OIL SEARCH LIMITED | ARBN 055 079 868 | ASX: OSH | POMSoX: OSH | US ADR: OISHY

www.oilsearch.com

4D Visualisation of PNG’s

Petroleum Systems

Oil Search Exploration Team

30th November 2017

| PAGE 2

DISCLAIMER

NOVEMBER 2017

The information is based on assumptions and contingencies which are subject to change without notice and involve known and

unknown risks, uncertainties and other factors which are beyond the control of Oil Search. Oil Search assumes no obligation to

update this information, which is provided as a general guide only and should not be relied upon as an indication or guarantee of

future performance.

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.

Cover photo: Menya River, PNG courtesy Justin Foltz

| PAGE 3

IMPLEMENTING OUR PNG STRATEGY

NOVEMBER 2017

Committed to continued investment in PNG for the long term

Muruk

Elk-Antelope

NW

Highlands

Offshore Papuan Gulf

Shallow & deep water

Gulf &

Foreland

P’nyang 4 hubs

16+ licences Mitigating

field decline

Disciplined acreage screening 2016-17

Accessed areas we believe contain

most of PNG’s YTF

Diversified PNG portfolio (hubs)

Increased footprint gives flexibility &

spreads risk

Strongly positioned for the future

Variable & complex geology

demands creative exploration

technology application

Eastern

Foldbelt

| PAGE 4

Substantial undiscovered volume

Big new fields likely

Oil Search proactively secured

prospective acreage position

Holistic Plates to Prospects

4D visualisation

MESSAGES

NOVEMBER 2017

PPL Operator

PPL Interest

PRL Operator

PRL Interest

PDL Operator

PDL Interest

Oil Search Permits

2017

| PAGE 5

TOTAL PETROLEUM VOLUME

NOVEMBER 2017

6.6

(40Tcf)

0.6 4.1

(25 Tcf)

0.7

Oil & Gas

Bn boe

Discovered

4.8 Bn boe

40%

YTF

7.2 Bn boe

60%

Total

12 Bn boe

100%

YTF = OSH Jun 2015 benchmarked against USGS & others

Hides

Antelope

P’nyang

60% of PNG’s total petroleum resource

….. and giant fields remain YTF

0

1,000

2,000

3,000

4,000

5,000

6,000

0 100 200 300

Well Number

4.8 bn boe

Cumulative Discovered P50

Recoverable Resource (mm boe)

| PAGE 6

PLATE MODEL

NOVEMBER 2017

60 Ma

50 Ma

40 Ma

30 Ma

20 Ma

15 Ma

10 Ma Zahirovic et al, 2014

Late Cretaceous

to Present

Upper mantle slabs

Lower mantle slabs

Upwelling from

core-mantle boundary

N S

Heat flow

Structural & depositional

setting

| PAGE 7

COMPLEXITY

NOVEMBER 2017

Deepwater

Foldbelt Central Interior Internal Zones Frontal Foreland

Foldbelt

Deepwater

Multi- proven & new plays

Regional consistency

– Cross Sections

– Chronostratigraphy

– GDE & CRS

| PAGE 8

FOLDBELT

NOVEMBER 2017

Complex prolific oil & gas petroleum system

Kutubu

(1985)

Hides

(1987) Angore

(1989)

Moran

(1996) Agogo

(1989)

SE Mananda

(1991)

Juha

(1982)

Muruk

(2016)

Mananda

(2010)

Interior Foldbelt Frontier

Prospect

Central

Highlands Hub

Produced

> 500 mm bbl

since 1992

NW Highlands Hub

Discovered > 10 Tcf

of Gas

| PAGE 9

1D MODEL

NOVEMBER 2017

Traditional approach for predicting HC generation

1D burial history 1D transformation ratio

Pre-Tertiary dynamic uplift

Tertiary subsidence Foldbelt uplift

| PAGE 10

FOLDBELT MODELLING

NOVEMBER 2017

Predicting petroleum entrapment demands 4D consideration

400 km

Consistent balanced cross-

sections characterise Papuan

Basin petroleum systems

Image from the National Oceanic and

Atmospheric Administration (NOAA)

NW Foldbelt

| PAGE 11

2D STRUCTURAL TEMPLATE

NOVEMBER 2017

Constraining timing of trap & HC migration

Lower Crust

Extended Upper Crust ‘Basement’

N S

10 km

3-4 cm per year

12 Ma

Today

| PAGE 12 NOVEMBER 2017

2D FOLDBELT THERMAL MODEL

Syn-tectonic source maturation & phase prediction

Temperature model Pre-thrust template

Deformed section Fluid prediction • Hangingwall

• Footwall

| PAGE 13 NOVEMBER 2017

5 km

50 km

Pandora

Trough

Pasca Ridge Darai Shelf Western Foreland

Base Tertiary Mega-Sequence Boundary

Mesozoic Absent

1,500 km

DYNAMIC TOPOGRAPHY

Constrains basin architecture &

prospectivity in Papuan Gulf Cenomanian to Early Eocene

(100 - 50 Ma) 1,500 km

NW SE

Mesozoic Present

40 km

| PAGE 14

OFFSHORE PAPUAN GULF

NOVEMBER 2017

Emerging petroleum system

2013 Flinders 1 & Hagana 1

Proved 45 m net

Turbidite sand reservoir

9 m gas column

New Play Opener

2016 Review of Plio-Pleistocene

Clastic systems

| PAGE 15

CONTROLS ON GDE

NOVEMBER 2017

10 million years

Interplay of sea level & accommodation space

Gulf of Papua

Controls on

Plio-Pleistocene

Clastic systems

| PAGE 16

CARBONATE PLAYS

NOVEMBER 2017

Countrywide depiction of depositional environments

Example Darai

carbonate platform

& Puri basin

| PAGE 17

OFFSHORE CLASTIC PLAYS

NOVEMBER 2017

Visualising proven & prospective petroleum systems

Present Day Papuan Gulf Present GDE

4D modelling of palaeo-bathymetry and offshore clastic petroleum systems

| PAGE 18

4D PETROLEUM SYSTEMS MODEL

NOVEMBER 2017

Foldbelt

Modelling HC

generation &

migration in 4D

1D Basin

Models (wells & pseudo-wells

to top basement)

Shows & Migration

Visualisation

Top Toro map

| PAGE 19

4D PETROLEUM SYSTEMS MODEL

NOVEMBER 2017

Trinity 3D charge prediction

(Present day)

Foldbelt

Imburu Source Transformation Ratio

(Present day)

| PAGE 20

4D PETROLEUM SYSTEMS MODEL

NOVEMBER 2017

Offshore

Modelling HC generation

& migration in 4D Moho

Shows & Migration Visualisation

| PAGE 21

Substantial YTF & big fields

Oil Search well positioned with

proactive long term strategy in PNG

Holistic 4D modelling continues to

identify new prospectivity

Expect more exploration

breakthroughs as we continue to

leverage technology in 2018

RECAP

NOVEMBER 2017

OIL SEARCH LIMITED | ARBN 055 079 868 | ASX: OSH | POMSoX: OSH | US ADR: OISHY

www.oilsearch.com

November 2017

THANK YOU

| PAGE 23

ACKNOWLEDGEMENT & DISCLAIMER

NOVEMBER 2017

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 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 may contain 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.

Thanks to the Oil Search Exploration Team & JV Partners that have contributed