No need to take action: Oil Search

 OIL Search Ltd shareholders do not need to take any action in regards to the company’s merger with Santos Ltd “at this stage”, according to the company.

Oil Search mentioned this in a market release in relation to the merger implementation deed (MID) with Santos under which the two companies were proposed to combine via an Oil Search scheme of arrangement (merger) released to the Australian securities exchange Ltd (ASX) on Sept 10.

“The indicative timetable in the MID contemplated that the first court date would be on or around Oct 27,” according to Oil Search.

“Oil Search is in the process of obtaining the material necessary to finalise the scheme booklet and the matter has now been set down for a revised first court date of Nov 10.

“Oil Search will release an updated timetable upon despatch of the scheme booklet.

“The Oil Search board will update shareholders and the market in due course.

“Shareholders do not need to take any action in relation to the merger at this stage.”

Santos and Oil Search formalised their merger by entering into a MID in September.

The companies have completed reciprocal confirmatory due diligence which started on Aug 6.

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