OSH: Right. The Search. Well this puppy has fallen a fair way back from it’s recent highs when the Santos takeover story was gathering a squall of momentum that proved to be a bit of a storm in a tea cup. So we’ve seen plenty of hedge fund selling over the past few days as they start to lose patience in the lack of news.
I reckon it’s a buy down here. The oil price looks to have stabilised. Crude rose strongly as bad weather disrupted tanker shipments from Southern Iraq. It’s a free call on the PNG pipeline revenues. It has government support. But fresh news today….
OSH and Japan’s Itochu corporation and Mitsubishi Gas Chemical Company are touted to start next month on a $500m US gas chemical plant near Port moresby. The project, which would use gas from OSH gas fields and may be marketed to Japan and possibly China as a substitute for diesel. Supply contracts are being negotiated.
OSH Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
