LIQUEFIED NATURAL GAS INDUSTRY – PAPUA NEW GUINEA

Dissident push falters at InterOil

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Original article by Brian Robins
The Sydney Morning Herald – Page: 20 : 13-Jun-16

Takeover target InterOil has advised that its annual meeting will proceed on 14 June 2016, after a court dismissed an application by ex-CEO Phil Mulacek to have it delayed. Shareholders will vote on Mulacek’s push for a board spill. He opposes a $US2.2 billion ($A3bn) bid for the company by Australian-listed Oil Search, arguing that the offer undervalues InterOil. The majority of institutional investors are believed to support the bid.

CORPORATES
INTEROIL CORPORATION, OIL SEARCH LIMITED – ASX OSH, EXXONMOBIL CORPORATION, SUPREME COURT OF YUKON

Oil Search bid set for success

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Original article by Matt Chambers
The Australian – Page: 22 : 24-May-16

Papua New Guinea Prime Minister Peter O’Neill says people in his nation will directly benefit from the takeover bid for InterOil by Australian-listed Oil Search. The $US2.2bn bid comprises 8.05 of Oil Search’s shares for each InterOil share, which values the bid at $US40.25 per share. InterOil shares have risen by 38 per cent to $US43.63 in response to the bid. Oil Search intends to on-sell part of InterOil’s stake in the Papua LNG project to Total if the bid succeeds.

CORPORATES
OIL SEARCH LIMITED – ASX OSH, INTEROIL CORPORATION, TOTAL SA, PAPUA NEW GUINEA. OFFICE OF THE PRIME MINISTER, EXXONMOBIL CORPORATION, RAYMOND JAMES AND ASSOCIATES

Botten unfazed by overtures from Woodside

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 23 : 29-Oct-15

Oil Search CEO Peter Botten says the group’s healthy balance sheet and strong growth prospects means it can focus on expanding its business rather than the spurned takeover offer from Woodside Petroleum. Botten adds that Oil Search would be open to a takeover offer that was appropriately priced, and he anticipates further merger activity in the oil and gas sector. He also forecasts that the oil price will remain at around its current level in the near-term.

CORPORATES
OIL SEARCH LIMITED – ASX OSH, WOODSIDE PETROLEUM LIMITED – ASX WPL, SANTOS LIMITED – ASX STO, MARUBENI CORPORATION

Woodside claims misreporting, keeps door open for Oil Search

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 19 : 28-Oct-15

Woodside Petroleum is believed to have no immediate plans to sweeten its $A11.6bn takeover offer for Oil Search, but it may be amenable to doing so. CEO Peter Coleman has indicated that the offer is "fair and fully priced", although Woodside has advised that Dow Jones Newswires incorrectly reported that he had also said that Woodside has no intention of increasing the offer.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, OIL SEARCH LIMITED – ASX OSH, DOW JONES NEWSWIRES, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, KIMA CAPITAL

Oil price may determine Woodside play

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 23 : 9-Oct-15

Crude oil is currently trading at around $US50 per barrel, and Woodside Petroleum’s chances of striking a deal with takeover target Oil Search are likely to be enhanced if the price of crude remains low. Woodside CEO Peter Coleman is reluctant to increase the $A11.6bn bid as it would be earnings dilutive, although the group may potentially be willing to accept such an outcome in the short-term in order to secure a deal.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, OIL SEARCH LIMITED – ASX OSH, ORD MINNETT GROUP LIMITED, BERNSTEIN INVESTMENT RESEARCH AND MANAGEMENT

Oil Search bid is fully priced, says Coleman

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 13 & 18 : 5-Oct-15

Woodside Petroleum has ruled out increasing its $A11.6bn takeover offer for Oil Search, with CEO Peter Coleman arguing that the offer represents full value. He says increasing the offer would be dilutive for Woodside shareholders, and he doubts that a rival bidder will emerge with a higher offer for Oil Search. Coleman adds that some of Oil Search’s largest shareholders have expressed interest in discussing the bid with Woodside.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, OIL SEARCH LIMITED – ASX OSH, BHP BILLITON LIMITED – ASX BHP, KPMG AUSTRALIA PTY LTD, INTERNATIONAL PETROLEUM INVESTMENT COMPANY, CAPITAL GROUP INCORPORATED, PAPUA NEW GUINEA. OFFICE OF THE PRIME MINISTER, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, AUSTRALIA-KOREA BUSINESS COUNCIL

Woodside takes takeover offer directly to Oil Search investors

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Original article by Perry Williams, Sarah Thompson
The Australian Financial Review – Page: 21 : 16-Sep-15

Woodside Petroleum’s rejected takeover bid for Oil Search was pitched at a premium of 14 per cent, but it will most likely need to increase this to at least 20 per cent before Oil Search will consider the bid. Meanwhile, Bank of America Merrill Lynch and Gresham – which are advising Woodside on the bid – have directly approached Oil Search shareholders regarding the offer.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, OIL SEARCH LIMITED – ASX OSH, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, GRESHAM PARTNERS LIMITED, EXXONMOBIL CORPORATION, PAPUA NEW GUINEA. OFFICE OF THE PRIME MINISTER, NATIONAL PETROLEUM COMPANY OF PNG LIMITED, CITIGROUP PTY LTD

Rejected Woodside turns to PNG

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Original article by Perry Williams
The Australian Financial Review – Page: 13 & 18 : 15-Sep-15

Woodside Petroleum CEO Peter Coleman is expected to discuss the company’s takeover bid for Oil Search with the Papua New Guinean Government, which controls 10 per cent of the takeover target. Woodside offered one Woodside share for four Oil Search shares, but Oil Search rejected the offer as inadequate. Oil Search chairman Rick Lee said the company would consider any rival offer that offers fair value to shareholders.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, OIL SEARCH LIMITED – ASX OSH, BERNSTEIN INVESTMENT RESEARCH AND MANAGEMENT, DEUTSCHE BANK AG, EXXONMOBIL CORPORATION

Oil Search to reject $11.6b deal after Woodside talks canned

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Original article by Perry Williams
The Australian Financial Review – Page: 15 : 14-Sep-15

Woodside Petroleum’s takeover offer for Oil Search represents a 14 per cent premium to the target’s current share price, but Oil Search is likely to seek a premium of 25-30 per cent. The top executives of both groups had arranged a meeting to discuss the bid on 13 September, but Oil Search subsequently postponed it. The company is expected to formally reject the four-for-one share offer, which has an implied value of $A7.65 per share.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, OIL SEARCH LIMITED – ASX OSH, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, GRESHAM PARTNERS LIMITED, MORGAN STANLEY AUSTRALIA LIMITED

Woodside’s Oil Search bid criticised

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Original article by Perry Williams
The Australian Financial Review – Page: 13 & 18 : 11-Sep-15

Perennial Investment Partners’ Lee Mickelburough and Simon Mawhinney of Allan Gray Australia are among the fund managers who have doubts about Woodside Petroleum’s $A11.6bn takeover bid for Oil Search. Mickelburough says there would be more merit in Woodside seeking to acquire "distressed" assets whose value has been impacted by the downturn in the crude oil price. Oil Search is likely to seek an improved offer from Woodside.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, OIL SEARCH LIMITED – ASX OSH, PERENNIAL INVESTMENT PARTNERS LIMITED, ALLAN GRAY AUSTRALIA PTY LTD, WOOD MACKENZIE, SANTOS LIMITED – ASX STO