tower ad PIPE 2021-2022 (left)
tower ad PIPE 2021-2022 (right)

Oil Search, Santos merger implemented

The merger of Oil Search and Santos, effective by way of scheme of arrangement, has officially been implemented.

As of 17 December, Santos has formally acquired 100 per cent of the issued capital in Oil Search from the company’s shareholders. 

In accordance with the scheme, eligible Oil Search shareholders have been issued the scheme consideration of 0.6275 new Santos shares for each Oil Search share held on the scheme record date, 14 December. 

Trading of these new shares commenced on a deferred settlement basis on 13 December and is expected to commence on the ASX and PNGX on a normal settlement basis from 20 December. 

Eligible Oil Search shareholders will separately receive a holding statement representing the number of new Santos shares issued to that shareholder pursuant to the scheme. 

With effect from the implementation of the scheme, all current directors of Oil Search have resigned. 

Dr Eileen Doyle and Musje Werror will join the Santos board effective from the implementation of Santos’s merger with Oil Search on 17 December. 

Michael Utsler will join the board with effect from Santos’ 2022 Annual General Meeting. 

Trading in Oil Search shares on the ASX and PNGX was suspended on 10 December and the company has applied to have quotation of its shares terminated. 

Oil Search will be delisted from 20 December. 

For more information visit the Santos website. 

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