Harbour Increases Bid by 5% to AUD 7.00 Per Share if Santos Hedges More Oil-Linked Production

Santos Standing on Its Own Again as Harbour Shown the Door. FVE Down 6% to AUD 6.30

Santos Ltd (STO AU): Quadrant Energy Acquisition Implies USD 10/Boe 2P

Signs of More Consolidation in Upstream Oil & Gas Amid Growing M&A Activity

Santos – Harbour Energy Returns to the Well

Harbour Formalises AUD 6.50 Bid for Santos; We Increase FVE to AUD 6.15; Take No Action Just Yet

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Equity Bottom-Up

<p>Santos reported a strong first quarter in 2018, PNG earthquakes notwithstanding. A precautionary temporary shutdown of PNG LNG infrastructure did crimp group equity output by approximately 1.0 million barrels of oil equivalent, or mmboe, to 13.8 mmboe. However, our AUD 6.15 fair value is unchanged, mid-way between our AUD 5.75 stand-alone fair value estimate and Harbour’s indicative AUD 6.50 takeover offer. PNG LNG is already back on line, earlier than originally anticipated, and…</p>

Santos reported a strong first quarter in 2018, PNG earthquakes notwithstanding. A precautionary temporary shutdown of PNG LNG infrastructure did crimp group equity output by approximately 1.0 million barrels of oil equivalent, or mmboe, to 13.8 mmboe. However, our AUD 6.15 fair value is unchanged, mid-way between our AUD 5.75 stand-alone fair value estimate and Harbour’s indicative AUD 6.50 takeover offer. PNG LNG is already back on line, earlier than originally anticipated, and…

No-Moat Santos Continues to Impress, Breezing Through 1Q PNG LNG Interruptions