Australian oil and gas company Santos has informed that the merger of Santos and Oil Search has been implemented.
Santos has acquired 100 percent of the issued capital in Oil Search from Oil Search shareholders. Oil Search shareholders have been issued 0.6275 new Santos shares for each Oil Search share.
All of the current directors of Oil Search have resigned, and Dr Eileen Doyle and Musje Werror will join the Santos Board effective from the implementation of Santos' merger with Oil Search on Friday, 17, December 2021. Michael Utsler will join the Board with effect from Santos 2022 Annual General Meeting.
Trading in Oil Search shares on the ASX and PNGX was suspended on Friday, December 10, 2021.
Oil Search has applied to the ASX and PNGX to have the quotation of its shares terminated and for Oil Search to be removed from the official list of the ASX and PNGX, with effect from close of trading on Monday, 20 December 2021.