One of the largest active investors on the share register of Santos has backed the $36 billion bid for the oil and gas giant by the Abu Dhabi National Oil Company and US private equity giant Carlyle, but does not rule out the possibility that another bidder may emerge to have a last crack at the company.

James Hawkins, partner and head of L1’s Catalyst fund, says the investment manager supports the $8.89 a share offer from ADNOC subsidiary XRG, even with Santos about to enjoy a big financial boost as its Barossa project off the coast of Darwin delivers first gas in the September quarter, and from the start-up of the Pikka project in Alaska the following year.