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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1021)4/20/1999 9:39:00 PM
From: Tomas   of 2742
 
Woodside keen to increase its exposure to Papua New Guinea

Australian Financial Review, Wednesday April 21
Woodside coy on Oil Search but keen on PNG
By Ian Howarth, Resources Editor

Woodside Petroleum has refused to comment on the
prospect of a merger deal with Oil Search Ltd but has
confirmed that the company is keen to increase its
exposure to Papua New Guinea through exploration.

"We'd like to participate to a greater extent [in PNG]
through our own interests in PNG," Woodside managing
director Mr John Akehurst said yesterday.

But he would not "comment on market speculation and
rumour", about any possible merger or bid for Oil
Search.

Woodside holds a minimum of 3 million and possibly as
many as 4.2 million Oil Search shares - less than 1 per
cent of the company.

Mr Akehurst said Woodside was keenly interested in
some new PNG exploration acreage soon to be released
for bids by the oil industry. Woodside would also look to
acquire some current permits when they were
relinquished within the next few years.

Senior PNG sources said yesterday it would be very
hard for any company to launch an unsolicited takeover
offer for Oil Search given the company's position as one
of the nation's icons.

But the sources, who declined to be named, said a
friendly merger, in which the Oil Search board embraced
a new partner, could have a considerably stronger
chance of success.

Oil Search is a key player in the $5 billion plan to build a
gas pipeline from PNG to Queensland to create a market
for abundant but essentially static PNG gas reserves.

The move into PNG follows a number of recent initiatives
by Woodside to develop a range of interests away from
its reliance on the North-West Shelf gas project.

In recent weeks Woodside has moved into Victoria,
acquiring a 20 per cent stake in the undeveloped Kipper
gas field in Bass Strait.

Mr Akehurst said a joint venture between Woodside,
Shell, Esso and BHP Petroleum would be a powerful
alliance and could make a significant new contribution to
the eastern States gas market.
... ... ...
afr.com.au
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