Oil Search CEO Kieran Wulff has resigned for health reasons, although the company has reported his management style was inconsistent with board expectations

 Morgan Stanley observes the resignation comes at a critical time as Oil Search commences a sales process to sell a stake in its Alaskan oil project.

he issue now is whether the process will be halted until a new CEO comes on board. The broker believes, without an Alaskan sell down, Oil Search is too leveraged.

Equal-weight. Target is $4.50. Industry view: Attractive.

Sector: Energy.

Target price is $4.50.Current Price is $3.67. Difference: $0.83 - (brackets indicate current price is over target). If OSH meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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