Financials - Santos

24. Consolidated Entities (continued)
Notes
1. Beneficial interests in all controlled entities are 100%, except:
• CJSC South Petroleum Company (70%); and
• Zhibek Resources Ltd (75%).
2. Company is party to a Deed of Cross Guarantee. Refer note 37.
3. Company incorporated during the year.
4. Company changed type from public to proprietary during the year.
5. The following companies changed name during the year:
• Santos Browse Pty Ltd (previously Coveyork Pty Ltd);
• Santos NSW Pty Ltd (previously Eastern Star Gas Limited);
• Santos NSW (Betel) Pty Ltd (previously Betel Gas Pty Ltd);
• Santos NSW (Eastern) Pty Ltd (previously Eastern Energy Australia Pty Ltd);
• Santos NSW (Hillgrove) Pty Ltd (previously Hillgrove Energy Pty Ltd);
• Santos NSW (Holdings) Pty Ltd (previously Eastern Star Gas Holdings Pty Ltd);
• Santos NSW (LNGN) Pty Ltd (previously Eastern Star Gas LNG Pty Ltd);
• Santos NSW (Narrabri Energy) Pty Ltd (previously Narrabri Energy Pty Ltd);
• Santos NSW (Narrabri Power) Pty Ltd (previously Narrabri Power Pty Ltd);
• Santos NSW (Operations) Pty Ltd (previously Eastern Star Operations Pty Ltd);
• Santos NSW (Pipeline) Pty Ltd (previously Eastern Star Gas Pipeline Pty Ltd);
• Santos NSW (Sales) Pty Ltd (previously Eastern Star Gas Sales Pty Ltd);
• Santos NSW (Sulu) Pty Ltd (previously Sulu Resources Pty Ltd); and
• Santos NSW (Tooncomet) Pty Ltd (previously Tooncomet Pty Ltd).
Country of incorporation
AUS – Australia
GBR – United Kingdom
KGZ – Kyrgyz Republic
NLD – Netherlands
PNG – Papua New Guinea
SGP – Singapore
USA – United States of America
25. Acquisitions and Disposals of Subsidiaries
(a) Acquisitions
There were no acquisitions of controlled entities during 2012.
During 2011 the following controlled entities were acquired and the operating results included in the income statement from the date
of acquisition:
Contribution to
consolidated
profit from
Date of Beneficial Purchase acquisition date to
Name of entity acquisition interest consideration 31 December 2011
% $million $million
Eastern Star Gas Limited Group* 28 Oct 2011 100 722 (2)
* Eastern Star Gas Limited and its controlled entities changed names during the year. Refer note 24.
On 28 October 2011, Santos obtained control of Eastern Star Gas Limited (“ESG”) through the acquisition of the remaining 79.03% of
ESG’s outstanding ordinary shares via a Scheme of Arrangement (“the Scheme”). As a result, the Group’s equity interest in ESG increased
from 20.97% to 100%. ESG is focussed on the exploration of coal seam gas in Australia. At the time of acquisition, ESG’s main activity
was the Narrabri Gas Project, which is located in Petroleum Exploration Licence (“PEL”) 238 adjacent to the township of Narrabri in
New South Wales. At the time of acquisition ESG held a 65% interest in PEL 238, with the Group holding the remaining 35%. If the
acquisition had occurred on 1 January 2011, the Group’s revenue for the year ended 31 December 2011 would have increased by
$5 million and the net profit attributable to equity holders of Santos Limited would have reduced by $20 million.
This acquisition was provisionally accounted for at 31 December 2011, as the fair value of the net assets acquired had not been finally
determined, however no adjustment to the fair value was required in 2012.
Santos Annual Report 2012 123