ExxonMobil Encounters Hydrocarbons Onshore Papua New Guinea

• P’nyang South-2 well confirms high-quality, hydrocarbon-bearing
  reservoirs
• Evaluation of the resource is underway
• Builds on ExxonMobil’s exploration success in Papua New Guinea

IRVING, Texas–(BUSINESS WIRE)–ExxonMobil
today announced that it encountered hydrocarbons after drilling the
onshore P’nyang South-2 well, located in the Western Province of Papua
New Guinea.

“We are currently evaluating the well results and together with our
co-venture partners will assess the P’nyang field resource potential and
development pathway,” said Liam Mallon, president of ExxonMobil
Development Company. “We will work with the government of Papua New
Guinea as we undertake this work.”

The well was safely drilled to 8,940 feet (2,725 meters), reaching
high-quality, hydrocarbon-bearing reservoirs in the Toro and Digimu
sandstones, consistent with pre-drilling expectations. The well confirms
the southeast extension of the field.

“When combined with our acquisition of InterOil Corporation, the
increase in assessed reserves at Hides in the existing PNG LNG project
and our recent
Muruk discovery, this adds to our rapidly growing inventory of low
cost of supply natural gas in Papua New Guinea,” Mallon said. “We are
continuing with our active onshore and offshore exploration program in
an effort to provide additional resources to expand existing and planned
development projects.”

Oil Search began drilling the P’nyang South-2 well on Oct. 22, 2017. The
well is located in petroleum retention license 3, which covers 105,000
acres (425 square kilometers).

ExxonMobil affiliates operate the license with a 49 percent interest in
the block. Affiliates of Oil Search, drilling operator, have a 38.5
percent interest and JX Nippon has 12.5 percent interest.

About ExxonMobil

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uses technology and innovation to help meet the world’s growing energy
needs. ExxonMobil holds an industry-leading inventory of resources, is
one of the largest refiners and marketers of petroleum products, and its
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Cautionary Statement: Statements of future
events or conditions in this release are forward-looking statements.
Actual future results, including project plans and schedules could
differ materially due to changes in market conditions affecting the oil
and gas industry or long-term oil and gas price levels; political or
regulatory developments; reservoir performance; the outcome of future
exploration and development efforts; technical or operating factors; the
outcome of future commercial negotiations; and other factors. References
to “hydrocarbons” and “hydrocarbon-bearing reservoirs” refer to
quantities of oil and gas that are not yet classified as “proved
reserves” under SEC definitions but that we believe may ultimately be
produced. The term “project” as used in this release does not
necessarily have the same meaning as under any government transparency
reporting requirements.

Contacts

ExxonMobil
Media Relations, 832-625-4000