Oil Search rejected the proposed all-share offer in September saying it grossly undervalued the company's low cost, high quality liquefied natural gas stake in Papua New Guinea and its gas exploration assets in the island nation.
"Offering more is dilutive to our shareholders," the Australian Financial Review quoted Coleman saying in his first public comments since the proposal was rebuffed.
"We are already at that balance point and we don't want to go any further," he was quoted saying in an interview.
Analysts have said the company would have to offer between A$9 and A$10 a share, or at least A$13 billion, to win over Oil Search shareholders, led by the PNG government, Abu Dhabi's International Petroleum Investment Company and Capital Group.
Coleman said the company did...
