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Oil Search board faces fury amid CEO exit, secret merger offer
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The board of energy giant Oil Search is facing mounting pressure over the shock departures of two senior executives in less than a year and accusations it has deliberately misled the market.
The $8 billion ASX-listed oil and gas company was forced to issue a “clarification” to comments made by chairman Rick Lee this week after he wrongly told an investor briefing that Oil Search had not received any approaches from prospective suitors. Within 24 hours, larger listed rival Santos released documents showing it had made an offer on June 25 to merge with Oil Search to create a $22 billion combined entity.