Santos completes Oil Search acquisition
Santos on December 17 announced the completion of its acquisition of Papua New Guinea-focused (PNG) Oil Search with eligible Oil Search shareholders receiving new Santos shares in exchange for their shares.
According to the merger agreement, Oil Search shareholders have been issued 0.6275 new Santos shares for each Oil Search share held. Trading of these new Santos shares started on a deferred settlement basis on December 13 and are expected to begin trading on a normal settlement basis from December 20. Three non-executive directors from Oil Search will join the Santos board.
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The deal was cleared by Oil Search shareholders on December 7 and the securities commission of PNG on December 6. PNG’s competition watchdog approved the proposed merger on December 8. Oil Search shares were suspended from trading in PNG and Australia on December 10.
The combined entity will be among the world’s top 20 oil and gas companies and have assets across Australia, Timor-Leste, PNG and North America. It will have production of about 116mn barrels of oil equivalent (boe)/year based on 2021 output, and reserves and resources of 4.87bn boe.