re: anouncement posted Oil Search reports as at 0600 on 11...

re: anouncement posted Oil Search reports as at 0600 on 11 January, the Juha 5 well was at a
depth of 1,904 metres in the upper part of the Ieru Formation, and pulling
out of hole prior to running 10-¾” casing. Progress for the week was 488
metres.
Juha 5 is located 40 kilometres north-west of the Hides gas field. Three
wells were drilled on the Juha structure in the early 1980s, and proved the
presence of a condensate-rich gas accumulation. No gas-water-contact
was located in these wells and the Juha 5 well will drill deeper on the
structure with the aim of constraining the vertical gas column height. The
well is targeting the Toro reservoir at a depth of around 3,000 metres.
The planned total depth of the well is 3,700 metres.
The well will be followed in early 2007 by a second well which will drill a
large, untested segment adjacent to the proven segment. The objective
of the two wells is to increase considerably both the proven and probable
reserves.
The participants in Juha 5 are:
Oil Search Limited* 31.5%
ExxonMobil 56.0%
Merlin Petroleum 12.5%
Total 100%
* While ExxonMobil is operator of PRL 2, Oil Search is operating the Juha wells.
O I L S E A R C H L I M I T E D
(Incorporated in Papua New Guinea)
ARBN – 055 079 868
A U S T R A L I A N R E G I S T E R E D O F F I C E
Level 27 Angel Place, 123 Pitt Street, Sydney NSW 2000 Australia.
GPO Box 2442, Sydney NSW 2001 Australia.
Telephone: (61) 2 8207 8400 Facsimile: (61) 2 8207 8500
DRILLING REPORT – 11 January 2006
WELL NAME: Kareem Nubia-1
Oil Search reports that during the week, logs were run over the Matulla,
Wata and Raha Formations, between 423 metres and 951 metres. The
logs confirmed the presence of oil. The Kareem Nubia-1 well was
subsequently suspended as a future producer.
Kareem Nubia-1 is located in Area ‘A’, adjacent to the Gulf of Suez in the
Eastern Desert, Egypt. There is substantial spare production capacity in
the existing Area ‘A’ facilities, and it is expected that the well will be
brought on-stream within a month.
The rig will be moved to the Yusr Nubia-1 location, the second well in a
programme to drill up to fifteen exploration and development wells in the
Oil Search-operated concession.
The participants in Area ‘A’ are:
Oil Search (Egypt) Limited 100%
Total 100%
O I L S E A R C H L I M I T E D
(Incorporated in Papua New Guinea)
ARBN – 055 079 868
A U S T R A L I A N R E G I S T E R E D O F F I C E
Level 27 Angel Place, 123 Pitt Street, Sydney NSW 2000 Australia.

DRILLING REPORT – 11 January 2007
WELL NAME: Ghard-1
Oil Search reports that as at 0600 hrs Egypt time (+3 hrs GMT) on 10
January, Ghard-1 was at a depth of 3,153 metres and was drilling ahead
in an 8-1/2” hole. Progress for the week was 334 metres.
Ghard-1 is located in the East Ras Qattara concession, Western Desert,
Egypt, 12 kilometres north-east of the recently drilled Shahd-1 discovery.
Ghard-1 is Oil Search’s second well in a two well back-to-back drilling
programme in the East Ras Qattara block.
The objectives of the Ghard-1 well are reservoirs in the Cretaceous Abu
Roash, Bahariya and Alam El Bueib Formations. Mean potential
recoverable reserves are approximately 15 to 20 million barrels, and the
prognosed total depth is 3,950 metres. Production storage facilities are
located in adjacent concessions.
The participants in the Ghard-1 well are:
Sipetrol International S.A. 50.5%, operator
Oil Search (Egypt) Limited 49.5%
Total 100%
O I L S E A R C H L I M I T E D
(Incorporated in Papua New Guinea)
ARBN – 055 079 868
A U S T R A L I A N R E G I S T E R E D O F F I C E
Level 27 Angel Place, 123 Pitt Street, Sydney NSW 2000 Australia.

DRILLING REPORT – 11 January 2007
WELL NAME: Bina Bawi-1
Oil Search reports that as at 0600 hrs Iraqi time (+4hrs GMT) on 9
January, the Bina Bawi-1 well was at a depth 2,975 metres and drilling
ahead in an 8-1/2” hole. Progress for the week was 293 metres.
Bina Bawi-1 is located in the Bina Bawi Exploration and Production Sharing
Agreement (EPSA) located in the Kurdistan region of northern Iraq. Oil
Search has a 20% interest in the Bina Bawi EPSA operator, A & T
Petroleum, and has the option to convert its 20% shareholding into a 10%
direct interest in the Bina Bawi EPSA.
The primary objective of the Bina Bawi-1 well is the Triassic reservoir
with secondary reservoir potential in the Lower Cretaceous and Jurassic
sections. The prognosed total depth of the well is 3,050 metres.
The participants in the Bina Bawi-1 well are:
A & T Petroleum 50%, operator
Hawler Energy Limited 50%
Total 100%
O I L S E A R C H L I M I T E D
(Incorporated in Papua New Guinea)
ARBN – 055 079 868
A U S T R A L I A N R E G I S T E R E D O F F I C E
Level 27 Angel Place, 123 Pitt Street, Sydney NSW 2000 Australia.
DRILLING REPORT – 11 January 2007
WELL NAME: Ghobata-1
Oil Search reports that as at 0600 hrs Yemen time (+3 hrs GMT) on 10
January, the Ghobata-1 well in Block 49 was at a depth of 1,561 metres
and was drilling ahead in a 8-1/2” hole through the Qishn Clastics, the
first primary objective. Drilling progress for the week was 330 metres.
During the week, the 12-1/4” hole was drilled to 1,498 metres where an
intermediate electric wireline logging programme was completed. 9-5/8”
casing was subsequently run and cemented in place. Results from the
intermediate logs indicate the oil shows encountered in the upper horizon
are likely to be residual.
Ghobata-1 is located 9.5 kilometres south east of the Al Nokhailat-1 well
and 3.5 kilometres east of the Balharak-1 well. The primary objective of
the well is the Qishn Clastics and fractured Basement, with secondary
objectives in the Lam and Kohlan Sandstone. The planned total depth of
the well is 2,194 metres. This is the second well in a two well programme
in the Block
The participants in Block 49 are:
Oil Search 31.75%
CCC 32.00% (operator)
MOL 21.25%
The Yemen Company 15.00%
Total 100%
O I L S E A R C H L I M I T E D
(Incorporated in Papua New Guinea)
ARBN – 055 079 868
A U S T R A L I A N R E G I S T E R E D O F F I C E
Level 27 Angel Place, 123 Pitt Street, Sydney NSW 2000 Australia.
GPO Box 2442, Sydney NSW 2001 Australia.
Telephone: (61) 2 8207 8400 Facsimile: (61) 2 8207 8500
DRILLING REPORT – 11 January 2006
WELL NAME: Shaibah-1
Oil Search reports that the Shaibah-1 exploration well commenced drilling
on 5 January 2007. As at 0600 hrs Yemen time (+4 hrs GMT) on 10
January 2006, the well was at a depth of 672 metres and drilling ahead in
a 17-1/2” hole.
Shaibah-1, in Block 43, Yemen, is located 25 kilometres SW of the
Nabrajah Field (see map). The objectives of the well are reservoirs in the
in the Saar and Madbi Formations. Mean potential recoverable reserves
are approximately 20 million barrels, and the prognosed total depth is
approximately 3,240 metres.
The participants in Block 43 are:
DNO ASA 56.67%, operator
Oil Search (Yemen) Limited 28.33%
The Yemen Company 15%, carried
Total 100%
O I L S E A R C H L I M I T E D
(Incorporated in Papua New Guinea)
ARBN – 055 079 868
A U S T R A L I A N R E G I S T E R E D O F F I C E
Level 27 Angel Place, 123 Pitt Street, Sydney NSW 2000 Australia.
GPO Box 2442, Sydney NSW 2001 Australia.
Telephone: (61) 2 8207 8400 Facsimile: (61) 2 8207 8500
PETER BOTTEN
Managing Director
For further information please contact:
ANN DIAMANT
Investor Relations Manager
Tel: +612 8207 8440
Mob: +61 (0) 407 483 128