2021

HALF YEAR RESULTS INVESTOR PRESENTATION

24 August 2021

Disclaimer

This presentation is in summary form and does not purport to be complete. It should be read in conjunction with Oil Search's periodic reporting including but not limited to its Quarterly Reports, Half Year Report, Annual Report and other ASX announcements. All $ figures are USD unless otherwise specified and all resource and cost estimates in this presentation are made by Oil Search only.

This presentation contains forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will or may occur in the future and are outside the control of Oil Search. Actual outcomes may differ materially from those expressed in such statements, due to a variety of factors, including: oil and gas prices; the extent and duration of the impact of current market conditions including but not limited to currency fluctuations; the demand for oil; the impact of COVID-19; overall global economic and business conditions impacting our business; development and use of new technology; drilling results; field performance; the timing of field development; reserves depletion; progress on gas commercialisation; the actions of third parties including our competitors, partners, contractors, subcontractors, and others; regulatory and governmental issues and approvals; and other factors discussed elsewhere in this presentation, and also under the "Material business risks" section (and elsewhere) in our Annual Report.​

The information in this presentation is an overview and does not contain all information necessary for investment decisions. This presentation includes a high level summary of the non-binding and indicative Santos proposal announced on 2 August 2021 (the Revised Proposal) in relation to the proposed merger between Oil Search and Santos by way of scheme of arrangement under the PNG Companies Act. As noted by Oil Search on 2 August 2021, subject to each party completing due diligence on the other to its satisfaction, and the entry into of a merger implementation deed, the Oil Search Board intends to unanimously recommend shareholders vote in favour of the Revised Proposal. There is no certainty that the Revised Proposal will result in a transaction. This presentation does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any securities nor does it constitute investment advice nor take into account your investment objectives, taxation situation, financial situation or needs. In making investment decisions investors should rely on their own examination of any proposed investment and should obtain their own investment advice.

While every effort is made to provide accurate and complete information, Oil Search 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 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.

Notes to Petroleum Reserves and Resources

  1. Unless otherwise stated, all petroleum reserves and resources estimates refer to Oil Search's 2020 Reserves and Resources Statement. This statement is presented in Oil Search's 2020 Annual Report released to the ASX and PNGX on 23 February 2021. The Annual report is also available at www.oilsearch.com/investors/asx-releases.
  2. Oil Search is not aware of any new information or data that materially affects the information included its 2020 Reserves and Resources Statement. All the material assumptions and technical parameters underpinning the estimates in the 2020 Reserves and Resources Statement continue to apply and have not materially changed.

2021 HALF YEAR RESULTS24 AUGUST 2021

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Agenda

1H21

SUMMARY

OVERVIEW

RESULTS

PNG

ALASKA

& OUTLOOK

APPENDIX

03

10

15

19

23

27

2021 HALF YEAR RESULTS24 AUGUST 2021

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OVERVIEW

Peter Fredricson

Acting Chief Executive Officer

2021 HALF YEAR RESULTS24 AUGUST 2021

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Santos Proposal

  • Improved non-binding, indicative merger proposal received and agreed proposed merger ratio with Santos, as announced on 2 August 2021
  • If the transaction is approved, Santos will acquire all Oil Search shares by exchanging 0.6275 new Santos shares for each Oil Search share at completion
  • Transaction to be effected as a 'scheme of arrangement' under the PNG Companies Act
  • Subject to each party completing due diligence on the other and the parties entering into a binding Merger Implementation Deed, the intention of the Oil Search Board is to unanimously recommend that shareholders vote in favour of the revised Santos merger proposal. Any such recommendation would be subject to an Independent Expert concluding that the proposal is in the best interests of Oil Search shareholders, and to no superior proposal having been received

NEXT STEPS

  • Each company conducts due diligence on the other, anticipated to conclude early September
  • During the due diligence period, the parties negotiate a Merger Implementation Deed which, if agreed, is entered once the due diligence is satisfactorily completed
  • Oil Search prepares and sends to shareholders a Scheme Booklet containing information on the transaction, including an Independent Expert Report
  • Oil Search shareholder meeting to consider the scheme. In order to proceed, the scheme must be approved by 75% or more of the votes cast on the scheme
  • Assuming shareholder approval is obtained, and that all PNG and other regulatory approvals have been obtained, approval of the scheme is sought from the PNG National Court
  • If obtained, shareholders exchange Oil Search shares for the new shares in Santos

2021 HALF YEAR RESULTS24 AUGUST 2021

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Oil Search Limited published this content on 23 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 August 2021 23:23:07 UTC.