OSH 3.35% $5.49 oil search limited

osh to cranagem

  1. 741 Posts.
    Say Cranny,
    appreciate the posts even though a tad loose at times. Agree that osh is worth considerably above current market rating at moment, which is why I have been "accumulating" I think is the jargon.
    Points to consider:
    ref 2001 annual report, combined figures OSH and Orogen, combined BOE is 81 mmbbls (proven), 1,002 mmbbls (proven & probable). Given the prospectivity of their acreage and the drilling program, together with holdings in Yemen, this does not sound like a company in distress.
    These reserve figures bear handsome comparison with equity boe holdings of other prominent Australian operators.
    Sovereign risk as a term is being misapplied to osh in PNG. SR refers to the risk of government abrogation of contract responsibilities, nationalisation etc. However the situation in PNG is totally unlike those in eg Saudi Arabia, Libya, Algeria, Venezuela, Iran and so on in the 60's and 70's. And even some of these guys ( and others not listed) are now looking at reprivatisation.
    This is not an issue in PNG. Whichever government is in the seat, they will still be looking for the returns from the industry, look at Angola as an example.
    It is said by a number of posters, admittedly wishfully, that they hope Woodside knows what it is doing. Although I do not necessarily think that they do, remember that they bought a substantial chunk of osh some years ago for well over $2 per share.
    The bigger proportion of the boe reserves quoted above are gas reserves. Hence the preoccupation with the PNG pipeline. I am not privy to any news re this, but believe it is a win/win for all concerned. It is far better to support a country through trade than by paying out in aid, which is what it will come to if the gas project and its income for the country does not eventuate. I note that Cranny is positive re the pipeline project, and trust that this hope is well placed.
    Keep it up.
    H
 
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