ENERGY INDUSTRIES – AUSTRALIA

Woodside in $2.5b raising for LNG growth

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 15 : 15-Feb-18

Woodside Petroleum has advised that its profit for 2017 rose by 18 per cent to $US1.024bn. Meanwhile, the group will have a 75 per cent stake in the Scarborough gas field after striking a deal to acquire ExxonMobil’s 50 per cent interest in the undeveloped asset for $US744m. Woodside will finance the acquisition via a $A2.5bn capital raising. BHP Billiton holds the remaining 25 per cent stake in Scarborough, and it could potentially exercise its pre-emptive right to buy ExxonMobil’s stake.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, EXXONMOBIL CORPORATION, BHP BILLITON LIMITED – ASX BHP, ALLAN GRAY AUSTRALIA PTY LTD, WATERMARK FUNDS MANAGEMENT PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, ROYAL DUTCH SHELL PLC, BERNSTEIN INVESTMENT RESEARCH AND MANAGEMENT, WOOD MACKENZIE, UBS HOLDINGS PTY LTD, MORGAN STANLEY AUSTRALIA LIMITED

Our beautiful coal must rival Trump’s: Canavan

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Original article by Ben Packham
The Australian – Page: 2 : 12-Feb-18

Australia’s coal and LNG exports totalled $A56.5bn and $A22bn respectively in 2017, but Resources Minister Matt Canavan says the US is emerging as a major competitor in Asia. The US currently exports shale gas to Japan, and Canavan says Asian buyers have also expressed interest in US coal. The US has traditionally been a net energy importer, although the Department of Energy has forecast that it will be a net exporter by 2022.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, UNITED STATES. DEPT OF ENERGY, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, MINERALS COUNCIL OF AUSTRALIA, ENERGYQUEST PTY LTD, AUSTRALIAN LABOR PARTY, AME GROUP PTY LTD, ADANI MINING PTY LTD

Mitsui set to snare AWE as MinRes yields

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 15 : 5-Feb-18

Japan-listed Mitsui is poised to acquire Australian-listed oil and gas producer AWE Limited after Mineral Resources chose not to match Mitsui’s cash bid of $A602m. Shares in AWE closed at $A0.985 on 2 February, compared with Mitsui’s offer of $A0.95 per share. AWE’s key asset is its 50 per cent stake in the Waitsia gas field in Western Australia. Beach Energy also owns 50 per cent of Waitsia, although it is not expected to launch a bid for AWE.

CORPORATES
AWE LIMITED – ASX AWE, MITSUI AND COMPANY LIMITED, MINERAL RESOURCES LIMITED – ASX MIN, BEACH ENERGY LIMITED – ASX BPT, CHINA ENERGY RESERVE AND CHEMICAL GROUP COMPANY LIMITED, SEVEN GROUP HOLDINGS LIMITED – ASX SVW, AUSTRALIA. TAKEOVERS PANEL

Beach watchful amid AWE takeover war

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 13 : 1-Feb-18

The board of AWE Limited has given Mineral Resources three days to match the $A602m cash offer from rival suitor Mitsui. Meanwhile, Beach Energy CEO Matt Kay has declined to comment on whether his company could join in the bidding war for AWE. The two companies jointly own the Waitsia onshore gas field in Western Australia, and Kay says Beach has no preference regarding its future partner in the project. However, he adds that Beach is monitoring the takeover battle to ensure that the interests of its shareholders are protected.

CORPORATES
AWE LIMITED – ASX AWE, MINERAL RESOURCES LIMITED – ASX MIN, BEACH ENERGY LIMITED – ASX BPT, MITSUI AND COMPANY LIMITED, CHINA ENERGY RESERVE AND CHEMICAL GROUP COMPANY LIMITED, SEVEN GROUP HOLDINGS LIMITED – ASX SVW, NETWORK INVESTMENT HOLDINGS PTY LTD, DEUTSCHE BANK AG, LATTICE ENERGY LIMITED, ORIGIN ENERGY LIMITED – ASX ORG

AWE expected to hand MinRes rejection notice

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Original article by Paul Garvey
The Australian – Page: 20 : 31-Jan-18

AWE Limited’s board is tipped to declare its support for Mitsui’s cash offer of $A0.95 per share on 31 January. Rival suitor Mineral Resources will then have three days to lift its cash and scrip bid of $A0.83 per share. AWE shares closed at $A0.975 on 30 January, after rising to $A0.99 on the previous day. The third bidder for AWE, China Energy Reserve & Chemicals Group, is not expected to increase its offer.

CORPORATES
AWE LIMITED – ASX AWE, MITSUI AND COMPANY LIMITED, MINERAL RESOURCES LIMITED – ASX MIN, CHINA ENERGY RESERVE AND CHEMICAL GROUP COMPANY LIMITED, CANACCORD GENUITY (AUSTRALIA) LIMITED

Santos’ full-year sales up 20pc

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 38 : 25-Jan-18

Oil and gas group Santos has advised that its sales rose 14 per cent in the December 2017 quarter, to $US861bn ($A1.07bn), while sales for the calendar year were up 20 per cent to $US3.1bn. Total production for the year was 3.4 per cent lower than previously at 59.5 million barrels of oil equivalent, although it was at the higher end of the company’s guidance. Santos still expects its output for 2018 to be within the range of 55 million to 60 million boe.

CORPORATES
SANTOS LIMITED – ASX STO, JP MORGAN AUSTRALIA LIMITED, HARBOUR ENERGY LIMITED

Woodside revs up China gas push

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 19 : 19-Jan-18

Woodside Petroleum has advised that it produced 21.9 million barrels of oil equivalent during the December 2017 quarter, which is 7.9 per cent lower than the previous corresponding period. Revenue fell by 6.9 per cent year-on-year to $US939m ($A1.2bn). Meanwhile, some analysts say Woodside’s production guidance of 85 million to 90 million boe for 2018 is lower than expected. CEO Peter Coleman has indicated that Woodside will expand its LNG marketing office in China amid growing Chinese demand for gas.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, PETROCHINA COMPANY LIMITED, JP MORGAN AUSTRALIA LIMITED, BERNSTEIN INVESTMENT RESEARCH AND MANAGEMENT, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET

Oil Search reassures on Alaskan project funding

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 17 : 15-Dec-17

Oil Search CEO Peter Botten says a recent $US400m deal to acquire stakes in several oil fields in Alaska was necessary due to the expected long delay in commencing each phase of its LNG project in Papua New Guinea. He has stressed that the investment in Alaska will have no impact on its commitment to the PNG LNG project. He has also indicated that Oil Search will not need to undertake an equity raising to finance either project.

CORPORATES
OIL SEARCH LIMITED – ASX OSH, REPSOL SA

Gas price plunge after exporters toe PM’s line

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Original article by Matt Chambers
The Australian – Page: 1 & 2 : 13-Dec-17

A new report shows that wholesale gas prices on the east coast have fallen by up to 50 per cent since the Federal Government flagged plans to impose LNG export controls in order to boost domestic gas supplies. The Australian Competition & Consumer Commission will release the second report on its investigation into the east coast gas market on 13 December. The report notes that rather than a forecast gas shortage of up to 107 petajoules in 2018, there is the potential for a surplus of around 20 petajoules as LNG producers redirect export volumes to the domestic market.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN ENERGY MARKET OPERATOR LIMITED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ROYAL DUTCH SHELL PLC, SANTOS LIMITED – ASX STO, ORIGIN ENERGY LIMITED – ASX ORG, INCITEC PIVOT LIMITED – ASX IPL, AGL ENERGY LIMITED – ASX AGL

Mineral Resources in scrip offer for AWE

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Original article by Matt Chambers
The Australian – Page: 19 : 12-Dec-17

Shares in Mineral Resources closed eight per cent lower at $A16.39 on 11 December after it launched a $A510m takeover bid for AWE Limited. The scrip bid was initially pitched at $A0.80 per share, but the downturn in Mineral Resources’ stock reduced the value of its bid to $A0.73, in line with the rival bid from China Energy Reserve & Chemical Group. Mineral Resources MD Chris Ellison says AWE’s stake in the Waitsia gas field is of primary interest to his company, both to supply its own operations and Western Australian gas users.

CORPORATES
AWE LIMITED – ASX AWE, MINERAL RESOURCES LIHIR PTY LTD, CHINA ENERGY RESERVE AND CHEMICAL GROUP, ORIGIN ENERGY LIMITED – ASX ORG, LATTICE ENERGY LIMITED, BEACH ENERGY LIMITED – ASX BPT, SHA ENERGY, QUADRANT ENERGY PTY LTD, WOODSIDE PETROLEUM LIMITED – ASX WPL