23 August 2018
Directors Nick Heggart and Narelle McBride assisted Adelaide-based Santos on the tax aspects of their $2.9bn acquisition of Quadrant Energy from a consortium including Macquarie Capital, Brookfield Business Partners, Wesfarmers and the Bennett family. A team from Herbert Smith Freehills also acted for Santos in the deal.
Quadrant Energy holds natural gas and oil production, near and medium term development, appraisal and exploration assets across more than 52,000 km2 of acreage, predominantly in the Carnarvon Basin offshore WA; Australia’s largest offshore oil and natural gas province. Its portfolio also includes a large inventory of discovered resources to backfill existing infrastructure, including the Varanus Island and Devil Creek processing plants (which were already 45% owned by Santos), as well as a leading position in the highly prospective Bedout Basin, including the recent oil discovery at Dorado.
The acquisition by Santos is fully aligned with the company's growth strategy of building on existing infrastructure positions around its core assets and is of the largest M&A deals of 2018 in the energy and resources sector.
Partner, Head of Energy & Resources