Macquarie Australia Conference May 2014 Oil Search Limited ARBN 055 079 868
Transformation PNG LNG Project production has commenced, first LNG sales expected soon PNG LNG transforms OSH into significant LNG exporter with steady 20+ year cash flow stream, sufficient to fund both growth opportunities and pay…
Core Strategies Have Delivered Steady Long-Term Share Price Appreciation PRL 15 PNG LNG 10 acquisition production Manage PNG LNG FID commences 9 transition to PNG LNG Project 8 Acquisition of ChevronTexacos PNG 7 Share Price…
Oil Search Licence Interests, PNG Pnyang Juha North PPL260 Hides PRL3 Juha 260 Angore PDL8 PRL11 PDL9 Moran Proposed Juha PDL1 PPL277 Facility PDL6 Agogo PDL7 233 PDL5 Hides Gas PPL 233 219 Kutubu Conditioning…
PNG LNG Project 5
Project Update PNG LNG Project ahead of schedule and within November 2012 budget of US19 billion LNG production from Train 1 commenced in April 2013. First LNG cargo expected to be shipped to Asian markets shortly Second train…
PNG LNG Plant site March 2014 7
Upstream Facilities Komo Airfield November 2013 Hides Gas Conditioning Plant March 2014 Onshore pipeline rehabilitation March 2014 8
Hides Development Drilling Hides GTE Plant PDL 1/7 Hides Field 8 New Production Wells Hides Nogoli Camp PDL 8 Angore Field 2 New Wells Hides Gas Conditioning Plant Komo Airfield Six wells at three wellpads (B,C and D)…
Gas Growth Strategy OSH looking to leverage LNG infrastructure and skills: Brownfield LNG expansion offers potential high return growth opportunity PNG LNG site has capacity to accommodate additional trains Upside in 1P reserves at…
Pnyang - PRL 3 Key resource to support potential growth from PNG LNG: Total 2C recoverable gas resources in Pnyang field of 2.5 tcf Concept selection work well advanced engineering, environmental and social mapping Development…
Hides 5 PDL 1 NW Hides 5 SE Hides G Hides 1 Hides 2 Hides 3 Hides 4 Hides Field PDL 9 PDL 1 PDL 8 PRL 11 PPL 277 Ieru JUHA NORTH PDL 7 Toro ANGORE Koi-Iange PDL 7 PDL 8 5km PPL 219 PPL 233 Hides 5 to explore Koi-Iange…
Elk/Antelope - PRL 15 Pnyang Juha North 22.835% interest in PRL 15, containing PPL260 Hides PNG LNG Project Elk/Antelope gas discoveries PRL3 Juha Gas Fields Angore Gross Elk/Antelope 2C contingent 260 PDL8 PRL11 PNG LNG…
Strong production from PNG oil fields PPL260 PDL9 Juha North Hides Reservoir performance from key PDL1 PRL Juha PDL 11 oil fields remains strong PDL8 PRL PPL277 7 11 Angore PDL7 PDL6 PDL5 Continued success of PPL233…
Production Outlook Production guidance for 2014 increased Net Production (mmboe) from 13 16 mmboe to 14.5 17.5 30 PNG LNG (T1+T2)(1,3) mmboe: Hides GTE(3) SE Mananda 25 Driven by Project operator update of first Gobe LNG from Train…
Oil Discovery at Taza, Kurdistan: Appraisal Underway Appraisal programme on Taza oil discovery underway Taza 2, spudded 25 December, to appraise upper intervals and explore deeper Tertiary and Cretaceous Jambur Kor Mor targets: Taza…
Taza 2 Well Multiple Objectives SW K42 -10-02 K42 -10-04 K42 -10-06 NE Taza 2 L. Bakhtiari U. Fars L. Fars Saliferous Jeribe Euphrates Shiranish Qamchuqa Jurassic - 17
Positioning for Next Phase of Growth Corporate transformation underway: First LNG sales will change production and cash flows radically Strategic plan to maximise value from the existing portfolio New strategic review will set plan…
Summary PNG LNG nearly complete, with first LNG deliveries expected before mid-2014 within revised budget: Transformational for OSHs production and cashflow profile Moving forward on LNG expansion plans: Proven Pnyang resource…
Appendix 2: Treasury Update Total liquidity of US711.2 million at end 1Q14 Cash (USm) comprising US411.2 million cash and US300 million 1,289 1,265 available under non-amortising corporate revolving 1,047 facility 488 US200 million…
Appendix 3: 2014 Guidance Summary Production Current operations (oil and GTE) 6.4 6.9 mmboe1 PNG LNG Project LNG 34 43 bcf Liquids 1.5 2.1 mmbbl Total PNG LNG Project 8.1 10.6 mmboe1 Total Production 14.5 17.5 mmboe Operating Costs…
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