Santos of Australia receives a conditional offer of $ 10.8 billion from Harbor Energy

(Reuters) – Santos Ltd ( STO.AX ) said on Monday that it received a revised offer from the US-based suitor Harbor Energy, valued at $ 10.84 billion, a 4.6 hundred of a previous offer.

FILE PHOTO: The logo of Australian oil and gas producer Santos Ltd appears in its Sydney office on February 15, 2016. REUTERS / Jason Reed / File photo

The revised proposal is conditional on Santos perform additional oil coverage. He linked production in 2018 with 30 percent and changes in coverage in 2019, Santos said in a statement.

The new offer is equivalent to A $ 6.95 per share at an exchange rate of 0.75. Harbor said the bid price would increase to an amount in US dollars equivalent to A $ 7.00 per share if Santos agreed to cover 30 percent of oil-linked production by 2020.

Information from Chris Thomas in Bangalore; edition of Richard Pullin [19659000].

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