Under the proposal, Santos would pay QGC shareholders $1.30 per share in cash for all of their shares in return for the acquisition of QGC's Undulla Nose coal seam gas assets in southeast Queensland.
In addition, QGC shareholders would also receive shares on a one-for-one basis in a "New QGC" that would own a number of QGC's existing highly prospective tenements. The "New QGC," led by the current QGC board and management team, would focus on immediately commercializing these coal seam gas assets.
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