Meanwhile, Santos is similarly facing a major asset selloff and a more cautious investment strategy off the back of its half-year results.
Santos’ traumatic reporting season
The company is trying to recover from what was arguably the most traumatic case during the results season.
The company’s CEO David Knox stepped down, debt levels rose to more than $9.4 billion, the company saw an 82 per cent fall in profits and its share price has recently hit $4.7 per share – its lowest point ever.
The Australian newspaper on Tuesday reported that Santos has called in Perth-company Miro Advisers to oversee the miner’s exit from the Stag oil field in the Carnavon Basin, Western Australia.
And today Central Petroleum Managing Director Richard Cottee announced the company has purchased Santos’ 50 per cent interest in the Mereenie oil and gas field in the Northern Territory’s Amadeus Basin.