Oil Search Limited (ASX:OHS) shares declined by the most this year as shareholders reacted to the news its plan to sell a 3.5% stake in a PNG project had fallen through.
The company said it had recently been informed that there was uncertainty as to the timetable of Exxon Mobil’s $15 billion liquefied natural gas (LNG) project, in which Oil Search is a partner, and that it would need to acquire shareholder approval before the sale can be concluded.
OHS resumed trading today, and immediately fell at least 6.67% to $6.30, after the announcement was made.
News of an $895 million oversubscribed share placement, and a corresponding Share Purchase Plan, did little to placate investors.
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