OSH 1.01% $3.91 oil search limited

further info....

  1. Yak
    13,672 Posts.
    From a friend at Maccas

    Note they still see it as a <50% goer

    From: IBG Research Support
    Sent: Thursday, 12 December 2002 3:05 PM
    To: IBG MEAL Sales Dnotes; EMG Traders DNotes; FSG MFS Dnotes; FSG MFS Advisors NZ
    Subject: OSH: Rumours of 20PJ TXU contract -

    Importance: High

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

    * OSH has been put on trading halt

    * MRE believe the trading halt is related to a conditional contract to sell 20PJ pa of PNG gas to TXU.
    * 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. As it currently stands AGL has signed for 50 PJ, CS Energy for 15. TXU would bring total to 85 PJ.
    * 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 due to lower gas prices but negative for ORG and STO for the same reasons
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