Tag: ASX:STO

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Santos has revised the offer for the merger under which Oil Search investors would receive 0.6275 new Santos shares for each Oil Search share held, implying $4.29 per Oil Search share based on July 19 prices.

The combined entity would become an ASX top-20 company, overtaking Woodside Petroleum as the nation’s largest oil and gas producer.

Santos announced it had submitted a non-binding all-scrip merger proposal to Oil Search, under which OSH shareholders would receive 0.589 STO shares for each OSH share.

Currently values OSH at around A$4.25ps.

The new entity will become the largest ASX listed oil and gas company by
market cap.

Santos is our preferred exposure within the energy sector. We highlight the price support at $5.00.

Santos is under Algo Engine buy conditions and is a current holding in our ASX 100 model portfolio.

We highlight the buying support and suggest investors keep an eye on the short-term momentum indicators for a reversal higher.