Guidance

2019 FULL YEAR GUIDANCE Date issued - 19 February 2019 1
Production (mmboe) 2 
Oil Search-operated 3 4.0 - 5.5
PNG LNG Project 24.0 - 26.0
Total Production 28.0 - 31.5
  
Operating Costs  
Production costs (US$ per boe) 9.00 – 10.00
Other operating costs 4 (US$m) 150 - 160
Amortisation - oil and gas assets 5 (US$ per boe) 11.50 – 12.50
  
Capital Costs (US$m)  
Exploration and evaluation 235 - 285
Development 145 - 170
Production 95 - 115
Other property plant and equipment 55 - 65
Power 6 15 - 20
Total 545 - 655

1. Numbers may not add due to rounding.
2. Gas volumes have been converted to barrels of oil equivalent using an Oil Search specific conversion factor of 5,100 scf = 1 boe, which represents a weighted average, based on Oil Search’s reserves portfolio, using the actual calorific value of each gas volume at its point of sale.
3. Includes SE Gobe gas sales.
4. Includes gas purchase costs, royalties and levies, selling and distribution costs, rig operating costs, power expense and corporate administration costs (including business development), other expenses and inventory movements.
5. Excludes depreciation of other plant and equipment.
6. Excludes prior year Port Moresby power station investment, which will be recognised in 2019 once ownership agreements are finalised.