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Santos to pay $381m to expand coal-seam gas assets

Thu Jul 2, 2009 4:52am EDT

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SYDNEY, July 2 (Reuters) - Australian oil and gas producer Santos Ltd (STO.AX) will pay A$476 million ($381 million) to boost its coal-seam gas position in Australia's Gunnedah basin, the company said in a statement on Thursday.

Santos will buy a 20 percent stake in Eastern Star Gas Ltd (ESG.AX) for A$176 million and a 35 percent stake in various exploration permits operated by Eastern Star for another A$300 million, the company added.

Santos and Malaysian state oil company Petronas plan to build a A$7.7 billion ($6.1 billion) liquefied natural gas facility in Gladstone, in northern Queensland state, with an annual output of 3.5 million tonnes in the first phase using coal-seam gas.

First LNG production is scheduled in 2014. ($1=A$1.25) (Reporting by Denny Thomas; Editing by Mark Bendeich)



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