The company posted a loss of $39.4 million for the year, compared to a profit of $353.2 million in 2014.
Dragging Oil Search into the red last year was a $399.3 million impairment charge related to the Taza production sharing contract in the Kurdistan Region of Iraq.
This followed an unsuccessful drilling campaign at the field last year which resulted in Oil Search's share of best estimate contingent resources being reduced by 31.2
