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 appear to be standing together in an attempt to stay on track with company-wide plans announced in November, including those for Alaska.
Provided by Dow Jones By David Winning SYDNEY Santos Ltd. said it approached Oil Search Ltd. about a possible merger last month, but its proposal to create an energy company with a market value of 22 billion Australian dollars (US$16.1 billion) was rejected. Santos said it offered 0.589 of its own shares in exchange for each Oil Search share on issue. A deal would have led to Santos shareholders owning 63% of the combined company, with Oil Search investors holding the remaining stock. The proposal implied a value of A$4.25 for each Oil Search share, Santos said, representing a 16% premium to the stock s closing price on Monday.
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Oil Search managing director Keiran Wulff has resigned suddenly after complaints about his behaviour and ill health, throwing the Papua New Guinean oil and gas producer into uncertainty.
Shares in Oil Search slid as much as 2.6 per cent in early trading on the shock news, which adds to the upheaval taking place more broadly across the leadership of the energy sector.
“After considerable reflection and consultation with my family and others including my medical advisers, it is an appropriate time to leave to focus on my health,” he said in a statement on Monday.
Oil Search’s Keiran Wulff has abruptly resigned.
Oil Search said Wulff has been managing a long-term medical condition which had recently deteriorated.
The company s chairman Rick Lee said the board entered into discussions with Wulff following the receipt of recent concerns and complaints about his behaviour. Lee said the board considered that Wulff had behaved in a manner inconsistent with the standards expected in relation to his management style.
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Since his appointment as managing director in February 2020, there had been significant challenges for the company.
Reuters
2 minute read
July 19 (Reuters) - Oil Search (OSH.AX) Managing Director Keiran Wulff has resigned 17 months after taking charge over a long-term medical condition that the Papua New Guinea-focused company said had recently deteriorated.
The board had been in discussions with Wulff over complaints about his behaviour, Chairman Rick Lee said in a statement on Monday.
Lee said the board considered Wulff s behaviour was inconsistent with the standards expected by the Board in relation to his management style.
Since Wulff took over from his long-serving predecessor, there have been a slate of extreme events including lockdowns, a plunge in oil prices, emergency measures to secure the company s financial position, and the need for a sustainable strategy focused on energy transition, he said.