Oil Search agrees to merger with Santos

Australia

SYDNEY, August 2, 2021 – Australian oil and gas operator Santos has renegotiated terms in its proposed all-share merger with Oil Search, the companies said on Monday.

Under the revised offer, Oil Search’s shareholders would hold a 38.5% share in the company, up from the previously proposed 36.9%.

Oil Search has deemed the terms acceptable and will begin a four-week due diligence process proceeded by a merger implementation agreement.

“The Oil Search board believes that the revised proposal presents Oil Search shareholders with an opportunity to maintain ongoing exposure to Oil Search’s portfolio of world-class assets as part of a merged group for which there is strategic logic. The merged group would be within the S&P ASX-20 index and amongst the top 20 largest global oil and gas companies,” Oil Search said in its press release.