Shares of Santos (ASX:STO) rose nearly 1% in Monday morning trade after the company signed an exclusivity agreement granting due diligence access to a consortium led by XRG, a unit of Abu Dhabi National Oil Company, for six weeks, over a non-binding proposal to acquire the company for $5.76 per share in cash.

The consortium will use the exclusivity period to conduct due diligence and negotiate a binding scheme implementation deed, according to a late Friday Australian bourse filing.

The exclusivity terms will include a fiduciary exception allowing the Santos board to consider superior proposals from week four, the filing added.

The company has advised shareholders not to take any action at this time.