Oil Search Limited (Oil Search) is engaged in the exploration, development and production of oil and gas. The Company operates primarily in Papua New Guinea (PNG) but also has operations in Yemen, Egypt, Libya, Iraq, Tunisia and Australia. The principal activity of the Oil Search is the exploration for oil and gas deposits and the development and production of such deposits. This is carried out as both the operator of producing and exploration joint ventures and as a non-operator participant in exploration and production joint ventures. Oil Search’s net production during the year ended December 31, 2008, was 8.6 million barrels of oil equivalent (mmboe). As of December 31, 2008, the Company had 1P reserves of 49.6 million barrels of oil equivalent (mmboe) and 2P reserves of 66.9 mmboe. In addition, the Company had a contingent resource inventory of 886 mmboe of gas and associated liquids, taking total 2P reserves and 2C resources to 953 mmboe.
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