Oil Search Targets Later-than-Expected PNG LNG Expansion Date; No Change to Fair Value
We make no change to our AUD 4.50 per share fair value estimate, nor to our 2017 and 2018 EPS forecasts of AUD 0.34 and AUD 0.22, respectively. That’s despite pushing forecast first production from a third PNG LNG train (T3) out by two years to 2021. While recent recertification of resources confirms more than sufficient gas for expansion, Oil Search says joint venture talks are likely to continue through 2017, targeting front end engineering and design in late 2017/early 2018 and a final invest...
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