Oil Search shareholders back $21bn Santos deal After joining Oil Search in 2019, Bart held executive positions overseeing technical functions including project management, operations excellence, innovation, information technology, and safety, security and risk. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. We're supportive of the transaction. It was the first court appearance since the embattled Republican congressman pleading not guilty last month to a 13-count indictment accusing him of fraud, money laundering and theft of public funds. The pressure to perform and remain at the top once you're there? Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. The top 25 shareholders own 43% of the company. Oil Search acting chief executive Peter Fredericson defended the merger ratio, saying it took into account relative contributions from earnings, reserves and production along with the strategic benefits, such as much better access to capital markets for the enlarged group. Jodie joined Santos in 2019. She has a Bachelor of Science (Biological) degree from Latrobe University. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Santos Limited (STO) is a low-cost producer of oil and gas committed to cleaner energy and clean fuels production with operations across Australia, Papua New Guinea, Timor-Leste and North America. Our strategy has been to establish a low-cost operating model that delivers strong cash flows through the oil price cycle, Mr Gallagher said. Some analysts believe Santos is stretching itself thin following the Quadrant takeover. The broker estimates the scrip ratio could rise to 0.60 Santos shares. Kim has more than 20 years experience in a number of senior executive roles across Australia and internationally. Institutions own 43% of Santos. ET. Grant . Tracey joined Santos in 2017 as Head of Government and Public Affairs. Beyond business and function leadership, David led BHP Petroleums Transformation and was Integration Manager for the US shale assets. Santos $6 bln takeover of Oil Search gets tepid backing from Bart joined Santos in December 2021 as part of the companys merger with Oil Search. David has 30 years of international and domestic experience in the oil and gas industry. The lack of a full competitive process for Oil Search has raised some concerns that shareholders may not be getting the best deal, but Mr Fredricson said there had been and still was plenty of opportunity for rival bidders to emerge, but none had. $, 471 M In this capacity, Bart was responsible for development, between discovery and production, for all of Shells operated conventional oil and gas assets. Grant Samuel, which was commissioned by the Oil Search board to assess the scrip-based merger deal with Santos, found overall, however, that the deal was still in the interests of shareholders in the Papua New Guinean oil and gas producer, citing escalating climate pressures that are squeezing funding for the sector. The manufacturer is shifting to battery technology while making sure margins wont sink, Chief Executive Officer Oliver Blume said Wednesday at Porsches first annual general meeting since going public last year. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Most analyst assessments attributed a 37 per cent to 38 per cent share of the combined company for Oil Search, in line with the agreed merger ratio, he noted. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Santos, who has denied wrongdoing, said nothing throughout the hearing. The most powerful knowledgebase mapped from 20 years of research and insight into every WA As CFO, Anthea has oversight of the information systems, finance, tax, treasury, planning, and investor relations functions within Santos. Santos pointed out that 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. Investors in Santos overwhelmingly opposed a resolution that would have pushed the company to spell out moves to wind down its oil and gas . All quotes delayed a minimum of 15 minutes. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. escalating climate pressures that are squeezing funding for the sector. He has extensive project development experience across the full project lifecycle and has lived and worked in several locations around the world. Santos Ltd (ASX:STO) Share Price - Market Index STRIKE ENERGY LIMITED (ASX:STX) - Top 20 shareholders, page-1 USD. Santos, who has been accused of misrepresenting large swaths of his employment record, his education, and his family history, has admitted that he lied about portions of his background while running for Congress. Copyright 2023 Surperformance. "There is clearly a risk that the funding and other strategic benefits do not fully compensate shareholders for this dilution," Grant Samuel said in a report attached to the merger document going to shareholders. As a Supply Chain Manager, Angus was accountable for procurement, planning, logistics and product delivery. One of Oil Searchs biggest shareholders says it will almost certainly vote against the $21 billion merger deal with Santos, despite an independent expert advising that shareholders would be better off accepting it even though it short-changes them in value. At Azure Consulting, Angus supported companies in developing strategy and driving organisational change. The shareholders of Oil Search have voted to approve the proposed merger with energy giant Santos. Santos and Oil Search will now conduct 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. The Cooper Basin produces natural gas, gas liquids and crude oil. Anthea joined Santos in 2019 as Deputy Chief Financial Officer, before commencing in the Chief Financial Officer role in 2022. Santos Managing Director Kevin Gallagher said the merger would create "an unrivalled regional champion of size and scale with a unique diversified portfolio of long-life, low-cost oil and gas assets". The industry leader for online information for tax, accounting and finance professionals. Wood Mackenzie senior analyst Daniel Toleman said the company had to justify its rejection of the Harbour offer. "At the end of the day there are going to be one or two out there who are going to say it's not enough in the deal that we've got, but the majority of shareholders we've spoken to see the strategic benefit of putting these two businesses together," Fredericson told Reuters. It highlighted real challenges for Oil Search to fund its growth opportunities in PNG and Alaska on a standalone basis, noting the backdrop of accelerating structural changes in global energy markets that has reduced the flow of funding to oil and gas companies. Number of employees : 3,550 Sales per Business Sales per region Managers Members of the board Share class Shareholders Company contact information Santos Ltd. Santos Centre 5000, Adelaide +61 8 8116 5000 http://www.santos.com Group companies There are some new holders. At BCG, Angus set up the Perth office, led the Australian Operations practice and was a core member of both the Mining and Metals practice and the Energy Practice. Santos CEO Kevin Gallagher, who will head the merged group, has said the two companies will be stronger together and act as a regional champion of oil and gas for Asia, as well as investing more in cleaner energy projects. . Santos investors have joined Snowcap Research in voicing frustration at the oil and gas producer's floundering share price, but do not agree that ditching its growth strategy is the way to go . A look at the shareholders of Santos Limited can tell us which group is most powerful. Morning and afternoon timely wrap ups of every news item delivered straight to your device. The initial approval from the court in Port Moresby on Thursday morning removed lingering nervousness about potential last-minute objections to the deal by PNG, seen as the biggest risk to the timeline. With 51% stake, individual . Have you ever wondered about the number of sacrifices a winning athlete has to make? She has a Bachelor of Laws degree from Queensland University of Technology and a Bachelor of Arts (Modern Asian Studies with a major in Japanese language from Griffith University. Jodie has served on the advisory board of the Curtin University Law School as well as Muscular Dystrophy WA. Credit: REUTERS/DAVID GRAY. "The acquisition still leaves us with a question mark. Whats so wrong with that. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. See here for a complete list of exchanges and delays. 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. 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. Thats exactly what professional tennis player Jannik Sinner had in mind when he met up with Lindsey Vonn, US Olympic Champion and one of the best alpine ski racers of all time. Analysts believe Santos may try to sell some of its PNG LNG stake to Total, noting that Santos had flagged a "potential opportunity to further optimise ownership across PNG LNG and Papua LNG". 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. Having built a strong, low-cost base business supplying natural gas to meet ongoing customer demand and laid out a clear action plan to develop cleaner energy and clean fuels with an ambitious target of net-zero Scope 1 and 2 emissions by 2040, Mr Gallagher is committed to ensuring Santos remains resilient, value accretive and at the leading edge of the energy transition. As Executive Vice President Projects, he is responsible for major capital project activities. Santos, Oil Search agree to merge despite scrutiny in Papua - Reuters Bruce joined Santos in December 2021 as part of the companys merger with Oil Search. Bruce holds a bachelors degree in Petroleum Engineering from the University of Wyoming and a Master of Business Administration from Duke University, where he was named a Fuqua scholar. offers FT membership to read for free. "It's a good strategic buy given their knowledge of asset base, synergies and potential growth opportunity, and at a reasonable price," Mr Forster said. Mr Gallagher has positioned Santos to leverage the critical role natural gas will play in delivering energy security through the energy transition to net-zero emissions. August 2, 2021, by Nermina Kulovic Following the recent rejection of a merger proposal, Australia's energy giant Santos has improved its offer for its merger with The Papua New Guinea-focused oil, gas, and LNG producer Oil Search. The oil and gas company is paying a fully franked dividend of US3.5, payable on September 27. Oil Search shareholders have voted in favour of a proposed merger with Santos, clearing the way to form a top 20 global oil and gas entity. We use Santos back in black, making acquisitions and paying dividends. "They did not; they're private citizens.". Bruce joined Santos with more than 35 years of global oil and gas industry experience. Shareholder Andy Forster commended the takeover. "We've never deviated from the strategy we announced in 2016," Mr Gallagher told Fairfax Media. See here for a complete list of exchanges and delays. Oil Search (OSH.AX) said on Monday it intended to recommend an improved buyout offer from Santos Ltd (STO.AX), worth A$8.4 billion ($6.2 billion), in a deal that would create a top-20 global oil . Premium access for businesses and educational institutions. Kim has previously served as non-executive director for Not for profit, Women in Gaming and Hospitality and is an accredited Gallup Global Strengths Coach. Under the merger terms, Oil Search shareholders get 0.6275 new Santos shares for each Oil Search share. personalising content and ads, providing social media features and to Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Stock summary - Australian Stock Market - Small Caps June 30, 2023, 6:00 a.m. Angus joined Santos in 2016, and was appointed Strategic Adviser in 2023. "We are left wondering if this deal adds anything material other than scale and debt for Santos, and makes Santos less attractive as a takeover target to an LNG-focused player.". However, not all analysts were convinced of the merits of the deal. Porsche AG will spend more than 20 billion ($21.9 billion) in the coming years to equip models including its planned new Cayenne sport utility vehicle with top-line electric and digital technology to bolster returns. Oil Search shareholders have overwhelmingly backed a $21bn merger with Santos, creating a top 20 listed ASX company and one of the 20 biggest oil and gas companies in the world. Santos CEO Kevin Gallagher has led the company back to profit. She held a senior role in federal resources and energy policy and politics for seven years, and over more than a decade has built a successful government approvals and environmental management consultancy, serving some of Australias biggest resource companies and delivering major project approvals for some of the nations biggest gas and pipeline projects. Santos doesnt really add anything operationally here, and the assets are now going to have to compete for attention and resources within the Santos portfolio, which cant be a positive change from the laser focus Quadrant brought to bear. Oil Searchs board reiterated its unanimous recommendation for the deal, citing the experts recommendation that it is in shareholders best interests unless a higher bid emerges. Bruce began his career in Alaska, and since that time has held a wide range of technical, financial, and executive leadership roles covering a number of international and domestic locations at ConocoPhillips, Talisman, CASA Exploration, Naftogaz, and Oil Search. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Mr Dingeman had been working in Oil Searchs Alaska Business Unit since 2018 where he served first as COO before assuming his current role. We think the combined business is definitely better than the individual businesses," said Matthew Haupt, a portfolio manager at Wilson Asset Management, which owns shares in Oil Search and Santos. While the prima facie case for an acquisition of Quadrant was strong - willing sellers and significant asset crossovers creating associated synergies - the question of would [Santos] bid for the assets was clouded by its balance sheet crunch in the oil market collapse and the more recent rejection of Harbour Energys takeover bid, RBC Capital Markets analyst Ben Wilson said.