PNG quake will put LNG project offline for weeks
ONLINE jobs board operator Seek has struck a deal with News Corporation to buy the media heavyweight out of Seek Asia.
It will pay $ 157 million for News Corp’s 13.75 per cent stake in the Asian operation.
The deal means Seek will take full ownership of the division.
Seek announced yesterday it had entered into a binding agreement with News, publisher of the Townsville Bulletin, and the company expected to complete the deal by March 16.
It will use existing debt facilities to fund the transaction.
The jobs advertiser said the deal would not affect the forecast it issued last month for revenue growth of 20 to 25 per cent in the year to June. OIL Search and Santos have said it will take about eight weeks to repair and restore production at their earthquake- damaged liquefied natural gas project in Papua New Guinea.
Oil Search on Monday said it would revise its production guidance and estimate the likely earnings hit when it could. ASX- listed energy explorers and producers Oil Search and Santos between them own 42.5 per cent of the ExxonMobil- led PNG LNG Project.
Oil Search has committed $ US5 million ($ A7 million) to disaster relief following last week’s magnitude- 7.5 quake in the country’s highlands. Managing director Peter Botten said the company was lucky none of its staff were seriously injured.
“The impact on local communities within our operational areas has been enormous, with many deaths in the region as well as the destruction of hous- es, schools, roads and bridges,” he said. “Many communities are without basic necessities, such as food, clean water, shelter and medical support.”
Santos, which holds a 13.5 per cent stake to Oil Search’s 29 per cent, said it would donate $ US200,000 to aid agencies to provide assistance.