When Too Much Balance Sheet Stretch is Never Enough. Oil Search Buys Alaskan Leases.
We make no change to our AUD 5.25 fair value estimate following Oil Search’s acquisition of North Slope Alaska leases from Armstrong Energy. For now, our fair value estimate carries these new assets at their USD 400 million cost. This is despite concerns we have around an apparent marked departure from Oil Search’s current business model, and added stress to an already stretched balance sheet. However, we think the reasonable price paid for the leases and clear reserve upside in them offsets the...
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