1

O I L S E A R C H L I M I T E D

Oil Search Profile

Established in Papua New Guinea (PNG) in 1929

Operates all of PNG’s producing oil and gas fields. Current gross production ~33,500 boepd, net share ~18,500 boepd

At December 2010, proven reserves were 337 mmboe, proven and probable 559 mmboe plus 318 mmboe 2C resources, taking 2P reserves and 2C resources to 877 mmboe

PNG Government is largest shareholder with 15%. In early 2009, Govt issued exchangeable bond over shares to IPIC of Abu Dhabi

29% interest in PNG LNG Project, world scale LNG project operated by ExxonMobil. Project in construction, first LNG sales expected 2014

Exploration interests in PNG and Middle East/North Africa

Market capitalisation ~US$8 billion. Listed on ASX (Share Code OSH) and POMSOX, plus ADR programme (Share Code OISHY)

2

Oil Search Locations

3

TunisiaIraq

Yemen

Papua New Guinea

Australia Brisbane

Sydney

Port Moresby(Head Office)

Kutubu Ridge Camp

Dubai

Sana’a

TunisSulaymaniyah

Kumul Terminal

Port Moresby

7°S

Juha

PRL08

PPL240

PRL11

PDL7

PPL239 PDL1

PRL02

PDL2

PDL4PDL3

PRL09

PDL6

PDL5

PRL14

PPL260

APPL249

APPL250

233

PDL9PDL8

PPL233

APPL386

PPL219

LNG Facility

Gulf Offshore

6°S

8°S

9°S

PRL01

PPL234

PRL10

PPL244

Kiunga

Kundiawa

Mt. Hagan

Mendi

Kerema

Pandora

SE Mananda

Uramu

100km

Madang

Daru

Wabag

Gobe

PPL276

PPL338

338

338

338

PPL339

339

339

339

PPL339

339

PPL312

339 339

PPL260

Kopi Wharf

145°E 146°E144°E143°E 147°E

Kimu

PRL3

APPL385

240

240

V.

Key Oil and Gas Fields, PNG

4

Lae

LEGEND

Oil Field

Gas Field

Prospect

Oil Pipeline

Proposed Gas Pipeline

Major Road

P’nyang

Mananda 5 Kutubu, Agogo & Moran

Gulf Onshore

Hides

ExplorationGas Resources

PNG LNG ProjectGas Resources

Non PNG LNG Gas Resources

Barikewa

AngoreKomo Airstrip

Hides GasConditioning Plant

Trapia

Elk/Antelope

OSH Strategies to Create Value

Optimise current oil and gas production:Through improved efficiencies and pursuit of near field opportunities

Maximise value of PNG LNG Project (T1 & T2):By utilising in-country knowledge to assist Operator

Develop LNG and other gas expansion opportunities:Build gas resources for both PNG LNG expansion and standalone LNG project/s

Measured programme of other growth options: Optimise exploration portfolio

Ensure Oil Search’s Sustainability:Operate business in transparent and sustainable manner to ensure long term operating stability and enhance ‘social licence to operate’

5

Strong Performance in 1H11

1H 2011 NPAT increased by 117% to US$114.5 millionResult driven by 53% increase in realised average oil price of US$116.89 per barrel, more than offset 10% lower production of 3.56mmboeCash operating margin stable against back drop of inflationary pressure in PNG coupled with adverse currency movements and declining volumes

6

2007 2008 2009 2010

4

6

8

10

12Production (mmboe)

0

2

Oil Price (US$/bbl)

1H 11

40

60

80

100

120

0

20

200

300

400

500

600US$m

0

100

NPAT*

Operating cash flow

EBITDAX Margin

2007 2008 2009 2010 1H 11

83%83%

86%

83%

80%

*NPAT before significant items

World Class Safety Performance

7

Total Recordable Injury Frequency Rate of 1.47 in 1H11TR

I /

1,0

00

,00

0 H

ou

rs

01999 2000 2001 2002 2003 2004 2005 20072006 2008 2009 2010 1H 11

2

4

6

8

10

12

Oil Search

Australian Companies (APPEA)

InternationalCompanies

(OGP)3.9 3.1 2.9

2.72.1

4.0

3.6

4.9

5.76.0

1.75

10.69.8 10.7

5.8

1.7

4.7

2.4 2.312.05

1.16

2.04 1.68

5.2

9.1 9.37.8

7.0

7.3

9.4

8.2

6.36.8

6.0

1.96

5.2

1.47

Share Price PerformanceAug 2011

Woodside

Santos

ASX 100

WTI oil

Oil Search

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Jan 06

Share price (rebased to OSH)

Jul 06 Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11

US$1.23 billion in cash at end June

Cash invested and actively managed with highly rated bank counterparties

US$275.5 million available from term revolving facility, nil drawn down. Facility doesn’t expire until 2013, will refinance prior to expiry

No oil hedging undertaken during 1H11 or currently in place - realised earnings uplift from 2011 oil price recovery

US$1.32 billion has been drawn down under the PNG LNG project finance facility

2011 interim dividend of two US cents per share to be fully underwritten via DRP

99

Treasury Update - 30 June 2011

Liquidity

10

Outlook updated for first half cash generation, investment spend and forward pricesLiquidity (including escrowed cash) at the end of 1H 2011 ~ $1.5 billionCompany is well placed to meet existing commitments / base business plan with sufficient liquidity to deliver on strategic plan initiatives

Key Assumptions:1. Brent Forward curve pricing as at 1 July 20112. PNG LNG Project on schedule and budget3. Includes T3 pre FEED costs4. Production, operating costs and investment spend based on strategic review business plan 5. Existing oil facility refinanced

US

$m

m

Liquidity (cash plus undrawn bank debt)

020142011

PNG LNG Project Overview

1111

Kumul Terminal

Port Moresby

7°S

145°E

HidesWellsJuha

Facility

EPC3LNG Facility

Kutubu CPF

145°E 146°E144°E143°E

6°S

8°S

9°S

GorokaKundiawa

Mt. Hagan

Mendi

Kerema

EPC5BKomo

Airfield

100km

147°E

Daru

Wabag

LEGENDOil Field

Gas Field

Oil Pipeline

LNG Gas Pipeline

Oil Facility

LNG Facility

Major Road

Lae

EPC2Offshore pipeline

EPC5AOnshore pipeline

and Infrastructure

Gobe PF

Kopi Wharf

C1 Southcomplete

C2Complete

C1 HGCP

EPC4Hides Gas

Conditioning Plant

PNG LNG Project Overview

6.6 MTPA, 2 train development, operated by ExxonMobilOver its 30-year life, PNG LNG expected to produce over 9 tcf of gas and 200+ million barrels of associated liquidsInitial Equities:

ExxonMobil - 33.2% Oil Search - 29.0%Kroton2 (PNG Government) -16.8% Santos - 13.5% Nippon Oil - 4.7% MRDC (PNG Landowners) - 2.8%

Fully contracted to Asian buyers, with continuing strong market interest

Sinopec (China) ~2.0 MTPATEPCO (Japan) ~ 1.8 MTPA Osaka Gas (Japan) ~1.5 MTPACPC (Taiwan) ~ 1.2 MTPA

12

PNG LNG Project Overview

Main EPC contractors:LNG Plant: Chiyoda/JGCOffshore Pipeline SaipemHides Gas Plant CBI/Clough JVOnshore Pipeline SpiecapagInfrastructure McConnell Dowell/CCC JVEarly Works Clough/Curtain JVAssociated Gas (OSH only) Aker Solutions

Different labour environment to Australian LNG projectsFour-year construction period. First LNG sales expected 2014, capital cost US$15 billion

13

Milestones achieved in 1H 2011

Ground-breaking and pouring of first foundations at the LNG plant site

Commencement of welding and burial of onshore pipeline, continued clearing and stringing of pipe along the route

Construction of Caution Bay offshore pipeline support site

Completion of training facilities at Juni in Highlands

Continued early construction activities both in Highlands (incl. earthworks at Hides plant site and Komo airfield, road and bridge upgrades) and at PNG plant site near Port Moresby

Ramp-up in PNG workforce and use of PNG suppliers. Total workforce at end June of 9,300, of which 6,600 were PNG nationals (71%)

1414

Focus items for 2H 2011

Community engagement and downtime management

Working with new Government to ensure continued alignment and delivery of obligations

Wellpad and Hides spine road development

First stage of Associated Gas project at CPF (successfully completed)

Commencement of work on Kumul rejuvenation following completion of fabrication of new Single Point Mooring (SPM) for Kumul loading terminal

Onshore pipeline installation

Commencement of offshore pipelay

Continued progress at LNG Plant site

Rig mobilisation and arrival and site preparations

Strong A$15

Timetable

16

2010 2011 2012 2013 2014

FinancialClose

•Complete pipe lay•Ongoing drilling•Complete Hides plant•Commission LNG plant with Kutubu gas

•Ongoing procurement and mobilisation

•Airfield construction•Drilling mobilisation•Start offshore pipeline construction

•Onshore line clearing and laying

•Start LNG equipment installation

•Continued early works•Detailed design•Order long leads and place purchase orders

•Open supply routes•Contractor mobilisation•Commence AG construction

First Gas from Train 1,

then Train 2

•Complete AG •Continue onshore pipe lay

•Complete offshore pipe lay

•Start Hides plant installation

PNG LNG Project– Onshore Pipeline Construction

17

Completed Mubi River crossing

Kopi Scraper Station

Pipeline stringing, onshore pipeline

PNG LNG Project– Onshore Pipeline Construction

18

Pipe Lowering-in

Pipe Welding

Firstweld

PNG LNG Project

19

Drilling Rig 702 -Ribbon cutting ceremony, Houston Texas

Hides Conditioning Plant -Pioneer camp construction

PNG LNG Plant Site

20

February 2011

July 2011

PNG LNG Plant Construction

21

Marine jetty piling

Process pipe rack construction

Gas Growth and Exploration

Key strategic priority for Oil Search is to grow gas business in PNG

Pursuing two pronged strategy:PNG LNG Expansion

Gulf Area LNG

PNG near field oil exploration

High graded exploration outside PNG

22

Drilling Programme

Embarking on one of the largest drilling programmes ever undertaken, starting 4Q11 continuing through 2012, into 2013

Multi-TCF risked potential for gas and several hundred millions of barrels of oil potential

Appraisal and development drillingHides

P’nyang

Kutubu, Moran and likely Mananda

ExplorationTrapia (PRL 11)

Near field oil exploration

Gulf Area drilling, subject to final seismic results

Taza, Kurdistan

Potential to underwrite continued gas commercialisation and short-medium term oil production

2323

PNG LNG Expansion

Integrated exploration and appraisal drilling programme in the HighlandsResults by mid/late 2012Upside in Associated Gas fields:

Detailed evaluation ongoing by Oil SearchTargeting alignment with PNG LNG Co-Venturers in 2012

Hides Gas Water Contact Well:Hides development drilling scheduled to commence in late 2011, Gas:Water Contact well planned early in drilling sequenceOptimisation with logistics and construction (Komo and HGCP)

P’nyang and Trapia (formerly Huria) wells targeted for 4Q11 and 1Q12 spud respectively

24

Kumul Terminal

Port Moresby

7°S

Juha

PRL08

PPL240

PRL11

PDL7

PPL239 PDL1

PRL02

PDL2

PDL4PDL3

PRL09

PDL6

PDL5

PRL14

PPL260

APPL249

APPL250

233

PDL9PDL8

PPL233

APPL386

PPL219

LNG Facility

Gulf Offshore

6°S

8°S

9°S

PRL01

PPL234

PRL10

PPL244

Kiunga

Kundiawa

Mt. Hagan

Mendi

Kerema

Pandora

SE Mananda

Uramu

100km

Madang

Daru

Wabag

Gobe

PPL276

PPL338

338

338

338

PPL339

339

339

339

PPL339

339

PPL312

339 339

PPL260

Kopi Wharf

145°E 146°E144°E143°E 147°E

Kimu

PRL3

APPL385

240

240

V.

PNG LNG Expansion

25

Lae

LEGEND

Oil Field

Gas Field

Prospect

Oil Pipeline

Proposed Gas Pipeline

Major Road

P’nyang

Mananda 5 Kutubu, Agogo & Moran

Gulf Onshore

Hides

ExplorationGas Resources

PNG LNG ProjectGas Resources

Non PNG LNG Gas Resources

Barikewa

AngoreKomo Airstrip

Hides GasConditioning Plant

Elk/Antelope

Trapia

PDL 1, PDL 7 and PDL 8Hides & Angore

26

Hides Nogoli Camp

GTE PL 1 Hides GTE Plant

PDL 1 – Hides Field8 New Wells

Drilling 2011+

36.81%16.66%24.03%20.50%2.00%

PDL 1ExxonMobilOil SearchSantosPNG GovtGas Resources Gigira Ltd.(L/O)

36.81%40.69%20.50%2.00%

PDL 7ExxonMobilOil Search PNG GovtGas Resources Hides No.4 Ltd.(L/O)

36.812%40.69%20.50%2.00%

PDL 8ExxonMobilOil SearchPNG GovtGas Resources Angore Ltd. (L/O)

PDL 7 – South HidesHides Gas Conditioning Plant

Construction 2012/13

PDL 8 – Angore Field2 New Wells10km

PNG LNG Expansion

P’nyang (PRL 3) ExxonMobil 49%, Oil Search 38.5%, JX Holdings 12.5% Appraisal well scheduled for 4Q11Targeting southern fault block Aim is to move 3C to 2C and increase 1C resourcePotential 2C of ~2 tcf

27

Kumul Terminal

Hides

Kutubu

P’nyang 100km

SE Gobe

7°S

6°S

8°S

145°E144°E143°E142°E

Moran

Agogo

Juha

Angore

PNG LNG Expansion

28

Trapia 1 (PRL 11)Oil Search 52.5%, ExxonMobil affiliates 47.5% Exploration well scheduled for 1Q12

Series of prospects in area:

Reasonable seismic but structural uncertainty remainsMulti-tcf potential in areaPartial dependency. Exploration potential remains in event of success or failure at Trapia

Kumul Terminal

Hides

Kutubu

PRL11

10km

SE Gobe7°S

6°S

8°S

145°E144°E143°E142°E

Moran

Agogo

Juha

Angore

Gulf Area LNG Opportunity

29

PPL260

Kumul Terminal

PRL01

PPL234

PRL10

9°S

145°E 146°E144°E

Pandora

Gobe

Uramu

PPL276

PPL312

PPL338

PPL339

PPL339

339

339

338

338

338

339

339

339

3398°S

7°S

339

PPL244

50km

3D Seismic Regions

3D Seismic Regions

2D Seismic Lines

2D Seismic Lines

Multi-licence, multi play type, multi well opportunity being developed

Large, modern 3D seismic dataset acquired to unlock potential of Gulf

Processing of data almost all complete and being interpreted. Results of initial interpretation are encouraging

2D onshore in PPL 338 and 339 complete and being processed

Rig options and timing being assessed

Long lead item procurement process commencing

Elk/Antelope

Flinders

Gulf Area LNG Opportunity

Prospectivity:Targeting 4Q for initial assessment of prospectivity across all licencesFinal views by year end

Partnering:Discussions initiated and ongoing with potential strategic farm-in partners

Drilling:Planning ongoing:

Well design commencedLong lead item procurement process commencedSite survey planning Rig selection and sourcing discussions ongoing

Timing:Targeting 2012. Timing dependent on:

ProspectivityRig selection and availabilityStrategy selected Status of partnering discussions

30

31

Analogue Comparison Kokomo Prospect - Gulf of Papua vs.

Sequoia Field - Nile Delta

6 km

Sequoia FieldNile Delta, Offshore Egypt

British Gas9Tcf

Kokomo ProspectGulf of Papua, PNG

Oil Search

Sediment flow-direction

ChannelSands

High Amplitude Anomalies

32

Kokomo Prospect Reservoir Lower Channel

6 km

Amplitude HL

Map view of horizon slice

Kurdistan - Taza PSC

PSC signed after exercising Option Agreement

Oil Search entry as Operator in extremely active Kurdistan Region of Iraq

Very prospective location adjacent to three fields

Large, simple 4-way dip closure identified from 2010 seismic

Well scheduled to spud in 1H12

3333

TazaProspect

Kor MorGas Field

PulkhanaOil Field

JamburOil Field

Tunisia

2010 seismic evaluation completeLarge structures mappedProven plays present and new deep gas play developedPrime prospect in Tajerouine permit has potential for >100 mmstb oil and >400 bcf gasFiscal regime favourable

Prospect sizes commercially attractive

Exploration well in Tajerouine to be drilled in late 2012

3434

~10km

35

Oil Search Production

2008 2009

8.607.66

2010

8.12

2011

6.2-6.7

2012 2013 2014 2015 2016 2018

25Net Production (mmboe)

0

5

10

15

20

MENAHides GTESE ManandaSE GobeGobe MainMoranKutubu

2017

2011 Production Outlook

Production in 1H of 3.56 mmboe, solid performance with underlying production from oil fields generally consistent with expectationsGas injection well at Usano, UDT 13, drilled successfully. Providing support to key production well in Usano EastIDT 25 development well successfully drilled in Kutubu Main Block Toro:

Good indications of hydrocarbons in Toro reservoirWell deepened to exploration target in Koi Iange horizon, with hydrocarbon indications - will be flow tested in 4Q11

2H11 production will be impacted by:Two week shutdown for tie-in of Associated Gas facilities (successfully completed)Natural declineRepairs to HP compressor at APF

Workover programme using the Hydraulic Workover Unit (HWU) underway at GobeFull year estimate remains consistent with guidance (6.2 – 6.7 mmboe)Production out to first LNG broadly flat, subject to success of work programmes

36

Near Field Exploration

Detailed review of “near field” exploration potential in and around existing producing fields as part of 2010 strategic reviewMore than 25 opportunities currently identifiedPotential:

125 mmboe net (approximately half oil, half gas)

Higher risk than historical development drilling:Difficulty imaging Untested reservoir properties Complex geology

Risk management:Integrating with existing pads and wells to reduce costFall back of safer, conventional proven targetsStep wise approach, building out from known positions

37

38

Near Field Exploration

Focused on:Deeper Koi-Iange play:

Potentially underlies all producing reservoirsPenetrated by IDT 25, due to be tested in 4Q 2011

Forelimb play:ADT 2 look alikes Currently drilling Hedinia 10 forelimb Agogo 6 well in 4Q

38

Footwalls Forelimbs

Deeper targets e.g.Koi Iange

Play extensions:Based on detailed remapping and 2011 seismic Potentially SE Mananda and Kube Kabe(north of Kutubu)

Footwall targets:Hedinia, Moran, Mananda

2H11 Drilling Activity

39

Hedinia 10 targeted ADT2 lookalike forelimb structure under producing Hediniafield within Kutubu. Well found thin oil column in Toro reservoir, successfully proving structural model. Well now being sidetracked updip to appraise size of discoveryAgogo 6 is follow-up to ADT2 targeting Agogo Toro forelimb and extent of Digimuforelimb

AgogoForelimb

HediniaForelimb

ST1

ST2

ST3

2011/12 Development & Near-Field Appraisal Drilling Activity

40

PRL08

PPL240

PRL11

PRL12

PPL239 PDL1

PPL233

PPL219

PRL02

PDL2

PDL5PDL6

PRL09

PRL14

PPL260

APPL386

PDL4

PDL3

PDL4

PRL12

50km

AngoreJuha

Hides

SE Mananda

Barikewa

Kimu

Cobra

Iehi

PPL240

PPL233

APPL350

6°S

143°E 144°E

7°S

Usano:2011 : 1 well, 1 workover2012 : 1 well

Kutubu:2011 : 1 well, 1 workover

Agogo:2011 : 1 well2012 : ±1 well

Moran:2012 : 1-2 wells

SE Gobe:2011 : 3-4 workovers

Gobe Main:2011 : 1 workover

Mananda 5

41

2H11 Focus Areas

Maintain OSH’s industry-leading safety performance in high activity environment

Strong commitment to cost effectiveness

PNG LNG Project commitments driving operational developments:

Deliver the Associated Gas Project as planned

Improved reliability and long term integrity

Life extension programmes for facilities

Upgrade of key systems and processes

Enhanced development of personnel

Continued focus on capturing additional in-field and near field reserve opportunities

41

42

Mananda 5 Discovery

25 mmboe discovery, ~50:50 oil:gasConfirmed oil in Toro A, B & C Ambiguous in Imburu & Digimu Location application lodged with DPE

Subsurface, engineering and in-country issues evaluation ongoingDecision on development or further appraisal by end 2011

0 2 4 61 Km %,''''

1''''

ª

ª'ªª'''

ªªk

k

µY

ª'

ª''ªª'

''''' 'ªªªª'

ªªª'1'

11 '''

PDL 2

PDL 6 PDL 5

APPL 350

PPL 219

PPL 287

PPL 233

APFAHT 2

AHT 1ADT 2

ADT 1ADD 3

Moran 9

Moran 8Moran 6X

Moran 4X

Moran 14Moran 13 Moran 12

Moran 10

Moran 14AMoran 12A

Mananda 5

NW Moran 1

Mananda 4X

Mananda 3XMananda 2S

SE Mananda 5SE Mananda 4SE Mananda 3SE Mananda 2X

SE Mananda 1X

Mananda 3XST1

143°5'E143°0'E142°55'E

6°10'S

6°15'S

6°20'S

PotentialPipeline Route

0 2 4 61 Km

SE MANANDA

MORAN

AGOGO

PNG Operating Environment

PNG has built enviable investment record of fiscal stability in resources sector over past 15 years

Unprecedented investment now taking place in oil, gas and mining, encouraged by attractive fiscal policy and stability

History of constructive dialogue between industry and Government to manage issues and expectations

Anticipate that this will continue with new Government, led by Prime Minister Peter O’Neill

43

PNG Operating Environment

Rapidly changing economic and social landscapeChanges in traditional tribal culture

Increased expectations and opportunities

Education and communications

Focus on improving benefits distribution system, transparency and service delivery

Strong support from landowner leaders and key institutions

44

Managing Operating Risk

Oil Search has increased its focus on managing in-country issues

Seen as key way to mitigate operating risk

Expanded Sustainability Group is focusing on:Government/regulatory

Promoting transparencySovereign wealth funds Supporting benefits distribution processProviding support to PNG Government bodies, when appropriate

Relationship building between Government, Landowners and other businesses

Oil Search Health Foundation:Expanding the successful OSH model for health programmes to other areas of PNGNominated as Principal Recipient for grants from The Global Fund to deliver HIV and malaria programmes

4545

Summary

Delivery of PNG LNG underway:

Robust project

Outside crowded Australian LNG space, conventional onshore gas, limited technical risks

High quality Operator, making good progress towards first sales in 2014

Largest ever drilling programme

Oil fields generating strong cash flows. Production impacted by associated gas construction in 2H, but expect production to remain flat in 2012/13 despite field maturity

PNG challenging environment, increased focus on managing risk

Balance sheet remains strong, ample liquidity to meet LNG obligations and to mature expansion activities

46

47

Appendix

2011 Full YearGuidance Summary

Production:6.2 – 6.7 mmboeSimilar performance in 2012 and 2013, subject to success in planned work programmes

Operating costs US$19 - 21/boe (incl corporate costs)Impacted by:

Lower production volumesMajor workover programme to maximise oil recoveriesbefore gas productionFOREXPNG inflation Associated Gas activitiesSustainability initiatives

Depreciation, depletion and amortisation:US$7 - 9/boe

4848

49

2011 Capital Outlook Update

49

US$’m

Investing :Exploration inc gas growthPNG LNGProductionCorporate (inc rigs)

Financing :Dividends

* Dividend fully underwritten

160-180

1,200-1,400

130-150

10

0*

2011

110-130

600-800

70-90

7

0*

2H 11

54

595

57

3

0*

1H 11

50

Other Key Players in PNG

Talisman and Sasol have significant acreage in Western Forelands. InterOil has strong position in Eastern ForelandsOSH strategy focused on core PNG LNG Foldbelt acreage and Gulf - viewed as offering greatest potential for large gas discoveriesPort Moresby

8°S

6°S

146°E142°E

Juha

100km

Hides & Angore

Gobe

Kutubu & Agogo

Petroleum Licences

Oil Search Equity Participation

Port Moresby100km

Juha

Gobe

Kutubu & Agogo

Hides & Angore

8°S

6°S

146°E142°E

Talisman Equity Participation NGE & Interoil Equity Participation

NGE

Interoil

Port Moresby

Juha

Gobe

Kutubu & Agogo

Hides & Angore

8°S

6°S

146°E142°E

100km

DISCLAIMER

While every effort is made to provide accurate and complete information, Oil Search Limited does not warrant that the information in this presentation is free from errors or omissions or is suitable for its intended use. Subject to any terms implied by law which cannot be excluded, Oil Search Limited accepts no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error, omission or misrepresentation in information in this presentation. All information in this presentation is subject to change without notice.

This presentation also contains forward-looking statements which are subject to particular risks associated with the oil and gas industry. Oil Search Limited believes there are reasonable grounds for the expectations on which the statements are based. However actual outcomes could differ materially due to a range of factors including oil and gas prices, demand for oil, currency fluctuations, drilling results, field performance, the timing of well work-overs and field development, reserves depletion, progress on gas commercialisation and fiscal and other government issues and approvals.

51