Oil Search puts PNG assets on sale; Reports Q4 revenue gain

1/29/2013

Oil Search puts PNG assets on sale; Reports Q4 revenue gain

BY ROSS KELLY

SYDNEY -- Oil Search said it had put more exploration prospects in Papua New Guinea up for sale, as the company booked a steady rise in fourth-quarter production and revenue.

The Australian oil and gas producer said it had opened a data room and begun the process of selling half of its interest in a permit located in the Gulf of Papua. It is offering the right to buy a stake in a second permit in the same area. Several parties have already accessed the data room, with final bids due in early 2013, Oil Search said. The company recently sold stakes in some other permits in the Gulf of Papua to Total.

Group oil and gas output for the three months to December 31,2012 of 1.79 MMboe, was up 9.1% from a year earlier, while revenue for the quarter rose 8.3% to $218.2 million, the company said in the same statement. Annual output of 6.38 MMboe, was in line with company guidance of 6.2 - 6.7 MMboe, it added.

Dow Jones Newswires

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