Oil Search LimitedARBN 055 079 868

Oil Search UpdateJune 2014

Oil Search Licence Interests, PNG

2

Port Moresby

Kumul Terminal

PRL08

PDL7

PDL4PDL3

PRL09

PDL6 PDL5

PRL14

260

233

PPL234

PRL10

PPL244

PPL339

339

339

339

PPL339

339

339 339

PPL260

PRL3

PPL385

PDL1

233

PPL277

PPL277

Juha

Moran

Agogo

SE Mananda

Uramu

P’nyang

Kimu

Kutubu

Proposed JuhaFacility

Hides

Angore

LNG Facility

SE Gobe

Mananda 6,7

Gobe Main

PNG LNG ProjectGas Fields

Hagana

Flinders

Juha North

Barikewa

Hides GasConditioning Plant

& Komo Airfield

PPL219APDL11

PDL9PDL8

PDL2

PRL15

Elk/Antelope

PNG LNG ProjectFacilities

Non PNG LNG Gas/Oil Fields

Oil PipelinePNG LNG Gas Pipeline

OSH FacilityPNG LNG Project FacilityMajor Road

Gas FieldOil Field

Proposed PNG LNGGas Pipeline

Corporate Transformation Underway

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Oil Search is in excellent position to build further value for shareholders. Platform of unprecedented strength:» PNG LNG Project sales commenced in May 2014. Transforms OSH into

significant LNG exporter with steady 20+ year cash flow stream, sufficient to fund both growth opportunities and pay materially higher dividends

» Highlands and PRL 15 LNG expansion opportunities being matured. Potential involvement in two, possibly three, additional high returning LNG trains by end of decade:– Possibility of more than doubling production over next 5 – 7 years, off 2015 base

» Taza oil discovery in Kurdistan being appraised, positive results to date

» Balance sheet strengthened by recent placement to PNG Government and SPP

» Strategic Review underway. Will set direction for next five years

Core Strategies Have Delivered Steady Long-Term Share Price Appreciation

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Jan-

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Jan-

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Jan-

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Jan-

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Jan-

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Jan-

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Jan-

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Jan-

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Jan-

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Jan-

14

Shar

e Pr

ice

(A$) Acquisition of

ChevronTexaco’s PNG assets.

Assume Operatorship

Manage transition to PNG LNG Project PNG LNG FID

PNG LNG production and sales

commencePRL 15

acquisition

PNG LNG Project

5

Project Update

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» PNG LNG Project Train 1 commenced production in April, Train 2 in May, both ahead of schedule

» Ramp up to full capacity (6.9 MTPA) in progress

» LNG shipments to Asian markets commenced late May, with first cargos being sold on spot market, prior to start of long term contract sales

» Project expected to be delivered within November 2012 budget of US$19 billion

» Hides liquids being blended with oil field production and sold as Kutubu Blend

PNG LNG – first shipment delivered to TEPCO, Japan

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Spirit of Hela

PNG LNG Plant site

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Feb 2011

Feb 2014

Jetty

9

Jun 2011

Nov 2013

Offshore and Onshore Pipelines

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Laying Highlands pipeline

Pipeline rehabilitation, March 2014Pipeline rehabilitation, March 2014

Offshore Pipeline

Pipeline burial

Associated Gas (CPF)

11

PNG LNG Project FacilityMajor Road

Nov 2010

Feb 2013

Komo Airfield

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First Antonov 124, May 2013

Dec 2010

Nov 2013

Hides Gas Conditioning Plant

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Mar 2014Aug 2012

Dec 2010

Drilling

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Rig 702 Rig 703

Gas Growth Strategy» Oil Search looking to

leverage existing LNG infrastructure and skills developed by foundation PNG LNG Project

» Upside in 1P reserves at Hides plus substantial discovered undeveloped gas resources

» Oil Search well positioned to realise value from future phases of development, as significant resource and infrastructure owner and proven operator

» PNG remains an attractive investment location

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Port Moresby

Kumul Terminal

PRL08

PDL7

PDL4PDL3

PRL09

PDL6 PDL5

PRL14

260

233

PPL234

PRL10

PPL244

PPL339

339

339

339

PPL339

339

339 339

PPL260

PRL3

PPL385

PDL1

233

PPL277

PPL277

Juha

Moran

Agogo

Kutubu

Proposed JuhaFacility

Hides

Angore

LNG Facility

Gobe Main

Hides GasConditioning Plant

& Komo Airfield

PPL219APDL11

PDL9PDL8

PDL2

PRL15

Undeveloped GasFields

Uramu (100%)

P’nyang (38.5%)

Kimu (60.7%)

SE Gobe (25.6%)

Hagana (40%)

Flinders (40%)

Juha North (24.4%)

Barikewa (45.1%)

Elk/Antelope (22.8%)

Hides Drilling

» Six production wells at three wellpads (B,C and D) complete

» Drilling ongoing: two wells at wellpad G (NW Hides) and PWD well. Will help constrain gas volume in Hides field

» Hides 5 planned to explore Koi-Iange reservoir (~700m below Toro), with drilling scheduled to commence in 4Q14

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Hides 4

Hides 3Hides 2Hides 1Hides G

Toro

Koi-Iange

Ieru

5km

PDL 1/7 – Hides Field8 New Production Wells

PDL 8 – Angore Field2 New Wells

Hides GasConditioning

Plant

KomoAirfield

Hides NogoliCamp

Hides GTE Plant

PWD Well

Hides Well Pad G

Hides 5

Hides 5

P’nyang - PRL 3» Key resource to support potential growth from PNG

LNG:

– Total 2C recoverable gas resources in P’nyang field of 2.5 tcf

» Concept selection work well advanced –engineering, environmental and social mapping

» Development work to continue through to submission of PDL application in early 2015

PRL 3 WI %

ExxonMobil affiliates (operator Esso PNG P’nyang Ltd) 49.0

Oil Search 38.5

JX Nippon 12.5

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Elk/Antelope - PRL 15

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» 22.8% gross interest in PRL 15, containing Elk/Antelope gas fields

» Up to three appraisal wells to be drilled, to prove up sufficient gas resources to support LNG development. First well expected to spud in 3Q14

» Substantial exploration and appraisal upside in PRL 15

» Dispute resolution process underway relating to sale of interest in PRL 15 from InterOilto Total SA. Negotiations to achieve commercial resolution ongoing

Port Moresby

Kumul Terminal

PRL08

PDL7

PDL4PDL3

PRL09

PDL6 PDL5

PRL14

260

233

PPL234

PRL10

PPL244

PPL339

339

339

339

PPL339

339

339 339

PPL260

PRL3

PPL385

PDL1

233

PPL277

PPL277

Juha

Moran

Agogo

SE Mananda

Uramu

P’nyang

Kimu

Kutubu

Proposed JuhaFacility

Hides

Angore

LNG Facility

SE Gobe

Mananda 6,7 Gobe Main

PNG LNG ProjectGas Fields

Hagana

Flinders

Juha North

Barikewa

Hides GasConditioning Plant

& Komo AirfieldPPL219APDL11

PDL9PDL8

PDL2

PRL15

Elk/Antelope

PNG LNG ProjectFacilities

Non PNG LNG Gas/Oil FieldsTriceratops

5km Source: InterOil

Strong production from PNG oil fields» Reservoir performance from

key oil fields remains strong

» Continued success of development drilling and field management activities

» Commissioning gas delivered from Kutubu to PNG LNG Plant (September) and HGCP (December)

» PNG LNG Hides liquids being blended with oil field production and sold as Kutubu Blend

1919

PRL8

PRL11

PDL7

PDL1

PPL233

PPL219

PDL2

PDL5PDL6

PRL9

PRL14

PPL260

PDL4

PDL3

PDL4

PDL7

PPL233

PPL277PDL8

PDL9

PRL11

Kutubu

Moran

Cobra

Iehi

BarikewaKimu

SE Gobe

Gobe Main

Agogo

SE Mananda

Mananda 5,6 & 7

Juha

HidesAngore

Juha North

Oil FieldGas Field

Oil PipelinePNG LNGGas Pipeline

OSH FacilityPNG LNG Project Facility

Proposed PNG LNGGas Pipeline

Production Outlook

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0

5

10

15

20

25

30

2011 2012 2013 2014F 2015F

Kutubu(2)Moran(2)

GobeSE ManandaHides GTE(3)PNG LNG (T1+T2)(1,3)

Net Production (mmboe)

6.386.69

17 – 20

6.74 6.4 – 6.9

1 LNG sales products at outlet of plant, post fuel and flare2 Oil forecast assumes planned new development wells beyond 20133 Gas:oil conversion rate used in 2014/15: 5,100 scf = 1 barrel of oil equivalent (prior years 6,000 scf/boe)

» Total production guidance for 2014 increased from 14.5 – 17.5 mmboe to 17 – 20 mmboe, due to commencement of LNG production from Train 1 (April) and Train 2 (May) ahead of schedule

» Production from oil fields of 6.4 – 6.9 mmboe (unchanged), up slightly from 2013

» In first full year (2015), PNG LNG will add ~21 mmboe net to Oil Search production

Oil Discovery at Taza, Kurdistan:Appraisal Underway

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IRAN

TURKEY

SYRIA

IRAQJORDAN

SAUDI ARABIA

CaspianSea

PersianGulf

RedSea

KURDISTAN REGIONOF IRAQ

Taza PSC

Erbil OfficeSulimaniyah Office

IRAN

TURKEY

IRAQ

KURDISTAN

Taza PSC

Kirkuk

Miran WestChemchemal

Shaikan

Tawke

Hamrin

Chia Surkh

JamburKor Mor

Taq Taq36°N

37°N

SE JamburLead

Pulkhana

Jambur Kor Mor

Taza 3 Proposed

Taza 2

Taza 5 ProposedTaza 4 Proposed Taza

Taza 1ST2

Oil Discovery at Taza, Kurdistan:Appraisal Underway» Taza 2 appraisal well has found oil in Jeribe,

Dhiban and Euphrates Formations. Presently drilling towards deeper Shiranish Formation, not penetrated by Taza 1

» Taza 3, to appraise southern part of field, planned to spud in 3Q14, plus two more wells and 3D seismic

» Plan to install Early Production Facility (EPF) on one well in 2015

» 3D seismic acquisition underway, including over SE Jambur lead

» New export pipeline through Kurdistan to Turkey operational. Operations have not been impacted by recent unrest in Iraq

NOTE: Proposed well locations subject to change

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Positioning for Next Phase of Growth

» Major Strategic Review underway to set objectives and programmes for Oil Search over next five years

» Review will analyse:

– Asset values and ways to capture full value

– Balance of asset portfolio to deliver growth projects and capital management initiatives

– Company structure, cost base and operating model

– Development of our people and organisation, to deliver continued top quartile returns

» Results to be communicated to shareholders in 3Q14

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Summary

Oil Search has unprecedented platform for further growth:» Delivery of PNG LNG will more than quadruple production 2013 – 2015:

– Delivers material cash flow to invest in high returning projects and fund higher dividends

» Assets have potential to underwrite at least two further LNG trains and expansions

» Taza oil discovery has significant potential. Appraisal taking place

» Oil business remains strong

» Balance sheet will strengthen rapidly with LNG revenues

» Strategic Review will provide programme to deliver continued superior returns

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Appendix 1: Key metrics

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2009 2010 2011 2012 2013

8.1 7.76.7 6.4 6.7

Production (mmboe)

2009 2010 2011 2012 2013

133.7185.6 202.5 175.8

205.7

NPAT (US$m)

2009 2010 2011 2012 2013

65 76

116 114 111

Oil Price (US$/bbl)

2009 2010 2011 2012 2013

4 4 4 4 4

DPS (US cents)

Appendix 2: Treasury Update» Total liquidity of US$711.2 million at end 1Q14

comprising US$411.2 million cash and US$300 million available under non-amortising corporate revolving facility

» Additional A$184 million raised under SPP in May

» US$250 million of funding lines, including L/C facilities to access cash in LNG Project secured accounts, have been established to provide additional near-term funding flexibility

» US$3.91 billion (OSH share) drawn down under PNG LNG Project finance facility at end 1Q14

» 2013 final unfranked dividend of two US cents per share, fully funded via underwritten DRP

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2009 2010 2011 2012 2013 1Q 14

1,289 1,2651,047

488210

411

Cash (US$m)

2009 2010 2011 2012 2013 1Q 14

363304

247

500

300 300

Corporate Facility Available (US$m)

Appendix 3: Investment Outlook

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2009 2010 2011 2012 2013 2014F

Other PP&E

Production

PNG LNG

Exploration & Evaluation

586

1,364

1,568

1,861

1,673

US$m

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Guidance Range (US$1,175 – 1,415m)1

US$25 – 35mUS$100 – 130m

US$650 – 800m

US$400 – 450m2

1 Excludes US$900m upfront payment for acquisition of 22.835% interest in PRL 15, completed March 2014.2 Includes capex associated with appraisal activity in PRL 15

Appendix 4: 2014 Guidance Summary

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Previous Guidance Updated Guidance

Production

Current operations (oil and GTE) 6.4 – 6.9 mmboe1 6.4 – 6.9 mmboe1

PNG LNG Project

LNG 34 – 43 bcf 45 – 57 bcf

Liquids 1.5 – 2.1 mmbbl 1.7 – 2.0 mmbbl

Total PNG LNG Project 8.1 – 10.6 mmboe1 10.5 – 13.2 mmboe1

Total Production 14.5 – 17.5 mmboe 17 – 20 mmboe

Operating Costs

Normalised cash opex (incl corporate costs) US$21 – 26 / boe US$18 – 22 / boe

Hides GTE gas purchase costs US$37 – 40 million US$37 – 40 million

Business development US$10 – 15 million US$10 – 15 million

Depreciation, amortisation and site restoration US$13 – 15 / boe US$13 – 15 / boeNumbers may not add due to rounding1 Gas volumes have been converted to barrels of oil equivalent using an Oil Search specific conversion factor of 5,100 scf per boe, which represents a weighted average, based on Oil Search’s reserves portfolio, using the actual calorific value of each gas volume at its point of sale. The change to a specific boe conversion factor more closely reflects the energy content of the Company’s gas reserve portfolio compared to the previous conversion factor of 6,000 scf per boe.

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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.

Oil Search's estimates of petroleum reserves, contingent resources and prospective resources are based on information prepared by Dr Jon Rowse, Oil Search’s General Manager - Subsurface, who is a full-time employee of the Company and a member of the Society of Petroleum Engineers. Dr Rowse is qualified in accordance with ASX Listing Rules 5.41-5.44, and confirms that the statements are based on and fairly represents information and supporting documentation which has been prepared by him. He has consented to publish this information in the form and context in which it is presented in this presentation.

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