US I nvestor Presentation March 2 0 1 0 1 DI SCLAI MER W hile - - PowerPoint PPT Presentation

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US I nvestor Presentation

March 2 0 1 0

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

2

DI SCLAI MER

W hile every effort is m ade to provide accurate and com plete inform ation, Oil Search Lim ited does not w arrant that the inform ation in this presentation is free from errors or om issions or is suitable for its intended use. Subject to any term s im plied by law w hich cannot be excluded, Oil Search Lim ited accepts no responsibility for any loss, dam age, cost or expense ( w hether direct or indirect) incurred by you as a result of any error, om ission or m isrepresentation in inform ation in this

• presentation. All inform ation in this presentation is subject to change w ithout

notice. This presentation also contains forw ard-looking statem ents w hich are subject to particular risks associated w ith the oil and gas industry. Oil Search Lim ited believes there are reasonable grounds for the expectations on w hich the statem ents are

• based. How ever actual outcom es could differ m aterially due to a range of factors

including oil and gas prices, dem and for oil, currency fluctuations, drilling results, field perform ance, the tim ing of w ell w ork-overs and field developm ent, reserves depletion, progress on gas com m ercialisation and fiscal and other governm ent issues and approvals.

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Oil Search Profile

 Established in Papua New Guinea ( PNG) in 1 9 2 9  Operates all of PNG’s producing oil and gas fields.

Current gross production ~ 4 0 ,0 0 0 boepd, net share ~ 2 1 ,0 0 0 boepd

 PNG Governm ent is largest shareholder w ith 1 5 % . I n

early 2 0 0 9 , Govt issued exchangeable bond over shares to I PI C of Abu Dhabi

 2 9 % interest in PNG LNG Project, w orld scale LNG

project operated by ExxonMobil. Project in construction, first LNG sales expected 2 0 1 4

 Significant further gas resources still to be

com m ercialised plus exploration interests in PNG and Middle East/ North Africa

 Market capitalisation ~ US$ 7 billion. Listed on ASX

( Share Code OSH) and POMSOX, plus ADR program m e ( Share Code OI SHY)

4

Oil Search Locations

Tunisia I raq Yem en Papua New Guinea Australia

Brisbane Sydney Port Moresby

( Head Office)

Kutubu Ridge Cam p Dubai Sana’a Tunis

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2 0 0 9 Perform ance Sum m ary

 Highlight of 2 0 0 9 w as PNG LNG Project developm ent decision:

 Less than tw o years from FEED to Sanction  Transform ational im pact on Oil Search and PNG  ExxonMobil quality operator  Foundation for m ajor LNG industry in PNG

 Seven fold increase in proven and probable reserves, increasing

from 6 7 m m boe to 5 6 7 m m boe, w ith significant further potential upside

 NPAT of US$ 1 3 3 .7 m illion, US$ 9 9 .6 m excluding PNG

Governm ent back-in and tax adjustm ents. Satisfactory result given com m odity environm ent, w ith average oil price dow n 3 5 %

 Strong balance sheet w ith US$ 1 .3 billion cash at year end, total

liquidity of US$ 1 .6 billion ( including line of credit) . Sufficient for both PNG LNG equity contribution plus funding of T3 / T4 gas exploration/ appraisal program m e

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Outstanding Safety Perform ance

Total Recordable I ncidents ( TRI s) of 1 .1 6 in 2 0 0 9

TRI / 1 ,0 0 0 ,0 0 0 Hours 2 4 6 8 1 0 1 2 1 4 1 9 9 8 1 9 9 9 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 7 Oil Search 2 0 0 6 Australian Com panies ( APPEA) 2 0 0 8 I nternational Com panies ( OGP)

12.7 9 .1 9.3 7.8 7.0 7.3 5.2 9.4 8.2 6.3 6.8 3.9 3.1 2.9 2.7 2.1 4.0 3.6 4.9 5.7 6.0

2 0 0 9

8.5 10.6 9.8 10.7 5.8 1.7 4.7 2 .4 2 .3 1 2.05 1.16 2.04

7

Consistent TSR perform ance over 5 years

Source: I RESS

Relative TSR perform ance for period ending 3 1 Decem ber, 2 0 0 9

ASX 1 0 0 I ndex Median Com pany OSH perform ance

# Ranking based on ASX 100 composition at the beginning of the reference period.

• 5

1 0 2 0 3 0 4 0 1 Year 3 Year 5 Year

% TSR per annum

1 st 3 rd

OSH Ranking # 4 2 nd

8

Future Value Grow th

Driven by :-

 PNG LNG delivery  Project optim isation  Further LNG train developm ent  Reserve grow th and exploration success

Com prehensive program m es to deliver

value through to PNG LNG first gas

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PNG LNG Project

1 0

PNG LNG Project

 W orld class LNG project

under construction

 Aligned joint venture  ExxonMobil Operator –

excellent track record

 Supportive Governm ent

and com m unities

 Provides infrastructure

for future grow th

 Transform ational for Oil

Search and PNG

1 1

PNG LNG Project the road to sanction

 2 0 0 8

 Signed JOA, aligning JV partners in March  Signed Gas Agreem ent w ith Govt in May  Com m enced FEED in May  Com m enced m arketing discussions late 2 0 0 8  Developed financing plan

 2 0 0 9

 Subm itted EI S in January  Signed UBSA in May  Signed HOAs  Com m enced early w orks  EI S approved in October  Com pleted FEED, LNG plant capacity

increased to 6 .6 MTPA

1 2

PNG LNG Project the road to sanction

 Decem ber 2 0 0 9

 Com pleted LBSAs  Signed 3 SPAs w ith TEPCO, Osaka Gas and Sinopec  Developm ent approval 8 Decem ber 2 0 0 9  EPC contracts aw arded 9 Decem ber 2 0 0 9  Financing docum ents signed 1 5 Decem ber 2 0 0 9 w ith

ECAs, Com m ercial Banks and ExxonMobil for $ 1 4 billion – w orld’s largest project financing

 Governm ent offered and Project accepted all developm ent

licences

 Governm ent paid past costs for equity back-in to new

developm ent licences

 March 2 0 1 0

 Signed final SPA w ith CPC – now fully contracted  LNG vessel charter contracts signed w ith

Mitsui OSK Lines

 Minor legislation am endm ents  1 2 March – Financial Close

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PNG LNG Project

 Construction has com m enced ( roads, bridges, cam ps, site

preparation and training facilities) . First LNG sales expected 2 0 1 4

 First phase CAPEX, including FEED and early w orks estim ated at

US$ 1 5 billion

 Contracts:

 LNG Plant:

Chiyoda/ JGC

 Offshore Pipeline

Saipem

 Hides Gas Plant

CBI / Clough JV

 Onshore Pipeline

Spiecapag

 I nfrastructure

McConnell Dow ell/ CCC JV

 Early W orks

Clough/ Curtain JV

 Associated Gas ( OSH only)

Aker Solutions

 Mix of fixed price/ variable price contracts  Resourcing by contractors underw ay now  Operator ExxonMobil has excellent record of

delivering projects on tim e, on budget

1 4

Proposed PNG LNG Future Activities

2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4

Financial Close

Continued early w orks. Detailed design. Order long leads and place purchase orders. Opening supply routes. Contractor m obilisation. Com m ence Associated Gas ( AG) construction. Pipe laying Kutubu to Hides. Ongoing drilling. Com plete Hides plant. Com m ission LNG plant w ith Kutubu gas. Ongoing procurem ent and m obilisation. Airfield construction. Drilling m obilisation. Offshore pipeline construction start. Onshore line clearing. Start LNG equipm ent installation. First Gas from Train 1 , then Train 2 AG com plete. Pipe laying ( Kutubu to Om ati) . Offshore pipe lay com plete. Start Hides plant installation.

1 5

PNG LNG Ranking

( Macquarie Equities)

 I ndustry observers rank PNG LNG highly on returns

Source: Australian Energy Sector , Macquarie Equities Research, 1 2 January 2 0 1 0

QatarGas3 PNG LNG T3 Pluto T3 PNG LNG T1 / T2 Poseidon GLNG T2 I chthys APLNG T1 / T2 W heatstone Sunrise Gorgon GLNG T1 Brow se Pluto T1

5 1 0 1 5 2 0 2 5 3 0 3 5

%

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Gas Grow th

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PNG Gas Grow th

 Key strategic priority for Oil Search is to grow gas

business in PNG

 LNG rem ains optim um com m ercialisation route for

additional gas

 PNG LNG w ill provide infrastructure and capacity to

facilitate expansion and provide excellent cost structure:

 Use of capacity in pipeline, jetty, tanks and services  Trained local w ork force

 Governm ent is supportive of future gas grow th  Pace of gas grow th w ill be determ ined by:

 Resource aggregation/ exploration  Joint Venture alignm ent  Market access

1 8

Existing Gas Discoveries

9 °S 6 °S 1 4 5 °E

5 0 km

Kum ul Term inal

1 4 2 °E

Hides/ Juha/ Angore Kutubu/ Agogo/ SEM

P’nyang Pandora A Uram u Barikew a Gobe/ SEG Elk/ Antelope

Distribution of discovered 2 P reserve/ resource



Significant discovered oil & gas reserves/ resources in Papuan Basin ( predom inantly in Fold Belt)



Basin is predom inantly gas prone



8 5 % of basin’s resources by boe are gas

1 9

PNG Gas Grow th Activities

Tw o largely independent core gas developm ent

stream s:  PNG LNG dedicated fields

 Material core reserves

 Proven 3 0 0 m m boe ( OSH share) sold  Proven & probable 5 0 0 m m boe ( OSH share) –

significant upside

 Field developm ent optim isation  Future appraisal  Strong partner alignm ent

 Other fields and exploration

 Material resources still to be com m ercialised  Proven & probable 2 8 1 m m boe ( OSH share)  Future appraisal and exploration underw ay  Developing m aterial portfolio ex PNG LNG

Objective is to prove up sufficient proven

contractible reserves to underw rite Trains 3 and 4

2 0

PNG Gas Grow th Activities

 Foldbelt/ Highlands:

 Adjacent to PNG LNG upstream infrastructure  Large structures, m oderate risk, high OSH equity  2 0 1 0 and 2 0 1 1 activity:

− Drilling Korka − Barikew a seism ic ( com pleted) follow ed by appraisal drilling − Huria seism ic − Mananda drilling

 Gulf of Papua:

 Large under-explored areas w ith diverse licence holdings  Planned 3 D seism ic w ill im age subsurface, help high-grade

portfolio

 Opportunity to extend 3 D survey into nearby licence  2 0 1 0 / 2 0 1 1 activity:

− 3 D seism ic survey − Drill Flinders − Appraise Pandora

 Foreland and Strickland:

 Maintain w atching position  CBM test in 2 0 1 0

2 1

Circle areas proportional to reserves potential Outer circle unrisked potential, inner circle risked potential Red = Gas Orange= Condensate Green = Oil

Proposed 2 0 1 0 / 1 1 PNG Gas Exploration

9 °S 6 °S 1 4 5 °E

5 0 km

Kum ul Term inal

Flinders Barikew a Deep W asum a ( PPL 2 1 9 & 1 9 0 ) Cecilia W est Korka Huria ( PDL 8 ) Mananda FW Mananda Attic

1 4 2 °E

2 2

PNG Offshore 3 D Survey

4 ,7 0 0 km 2 3 D

 4 ,7 0 0 km 2 of 3 D seism ic to be acquired in 2 0 1 0 – largest

in PNG history

Gulf of Papua

2 3

Operations

2 4

Oil Search Production

2 4 6 8 1 0 1 2 1 4 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9

Net Production ( m m boe)

1 1 .0 5 1 2 .1 7 1 0 .2 1 9 .7 6 8 .6 0 8 .1 2 7 .2 -7 .4

2 0 1 0

Kutubu Moran Gobe Main SE Gobe SEM Hides GTE MENA

( Forecast)

2 5 2 5

2 0 0 9 Production Perform ance

 Excellent safety

perform ance

 2 0 0 9 production of 8 .1 2

m m boe

 Strong underlying perform ance

in all fields

 Tw o new rigs ( 1 0 3 and 1 0 4 )

• perating throughout year

w ith significant perform ance im provem ents

 Total cash costs ( inc

corporate costs, FX) of US$ 1 2 .9 9 / boe, dow n 7 % from 2 0 0 8

Achieved despite 4 %

reduction in saleable oil volum es and inflationary environm ent in PNG

Production im pact of recent drilling at Usano

2 ,0 0 0 4 ,0 0 0 6 ,0 0 0 8 ,0 0 0 1 0 ,0 0 0 1 2 ,0 0 0

1 9 9 2 1 9 9 4 1 9 9 6 1 9 9 8 2 0 0 0 2 0 0 2 2 0 0 4 2 0 0 6 2 0 0 9

Oil Rate ( bopd)

Usano Main Block Usano East Block UDT 7 UDT 1 1 UDT 8 ,9 UDT 1 0 ,1 2

2 6

Oil developm ent drilling continues to add value

 Since 2 0 0 3 , gross PNG proven ( 1 P) oil reserves have increased by

5 1 m m bbl and proven and probable ( 2 P) reserves by 3 7 m m bbl

 Developm ent drilling has added 2 P reserves at average cost of

US$ 1 1 .7 2 / bbl

 Many further opportunities exist, including appraisal of Agogo deep

( ADT 2 ) , drilled in late 2 0 0 9 / 1 0 , recently tested at 2 ,0 0 0 bopd. Testing of discovery is ongoing PNG Oil Fields – Gross Ultim ate Recoverable Reserves ( pre-LNG)

1 P 2 P 4 4 0 4 6 0 4 8 0 5 0 0 5 2 0 5 4 0 5 6 0 Millions of Barrels 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9

2 7 2 7

Reserves & Resources 3 1 Decem ber 2 0 0 9

 Six-fold increase in proven ( 1 P) reserves, from 5 0 m m boe at end 2 0 0 8

to 3 4 4 m m boe:

 PNG LNG Project reserve booking of 3 0 1 m m boe  2 0 0 9 production of 8 .1 m m boe  Oil reserve additions at Kutubu, Gobe and SE Gobe of 2 .4 m m boe  Seven-fold increase in proven & probable ( 2 P) reserves, from 6 7

m m boe to 5 6 7 m m boe:

 PNG LNG Project reserve booking of 5 0 5 m m boe  2 0 0 9 production of 8 .1 m m boe  Oil reserve additions at Kutubu, Gobe and SE Gobe of 2 .8 m m boe  2 C resources, com prising gas and associated liquids, of 2 8 1 m m boe at

end 2 0 0 9 , com pared to 8 8 6 m m boe at end 2 0 0 8 :

 Adjustm ent of 7 9 m m boe, due to Governm ent back-in, to PNG LNG,

initial equity determ ination and field reserve changes

 PNG LNG Project reserves booking of 5 0 5 m m boe  Decrease of 2 1 m m boe for revisions to certain fields’ 2 C estim ates

and Governm ent back-in

 Total 2 P and 2 C reserves and resources of 8 4 8 m m boe

2 8 2 8

2 0 1 0 Operations Outlook

 Gas value driving revised Operating Fram ew ork:  Field reliability m anagem ent  Gas conservation w ith m inor oil production im pact  Value-adding PNG production activities w ill continue in

2 0 1 0 , including 1 – 2 w ells at Moran, appraisal of Agogo ADT 2 deep play and w orkover cam paign in Kutubu, Moran, SE Gobe

 Ongoing focus on costs and capital efficiency follow ing

2 0 0 9 Operations Review

 Aligning and m axim ising use of infrastructure to support

LNG project

 Production outlook for 2 0 1 0 of 7 .2 – 7 .4 m m boe, w ith

increm ental activity expected to flatten decline curve in 2 0 1 1 - 2 0 1 3

2 9 2 9

Exploration Outlook

PNG:

 Exploration for gas – key to driving LNG expansion  Additional oil focused exploration in 2 0 1 0 :

−W asum a ( 2 5 m m bbl m ean, currently drilling in PPL 2 1 9 ) −Mananda Attic ( 3 0 m m bbl m ean in PPL 2 1 9 , plus gas

play)

MENA:

 Focus on finding m aterial oil and m axim ising asset

value:

− Evaluate com m erciality of Shakal ( Kurdistan Region, I raq) and

Tubb’a ( Yem en) discoveries

− Oil– focused drilling ongoing w ithin Blocks 3 and 7 in Yem en,

targeting 3 D-defined structures – encouraging signs in Al Meashar– 1 , Block 7

− Seism ic in Kurdistan ( Block K4 2 in w orld class exploration

province) and Tunisia planned to define drillable large structures

3 0

PNG 2 0 1 0 Exploration Sum m ary

1 4 2 °E 9 °S 6 °S 1 4 5 °E

5 0 km

Kum ul Term inal

Com m itm ent Discretionary Future Com m itm ent W ell Types

Prospect/ Lead ( POS% )

Mean Oil Gross ( m m stb) Mean Gas Gross ( bscf)

Seism ic Com m itm ent Discretionary

Perm it 2D( distance) / 3D( area)

Flinders ( 1 2 .5 % ) 1 .0 tcf+ Korka ( 1 5 % ) 1 .3 tcf + Mananda Attic ( 4 5 % ) 3 0 m m stb Mananda FW ( 1 0 % ) 1 .2 tcf + PPL 2 3 4 3 0 0 0 + km 2 PRL1 1 8 0 km PPL2 3 3 5 5 km PDL2 1 0 0 km W asum a HW ( 3 0 % ) 2 5 m m stb W asum a Deep ( 2 0 % ) 2 5 m m stb

3 1

MENA 2 0 1 0 Exploration Activity Sum m ary

Sana’a Office Dubai Office Com m itm ent Discretionary Future Com m itm ent W ell Types

Prospect/ Lead ( POS% )

Mean Oil Gross ( m m stb) Mean Gas Gross ( bscf)

Seism ic Com m itm ent Discretionary

Perm it 2D( distance) / 3D( area)

Tajerouine Le Kef K4 2 Shakal Block 7 Block 3

• Taj. + Le Kef 6 0 0 km

K4 2 2 0 0 km Shakal 5 0 km Jebel Milh ( 1 7 % ) 2 8 m m stb Block 3 & 7 4 0 0 km Al Measher ( 2 0 % ) 2 0 m m stb Block 3 / 7 w ell, late 2 0 1 0

3 2

Outlook and Sum m ary

3 3

Outlook and Sum m ary

 Oil Search’s core business in excellent shape to

drive further value grow th over next 3 years

 PNG LNG Project construction underw ay

 ExxonMobil quality operator for delivery  Contractors m obilising  Buyers secured, w ith pricing locked in  Finance secured, excellent package  Significant im pact on PNG already being felt

 PNG LNG is country and Com pany

transform ational

3 4

OSH good value on 1 P reserves relative to Global Energy Sector

5 1 0 1 5 2 0 2 5 3 0 3 5 4 0

Arrow Husky Murphy BG Marathon Repsol W oodside ENI Chevron Anadarko Shell Hess Talism an Apache Devon Santos Oil Search ExxonMobi Total BP Phillips

Note: Enterprise Values as at 31 January, 2010. 1P reserves based on latest publicly available reserves figures Source: Public information

Enterprise value ( US$ m ) / 1 P reserves ( m m boe)

3 5

Significant additional LNG Reserve Booking Potential

 Sanction of PNG LNG has delivered increm ental reserves of

3 0 1 m m boe and 5 0 5 m m boe on 1 P and 2 P basis respectively

 Additional net 2 C resources of 2 8 1 m m boe in other OSH

fields

 Total resources in OSH and other PNG fields ( ex PNG LNG)

estim ated at 1 ,6 8 6 m m boe ( 9 tcf)

PNG 2 0 0 9 Reserves & Resources ( 1 00 % Licence Estim ates)

• 5 0 0

1 ,0 0 0 1 ,5 0 0 2 ,0 0 0 2 ,5 0 0 3 ,0 0 0 3 ,5 0 0 4 ,0 0 0 Millions of Barrels Oil Equiv. Oil Only Oil + PNG LNGOSH Fields' Reserves & Resources All Other Resources

2 P/ 2 C

Oil Search 2 0 0 9 PNG Fields Net Reserves & Resources

1 0 0 2 0 0 3 0 0 4 0 0 5 0 0 6 0 0 7 0 0 8 0 0 9 0 0 Millions of Barrels Oil Equiv. ( NET) Oil Fields Oil + PNG LNG Oil + PNG LNG + Resources

1 P/ 1 C 2 P/ 2 C

3 6

Active program m es to deliver in 2 0 1 0

Field and developm ent optim isation

( Central Foldbelt)  Seism ic acquisition and drilling

Accelerated exploration ( NW Foldbelt and Gulf)

 Seism ic and drilling, CSM

Selected acquisitions

( PRL 1 , PPL 2 4 4 and others)

Partner alignm ent

( PNG LNG and others)

3 7

OSH has financial capacity:

 US$ 1 .2 9 billion in cash at end Decem ber  US$ 3 6 2 .5 m illion available from term revolving

facility, nil draw n dow n

 Group liquidity ~ US$ 1 .6 5 billion

Sanction of PNG LNG Project in Decem ber

delivered US$ 8 8 m illion net to OSH from PNG Governm ent back-in to Project gas licences

Claw -back from lenders of 7 0 % of Project costs

spent prior to Financial Close w ill deliver ~ US$ 3 0 0 m illion inflow in late March

Strong balance sheet

3 8

2 0 1 0 Guidance Sum m ary

 Production:

 7 .2 – 7 .4 m m boe. I ncrem ental activity in 2 0 1 1 – 2 0 1 3

expected to flatten decline curve

 Opex:

 US$ 1 6 -1 8 / boe  I ncrease due to FX, PNG inflation, increased spend to

im prove reliability & extend life and relatively fixed cost base on low er production. I n addition, accelerated focus on w orkovers to m axim ise oil recovery prior to gas blow dow n

 Likely to stabilise/ decline in 2 0 1 1

 D,D & A:

 US$ 6 -8 / boe  Decrease due to recognition of LNG reserves

 Capex:

 Exploration – US$ 2 1 0 m ( 8 0 % in PNG, 2 0 % in MENA)  Production/ Other – US$ 8 5 m ( inc corporate & other gas)  PNG LNG – US$ 1 ,0 0 0 - 1 ,3 5 0 m ( inc capitalised interest &

upfront fees)

3 9

Production Outlook

 PNG LNG adds ~ 1 8 m m boe pa to OSH at plateau in 2 0 1 5 onw ards. 3 0

year Project life

 T3 could add an additional ~ 9 m m boe pa, w ith T4 of sim ilar m agnitude

Net Production ( boepd)

1 0 ,0 0 0 2 0 ,0 0 0 3 0 ,0 0 0 4 0 ,0 0 0 5 0 ,0 0 0 6 0 ,0 0 0

2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4 2 0 2 5

LNG Gas LNG Gas PNG Developm ent PNG Developm ent

7 0 ,0 0 0 8 0 ,0 0 0

Potential T3 LNG Gas Potential T3 LNG Gas LNG Condensate LNG Condensate

9 0 ,0 0 0

Potential T3 LNG Condensate Potential T3 LNG Condensate

4 0

Sum m ary

Prim ary focus in 2 0 1 0 / 2 0 1 1 on proving up

sufficient contractible gas to underw rite T3 / T4

Core oil production rem ains solid. Focus on life

extension, reliability and gas conservation  A new value equation

Measured oil exploration in PNG and MENA Activities underw ritten by strong balance sheet,

w ith sufficient liquidity to m eet PNG LNG

• bligations, T3 / T4 appraisal and exploration

activity

4 1

Port Moresby

Appendix 1 . PNG Attracting Grow ing I nterest

 PNG transaction value ~ US$ 1 .4 billion over

past 1 8 m onths, inc NOEX acquisition of AGL licences

 Talism an and Sasol have acquired

significant acreage in W estern Forelands. I nteroil has strong position in Eastern Forelands

 OSH strategy focused on enhancing position

in core PNG LNG Foldbelt acreage and Gulf - view ed as offering greatest potential for large gas discoveries

Sasol & I nteroil Equity Participation

8 0 km

Port Moresby

Talism an Equity Participation

8 0 km

Juha Gobe Kutubu & Agogo Hides & Angore Juha Gobe Kutubu & Agogo Hides & Angore Port Moresby

Petroleum Licences CSG Licences

8 0 km

Oil Search Equity Participation

Juha Gobe Kutubu & Agogo Hides & Angore

4 2

Appendix 2 . Papuan Basin Major Areas – OSH assessm ent

NW Fold Belt

Large undrilled surface anticlines rem ain Low risk on reservoir, charge and seal

Strickland

A num ber of undrilled sm all low risk prospects and leads are present. Poor quality seism ic

Southern Foreland

A num ber of risky sm all undrilled prospects and leads rem ain Poor quality seism ic

Gulf of Papua

A num ber of prospects and leads across varied play fairw ays Prospects can be quickly de-risked w ith 3 D seism ic

Aure Fold Belt

Area is under explored – Elk indicates significant potential for carbonate plays and em erging play potential Key risk is reservoir effectiveness

I nterior Fold Belt

Num erous oil & gas seeps indicate a w orking hydrocarbon system

Central Fold Belt

Only proven oil prone area. Significant subthrust potential exists

8 °S 1 4 2 °E 1 4 4 °E

100km