ASX Announcement

Climate Reporting and Withdrawal of Member Resolution

25 March 2021

ASX: OSH | PNGX: OSH | ADR: OISHY

Oil Search is pleased to announce that it will put its climate reporting to a non-binding, advisory vote of Members at its 2022 Annual General Meeting (AGM).

Oil Search has a proven record of transparently reporting climate change risks and opportunities, including greenhouse gas (GHG) emissions. In 2018 Oil Search was one of the first ASX listed companies to report in alignment with the Task Force on Climate-related Financial Disclosures (TCFD) and in mid-April we will be publishing an update to this report as an addendum to our 2020 Sustainability Report.

To further enhance our commitment to and leadership on this important issue, the Board intends to put a non-binding advisory vote on the Company's climate reporting to its Members at the 2022 AGM. We will also continue engagement with our Members and other stakeholders to seek views on the Company's climate reporting.

Oil Search Chairman Rick Lee said: "The non-binding, advisory vote complements the commitments Oil Search made following its Strategic Review last year. In addition to our leadership in climate change disclosure and community engagement, we have set meaningful and measurable GHG targets and we are committed to assessing the opportunities associated with the energy transition. Oil Search aims to be a net zero energy company by 2050 and we look forward to engaging with our Members and discussing our climate change approach."

In accordance with ASX Listing Rule 3.17A.2, Oil Search advises that after consultation with the requisitioning Member on our plan to put our climate reporting to Members for a non-binding advisory vote, the Member's resolution (detailed in the Company's announcement of 17 March 2021), has been withdrawn.

Contacts:

Investors

Media

Peter Laliberte

Matthew Park

VP - Investor Relations

VP - Communications and Media

+61 429 414 053

+61 400 539 302

peter.laliberte@oilsearch.com

matthew.park@oilsearch.com

This ASX announcement was authorised for release by the Board of Directors.

Oil Search Limited

Australian Office

oilsearch.com

Incorporated in Papua New Guinea

1 Bligh Street, Sydney NSW 2000, Australia

P. +61 2 8207 8400

ARBN 055 079 868

GPO Box 2442, Sydney NSW 2001, Australia

F. +61 2 8207 8500

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Oil Search Limited published this content on 25 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 March 2021 23:34:01 UTC.