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    OIL SEARCH LIMITED 2002-05-30 ASX-SIGNAL-G
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    HOMEX - Sydney

    +++++++++++++++++++++++++
    WELL NAME: MORAN-8 (PDL 2/5)
    OIL SEARCH EQUITY: 52.6/52.5%

    Oil Search reports that the Moran-8 well, a development well on the
    Moran Central field, is currently being rigged-up, prior to spudding.
    As at 0500 hours on 30th May 2002, the rig was 68% on site and
    approximately 20% rigged up.

    Participants in the Moran Unit are as follows:

    ChevronNiugini (Operator) 8.72%
    Oil Search Limited 52.53%
    ExxonMobil 32.66%
    Petroleum Resources Kutubu 3.04%
    Merlin Petroleum 3.05%
    Total 100.00%

    Following the merger of Oil Search and Orogen Minerals, Oil Search's
    interest in the unitised development has risen from 41.08% to 52.53%.

    WELL NAME: SE GOBE-1 ST1 (PDL 3/4)
    OIL SEARCH EQUITY: 36.4%/57.3%

    Oil Search reports that at 0500 hours on 30th May 2002 that the SE
    Gobe-1 ST1 well, a development well on the SE Gobe field, was
    drilling ahead at a measured depth of 2,481 metres. During the week,
    the well was kicked-off from a depth of 1,746 metres and drilled to
    its current depth. Progress for the week is 735 metres.

    The SE Gobe-1 ST1 well is designed as a down dip producer, located to
    the north-east of the original SE Gobe-1 well. The planned total
    measured depth is 2,515 metres.

    Participants in the SE Gobe Unit are as follows:

    Chevron Niugini (Operator) 7.94%
    Exxon Mobil 5.95%
    Merlin Petroleum 2.78%
    Oil Search Limited 44.96%
    Petroleum Resources Gobe 2.00%
    Southern Highlands Petroleum 23.69%
    Cue PNG 3.29%
    Santos 9.30%
    Total 100.00%


    P Botten
    MANAGING DIRECTOR

    For further information regarding this report please contact:

    Mr Garry Marsden
    INVESTOR RELATIONS MANAGER
    Tel: 02 8207 8440
    Mob: 0419 488 122










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