Oil Search non-executive director Michael Utsler will join the Santos board as the $21 billion merger between the companies takes effect.
Oil Search announced today that the deal between the companies, effected by way of a scheme of arrangement under Papua New Guinea law, had been implemented.
As per this scheme, all current Oil Search directors have resigned with three receiving spots on the newly formed entity’s board.
Mr Michael Utsler will join the Board with effect from Santos’ 2022 Annual General Meeting.
Mr Utsler also sits as executive chair of oil and gas explorer Otto Energy and was formerly chief operations officer at Woodside Petroleum.
Oil Search will own about 38.5 per cent of the merged group, which will tout an estimated market capitalisation of $21 billion.
Adelaide’s Santos – which has operations in WA’s Carnarvon Basin – will own about 61.5 per cent.