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

United Energy (467 HK) Acquires Kuwait Energy for USD 900m Implied EV

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

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

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

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

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Equity Bottom-Up

<p>No sooner has Harbour Energy’s revised formalised AUD 7.00 bid been tabled and Santos gives it short shrift. Some may say it’s a brave move, and a 10% decline in the shares upon announcement suggests it might be more than just some. But we think Santos’ CEO Kevin Gallagher may just be the man to prove them wrong, particularly if recent form is anything to go by. He has remodelled Santos into a lean mean fighting machine, unencumbered by excess debt and master of its own destiny. Given rejection…</p>

No sooner has Harbour Energy’s revised formalised AUD 7.00 bid been tabled and Santos gives it short shrift. Some may say it’s a brave move, and a 10% decline in the shares upon announcement suggests it might be more than just some. But we think Santos’ CEO Kevin Gallagher may just be the man to prove them wrong, particularly if recent form is anything to go by. He has remodelled Santos into a lean mean fighting machine, unencumbered by excess debt and master of its own destiny. Given rejection…

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