Oil Search in PNG govt vice

The PNG government is keen to redeem a bond issue over its Oil Search stake. But the negotiations could weigh on Oil Search shares.

After a steady climb in its share price and increasingly bullish expectations that its massive PNG LNG project was on the cusp of producing vast amounts of natural gas and a huge cash flow, Oil Search (OSH) stock has been on the skids in the past week.

Even this morning's announcement that major partner Exxon had secured the final $1.5 billion in financing to pay for the project cost increase, failed to stop a near 1% slide to $8.37.

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