News: OSH Oil Search Cuts Full-Time Employees To 1,222 From 1,649 On March 14

July 1 (Reuters) - Oil Search Ltd (OSH) :

• FULL TIME EMPLOYEES REDUCED FROM 1,649 PEOPLE AS OF 14 MARCH 2020 TO 1,222 CURRENTLY
• FEMALE REPRESENTATION IN WORKFORCE WILL INCREASE FROM 25% TO MORE THAN 28%
• FORECAST 2020 PRODUCTION COSTS ARE EXPECTED TO BE APPROXIMATELY US$10.50/BOE
• FURTHER 137 FULL TIME EMPLOYEES TRANSITIONING OUT BY YEAR END
• OTHER COST REDUCTION PLANS INCLUDE THIRD-PARTY SPEND REDUCTION
• STEPHEN GARDINER HAS DECIDED TO STEP DOWN FROM CFO ROLE IN FEBRUARY 2021
• EXPATRIATE POSITIONS IN PNG WILL BE REDUCED FROM 10% TO 7% OF WORKFORCE
• FORECAST 2020 PRODUCTION COSTS ARE EXPECTED TO BE ABOUT US$10.50/BOE (BEFORE ONE-OFF RESTRUCTURING COSTS)
• AYTEN SARIDAS WILL JOIN IN MID-AUGUST AS CFO DESIGNATE, WILL TRANSITION INTO CFO ROLE EARLY IN 2021
• KEY OBJECTIVE OF STRATEGIC REVIEW IS TO FOCUS ON CO'S CORE BUSINESS