Ok Tedi declares 2019 Full Year Profit After Tax of K754 million

FOLLOWING the Ok Tedi Mining Limited Annual General Meeting held on 22 May 2020, Chairman Sir Moi Avei KBE announced that the Company had recorded a 2019 Profit After Tax of K754 million (US$222 million). This was an increase of K289 million or 61% compared to the previous year. “The Company distributed PGK 400 million in dividends during 2019 while investing a further PGK 408 million in the strategically important

Oil Search successfully completes oversubscribed $1 billion institutional raising

LEADING PNG petroleum company Oil Search Ltd has successfully completed a placement to institutional investors and the institutional component of its 1 for 8 accelerated pro-rata non-renounceable entitlement offer to raise approximately A$1,080 million (US$650 million) Managing Director, Keiran Wulff, said the combined proceeds of the company’s Equity Raising and a separate share Placement are expected to be up to approximately A$1,160 million (US$700 million), excluding estimated transaction costs. “I

WoodMac tips Brent crude to average US$65 a barrel in 2019

Global markets were volatile heading into the new year. Oil has been no exception, with Brent trading between $62 per barrel on 7 December 2018 before falling to $51/b on 21 December. Mixed macroeconomic data have driven much of the volatility, with political uncertainty compounding concerns of a sharper than expected economic slowdown. What oil price is justified by the fundamentals? Ann-Louise Hittle, vice president, for macro oils at Wood

Nautilus receives additional loan under secured loan facility 

SUBSEA mining proponent Nautilus Minerals Inc. has received a US$770,000 loan from Deep Sea Mining Finance Ltd under a previously announced loan agreement between the company, two of its subsidiaries and the lender which provides for a secured structured credit facility of up to US$34 million. Pursuant to the Loan Agreement, Nautilus has issued to the Lender an additional 3,307,560 warrants of the company in connection with the US$770,000 loan.

PNG DPM satisfied with success of sovereign bond roadshow

PNG’s Deputy PM and Treasurer, Charles Abel, says the countries international roadshow to market its inaugural sovereign bond was a success. The DPM and delegation covered Singapore, Hong Kong, London, New York, Boston and Los Angeles in 10 days. In a packed schedule arranged by global lead coordinator Credit Suisse and joint bookrunners Citibank the delegation presented to around 100 global banks and fund managers at 7 meetings per city.

Repsol announces sale of Papua New Guinea interests

SPANISH energy giant Repsol has surprised no-one with the announcement that it is pulling out of PNG. The company acquired the significant PNG oil and gas interests through its global takeover of Talisman Energy, but has been rebuked by some PNG Ministers for showing limited interest in pursuing developments in the country. The buyer of the assets is the Chinese firm Balang International Pte. Ltd, which will now need to

Cobalt 27 acquires share of Ramu Nickel-Cobalt mine for US$113 million

CANADA-based Cobalt 27 Capital Corp. has acquired a share of production from the Ramu Nickel-Cobalt Mine near Madang from Highlands Pacific Limited for US$113 million. The deal to acquire a share in the world’s first producing cobalt-nickel stream also provides it with equity in the MCC operated world-class Ramu Nickel-Cobalt Mine. Cobalt 27 has agreed to acquire the right to purchase 55.0% of Highland’s attributable share of the payable cobalt

PNG LNG partner Santos rejects takeover offer

LEADING PNG gas producer Santos has named improving oil prices and share market activity amongst its reasons for rejecting a major takeover offer from Harbour Energy Ltd. Santos said that since Harbour’s initial offer on May 21 and a number of subsequent increases in the offer price, Brent oil prices have increased by 14 per cent and the share prices of other major ASX-listed energy peers by an average of

Blow for Highlands as Anglo pulls out of Star Mountains tenements

GLOBAL mining giant Anglo American plc has advised Highlands Pacific that it intends to withdraw from the Star Mountains exploration joint venture in Papua New Guinea. Anglo American told Highland that following a review of its global exploration portfolio it will relinquish its vested 15% holding in the project, leaving Highlands with a 100% interest and looking for a new JV partner. Highlands managing director Craig Lennon said that, while

Oil Search sets record annual production levels

A strong fourth quarter performance has helped Oil Search Ltd set a new annual production record in 2017. The company’s managing director, Peter Botten, said Oil Search finished 2017 strongly, with fourth quarter production of 7.59 mmboe taking full year production to 30.31 mmboe, which was at the upper end of our guidance range and an all-time record for the company. Mr Botten said the record was set despite some