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

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O I L S E A R C H L I M I T E D 1 Investor Field Trip 28 30 March 2011 OSH PARTICIPANTS Peter Botten Gerea Aopi Phil Bainbridge Phil Caldwell Richard

1 O I L S E A R C H L I M I T E D 1 Investor Field Trip March 2011 OSH PARTICIPANTS Peter Botten Gerea Aopi Phil Bainbridge Phil Caldwell Richard Robinson Ann Diamant Managing Director EGM, External & Govt Affairs & Sustainability EGM, Gas Growth EGM, PNG LNG Project EGM, Operations Investor Relations Manager 2

Field Trip Route HIDES Ambua Lodge Mananda 5 CPF Moran MORO DAY 1 DAY 2 DAY 3 6 S KOPI 8 S PORT MORESBY 100km 144 E

Oil Field Gas Field 6 S CSG Exploration Juha Proposed Juha Facility Mananda 5 SE Mananda Huria Angore Mt.

OSH Facility LNG Facility Major Road 7 S Kimu Barikewa Uramu 8 S 100km Kumul Terminal Kerema PNG LNG Project Gas

2 Field Trip Route HIDES Ambua Lodge Mananda 5 CPF Moran MORO DAY 1 DAY 2 DAY 3 6 S KOPI 8 S PORT MORESBY 100km 144 E LNG Plant 147 E 3 Key Oil and Gas Fields, PNG P nyang Juha North Hides Hides Conditioning Plant Wabag Madang LEGEND Oil Field Gas Field 6 S CSG Exploration Juha Proposed Juha Facility Mananda 5 SE Mananda Huria Angore Mt. Hagan Moran Mendi Agogo Moro Airport Kutubu Gobe Main SE Gobe Kundiawa Goroka Prospect Lead Oil Pipeline Gas Pipeline OSH Facility LNG Facility Major Road 7 S Kimu Barikewa Uramu 8 S 100km Kumul Terminal Kerema PNG LNG Project Gas Resources Non PNG LNG Gas Resources Flinders Exploration Gas Resources Daru 9 S Pandora LNG Facility Port Moresby 143 E 144 E 145 E 146 E 147 E 4

DAY 1 Port Moresby Visit POM Tech training facility Visit PNG

Overnight Airways Hotel 5 Port Moresby Technical College Both

pa, and Production Operations Training Centre, for ongoing

3 DAY 1 Port Moresby Visit POM Tech training facility Visit PNG Plant Site Meet with PNG ministers and senior bureaucrats Overnight Airways Hotel 5 Port Moresby Technical College Both Construction Training Facility, to train up to 1,000 worker pa, and Production Operations Training Centre, for ongoing plant and operations, are open Juni Training Centre opening in

4 PNG LNG Plant Site - schematic 7 PNG LNG Plant Site - actual 8

infrastructure: Large camp for construction (~7,500) and operations (~500) personnel Upgrade of existing road between LNG facility and Port Moresby

5 PNG LNG Plant LNG facility located on State Portion 152 near Port Moresby 2 x 3.3 MTPA LNG trains LNG storage tanks at the facility LNG loading jetty off the coast for tanker ships to berth and load Supporting facilities and infrastructure: Large camp for construction (~7,500) and operations (~500) personnel Upgrade of existing road between LNG facility and Port Moresby and rerouting of the road around the LNG facility to maintain traffic flow to the north (completed) Temporary laydown areas during construction only 9 LNG Facility Location Schematic of LNG facility site and loading terminal 10

6 DAY 2 PNG Highlands Visit Kopi southern logistics base Visit Central Processing Facility (CPF) at Kutubu Associated Gas construction activities Overfly Moran Overnight Ambua Lodge 11 PNG LNG Project 12

PNG LNG Project 6 S Juha Facility C1 Hides Wells Wabag EPC4

Hagan Kundiawa Goroka EPC1 Telecommunications (not shown)

C1 Support Infrastructure EPC5A Onshore pipeline and

Pipeline 8 S EPC2 Offshore pipeline Kumul Terminal Kerema

C2 Support Infrastructure Daru 9 S EPC3 LNG Facility Port

its 30-year life, PNG LNG expected to produce over 9 tcf of

Equities: ExxonMobil - 33.2% Oil Search - 29.

5% Nippon Oil - 4.7% MRDC (PNG Landowners) - 2.

7 PNG LNG Project 6 S Juha Facility C1 Hides Wells Wabag EPC4 Hides Gas Conditioning Plant Mendi Mt. Hagan Kundiawa Goroka EPC1 Telecommunications (not shown) EPC5B Komo Airfield Moro Airport Kutubu CPF Gobe PF Lae 7 S C1 Support Infrastructure EPC5A Onshore pipeline and Infrastructure Kopi Wharf LEGEND Oil Field Gas Field Oil Pipeline 8 S EPC2 Offshore pipeline Kumul Terminal Kerema LNG Gas Pipeline Oil Facility LNG Facility 100km Major Road C2 Support Infrastructure Daru 9 S EPC3 LNG Facility Port Moresby 143 E 144 E 145 E 146 E 147 E 13 PNG LNG Project Overview 6.6 MTPA, 2 train development, operated by ExxonMobil Over its 30-year life, PNG LNG expected to produce over 9 tcf of gas and 200+ million barrels of associated liquids Initial Equities: ExxonMobil % Oil Search % Kroton2 (PNG Government) -16.8% Santos % 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 14

8 PNG LNG Project Overview Main EPC contractors: LNG Plant: Offshore Pipeline Hides Gas Plant Onshore Pipeline Infrastructure Early Works Associated Gas (OSH only) Chiyoda/JGC Saipem CBI/Clough JV Spiecapag McConnell Dowell/CCC JV Clough/Curtain JV Aker Solutions (Jacob) Different labour environment to Australian LNG projects Four-year construction period. First LNG sales date of 2014 and capital cost estimate of US$15 billion unchanged 15 Milestones achieved in 2010 Mobilisation by major engineering, procurement and construction contractors and procurement of long lead equipment and materials Construction of training facilities in Port Moresby and Highlands Continued early construction activities both in Highlands (incl. earthworks, resettlement, clearing, road and bridge upgrades) and at PNG plant site near Port Moresby (accommodation camp, road bypass) Completion of LNG Plant site camp, earthworks started at Hides plant site and Komo airfield and delivery of pipe to Kopi wharf commenced Associated Gas (AG) construction in oil fields and PL 2 Life Extension underway Generally in line with Operator s plan for schedule and cost 16

9 Activities in 2011 LNG plant Procurement, earthworks, foundations Commencement of structural steelwork, pipe racks Jetty works, tank foundations Offshore pipeline Continued procurement and mobilisation of pipe Preparations for pipe lay Onshore pipeline Continued procurement, coating and mobilisation Route clearance and commencement of pipe lay Associated Gas work at Kutubu and on the liquids export system HGCP and Komo Airfield Earthworks, foundations and start of construction Mobilisation of drill rigs 17 Associated Gas & Related Projects (AGRP) Oil Search, as Oilfield Operator, is responsible for development and operation of facilities required to deliver oilfield gas into PNG LNG Project and receive Project Condensate Key objectives of AGRP are to deliver safely and within budget/schedule: Commissioning gas to PNG LNG Project Receipt, storage and export condensate from LNG Project HGCP with high reliability Delivery of associated gas from oil production systems at CPF and GPF into LNG Project gas pipeline to LNG Plant 18

CPF Scope Of Work Associated Gas Delivery Enhanced dehydration by replacing existing gas driers to improve gas quality and reduce emissions Enhanced gas cooling for spec commissioning gas to LNG

10 CPF Scope Of Work Associated Gas Delivery Enhanced dehydration by replacing existing gas driers to improve gas quality and reduce emissions Enhanced gas cooling for spec commissioning gas to LNG Plant AG Gas Management System by automating various wells for remote operation and upgrading plant inlet gas management system New and upgraded metering to manage gas reserves Condensate Storage Upgrading of pipework to allow inline mixing, loss prevention (particularly fire management) and control systems Commissioning Gas Installation of skids to deliver early commissioning gas to LNG Plant Utilities Improvements to ESD system and new control room Tie ins for new equipment into existing and improved utilities 19 Facilities Basis - CPF 20 20

Construction Progress New Ridge accommodation units handed over and partially occupied EPCM Contractor, Aker Solutions, on site and undertaking

PNG LNG Project Focus areas Ramp up of logistics and resourcing Onshore pipeline installation terrain, multiple work fronts Continued work with project

11 Construction Progress New Ridge accommodation units handed over and partially occupied EPCM Contractor, Aker Solutions, on site and undertaking premobilisation activities Majority of key Construction Management personnel in place Early works programme has commenced (Control Room civil works) 21 PNG LNG Project Focus areas Ramp up of logistics and resourcing Onshore pipeline installation terrain, multiple work fronts Continued work with project area communities Efficient use of landowner companies to deliver maximum local content (over K1.5bn to date) Engagement with Government during National Election build up 22

Timetable Continued early works Detailed design Order

routes Contractor mobilisation Commence AG

Complete offshore pipe lay Start Hides plant

2011 2012 2013 2014 Financial Close Ongoing

Drilling mobilisation Start offshore pipeline

LNG equipment installation Complete pipe lay Ongoing

with Kutubu gas 23 PNG LNG Project Highlands, Kopi

12 Timetable Continued early works Detailed design Order long leads and place purchase orders Open supply routes Contractor mobilisation Commence AG construction Complete AG Continue onshore pipe lay Complete offshore pipe lay Start Hides plant installation First Gas from Train 1, then Train Financial Close Ongoing procurement and mobilisation Airfield construction Drilling mobilisation Start offshore pipeline construction Onshore line clearing and laying Start LNG equipment installation Complete pipe lay Ongoing drilling Complete Hides plant Commission LNG plant with Kutubu gas 23 PNG LNG Project Highlands, Kopi Pipeline stringing, onshore pipeline Kopi Shore Base Aerial view of HGCP site Juni Training Camp construction 24

Growth Opportunities 25 PNG Gas Growth Key strategic priority for Oil Search is to grow gas business in PNG, with LNG the optimum commercialisation route PNG LNG will provide infrastructure,

13 Growth Opportunities 25 PNG Gas Growth Key strategic priority for Oil Search is to grow gas business in PNG, with LNG the optimum commercialisation route PNG LNG will provide infrastructure, workforce capability and provide a competitive cost structure: Government is very supportive of, and expects, future gas growth Oil Search is pursuing a two pronged strategy: PNG LNG Expansion Gulf Area LNG Competitive and positive position in the LNG market Focus on broad reserves maturation programme 26

14 Asian LNG Markets Outlook MMTPA China Other India Taiwan South Korea Malaysia Singapore Thailand Chile Mexico West 50 Japan Source: Wood Mackenzie and Deutsche Bank, February 2011 Source: FACTS GLOBAL ENERGY, Feb 2009 Multiple potential suppliers of LNG post 2015 Economically robust brownfield expansions with quality operators will have advantage when seeking offtake agreements LNG outlook very dynamic 27 PNG LNG Resource Maturation PNG LNG dedicated fields: Associated Gas Fields: Oil Search as Operator undertaking detailed evaluation on additional resource potential Seeking PNG LNG Co-Venturers (CoV) alignment on additional resource Hides GWC well: Targeting 4Q Issue being considered is impact on Project logistics plan Hides Northern Well: Timing still being discussed 28

PNG LNG Resource Maturation Existing discoveries outside PNG LNG dedicated fields with high equity alignment: P'nyang: Seismic in 2011 scheduled to be completed in May Targeting drilling of

Existing discoveries in catchment area Pandora (PRL 01): Pandora JV progressing development studies and initial discussions with PNG LNG Barikewa (PRL09): Oil Search have assumed Operatorship

Prospect PRL 11 WI % Oil Search 52.50 PDL1 PDL8 PRL11 Exxon 47.

15 PNG LNG Resource Maturation Existing discoveries outside PNG LNG dedicated fields with high equity alignment: P'nyang: Seismic in 2011 scheduled to be completed in May Targeting drilling of commitment well in 1Q 2012 Exploration licences with high equity alignment: Huria: Seismic in 2010/11 complete and being evaluated Subject to final technical review, targeting drilling in 4Q 2011 Existing discoveries in catchment area Pandora (PRL 01): Pandora JV progressing development studies and initial discussions with PNG LNG Barikewa (PRL09): Oil Search have assumed Operatorship Commencing development studies and initial discussions with PNG LNG Uramu (PRL10) Commencing development studies and initial discussions with PNG LNG 29 Huria Prospect PPL260 PRL02 PDL9 Huria Prospect PRL 11 WI % Oil Search PDL1 PDL8 PRL11 Exxon PPL239 PRL02 PRL02 PDL7 PDL7 PRL11 PDL8 PPL219 PPL233 Located adjacent to Angore and Hides gas fields Large, broad anticline PDL6 PDL5 Multi tcf potential SW metres 1000 MSL NE Huria Strickland Darai Ieru Toro Imburu Seismic completed and being interpreted Target drilling 4Q11 subject to final decision

Gulf Area LNG Strategy Selected Gulf Area licences high graded: Proven hydrocarbon area Multiple play types Relatively untested Strategy: Secure broad licence position De risk with seismic and then

Increased equity in Pandora (PRL 01) to 24% Increased equity in PPL 244 as a result of the swap with Talisman for PPL239 Completed farmins to four additional licences in Gulf Area Completed initial

Gas Resources Non PNG LNG Gas Resources Exploration Gas Resources Agogo PPL240 PDL2 PRL08 PPL219 PDL4 PDL3 PPL 338 Gobe Main APDL14 PPL190 338 PPL338 338 338 Uramu PRL10 PPL339 339 33 9 339 339

16 Gulf Area LNG Strategy Selected Gulf Area licences high graded: Proven hydrocarbon area Multiple play types Relatively untested Strategy: Secure broad licence position De risk with seismic and then potentially: Farmout to a credible LNG player with development aspirations aligned with OSH Targeting OSH equity of ~30-35% Target multi well drilling programme in 2011/12 Steps completed so far: Increased equity in Pandora (PRL 01) to 24% Increased equity in PPL 244 as a result of the swap with Talisman for PPL239 Completed farmins to four additional licences in Gulf Area Completed initial phase of large 3D seismic survey Remaining seismic underway 31 Gulf Area Licences PPL260 PRL03 Juha PRL02 PDL1 Hides PRL11 Angore PPL239 PRL PDL6 PDL5 PPL 233 Moran 6 S Kutubu PNG LNG Project Gas Resources Non PNG LNG Gas Resources Exploration Gas Resources Agogo PPL240 PDL2 PRL08 PPL219 PDL4 PDL3 PPL 338 Gobe Main APDL14 PPL PPL Uramu PRL10 PPL PPL339 PPL S OSH Operated Licence OSH Interest Licence Petroleum Development Licence Petroleum Retention Licence Licence Application Farm in Licence Oil Field Gas Field Oil & Gas Field Oil Pipeline Proposed Gas Pipeline PPL 276 PPL312 Kumul Terminal PPL276 PPL234 Flinders Pandora PPL244 PRL PPL 234 PPL 244 PRL 1 PPL S 9 S 142 E 143 E 144 E 50km 145 E 146 E 147 E 32

Gulf Area LNG Licences 7 S GOBE PPL 338 Partner: Dabajodi Int. Energy Ltd.

30% equity for carry on 2D seismic 40% equity for partial carry on well URAMU 8 S PPL 276 Partner: Rockwell Energy Ltd.

30% equity for carry on 3D seismic 45% equity for carry on well PPL 234 & PPL 244 80% equity Area of 3D seismic ~4700km 2 9 S PASCA PANDORA Port

17 Gulf Area LNG Licences 7 S GOBE PPL 338 Partner: Dabajodi Int. Energy Ltd. 30% equity for carry on 2D seismic 40% equity for partial carry on well ELK PPL339 Partner: Dabajodi Int. Energy Ltd. 30% equity for carry on 2D seismic 40% equity for partial carry on well URAMU 8 S PPL 276 Partner: Rockwell Energy Ltd. 30% equity for carry on 3D seismic 50% equity for carry on well PNG LNG Pipeline PPL 312 Partner: Hillsborough Energy Ltd. 30% equity for carry on 3D seismic 45% equity for carry on well PPL 234 & PPL % equity Area of 3D seismic ~4700km 2 9 S PASCA PANDORA Port Moresby 50km 144 E 145 E 146 E 33 Seismic surveys: Gulf Area Seismic Surveys PPL 234 and PPL 244 3D complete PPL 276 and PPL 312 3D commenced PPL 338/339 contracts awarded and being mobilised All acquisition and processing complete by July 11 Interpretation and evaluation complete at end 3Q11 34

PNG Oil Exploration 10km SE Mananda PPL219 PPL233 MANANDA 5 PDL6

Ridge Camp CPF APPL 349 PPL 219 WI % Oil Search 71.

75 2C resource of 25 mmbboe booked Currently completing extensive

18 PNG Oil Exploration 10km SE Mananda PPL219 PPL233 MANANDA 5 PDL6 Agogo APPL350 PDL5 Kutubu PDL2 Moran 219 APF Moro PPL233 PPL219 Ridge Camp CPF APPL 349 PPL 219 WI % Oil Search JX Nippon Oil & Gas C resource of 25 mmbboe booked Currently completing extensive testing programme Results have been encouraging Considering options for appraisal/development 35 Mananda-5: Toro C Flare 36

Mananda 5 Production Testing Update Toro A: Main Flow: 800 1100 bopd, GOR 650

1150 bopd, GOR 600 scf/bbl, 20/64 choke Maximum flow of 2085 bopd during multi

Maximum rate of 1885 bopd on 32/64 choke.

Testing curtailed due behind pipe influx of water from Digimu.

37 CSG Exploration OSH holds seven MELs, each approximately 2,400 to 2,550 sq km.

19 Mananda 5 Production Testing Update Toro A: Main Flow: bopd, GOR 650 scf/bbl, maximum of 20/64 choke Extended Flow: bopd, GOR scf/bbl, choke 20-24/64. Maximum flow 1900 bopd, GOR 900 scf/stb, choke size of 32/64 Toro BL: Main flow: 1150 bopd, GOR 600 scf/bbl, 20/64 choke Maximum flow of 2085 bopd during multi rate testing Toro C: Main flow: bopd, GOR 1200 scf/bbl, 28/64 choke. Maximum rate of 1885 bopd on 32/64 choke. Imburu A: Initial Flow: bopd, GOR 1350 scf/bbl, 30% BS&W. Testing curtailed due behind pipe influx of water from Digimu. Digimu: Initial Flow: bwpd, 0.2 MMscfg/d. 37 CSG Exploration OSH holds seven MELs, each approximately 2,400 to 2,550 sq km. Total area 17,500 sq km Low cost wells, high risk, potentially large prize Drimgas intersected coals and cores being tested Smipen 3 currently drilling EL 1725 EL 1726 EL 1724 Ningerum 1 Drimgas 2 EL 1720 Smipen 3 EL 1723 EL 1721 EL S 141 E 20km 142 E 38

MENA Exploration Tunis Office Tajerouine + Le Kef - Recently completed 600km 2D - 2

50km of 2D in Shakal - Interpretation underway Dubai Office Block 3 & 7 - Tubb a gas

options will be reviewed post Al Meashar 2 39 DAY 3 PNG Highlands Overfly HGCP, Komo

20 MENA Exploration Tunis Office Tajerouine + Le Kef - Recently completed 600km 2D - 2 commitment wells by 2Q 2012 K42 & Shakal - Recently completed 200km of 2D in K42 and 50km of 2D in Shakal - Interpretation underway Dubai Office Block 3 & 7 - Tubb a gas condensate discovery in Block 3 - Al Meashar 2 completed - Exploration/production options will be reviewed post Al Meashar 2 39 DAY 3 PNG Highlands Overfly HGCP, Komo Airfield Visit Hides camp at Nogoli Overfly Mananda 5, SE Mananda To Port Moresby 40

Production Summary 41 World Class Safety Performance Total Recordable Injury Frequency Rate Data (per Million Hours Worked (All Reported Data)) Fletcher Building CSR Hastie Group James Hardie

21 Production Summary 41 World Class Safety Performance Total Recordable Injury Frequency Rate Data (per Million Hours Worked (All Reported Data)) Fletcher Building CSR Hastie Group James Hardie Brambles Foster s Macarthur Coal OZ Minerals Downer EDI United Group Origin Incitec Pivot Boart Longyear Contact Energy Stockland Transfield Newcrest AWE BHP Billiton Lahir Gold Amcor Santos Orica Woodside Oil Search CSR Brambles OZ Minerals Macarthur Coal Hastie Group Fletcher Building Foster s Stockland United Group Boart Longyear James Hardie Downer EDI AWE Incitec Pivot Transfield Contact Energy Newcrest Origin BHP Billiton Woodside Amcor Orica Santos Oil Search FY10 YTD data Source: Company data, Citi Investment Research and Analysis. Note: TRIFR Total Recordable Injury Frequency Rate per 1 million hours worked; * Lihir Gold taken over by Newcrest. (September 2010); ** Citi estimate for Macarthur Coal s Group TRIFR based on operations weighted average coal production. 42

Oil Search Production 10 8 Net Production (mmboe) 8.60 8.12 7.66 MENA Hides GTE SE Mananda SE Gobe Gobe Main Moran Kutubu 6.2-6.

22 Oil Search Production 10 8 Net Production (mmboe) MENA Hides GTE SE Mananda SE Gobe Gobe Main Moran Kutubu (Forecast) 43 FY10 Performance World class safety performance Production Strong production performance of 7.66 mmboe, above guidance Gas conservation exceeded targets with lower than expected impact on oil production ~20 bcf conserved in 2010 Kutubu and Agogo ADT 2 ST3 well continued to contribute strongly ~1,500 bopd Moran 15 ST1 proved field extension to the south east Moran and Gobe Main base production exceeded forecasts SE Gobe underperformed in 1H10 but improvement in 2H10 44

23 Reserves at 31 December 2010 No external reserves audit was completed this year: Field production performance consistent with predictions through 2010 Following sanction of PNG LNG Project, 301 mmboe (1P) and 505 (2P) mmboe were booked in 2009, no significant changes since 2010 production of 7.7 mmboe led to: Proven (1P) net remaining oil and gas reserves decrease from mmboe to mmboe Proven and Probable (2P) net remaining oil and gas reserves decrease from mmboe to mmboe Oil reserves cover of 7 years, based on 2010 production, gas reserves cover of more than 25 years Resources at 31 December C contingent resources increased to 318 mmboe at end 2010, from 281 mmboe at end 2009, reflecting: PPL 219 Mananda 5 and Yemen Block 7 Al Meashar-1 discoveries 6.4% increase in PRL 1 (Pandora) following purchase of Twinza s equity 2.5% increase in PRL 9 (Barikewa) as result of farm-in with Santos Total 2P and 2C reserves and resources of 877 mmboe, up from 848 mmboe in

2011/12 Development & Near- Field Appraisal Drilling Activity PRL02 PPL260 Hides 6 S PPL239 Juha PDL1 PRL 12 PRL12 PRL11 PPL233 Angore PDL6 PDL5 APPL350 Moran: 2011 : 1 well 2012 : 1-2 wells SE

SE Gobe: 2011 PPL240: 4-5 workovers PDL 4 PDL 3 PDL 4 PRL09 APRL14 PPL190 Cobra Iehi Barikewa 50km Kimu PRL08 142 E 143 E 144 E 47 2011 Production Outlook Underlying production from oil fields

24 2011/12 Development & Near- Field Appraisal Drilling Activity PRL02 PPL260 Hides 6 S PPL239 Juha PDL1 PRL 12 PRL12 PRL11 PPL233 Angore PDL6 PDL5 APPL350 Moran: 2011 : 1 well 2012 : 1-2 wells SE Mananda PPL219 PPL233 PPL219 Kutubu: 2011 : 1 well, 1 workover Agogo: 2011 : 1 well 2012 : ±1 well PDL2 PPL219 Gobe Main: 2011 : 1 workover 7 S Usano: 2011 : 1 well, 1 workover 2012 : 1 well PPL240 SE Gobe: 2011 PPL240: 4-5 workovers PDL 4 PDL 3 PDL 4 PRL09 APRL14 PPL190 Cobra Iehi Barikewa 50km Kimu PRL E 143 E 144 E Production Outlook Underlying production from oil fields expected to remain strong, with 2011 production impacted by: Production from Moran 15 for full year Natural decline Two week shutdown for tie-in of Associated Gas facilities Production guidance for 2011 of mmboe, with production out to first LNG broadly flat, subject to success of work programmes Robust workover and development drilling programme in 2011 Reservoir models for major PNG oilfields being comprehensively updated to ensure gas blowdown maximises value Rig strategy: One rig focused primarily on development and near-field appraisal through 2011 Second rig currently being utilised on third party opportunities 48

25 Key 2011 Focus Areas Maintain OSH s industry-leading safety performance in a high activity environment Continue to build sustainable combined oil and gas business Strong commitment to cost effectiveness PNG LNG Project commitments driving operational developments: Improved reliability and long term integrity Life extension programmes for facilities Upgrade of key systems and processes Enhanced development of personnel Continued focus on capturing additional in-field and near field reserve opportunities, particularly forelimb opportunity opened up by ADT 2 ST3 Support ongoing LNG Project development with access to infrastructure and in-country expertise Strategic Review Substantial broad based Strategic Review was completed in 4Q10 Review of all major assets and options to continue to deliver top quartile shareholder returns for the next 5+ years Provided key work programmes and required resourcing to achieve this goal Performance management programme to drive delivery Review provides the template for material continued value growth 50

26 Strategic Review Key Conclusions of Review: Past reinvestment in PNG has created significant value (more than 30 fold increase in market cap since 1992, 4 fold increase since 2005) OSH has asset base and primary skills to deliver top quartile returns for 5+ years Key value drivers will be major project delivery, continued resource build and enhancing oil and gas operating synergies Maximum value is achieved by remaining a focussed oil and gas growth company, driven primarily from PNG Oil business will continue to provide excellent platform supporting LNG delivery and growth LNG expansion, Trains 3 & 4 are catalysts for material growth 51 Strategic Review Major Strategies have been defined to deliver growth: 1. Oil and Gas Production Optimisation Near field production opportunities Rigorous cost control New developments Building long term operating capacity 2. Maximising value from PNG LNG Project (T1 and T2) Project delivery on time, on budget Enhance reserve portfolio Actively manage in country issues, including benefits distribution 3. Development of Gas Expansion LNG Opportunities Resource build for T3 underwriting Optimisation of cost structure 52

27 Strategic Review 4. Gas Resource Accumulation for LNG Opportunities Develop third party gas strategy Resource build for T4 underwriting Includes Offshore Gulf exploration and appraisal Measured acquisitions and aggregations 5. Ensure Oil Search s Sustainability Major enhanced focus on managing operating risks, as large projects are delivered Promoting transparency in benefits distribution and sustainability Social Licence to Operate new community initiatives Improved reporting 53 Strategic Review 6. Evaluate New Growth Opportunities Measured programme to identify future growth options within and outside core areas Optimisation of value of MENA asset values 7. Optimising Financial and Capital Structure Through to and beyond first LNG production 8. Align Organisation to Deliver Strategy Skills development, succession planning 54

28 Sustainability Group In light of increasing value of PNG assets going forward, OSH seeking to further enhance its focus on managing PNG sustainability issues (traditionally an area of strength) New Sustainability Group has been formed: Focus on communities, government/regulatory and in-country business relationships Group will be multi-faceted Specific initiatives involve: Relationship building, Government, Landowners etc Facilitating transparency and equity in benefits distribution Enhancing capacity to capture growth opportunities New Health Foundation also being established Expansion of existing health programmes 55 Comprehensive Approach to Sustainability Project Benefits to Government and Landowners include: Tax Payments to Government Direct Project Royalties an essential component Royalties and development levies Landowner company development and contract ownership Employment, training and education Community Area Projects Tax Credit Infrastructure Community Programmes (MDG s) Sustainable Community Development Initiatives Environmental Sustainability 56

29 Comprehensive Approach to Sustainability Oil Search Enhanced Focus PNG Stakeholder Engagement Government Landowner Leaders and Community Engagement Bureaucracy capability enhancement From village to Port Moresby outside the fence and dealing in the village Transparency in Benefits Distribution Public payment, contract awards Promote governance Independent Sovereign Wealth and Funds 57 Comprehensive Approach to Sustainability Transparency in Management Sustainability Report Stakeholder Engagement OSH Commitment to PNG Oil Search Health Foundation Expand world class HIV/Aids and malaria management programmes Expand Health of the Nation Programme Child and Women's health Supported by Global Fund (Primary Recipient) AusAid and ADB Environmental Sustainability ISO accreditation Partnership with WWF Environmental Education Wild Life Management Areas A Major Corporate Focus to Deliver Value 58

30 2011 Outlook PNG LNG Project delivery underway: Project ramp up continues at accelerating pace: Commencing construction at PNG LNG plant site, HGCP and Komo Associated gas and life extension projects Focus on management of in country issues Further pursuit of gas expansion and resource underwriting Hides evaluation Huria and P nyang exploration and appraisal Gulf area seismic and prospect maturation Continued strong oil field production performance Testing and evaluation of Mananda 5 discovery Comprehensive development and workover programme Optimise value of MENA Assets Guidance Summary Continued good field performance Oil and gas production: mmboe Similar performance in 2012 and 2013 Operating costs ex corporate costs: US$16-18/boe Impacted by: Lower production volumes Major workover programme to maximise oil recoveries before gas production Expected PNG inflation, including currency impacts Associated Gas activities Cost sharing opportunities Corporate Costs ~ US$3/boe from ~US$2.16/boe Stronger A$ exchange rates Focus on sustainability initiatives D,D & A: US$7-9/boe 60

31 2011 Investment Outlook US$ m Investing : Exploration inc gas growth PNG LNG Production Corporate (inc rigs) 2010 (A) (F) # 1,150 1, Financing : Dividends 0* 0* * Dividend fully underwritten # 35-40% of spend in MENA 61 Liquidity Outlook US$m Liquidity (cash plus undrawn bank debt) 31 Dec 2010 Time Funding in place to meet existing commitments and base business plan: US$1.26 billion in cash at end December, US$304.5 million available from term revolving facility, nil drawn down = Group liquidity ~US$1.56 billion Discretion over timing of non commitment activities Sufficient liquidity to deliver on strategic plan initiatives Key Assumptions: 1. Brent Forward curve pricing as at 3 February PNG LNG Project on schedule and budget 3. Train 3 FEED costs included, Train 3 construction costs excluded 4. Production profiles, other Capex / Exploration based on strategic review business plan 5. Existing oil facility refinanced 62

32 Summary Company fully focused on delivery of Major Strategic Initiatives Oil field performance remains strong, costs are tightly controlled. Impacted by associated gas construction PNG LNG T1/2 construction underway Timing and budget unchanged LNG expansion and gas resource accumulation programmes matured. Seismic underway and drilling planned for 2H11 Testing and appraisal activities planned for Mananda 5 Activities underwritten by strong balance sheet and ample liquidity to meet LNG obligations and expansion focussed activities 63 Long Term Production Outlook PNG LNG transforms production profile, adding ~18 mmboe pa to OSH at plateau in 2015 onwards. 30 year Project life T3 could add an additional ~9 mmboe pa, with T4 of similar magnitude 90,000 Net Production (boepd) 80,000 70,000 60,000 50,000 40,000 30,000 20,000 Potential T3 LNG Condensate Potential T3 LNG Gas LNG Condensate LNG Gas 10,000 0 PNG Development

O I L S E A R C H L I M I T E D 65 Appendix 14.

0 US$boe 6.0 4.0 2.0 0.0 (2.0) Jul Aug Sep Oct Nov Dec (4.

0) Lifting dates Oil Search began selling production off a

33 O I L S E A R C H L I M I T E D 65 Appendix 14.0 Brent Premium over Tapis - July to December US$boe (2.0) Jul Aug Sep Oct Nov Dec (4.0) (6.0) Lifting dates Oil Search began selling production off a Dated Brent marker in July 2010 Positive impact on revenue since this date Change driven by liquidity in the Brent market compared to Tapis 66

PNG Attracting Growing Interest Talisman Equity Participation

Angore 6 S Juha Hides & Angore Interoil Kutubu & Agogo Kutubu

Moresby 142 E 146 E 142 E 146 E 6 S 8 S Juha Hides & Angore

Participation Talisman and Sasol have acquired significant

Interoil has strong position in Eastern Forelands OSH strategy

and Gulf - viewed as offering greatest potential for large gas

DISCLAIMER While every effort is made to provide accurate and

the information in this presentation is free from errors or

Subject to any terms implied by law which cannot be excluded,

damage, cost or expense (whether direct or indirect) incurred

which are subject to particular risks associated with the oil

Oil Search Limited believes there are reasonable grounds for

However actual outcomes could differ materially due to a range

34 PNG Attracting Growing Interest Talisman Equity Participation NGE & Interoil Equity Participation NGE 6 S Juha Hides & Angore 6 S Juha Hides & Angore Interoil Kutubu & Agogo Kutubu & Agogo Gobe Gob e 8 S 8 S 100km Port Moresby 100km Port Moresby 142 E 146 E 142 E 146 E 6 S 8 S Juha Hides & Angore Kutubu & Agogo Gobe 100km Petroleum Licences Oil Search Equity Participation Talisman and Sasol have acquired significant acreage in Western Forelands. Interoil has strong position in Eastern Forelands OSH strategy focused on enhancing position in core PNG LNG Foldbelt acreage and Gulf - viewed as offering greatest potential for large gas discoveries CSG Licences 142 E 146 E Port Moresby 67 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. 68

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

O I L S E A R C H L I M I T E D 1 Oil Search Profile Established in Papua New Guinea (PNG) in 1929 Operates all of PNG s producing oil and gas fields. Current gross production ~38,000 boepd, net share