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 Tunis Tunisia Iraq Sulaymaniyah Dubai Established in Papua New Guinea (PNG) in 1929 Market capitalisation ~US$10.5bn Listed on ASX (Share Code OSH) and POMSOX, plus ADR programme (Share Code OISHY) Operates all PNG s currently producing oil and gas fields Sana a Yemen Papua New Guinea Kutubu Ridge Camp Australia Port Moresby (Head Office) Brisbane PNG Government is largest shareholder with 15%. Exchangeable bond over shares issued to IPIC of Abu Dhabi 29% interest in PNG LNG Project, world scale LNG project operated 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 3 Consistent strategy and disciplined capital management deliver share price growth A$ billion OSH Market Capitalisation & Share Price History A$/share 12 10 8 6 4 Significant share price growth (1 Oct 13) o 20 years to date 1,034% o 10 years to date 642% o 3 years to date 35% Key milestones likely to impact share price over the next 18 months: o PNG LNG Train 1 and 2 completion o LNG expansion o Mananda and Taza development P nyang South discovery PNG LNG sanctioned 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 2 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 first oil Buy BP Gobe assets Moran oil discovery Buy BP s PNG assets Merger with Orogen Minerals Buy ChevronTexaco s PNG assets, assume operatorship 1.00 4

Key Oil and Gas Fields, PNG P nyang PRL3 Juha North PPL260 Angore Porgora Gold Mine Wabag Madang Juha 260 Hides 6 S Proposed Juha Facility Kiunga Hides Gas Conditioning Plant & Komo Airfield PRL02 Mananda 5 PDL9 PDL1 PDL7 PDL8 233 PPL219 PRL11 PPL277 PDL6 PDL5 Moran 233 PDL2 Mendi Agogo Moro Airport Kutubu PRL14 Mt. Hagen Gobe Main PPL277 Kundiawa PPL339 Goroka Mananda 6 Lae 7 S SE Mananda PDL4 PDL3 PRL09 339 339 Kimu PRL08 SE Gobe Kopi Scraper Station Barikewa Kopi Wharf PPL Uramu PRL10 Elk/Antelope 339 339 PPL339 Oil Field Gas Field Prospect Oil Pipeline 8 S Kumul Terminal PPL234 Kerema 339 339 PNG LNG Gas Pipeline PNG LNG Project Gas Fields PNG LNG Project New Facilities PPL385 PPL244 Hagana Flinders LNG Facility OSH Facility PNG LNG Project Facility Major Road 9 S Non PNG LNG Gas/Oil Fields Daru 100km 141 E 142 E Port Moresby 143 E 144 E 145 E 146 E 147 E 5 PNG LNG Project Angore Juha Hides Juha Facility Moran 6 S Hides Gas Conditioning Plant Komo Airfield Agogo Kutubu Gobe Main 7 S Onshore pipeline and Infrastructure 8 S Kumul Terminal Oil Pipeline PNG LNG Gas Pipeline OSH Facility Offshore pipeline LNG Facility PNG LNG Project Facility 9 S 100km 141 E 142 E Port Moresby 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 7 PNG LNG Project Status Over 90% complete Commissioning activities underway at LNG plant First LNG sales window narrowed to second half of 2014 Juha Gas Field 60km x 14 gas line Hides Gas Field Angore Gas Field 292 km x 32 gas pipeline onshore Juha Production Facility 250 Mcfd 60km x 8 liquids line Hides Gas Conditioning Plant 960 Mcfd 109 km x 8 condensate line Agogo/Moran* Kutubu* Gobe* *Existing Facilities Cost outlook of US$19bn recently confirmed by operator, Esso Highlands Existing 270 km x 20 crude oil export line LNG Facility 6.9 MTPA US$1.5bn supplemental project financing secured 407 km x 34 subsea gas pipeline Gulf of Papua Port Moresby 8

Commissioning of key equipment at LNG plant site underway PNG LNG Plant LNG Facility 9 Land access for entire onshore pipeline complete Onshore Pipeline Offshore Pipeline Pipeline Installation 10

Oil fields are now supplying commissioning gas Kutubu Kumul TEG Dehydration Unit at CPF 11 With Komo operational, Hides Plant is making solid progress Komo Airfield HGCP Hides Gas Conditioning Plant (HGCP) 12

Drilling at Hides underway with two rigs PDL 1/7 Hides Field 8 New Production Wells Hides GTE Plant Hides Nogoli Camp PDL 8 Angore Field 2 New Wells Hides Gas Conditioning Plant 10km Komo Airfield Rig 702 has completed drilling at well pad B, commenced drilling at well pad D Rig 703 drilling ahead at well pad C 13 PNG LNG Project Timetable» Continued early works» Detailed design» Order long leads and place purchase orders» Open supply routes» Contractor mobilisation» Commence AG construction» Continue onshore pipe lay» Complete offshore pipe lay» Start Hides plant installation» Start Hides drilling» Complete key AG items First Gas from Train 1, then Train 2 2010 2011 2012 2013 2014» 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» Construction of HGCP» Commission LNG plant with Kutubu gas 14

Potential expansion of PNG LNG using Highlands gas 6 S PRL3 P nyang Juha North Juha Hides Gas Conditioning Plant & Komo Airfield PPL260 260 PDL9 PRL02 PDL1 PDL7 Hides Wabag Agogo PDL8 PRL11 PDL6 PPL233 PPL219 PDL2 Angore Moran PDL5 Mendi PPL233 PPL277 Kutubu PNG LNG Project Gas Resources Non PNG LNG Gas Resources Gobe Main Mt. Hagen SE Gobe With PNG LNG construction approaching completion, focus is moving to potential expansion opportunities Possible gas for expansion includes P nyang, Juha North and other Highlands opportunities 7 S Kimu PRL08 PDL3 Barikewa PRL09 PDL4 PRL14 PPL277 Iehi/Cobra Exploration and appraisal activity in PNG Highlands underway, to help better understand gas resource picture 100km 8 S 142 E 143 E 144 E Kumul Terminal 15 Engineering scoping on P nyang progressing Concept selection and engineering scoping 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 6 S P nyang Angore Moran Kutubu Agogo Gobe 8 S 142 E 144 E 16

Proposed sale of PRL 15 7 S PPL277 339 Triceratops PPL339 339 339 PRL 15 Elk / Antelope InterOil (IOC) seeking to bring experienced LNG operator into PRL15, which contains Elk and Antelope gas fields, located in PNG Gulf Province Sale process ongoing OSH watching with interest PPL 339 PRL10 PPL339 8 S Kumul Terminal 50km Kerema 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 Kidukidu in PPL 385, but water wet Drill results prove Plio- Pleistocene turbidite play fairway in Gulf of Papua Drilling data being used to calibrate seismic and geological models, allowing full evaluation of other prospective targets in Gulf 8 S Kumul Terminal PPL234 PPL385 PPL244 9 S Kidukidu Hagana Flinders 50km 145 E 18

PPL277 7 S 2D Seismic 2013 Lines Onshore Gulf of Papua: seismic being acquired PPL339 Triceratops Elk/Antelope Seismic programme in PPL underway as part of Oil Search farmin option, covering potential extension of Triceratops discovery Follows acquisition of gravity gradiometry data Subject to results of seismic, OSH will decide whether to take up equity and drill well PPL 30km 145 E 19 Successful Mananda 6 appraisal well in 2Q13 extended Mananda 5 discovery ~8km SE Application for development licence submitted to DPE in August 2013 Mananda development, PNG Highlands PPL219 PDL1 PPL277 Mananda 5 Mananda 6 PDL6 SE Mananda PDL5 Moran In-place resource of 50 130 mmbbl, with 10-30 mmbbl recoverable based on 100 mmbbl mid-case & recovery factor of 10-30% SE Mananda Pipeline Phased development. Base development comprises M5 & M6 tied-back to SE Mananda and Agogo Processing Facility Juha 6 S P nyang Mananda Agogo Hides Angore Moran Kutubu Gobe SE Mananda Bridge APF Agogo Significant exploration upside in Mananda and SE Mananda areas PDL2 8 S 142 E 144 E 20

Upside on the Mananda Ridge Mananda 6 Mananda 6, Digimu test, June 2013 up to 1,750bopd 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 Light oil proven in three reservoir intervals in Taza 1. Initial analysis confirms pre-drill estimates of 250-500 mmbbl of recoverable oil in these intervals Including deeper untested intervals, potential could be 750 mmbbl Kurdistan Oil Field Oil & Gas Field Gas Field Gas/condensate Oil Pipeline Gas Pipeline Taq Taq Field Appraisal programme starting 4Q13. Includes Taza 2, to appraise upper intervals and explore deeper Tertiary and Cretaceous targets, drilling up to four additional wells and 3D seismic Maturing lead (SE Jambur) in west of licence for drilling in 2014, with inplace resource potential of ~300 mmbbl Kirkuk Field Jambur Field Hamrin Field Chia Surkh Field Taza PSC Baghdad 22

Taza oil discovery: moving to appraisal Jambur Kor Mor SW Taza 1 NE 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 25 Base PNG production outlook (ex-png LNG) 2013 production guidance range remains 6.2 6.7 mmboe Production out to first LNG in 2014 expected to remain broadly flat, with workover and development drilling programme to continue through 2013 and 2014 Incremental production from Mananda from 2016 Delivery of commissioning gas to PNG LNG infrastructure will not impact oil production performance Net Production (mmboe) 10 6 S 8 6 4 2 0 PRL 02 PDL9 8.12 PDL1 PDL 7 PPL260 PDL7 SE Mananda 7.66 PRL 11 PDL8 PPL233 PPL219 6.69 PRL 11 PDL2 PDL6 6.38 PPL277 PDL5 PPL233 6.2-6.7 2009 2010 2011 2012 2013 2014 Agogo Kutubu Hides Moran (Forecast) PDL 4 Gobe Main PRL 14 PDL PDL 3 4 SE Gobe 7 S PRL09 PRL08 143 E 144 E 26

In first full year, PNG LNG will add 19 mmboe net to OSH production 30 25 20 15 Net Production (mmboe) Mananda High Case (1) Mananda Base Case Taza EWT PNG LNG (T1+T2) Hides GTE SE Mananda (2) Gobe (2) Moran (2) Kutubu (2) 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 Notes 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 (Forecast) 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 29 Appendix 1: Key metrics 9.8 Production (mmboe) 8.6 8.1 7.7 6.7 6.4 3.2 137.9 313.4 NPAT (US$m) 133.7 185.6 202.5 175.8 113.5 07 08 09 10 11 12 1H13 07 08 09 10 11 12 1H13 78 Oil Price (US$/bbl) 100 76 65 116 114 109 8 8 DPS (US cents) 4 4 4 4 2 07 08 09 10 11 12 1H13 07 08 09 10 11 12 1H13 30

Appendix 2: Financial position 536 Cash (US$m) 1,289 1,265 1,047 488 292 Strong balance sheet, able to fund remaining equity share of PNG LNG Project and active exploration and development programme: US$292 million in cash at end June US$500 million of funding available under corporate facility, nil drawn down 08 09 10 11 12 1H13 Corporate Facility (US$m) 500 500 435 363 304 247 08 09 10 11 12 1H13 Ongoing cash flow from oil fields US$435 million remaining equity contribution to PNG LNG Project Number of levers to manage balance sheet: Assessing shorter-term debt funding options, if required, to finance incremental development activities prior to receipt of PNG LNG cash distributions US$1.5 billion supplemental debt tranche for PNG LNG Project recently secured 31 Appendix 3: Investment outlook 2,500 2,000 US$m Other PP&E Production PNG LNG Project Exploration & Evaluation (including gas growth) 2013 Guidance: US$1.9-2.1bn 1,861 US$10 20m US$160 180m 1,500 1,364 1,568 1,000 US$1,400 1,500m 500 451 586 0 2008 2009 2010 2011 2012 2013F US$320 360m 32

Appendix 4: 2013 guidance Production: 6.2 6.7 mmboe guidance, unchanged 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 33 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. 34