OSH 0.48% $8.33 oil search limited

News: Oil Search payments begin to flow from PNG LNG

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    Oil Search Limited (ASX:OSH) and ExxonMobil have announced the financial completion of the PNG LNG project which came on-stream mid last year.
     
    The energy developer says it will receive more than $US700 million in the project’s first distribution to co-venturers. 
     
    The company says there is an additional $US107 million of cash in escrow that will be released in light of the completion of the construction phase. 
     
    Managing Director Peter Botten says this is a major milestone for the project which has been operating reliably and at above expectations for more than eight months.
     
    Oil Search reported a net profit of $161.8 million in the first half of the 2014 calendar year. 
 
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