CUE ASX ann

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

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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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