News: OSH Oil Search Sees FY 2019 Production Being Progressively Restored

Sept 9 (Reuters) - Oil Search Ltd (OSH) :

• FOR PIKKA UNIT, TARGETS EARLY PRODUCTION IN 2022 & FULL FIELD PRODUCTION COMMENCING 2024
• WHEN ONSTREAM, SEES PNG LNG, LNG EXPANSION & ALASKA TO GENERATE FREE CASH FLOW OF US$2–US$3 BILLION P.A.
• PARTIAL ALASKAN SELL-DOWN PLANNED FOR 1H20 AHEAD OF FID
• 2019 PRODUCTION TO BE IMPACTED BY RESIDUAL IMPACTS OF 2018 EARTHQUAKE & MOORING SYSTEM DAMAGE
• IMPACT TO 2019 PRODUCTION WILL BE OFFSET BY PNG LNG PERFORMANCE AND RECOVERY IN OPERATED PRODUCTION
• ON DAMAGE TO MOORING SYSTEM, SAYS REVISED MOORING PROCEDURE IMPLEMENTED TO ENABLE CONTINUED OFFTAKE, WITH SOME OPERATIONAL RESTRICTIONS
• SEES FY 2019 PRODUCTION BEING PROGRESSIVELY RESTORED (PRIORITY BEING GIVEN TO PNG LNG LIQUIDS) AS ULLAGE BECOMES AVAILABLE
• OIL FIELD OPTIMISATION IN H1 INCLUDED POSITIVE WORKOVERS AT M4 & M9 (MORAN), DRILLING OF MORAN 15ST2, SEES POSITIVE IMPACT TO FY PRODUCTION