Whether it’s a tilt at InterOil or something else, the general consensus in the market is that Oil Search and its advisers are busy working on something.
While the speculation has centred on whether InterOil could be an Oil Search target, the latest thinking is that Horizon Oil could also be on the company’s radar. Horizon Oil counts UBS as its adviser, and the word in the market is that both UBS and Deutsche have been busy working on something that relates to Oil Search, although neither have confirmed whether this was the case.
Horizon’s $30m worth of bonds are due in about two months, and its banks are said to be reluctant to fund its refinancing. In Oil Search’s sights would be its Elevala and Stanley oilfield assets in Papua New Guinea.
At this month’s Macquarie Conference in Sydney, Oil Search chief executive Peter Botten said there were at present good merger and acquisition opportunities.
Of interest to Oil Search for acquisitions was mopping up the numerous “oilfields going nowhere” in PNG, adding that the company was able to “stand back and wait” given that many would likely sit there for some time.
Oil Search has seen its shares fall slightly to $6.75 in the past year, while Horizon’s share price has more than halved to 63c.
The Australian 16 May 2016
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