Exploration Success Reduces Effective Cost of Alaskan Equity Increase; No Change to AUD 7.00 FVE
Oil Search bought its 25.5% Pikka Unit and 37.5% Horseshoe Block interests on Alaska’s North Slope approximately 18 months ago for USD 400 million or AUD 0.38 per share. Our fair value estimate had until recently carried the Alaska stakes at cost, before Oil Search flagged material though still unquantified exploration success, and we conservatively upgraded to USD 600 million or AUD 0.56 per share, equivalent to 8.0% of fair value overall. This equates to a value of USD 4.70 per barrel based on...Oil Search is engaged in the exploration, development and production of oil and gas deposits in Papua New Guinea. This is carried out as both the operator of producing and exploration joint ventures and as a non-operator participant in exploration and production joint ventures. Co.'s properties include the Kutubu oil project, Central Moran oil project, Gobe oil project, Hides GTE project, SE Mananda field, and Nabrajah. Co. also has interests in seven concession areas in Yemen, three concession areas in Egypt, and one concession area in Libya. Co. maintains operations in Papua New Guinea, Yemen, Egypt, Libya, Iraq, Tunisia, and Australia.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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