Woodside CEO: Proposal to Buy Oil Search Was 'Fair and Fully Priced

[Gator]

SINGAPORE--Woodside Petroleum Ltd. (WPL.AU) has no intention of adjusting its $8.3 billion bid for Oil Search Ltd. (OSH.AU), as the proposal was "fail and fully priced," its chief executive Peter Coleman said Monday.

"We knocked on the door and said hello and they ran out the back door," said Mr. Coleman on the sidelines of an energy conference in Singapore.

The Papua New Guinean-focused Oil Search rebuffed a takeover proposal from Woodside, the biggest energy company in Australia, last month saying the price didn't fully reflect the company's value and growth potential.

Mr. Coleman said that while Woodside is willing to wait for Oil Search to return to the negotiating table, it could walk away if Oil Search doesn't come around soon. Mr. Coleman didn't elaborate on the timing.

Mr. Coleman said Woodside is always looking for potential deals, and could look for acquisition opportunities in Australia, Asia, North America, and Africa. He didn't elaborate.

Write to Jenny Hsu at jenny.hsu@wsj.com

27 Oct 2015 00:35 ET Woodside CEO: Proposal to Buy Oil Search Was 'Fair and Fully Priced'--Update

[Palm]

He's a liar

[sageo]

He's a liar

Well said,Palm ! I'm kinda' looking forward to next week when OSH might (I said MIGHT) give out an HONEST report on Ant #4 well......(would mean truthful and up to date ). Am I asking for the impossible ?

[Gator]

He's a liar

Well said,Palm ! I'm kinda' looking forward to next week when OSH might (I said MIGHT) give out an HONEST report on Ant #4 well......(would mean truthful and up to date ). Am I asking for the impossible ?

Good day to you Sageo,

Unfortunately this might be the only update we get.

[sageo]

He's a liar

Well said,Palm ! I'm kinda' looking forward to next week when OSH might (I said MIGHT) give out an HONEST report on Ant #4 well......(would mean truthful and up to date ). Am I asking for the impossible ?

Good day to you Sageo,

Unfortunately this might be the only update we get.

Thanks Gator for your response. [ btw,loved your brace & bit for drilling ! Ho,ho] . Now that Total is the operator(even tho' that was controversial recently concerning Ant 4), I wonder just how up-front or revealing they may want to be considering that they will need to part with a lot of money next year. Results of cores,dsts,wire-line logs,pressure tests and/or porosity reports might be skimpy under their circumstances of a large upcoming pay-out. Now for the famous....."we shall wait and (maybe) see. Best to you .

[jft310]

Next for sure update on Ant 4 will be Nov 13th ish at the next earnings call.

[sageo]

Next for sure update on Ant 4 will be Nov 13th ish at the next earnings call.

Thanks Jft - I guess I misunderstood when one of our BMs stated that for stocks listed on the Australian Stock Exchange, a report was to be made after the 1st of each month. My bad. Maybe the Nov 13th ish is when we may hear more. Hagd.

[jft310]

Well your right about Oil Search needs to update early Nov but Interoil must talk on the earnings call about 10 days after Oil Search also . Or we get drill depth at a minimum and the drill bit has about 10 more days to drill before Interoil is required to talk . I believe they said extensive testing on this well so who knows what they tell us when???