Ann: Trading Halt, page-57

◊ Up to US$700m (A$1,160m) equity raising including:
♦ Approximately A$760m underwritten institutional placement (“Placement”
♦ Up to A$400m accelerated non-renounceable entitlement offer (“Entitlement Offer” at a ratio of 1 for 8, comprising: • An underwritten accelerated institutional component (“Institutional Entitlement Offer”; and • A non-underwritten retail component (“Retail Entitlement Offer”1); and
♦ A non-underwritten PNG offer for eligible PNG shareholders (“PNG Retail Offer”2) on substantially the same terms as the Entitlement Offer
◊ Approximately 552 million3 new ordinary shares (“New Shares” to be issued (representing 36.2% of Oil Search’s existing shares on issue)

Therefore, about 20% dilution from the A$760m institutional placement.

Regards

SP