Kumul secures funding to buy PNG LNG stake from Santos Besides this, Santos has agreed to grant Kumul a call option to acquire a further 2.4 percent participating interest in PNG LNG for a cash purchase price of $524 million, plus a proportionate share of project finance debt.
According to a statement by Santos issued on Friday, the PNG independent Consumer and Competition Commission (ICCC) approved the transaction, while Kumul also secured funding for the purchase.
Kumul has paid about $250 million into escrow with Santos as part payment of the purchase price, the latter said.
Additionally, Kumul has executed binding funding arrangements for the remainder of the consideration, which will be available for drawdown by January 31, 2024, Santos said.
Santos currently has a 42.5 percent stake in the 6.9 mtpa LNG export plant in Caution Bay following the Oil Search merger, while Kumul has a 16.8 percent stake.
ExxonMobil holds a 33.2 percent operating interest in PNG LNG.
Kumul secures funding to buy PNG LNG stake from Santos - LNG Prime