02-25-2014, 10:07 AM
The Sidney Morning Herald:
Oil Search has halted its shares from trading ahead of a "material acquisition", raising expectations it has struck a deal to buy into InterOil's gas resources in Papua New Guinea.
The PNG oil and gas producer has been in talks to take up a stake in InterOil's Elk and Antelope gas resources, potentially through a deal with minority holders in the fields, or through its alliance with French oil major Total, which in December agreed to buy into the resources.
The trading halt comes ahead of Oil Search's full-year earnings, due to be released on Tuesday, with consensus forecasts pointing to net profit of $US194 million for 2013, up from $US153 million in 2012. It is expected to declare a final dividend of US2¢ a share.
The company is on the verge of a major uplift in cash flows and earnings with the start-up scheduled in the September quarter of ExxonMobil's $US19 billion LNG project in which it has a stake. Gaining a stake in the Elk and Antelope fields would give it access to more gas resources that could underpin a separate LNG project in PNG.
Read more: http://www.smh.com.au/business/oil-searc...z2uHtn6HQ8
Oil Search has halted its shares from trading ahead of a "material acquisition", raising expectations it has struck a deal to buy into InterOil's gas resources in Papua New Guinea.
The PNG oil and gas producer has been in talks to take up a stake in InterOil's Elk and Antelope gas resources, potentially through a deal with minority holders in the fields, or through its alliance with French oil major Total, which in December agreed to buy into the resources.
The trading halt comes ahead of Oil Search's full-year earnings, due to be released on Tuesday, with consensus forecasts pointing to net profit of $US194 million for 2013, up from $US153 million in 2012. It is expected to declare a final dividend of US2¢ a share.
The company is on the verge of a major uplift in cash flows and earnings with the start-up scheduled in the September quarter of ExxonMobil's $US19 billion LNG project in which it has a stake. Gaining a stake in the Elk and Antelope fields would give it access to more gas resources that could underpin a separate LNG project in PNG.
Read more: http://www.smh.com.au/business/oil-searc...z2uHtn6HQ8