SYDNEY, PERTH,
In addition to the headline sale price consideration, the agreement includes a contingent payment in relation to the recent significant Dorado-1 oil discovery and a royalty over all other future hydrocarbons produced in Quadrant’s
Following the Dorado-1 oil discovery and given the financial strength of the business, Brookfield and Macquarie (the Owners) determined it to be the appropriate time to transition Quadrant to a long term owner that is suitably equipped to take it through the next phase of development. With an increasing focus on exploration and development activities, including the assessment and development of the exciting Dorado opportunity, the Owners believe Santos is an ideal party to optimise the future prospects of the company.
The Owners acknowledge the outstanding efforts of the management team at Quadrant Energy in managing and improving the business since the 2015 acquisition.
Quadrant Energy is currently held by
Closing
The sale is subject to certain consents and approvals including from the
Advisers
Clayton Utz is the lead legal adviser to Brookfield and Macquarie on the transaction.
-ends-
Brookfield Business Partners is the flagship listed business services and industrials company of Brookfield Asset Management Inc. (NYSE: BAM)(TSX: BAM.A)(EURONEXT: BAMA), a leading global alternative asset manager with over $285 billion of assets under management. For more information, please visit our website at https://bbu.brookfield.com.
Quadrant Energy is an Australian oil and gas company, with a primary focus on activities in the Exmouth and Carnarvon Basins offshore north Western Australia. Quadrant has an established portfolio of producing assets and prospective exploration targets, a substantial base of contracted sales, and proven management capability.
For more information:
Media
Kerrie Muskens
Brookfield Business Partners
Tel: +61 2 9322 2753
Email: [email protected]
Lisa Jameson
Tel: +61 2 8232 6016
Email: [email protected]
Investor Relations
Gwyn Hemme
Brookfield Business Partners
Tel: +1 416 359 8632
Email: [email protected]
Sam Dobson
Macquarie Group
Tel: +61 2 8232 9986
Email: [email protected]
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