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121024 Citi Conference 1 on 1 O I L S E A R C H L I M I T E D Citi’s 4th Australian Investment Conference 24 October 2012 1 Oil Search Profile Established in Papua New Guinea (PNG) in 1929 Market capitalisation ~US$10 billion Listed on ASX (Share Code OSH) and POMSOX, plus ADR programme (Share Code OISHY) Tunis Operates all PNG’s currently Sulaymaniyah Tunisia producing oil and gas fields Iraq Dubai PNG Government is largest shareholder with 15%. Sana’a Yemen Exchangeable bond over shares issued to IPIC of Abu Dhabi Papua New Guinea Kutubu Ridge Camp 29% interest in PNG LNG Port Moresby Project, world scale LNG (Head Office) project operated by ExxonMobil Australia Brisbane Exploration interests in PNG, Sydney Middle East/North Africa 2 Key Oil and Gas Fields, PNG Madang PPL260 Angore P’nyang PRL3 Porgora Wabag Gold Mine Juha 260 Hides Tagari PDL8 Proposed Juha PDL9 PRL11 Facility PDL1 Mt. Hagan Moran PPL277 6°S Kundiawa PRL02 PDL6 Goroka Kiunga PDL5 PDL7 233 Mendi 233 Agogo Hides Conditioning Plant PPL219 Moro Airport & Komo Airfield PDL2 Kutubu Mananda 5 PPL339 PRL14 SE Mananda Gobe Main Lae 338 339 PDL4 PDL3 339 7°S PRL09 338 Barikewa Elk/Antelope PRL08 338 Kimu 339 Kopi Wharf SE Gobe PPL338 PNG LNG Project Uramu 339 Gas Resources Kopi Scraper PPL339 Station PRL10 PNG LNG Project Oil Field New Facilities PPL312 Kerema 339 339 8°S Gas Field Non PNG LNG Kumul Terminal Prospect PPL276 Gas Resources PPL234 Oil Pipeline Exploration PNG LNG PPL385 Gas Resources Gas Pipeline PPL244 Flinders OSH Facility LNG Facility PNG LNG 9°S Project Facility Daru Major Road PRL01 Pandora 100km Port Moresby 141°E 142°E 143°E 144°E 145°E146°E 147°E 3 OSH in Significant Growth Phase Top quartile performer for past six years Significant growth opportunities identified, capable of driving future value Largest ever development, appraisal and exploration programme now underway Series of catalysts over next 18 months, with drilling results progressively delivered Activities supported by steady production, strong cash flows and healthy balance sheet 4 Strategy Delivery Underway Delivery of initiatives from 2010/11 Strategic Review on track: PNG LNG Project in full construction, on track for 2014 LNG sales Resource definition for LNG growth making good progress: P’nyang South discovery Hides drilling commenced Highlands exploration ongoing PNG Gulf drilling to commence early 2013 Oil upside in PNG and overseas being tested: Increased rig capacity in PNG, Mananda 6 to be drilled in 1Q13 Taza exploration well in Kurdistan underway, Semda in Tunisia to follow Active programmes to address operating risks Balance sheet strength, with optimisation of debt structure Success in initiatives should enable continued top quartile TSR performance 5 Strong Share Price Performance • Significant share price growth: o Jan 2007 to date +128.4% (ASX100 = -18.1%) o Jan 2012 to date +22.4% (ASX100 = +13.1%) • Key future share price drivers: 9 Share price o PNG LNG progress o Train 3 expansion status (rebased to OSH) o Gulf of Papua exploration / resource aggregation 8 o Other international growth Oil Search 7 Brent 6 5 Santos 4 Beach 3 Woodside ASX 100 2 1 Jan‐07 Jul‐07 Jan‐08 Jul‐08 Jan‐09 Jul‐09 Jan‐10 Jul‐10 Jan‐11 Jul‐11 Jan‐12 Jul‐12 6 PNG LNG Project Overview Wabag Juha Hides Angore Juha Facility Mt. Hagan 6°S Hides Gas Conditioning Plant Kundiawa Goroka Komo Airfield MoranMendi Agogo Kutubu CPF Kutubu Lae Gobe PF 7°S Gobe Main Kopi Wharf Onshore pipeline and Infrastructure 8°S Kerema Oil Field Kumul Terminal Gas Field Oil Pipeline PNG LNG Gas Pipeline Offshore pipeline OSH Facility PNG LNG 9°S Project Facility Daru Major Road LNG Facility 100km Port Moresby 142°E 143°E 144°E 145°E 146°E 7 PNG LNG Project Overview 6.6 MTPA, 2 train development, operated by ExxonMobil Over its 30-year life, PNG LNG expected to produce more than 9 tcf of gas and 200+ million barrels of associated liquids 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% Fully contracted to Asian buyers, with continuing strong market interest Sinopec (China) ~2.0 MTPA TEPCO (Japan) ~1.8 MTPA Osaka Gas (Japan) ~1.5 MTPA CPC (Taiwan) ~1.2 MTPA 8 PNG LNG Project Overview Main EPC contractors: LNG Plant: Chiyoda/JGC Offshore Pipeline Saipem Hides Gas Plant CBI/Clough JV Onshore Pipeline Spiecapag Infrastructure McConnell Dowell/CCC JV Early Works Clough/Curtain JV Associated Gas (OSH only) Jacobs Different labour environment to Australian LNG projects. Workforce of ~17,600 including 8,500 PNG nationals, plus many other different nationalities First LNG sales on track for 2014, capital cost US$15.7 billion 9 Milestones achieved in 2012 Completed 407 kilometre offshore pipelay Commenced installation of pipe racks and vessels on both LNG process trains. Completed LNG tank shells and roofs and jetty trestle Onshore pipeline completed to Kutubu Good progress on Komo airfield, Antonov contract awarded HGCP process area handed over to construction contractor Hides development drilling commenced Completed first phase of PL 2 Life Extension Project Associated Gas (AG) Project: First gas drying unit (TEG) operational, performance testing of commissioning gas unit (CGU) Good progress towards Operator’s planned start-up window in 2014 10 Focus Areas for 2012/13 Komo and HGCP work-front productivity post recent bad weather/flooding Continued progress on onshore pipeline through challenging terrain and social environment Development drilling at Hides AG: Complete commissioning gas availability from Kutubu, finalise Gobe construction and Kumul works Following uneventful election process, engage with new Government on benefits delivery structures Progress towards Operator’s planned start-up window in 2014 11 Hides Development and Appraisal Drilling PDL 1 – Hides Field 8 New Production Wells Drilling 2012+ GTE PL 1 Hides GTE Plant Hides Nogoli Camp PDL 8 – Angore Field 2 New Wells PDL 7 – South Hides Hides Gas Conditioning Plant Construction 2012/13 10km Komo Airstrip PNG LNG development drilling programme commenced in July with Rig 702 Second rig, Rig 703, on site and expected to start drilling shortly Produced Water Disposal (PWD) well to be drilled in 2013. Will target water leg and provide important data on gas water contact and potential gas resource upside 12 Timetable » Continue onshore » Continued early works pipe lay » Detailed design » Complete offshore » Order long leads and pipe lay place purchase orders » Start Hides plant » Open supply routes installation First Gas from » Contractor mobilisation » Start Hides drilling Train 1, » Commence AG » Complete key AG then Train 2 construction items 2010 2011 2012 2013 2014 » Ongoing procurement Financial » Complete pipe lay Close and mobilisation » Airfield construction » Ongoing drilling » Drilling mobilisation » Complete Hides plant » Start offshore pipeline » Commission LNG plant construction with Kutubu gas » Onshore line clearing and laying » Start LNG equipment installation 13 PNG LNG – Trains 1 & 2, Storage Tanks 14 PNG LNG – Installation of Amine Absorber, T2 15 PNG LNG – Export Jetty 16 PNG LNG – Offshore and Onshore Pipelines Offshore pipeline (completed) Onshore pipeline welding Onshore pipeline 17 PNG LNG - AG Projects TEG Dehydration Unit installation Upgrade of Kumul Marine Terminal New CALM Buoy at Kumul 18 PNG LNG – Hides Gas Conditioning Plant 19 PNG LNG – Rig 702 20 PNG LNG – Komo Airfield 21 Growing PNG Gas Business: Key Strategic Priority PPL260 PRL3 Juha North Hides Angore Wabag PNG LNG Project Pursuing two- Gas Resources 260 Juha PDL8 Tagari Non PNG LNG pronged LNG PDL9 PRL11 PDL1 Mt. Hagan Gas Resources P’nyang Moran PPL277 expansion strategy 6°S PRL02 PDL6 Exploration PDL7 233 PDL5 Mendi for PNG gas 233 Agogo Gas Resources Hides Gas PPL219 Conditioning Plant growth: & Komo Airfield Kutubu PDL2 Gobe Main PPL339 Potential PNG LNG PRL14 PNG LNG SE Gobe Elk/Antelope Expansion: Highlands 338 339 Expansion PDL4 PDL3 339 7°S /onshore resources PRL09 338 close to PNG LNG PRL08 338 339 infrastructure PPL338 Uramu 339 PNG Gulf of Papua PPL339 PRL10 LNG: Explore for gas to support new LNG PPL312 Kerema 339 8°S Kumul Terminal 2012 3D PPL276 hub. Other options Seismic Region PPL234 include floating LNG PPL385 or integration with Gulf - potential PPL244 new LNG hub Flinders existing infrastructure 2011 3D Seismic 9°S Daru Regions PRL01 100km Pandora 142°E 143°E 144°E 145°E146°E 22 P’nyang South P’nyang South 1 and ST1 discovered ~380 metre gas zone in southern fault block in PRL 3, with additional up-dip potential to >650 metres Result materially increases total estimated 2C gas resources in P’nyang field Potential key underpinning volume for LNG expansion, particularly together with gas reserves upside in AG fields Now in pre-FEED concept selection stage, preliminary studies on potential design concepts and costs underway PRL 3: ExxonMobil 49%, Oil Search 38.5%, JX Holdings 12.5% Juha 100km Hides P’nyang 6°S South Moran P’nyang 1X P’nyang 2X Angore Kutubu Agogo Gobe P’nyang South 1 ST1 SW P’nyang 1X NE P’nyang South 1 & ST1 0 10km 144°E Toro 23 Highlands Drilling First exploration well in programme, Trapia 1, unsuccessful, but other prospects and leads, on trend with Angore, remain prospective 2D seismic programme being undertaken to further mature Tagari and NW Angore leads: Phase 1 – 30 km completed 2Q12 Phase 2 – 120 km recently commenced Acquiring interest in adjacent licence, PPL 277, 50:50 with ExxonMobil (subject to Ministerial approval) Juha Hides Tagari NW Angore
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