XRG Consortium prolongs timeline for Santos acquisition offer

Acquisition Extension: Santos has extended the exclusivity period for a potential acquisition by the XRG Consortium, led by Abu Dhabi National Oil Company, until 22 August 2025.

Due Diligence Process: The extension allows the consortium to complete its due diligence and finalize the scheme implementation agreement (SIA), which includes protections for Santos shareholders.

Proposal Assurance: The XRG Consortium confirmed that their due diligence did not reveal any issues that would lead them to retract their proposal of $5.761 cash per share.

Ongoing Negotiations: Santos has agreed to further extend the process until 19 September 2025 while maintaining the option to consider alternative proposals, although finalizing the SIA is not guaranteed.