OSH 1.54% $3.84 oil search limited

for all you fans...

  1. Yak
    13,672 Posts.
    As an aside, have a look at the size of the disclaimer at the end....

    Most recent communique from Macca's on this ticker

    Seems its very very time-critical and whilst it may seem close - their analysis is still less than 50% chance.

    Good bet...who knows but a bet for sure

    -----Original Message-----
    From: IBG Research Support
    Sent: Friday, 13 December 2002 9:36 AM
    To: IBG MEAL Sales Dnotes; EMG Traders DNotes; FSG MFS Dnotes; FSG MFS Advisors NZ

    Subject: OSH - Confirmed - Rumours of 20PJ TXU contract - sent on behalf of Ed Reekie

    Importance: High

    These notes have been approved for external distribution

    Stock: OSH
    Current Valuation: $0.75
    Recommendation: under / under
    Volatility Index: high

    *Confirmation that TXU has signed a 20PJ pa contract for PNG gas (over 20 years)

    *To get the pipeline up and running the PNG partners (main players OSH 45% and Exxon 39%) need to sign customers to take circa 135 PJ.
    *With the TXU contract, they currently have 85PJ (AGL 50PJ, CS Energy 15PJ, TXU 20PJ).
    *Those still in negotiating stage are Energex & Comalco (in a combined bid) who are seeking upto 60PJ (of which Comalco would take upto 50PJ). Hence if Comalco now sign, then the pipeline is more or less over the line. We believe that Energex and Comalco are down to the pricing stage of the negotiations and that all other conditions have been met.
    *However, time is of the essence. The binding board decision for the go-ahead is being taken in Houston on 20th Jan 2003.
    *We are still of the belief that the likelihood of the deal is less than 50%, however there is increasing momentum.
    *Finalisation of the pipeline will also be positive to AGL (access to lower gas prices) and negative for STO (lower prices for Cooper Basin gas).
    *The new gas will have no impact on earnings until the pipeline is completed in 2006/07.

    > Disclaimer: © Macquarie Group.
    > This report has been prepared for the private use of the clients of Macquarie Bank Limited (ABN 46 008 583 542) and its wholly-owned subsidiaries (the > "> Macquarie Group> "> ) and must not be copied (either in whole or in part) or distributed to any other person. If you are not the intended recipient you must not use or disclose the information in this report in any way. We cannot guarantee the integrity of any e-mails or attached files and are not responsible for any changes made to them by any other person. The Macquarie Group is the owner of the copyright in material in this report unless otherwise specified. You may not reproduce, broadcast, distribute or in any way transmit the material in this report > without the written consent of a member of the Macquarie Group, other than to the extent necessary to view the material or as permitted by law. Nothing in this report shall be construed as a solicitation to buy or sell any security or other product, or to engage in or refrain from engaging in any transaction. In preparing this report, we did not take into account the investment objectives, financial situation and particular needs of the reader. Before making an investment decision on the basis of this report, the reader needs to consider, with or without the assistance of a securities adviser, whether the advice is appropriate in light of their particular investment needs, objectives and financial circumstances. There are risks involved in securities trading. The price of securities can and does fluctuate, and any individual security may experience upward or downward movements, and may even become valueless. International investors are also reminded that there are additional risks inherent in international investments, such as currency fluctuations and international stock market or economic conditions, which may adversely affect the value of the investment. This report is based on information obtained from sources believed to be reliable but we do not make any representation or warranty that it is accurate, complete or up to date nor do we accept any obligation to correct or update the information or opinions in it. Opinions expresse> d are subject to change without notice. No member of the Macquarie Group accepts any liability whatsoever for any direct, indirect, consequential or other loss arising from any use of this report and/or further communication in relation to this report. This report has been issued and distributed: in Australia, by Macquarie Equities (Australia) Limited (ABN 58 002 832 126), a licensed securities dealer and a participating organisation of the Australian Stock Exchange Limited; in the UK, by Macquarie Equities (UK) Limited, which is regulated by the Financial Services Authority (No. 3704031). Its related body corporate, Macquarie Bank Limited, is a member of the London Stock Exchange and is regulated in the UK by the Financial Services Authority. The investments and investment services the subject of this report are not available to private customers in the UK; in Germany by Macquarie Equities Limited; in the US, by Macquarie Equities (USA) Inc. Any transactions by US persons in any security discussed in this report must be carried out through Macquarie Equities (USA) Inc; in Hong Kong, by Macquarie Equities (Asia) Limited, a registered dealer under the Securities Ordinance; and approved for distribution in Singapore by Macquarie Securities (Asia) Pte Ltd, a licensed dealer and investment adviser in Singapore. All enquiries from Singapore residents in relation to securities referred to in this report should be directed to Macquarie Securities (Asia) Pte Ltd; in New Zealand, by Macquarie Equities New Zealand Limited, a licensed sharebroker and member of the New Zealand Stock Exchange. The Macquarie Group of companies and their officers and employees may have interests in securities referred to in this report, including being directors of, or providing investment banking services to, their issuer. Further, they may buy or sell those securities as principal or agent, and as such may effect transactions which are not consistent with the recommendations (if any) in this report.

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