Santos Ltd T.STO

Primary Symbol: STOSF

Energy Oil & Gas E&P

Santos Limited is focused on three regional business unit, including Cooper Basin, Queensland and New South Wales (NSW) and (PNG), now form the Eastern Australia and PNG Business Unit, Northern Australia and Timor-Leste, and Western Australia now form the Western Australia, Northern Australia and Timor-Leste Business Unit and Alaska is the third regional Business Unit. Supporting these three business units are two functional divisions: Santos Energy Solutions and Upstream Gas and Liquids. The Cooper Basin produces natural gas, gas liquids and crude oil. Gas is sold primarily to domestic retailers, industry and for the production of liquefied natural gas, while gas liquids and crude oil are sold in domestic and export markets. Its GLNG project in Queensland produces liquefied natural gas (LNG) for export to global markets from the LNG plant at Gladstone and is also sold to the domestic market. Northern Australia and Timor-Leste is centered on the Bayu-Undan/Darwin LNG (DLNG) project.

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Post by retiredcfon Dec 11, 2012 9:32am

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Post# 20711991

Comparison of Offers

I'm also in the camp that feels we will see a better offer coming shortly. GLTA

New bid represents a 20% premium to the Pinecrest Energy proposal

Spartan Oil (TSX: T.STO, Stock Forum) Tuesday provided an update on the unsolicited offer from a third-party, which was announced on December 10, 2012.

Bonterra Energy (TSX: T.BTE, Stock Forum) has made an offer to acquire all of the issued and outstanding common shares of Spartan Oil, in which the shareholders of Spartan will receive 0.1169 of a common share of Bonterra for each Spartan share held.

Based on Bonterra's December 10, 2012 closing price, this equated to $5.35 per Spartan share, a 20% premium to the Pinecrest Energy offer. Bonterra has also proposed to increase its dividend to 28 cents per share from 26 cents per month beginning in March, 2013.

On November 21, 2012, Pinecrest Energy (TSX: V.PRY, Stock Forum) announced a deal to acquire Spartan Oil on the basis of 2.738 common shares of Pinecrest for each outstanding Spartan share. Since the proposed acquisition was reported Pinecrest’s share price has fallen from $1.87 to its current price of $1.62