Oil Search : Drilling Report - December 2019

Exploration and Appraisal Drilling Update December 2019

(ASX: OSH | ADR: OISHY | PNGX: OSH)

9 January 2020

Well Name Well Type

Location

Spud Date

Rig

Objective/ Target

Status

Operator

Participants1

Gobe Footwall 1 / ST1

Exploration

PDL 4, PNG

12 November 2019

High Arctic 103

Iagifu and Toro Sandstone

The objective of the Gobe Footwall 1 well is to test a footwall structure west of the Gobe Main field.

During December, drilling continued through the Darai Formation in a 12 ¼" hole, from 2,226 metres to 2,914 metres. In order to reach the footwall objective, it became necessary to drill at a more vertical angle. The borehole was consequently plugged-back and a sidetrack drilled from 1,230 metres.

At the end of December, the sidetrack was at a depth of 2,393 metres.

The forward plan is to drill ahead and set 9 ⅝" casing and then drill an 8 ½" hole towards the target Iagifu and Toro reservoirs.

Oil Search (PNG) Ltd

Oil Search (PNG) Ltd	65.5%
Merlin Petroleum Company	20.0%
Ampolex (PNG) Ltd	14.5%
Total	100.0%

1 Interests rounded to 1 decimal place

Oil Search Limited

Incorporated in

Papua New Guinea

ARBN 055 079 868

Head office	Sydney office	Mailing address	Tel: [phone]
Port Moresby	1 Bligh Street	GPO Box 2442	Fax: [phone]
Papua New Guinea	Sydney NSW 2000	Sydney NSW 2001	www.oilsearch.com
	Australia	Australia

Well Name Well Type

Location

Spud Date

Rig

Objective/ Target

Status

Operator

Participants1

Mitquq 1

Exploration

Pikka East, Alaska North Slope

24 December 2019 (Alaska Time)

Nabors 7ES

Cretaceous Brookian Sandstone (Nanushuk)

The objective of the Mitquq 1 exploration well is to test a Pikka Nanushuk analogue play with

potential tie-back to planned Pikka infrastructure. Secondary targets may be penetrated to evaluate exploration upside within the Torok, Kuparuk C and Alpine C reservoirs.

During the month, the Mitquq well was spudded approximately 9 kilometres from the planned Nanushuk Central Processing Facility location.

By the end of December, the well had completed drilling the surface section and had reached a depth of 764 metres.

Future activities include drilling ahead to evaluate prospectivity within the wellbore and drilling a sidetrack to an offset location for further reservoir evaluation.

Oil Search (Alaska) LLC

Oil Search (Alaska) LLC	51.0%
Repsol E&P USA, Inc.	49.0%
Total	100.0%

1 Interests rounded to 1 decimal place

All depths quoted are measured depth from rotary table (MDRT).

Oil Search - December Drilling Report - 9 January 2020www.oilsearch.com

2

PETER BOTTEN, AC, CBE

Managing Director

For more information regarding this report, please contact:

Investors and International Media:

Ann Diamant

Senior Vice President - Investor Relations

Tel:

[phone]

Mob: [phone]

Investors:

Chris Morbey

Investor Relations Manager

Tel:

[phone]

Mob: [phone]

US Media:

Amy Burnett

Manager, US Media & Communications

Tel:	[phone]
Mob:	[phone]

This ASX announcement was authorised by Oil Search Managing Director, Peter Botten.

Oil Search - December Drilling Report - 9 January 2020www.oilsearch.com

3