We note that Oil Search’s general counsel Michael Drew was asked directly by Credit Suisse analyst Saul Kavonic if he had “at any point in the last 18 months been made aware of complaints or concerns raised regarding Keiran Wulff’s behaviour which predates during this year and if so, did you deal with it and bring it to the board’s attention?”ĭrew declined to answer that question, perhaps because Drew vividly recalls bringing last year’s whistleblower complaint to Lee’s attention! It’s our solid understanding that Lee received at least two other written complaints about Wulff’s behaviour last year, one of them a separate whistleblower complaint. Lee contended that “when the board became aware of this unacceptable behaviour, it had no option but to take decisive action”. Lee also stretched the truth to breaking point with his explanation of the board’s handling of a June 2021 whistleblower complaint against chief executive Keiran Wulff, who resigned on Monday for health reasons after being confronted about his conduct (so hang on, which was it?). Or more than one… on a single phone call. It takes a special level of ineptitude to spuriously deny a takeover approach you weren’t specifically asked about, but even Rhodes scholars have brain explosions. The Oil Search board received a takeover offer from Santos on June 25 and rejected it in writing on July 9. Most incontrovertibly, Lee misled the market on Monday by telling analysts the company is “well prepared if someone was to approach us, but that hasn’t happened”. Oil Search chairman Rick Lee made the claim that the company had not received an offer during an investor briefing on Monday. You don’t need to be a Rhodes scholar – and rest assured, within five seconds of meeting Rick Lee he’ll tell you he’s one – to know the Oil Search chairman is toast.
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