Oil Search Ltd. will sell about A$1.2 billion ($1.1 billion) in shares to Papua New Guinea to fund the purchase of a stake in discoveries that may lead to the Pacific nation’s second natural gas export project.
Oil Search will issue 149.4 million shares to the Papua New Guinea government at A$8.20 each, the Port Moresby-based company said today in a statement. That’s 4 percent less than its closing price on Feb. 24 and will give the country a stake of about 10 percent, according to Bloomberg calculations.
