O I L S E A R C H L I M I T E D

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1 WELL NAME: Juha 5 Oil Search reports that as at 0600 on 29 March, the Juha 5 well was undergoing a wiper trip before continuing to acquire wireline logs. During the week, the well was drilled to a total depth of 3,652 metres and a wireline logging programme commenced. The Toro Formation has been penetrated close to prediction and correlates well with the existing wells, suggesting that the Juha structure and reservoir distribution is as expected. Initial results, however, suggest that the Toro reservoir has been penetrated below the gas-water contact - this will be confirmed with pressure data. The pressure gradients will enable an accurate depth of the gas-water contact to be determined, and will allow a reserves estimation to be made for this part of the Juha field. The forward plan will be finalised once the logging is complete and the information has been evaluated. Juha 5 is located 40 kilometres north-west of the Hides gas field. Three wells were drilled on the Juha structure in the early 1980s, and proved the presence of a condensate-rich gas accumulation. No gas-water-contact was located in these wells and the Juha 5 well is drilling deeper on the structure with the aim of constraining the vertical gas column height The well will be followed by a second well which will drill a large, untested segment adjacent to the proven segment. The objective of the two wells is to increase considerably both the proven and probable reserves. The participants in Juha 5 are: Oil Search Limited* 31.5% ExxonMobil 56.0% Merlin Petroleum 12.5% * While ExxonMobil is operator of PRL 2, Oil Search is operating the Juha wells.

2 WELL NAME: Kutubu 2 Oil Search reports that as at 0600 on 29 March, the Kutubu 2 exploration was at a depth of 1,174 metres and completing the running and cementing of 9-5/8 casing. Drilling progress for the week was 221 metres. Kutubu 2 is located in PPL 219, and is 18 kilometres east of the main Iagifu-Hedinia field, and 12 kilometres east of the Arakubi prospect. The primary objective is the Toro Sandstone with a secondary target in the Iagifu Sandstone. The planned total depth of the well is 2,300 metres MD. The participants in Kutubu 2 are: Oil Search (PNG) Limited 72.52%, operator Ampolex (Highlands) Ltd* 18.73% Merlin Petroleum Company 8.75% * Ampolex holds its interests in PPL 219 in trust for Oil Search (PNG) Ltd.

3 WELL NAME: Ghard-1ST Oil Search reports that as at 0600 hrs Egypt time (+3 hrs GMT) on 28 March, Ghard-1ST was at a total depth of 3,436 metres. During the week, a 7 liner was run to TD and the well is preparing to run two drill stem tests in the Lower Bahariya formation. Ghard-1 is located in the East Ras Qattara concession, Western Desert, Egypt, 12 kilometres north-east of the recently drilled Shahd-1 discovery. Ghard-1 is Oil Search s second well in an extended drilling programme of probably four wells in the East Ras Qattara block in The objectives of the Ghard-1ST well are reservoirs in the Cretaceous Abu Roash, Bahariya and Alam El Bueib Formations. Production storage facilities are located in nearby adjacent concessions. The participants in the Ghard-1 well are: Sipetrol International S.A. 50.5%, operator Oil Search (Egypt) Limited 49.5%

4 WELL NAME: Bina Bawi-1 Oil Search reports that as at 0600 hrs Iraqi time (+4hrs GMT) on 27 March, the Bina Bawi-1 well was still waiting on materials and testing equipment for the planned testing programme. Bina Bawi-1 is located in the Bina Bawi Exploration and Production Sharing Agreement (EPSA) located in the Kurdistan region of northern Iraq. Oil Search has a 20% interest in the Bina Bawi EPSA operator, A & T Petroleum, and has the option to convert its 20% shareholding into a 10% direct interest in the Bina Bawi EPSA. The participants in the Bina Bawi-1 well are: A & T Petroleum 50%, operator Hawler Energy Limited 50%

5 WELL NAME: Kasad-1 Oil Search reports that at 0600 hrs Yemen time (+4 hrs GMT) on 28 March, the Kasad-1 testing programme was continuing. During the week, the first test (DST-1) in the primary Qishn target failed due to a mechanical problem with the electrical submersible pump. The second test (DST-2), also in the primary Qishn target, is currently underway. The Kasad-1 well is testing a four-way dip closed structure updip of the recently drilled Ghobata structure. The primary objective of the well is the Qishn Clastics and fractured Basement, with secondary objectives in the Lam and Kuhlan Sandstone. The participants in Block 49 are: Oil Search 42.33% CCC 42.67% (operator) The Yemen Company 15.00%

6 WELL NAME: Riyan-1 Oil Search reports that as at 0600 hrs Yemen time (+4 hrs GMT) on 28 March, the Riyan-1 exploration well was at a depth of 2,664 metres and drilling ahead in a 12-1/4 hole. Progress for the week was 1,456 metres During the week, 13-3/8 casing was run and the well drilled ahead in 12-1/4 hole. The Riyan-1 well is located in Block 15, offshore Yemen, in 562 metres of water. The primary objective of the well is to test a structural closure containing clastic reservoirs of the Late Oligocene Upper Ghaydah Formation. The planned total depth of the well is 2,738 metres. This is the first well in a two well back-to-back programme in the block. The participants in Block 15 are: Oil Search 35.00% (operator) Kufpec 45.00% MND 15.00% The Yemen Company 5.00% PETER BOTTEN Managing Director For further information please contact: ANN DIAMANT Investor Relations Manager Tel: Mob: +61 (0)