O I L S E a R C H L I M I T E D Oil Search Profile

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

Oil Search Profile

Established in Papua New Guinea (PNG) in 1929 Market capitalisation ~US$11bn Listed on ASX (Share Code OSH) and POMSOX, plus ADR programme (Share Code OISHY) Tunis Sulaymaniyah Tunisia Operates all PNG’s currently Iraq Dubai producing oil and gas fields

Sana’a Yemen PNG Government is largest shareholder with 15%. Exchangeable bond over shares Papua New Guinea Kutubu Ridge Camp issued to IPIC of Abu Dhabi Port Moresby (Head Office) 29% interest in PNG LNG Project, world scale LNG project operated Australia Brisbane by ExxonMobil Sydney Exploration interests in PNG, Middle East/North Africa

2 The Next Transformation

PNG LNG being delivered progressively and predictably – four fold increase in production with similar impact on cash flows Focus on LNG expansion: OSH a major resource and infrastructure owner Optimal development of additional trains a major objective, resource understanding paramount Attractive economics – class-leading returns Continued PNG oil upside: Mananda Ridge a new focus Solid production from existing base Significant resource confirmed at Taza in Kurdistan: Moving to appraisal and staged development Balance sheet remains solid: Able to support unprecedented growth opportunities

Consistent strategy and disciplined capital management deliver share price growth

A$ billion OSH Market Capitalisation & Share Price History A$/share 12 9.00 • Significant share price growth (23 Oct 13)

o 20 years to date  959% 8.00 o 10 years to date  764% P’nyang South 10 discovery o 3 years to date  33% 7.00 • Key milestones likely to impact share price over the next 18 months: 8 o PNG LNG Train 1 and 2 completion 6.00 o LNG expansion

o Mananda and Taza development 5.00 6 4.00 PNG LNG sanctioned 4 3.00

2.00 2 1.00 Market Capitalisation Share Price 0.00 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Kutubu Buy BP Moran oil Buy Merger with Buy ChevronTexaco’s first oil Gobe discovery BP’s PNG Orogen PNG assets, assume assets assets Minerals operatorship 4 Key Oil and Gas Fields, PNG

Madang Juha PPL260 Angore North 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 Uramu 339 Kopi Scraper PPL339 Prospect Station PRL10 Oil Pipeline

Kerema 339 339 8°S Kumul Terminal PNG LNG Gas Pipeline PPL234 PNG LNG Project OSH Facility PPL385 Gas Fields PPL244 Hagana PNG LNG Project Facility PNG LNG Project Flinders LNG Facility New Facilities Major Road 9°S Non PNG LNG Daru 100km Gas/Oil Fields

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

PNG LNG Project

Angore

Hides Juha Juha Facility Moran 6°S Hides Gas Conditioning Plant

Komo Airfield

Agogo Kutubu

Gobe Main

7°S

Onshore pipeline and Infrastructure

Oil Pipeline 8°S PNG LNG Kumul Terminal Gas Pipeline

OSH Facility

PNG LNG Project Facility Offshore pipeline LNG Facility

9°S 100km

Port Moresby 141°E 142°E 143°E 144°E 145°E 146°E 147°E 6 PNG LNG Project Overview

6.9 MTPA, 2 train development, operated by ExxonMobil Expected to produce more than 9 tcf of gas and 200+ million barrels of associated liquids over its 30 year life Initial Equities: ExxonMobil (33.2%), Oil Search (29.0%), National Petroleum Company of PNG (PNG Govt) (16.8%), Santos (13.5%), Nippon Oil (4.7%), MRDC (PNG Landowners) (2.8%) 6.6 MTPA contracted to Asian buyers. Additional 0.3 MTPA to be sold either under contract or spot: Sinopec (China) ~2.0 MTPA TEPCO (Japan) ~1.8 MTPA Osaka Gas (Japan) ~1.5 MTPA CPC (Taiwan) ~1.2 MTPA

PNG LNG Project Status

*Existing Facilities Over 90% complete Juha Gas Field Juha Production Facility 250 Mcfd

60km x 14” 60km x 8” Commissioning activities underway at gas line liquids line Hides LNG plant Gas Field Hides Gas Conditioning Plant 960 Mcfd Angore Gas Field First LNG sales window narrowed to 109 km x 8” second half of 2014 condensate line Agogo/Moran*

Cost outlook of US$19bn confirmed by 292 km x 32” gas Kutubu* pipeline onshore operator, Esso Highlands Gobe*

US$1.5bn (gross) supplemental project Existing 270 km x 20” crude oil export line financing secured, all funding now in LNG Facility 6.9 MTPA place to complete Project OSH forecast spend (net) in 2013: 407 km x 34” subsea gas pipeline

US$1.3 – 1.4 bn (inc financing), funded Gulf of Papua Port Moresby 70:30 debt:equity

8 Commissioning of key equipment at LNG plant site underway

PNG LNG Plant

LNG Facility

Gas Flare at LNG Plant

Land access for entire onshore pipeline complete

Onshore Pipeline

Offshore Pipeline

Work underway on mainline between Kutubu and Hides and spineline between Hides and wellpads

Pipeline Installation

10 Oil fields are now supplying commissioning gas to LNG plant

Kutubu Kumul

Major milestone achieved in September when commissioning gas from Kutubu was introduced into LNG plant Gas will be used to commission plant site utilities and process trains

TEG Dehydration Unit at CPF

All Antonov cargoes into Komo completed, major equipment on foundations at HGCP

Hides Gas Conditioning Plant (HGCP)

HGCP

12 Drilling at Hides progressing with two rigs operating

Drilling rig 703 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

3 wells (B1, B2, C2) completed Rig 703 drilling bottom hole section of C1 at well pad C Rig 702 has commenced drilling at well pad D (D1 & D2) 13

PNG LNG Project Timetable

» 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 14 Potential expansion of PNG LNG using Highlands gas

PNG LNG Project PPL260 With PNG LNG construction Gas Resources Hides Non PNG LNG Gas approaching completion, PRL3 Juha North Wabag Resources focus is moving to potential 260

PDL8 PRL11 Angore Juha PDL9 expansion opportunities P’nyang PDL1 Mt. Hagen Moran

6°S PRL02 PDL6 PDL5 Possible gas for expansion Hides Gas PPL233 PDL7 Mendi Conditioning Plant PPL233 & Komo Airfield includes P’nyang, Juha North PPL219

PPL277 Gobe Main and other Highlands Agogo PDL2 Kutubu SE Gobe opportunities

PDL4 PPL277 PRL14 Exploration and appraisal PDL3 Iehi/Cobra 7°S PRL09 338 activity in PNG Highlands PRL08 Kimu Barikewa underway, to help better

338 understand gas resource picture

100km

8°S Kumul Terminal 142°E 143°E 144°E 15

Scoping on potential development of P’nyang ongoing Resource definition, engineering, environmental and social impact studies on P’nyang Gas Field in PRL 3 JV (OSH 38.5%, ExxonMobil 49.0%, JX Nippon 12.5%) progressing Development work expected to continue through 2013 and into 2014, to support submission of production development licence application in 2015 Oil Search estimates total 2C gas resources in P’nyang field of 2.5 – 3.0 tcf, with possible upside Acquisition of second phase of additional seismic in PRL 3 underway, to support potential development

5km Juha 100km

Hides

Angore

6°S P’nyang Moran

Kutubu

Agogo Gobe

8°S

142°E 144°E 16 Proposed sale of PRL 15

PPL339 InterOil (IOC) seeking to bring experienced LNG operator into PRL15, which contains Elk and PPL277 Antelope gas fields, located in PNG 338 339 Gulf Province Triceratops 7°S 339 338 Sale process ongoing PRL 15 OSH watching with interest and 338 Elk / Antelope 339 engaged with key players on potential development options PPL338

339

PRL10

PPL339

Kerema 8°S 50km Kumul Terminal 145°E 146°E 17

Gas discoveries in Gulf of Papua

Gas discovered at both Flinders and Hagana wells in PPL 244

Good quality sand discovered at 8°S Kidukidu in PPL 385, but water Kumul Terminal

wet PPL234 Drill results prove Plio- Pleistocene turbidite play PPL385 fairway in Gulf of Papua PPL244 Hagana Drilling data being used to Flinders calibrate seismic and geological Kidukidu models, allowing full evaluation of other prospective targets in 9°S Gulf 50km

145°E

18 Onshore Gulf of Papua: seismic being acquired

2D Seismic 2013 Lines PPL339 Seismic programme in PPL 338 underway as part of Oil Search farm-

PPL277 in option, covering potential extension of Triceratops discovery

338 Evaluation of gravity gradiometry 338 Triceratops 7°S data underway

338 Elk/Antelope Subject to results of seismic, OSH will decide whether to take up equity and drill well

PPL338

30km

145°E 19

Mananda development, PNG Highlands Application for development licence PPL219 PDL1 PPL277 submitted to PNG Government in August

2013 Mananda 5 PDL6 PDL5 Mananda 6 Phased development. Base development Moran comprises M5 & M6 tied-back to SE Mananda and Agogo Processing Facility SE Mananda In-place resource of 50–130 mmbbl, with 10-30 mmbbl recoverable (based

on 100 mmbbl mid-case & recovery SE Mananda factor of 10-30%) Pipeline

Juha Hides Agogo Significant exploration upside in Angore SE Mananda 6°S P’nyang Mananda and SE Mananda areas Moran Bridge Mananda Kutubu APF

Agogo Gobe 10km PDL2

8°S 142°E 144°E 20 Upside on the Mananda Ridge

Mananda 6, Digimu test, June 2013 up to 1,750bopd Mananda 6

SE Mananda

Mananda 5

4km

M 3X M 5 M 6 M 4X SEM 2X SEM 1X

Schematic cross-section NW – SE along Mananda 5 and 6 discoveries and SEM field 21

Oil discovery at Taza, Kurdistan: moving to appraisal

Tawke Field Oil Field Light oil proven in three reservoir intervals Oil & Gas Field in Taza 1. Initial analysis confirms pre-drill Shaikan Field Gas Field Gas/condensate estimates of 250-500 mmbbl of recoverable Oil Pipeline oil in these intervals Gas Pipeline

Including deeper untested intervals, Kurdistan potential could be 750 mmbbl Taq Taq Field Discovery report submitted to KRG in July 2013. Proposed appraisal programme submitted in September Kirkuk Field

Appraisal programme includes Taza 2 (to Jambur Field commence drilling 4Q13), to appraise upper Taza PSC intervals and explore deeper Tertiary and

Cretaceous targets, re-entry of Taza 1, Chia drilling up to three additional wells, 3D Surkh seismic and EWT Field

Maturing lead (SE Jambur) in west of licence for possible drilling in 2014, with in-place resource potential of ~300 mmbbl Baghdad 22 Taza oil discovery: moving to appraisal

Kor Mor SWTaza 1 NE Jambur

Taza

Taza 2 Proposed

Taza 5 Proposed Taza 4 Proposed

Taza 1ST2

Taza 3 Proposed

SE Jambur Lead Jeribe/Dhiban

Euphrates/Kirkuk Pulkhana

2km Shiranish

10km

NOTE: Proposed well locations subject to change 23

New era of stability in PNG

Significant economic growth continues in PNG PNG Government has made positive progress on key issues: Sovereign wealth fund Benefits distribution Transparency (adoption of EITI) Independent anti-corruption commission to be formed OSH has strong relationship with Government, with many common goals in resource development. Continue to work with Government and community to manage and mitigate operating and investment risks: Providing support to Government, where appropriate eg tax credit infrastructure activities Oil Search Health Foundation and ongoing community programmes PNG Government seeking to refinance IPIC exchangeable bonds prior to reaching maturity in 2014

24 Steadily adding value

PNG LNG revenues getting closer: Continuing preparations for LNG start-up and new opportunities and responsibilities post LNG Progressive augmentation of management team, operational systems and facilities life Board recognises need to share value created by PNG LNG with shareholders: Seek to balance investment in quality high returning growth projects with dividend and other capital management Disciplined and predictable approach Will review in 2014, when growth projects are better understood, with capital management commencing in 2015, following PNG LNG financial completion

Base PNG production outlook (ex-PNG LNG)

2013 production guidance range Net Production (mmboe) 10 8.12 7.66 6.2- 6.69 remains 6.2 – 6.7 mmboe (towards 8 6.38 6.7

upper end) 6

4 Production out to first LNG in 2014 2

expected to remain broadly flat, 0 2009 2010 2011 2012 2013 2014 with workover and development (Forecast)

PPL260 drilling programme to continue Hides PRL PDL9 02 PDL1 PRL 11 through 2013 and 2014 PDL PDL8 PRL PPL277 Moran 7 11 6°S PDL5 PDL7 PDL6 PPL233 Incremental production from PPL219 PPL233

Mananda from 2016 SE Mananda Agogo PDL2 Gobe Main Delivery of commissioning gas to Kutubu SE Gobe PDL 4 PRL 14 PNG LNG infrastructure will not PDL PDL 3 4

7°S impact oil production performance PRL09 PRL08

143°E 144°E 26 In first full year, PNG LNG will add ~19 mmboe net to OSH production

Net Production (mmboe) 30 Mananda High Case(1) Mananda Base Case 25 Taza EWT PNG LNG (T1+T2) Hides GTE (2) 20 SE Mananda Gobe(2) Moran(2) Kutubu(2) 15

10 8.12 7.66 6.69 6.38 6.2-6.7

0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Notes (Forecast) 1. Assumes further exploration successes 2. Oil forecasts assume no new development wells or workovers beyond 2014 3. Gas:oil conversion rate used: 6,000 cubic feet of gas = 1 barrel of oil equivalent 27

Summary

Transformation to an LNG producer continues, with PNG LNG nearing completion, sales to commence in 2014 Series of potential expansion opportunities being matured, with focus on resource build and optimal development Appraisal and staged development at Mananda and Taza. Have potential to add to production base in medium term Cash flows remain strong, with adequate balance sheet and debt options to support growth initiatives until first LNG Strongly committed to growing Company and shareholder value

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

Appendix 1: Key metrics

Production (mmboe) NPAT (US$m) 9.8 313.4 8.6 8.1 7.7 6.7 6.4 202.5 185.6 175.8 137.9 133.7 3.2 113.5

07 08 09 10 11 12 1H13 07 08 09 10 11 12 1H13

Oil Price (US$/bbl) DPS (US cents) 88 116 114 109 100 78 76 65 4444

07 08 09 10 11 12 1H13 07 08 09 10 11 12 1H13

30 Appendix 2: Financial position

Cash (US$m) Strong balance sheet, able to fund remaining 1289 1265 equity share of PNG LNG Project and active 1047 exploration and development programme: US$318 million in cash at end September 536 488 US$350 million of funding available under 318 corporate facility, US$150 million drawn down Ongoing cash flow from oil fields 08 09 10 11 12 3Q13 US$360 million remaining equity contribution to PNG LNG Project at end of 3Q 2013 Corporate Facility (US$m) Number of levers to manage balance sheet: 500 435 Assessing shorter-term debt funding options, if 363 350 required, to finance incremental development 304 activities prior to receipt of PNG LNG cash 247 distributions US$1.5 billion supplemental debt tranche for PNG LNG Project recently secured 08 09 10 11 12 3Q13 31

Appendix 3: Investment outlook

US$m 2,500 Other PP&E 2013 Guidance: Production US$1.8 - 2.0bn PNG LNG Project US$10 – 20m 2,000 1,861 Exploration & Evaluation US$160 – 180m (including gas growth) 1,568 1,500 1,364

US$1,300 – 1,400m 1,000

586 451 500

US$320 – 360m 0 2008 2009 2010 2011 2012 2013F

32 Appendix 4: 2013 guidance

Production:

Towards upper end of 6.2 – 6.7 mmboe guidance Operating costs:

Normalised opex ~ US$24 - 26/boe (incl corporate costs), unchanged

Impacted by:

Major workover programme to maximise oil recoveries before gas production Foreign exchange rate movements

PNG inflation Hides GTE gas purchase costs ~US$40m Depreciation, amortisation and site restoration:

US$8-10/boe, unchanged

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.