OSH 2.89% $4.03 oil search limited

Woodside;s J Akehurst leaves OSH, page-3

  1. 14 Posts.
    This article from the Sydney Morning Herald site this morning may have shed a little light:

    Woodies wants out of Oil Search
    August 16 2002

    The PNG producer could make an attractive addition to Santos's oil and gas assets, writes Mark Todd.

    Oil Search shares had a surprise fall yesterday despite suggestions that Woodside's move to write down the value of its 6.9 per cent stake in the company could pave the way for a takeover bid.

    Talk of a revived bid by Santos pushed Oil Search shares up almost 7 per cent earlier this week to 77c. And, if anything was going to move the share price again, the Woodside writedown should have.

    Instead, Oil Search shares eased 1c to 74c.

    Oil Search shares have slumped 34 per cent this year, prompting Woodside to write $92.6 million off the book value of its equity and also resign from its position on the Oil Search board. The writedown is a prudent move for accounting purposes in light of the pressure for corporates to prove the value of their assets.

    Cynics also argue it's a clear sign that Woodside is a seller of Oil Search, which could provide an opening for Santos to have another go after failing to buy Oil Search's merger partner Orogen earlier this year.

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