Oil Search : Credit Suisse AIC Conference Presentation March 2017

Oil Search Limited

ARBN 055 079 868

ASX: OSH | POMSoX: OSH US | ADR: OISHY

www.oilsearch.com

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.

» Established in Papua New Guinea (PNG) in 1929

» 29% interest in world-class PNG LNG Project, operated by ExxonMobil, and ~60% interest in all PNG's producing oil fields, operated by Oil Search (OSH)

» Pursuing major LNG growth opportunities:

- Strong resource base bolstered by reserves upgrades at PNG LNG, with 10 tcf+ 2C undeveloped gas resource available to support expansion

» Opportunity for project cooperation/ integration increased by recent ExxonMobil acquisition of InterOil (IOC)

» Material gas exploration upside in PNG

» Market capitalisation ~A$11bn (~US$8bn)

» Listed on ASX (Share Code: OSH) and POMSOX, plus US ADR programme (Share Code: OISHY)

» Several key milestones achieved over past few months:

• PNG LNG producing consistently at ~8 MTPA, compared to 6.9 MTPA nameplate capacity:

  • OSH believes further optimisation possible

• Major increase in PNG LNG Project reserves following recertification:

  • Supports increased production rates and leaves discovered undeveloped resources at P'nyang and Elk-Antelope to support expansion

• Increase in Elk-Antelope resource post successful appraisal programme:

  • 21% increase in 2C, to 6.45 tcf

• Discovery of gas at Muruk:

  • Potentially increases optionality for sourcing of gas for expansion

  • Reduces uncertainty of several leads and prospects on-trend, with material prospectivity

• Successful completion of ExxonMobil acquisition of InterOil:

  • Formal discussions on cooperative development between P'nyang, Elk-Antelope and PNG LNG have commenced

» Set against backdrop of tightening long term LNG market, with demand stimulated by lower LNG

pricing and new technology