Extension of Oil Search due diligence period Santos refers to its announcement of 2 August regarding and xxxxxxOil Search entering into confidentiality agreements and a period of exclusive mutual due diligence regarding the proposed merger of the two companies via a scheme of arrangement under which Santos would acquire all of the shares in Oil Search for a consideration of 0.6275 new Santos shares for each Oil Search share held.

Santos and Oil Search have agreed to extend the exclusive due diligence period for a further one week to 13 September 2021.

About Santos

Santos’ corporate purpose is to provide sustainable returns for our shareholders by supplying reliable, affordable and cleaner energy to improve the lives of people in Australia and Asia.
Santos has a clear and consistent strategic framework of Transform Build Grow to deliver this vision. At the heart of this framework is a disciplined low-cost operating model that drives decisions around capital allocation and enables sustainable growth and development throughout the cycle.
Santos has been a committed participant in PNG for over 40 years and enjoys a strong working relationship with the PNG Government and its PNG LNG joint venture partners ExxonMobil, JX Nippon, Kumul, MRDC and Oil Search. Santos is supportive of the backfill and expansion of PNG LNG through the development of the P’nyang field and other opportunities. Santos also has a strong working relationship with Total through the GLNG joint venture.
Our strategic vision complements Oil Search’s disciplined three phase strategy to Focus, Deliver and Evolve. We are completely aligned regarding the need for a low-cost base and capital efficiency. We share the same aspirations for the delivery of the LNG expansion in PNG. In relation to Alaska, we would be supportive of Oil Search working towards FEED and FID as publicly announced. We are committed to ESG and measurable action on sustainability.

About Oil Search

Oil Search is a responsible energy company, with a proud history and strong heritage, that contributes to a sustainable future. Established in 1929, the organisation’s purpose is to deliver low cost, high value energy that meets society’s needs, and its ambition is to be the preferred energy company for all stakeholders.
With activities well supported by a clear hierarchy for allocating capital, prioritising sustaining capital and a strong, flexible balance sheet, Oil Search is a safe, low-cost, reliable business with a clear path to future growth.
Recognised for its proven capability to operate in challenging environments, Oil Search has a world-class resource base and a strong track record of working with communities and stakeholders. Sustainability is embedded across the Company and it aspires to set the standard for sustainable development.