SANTOS Ltd may consider listing on the PNG National Stock Exchange (PNGX), according to the company.
Managing director and chief executive officer Kavin Gallagher said Santos was considering this, as the company progressed on the merger process with Oil Search.
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| Santos considering listing on PNG Stock Exchange [ Photo by Santos] |
“Momentum continues to build for the compelling opportunity to create a company with the size and the skill to fund the energy transition,” he told the PNG Mining and Petroleum conference yesterday.
“It is also our intention to seek to establish a secondary listing on the PNG Exchange.
“This will importantly allow all the PNG-based shareholders to trade their Santos shares on the exchange.”
Gallagher said he had spoken with Prime Minister James Marape on several occasions about his company’s values. “This merger will create an entity that will have the advantage to fund major projects in PNG and will facilitate the creation of a highly skilled workforce and progress long term wealth and prosperity of the people of PNG,” he said.
“Importantly, the merged entity will bring significant benefits to shareholders and PNG including more than 4,000 Oil Search shareholders who currently live in Papua New Guinea.”
Gallagher said Santos had made several commitments to Marape regarding safeguarding jobs after the merger.
The National / Pacific Mining Watch