Australian oil and gas exploration company Santos will acquire Eastern Star Gas (ESG) for $777.5 million, The Wall Street Journal reports. The company, which holds 20.9% of ESG, will buy the remaining stake by offering 0.068 Santos shares for every ESG share, adds domain-B. The proposed purchase will give Santos 80% of ESG’s coal seam gas permits in the Gunnedah Basin, while TRUenergy will hold the remaining 20%. Sydney-based ESG is an explorer, developer, producer and seller of coal seam gas in Australia.
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