» Perseverance

» Oil Search was incorporated in PNG in 1929

» The Company’s first revenues were received

more than 60 years later

» A$14 billion dollar company with 95% of assets

in PNG

» Partnership

» PNG ranks 156th of countries on the Human

Development Index (health, education,

standard of living)

Seismic Acquisition

» Ingenuity

» PNG presents a challenging environment of

rugged terrain, intense rainfall and sensitive

ecosystems

PNG LNG Project

6

» US$19 billion investment

» 6.9 MTPA, 2 train development,

operated by ExxonMobil

» Expected to produce more than

9 tcf of gas and 200+ million

barrels of associated liquids

over its 30 year life

» 6.6 MTPA contracted to Asian

buyers.

– Sinopec ~2.0 MTPA

– TEPCO ~1.8 MTPA

– Osaka Gas ~1.5 MTPA

– CPC ~1.2 MTPA

9,000 nationals

employed at peak

>US$30 billion to

Government and

landowners

2.48 billion kina spent

with landowner companies

2.1 million training

hours for nationals

580 million kina invested in community infrastructure

Country Benefits from PNG LNG

Transformation

» Integrity

» PNG Government and Oil Search committed

to EITI in 2013

» 83% of PNG employees are nationals

» 18% of PNG employees are women

» Social Licence

» Established landowner companies

providing services to operations

» Shared responsibility model

established to deliver infrastructure

projects

» Shared Value

» Delivery of 113 tax credit schemes

since 2003

» 40 million Kina spent in 2013 on

community and tax credit projects

» Shared Value

» 40,000 HIV tests in 2013

» 41% decrease in positive malaria

tests in 2013

» 22,801 maternal and child health

vaccinations delivered in 2013

Future Growth

» Substantial remaining gas

resources in PNG

» Potential for multiple future

LNG trains

» Committed to sharing value

with the people of PNG

» Transformation for Oil

Search and PNG will

continue

Port Moresby

Kumul

Terminal

PRL08

PDL7

PDL4

PDL3

PRL09

PDL6 PDL5

PRL14

260

233

PPL234

PRL10

PPL244

PPL339

339

339

339

PPL339

339

339 339

PPL260

PRL3

PPL385

PDL1

233

PPL277

PPL277

Juha

Moran

Agogo

Kutubu

Proposed Juha

Facility

Hides

Angore

LNG Facility

Gobe Main

Hides Gas

Conditioning Plant

& Komo Airfield

PPL219

APDL11

PDL9

PDL8

PDL2

PRL15

Uramu

P’nyang

Kimu

SE Gobe

Hagana

Flinders

Juha North

Barikewa

Elk/Antelope