Photo credit: REUTERS/Jason Reed
According to the company, Santos Ltd may pursue listing on the PNG National Stock Exchange (PNGX).
Santos Managing Director and Chief Executive Officer Kavin Gallagher said the business was exploring it as the merger with Oil Search developed.
“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 claimed he had discussed his company's beliefs with Prime Minister James Marape on multiple occasions. “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.”
Santos had made multiple pledges to Marape regarding job security following the merger, according to Gallagher.
Reference: Pacific Mining Watch (5 December 2021). “Santos considering listing on PNG Stock Exchange: CEO”.
