Oil Search : PRL 15 Facilities Site Selection

3 July 2015

Oil Search advises that the PRL 15 Joint Venture participants have unanimously voted in favour of the recommendations from Total SA on the proposed location of key infrastructure sites for the potential future development of the Elk-Antelope gas field, to be named the Papua LNG Project. Detailed discussions with the PNG Government on the proposed infrastructure sites and the site selection criteria are well advanced and an announcement from the Government expressing their support for these decisions is expected shortly.
The Joint Venture has agreed the following:

 The LNG plant will be located at Caution Bay, approximately 20 kilometres north-west of Port

Moresby and adjacent to the PNG LNG Project site.

 The upstream Central Processing Facility will be located west of the Herd Base in PRL15, close to the Purari River.

 The approximately 75 kilometre onshore and 265 kilometre offshore pipeline routes for the separate gas and condensate pipelines have been determined.

Over the next few months, detailed geotechnical data acquisition will be undertaken, to further define the site locations. The plant location at Caution Bay will have a comparable footprint to the PNG LNG Project site.
The selection of the final development concept, including the sizing and capacity of the facilities, is expected to take place early in 2016, once appraisal of the Elk-Antelope field has been completed and the resource size has been quantified. This development concept will then provide the basis for moving into Front End Engineering and Design.
Commenting on the decision, Peter Botten, Oil Search's Managing Director, said:
"The selection of the site locations for the key infrastructure for the proposed Papua LNG Project is a significant milestone and follows an exhaustive evaluation process of a large range of options by the Joint Venture over the last 12 months. These decisions will enable the Joint Venture to commence early engagement with key stakeholders, including State, Provincial and Local Governments as well as local communities. The location of the LNG site at Caution Bay will also maximise the opportunity to pursue potential synergies with the PNG LNG Project.
Appraisal of the Antelope field will continue in parallel, with the results of the recent initial testing of the Antelope 5 well consistent with a substantial resource base with good productivity in the carbonate reservoir. Drilling of the Antelope 4 sidetrack, which will enable additional testing of the reservoir to take place, will be
followed by the Antelope 6 appraisal well later in 2015.

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

We look forward to continuing to work closely with our joint venture partners and key stakeholders, including the Provincial Government and landowners, towards the earliest practicable development of the world class Elk-Antelope field."

CPF

Papua New Guinea

Hides

Kutubu

Port Moresby

Pipeline Corridor

PNG LNG Facility

Plant Location

Ms Ann Diamant

Group Manager, Investor Relations

Tel: +612 8207 8440
Mob: +61 407 483 128

Oil Search - ASX announcement 3 July 2015 www.oilsearch.com

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