Sunov Petroleum is a partnership between Crosby Capital Partners and Bob Williams.

Santos has agreed to enter into Procurement, and Sale and Purchase Agreements, to acquire Novus' 25% interest in the Kakap PSC, Novus' 50% interest in the Brantas PSC, both in Indonesia, and Novus' interests in the Cooper Basin for a total cash consideration, of US$192 million.

Santos' managing director, John Ellice-Flint, said the agreement to acquire Novus' Indonesian and Cooper Basin assets represented a continuation of Santos' strategy to grow its Indonesian and Australian gas businesses.

Ellice-Flint said the acquisition, if it proceeds, would be both earnings and cash-flow accretive to Santos.

"This transaction is one of many asset acquisition opportunities that are regularly brought to us to consider in the course of our business," he said.

"If Sunov is successful, it will enable us to supplement our portfolio with those parts of the Novus portfolio that suit our objectives and do so in a cooperative manner."

Sunov has made an off-market $1.77 bid for all the shares in Novus as a counter offer to the hostile takeover offer from Indonesian firm Medco Energi of $1.74.

Novus has rejected both offers as unsatisfactory after releasing an independent report, which values the company at between $1.96-2.75 per share, at least 22 cents higher than Medco's offer and 19 cents higher than the rival bid led by Novus chief executive Bob Williams.

Novus was trading at $1.83 at the time of printing.