MOST analysts were quick to write off Woodside Petroleum’s all-scrip offer for Oil Search as being a little on the cheap side and not in Oil Search’s best interest, a view shared by the Papua New Guinea government and the company’s board, but at least one person outside Woodside considered the offer good for Oil Search.
Morningstar senior resources analyst Mark Taylor said in a note on Friday that the offer was, in fact, good for the PNG-focused company and would harm Woodside.
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