Oil Search : Drilling Report for April 2019

Exploration and Appraisal Drilling Update April 2019

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

2 May 2019

Well Name

Well Type

Location

Spud Date

Rig

Objective/

Target

Status

Muruk 2

Appraisal

PDL 9, Highlands, PNG (11.7 kilometres NW of Muruk 1)

10 November 2018

High Arctic Rig 104

Cretaceous Toro Sandstone.

The objective of Muruk 2 is to constrain the potential resource volumes in the field.

During the month, the Muruk 2 well was tested, confirming gas in pressure communication with Muruk 1 ST3. The well flowed at a maximum rate of 16.5 mmscf/day on a 52/64" choke. This was impacted, as expected, by drilling-induced formation damage, caused by mud and other fluid losses into the reservoir, which materially reduced flow rates.

		Muruk 2		P N G
	PPL 402
JUHA	MURUK
NORTH
				Muruk 1
JUHA			PDL 1
		HIDES
		PDL 9		PDL 7
	OSH Operated			PDL 7
	OSH Interest

Operator

Participants1

Pressure gauges have been installed downhole to monitor the well during the pressure build-up phase. This will assist in evaluating the contingent resources in the Muruk field, which is located only 20 kilometres away from existing infrastructure at Hides.

The well has been plugged and abandoned and the rig is being demobilised. This is the final drilling report for Muruk 2.

Oil Search (on behalf of Esso PNG Juha Ltd)

Oil Search (Tumbudu) Ltd	24.4%
Esso PNG Juha Ltd	21.7%
Ampolex (PNG) Ltd	21.7%
Kumul Petroleum (Kroton) Ltd	20.5%
Nippon PNG LNG LLC	9.7%
Gas Resources Juha No. 1 Ltd	2.0%
Total	100%

Oil Search Limited	Head office	Sydney office	Mailing address
Incorporated in	Port Moresby	1 Bligh Street	GPO Box 2442
Papua New Guinea	Papua New Guinea	Sydney NSW 2000	Sydney NSW 2001
ARBN 055 079 868
	Australia	Australia

Tel: [phone]

Fax: [phone] www.oilsearch.com

1Gross interests, pre-Government and landowner back-in rounded to 1 decimal place

Well Name Well Type

Location

Rig

Status

Pikka B/Pikka B ST1 and Pikka C/Pikka C ST1

Appraisal

Pikka Unit, Alaska North Slope

Pikka B/Pikka B ST1 - Doyon Arctic Fox Pikka C/Pikka C ST1 - Nabors 105E

Demobilisation of the drilling rigs and other equipment from both well sites was safely completed in April.

This is the final drilling report for this season's Pikka wells.

Operator	Oil Search
Participants
Oil Search (Alaska) LLC	25.5%
		Repsol E&P USA, Inc.	49.0%
		Armstrong Energy, LLC	19.1%
		GMT Exploration Company, LLC	6.4%
		Total	100.0%

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

PETER BOTTEN, AC, CBE

Managing Director

Oil Search - April Drilling Report - 2 May 2019w ww.oilsearch.com

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Investors and International Media

Ann Diamant

General Manager, Investor Relations and Communications

Tel: [phone]

Mob: [phone]

US Media

Amy Burnett

Manager, U.S. Media & Communications

Tel: [phone]

Mob: [phone]

Investors

Stephanie Chu

Investor Relations Manager

Tel: [phone]

Mob: [phone]

Oil Search - April Drilling Report - 2 May 2019w ww.oilsearch.com

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