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Oil Search Ltd businesses are going great guns.

Shares in Oil Search Ltd fell almost six per cent, because there are some fears that its PNG gas pipeline project could be on the backburner.

Oil Search had a number of delays in its plan to build a gas pipeline from Papua New Guinea to Queensland, including Australian Gas Light Co (AGL) announcing an alternative supply deal in December last year.

Apparently, the company's shares slumped as industry officials suggested the PNG gas pipeline project had been put on the backburner again, until around 2009.

The company's shares went six cents down at 95 cents on a volume of 13.09 million, since AGL pulled out last year.

ABN Amro Morgans dealer Michael Cooper : "I could not see anything new in the announcement, because AGL pulled out in December, but this is what some of the traders have probably focused although I don't believe it warranted such a sell off."

The price drop was "major overreaction" considering the company's growth prospects.

"They've got a lot of cash behind them and they still do have growth prospects even without the gas pipeline."