Oil Search surges on ASX
By ANTON HUAFOLO
OIL Search stocks climbed A$0.22 (K0.59) on Tuesday, primarily backed by news of the company’s sale of its Middle Eastern and North African (MENA) assets.
The MENA assets are to be sold to Kuwait Energy Company for a consideration of US$200 million (K555 million) plus working capital which Oil Search said would enable it to concentrate more its equity participation on the PNG liquefied natural gas project.
On the Australian Securities Exchange Oil Search climbed A$0.22, or 4.6%, to A$4.99 (K12.77) from the previous close, and reached a high of AU$5.08 (K13) and a low of AU$4.84 (K12.39) on Tuesday, and continued on an upward trend yesterday by gaining 6 cents (15 toea).
Oil Search yesterday traded between a high of AU$5.14 (K13.16) and low of AUS$5 (K12.80), and at day’s close, settled at AU$5.05 (K12.92), continuing the upwards trend with 6 cents or 1.2% from the previous close.
Yesterday’s trade volume of Oil Search on the ASX was 4,381,826 shares.
Australian Company News Bites reported in its stock report analysis that the “significant uptrend” on Oil Search shares on Tuesday is a bullish sign.
“The stock traded between an intraday low of A$4.84 and three-month high of A$5.08,” the analysis on Tuesday’s gain said.
The analysis said the price range has expanded in the last two days from A$0.16 (K0.41) the previous two days to A$0.24 (K0.61) on Tuesday which, “accompanied by a price rise, is a bullish signal.”
The analysis pointed out that there were 11,596,857 shares worth A$58 million (K148 million) traded on Tuesday-a volume that was 1.8 times average trading of 6,495,316 shares.
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