Papua New Guinea-focused oil and gas company Oil Search Ltd. (OSH.AU) Tuesday reported a steep fall in first half profit on lower oil prices and asset sales in the previous corresponding period.

The company said it will sell a 3.5% stake in the ExxonMobil Corp.-led (XOM) PNG LNG project in Papua New Guinea to Abu Dhabi-based International Petroleum Investment Co.

Oil Search said it is in the late stages of the transaction, with the full details such as price to be announced once the deal is sealed.

Net profit for the six months to June 30 fell to US$35.6 million from US$264.4 million in the 2008 first half when the company booked a one-off gain on the sale of its Middle Eastern and North African assets.

Underlying profit was US$35.6 million, down from US$133.3 million, above the consensus forecast according to UBS and Macquarie of US$28.7 million.

Oil Search declared an interim dividend of US$0.02 a share, down from US$0.04 in 2008.

By Ross Kelly, Dow Jones Newswires; 61-2-8235-2957; ross.kelly@dowjones.com

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