Santos has gone into a trading halt.
The energy company is about to announce a capital raising, part of a plan to make it more resilient to falling oil prices.
Some reports said Santos would raise as much as $3 billion through a right issue.
Last month Santos rejected as opportunistic a $7.14 billion takeover bid from Scepter Partners, a Middle East-based private investment company.
In August, Santos CEO David Knox announced he was stepping down after the company’s share price kept falling. The board of directors also launched a full strategic review.
The company’s net profit dropped 82% to $37 million for the half year as falling global oil prices sucked revenue from the business.
The oil and gas producer managed to get just $US60 per barrel in the six months to June compared to $US115 in the previous first half, a 47% fall.
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