![]() ![]() The purchase of a 25.5% interest in the Pikka Unit and adjacent exploration acreage, 37.5% interest in the Horseshoe Block and 37.5% in the Hue Shale, for US$400 million.The terms of the acquisition are as follows Located in Alaska’s North Slope, the assets were purchased from Armstrong Energy LLC and GMT Exploration Company LLC, for a total of US$400m. In an announcement to the markets today, Oil Search revealed it would be acquiring 25.5% interest in the Pikka Unitand adjacent exploration acreage, as well as 37.5% in the Horseshoe Block. *All dates are indicative only and subject to change.Ĭitigroup and JB North & Co are acting as financial advisers and Herbert Smith Freehills and Dentons are acting as legal advisers to Santos.Oil Search Limited has acquired interests in the Alaska North Slope in the United States of America. New Santos shares commence trading on ASX and PNGX on normal settlement basis New Santos shares commence trading on ASX and PNGX on a deferred settlement basisĭespatch of holding statements for New Santos Shares Last trading day for Oil Search shares on ASX and PNGX The remaining dates for implementation of the Scheme of Arrangement and other key dates are set out below*: Event Santos’ head office will remain in Adelaide. “Additionally, the merger builds on our industry-leading approach to ESG through the combination of Santos’ leading carbon capture and storage capabilities with Oil Search’s social programs in PNG and North America,” Mr Gallagher said.įollowing the implementation of the merger, three non-executive directors from Oil Search will join the Santos Board. “The merger creates a company with strong and diversified cash flows, providing a platform to deliver shareholder returns and successfully navigate the transition to a lower carbon future. Santos Managing Director and Chief Executive Officer Kevin Gallagher said: “Santos and Oil Search are stronger together and will have increased scale and capacity to drive a disciplined, low-cost operating model and unrivaled growth opportunities over the next decade. “We look forward to integrating our businesses to create one high performing team – with a vision of becoming a global leader in the energy transition,” Mr Spence said. Santos Chairman Keith Spence said: “The merger combines two industry leaders to create a regional champion of quality, size and scale with a unique and diversified portfolio of long-life, low-cost oil and gas assets. Oil Search shareholders will receive 0.6275 new Santos shares for each Oil Search share held on the record date of 14 December 2021. ![]() Santos is pleased to announce that the merger with Oil Search is now effective following the approvals by Oil Search shareholders and the National Court of Papua New Guinea. Santos expects the merger to unlock pre-tax synergies of US$90-115 million per annum (excluding integration and other one-off costs).The merged company would have pro-forma 2021 production of approximately 117 million barrels of oil equivalent (mmboe) and pro-forma 2P+2C resource base of 4,867 mmboe.The merger creates a regional champion of size and scale, with a market capitalisation of approximately A$22 billion.Oil Search shareholders to receive 0.6275 new Santos shares for each Oil Search share held.The merger of Santos and Oil Search is now effective following approval of Oil Search’s Scheme of Arrangement by the National Court of PNG. ![]()
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