SANTOS listed yesterday on the Papua New Guinea National Stock Exchange (PNGX) following the PNGX board approval of its listing as an exempt foreign entity.
Managing director and chief executive officer Kevin Gallagher said the listing of Santos’ shares on PNGX followed Santos’ merger with Oil Search Ltd which was effective last Friday.
“Santos commenced exploration in PNG in 1987 and production from the South-east Gobe field in 1998,” Gallagher said in a statement yesterday.
“Santos’ interests in PNG today primarily relate to the PNG LNG project.
“Its merger with Oil Search is expected to support the development of key projects in Papua New Guinea, including the Papua LNG, delivering new jobs, helping to support the economy, and continuing to support the development of and investment in Papua New Guinea.
“Santos shares will commence trading on the PNGX on a deferred settlement basis under code STODA.
“Normal settlement trading of Santos’ shares on the PNGX, under code STO, is expected to commence on Dec 20, 2021.”
Upon implementation of the US$21 billion (about K71.9 billion) merger, Oil Search shareholders will own around 38.5 per cent of the merged entity.
Santos shareholders will own around 61.5 per cent.
Independent Consumer and Competition Commission commissioner and chief executive Paulus Ain, when giving clearance for the merger, said: “After taking into consideration Santos’ authorisation application and submissions including comments from relevant stakeholders and available market information, Independent Consumer and Competition Commission noted that the proposed acquisition would not reduce competition in any markets PNG.”
The National Court in Waigani last Thursday allowed the merger to take effect on Friday.
The National / Pacific Mining Watch
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