Oil Search Keeps Squeezing More from PNG LNG, FVE Upgraded to AUD 5.25.
We increase our fair value estimate by 5% to AUD 5.25 from AUD 5.00, after increasing production expectations and similarly reducing forecast capital intensity. Compressor upgrades at 29%-owned PNG LNG took place in May and the plant achieved record annualised third-quarter output of 8.6Mtpa. This is better than we’d anticipated and importantly comes at minimal additional capital outlay. Output is now 25% above original nameplate and a second phase of compressor upgrades is scheduled for fourth ...
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