PNG LNG Demonstrates Full Recovery from Earthquake with Record 3Q 2018 Output.
We make no change to our AUD 6.00 fair value estimate for no-moat Oil Search. The company reported a 39% decline in first-half fiscal 2018 NPAT to USD 79 million, close to expectations, featuring earnings impacts from the PNG earthquake. At AUD 9.00, no-moat Oil Search shares remain materially overvalued, but we think the market is insufficiently accounting for risks. A lower than expected USD 2 cent interim dividend was a surprise, a payout of just 38% of already quake-impacted earnings, the bo...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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