Oil and Gas News

PNG Court approves Oil Search, Santos merger

PNG

The National Court of Papua New Guinea (PNG) has made orders approving the scheme of arrangement, under which Santos will acquire all shares in Oil Search in exchange for the issue of new Santos shares to shareholders. 

The $23 billion merger between Oil Search and Santos has been approved by the PNG Court, satisfying the final condition for the scheme to take effect on Friday. 

The scheme was approved by a 95 per cent majority of Oil Search shareholders at the scheme meeting on Tuesday, while clearance from PNG’s competition authorities was yet to be issued. 

Oil Search expects to lodge a certified copy of the orders with the PNG Registrar of Companies on Friday 10 December, when the takeover scheme becomes effective. 

Friday will also be the last day of trading in Oil Search shares before the company is delisted, and new Santos shares are expected to commence trading on 13 December. 

Oil Search will be removed from the ASX 200 effective prior to the open of trading on 13 December and will be replaced by Life360 Inc. 

The merged entity is expected to reside among the world’s top 20 independent oil and gas producer. 

For more information visit the Oil Search website.

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