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Santos said on Monday it has received the final payment of $241 million, taking total cash consideration to $602 million.
In addition, Kumul will assume about $90 million of existing project finance debt associated with the sale interest.
Santos said there is no change to its market guidance for 2024.
The two firms executed the binding sale agreement for the stake sale in August last year, and in December, Kumul secured funding to buy the stake.
In February 2024, Kumul and Santos agreed to amend the terms of sale to allow partial completion of the transaction.
The amendment provides additional time for Kumul to pay the remaining purchase price of $241 million.
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.
Effective November 4, Santos’ working interest in the LNG export plant in Caution Bay is 39.9 percent, while Kumul has a 19.4 percent stake.
ExxonMobil holds a 33.2 percent operating interest in PNG LNG.
During the third quarter, the PNG LNG project shipped 25 cargoes of LNG, down by 3 LNG cargoes compared to the same quarter last year and down by two cargoes compared to the previous quarter, according to Santos.
PNG LNG produced about 1.93 million tonnes in the third quarter. This compares to 2.11 million tonnes in the third quarter last year and 2 million tonnes in the prior quarter.
The LNG terminal can produce more than 8.3 million tonnes of LNG annually, an increase of 20 percent from the original design specification of 6.9 mtpa.