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

1

Citi’s 4th Australian Investment Conference 24 October 2012

Oil Search Profile

2

TunisiaIraq

Yemen

Papua New Guinea

Australia Brisbane

Sydney

Port Moresby

(Head Office)

Kutubu Ridge Camp

Dubai

Sana’a

TunisSulaymaniyah

Established in Papua New Guinea (PNG) in 1929

Market capitalisation ~US$10 billion

Listed on ASX (Share Code OSH) and POMSOX, plus ADR programme (Share Code OISHY)

Operates all PNG’s currently producing oil and gas fields

PNG Government is largest shareholder with 15%. Exchangeable bond over shares issued to IPIC of Abu Dhabi

29% interest in PNG LNG Project, world scale LNG project operated by ExxonMobil

Exploration interests in PNG, Middle East/North Africa

Key Oil and Gas Fields, PNG

3

Kumul Terminal

PorgoraGold Mine

7°S

Juha

Moran

Agogo

Mananda 5

PRL08

PRL11

PDL7

PDL2

PDL4PDL3

PRL09

PDL6

PDL5

PRL14

260

233

PDL9PDL8

Moro Airport

Flinders

6°S

8°S

9°S

PRL01

PPL234

PRL10

PPL244

Kiunga

Kundiawa

Mt. Hagan

Mendi

Kerema

Barikewa

Pandora

SE Mananda

Uramu

P’nyang

Madang

Daru

Wabag

PPL276

PPL338

338

338

338

PPL339

339

339

339

PPL339

339

PPL312 339 339

PPL260

Lae

145°E 146°E144°E143°E 147°E

Kimu

PRL3

PPL385

Kopi ScraperStation

142°E141°E

Kopi Wharf

PPL219

PNG LNG ProjectNew Facilities

PNG LNG ProjectGas Resources

Non PNG LNG Gas Resources

ExplorationGas Resources

Elk/Antelope

PPL277

Goroka

Oil Field

Gas Field

Oil Pipeline

PNG LNGGas Pipeline

OSH Facility

PNG LNG Project Facility

Major Road

100km

Prospect

Gobe Main

Kutubu

PRL02

HidesConditioning Plant

& Komo Airfield

Proposed JuhaFacility

Hides

PDL1

Angore

LNG Facility

Port Moresby

SE Gobe

233

Tagari

OSH in Significant Growth Phase

Top quartile performer for past six years

Significant growth opportunities identified, capable of driving future value

Largest ever development, appraisal and exploration programme now underway

Series of catalysts over next 18 months, with drilling results progressively delivered

Activities supported by steady production, strong cash flows and healthy balance sheet

4

Strategy Delivery Underway

Delivery of initiatives from 2010/11 Strategic Review on track: PNG LNG Project in full construction, on track for 2014 LNG sales

Resource definition for LNG growth making good progress:P’nyang South discovery

Hides drilling commenced

Highlands exploration ongoing

PNG Gulf drilling to commence early 2013

Oil upside in PNG and overseas being tested: Increased rig capacity in PNG, Mananda 6 to be drilled in 1Q13

Taza exploration well in Kurdistan underway, Semda in Tunisia to follow

Active programmes to address operating risks

Balance sheet strength, with optimisation of debt structure

Success in initiatives should enable continued top quartile TSR performance

5

Strong Share Price Performance

6

• Significant share price growth:o Jan 2007 to date +128.4% (ASX100 = -18.1%)o Jan 2012 to date +22.4% (ASX100 = +13.1%)

• Key future share price drivers:o PNG LNG progresso Train 3 expansion statuso Gulf of Papua exploration / resource aggregation o Other international growth

1

2

3

4

5

6

7

8

9

Jan‐07 Jul‐07 Jan‐08 Jul‐08 Jan‐09 Jul‐09 Jan‐10 Jul‐10 Jan‐11 Jul‐11 Jan‐12 Jul‐12

Woodside

Santos

ASX 100

Brent

Oil Search

Share price (rebased to OSH)

Beach

PNG LNG Project Overview

7Port Moresby

7°S

145°E

Kutubu CPF

146°E144°E143°E

6°S

8°S

GorokaKundiawa

Mt. Hagan

Mendi

Kerema

Daru

Wabag

Lae

Offshore pipeline

Onshore pipelineand Infrastructure

Gobe PF

Kopi Wharf

LNG Facility

Juha Facility

Komo Airfield

Hides Gas Conditioning Plant

Kumul Terminal

142°E

9°S

Oil Field

Gas Field

Oil Pipeline

PNG LNGGas Pipeline

OSH Facility

PNG LNG Project Facility

Major Road

100km

Juha

Moran

Agogo

Gobe Main

Kutubu

Hides Angore

PNG LNG Project Overview

6.6 MTPA, 2 train development, operated by ExxonMobil

Over its 30-year life, PNG LNG expected to produce more than 9 tcfof gas and 200+ million barrels of associated liquids

Initial Equities: ExxonMobil 33.2%

Oil Search 29.0%

National Petroleum Company of PNG (PNG Govt) 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 MTPA

TEPCO (Japan) ~1.8 MTPA

Osaka Gas (Japan) ~1.5 MTPA

CPC (Taiwan) ~1.2 MTPA888

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) Jacobs

Different labour environment to Australian LNG projects. Workforce of ~17,600 including 8,500 PNG nationals, plus many other different nationalities

First LNG sales on track for 2014, capital cost US$15.7 billion

9

Milestones achieved in 2012

Completed 407 kilometre offshore pipelay

Commenced installation of pipe racks and vessels on both LNG process trains. Completed LNG tank shells and roofs and jetty trestle

Onshore pipeline completed to Kutubu

Good progress on Komo airfield, Antonovcontract awarded

HGCP process area handed over to construction contractor

Hides development drilling commenced

Completed first phase of PL 2 Life Extension Project

Associated Gas (AG) Project: First gas drying unit (TEG) operational, performance testing of commissioning gas unit (CGU)

Good progress towards Operator’s planned start-up window in 2014

10

11

Focus Areas for 2012/13

Komo and HGCP work-front productivity post recent bad weather/flooding

Continued progress on onshore pipeline through challenging terrain and social environment

Development drilling at Hides

AG: Complete commissioning gas availability from Kutubu, finalise Gobe construction and Kumul works

Following uneventful election process, engage with new Government on benefits delivery structures

Progress towards Operator’s planned start-up window in 2014

Hides Development and Appraisal Drilling

12

Hides Nogoli Camp

GTE PL 1 Hides GTE Plant

PDL 1 – Hides Field8 New Production Wells

Drilling 2012+

PDL 7 – South Hides

Hides Gas Conditioning PlantConstruction 2012/13

PDL 8 – Angore Field2 New Wells

10km Komo Airstrip

PNG LNG development drilling programme commenced in July with Rig 702 Second rig, Rig 703, on site and expected to start drilling shortlyProduced Water Disposal (PWD) well to be drilled in 2013. Will target water leg and provide important data on gas water contact and potential gas resource upside

Timetable

13

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

» Continue onshore pipe lay

» Complete offshore pipe lay

» Start Hides plant installation

» Start Hides drilling» Complete key AG

items

2010 2011 2012 2013 2014

PNG LNG – Trains 1 & 2, Storage Tanks

14

PNG LNG –Installation of Amine Absorber, T2

15

PNG LNG – Export Jetty

16

PNG LNG –Offshore and Onshore Pipelines

17

Offshore pipeline (completed)

Onshore pipelineOnshore pipeline welding

PNG LNG - AG Projects

18

TEG Dehydration Unit installation

New CALM Buoy at Kumul

Upgrade of Kumul Marine Terminal

PNG LNG –Hides Gas Conditioning Plant

19

PNG LNG – Rig 702

20

PNG LNG – Komo Airfield

21

Growing PNG Gas Business:Key Strategic Priority

Pursuing two-pronged LNG expansion strategy for PNG gas growth:

Potential PNG LNG Expansion: Highlands /onshore resources close to PNG LNG infrastructure

PNG Gulf of Papua LNG: Explore for gas to support new LNG hub. Other options include floating LNG or integration with existing infrastructure

22

Kumul Terminal

7°S

PRL08

PRL11

PDL7

PDL2

PDL4PDL3

PRL09

PDL6

PDL5

PRL14

260

233

PDL9PDL8

233

6°S

8°S

9°S

PRL01

PPL234

PRL10

PPL244

Mt. Hagan

Mendi

Kerema

Daru

Wabag

PPL276

PPL338

338

338

338

PPL339

339

339

339

PPL339

339

PPL312 339

PPL260

145°E 146°E144°E143°E

PRL3

PPL385

142°E

PPL219

PNG LNG ProjectGas Resources

Non PNG LNG Gas Resources

ExplorationGas Resources

PPL277

100km

PRL02

PDL1

Juha

Moran

Agogo

Flinders

Tagari

Pandora

Uramu

P’nyang

Gobe MainKutubu

Hides GasConditioning Plant

& Komo Airfield

Hides Angore

SE Gobe Elk/Antelope

Juha North

PNG LNG Expansion

Gulf - potentialnew LNG hub

2012 3D Seismic Region

2011 3D Seismic Regions

P’nyang South

P’nyang South 1 and ST1 discovered ~380 metre gas zone in southern fault block in PRL 3, with additional up-dip potential to >650 metres

Result materially increases total estimated 2C gas resources in P’nyang field

Potential key underpinning volume for LNG expansion, particularly together with gas reserves upside in AG fields

Now in pre-FEED concept selection stage, preliminary studies on potential design concepts and costs underway

PRL 3: ExxonMobil 49%, Oil Search 38.5%, JX Holdings 12.5%

23

P’nyang 1X

P’nyang South 1

P’nyang 2X

ST1

P’nyang 1XP’nyang South 1 & ST1

Toro

SW NE

6°S

144°E

Hides

Kutubu

Gobe

Moran

Agogo

Juha

Angore

P’nyangSouth

10km0

100km

Highlands Drilling

First exploration well in programme, Trapia 1, unsuccessful, but other prospects and leads, on trend with Angore, remain prospective

2D seismic programme being undertaken to further mature Tagari and NW Angore leads:

Phase 1 – 30 km completed 2Q12

Phase 2 – 120 km recently commenced

Acquiring interest in adjacent licence, PPL 277, 50:50 with ExxonMobil (subject to Ministerial approval)

24

6°S

8°S

144°E142°E

Hides

Kutubu

Gobe

Moran

Agogo

Juha

Angore

P’nyang

Tagari

Huria

NW Angore

Tagari

Trapia 1

2012 Seismic

10km 100km

OSH holds equity positions in nine licences (recent offer of PPL 385) in PNG Gulf area

Significant resource potential identified in proven hydrocarbon (gas & condensate) province:

Major offshore 3D seismic survey acquired in 2011 & additional 3D in 2012

Over 30 opportunities across multiple play types

Range in size from 0.5 - 1.5 tcf

Unexplored potential in large onshore licence areas adjoining InterOil exploration acreage

Stena Clyde semi sub due on-site early 2013 to drill up to 4 offshore wells

25

Recently announced farm-down to TOTAL:Will hold equal interests in five licences – PPLs 234, 244, 338 & 339 and PRL 10

Transaction terms include firm and contingent components

Have also formed strategic partnership to look at other licences in PNG

Culmination of competitively bid selection process

Gulf of Papua Expansion Opportunity

Port Moresby145°E 146°E144°E

8°S

9°S

Kerema

LNG Facility

Kumul Terminal

Elk/Antelope

Pandora

2011 3D Seismic Regions

2D Seismic 2011 Lines

Uramu

2012 3D Seismic Region 2011 3D

Seismic Regions

2D Seismic 2011 Lines

100km

Flinders

Hagana

Tadiva

Kidukidu

Offshore Leads and Prospects

26

Dima

Chauka

Oil Appraisal - Mananda 6

90 km 2D seismic programme over Mananda 5 discovery completed in 2Q12

Interpretation of seismic has confirmed structure

Appraisal well, Mananda 6, planned for 1Q13

PPL 219: Oil Search 71.25%, JX Holdings 28.75%

27

SE MANANDA

MORAN

AGOGO

Mananda 5

2012 Seismic

Testing Mananda 5 – 1Q11

Mananda 6Proposed Location

5km

MENA Exploration

28

Kurdistan: Taza-1

Taza-1 well spudded early JulyOil and gas shows encountered, expected to drill into primary objective and reach its target depth by end October

Large structure, simple 4-way dip closure, with potential for 250-500 mmbbls

Target structure sits in very prospective location on-trend and adjacent to existing fields

Taza PSC: Oil Search 60%, Total 20% (following ShaMaran sale), KRG 20% back-in

2929

Sarqala discovery9600bpod

Jambur~800 mmbbl

Khor Mor2-3tcf

Taza

Qamar~200 mmbbl

Kurdamir~400mmboe

Kurdistan Operating Environment

Kurdistan attracting significant global attention:

Recent entrants include Chevron, Total, ExxonMobil, Gazprom, Genel

KRG building closer ties to Turkey, providing long term alternative export route

Current production is 150,000 bopd (100,000 export), expected to rise to 300,000 bopd in 2013:

Export oil either trucked or transported through Kirkuk –Ceyhan Pipeline

Strong local market, priced at discount

If successful, Taza development options are initial 5 – 15,000 bopd Extended Well Test within 12 months of discovery, upsizing to 40-60,000 bopd 2-3 years later

30

Taza-1

XOM – 6 Blocks (shown in red)

Total – 2 Blocks from Marathon

Gazprom– 2 Blocks

Chevron – 2 blocks from Reliance

Genel – 8 Blocks

Total – 2 Blocks from Marathon

Chevron – 2 Blocks from Reliance

Gazprom– 2 Blocks

Tunisia: Tajerouine Permit

31

Semda-1 exploration well to spud late 2012Targeting proven oil plays and new deep gas play Potential for >150 mmbbls oil and >400 bcf gasExcellent PSC termsAdditional follow-on potential if Semdasuccessful Tajerouine: Oil Search 100%

Semda

Semda-1 Location

Activities Underpinned by Profitable Oil Production

32

(Forecast)

9

0

1

10

3

2

5

7

8

6

4

Hides GTESE ManandaSE Gobe

Gobe MainMoranKutubu

2009 2010 2011 2012 2013 2014

7.668.12

6.2-6.76.69

2012/13 Development & Near-Field Appraisal Drilling Activity

33

PRL08

PRL11

PDL7

PDL1

PPL233

PPL219

PRL02

PDL2

PDL5PDL6

PRL09

PRL14

PPL260

PDL4

PDL3

PDL4

PDL7

Juha

Hides

SE Mananda

Barikewa

Kimu

Cobra

Iehi

PPL233

6°S

143°E 144°E

7°S

Mananda 5

PPL277

PDL8

PDL9

PRL11

Angore

Oil Field

Gas Field

Oil Pipeline

PNG LNGGas Pipeline

OSH Facility

PNG LNG Project Facility

Major Road

40km

Prospect

Usano:2012 : 1 workover2013 : 1 well

Kutubu:2012 : 3 workovers2013 : ± 1 well, 3 workovers

Agogo:2012 : 1 well, 2 workovers2013 : 1-2 wells

Moran:2012 : 1 well2013 : 1 well, ± 1 workover

SE Gobe:2012 : 2 well interventions2013 : ± 1-2 workovers

Gobe Main:2013 : ± 1-2 workovers

2012 Production Outlook

Production to end September of 4.6 mmboe Production for 2012 full year expected to be within previous guidance of 6.2 – 6.7 mmboe. Significant contributions from successful 2011 and 2012 wells and workovers, offset by:

Precautionary shutdown of Kumul loading operations in July/August.Impact ~0.4 mmbbls, including delay in reinstating full production

Major flooding - impact on logistical and operational activities

Natural decline

Two week Gobe shutdown for tie-in of PNG LNG Associated Gas facilities in October

Two development wells being spudded in 4Q12, will help maintain production out to first LNG broadly flat

Continued focus on maturing near-field portfolio and appraising new pools identified following recent success

Rig 103 being mobilised back to Kutubu/Moran to provide optionality to pursue exploration and appraisal opportunities without potential adverse impact on development programme

34

Treasury Update

US$573 million in cash at end September. Cash invested and actively managed with highly rated bank counterparties

Refinancing of existing corporate facility concluded with bank syndicate, awaiting Bank of PNG approvals. US$500m five year, non amortising revolving facility

Issue was oversubscribed with strong support from banks. New facility secures funding to past first cash flows from PNG LNG

No oil hedging undertaken during YTD12 or currently in place

US$2.63 billion drawn down under PNG LNG project finance facility at end September

35

PNG Operating Environment

PNG general election went smoothly

Expect period of stability under newly elected Government led by Prime Minister Peter O’Neill

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

Key areas of focus remain:Improving benefits distribution system, transparency and service delivery

Providing support to PNG Government bodies, where appropriate

Continue working with Government and community to manage and mitigate operating and investment risks:

Oil Search Health Foundation fully operational

Ongoing community programmes

36

PNG LNG TransformsProduction Outlook

37

25Net Production (mmboe)

0

5

10

15

20

MENAHides GTESE ManandaSE GobeGobe MainMoranKutubu

(Forecast)

2008 2009

8.607.66

2010

8.12

2011 2012 2013

6.69

2014 2015 2016 20182017

6.2-6.7

2019 2020 20222021

PNG LNG T1/2start-up

Conclusion

Oil Search very well placed to generate ongoing value growth

First PNG LNG Project sales on schedule for 2014

Increasing probability of LNG expansion following gas drilling success

Ongoing programme to further expand gas resources

High potential oil drilling underway

Activities underwritten by strong cash flows, solid balance sheet and new funding facility

38

39

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

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.

40