Woodside Sells Stake in Oil Search Ltd.

Woodside has sold its 6.7 percent stake in Papua New Guinea-based Oil Search Ltd. for A$62.2 million ($41.1 million). Woodside said that it Oil Search was no longer a good fit. The company said it focusing on it's core areas in the Gulf of Mexico, Australia and Africa.

In 1999 Woodside held a 14 percent stake in Oil Search, whose interests include a major stake in a proposed $3.5 billion PNG gas project. Woodside said the shares were sold to institutions at 83 cents a share, a discount to Oil Search's closing price on Tuesday of 87 cents a share.

Oil Search shares, which have halved in the past 12 months on concerns the PNG pipeline project would not become a reality, on Tuesday hit a 13-month high of 89 cents, after the venture secured a key customer, reigniting hopes the project would become viable.