O I L S E A R C H L I M I T E D

1

Changing Face of Oil Search

PNG LNG Project over 85% complete (end April), material 20+ year cash flow stream approaching LNG expansion opportunities being matured, with new resources available New gas play confirmed in Gulf of Papua, with gas discovery at Flinders and further wells to come Oil discovery at Mananda 6, testing underway. Results to date encouraging for trend, detailed development optimisation studies taking place Taza oil discovery in Kurdistan moving to appraisal phase, with extended well test being planned Active drilling and development programme still to come through 2013 and 2014

2 Core Strategies Have Delivered Steady Share Price Appreciation – More to Come

Share price (A$) PNG LNG FID 8 Acquisition of Chevron Manage transition to Texaco’s PNG assets PNG LNG Project Assume Operatorship

7 Merger of Oil Search & Orogen 6

5

4

3

2

1

0 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 2 January 2003 – 10 June 2013 3

Operating Safely Is Our First Priority

Total Recordable Injury Frequency Rate Data for 2012 per Million Hours Worked (All Reported Data) Brambles Bendigo and Adelaide Bank Asciano CSR Ridley Corp. Treasury Wine Est. AWE Leighton OZ Minerals SP AusNet Fortescue Metals James Hardie Transfield Boart Longyear UGL AGL Energy Downer EDI Monadelphous Corp. Santos BHP Billiton Woodside Newcrest Caltex Oil Search Jun YE Dec YE ResMed PanAust Mar/Sep YE WorleyParsons 0 5 10 15 20 25 30 35 40 45 Source: Company data, Citi Investment Research and Analysis Note: TRIFR – Total Recordable Injury Frequency Rate per million hours worked 4 Key Oil and Gas Fields, PNG

Madang PPL260 Angore

P’nyang PRL3 Porgora Wabag Gold Mine Juha 260 Hides PDL8 Proposed Juha PDL9 PRL11 Facility PDL1 Mt. Hagen PPL277 Moran 6°S Kundiawa PRL02 PDL6 Goroka Kiunga PDL5 PDL7 233 Mendi 233 Agogo Hides Gas Conditioning Plant PPL219 Moro Airport & Komo Airfield Kutubu PDL2 Gobe Main PPL339 Mananda 5 PRL14 PPL277 Mananda 6 Lae 338 339 PDL4 PDL3 339 7°S SE Mananda PRL09 338 Barikewa Elk/Antelope PRL08 338 Kimu 339 Oil Field Kopi Wharf SE Gobe PPL338 Gas Field 339 Kopi Uramu PPL339 Prospect Scraper PRL10 Station Oil Pipeline

PPL312 Kerema 339 339 8°S PNG LNG Project Kumul Terminal PNG LNG PPL276 Gas Pipeline Gas Resources PPL234 PNG LNG Project OSH Facility PPL385 New Facilities PPL244 Hagana PNG LNG Project Facility Non PNG LNG Flinders LNG Facility Gas Resources Kidukidu Major Road

9°S Exploration Daru 100km Gas Resources

Port Moresby 141°E 142°E 143°E 144°E 145°E 146°E 147°E 5

PNG LNG Project Overview

*Existing Facilities Juha Over 85% complete Gas Field Juha Production Facility 250 Mcfd

60km x 14” 60km x 8” Project remains on track for gas line liquids line Hides first LNG sales in 2014 Gas Field Hides Gas Conditioning Plant 960 Mcfd Angore Gas Field Have passed peak for logistics 109 km x 8” and workforce condensate line Agogo/Moran*

Revised budget of US$19.0 bn 292 km x 32” gas Kutubu* pipeline onshore Gobe*

Existing 270 km x 20” crude oil export line LNG Facility 6.9 MTPA

407 km x 34” subsea gas pipeline

Gulf of Papua Port Moresby

6 PNG LNG Plant Site

Preparations underway for receipt of commissioning gas

LNG Facility

PNG LNG Trains 1&2

Storage tank Jetty

7

PNG LNG Offshore and Onshore Pipelines

Offshore pipelay Offshore pipeline completed and hydrotested Onshore Onshore pipeline clearing, Pipeline laying and welding underway Offshore between Kutubu and Hides Pipeline

Pipeline Transportation

8 Associated Gas/PL 2 Life Extension

Associated Gas (oil fields) readying for supply of commissioning gas in 2013

Kutubu Kumul

TEG Dehydration Unit commissioning at CPF

Kumul Marine Terminal

New CALM Buoy at Kumul

9

PNG LNG Project - Upstream

Hides Gas Conditioning Plant (HGCP)

HGCP

April 2013

HGCP foundations completed and erection of structural steel substantially complete 10 PNG LNG Project - Drilling

Hides GTE Plant PDL 1/7 – Hides Field 8 New Production Wells

Hides Nogoli Camp

PDL 8 – Angore Field 2 New Wells

Hides Gas Conditioning Plant

10km Komo Airfield

Two new build rigs (Rigs 702 and 703) both operational Rig 702 at well pad B – development well B1 complete, B2 drilling ahead Rig 703 at well pad C – top hole section of both wells complete, drilling ahead on C1 Access roads and wellpad construction complete 11

PNG LNG Project Timetable Unchanged

» Continued early works » Continue onshore » Detailed design pipe lay » Order long leads and » Complete offshore pipe place purchase orders lay » Open supply routes » Start Hides plant » Contractor mobilisation installation First Gas from » Commence AG » Start Hides drilling Train 1, construction » Complete key AG items then Train 2

2010 2011 2012 2013 2014

Financial » Ongoing procurement » Complete pipe lay Close and mobilisation » Ongoing drilling » Airfield construction » Construction of » Drilling mobilisation HGCP » Start offshore » Commission LNG pipeline plant with Kutubu construction gas » Onshore line clearing and laying » Start LNG equipment installation 12 Gas Growth - PNG Highlands

PNG LNG Project PPL260 Comprehensive exploration Gas Resources Hides Non PNG LNG Gas and appraisal in PNG PRL3 Juha North Wabag Resources Highlands, to fully understand 260

PDL8 PRL11 Angore Juha PDL9 gas resource picture P’nyang PDL1 Mt. Hagen Moran

6°S PRL02 PDL6 PDL5 Significant progress in 2012 Hides Gas PPL233 PDL7 Mendi Conditioning Plant PPL233 & Komo Airfield with discovery of gas at PPL219

PPL277 Gobe Main P’nyang South Agogo PDL2 Kutubu SE Gobe

PDL4 PPL277 Drilling ongoing at Hides PRL14

PDL3 Iehi/Cobra 7°S Seismic underway at P’nyang PRL09 338 PRL08 Kimu Barikewa and Juha North

338

100km

8°S Kumul Terminal 142°E 143°E 144°E 13

P’nyang Gas Field

PRL 3 JV (OSH 38.5%, ExxonMobil 49.0%, JX Nippon 12.5%) concept selection studies expected to be finalised in 2013 Oil Search estimates total 2C gas resources in P’nyang field of 2.5 – 3.0 tcf Additional seismic in PRL 3 underway, to support potential development To maintain PRL 3, production development licence application must be submitted to PNG Government in 2015 Juha 5km 100km Hides Angore P’nyang 6°S Moran

Kutubu

Agogo Gobe

8°S

142°E 144°E 14 InterOil – ExxonMobil Proposed Development of PRL 15

PPL339 InterOil and JV partner, Pacific LNG Group, have entered exclusive negotiations with ExxonMobil on PPL277 development of PRL 15

338 339 PRL 15 comprises Elk and Antelope fields in PNG Gulf Province Triceratops 7°S 339 338 Any agreement is subject to Government PRL 15 approval 338 Elk / Antelope 339 Items under consideration include: InterOil and Pacific LNG selling ExxonMobil PPL338 interest in PRL 15 sufficient to supply gas to 339 develop additional LNG train at Konebada (PNG LNG) site PRL10 ExxonMobil will fund drilling of additional delineation wells in Elk and Antelope fields, PPL339 followed by recertification of resource PPL312 Kerema 8°S 50km Kumul Terminal 145°E 146°E 15

Gulf of Papua Flinders 1 gas discovery

100km Gas discovered in Flinders 1 in PPL 244 7°S Triceratpps Elk/Antelope

(OSH 40%, Total 40%, Nippon 20%), first 2D Seismic well in new OSH-operated offshore PNG 2011 Lines Gulf programme Uramu

8°S Kerema Kumul Terminal

2012 3D 5-10 metre gas column at top of thick, Seismic Region 2011 3D Seismic high net:gross, Pliocene age turbidite Regions

sandstone package, with substantial Flinders updip potential 9°S LNG Facility

Results de-risk key uncertainties of 144°E 145°E 146°E Port Moresby offshore Gulf play: Flinders 1 Hagana 1

Good quality reservoir Pleistocene Hydrocarbon charge present Pliocene Hagana Miocene Flinders

Jurassic & Cretaceous

Pasca Triassic & older 50km Ridge 16 Offshore Gulf Forward Programme

Flinders result will be used to recalibrate seismic data and update Gulf prospect portfolio, with over 30 opportunities identified across multiple play types

Hagana Second well, Hagana 1 in PPL 244, Prospect recently commenced drilling. Stacked

Kidukidu objectives, mean prospective resource Prospect Flinders 1.1 tcf Gas Discovery

Kidukidu 1 Hagana 1 Possible third well, Kidukidu, in PPL 244/PPL 385. Mean prospective Pleistocene resource of 1.3 tcf

Pliocene Miocene

Jurassic & Cretaceous

Pasca Triassic & older 50km Ridge 17

Onshore Gulf of Papua

PPL339 Seismic programme in

2D Seismic PPL 338 underway as part 2013 Lines of Oil Search farm-in PPL277 option, covering potential

338 339 extension of Triceratops

Triceratops discovery 7°S 339 338 Elk/Antelope Follows acquisition of

338 gravity gradiometry data 339 Subject to results of PPL338 seismic, OSH will decide 339 whether to take up

PRL10 equity and drill well

PPL339

PPL312 8°S 50km Kumul Terminal 145°E 146°E 18 Adding Value to PNG’s Oil Fields

Since Oil Search assumed operatorship of all PNG’s producing oil fields in 2003: Reserves increased by 100 million barrels to 550 million barrels (+22%) Kutubu previously expected to shut down by 2011-12. Life of oil fields extended by 30+ years

80,000 Kutubu SEG Wedge Usano Agogo Moran Kutubu Moran 70,000 Moran

60,000

50,000

40,000

Oil Search 30,000 takes over operatorship Oil Rate (bopd) 20,000

10,000 Decline under Oil Search previous operator Added Value operatorship 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

19

Production Outlook (ex-PNG LNG)

Net Production (mmboe) Forecast Active workover and development 8.12 Hides GTE 9 7.66 6.7- SE Mananda drilling programme planned for 2013 8 6.69 6.38 6.2 7 and 2014, designed to minimise 6 5 production decline profile 4 3 2 Expect 2013 production to be similar 1 0 to 2012. Guidance range of 6.2 – 6.7 2009 2010 2011 2012 2013 2014 mmboe. Production out to first LNG (Forecast)

PPL260 in 2014 also expected to remain PRL PDL9 Juha North 02 PDL1 PRL Angore 11 largely flat PDL PDL8 PRL PPL277 7 11 6°S PDL5 Juha PDL7 PDL6 PPL233

PPL219 PPL233 Focus on getting ready to deliver Mananda 6 commissioning gas from Associated SE Mananda PDL2 Gas fields into PNG LNG Project Cobra

PDL 4 PRL 14 Delivery of commissioning gas will PDL PDL 3 4

7°S Iehi not impact production performance PRL09 PRL08 Kimu Barikewa

143°E 144°E 20 Mananda 6 Oil Discovery PPL 219, PNG

Mananda 6 appraisal well, located ~10km from SE Mananda in PPL 219 (OSH 71.25%, JX Nippon 28.75%) discovered gross oil column of ~18 metres in Toro A and ~40 metres in Imburu A and Digimu sandstones Preliminary indications suggest series of compartments along Mananda Ridge, with potential for significant resources Test on Digimu underway to determine flow rates and possible presence of gas cap Subject to final testing and evaluation, aim to apply for development licence 2H13, FID 2014, with field to be tied-in to SE Mananda facilities. First oil targeted for 2015/16

Mananda 6 NE Mananda 5

Darai Mananda 6

Ieru

SW 5km

21

MENA Exploration

Existing Middle East/North Africa licences focused on exploration opportunities that have material oil potential Long term strategy is to leverage existing strong relationships and skills base to develop international portfolio. Pace dependent on availability of suitable value-add opportunities, PNG capital commitments 22 Taza 1 Oil Discovery, Taza PSC, Kurdistan

Oil discovered in Taza 1 well (OSH 60%, Total 20%, KRG 20% back-in), with continuous shows over 250 metre section, covering three reservoir intervals – Jeribe, Dhiban and Euphrates Test of 150 metre open hole section below Jeribe underway. Flow rates of >4,000 bbls of fluid per day achieved, including 1,100 bbls per day of oil. Subsequent test flowed 800 bopd oil, 400 bpd water, trending to zero water Pre-drill estimate of potential resource unchanged at 250-500 mmbbls Follow-up drilling programme in 2H13, to further appraise Jeribe, Dhiban and Euphrates Formations and drill Cretaceous Shiranish and possible deeper targets

Jambur Oil discovery 1953 by IOC. Taza 1 Reserves in excess of 1BBL Export via Kirkuk Euphrates & Qamchuqa Kor Mor 300mscfd gas/condensate to Local power stations

Oil Discovery by IOC 1956. Tested max Taza Kurdamir 2180bopd from Euphrates Gas condensate discovery And 700bopd Shiranish Kirkuk & Jaddala Shiranish

Shakal Chia Surkh Oil discovery. Tested Tested 11,950 bopd Open hole test of lower zone 2700bopd from Jaddala from Oligo-Miocene of Taza 1 well, Kurdistan

Sarqala Euphrates Gas/Oil discovery 9000bopd from Jeribe

Qamar Oil Discovery by IOC 1980 Tested 3km 2000bopd from Jeribe 23

Strong Financial Position

Strong balance sheet, able to fund Cash (US$m) remaining equity share of PNG LNG 1,289 1,265 Project as well as active exploration and 1,047 development programme

536 488 US$3.06 billion drawn down under PNG LNG project finance facility PNG LNG 2012 cost increase : 08 09 10 11 12 To be funded 70:30, debt:equity. Discussions progressing well to secure Corporate Facility (US$m) US$1.5bn supplemental debt available under existing project finance agreement 500 435 363 Large component of exploration spend 304 is discretionary, ability to reduce if 247 necessary Capacity to raise additional debt funding at corporate level, should need arise 08 09 10 11 12 24 Outlook

Progressive delivery of PNG LNG, in line with schedule and revised budget. Value steadily increases as cashflows get nearer Progress on LNG expansion plans, underpinned by P’nyang resource, augmented by other Highlands gas Potential third party gas could result in further LNG expansion Ongoing drilling in Gulf of Papua to follow up Flinders discovery Test of Mananda oil discovery and possible FID in 2014 Appraisal of Taza oil discovery 2013 &14 oil production expected to be similar to 2012, with natural decline mitigated by active workover and drilling programme

25

Production Outlook (excl. possible LNG expansion, Mananda)

Net Production (mmboe) 30

PNG LNG (T1+T2) Base oil production 25 Hides GTE SE Mananda SE Gobe 20 Gobe Main Moran Kutubu 15

10 8.12 7.66 6.69 6.38 6.2-6.7

5

0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (Forecast)

26 O I L S E A R C H L I M I T E D

27

Appendix 1. Investment Outlook

2,500 US$m 2013 Guidance US$1.93-2.0bn Other PP&E

2,000 Production 1,861 US$20 – 30m PNG LNG US$150 – 170m Exploration & Evaluation 1,568 1,500 1,364

US1,500 – 1,600m 1,000

586 451 500

US$260 – 300m

0 2008 2009 2010 2011 2012 2013F

28 DISCLAIMER

While every effort is made to provide accurate and complete information, Oil Search Limited does not warrant that the information in this presentation is free from errors or omissions or is suitable for its intended use. Subject to any terms implied by law which cannot be excluded, Oil Search Limited accepts no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error, omission or misrepresentation in information in this presentation. All information in this presentation is subject to change without notice. This presentation also contains forward-looking statements which are subject to particular risks associated with the oil and gas industry. Oil Search Limited believes there are reasonable grounds for the expectations on which the statements are based. However actual outcomes could differ materially due to a range of factors including oil and gas prices, demand for oil, currency fluctuations, drilling results, field performance, the timing of well work-overs and field development, reserves depletion, progress on gas commercialisation and fiscal and other government issues and approvals.

29