Total net to Oil Search as at 31 December 20161,2

Licence / Field Oil Search Interest % Total Oil and Condensate3 mmbbl Total Gas4 bcf Total Oil and Condensate3 mmbbl Total Gas4 bcf

Reserves
 
Proved (1P)

Proved & Probable (2P)
PDL 2 - Kutubu 60.0% 12.1 - 16.7 -
PDL 2/5/6 - Moran Unit 49.5% 7.0 - 10.6 -
PDL 4 - Gobe 10.0% 0.0 - 0.1 -
PDL 3/4 - SE Gobe5 22.3% 0.2 10.7 0.3 14.2
PDL 1 – Hides GTE6 16.7% - 3.2 - 5.0
Oil fields and Hides GTE reserves   19.3 13.9 27.7 19.2
PNG LNG Project reserves5 29.0% 43.1 2,136.8 48.0 2,405.6
Subtotal reserves   62.3 2,150.7 75.7 2,424.9
 
Contingent resources  1C2C
PNG LNG Project gas, oil and condensate   - - 1.6 60.0
Other PNG gas, oil and condensate7   - - 46.7 3,649.3
Middle East gas, oil and condensate7   - - - -
Subtotal resources   - - 48.3 3,709.2
 
Total reserves and resources62.32,150.7124.06,134.1

NOTES

1 Numbers may not add due to rounding.
2 Oil field proved reserves (1P) and proved and probable (2P) reserves are as certified by independent auditor Netherland, Sewell & Associates, Inc. (NSAI) in 2014 and 2015.  1P and 2P PNG LNG Project reserves are based on contingent resources as certified in 2016 by independent auditor, NSAI, adjusted for economic limit using Oil Search’s corporate assumptions.
3 Crude oil, and separator and plant condensates.
4 For the PNG LNG Project, shrinkage has been applied to raw gas for the field condensate, plant liquids recovery and fuel and flare.
5 PNG LNG Project reserves comprise the Kutubu, Moran, Gobe Main, SE Hedinia, Hides, Angore and Juha fields.  Minor volumes associated with proposed domestic gas sales have been included as part of PNG LNG reserves.  In addition, third party wet gas sales to the project at the Gobe plant outlet (inclusive of plant condensate) have been included for SE Gobe in 1P and 2P reserves at the post-sales agreement field interest of 22.34%. SE Gobe estimates for gas are based on NSAI certification in 2015.
6 Hides reserves associated with the GTE Project under existing contract. Production volumes shown in this reserves report are based on Oil Search’s entitlement in PDL 1 (16.67%).
7 Other gas, oil and condensate resources comprise the Company's other PNG fields, including Elk-Antelope, SE Mananda, Juha North, P'nyang, Kimu, Uramu, Barikewa, Iehi, Cobra, Mananda and Flinders, and may also include resources beyond the current economic limit of producing oil and gas fields. These gas resources may include fuel, flare and shrinkage depending on the choice of reference point.
8 The information in this reserves and resources statement has been prepared by Dr Jon Rowse, Oil Search’s General Manager – Subsurface, who is a full-time employee of the Company and a member of the Society of Petroleum Engineers. Dr Rowse is qualified in accordance with ASX Listing Rules 5.41-5.44, and confirms that the statement fairly represents information and documentation which has been prepared under his supervision and approved by him.  He has consented to publish this information in the form and context in which it is presented in this statement.

ADDITIONAL NOTES

* The evaluation date for these estimates is 31 December 2016.
* Oil Search’s reserves and contingent resource estimates are prepared in accordance with the Petroleum Resources Management System (PRMS), sponsored by the Society of Petroleum Engineers (SPE).
* The following reference points are assumed:
- Oil volumes: include both oil and condensate recovered by lease processing. The reference point is at the outlet of the relevant process facility. Volumes are adjusted to stock-tank using field standard conditions.
- Hides GTE: the custody transfer point at the wellhead
- PNG LNG Project: the outlet to the LNG plant
-SE Gobe gas: the outlet to the Gobe facility
- Fuel, flare and shrinkage upstream of the reference points have been excluded.
* Reserves and contingent resources are aggregated by arithmetic summation by category and therefore proved reserves may be a conservative estimate due to the portfolio effects of arithmetic summation.
* Reserves and contingent resources have been estimated using both deterministic and probabilistic methods.