Oil Search Says Capital Raising Possible But Last Resort
May 06 2009 - 1:46AM
Dow Jones News
Oil Search Ltd. (OSH.AU) said Wednesday it has a number of
levers it can pull to manage its capital, including a capital
raising, assets sales or hedging.
Oil Search, however, said it will only conduct a capital raising
as a last resort.
The Port Moresby-based company needs to conserve capital to help
fund its share of the Exxon Mobil-led PNG LNG liquefied natural gas
project in Papua New Guinea.
It has already announced big cuts in exploration and development
spending and introduced an underwritten dividend reinvestment
plan.
In a slideshow presentation at the Macquarie Australia
Conference in Sydney, Oil Search said there are "many other levers,
including hedging, asset sales, capital raising" that it can
pull.
By Ross Kelly, Dow Jones Newswires; 61-2-8235-2957;
ross.kelly@dowjones.com
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