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Financial Highlights

Breakeven Brent Price ($/bbl)

Solid, Well Funded Balance Sheet

Selected Dev’t Projects Globally

(1)

64

59

57

55

52

48

29

24

TEN Kraken South

Lokichar

SNE Catcher

Lake

Albert

Johan

Sverdrup

Block 9

Operator

Country

Ghana

UK

Kenya

UK

Uganda

Iraq

Norway

Senegal

Prudent financial policy, active portfolio

management, majority debt maturity in 2019

3

Consistent operating cash flow generation even

during low oil price environment

1

Low operating cost and breakeven oil price

2

Strong liquidity position with additional $40m

available under the Vitol facility

4

Management expects convertible conversion and

Siba start-up to de-leverage balance sheet,

encouraging optionality for the future

5

9

Source: Company filing.

(1) Peers’ breakeven costs based on Wood Mackenzie to achieve a 10% IRR; Block 9 costs to achieve 10% IRR based on Kuwait Energy company model; assumed 10% WACC.