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Peter Gill, Field PR Andrew Seaton
+61 (0) 417 784 059 +61 8 8218 5157 / +61 (0) 410 431 004
peter@fieldpr.com.au andrew.seaton@santos.com

Under a proposal announced by Santos today, Santos would require Queensland Gas Company Limited (“QGC”) to establish a new ASX-listed company to boost the development of Queensland’s coal seam gas industry.

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 south-east 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 commercialising these coal seam gas assets.