ASX Announcement

31 July 2014

Drilling Report Well Name: Taza 2, Kurdistan Region of Iraq


Oil Search reports that at 06:00 hours KRI time on 30 July 2014, the Taza 2 well was at a total depth of
4,200 metres in a 6-1/8" hole.
During the week, wireline logging operations were completed and a number of sidewall cores were recovered. Mud losses have been encountered while preparing to widen the hole, in order to run a 5" liner. The forward plan is to stabilise the well, enlarge the hole and install the liner prior to commencing the comprehensive testing programme as planned.
Taza 2 is located 10 kilometres north-west of Taza 1 and is designed to appraise the hydrocarbon-bearing intervals discovered by Taza 1 (Jeribe/Dhiban and Euphrates/Kirkuk Formations), as well as explore deeper Tertiary and Cretaceous targets including the Shiranish Formation.

The participants in Taza 2 are:

Participant

% Interest

Oil Search (Iraq) Limited1

60%

Total E&P Kurdistan Region of Iraq (Taza) B.V.

20%

Kurdistan Regional Government (KRG)

20%

Total

100%

1 Oil Search's funding interest is 75%, with the KRG's 20% interest carried by Oil Search and Total E&P Kurdistan

Region of Iraq (Taza) B.V.

PETER BOTTEN, CBE Managing Director For further information please contact:

Ms Ann Diamant
Group Manager, Investor Relations
Tel: +61 2 8207 8440
Mob: +61 407 483 128

Oil Search Limited

Incorporated in Papua New Guinea ARBN 055 079 868

Head office Port Moresby Papua New Guinea

Sydney office

1 Bligh Street

Sydney NSW 2000

Australia

Mailing address

GPO Box 2442

Sydney NSW 2001

Australia

Tel: +61 2 8207 8400

Fax: +61 2 8207 8500 www.oilsearch.com

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