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Oil Search Ltd (OSH.AX)

OSH.AX on Australia Stock Exchange

7.27AUD
24 Apr 2017
Change (% chg)

$0.05 (+0.69%)
Prev Close
$7.22
Open
$7.24
Day's High
$7.34
Day's Low
$7.22
Volume
1,294,647
Avg. Vol
3,848,476
52-wk High
$7.74
52-wk Low
$6.19

Latest Key Developments (Source: Significant Developments)

Oil Search says FY net profit $89.8 million
Monday, 20 Feb 2017 06:10pm EST 

Oil Search Ltd : FY net profit $89.8 million versus loss of $39.4 million a year ago . FY total revenue $1,235.9 million versus $1,585.7 million a year ago . Total dividend (US cents) 3.5 per share . "Dividend reinvestment plan remains suspended" . Dividend policy remains unchanged . Expect spot LNG prices to soften from current levels through 2017, long term LNG market fundamentals remain strong . "Estimates if next phase of lng expansion takes place in a coordinated manner, potential downstream capital cost savings are in order of US$2-3 billion" . "While we expect spot lng prices to soften from current levels through 2017, long term lng market fundamentals remain strong" ."Oil Search is in a good position to continue to generate strong cash flows from operations".  Full Article

Jacobs JV Receives LOI from Oil Search for Facilities in Papua New Guinea
Monday, 20 Feb 2017 07:45am EST 

Jacobs Engineering Group Inc : Jacobs Joint Venture receives Letter of Intent from Oil Search for facilities in Papua New Guinea .Jacobs Engineering Group- JV received LOI to enter new proposed 5-year contract to provide EPC services for O&G production facilities in highlands of Papua New Guinea.  Full Article

Monadelphous Group says Monadelphous Jacobs Jv receives Oil Search letter of intent
Sunday, 19 Feb 2017 04:47pm EST 

Monadelphous Group Ltd : Monadelphous Jacobs jv receives Oil Search letter of intent . Contract valued at approximately us$50 million per annum . Received letter of intent from oil search to enter into a new proposed five year contract . Works are scheduled to commence in q2 of 2017 calendar year .Contract for engineering, procurement and construction services on oil search's oil and gas production facilities in highlands region of Papua New Guinea.  Full Article

Santos Ltd farms-in to PNG exploration licence
Wednesday, 16 Nov 2016 05:43pm EST 

Santos Ltd : Santos farms-in to PNG exploration licence . Interest will be acquired from both Oil Search and ExxonMobil . "Is expected to have a mean gas resource of approximately 2 TCF at a proposed depth of approximately 3,450 metres" . Signed an agreement to farm-in for a 20% interest in petroleum prospecting licence (ppl) 402 in papua new guinea . Post farm-in, PPL 402 participants will be affiliates of Santos (20%), affiliates of ExxonMobil (42.5%) and Oil Search .Farm-in results in Santos' participation in recently spudded Muruk 1 exploration well.  Full Article

Oil search says entered Front End Engineering And Design on Markham Valley biomass project
Wednesday, 28 Sep 2016 01:27am EDT 

Oil Search Ltd : Has entered Front End Engineering And Design (feed) on Markham Valley biomass project .Feed is targeted to be completed by mid-2017 and is expected to cost about US$15 million.  Full Article

Oil Search says 2016 investment spend expected to be about 45% lower than 2015
Monday, 22 Aug 2016 08:03pm EDT 

Oil Search Ltd : 2016 investment spend expected to be about 45% lower than 2015 . Liquidity position remains robust, with US$1.53 billion of cash and undrawn facilities" .  Full Article

Oil Search posts 89 pct fall in half-year NPAT
Monday, 22 Aug 2016 08:03pm EDT 

Oil Search Ltd : 2016 Half Year results . HY total production 14.89 mmboe versus 14.32 mmboe . HY total sales 15.17 mmboe versus 14.45 mmboe . HY NPAT US$25.6 million versus US$227.5 million last year . HY revenue US$580.8 million versus US$863.8 million last year . Interim dividend of 1.0 US cents per share . 2016 full year capital costs are expected to be in the range of US$270 - 315 million . Exploration expenditure for the 2016 full year is expected to be between US$190 million and US$210 million . 2016 full year production guidance has been upgraded to 28 - 30 mmboe .  Full Article

ExxonMobil to buy Interoil for about $2.5 bln
Thursday, 21 Jul 2016 12:00pm EDT 

Exxon Mobil Corp : ExxonMobil to acquire Interoil in transaction worth more than $2.5 billion . Boards of directors of both companies unanimously approve terms of agreement . Exxonmobil to pay $45 per share plus additional cash payment based on elk-antelope resource size . Acquisition adds to ExxonMobil resources in successful Papua New Guinea business . Deal includes CRP of additional $7.07/share in cash per TCFE Gross Resource Certification of Elk-Antelope field above 6.2 TCFE, up to 10 TCFE . Venturers and government to evaluate processing of gas from Elk-Antelope field by expanding PNG LNG project . Oil Search transaction terminated . Interoil board unanimously recommends that Interoil shareholders approve ExxonMobil transaction . Davis Polk & Wardwell LLP and Blake, Cassels & Graydon LLP served as legal advisers to ExxonMobil in relation to ExxonMobil transaction . Previously scheduled special meeting of shareholders to vote for approval of Oil Search transaction has been cancelled . Credit Suisse (Australia) Limited, Morgan Stanley & Co. LLC, UBS served as financial advisers to Interoil in relation to ExxonMobil deal . CRP will be paid on completion of interim certification process in accordance with share purchase agreement with Total SA.  Full Article

Oil Search says Q2 total production 7.17 mln barrels of oil equivalent
Wednesday, 20 Jul 2016 08:19pm EDT 

Oil Search Ltd : Quarterly report to 30 June 2016 . Total production in the second quarter of 2016 was 7.17 million barrels of Oil equivalent (mmboe). . Total revenue for the quarter was US$267.7 million, 15% lower than in the first quarter of 2016 . Qtrly total sales 7.20 mmboe versus 7.97 mmboe in Q1 2016 . Cash flow break-even in 2016 is expected to be less than US$20 per barrel of Oil equivalent (boe), . Expects to be able to fund all proposed capital expenditure programmes, including the equity share of our lng expansion projects, all the way through to production . Operating costs, including expenses related to the Interoil bid are expected to be between US$83 million and US$88 million . Operating cost guidance for the 2016 full year remains unchanged. . 2016 full year production guidance has been upgraded, from 27.5 --27.5 mmboe to 28.0 --30.0 mmboe . Outlook for development expenditures has been amended to reflect cost savings on remaining png lng development activities" . Range for exploration and evaluation expenditures has been lowered" . Net finance costs will be in the order of US$95 - 97 million, consisting primarily of png lng project borrowing costs" . Tax rate for the full year is expected to move towards the statutory tax rate for gas of 30%" .  Full Article

Oil Search says won't submit revised offer for Interoil
Wednesday, 20 Jul 2016 08:07pm EDT 

Oil Search Ltd : Oil Search not to submit revised offer for Interoil . It does not intend to submit a revised offer for Interoil under the arrangement agreement between Oil Search and Interoil dated 20 may 2016 . Bid by ExxonMobil clearly underscores the merits of our offer for Interoil . Says do not believe it is in the best interests of our shareholders for Oil Search to submit a revised offer to acquire Interoil. . Total SA and Oil Search have already signalled their desire to cooperate with the png lng project . Successful takeover of Interoil by ExxonMobil will deliver a major part of our original objectives in the acquisition of Interoil" . Oil Search and Total agreed that they will terminate their mou if Interoil terminates the arrangement agreement with Oil Search .  Full Article

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