Oil Search Ltd.

Oil Search Ltd. has retained Harrison, Lovegrove & Associates to seek strategic alternatives for its assets in Yemen, Egypt and Libya. Oil Search holds interests in seven concession areas in Yemen, six operated. Block 15 offshore in the Gulf of Aden includes discoveries made by Agip in the 1980s in water depths from 100 meters to 800 meters. Onshore Block 35 is in the Hadramaut region in the Masilah Basin. The company holds interests in three areas in Egypt. It operates five small oil fields and has extensive exploration acreage in Area 'A', adjacent to the Gulf of Suez. In addition Oil Search holds nonoperated interests in the East Ras Qattara Block in the Western Desert and in the Mesaha Concession area, on the border of Egypt and Sudan. Oil Search holds a 30% interest in Area 18 offshore Libya. Petrobras is operator and holds the remaining 70%. The bid due date is in early May. The effective date is in mid-2008. Contact Paul Willcocks, 713-877-9588.