STAR GAS.

Article from:
AsiaPulse News
Article date:
July 2, 2009
Copyright

PERTH, July 2 Asia Pulse - Santos Ltd (ASX:STO) has taken a large stake in New South Wales-based coal seam gas (CSG) explorer Eastern Star Gas Ltd (ASX:ESG).

It has also acquired additional CSG acreage in the state under a separate deal.

Santos, Australia's third largest oil and gas producer, said in a statement on Thursday that the total value of the deals was A$476 million (US$385.3 million), including A$176 million for Hillgrove Resources Ltd's (ASX:HGO) 19.9 per cent stake in Eastern Star.

Santos also acquired Gastar Exploration Ltd's (TSE:YGA) 35 per cent interest in various Gunnedah Basin CSG exploration permits and production areas ...

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