Related Articles
Forward article link
Share PDF with colleagues

Woodside targets Oil Search in $8bn takeover bid

Australia’s Woodside Energy is making an opportunistic A$11.6bn ($8.1 bn) takeover offer for Papua New Guinea (PNG)-focused Oil Search

Aside from pursuing an active exploration campaign targeting some 7 trillion cf of gas Australia-listed Oil Search has a prized 29% stake in the ExxonMobil-led PNG liquefied natural gas export project. The Australian LNG developer is offering one Woodside share for four Oil Search shares, implying an offer price of A$7.65 a share or a 13% premium. Analysts believe this is too low and that Oil Search’s management will be unlikely to accept such an opportunistic bid. They are tipped to push for a much higher offer closer to a 25-30% premium. On 9 September, Oil Search shares were trading above the offer price, closing at A$7.85, reflecting an expectation among investors of more to come. The

Also in this section
Entry deadline nears for Petroleum Economist Awards 2018
19 June 2018
Time is running short to enter industry-leading energy awards
Petroleum Economist and World Oil partner on SPE Offshore Europe 2019 coverage
19 June 2018
Gulf Energy Information publications will work jointly on the daily newspaper at SPE Offshore Europe 2019
Lukoil: bigger than Rosneft
15 June 2018
The investors' darling is prioritising high-margin upstream activities