By Meriba Tulo – EM TV News, Port Moresby
Oil Search has acknowledged Woodside’s announcement of its withdrawal of proposal to merge with Oil Search.
In a statement to the markets today, Oil Search says that its Board concluded that the indicative Woodside proposal grossly undervalued the Company.
Earlier this year, Woodside has proposed to merge Four Oil Search shares, with one Woodside share, however, the board of Oil Search rejected this offer.
Oil Search says it remains focused on delivering value for its shareholders, by continuing to produce from its low cost assets and developing its world class growth projects.