Sept 14 (Reuters) - Oil Search Ltd OSH.AX :
* Oil Search rejects Woodside proposal OSH.AX
* Board has concluded that the proposal is highly opportunistic and grossly undervalues the company
* The company is in a strong position to capitalise from a recovery in the Oil price
* Says "the overwhelming feedback has been that this proposal has little merit"
* Says the company is well placed to fund the development of its growth projects
* Source text for Eikon ID:nASXCk4bV
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