Santos Limited (Santos) is pleased to announce that the merger of Santos and Oil Search Limited (Oil Search) effected by way of scheme of arrangement (Scheme) has been implemented today. Accordingly, Santos has acquired 100 per cent of the issued capital in Oil Search from Oil Search shareholders.

In accordance with the terms of the Scheme, eligible Oil Search shareholders have been issued the Scheme consideration of 0.6275 new Santos shares for each Oil Search share held on the Scheme record date, being 7:00pm (Sydney time) / 6:00pm (Port Moresby time) on Tuesday 14 December 2021. Trading of these new Santos shares commenced on a deferred settlement basis on Monday 13 December 2021 and are expected to commence trading on a normal settlement basis from Monday 20 December 2021.

In addition, Santos has issued the new Santos shares otherwise payable to Ineligible Foreign Shareholders and those Unmarketable Parcel Shareholders who have not opted to receive new Santos shares (as those terms are defined in the Scheme Booklet dated 11 November 2021 (Scheme Booklet)) to a nominee who has been appointed to sell those new Santos shares. The net proceeds of sale will be distributed to applicable Oil Search shareholders in accordance with the process set out in the Scheme Booklet.

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.