Exploration and Appraisal Drilling Update December 2018

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

3 January 2019

Well Name

Muruk 2

Well Type

Location

AppraisalPDL 9, Highlands, PNG (approximatel y 11 kilometres north-west of Muruk 1)

Spud Date

10 November 2018

Rig

High Arctic Rig 104

Objective/ Target

Cretaceous Toro Sandstone.

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

Status

During the month, 13-3/8" inch casing was set and the well was drilled through the Ieru Formation in a 12-1/4" inch hole.

At the end of December, the well was at a depth of 3,130 metres and 9-5/8" inch casing was being run prior to drilling ahead in a 8-1/2" hole. The forward plan is to continue drilling through the Ieru Formation towards the target Toro Formation.

Ope ra tor

Oil Search (on behalf of Esso PNG Juha Ltd)

Participants1

Oil Search Limited

Incorporated in

Papua New Guinea ARBN 055 079 868

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%

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

Head office

Port Moresby Papua New Guinea

1 Bligh Street Sydney NSW 2000 Australia

Sydney office

Mailing address

GPO Box 2442 Sydney NSW 2001 Australia

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

Well Name

Pikka B

Well Type

Location

Appraisal

Pikka Unit, Alaska North Slope

Spud Date

31 December 2018

Rig

Doyon Arctic Fox

Objective/ Target

Cretaceous Brookian Sandstone (Nanushuk)

The objective of Pikka B is to constrain the potential resource volumes in the field.

Status

During December, construction of the ice road and ice pad were completed, allowing rig mobilisation to the well site. Drilling commenced on 31 December 2018.

Ope ra tor

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%

Well Name

Pikka C

Well Type

Location

Appraisal

Pikka Unit, Alaska North Slope

Spud Date

Expected to spud late January 2019

Rig

Nabors 105E

Objective/ Target

Cretaceous Brookian Sandstone (Nanushuk)

The objective of Pikka C is to reduce uncertainty on well deliverability by drilling a "proof of concept" development-type well.

Status

During December, construction of the ice road and ice pad were completed in preparation for rig mobilisation to the well site.

Ope ra tor

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, CBE

Managing DirectorFor 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

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Oil Search Limited published this content on 03 January 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 02 January 2019 23:23:03 UTC