Exploration and Appraisal Drilling Update - August 2018

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

6 September 2018

Well Name

Well Type

Location

Barikewa 3

Appraisal

PRL 9, Forelands, PNG

Spud Date

25 June 2018

Rig

HAES Rig 103

Objective/ Targets

Cretaceous Toro Sandstone and deeper Jurassic Hedinia Sandstone.

The objective of Barikewa 3 is to constrain the resource in the field and assist in selecting the optimal commercialisation pathway.

Status

During the month, a Drill Stem Test (DST) was conducted over the Toro interval from a depth of 1,729 to 1,743 metres. The DST flowed gas at a continuous rate of 35.5 mmscf/day over a 75-hour period through a 68/64" choke. Preliminary analysis indicates a clean, dry gas with approximately 20% nitrogen, which is a similar composition to that tested at Barikewa 1.

Following completion of the DST, Barikewa 3 was plugged and abandoned, as planned.

Evaluation of the well results, including logs and well test data, is underway. This information will be used in conjunction with the results from Kimu 2 to help delineate the resource base of the Kimu and Barikewa gas fields and assist in determining the optimal route for potential commercialisation.

The positive results from the Barikewa 3 appraisal well follow the successful Kimu 2 appraisal well (PRL 8, Forelands), which reached total depth in late May 2018 and proved up an extension of the Kimu gas reservoir.

Oil Search Limited

Incorporated in

Papua New Guinea ARBN 055 079 868

Head office Port Moresby Papua New Guinea

Sydney office

1 Bligh Street Sydney NSW 2000 Australia

Mailing address

GPO Box 2442 Sydney NSW 2001 Australia

Tel: +61 2 8207 8400 Fax: +61 2 8207 8500www.oilsearch.com

Operator

Oil Search

Participants

Oil Search (PNG) Limited

45.1%

Barracuda Limited

40.0%

NPCP Oil Company Pty Limited

14.9%

Total

100.0%

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

PETER BOTTEN, CBE

Managing Director

For further information, please contact:

Ann Diamant

General Manager, Investor Relations and Communications

Tel: Mob:

+612 8207 8440 +61 407 483 128

Stephanie Chu

Investor Relations Manager

Tel: Mob:

+612 8207 8542 +61 481 038 179

Oil Search - August Drilling Report - 6 September 2018www.oilsearch.com

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Oil Search Limited published this content on 06 September 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 06 September 2018 05:31:05 UTC