Oil Search : Pikka B well in Alaska encounters hydrocarbons in the Nanushuk formation

Pikka B well in Alaska encounters hydrocarbons in the Nanushuk formation

17 January 2019

SYDNEY (ASX:OSH | ADR: OISHY | POMSoX: OSH)

The Pikka B appraisal well has penetrated the Nanushuk formation and successfully encountered hydrocarbons, in line with pre-drill expectations.

The well commenced drilling on 31 December 2018 (AKST) and reached a depth of 1,201 metres (3,934 feet) on 10 January. Surface casing was set and coring operations are currently underway.

Peter Botten, Oil Search's Managing Director said:

"The early results from the Pikka B well are very encouraging. Due to detailed planning, we were able to take advantage of early cold weather and commenced drilling the Pikka B well ahead of schedule. The top Nanushuk reservoir was encountered slightly high to expectations and a core has been successfully acquired over a 37 metre (120 feet) interval. Early interpretation of the core indicates a hydrocarbon-saturated, high porosity sand. The forward plan is to acquire an additional 101 metres (330 feet) of core prior to sidetracking the well at the end of January.

The construction of the Pikka C ice road and well pad has been completed and the rig was mobilised to site on 9 January 2019, with the Pikka C well expected to spud in late January.

The objective of both appraisal wells, which will allow four reservoir penetrations, is to confirm the presence, volume, thickness and quality of the Nanushuk reservoir at the Pikka B and C locations. Well testing, which will feed into the selection of the well design that will be used in the Pikka development, is planned for March and April."

Participants in the Pikka Unit Oil Search (Alaska) LLC 25.5% Repsol E&P USA, Inc. 49.0% Armstrong Energy, LLC 19.1% GMT Exploration Company, LLC 6.4%Total 100.0%

Nanushuk Fairway ALASKA A NCHORA GE PIKKA UNIT KUPARUK RIVER ALPINE Pikka B OSH DevelopmentOSH Exploration

Oil Search Limited	Head office	Sydney office	Mailing address	Tel: [phone]
Incorporated in	Port Moresby	1 Bligh Street	GPO Box 2442	Fax: [phone]
Papua New Guinea	Papua New Guinea	Sydney NSW 2000	Sydney NSW 2001	www.oilsearch.com
ARBN 055 079 868	Australia

PETER BOTTEN, CBE

Managing Director

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Oil Search Limited	Head office	Sydney office	Mailing address	Tel: [phone]
Incorporated in	Port Moresby	1 Bligh Street	GPO Box 2442	Fax: [phone]
Papua New Guinea	Papua New Guinea	Sydney NSW 2000	Sydney NSW 2001	www.oilsearch.com
ARBN 055 079 868	Australia
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