Oil Search : Investor Presentation US Roadshow

PowerPoint Presentation

Acquisition of InterOil and MoU with Total‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌

North American Roadshow

31 May 2016

Contents

» Overview	2
» Deal highlights	4
» Strategic rationale	10
» Financial considerations	14
» Indicative timetable to completion	16
» FAQs & further information	18

Overview Platform to deliver higher returns and to optimise further LNG development

» Oil Search announces agreements to create major independent PNG regional oil and gas

champion:

1. Acquisition of 100% of InterOil

2. Execution of MoU with Total for back-to-back farmout

» Agreements result in Oil Search increasing its stake in Papua LNG Project to 29.0% and

Total increasing to 48.1% (both after government back-in), de-risking InterOil acquisition

» Agreements expected to deliver material immediate and long term strategic and financial

benefits for shareholders of both Oil Search and InterOil:

• Oil Search achieves alignment of significant equity interests in two world-class LNG projects

• Oil Search's shareholders gain increased interest in Papua LNG Project, providing potential to double production from 2022 - 2023 and upside from surrounding exploration acreage, while maintaining strong and flexible balance sheet

• Provides pathway to optimise cooperation and/or integration between Papua LNG and PNG LNG, driving capital efficiency, superior returns and NAV per share accretion for Oil Search shareholders

• InterOil shareholders receive immediate value at significant premium and access to further potential upside through shareholding in Oil Search and possible resource based payments through contingent value right (CVR)

• Agreements provide additional scale to Oil Search, leveraging high-quality, low-cost production base, balance sheet strength, excellent growth opportunities and leading in-country relationships