No-Moat Oil Search Approaching FEED for PNG LNG Expansion. No Change to AUD 7.00 FVE.
Oil Search shares are down approximately 20% from this time a year ago and now trade close to our unchanged AUD 7.00 fair value. PNG LNG comprises the lion's AUD 4.90 or 70% share of that fair value contributing 26 million barrels of oil equivalent, or mmboe, or 90% of Oil Search's current 29.5 mmboe in group annual production. But PNG LNG expansion plans are afoot, 100% risked in our base case, and could increase group equity production, by approximately 60% to 47mmboe.Considerable associated ...
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.
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