OSH 1.74% $7.33 oil search limited

next week cowboys! come on tiger!

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    Papuan New Guinea companies Mineral Resources Development and Mineral Resources Enga are believed to be among the frontrunners to acquire Oil Search's (OSH) 20% stake in the rich but depleting Porgera mine in the PNG highlands. The two companies are understood to be offering around $120 million and to be backed by an international banking syndicate.

    A decision by Oil Search is expected early next week.

    MRDC is also understood to be considering selling down its 17.65% shareholding in Oil Search to fund the equity component of the possible acquisition. At current prices, MRDC's stake in Oil Search is valued at around $200 million.

    A successful bid would see the MRDC/MRE partnership - which is being advised by Rothschild - hold a 25% stake in Porgera, with MRE already having 5% and Placer Dome 75%.

    South African major Durban Roodepoort Deep is also speculated to be interested in the 20% stake.

    Porgera has over 6 million ounces in reserves, and is currently scheduled to close in 2012.

    At 1410 AEST, Oil Search Limited shares were trading 1c higher at $1.02.


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Last
$7.33
Change
-0.13(1.74%)
Mkt cap $11.36B
Open High Low Value Volume
$7.41 $7.50 $7.26 $28.47M 3.886M

Buyers (Bids)

No. Vol. Price($)
4 102331 $7.32
 

Sellers (Offers)

Price($) Vol. No.
$7.34 203353 8
Last update - 16.10pm 20/11/2018 (20 minute delay) ?
(live)
Last
$7.31
  Change
-0.13 ( 2.08 %)
Open High   Low Volume
$7.45 $7.50   $7.26 1080864
Last updated 15.59pm 20/11/2018 (live) ?
OSH (ASX) Chart
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