By David Winning 
 

SYDNEY--Oil Search Ltd. (OSH.AU), Australia's fourth-largest oil and gas producer by market value, Thursday said it's finalizing a placement of new shares to fund a major acquisition.

Oil Search didn't elaborate and asked that trading in its shares on the Australian Securities Exchange be halted until it's ready to announce details of the deal.

Late last year, Oil Search said it was in discussions to buy a stake in the Elk and Antelope gas fields in Papua New Guinea, which are estimated to contain several trillion cubic feet of natural gas.

-Write to David Winning at david.winning@wsj.com

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