Santos cancels plans due to market volatility

Santos Ltd.

Santos Ltd. said at its Nov. 26 Investor Seminar that the company was considering a potential European hybrid issue, subject to acceptable market conditions. However, due to current market volatility, Santos has decided to defer any hybrid issuance until market conditions are more conducive to issuing such instruments.

Santos CFO Andrew Seaton said the potential hybrid issuance was always about proactive capital management and the company had flexibility in the timing of any issue.

Santos confirms that it has no current intention to undertake an equity raising.

“Santos has a robust existing funding position, including approximately $1.7 billion (AUD 2 billion) in available liquidity,” Seaton said. “In addition, given the current oil price environment, it is prudent for the company to review its spending plans for 2015, and we expect to significantly reduce capital and operating expenditure.”

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