Oil Search s strategic priorities are to maintain performance at ExxonMobil operated PNG LNG in the near term whilst driving the next phase of LNG expansion in Papua New Guinea. The completion of the ExxonMobil/InterOil takeover should support progress and we expect Elk/Antelope to supply a Total operated Papua LNG project sharing PNG LNG facilities (effectively a third train expansion). Papua LNG is not Oil Search s only economically attractive long term growth opportunity. An investment decision is also needed at P nyang which could supply either an expansion of PNG LNG or backfill for the foundation project. Growth may come at a cost. PNG LNG provides long life cash flow and near term capital commitments are low. But ambitious E&A plans project finance repayments and new investment at Papua LNG could put finances under pressure.