The Papua New Guinea National Court has approved the scheme of arrangement to effect the merger between Oil Search and Orogen Minerals. The merged entity will have a market capitalisation of $1.4 billion and become a force in PNG fledgling oil and gas industry.
As for the timetable for the remainder of the merger process, the shares of Orogen have already been officially suspended from trading on the ASX on the 3 April. The despatch of cheques for capital distribution will be 16 April, the date of issue of Oil Search shares to scheme participants is also 16 April while the first day of trading of Oil Search shares on a non-deferred settlement basis is slated for 19 April.
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