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Woodside disappointed by Oil Search decision

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LNG Industry,

Woodside has announced that it is “surprised and disappointed” that the Board of Oil Search Ltd has unanimously decided to reject its recent merger proposal.

In a statement, Woodside said that it had hoped that the Board of Oil Search would agree to meet in order to understand the benefits of the opportunity or negotiate the terms of a merger.

Under the proposal, Oil Search shareholders would have received all scrip consideration of 0.25 Woodside shares for every Oil Search share and represent a 31.7% shareholding in the combined entity.

The statement from Woodside read: “Woodside believes the proposal would create the regional oil and gas champion for both Papua New Guinea and Australia with a global portfolio of world class assets and development opportunities which would deliver significant benefits to both companies' shareholders.”

Woodside added that it will continue to maintain a disciplined approach to its business development opportunities.

Edited from press release by

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