AUSTRALIA'S SANTOS, OIL SEARCH MERGER A$21 BLN

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120%;"><span style="color: #333399;"><a href="https://ru.reuters.com/"><span style="color: #333399;">РЕЙТЕР</span></a></span> - </span></p> <p style="line-height: 18pt;"><span style="font-size: 120%;"><span style="font-size: 120%;"> </span></span></p> <p style="line-height: 18pt;"><span style="font-size: 120%;"><span style="font-size: 120%;"> </span></span></p> <p style="line-height: 18pt;"><span style="font-size: 120%;"><span style="font-size: 120%;"> </span></span></p> <p style="line-height: 18pt;"><span style="font-size: 120%;"><span style="font-size: 120%;">-----</span></span></p> <p style="line-height: 18pt;"><span style="font-size: 120%;">Раньше:</span> </p> <table style="width: 620px;" border="0"> <tbody> <tr> <td> <div class="r-side"> <div class="r-side"><em><em><a href="news/2018/3/oil-price-not-above-$65"><img class="l-side" src="cache/03-18/PRICE-469.6d241b1b.png" alt="Prices" /></a></em></em> <div class="r-side"><em>2018, March, 14, 11:45:00</em> <h3><span style="color: #333399;"><strong><a href="news/2018/3/oil-price-not-above-$65"><span style="color: #333399;">OIL PRICE: NOT ABOVE $65</span></a></strong></span></h3> <p>REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $60.77 a barrel at 0753 GMT, up 6 cents, or 0.1 percent, from their previous settlement. Brent crude futures LCOc1 were at $64.62 per barrel, down just 2 cents from their last close.</p> <p> </p> </div> </div> </div> </td> </tr> <tr> <td><a href="news/2018/3/czena-nefti-poka-vyishe-$65"><img class="l-side" src="cache/03-18/PRICE-449.6d241b1b.png" alt="Prices" /></a> <div class="r-side"><em>2018, March, 7, 15:00:00</em> <h3><span style="color: #333399;"><strong><a href="news/2018/3/czena-nefti-poka-vyishe-$65"><span style="color: #333399;">ЦЕНА НЕФТИ: ПОКА ВЫШЕ $65</span></a></strong></span></h3> <p>РЕЙТЕР - К 9.17 МСК фьючерсы на североморскую смесь Brent опустились на 0,85 процента до $65,23 за баррель. Фьючерсные контракты на американскую лёгкую нефть WTI к этому времени торговались у отметки $62,07 за баррель, что на 0,85 процента ниже предыдущего закрытия.</p> <div class="l-links"><a href="news/2018/3/czena-nefti-poka-vyishe-$65?lang=ru">Русский</a> | <a href="news/2018/3/czena-nefti-poka-vyishe-$65?lang=en">English</a></div> <div class="l-links"> </div> </div> </td> </tr> <tr> <td><a href="news/2018/3/oil-prices-2018-19-$62"><img class="l-side" src="cache/03-18/oil-487.6d241b1b.png" alt="Prices" /></a> <div class="r-side"><em>2018, March, 7, 14:00:00</em> <h3><span style="color: #333399;"><strong><a href="news/2018/3/oil-prices-2018-19-$62"><span style="color: #333399;">OIL PRICES 2018 - 19: $62</span></a></strong></span></h3> <p>EIA - North Sea Brent crude oil spot prices averaged $65 per barrel (b) in February, a decrease of $4/b from the January level and the first month-over-month average decrease since June 2017. EIA forecasts Brent spot prices will average about $62/b in both 2018 and 2019 compared with an average of $54/b in 2017.</p> <p> </p> </div> </td> </tr> <tr> <td> <div class="r-side"><em><em><a href="news/2018/3/oil-price-above-$64-yet"><img class="l-side" src="cache/03-18/PRICE-438.6d241b1b.png" alt="Prices" /></a></em></em> <div class="r-side"><em>2018, March, 5, 11:35:00</em> <h3><span style="color: #333399;"><strong><a href="news/2018/3/oil-price-above-$64-yet"><span style="color: #333399;">ЦЕНА НЕФТИ: ПОКА ВЫШЕ $64</span></a></strong></span></h3> <p>РЕЙТЕР - К 9.28 МСК фьючерсы на североморскую смесь Brent поднялись на 0,33 процента до $64,58 за баррель. Фьючерсные контракты на американскую лёгкую нефть WTI к этому времени торговались у отметки $61,44 за баррель, что на 0,31 процента выше предыдущего закрытия.</p> <div class="l-links"><a href="news/2018/3/oil-price-above-$64-yet?lang=ru">Русский</a> | <a href="news/2018/3/oil-price-above-$64-yet?lang=en">English</a></div> <div class="l-links"> </div> </div> </div> </td> </tr> <tr> <td><a href="news/2018/3/czena-urals-$-65,99"><img class="l-side" src="cache/03-18/PRICE-429.6d241b1b.png" alt="Prices" /></a> <div class="r-side"><em>2018, March, 4, 11:30:00</em> <h3><span style="color: #333399;"><strong><a href="news/2018/3/czena-urals-$-65,99"><span style="color: #333399;">ЦЕНА URALS: $ 65,99</span></a></strong></span></h3> <p>МИНФИН РОССИИ - Средняя цена нефти марки Urals по итогам января – февраля 2018 года составила $ 65,99 за баррель.</p> <p> </p> </div> </td> </tr> <tr> <td> <div class="r-side"><em><em><a href="news/2018/2/oil-price-above-$67-again"><img class="l-side" src="cache/02-18/price-420.6d241b1b.png" alt="Prices" /></a></em></em> <div class="r-side"><em>2018, February, 27, 14:15:00</em> <h3><span style="color: #333399;"><strong><a href="news/2018/2/oil-price-above-$67-again"><span style="color: #333399;">ЦЕНА НЕФТИ: ОПЯТЬ ВЫШЕ $67</span></a></strong></span></h3> <p>РЕЙТЕР - К 9.18 МСК фьючерсы на североморскую смесь Brent опустились на 0,15 процента до $67,40 за баррель. Фьючерсные контракты на американскую лёгкую нефть WTI к этому времени торговались у отметки $63,80 за баррель, что на 0,17 процента ниже предыдущего закрытия.</p> <div class="l-links"><a href="news/2018/2/oil-price-above-$67-again?lang=ru">Русский</a> | <a href="news/2018/2/oil-price-above-$67-again?lang=en">English</a></div> <div class="l-links"> </div> </div> </div> </td> </tr> <tr> <td> <div class="r-side"><em><em><a href="news/2018/2/czena-urals-$66,26457"><img class="l-side" src="cache/02-18/PRICE-399.6d241b1b.png" alt="Prices" /></a></em></em> <div class="r-side"><em>2018, February, 27, 14:05:00</em> <h3><span style="color: #333399;"><strong><a href="news/2018/2/czena-urals-$66,26457"><span style="color: #333399;">ЦЕНА URALS: $66,26457</span></a></strong></span></h3> <p>МИНФИН РОССИИ - Средняя цена на нефть Urals за период мониторинга с 15 января по 14 февраля 2018 года составила $66,26457 за баррель, или $483,7 за тонну.</p> <p> </p> </div> </div> </td> </tr> </tbody> </table> <p style="line-height: 18pt;"><span style="font-size: 120%;"> </span></p> </div> <div class="en "> <h1>AUSTRALIA'S SANTOS, OIL SEARCH MERGER A$21 BLN</h1> <div class="l-links"></div> <img src="/cache/08-21/santos-001.73dbcaf9.jpg" alt="AUSTRALIA'S SANTOS, OIL SEARCH MERGER A$21 BLN" class="page-img"/> <p style="line-height: 18pt;"><span style="font-size: 120%;"><span style="color: #0000ff;"><a href="https://www.santos.com/" rel="nofollow" target="_blank"><span style="color: #0000ff;">SANTOS</span></a></span> - </span><span style="font-size: 120%;">2ND AUG 2021 - </span><span style="font-size: 120%;">Santos and Oil Search have today reached agreement on the merger ratio under the proposed merger and the additional terms set out in this release (“Revised Merger Proposal”). </span></p> <p style="line-height: 18pt;"><span style="font-size: 120%;">Under the Revised Merger Proposal, Oil Search shareholders will receive 0.6275 new Santos shares for each Oil Search share held via a Scheme of Arrangement. Following approval of the Scheme, Oil Search shareholders will own approximately 38.5 per cent of the merged group and Santos shareholders will own approximately 61.5 per cent.</span></p> <p style="line-height: 18pt;"><span style="font-size: 120%;">The Board of Oil Search has confirmed that, subject to the completion of confirmatory due diligence and the agreement of a binding Merger Implementation Agreement, their intention is to unanimously recommend the Revised Merger Proposal, in the absence of a superior proposal and subject to an independent expert concluding that the scheme of arrangement is in the best interests of Oil Search shareholders.</span></p> <p style="line-height: 18pt;"><span style="font-size: 120%;">The Revised Merger Proposal implies a transaction price of A$4.29 per Oil Search share, based on the closing price of Santos and Oil Search shares on 19 July 2021 (being the day prior to disclosure of the first proposal). This represents a 16.8 per cent premium to the Oil Search closing price on 19 July and a 16.4 per cent premium to the one-month VWAP on that day. In addition, the proposal represents the opportunity to deliver compelling value accretion to both sets of shareholders.</span></p> <p style="line-height: 18pt;"><span style="font-size: 120%;">The merger of Santos and Oil Search would create a regional champion of size and scale with the following features:</span></p> <ul style="line-height: 18pt;"> <li style="line-height: 18pt;"><span style="font-size: 120%;">Diversified portfolio of high quality, long-life, low-cost assets across Australia, Timor-Leste, Papua New Guinea and North America with significant growth optionality</span></li> <li style="line-height: 18pt;"><span style="font-size: 120%;">Pro-forma market capitalisation of A$21 billion which would position the merged entity in the top-20 ASX-listed companies and the 20 largest global oil and gas companies</span></li> <li style="line-height: 18pt;"><span style="font-size: 120%;">Combined 2021 production of approximately 116 million barrels of oil equivalent</span></li> <li style="line-height: 18pt;"><span style="font-size: 120%;">Combined 2P+2C resource base of 4,983 million barrels of oil equivalent</span></li> <li style="line-height: 18pt;"><span style="font-size: 120%;">Investment grade balance sheet with more than US$5.5 billion of liquidity to self-fund development projects, whilst maintaining further optionality and flexibility to optimise the portfolio</span></li> <li style="line-height: 18pt;"><span style="font-size: 120%;">Target gearing of less than 30 per cent</span></li> <li style="line-height: 18pt;"><span style="font-size: 120%;">Strong ESG credentials including maintaining Oil Search’s social and community investment in Papua New Guinea and North America, including the Oil Search Foundation</span></li> <li style="line-height: 18pt;"><span style="font-size: 120%;">Substantial potential combination synergies. Santos has an excellent track record of integration and recently merged Quadrant Energy and ConocoPhillips’ WA and NT business unit into Santos, delivering more than US$160 million in annual synergies</span></li> </ul> <p style="line-height: 18pt;"><span style="font-size: 120%;">The combination would also create greater alignment in Papua New Guinea supporting the development of key projects including Papua LNG, deliver new jobs and help support the local economy.</span></p> <p style="line-height: 18pt;"><span style="font-size: 120%;">Oil Search shareholders would continue to participate in the merged entity and retain the opportunity to realise a premium for control as part of the merged entity.</span></p> <p style="line-height: 18pt;"><span style="font-size: 120%;">Santos Managing Director and Chief Executive Officer Kevin Gallagher said the potential merger of Santos and Oil Search is consistent with Santos’ disciplined strategy to grow around our core assets.</span></p> <p style="line-height: 18pt;"><span style="font-size: 120%;">“It represents a compelling combination of two industry leaders to create an unrivalled regional champion of size and scale with a unique diversified portfolio of long-life, low-cost oil and gas assets.</span></p> <p style="line-height: 18pt;"><span style="font-size: 120%;">“The merged company would have strong cash generation from a diverse range of assets which provides a strong platform for sustainable growth and continued shareholder returns.</span></p> <p style="line-height: 18pt;"><span style="font-size: 120%;">“The merger also builds on our industry-leading approach to ESG through the combination of Santos’ net-zero 2040 pathway, including its sector-leading CCS projects, and Oil Search’s unique social programs in PNG, underpinned by a strong balance sheet to fund the transition to a lower carbon future.</span></p> <p style="line-height: 18pt;"><span style="font-size: 120%;">“The Revised Merger Proposal represents an extremely attractive opportunity to deliver compelling value accretion to both Santos and Oil Search shareholders.”</span></p> <p style="line-height: 18pt;"><span style="font-size: 120%;">Santos and Oil Search have committed to conduct best endeavours due diligence subject to appropriate confidentiality arrangements over a period of approximately four weeks with the aim of entering into a Merger Implementation Agreement, which would contain conditions to completion of the merger such as regulatory approvals.</span></p> <p style="line-height: 18pt;"><span style="font-size: 120%;">Each party will be free to declare ordinary dividends in accordance with existing dividend policy through to signing of the Merger Implementation Agreement. Should a party declare a dividend outside its existing dividend policy before the signing of the Merger Implementation Agreement, there would be an appropriate adjustment to the merger ratio.</span></p> <p style="line-height: 18pt;"><span style="font-size: 120%;">Citigroup and JB North & Co are acting as financial advisers and Herbert Smith Freehills and Dentons are acting as legal advisers to Santos.</span></p> <p style="line-height: 18pt;"><span style="font-size: 120%;">-----</span></p> </div> <br /> <div class="similar"> <p class="f18 w600">Earlier:</p> <div class="chronicle-tpl"> <a href="news/2021/5/australias-renewable-storage-2.5-bln" class="image"> <img src="/cache/05-21/australia-98.7aa7126c.jpg" alt="AUSTRALIA'S SANTOS, OIL SEARCH MERGER A$21 BLN" /> </a> <div class="info"> <div class="date">2021, May, 27, 13:00:00</div> <a href="news/2021/5/australias-renewable-storage-2.5-bln" class="title"> AUSTRALIA'S RENEWABLE STORAGE $2.5 BLN </a> <div class="intro"> Officials said the new power contract would begin in July 2022, when its existing contract with Shell expires, and run for 10 years. </div> <div class="l-links"> <a href="news/2021/5/australias-renewable-storage-2.5-bln?lang=en">English</a> </div> </div> </div> <div class="chronicle-tpl"> <a href="news/2021/4/australias-santos-revenue-964-mln" class="image"> <img src="/cache/04-21/santos-30.c45b8a2d.jpg" alt="AUSTRALIA'S SANTOS, OIL SEARCH MERGER A$21 BLN" /> </a> <div class="info"> <div class="date">2021, April, 22, 11:10:00</div> <a href="news/2021/4/australias-santos-revenue-964-mln" class="title"> AUSTRALIA'S SANTOS REVENUE $964 MLN </a> <div class="intro"> First quarter revenue of US$964 million was stronger despite the contractual 3-month lag in oil-linked LNG prices and lower overall sales volumes </div> <div class="l-links"> <a href="news/2021/4/australias-santos-revenue-964-mln?lang=en">English</a> </div> </div> </div> <div class="chronicle-tpl"> <a href="news/2021/4/australias-santos-rationg-bbb" class="image"> <img src="/cache/04-21/santos-28.e7763566.jpg" alt="AUSTRALIA'S SANTOS, OIL SEARCH MERGER A$21 BLN" /> </a> <div class="info"> <div class="date">2021, April, 19, 16:20:00</div> <a href="news/2021/4/australias-santos-rationg-bbb" class="title"> AUSTRALIA'S SANTOS RATIONG 'BBB' </a> <div class="intro"> Santos notes the announcement from Fitch Ratings (Fitch) assigning Santos a BBB credit rating with stable outlook. </div> <div class="l-links"> <a href="news/2021/4/australias-santos-rationg-bbb?lang=en">English</a> </div> </div> </div> <a href="news" class="all">All Publications »</a> </div> <div class="line"></div> Tags: <a href="all-publications-by-tag?tag=AUSTRALIA&key=tags" class="tl-tag">AUSTRALIA</a>, <a href="all-publications-by-tag?tag=SANTOS&key=tags" class="tl-tag">SANTOS</a> </div> <div class="sidebar"> <div class="bns"> <a 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AUSTRALIA'S SANTOS, OIL SEARCH MERGER A$21 BLN