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next week cowboys! come on tiger!

  1. paradigmshift

    2,949 Posts.
    5
    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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