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next week cowboys! come on tiger!

  1. paradigmshift

    2,949 Posts.
    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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