The MID was released on 10 September, which stated Santos’ first PNG court hearing would be held on 27 October, with the merger effective from 2 December 2021.
Documentation for the $21 billion merger deal along with an independent expert’s report was scheduled for release on 29 October, two days after the expected court hearing, according to the indicative timetable in the MID.
However, the hearing has yet to occur amid issues relating to Papua New Guinea’s recent COVID-19 outbreak and is now expected around 10 November.
Oil Search is in the process of obtaining the necessary material to finalise the scheme booklet for the new court date.
It is likely that the vote by Oil Search shareholders on the transaction will be pushed back into December from the initially scheduled date of 29 November.
Oil Search said it will release an updated timetable upon dispatch of the scheme booklet.
The merger would create a top-20 global oil and gas producer, with production in Australia and Papua New Guinea and a promising oil project in Alaska.
Under the terms of the proposed merger, Oil Search shareholders are set to receive 0.6275 new Santos shares for each Oil Search share held.
On completion, Oil Search shareholders would own about 38.5 per cent of the merged company, while Santos shareholders would hold the remainder.
For more information visit the Santos website.
