Exploration and Appraisal Drilling
Update - March 2015
(ASX:OSH | ADR: OISHY | POMSoX: OSH)
2 April 2015
Oil Search operated wells
Well Name Well Type Location
Spud Date Rig Objective/
targets
Status
Participants
Taza 2
Oil appraisal
Taza PSC, Kurdistan Region of Iraq
10km NW of Taza 1
25 December 2013
Sakson Rig PR3
Appraise hydrocarbon-bearing intervals discovered by Taza 1 (Dhiban/Jeribe and Euphrates/Kirkuk) and explore deeper Tertiary and Cretaceous targets including the Shiranish Formation.
As at 31 March 2015, Taza 2 was at a total depth of 4,200 metres* and preparations to continue the testing programme were underway. During the month, mechanical problems delayed the start of a second flow test, which is expected to commence shortly.
1 Oil Search's funding interest is 75%, with the KRG's
20% interest carried by Oil Search and Total E&P Kurdistan Region of Iraq (Taza) B.V.
* All depths quoted are MDRT (Measured depth from rotary table)
Oil Search Limited
Incorporated in Papua New Guinea ARBN 055 079 868
Head office Port Moresby Papua New Guinea
Sydney office
1 Bligh Street
Sydney NSW 2000
Australia
Mailing address
GPO Box 2442
Sydney NSW 2001
Australia
Tel: +61 2 8207 8400
Fax: +61 2 8207 8500 www.oilsearch.com
Well Name Well Type Location
Spud Date
Rig
Objective/
targets
Status
Participants
Taza 3
Oil appraisal
Taza PSC, Kurdistan Region of Iraq
6km SE of Taza 1
22 October 2014
Sakson Rig 605
A deviated hole to better define the structural configuration, fluid contacts, reservoir quality and distribution and nature of fracturing of the carbonate reservoirs in the southern part of the PSC.
As at 31 March 2015, Taza 3 was at a depth of 3,724 metres in a 6" hole. During the month, fishing operations took place to attempt to free the drill string which became stuck down-hole. This operation was unsuccessful and sidetracking operations have now commenced.
The sidetrack is expected to be drilled to a depth of approximately 3,900 metres, before logging and testing of the primary reservoirs.
1 Oil Search's funding interest is 75%, with the KRG's
20% interest carried by Oil Search and Total E&P Kurdistan Region of Iraq (Taza) B.V.
Oil Search - March Drilling Report - 2 April 2015
www.oilsearch.com
2
Oil Search non-operated wells
Well Name Well Type Location
Spud Date
Rig
Objective/ Targets
Status
Operator1
Antelope 4
Gas appraisal
PRL 15, Gulf Province, PNG
1km south of Antelope 2
16 September 2014
Western Drilling Rig 1
Delineate the size and structural extent of the Elk/Antelope gas field.
As at 31 March 2015, Antelope 4 was at a depth of 2,134 metres in an 8-1/ " hole, within the target carbonate reservoir.
During the month, a number of cores were cut in the upper part of the reservoir and a further 132 metres drilled. The forward plan is to continue to drill ahead through the reservoir to planned total depth
InterOil Corporation
Participants2
1 The PRL 15 participants have voted to appoint
Total E&P PNG Limited as Operator of the PRL
15 Joint Venture. The appointment will take effect in accordance with an operator transition plan and the terms of the Joint Venture Operating Agreement.
2 Gross interests, pre-Government and landowner back-in
Oil Search - March Drilling Report - 2 April 2015
www.oilsearch.com
3
Well Name Well Type Location
Spud Date Rig Objective
Status
Operator1
Participants2
Antelope 5
Gas appraisal
PRL 15, Gulf Province, PNG
1.7km west of Antelope 2
23 December 2014
Oil Search Rig 103
Delineate the size and structural extent of the Elk/Antelope gas field.
As at 31 March 2015, Antelope 5 was at total depth of 2,453 metres in a 6" hole.
During the month, logging and formation evaluation programmes were concluded and preparations made for a planned extended well test.
InterOil Corporation
2 The PRL 15 participants have voted to appoint
Total E&P PNG Limited as Operator of the PRL 15
Joint Venture. The appointment will take effect in accordance with an operator transition plan and the terms of the Joint Venture Operating
Agreement.
3 Gross interests, pre-Government and landowner back-in
PETER BOTTEN, CBE Managing Director
For further information please contact:
Ms Ann Diamant
Group Manager, Investor Relations
Tel: +61 2 8207 8440
Mob: +61 407 483 128
Oil Search - March Drilling Report - 2 April 2015
www.oilsearch.com
4