Oil Search (OSH)
Oil Search Limited explores for and produces gas and oil through operations in Papua New Guinea. The Company's activities are located in the Papuan Highlands which include the Kutubu Hides and Gobe oil and gas projects.
Our Commentary: Updated 26th February 2013
Oil Search released its results for 2012, announcing a profit of US$175.8 million. The result was down 13% on the previous year, due to higher exploration costs.
The group’s FY12 oil and gas production was in line with production guidance at 6.38 million barrels of oil (mmboe). However, this figure is lower than the prior financial year’s total production of 6.69mmboe. The lower production was partially the result of the closure of its KMT operations.
The firm expects its 2013 total production to be between 6.2mmboe – 6.7mmboe whilst capex for the year is expected to be in the range of US$1.93 billion – US$2.1 billion. Oil Search announced that it will distribute a final dividend of US$0.02 per share.
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LLB BEc Dip FS(FP) Dip TA(ATAA) CFTe(IFTA)
Head of Research and Trading
Senior Equity Analyst
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