An excerp from The National: http://www.thenational.com.pg/0722/business1.htm OSL grabs dominant role in PNG oil business By BRIAN GOMEZ ..... Oil Search had not been considered a serious contender for this stake, except at a bargain price and this is what has happened partly because the company had also been selected to become operator of the country's four oilfields. This reportedly put contenders such as Adelaide-headquartered Santos Ltd out of the race for an asset earlier touted as being worth US$300 million. Petroleum and Energy Minister Sir Moi Avei said yesterday the "acquisition enables Oil Search to drive Papua New Guinea's oil and gas industry forward." "The Government is pleased that a PNG focused company now has the financial power, an healthy balance sheet and the voting strength to drive the industry forward," Sir Moi said. .....
Whatever it's exact value, this is a positive for the company which will reap much more profit for little additonal running costs.
Maybe once the troops arrive in the Solomons and stability returns to the region, we'll see the share price rise to the $1.20 expected by most analysts.
OSH Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
