17/12/2021 - 13:31

Santos deal implemented

17/12/2021 - 13:31

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Oil Search non-executive director Michael Utsler will join the Santos board as the $21 billion merger between the companies takes effect.

Santos deal implemented
Santos has acquired 100 per cent of issued capital in Oil Search. Photo: Santos

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.

It means Santos has acquired all issued capital in Oil Search from shareholders, who threw their support behind the deal earlier this month.

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.

Dr Eileen Doyle and Mr Musje Werror will join the Santos Board effective from the implementation of Santos’ merger with Oil Search on Friday 17 December 2021.

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.

The new entity will be led by Santos managing director and chief executive Kevin Gallagher.

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