April 23 (Reuters) - Oil Search Ltd OSH.AX :
* PNG LNG PRODUCTION AVERAGED 8.5 MTPA (GROSS) IN QUARTER
* TOTAL NET QUARTER PRODUCTION OF 6.9 MMBOE, DOWN 2.7% FROM Q4 2020
* Q1 OPERATING REVENUE OF US$301.5 MILLION, UP 16% FROM Q4 2020
* OIL SEARCH OPERATED FACILITY PLANNED SHUTDOWNS DEFERRED TO 2022
* PNG LNG PLANNED SHUTDOWN REMAINS SCHEDULED FOR Q2 2021
* PRODUCTION GUIDANCE FOR 2021 IS UNCHANGED
* FY21 INVESTMENT EXPENDITURE GUIDANCE REDUCED BY US$75 - 95 MILLION
* LOOKING TO CONTRIBUTE UP TO 15% INTEREST IN DIVESTMENT TARGETING A FINAL EQUITY INTEREST IN PIKKA DEVELOPMENT OF 36%
* FY21 INVESTMENT EXPENDITURE REVISED DOWN DUE TO COST SAVINGS AND EFFECTS OF TRAVEL RESTRICTIONS IN PNG
* IN ADDITION TO DIVESTMENT PROCESS, COMMENCED A PROJECT FUNDING PROGRAM WITH FINANCIAL ADVISOR FOR PIKKS
* BIOMASS INVESTMENT EXPENDITURE DECREASED DUE TO EXPECTED DEFERRAL OF FID TO 2022
* MAJOR MAINTENANCE SHUTDOWN IN OPERATED FACILITIES HAS BEEN DEFERRED FROM 2021 TO 2022 DUE TO COVID-19 RESTRICTIONS
* PURSUING POTENTIAL FUNDING OPTIONS FOR PIKKA PROJECT BASED ON CURRENT 51% OWNERSHIP
* INTENT IS TO OWN 36% OF PIKKA PROJECT LONG TERM
* FURTHER INCREASES IN CONTRACTED REALISED PRICES ARE EXPECTED IN NEXT QUARTER GIVEN LAGGED EFFECT OF PRICE SETTING