Santos CSG Pty Ltd., a subsidiary of Santos Ltd., Adelaide, Australia, (Nasdaq: STOSY, Australia: STO) plans to acquire Queensland Gas Co. Ltd., Brisbane, Australia, (Australia: QGC) for A$1.26 per share in a deal valued at US$451.5 million (A$606 million). Queensland Gas interests and petroleum leases are in the Surat Basin in southern Queensland, with current focus in the Berwyndale South Field. The company also has pilot wells the Argyle East prospect 25 kilometers southwest of Chinchilla, Australia. Total proved reserves on the assets are 142.6 billion cubic feet of gas, with probable reserves of 258.7 billion cubic feet and possible reserves of 1.3 trillion cubic feet for total proved-plus-probable-plus-possible reserves of 1.7 trillion cubic feet.
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