Papua LNG Agreements Bolster PNG LNG Expansion Plans
We make no change to our AUD 6.60 per share fair value estimate. Oil Search reported 2018 NPAT up 13% to USD 341 million, in line with our expectations. We marginally reduce our 2019 EPS forecast to AUD 0.30 from AUD 0.31, following updated guidance for exploration and evaluation expenditure of USD 235-285 million, higher than we’d previously anticipated. Our 2019 production forecast is unchanged at 29.6 million barrels of oil equivalent, or mmboe, near the midpoint of 28.0-31.5 mmboe guidance. ...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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