Oil Search refutes claims

 OIL Search has refuted claims by former Treasurer Don Polye that the company was involved in “ïnsider trading”.

Polye made the claim yesterday during a press conference in Port Moresby in respect to the recently completed placement to Oil Search shares to the State.

 A company spokesperson said in a statement last night that on February 27, it announced to the market the proposed acquisition of licence interests in the Elk-Antelope gas resource and the intention to finance the acquisition by a share placement to the Government.

“The company’s announcement made it very clear that the Government share placement was conditional on the Government obtaining the necessary approvals to proceed with the placement and finalising financing arrangements to pay for the shares,” she said.

“In fact, as also announced to the market on February 27, the company had secured alternative funding should the Government not be able to proceed with the share purchase within the deadline set by the Elk-Antelope acquisition terms.”