March 18 (Reuters) - Oil Search Ltd (OSH) : UNDERTAKEN A...

March 18 (Reuters) - Oil Search Ltd (OSH) :

• UNDERTAKEN A COMPREHENSIVE REVIEW OF ITS PLANNED ACTIVITIES IN 2020
• ALSO COMMENCED A SYSTEMATIC REVIEW OF ALL OPERATING AND CORPORATE OVERHEAD
• FORECAST CAPITAL EXPENDITURE GOING FORWARD FROM APRIL REDUCED FROM US$400 - 500 MILLION TO BETWEEN US$200 MILLION & US$300 MILLION
• SUSPENSION OF ACTIVITY TO RESULT IN MATERIAL REDUCTION IN INVESTMENT EXPENDITURE IN 2020
• SEES INVESTMENT EXPENDITURE REDUCTION IN 2020 FROM US$710 - 845 MILLION AS PREVIOUSLY DISCLOSED, TO US$440 - 530 MILLION
• INVESTMENT EXPENDITURE IN 2020 WILL BE REDUCED FROM US$710 - 845 MILLION AS PREVIOUSLY DISCLOSED, TO US$440 - 530 MILLION
• "UNCLEAR HOW LONG THESE EVENTS AND CONSEQUENT OIL PRICE AND SHARE MARKET VOLATILITY WILL LAST"
• PREMATURE TO FORECAST 2021 BUDGETS, IF LOWER OIL PRICES PERSIST, CO TO FOCUS ON PROTECTING CORE ASSETS, LIMIT OTHER ACTIVITIES
• IN PREPARATIONS TO RAPIDLY REDUCE OUR OPERATING AND CORPORATE COSTS