Oil Search Excavates Offshore

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Oil Search Limited has stepped up its exploration activities in PNG withthe excavation ofthe first offshore well in ten years.

This signals yet anther significant milestone forPNG rsquo;s largest oil and gas producer.

The exploration drilling programme atthe Gulf of Papua includesthe drilling of two gas exploration wells: Flinders 1 and Hagana-1. The digging activities for Flinders 1 well began in March andthe drilling programme is expected to run for two to five months.

Oil Search’s joint venture partners in this license include French multinational Total SA and Nippon Oil Exploration.

Oil Search has contractedthe Stena Clyde semi-submersible mobile offshore drilling rig from contractor Stena Drilling. The Stena Clyde drilling rig will be moored on each location with an 8 anchor mooring system. The wells have been designed in accordance with Oil Search and Stena Drilling standards, accepted industry practices and regulatory requirements.

Logistical support is being provided by supply vessels operating from Avenell Engineering Systems shore base in Port Moresby and by helicopters operating from Jackson’sInternational Airport.

Established in PNG in 1929, over 90% of Oil Search’s assets are located in PNG where it holds an extensive spread of oil and gas production and exploration licences including PPL 244.

The Company operates all oPNG’s currently producing oil and gas fields, with net production of 6.38 million barrels of oil equivalent (mmboe) in 2012, and has a 29% interest inthe world scalPNG LNG Projectooperated by ExxonMobil.

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