Oil Search (ASX:OSH) upgrades potential at Alaska North Slope

Company News

by Rachael Jones

Oil Search (ASX:OSH) will move into the Front-End Engineering and Design phase on its oil development on Alaska’s North Slope after an independent assessment identified greater potential.

Based on revised gross resources and Oil Search’s increased equity position, following the exercise of the Armstrong Option in June, the Company’s net 2C contingent resources have risen from 127 million barrels to 371 million barrels.

A final investment decision for the Pikka project is expected in the third quarter of 2020, setting it up for early production two years later.

Shares in Oil Search (ASX:OSH) are trading 2.74 per cent higher at $7.51.