Oil search Trading halt...

[ebster123]

"Oil Search has gone into a trading halt ahead of an acquisition announcement."

The Papua New Guinea-based (PNG) oil and gas producer is due to release its full year financial results on Tuesday.

Oil Search has been considering taking a $1.2 billion 20 per cent stake in a joint venture with InterOil and French giant Total SA to develop the Elk and Antelope gas fields in PNG.

[Palm]

"Feb 25 (Reuters) - Papua New Guinea oil and gas producer Oil Search is working on a significant acquisition, it said on Tuesday, seeking a two-day trading halt on its shares.

Oil Search, with a market value of A$11.5 billion ($10.4 billion), had been due to release its full-year results on Tuesday, but a spokeswoman said that would be delayed, probably until later this week.

"As soon as we have something finalised, we'll release our results and information about the transaction," Oil Search's Investor Relations Manager Ann Diamant said."

[cybersssss]

I was just posting this....Beat me to it!

Anyone care to guess if this is related to IOC?

[Palm]

"Shares in Oil Search Ltd have been placed in trading halt at the company's request, pending the release of an announcement about a material acquisition and completion of the group's full-year financial report.

In a statement, the Australian Securities Exchange said Oil Search would remain in trading halt until the start of normal trade on February 27 or when the announcement is released.

Oil Search said it was not aware of any reason why the halt should not be granted.

The group is expected to report its full-year results today."

[ebster123]

That's OK, I heard the Duma rumor at 6am today but had not other confirmation so I did not post. When I had a chance to log onto a computer several hours later Palm beat me to it!!

[cybersssss]

Feb 25 (Reuters) - Papua New Guinea oil and gas producer Oil Search is working on a significant acquisition, it said on Tuesday, seeking a two-day trading halt on its shares.

Oil Search, with a market value of A$11.5 billion ($10.4 billion), had been due to release its full-year results on Tuesday, but a spokeswoman said that would be delayed, probably until later this week.

"As soon as we have something finalised, we'll release our results and information about the transaction," Oil Search's Investor Relations Manager Ann Diamant said.

Oil Search is set for strong growth starting in the third quarter of 2014, when the $19 billion PNG liquefied natural gas project, 29 percent owned by Oil Search and operated by ExxonMobil, is to start exporting.

Analysts are expecting Oil Search's annual profit to quadruple to more than A$800 million over the next two years.

The company is seen as a potential takeover target for bigger oil companies looking to get a foot into LNG expansion opportunities in Papua New Guinea.

Key to that takeover would be a 15 percent stake currently held by Abu Dhabi's International Petroleum Investment Co (IPIC), which the PNG government wants to buy back when a five-year A$1.68 billion bond it issued to IPIC expires on March 5.

[Palm]

$1.2 billion for 20% equates to $6 billion

"Oil Search has gone into a trading halt ahead of an acquisition announcement.

The Papua New Guinea-based (PNG) oil and gas producer is due to release its full year financial results on Tuesday.

Oil Search has been considering taking a $1.2 billion 20 per cent stake in a joint venture with InterOil and French giant Total SA to develop the Elk and Antelope gas fields in PNG."

[ebster123]

$6 billion for E/A alone right?!

[Palm]

That's the valuation based on the one report. As always let's see what it ends up being real. Will be lots of chit flying around next couple of days; could be Duma was standing in the way of a deal getting done. Toilet plunger removed that clog maybe.

[ebster123]

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