Oil Search, PNG Govt Reach Agreement on Share Placement

Papua New Guinea and Oil Search have reached an agreement under which PNG will subscribe for 149.39 million shares in Oil Search at A$8.20 per share.

Oil Search on Thursday  announced the acquisition of a 22.835% gross interest in PRL-15, which contains the Elk-Antelope discovery, through the acquisition of the Pac LNG Group Companies. The acquisition provides Oil Search with a strategic interest in the largest undeveloped gas resource in PNG, with significant exploration upside.

Peter Botten, Oil Search’s Managing Director said: “We are delighted to have reached an agreement with the PNG Government to facilitate their continued investment in the company. There remains strong alignment between Oil Search and the PNG Government, with Oil Search regarded as a key player in driving the future development of the country’s abundant gas resources.”

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LNG World News Staff, February 28, 2014; Image: Oil Search