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The convincing 95 per cent vote in favour of the $23 billion merger with Santos did not include former Oil Search CEO Peter Botten, who says the deal was done “far too cheaply”.
Oil Search enjoyed higher LNG prices in the September quarter but has signalled delays at growth projects in the US and Papua New Guinea as it firms up its $21 billion merger with Santos.
The company said it is on track “to deliver a strong 2021 full-year result”.
The takeover target is seeking to assure Papua New Guinea it will continue acting in its national interest if its proposed $22 billion merger with Santos proceeds.
Providing coverage of Alaska and northern Canada's oil and gas industry Oil Search endures Kay Cashman Petroleum News Despite what hindsight might show to be an unwise decision, Oil Search Ltd.s board quickly accepted the resignation of its top executive Keiran Wulff, creating worries about the future of the big North Slope Pikka development and further opportunity for regional competitor and shareholder Santos to take over the company - and Pikka - at an undervalued price. However, despite badgering from concerned analysts and investors, Oil Searchs board and executive leadership team ...