02-01-2013, 12:12 AM
I suspect OSH is between a rock and a hard place funding its share of PNG LNG so they have to sell, but wonder if they figure their Gulf leases just aren't worth much and certainly not worth exploratory costs.
Oil Search puts PNG assets on sale, reports Q4 revenue gain
BY: ROSS KELLY From: Dow Jones Newswires January 29, 2013 11:11AM
OIL Search has put more exploration prospects in Papua New Guinea up for sale, as the company booked a steady rise in fourth-quarter production and revenue.
The Australian oil and gas producer said it had opened a data room and begun the process of selling half of its interest in a permit located in the Gulf of Papua. It is offering the right to buy a stake in a second permit in the same area.
Several parties have already accessed the data room, with final bids due early this year, Oil Search said. The company recently sold stakes in some other permits in the Gulf of Papua to Total SA.
Group oil and gas output for the three months to December 31 of 1.79 million barrels of oil equivalent was up 9.1 per cent from a year earlier, while revenue for the quarter rose 8.3 per cent to $US218.2 million ($209m), the company said in the statement.
Annual output of 6.38 million boe was in line with company guidance of 6.2 million to 6.7 million boe, it said
