O I L S E A R C H L I M I T E D

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1 WELL NAME: Juha 4 Oil Search reports that the Juha 4 well commenced drilling on 24 April As at 0600 on 26 April, the well was at a depth of 73 metres and preparing to drill ahead in 14-3/4 hole, having set 16 surface casing. Juha 4 is located 35 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. Juha 4 is designed to test a separate segment on the structure to the east of the existing wells. It follows on from the Juha 5 well which was drilled in the same segment as the earlier wells. Juha 4 is targeting the Toro reservoir at a depth of around 2,240 metres subsea, 3,200 metres measured depth (MD). The planned total depth of the well is 3,340 metres MD. The participants in Juha 4 are: Oil Search Limited* 31.5% ExxonMobil 56.0% Merlin Petroleum 12.5% * While ExxonMobil is operator of PRL 2, Oil Search is operating the Juha wells.

2 WELL NAME: Kutubu 2 Oil Search reports that as at 0600 on 26 April 2007, the Kutubu 2 well was at a depth of 1,453 metres MD and performing a cement squeeze at the 7 liner shoe. During the week the 7 liner was set, but has required remedial work before drilling ahead. Kutubu 2 is located in PPL 219, and is 18 kilometres east of the main Iagifu-Hedinia field, and 12 kilometres east of the Arakubi prospect. The primary objective is the Toro Sandstone with a secondary target in the Iagifu Sandstone. The planned total depth of the well is 2,300 metres MD. The participants in Kutubu 2 are: Oil Search (PNG) Limited 72.52%, operator Ampolex (Highlands) Ltd* 18.73% Merlin Petroleum Company 8.75% * Ampolex holds its interests in PPL 219 in trust for Oil Search (PNG) Ltd.

3 WELL NAME: Bina Bawi-1 Oil Search reports that as at 0600 hrs Iraqi time (+4hrs GMT) on 24 April, the Bina Bawi-1 testing programme was continuing. During the week, further Drill Stem Tests (DSTs) were conducted over the Triassic Kurrachine interval from 3,200 metres MD to 3,210 metres MD, flowing minor amounts of gas with water. Operational difficulties have prevented a complete evaluation of the interval to date, and the forward plan is to continue the testing programme, to fully determine the productive and commercial potential of the well. The Bina Bawi-1 testing programme will be followed by the drilling of a dedicated Bina Bawi-2 well, aimed at assessing the shallower sections. Bina Bawi-1 is located in the Bina Bawi Exploration and Production Sharing Agreement (EPSA) 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 participants in the Bina Bawi-1 well are: A & T Petroleum 50%, operator Hawler Energy Limited 50%

4 WELL NAME: Suad-1 Oil Search reports that, during the week, the Suad-1 exploration well was drilled to a total depth of 2,304 metres. No hydrocarbons were encountered and the well was consequently plugged and abandoned, and the drillship released. This well concludes Oil Search s current offshore drilling campaign in Yemen. The Suad-1 well is located in Block 15, offshore Yemen. The participants in Block 15 are: Oil Search 35.00% (operator) Kufpec 45.00% MND 15.00% The Yemen Company 5.00%

5 WELL NAME: Al Magrabah-1 Oil Search reports that the Al Magrabah-1 exploration well commenced drilling on 19 April As at 0600 on 26 April, the well was at a depth of 759 metres and pulling out of the hole. Al Magrabah-1 well is located in Block 35, onshore Yemen (see map), approximately 55 kilometres north east of the Nabrajah field. The primary target is the Qishn Clastics with secondary targets in the fractured/karstified Saar and Naifa formations, Kuhlan sandstone/weathered Basement, and fractured metamorphic basement. The planned total depth of the well is 1,770 metres measured depth. The participants in Block 35 are: Oil Search 32.5% (operator)* Virgin Resources 37.5% Arc 15.0% MND 10.0% The Yemen Company 5.0% * Working interest. The Yemen Company is carried by the other JV participants. Oil Search s paying interest is 34.2%

6 Al Magrabah-1 location, Block 35, Yemen PETER BOTTEN Managing Director For further information please contact: ANN DIAMANT Investor Relations Manager Tel: Mob: +61 (0)