Acquired 37.5% WI in Sangu gas field, 37.5% WI in exploration Block 16, 45% WI in exploration blocks 5, 10.
Santos Ltd., Adelaide, Australia, (Australia: STO) has acquired various assets in Bangladesh from Cairn Energy Plc., Edinburgh, Scotland, for US$70 million, consisting of US$50 million at close and US$20 million in tranches contingent on future development. Assets include a 37.5% interest in the Sangu gas field, a 37.5% interest in exploration Block 16 and a 45% interest in exploration blocks 5 and 10. Cairn will continue as operator. Santos managing director John Ellice-Flint says, "This acquisition is another step in our Asian growth strategy and follows from our capture of a prospective acreage position in the Bay of Bengal offshore India in early 2007."