Adelaide-based Santos said that XRG, comprised of the Abu Dhabi National Oil Company, Abu Dhabi Development Holding Company and US private equity fund Carlyle, had tabled an indicative cash offer of US$5.76 a share — equivalent to A$8.89 — which represented a 28 per cent premium to the company’s closing share price last week.

The board of the oil and gas producer have given a preliminary thumbs-up to the offer, which represents a premium of 28 per cent to Friday’s closing price.

Australian oil and gas explorer Santos received an $18.7 billion acquisition bid from a consortium led by Abu Dhabi National Oil Co. (Adnoc), it said in a press release on Monday. The XRG Consortium includes Adnoc’s subsidiary XRG P.