Appendix 3Y Change of Director's Interest Notice Appendix 3Y Change of Director's Interest Notice

Rule 3.19A.2

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.


Introduced 30/09/01 Amended 01/01/11

Name of entity OIL SEARCH LIMITED

ABN 055 079 868

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director

MR GEREA AOPI

Date of last notice

24 MAY 2012

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest

DIRECT

Nature of indirect interest

(including registered holder)

Note: Provide details of the circumstances giving rise to the relevant interest.

Date of change

02 JANUARY 2013

No. of securities held prior to change

243,526 ORDINARY SHARES (COMPRISING

154,860 DIRECT SHARES AND 88,666

INDIRECT SHARES)

128,046 RESTRICTED SHARES

Class

ORDINARY SHARES

RESTRICTED SHARES

Number acquired

10,784 ORDINARY SHARES

Number disposed

18,592 RESTRICTED SHARES (COMPRISING

7,808 SOLD AND 10,784 CONVERTED TO ORDINARY SHARES)

Value/Consideration

Note: If consideration is non-cash, provide details and estimated valuation

A$7.04 PER ORDINARY SHARE

+ See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director's Interest Notice

No. of securities held after change

254,310 ORDINARY SHARES (COMPRISING

165,644 DIRECT SHARES AND 88,666

INDIRECT SHARES)

109,454 RESTRICTED SHARES

Nature of change

Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

AUTOMATIC VESTING OF 18,592

RESTRICTED SHARES, BEING THE MANDATORY DEFERRAL OF 50% COMPONENT OF 2010 SHORT TERM INCENTIVE AWARD, GRANTED FOLLOWING SHAREHOLDER APPROVAL AT THE 2011 ANNUAL MEETING.

SALE BY THE SHARE PLAN TRUSTEE (VIA AN IRREVOCABLE SALE DIRECTION FROM MR AOPI ISSUED ON 31 DECEMBER 2012) OF 7,808 RESTRICTED SHARES TO MEET AN IMMEDIATE PNG INCOME TAXATION LIABILITY.

Part 2 - Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract

NA

Nature of interest

NA

Name of registered holder

(if issued securities)

NA

Date of change

NA

No. and class of securities to which interest

related prior to change

Note: Details are only required for a contract in relation to which the interest has changed

NA

Interest acquired

NA

Interest disposed

NA

Value/Consideration

Note: If consideration is non-cash, provide details and an estimated valuation

NA

Interest after change

NA

+ See chapter 19 for defined terms.

Appendix 3Y Page 2 01/01/2011

Part 3 - +Closed period Appendix 3Y Change of Director's Interest Notice

Were the interests in the securities or contracts

detailed above traded during a +closed period where prior written clearance was required?

NO. AUTOMATIC VESTING OF

RESTRICTED SHARES PERMITTED UNDER OIL SEARCH LIMITED'S SHARE TRADING POLICY, AND IRREVOCABLE SALE DIRECTION ISSUED PRIOR TO CLOSED PERIOD.

If so, was prior written clearance provided to allow the trade to proceed during this period?

NA

If prior written clearance was provided, on what date was this provided?

NA

+ See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3

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