Woodside plots new PNG proposal

WOODSIDE Petroleum CEO Peter Coleman is reportedly not giving up on his ambitions to slide into Papua New Guinea, with the executive planning to sit down with the PNG government to see what it can do to sweeten its rejected $11.6 billion all-scrip bid for Oil Search.

Oil Search rejected the bid as being too low, saying it grossly undervalues the company, and that Woodside brings nothing to the table that it cannot do itself.

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