www.woodmac.com delivering commercial insight august 2012 gem v3.36 - what’s new

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Delivering commercial insight

August 2012

GEM v3.36 - What’s New


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© Wood Mackenzie 2

What’s New - Contents

New Fiscal Models (Slides 3 - 4)

• a summary of the new fiscal models released and the main changes made this quarter

Fiscal Terms - Summary of Changes (Slides 5 - 7)

• a summary of the main recent fiscal modeling changes made

New Pricing Assumptions (Slide 8)

• a summary of any significant changes to pricing assumptions

Significant Asset Updates (Slides 9 - 18)

• a summary of Assets which have been significantly remodelled this quarter

Corporate Changes (Slide 19)

• a summary of significant changes to company files

Data Updates (Slides 20 - 70)

• a summary of the main data changes this quarter by region

Appendix (Slides 71 - 80)

• A summary of Assets which have been significantly remodelled during Q2 2012


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What’s New - Fiscal Models

New Models this Quarter

• A new tax model was created for Iran Concession (NOC)

• Four tax models (Azerbaijan PSC, China PSC, Iceland Concession and Indonesia PSC) were audited this quarter to ensure the integrity of the fiscal terms and improve the format of the calculation logic

Main Fiscal Model Changes

• Algeria – A tax settlement was reached for the Hassi Berkine and El Merk PSCs resulting in lower TPE (Windfall Profits Tax) and a cash settlement

• Croatia – Royalty rates from assets discovered post Dec 2009 are now 10% and 5% for assets discovered pre December 2009


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© Wood Mackenzie 4

What’s New - Fiscal Models

Main Fiscal Model Changes (cont)

• Ecuador – Service Contract terms modelled for the Libertador and Atacapi fields

• Iraq – 4th Round Terms modelled for Oil and Gas

• Kenya – Terms modelled for L1B, L-10A, L10-B, L16, L27 and L28 Blocks

• Russia – Irkutsk Oil Company awarded preferential tax rate to sustain investment. Corporate tax has dropped from 20% to 15%

• United Kingdom – Marginal Field Incentive for large, shallow water gas fields announced in July 2012. An allowance of up to £500 million for the Supplementary Charge applies for fields with reserves between 10 and 25 bcm in water less than 30m


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© Wood Mackenzie 5

Fiscal Terms - Main Recent Fiscal Changes Summary (1)

Version 3.32 – August 2011

• Angola – Pre-salt terms modelled

• China – Panzhuang, Mabi and South Sulige PSC terms created

• Ecuador – New Service Contract terms modelled

• Egypt – Belayim terms updated

• Ghana – Dzata field terms added

• Mexico – New Service Contract terms introduced

• United Kingdom – RFES rate increased from 6% to 10%

• Ukraine – Royalty K factor tiers, Geological Tax and Subsoil tax rates changed as of April 2010


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© Wood Mackenzie 6


Version 3.33 – November 2011

• Default Tax Markers were created for onshore, shelf and deepwater terms. These will make it easier to select appropriate terms for fiscal benchmarking and in the creation of new assets

• Chile – Fell Block terms modelled

• Colombia – Rancho Hermosa and Kona terms modelled

• Indonesia – Abadi and Bangkanai terms modelled

• Kyrgyzstan – Corporate Tax rate reduced from 20% to 10% as of January 2011, Excise Duty introduced at US$1.90 /bbl and a Local Tax of 3% based on gross revenues introduced

• Madagascar – Ambilobe and Ampasindava terms modelled

• Nigeria – Improved modelling of tax ring-fencing

• Russia – Updated terms for assets in the Black Sea and Okhotsk. MET relief is available for small fields (under 5 million tonnes/35 mmboe)

• United Arab Emirates – Shah Gas terms modelled

• Ukraine – Corporate Tax rate reducing from 23% to 16% by 2014. Subsoil tax rates have increased

• Uruguay – Model PSC R factor terms modelled


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© Wood Mackenzie 7


Version 3.34 – February 2012

• Gabon PSC – Baudroie, Bende, Salsich and Toutou terms modelled

• Germany – Lower Saxony royalty rates increased in 2011. Gas moved to 36% from 32% and oil to 18% from 17%

• Pakistan – 2011 Petroleum Policy Terms modelled including a reduction in the Windfall Levy rate to 40% from 50%

• Russia – the calculation of MET for condensate changed to a rate per tonne. The rates increase from RR556/tonne in 2011 to RR674/tonne in 2014. Gazprom and its subsidiaries will be taxed at a higher rate for Gas MET to independents

• Sierra Leone – SL-03 terms have been modelled

• US (North Dakota) –Severance Tax for gas is $0.1113/mcf. State Income tax has reduced to 5.15% from 6.4%

Version 3.35 – May 2012

• Australia – Onshore assets are now subject to the Federal Petroleum Resource Rent Tax (PRRT). State royalties are still payable yet are recovered via PRRT

• Brazil – Salema terms modelled

• Canada (New Brunswick) – The Provincial Tax Rate will remain at 10% instead of reducing to 8% from 2013

• Myanmar – 2012 terms have been created

• United Kingdom – The Small Field Allowance has been doubled from £75 million to £150 million

• United States (Gulf of Mexico) – Appomattox terms modelled


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© Wood Mackenzie 8

Pricing Changes this Quarter

• Wood Mackenzie’s Brent oil price assumption for 2012 is US$115.11/bbl, US$105.25/bbl in 2013, US$100.00/bbl in 2014, US$96.00 in 2015 and US$92.00/bbl in 2016 escalating at 2.0% from 2017 onwards.

• The oil price assumption has increased compared to last quarter by US$5.11 in 2012, US$0.50 in 2013 and US$5.80/bbl in 2015. The long term assumption is US$85.00 real (2012 terms).

Wood Mackenzie Benchmark Crude Price Assumptions (US$ per bbl)

• Wood Mackenzie’s WTI price assumption formulae has been updated to a discount to Brent of 12.27% in 2012, 7.13% in 2013, 17.2% in 2014, 10.42% in 2015, 2.35 % in 2016 and 2.5% is assumed from 2017 onwards.

• For a detailed report on current prices please refer to the Economic Assumptions document.

What’s New - Pricing

Crude Type 2012 2013 2014 2015

Brent (New Assumption - 2012 Q2)

115.11 105.25 100.00 96.00

Brent (Previous Qtr. – 2012 Q2) 110.00 104.75 100.00 90.20


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Significant Asset Updates (1)NPV NPV

Regime Field Current Previous PV Diff %Change Reason$M $M $M %

Albania PSC SV Patos-Marinza 946 1,286 (341) (26%) Decrease in reservesAlgeria Conc SV Ahnet Area (57) 88 (145) (165%) Delayed productionAlgeria PSC KFactor SV Hassi Mouina 374 578 (204) (35%) Delayed productionAlgeria PSC KFactor SV Timimoun 70 252 (183) (72%) Delayed productionAlgeria PSC KFactor SV Touat area 444 692 (248) (36%) Delayed productionAlgeria PSC SV Bir Rebaa (403) 1,144 890 254 29% Increase in production based on company feedbackAlgeria PSC SV El Merk 13,659 10,348 3,310 32% Tax terms updatesAlgeria PSC SV Hassi Berkine (404) 23,887 10,907 12,980 119% Tax terms updatesAlgeria PSC SV Hassi RMel 51,693 69,715 (18,023) (26%) Asset remodelled with revised reserves and production profileAlgeria PSC SV ROD (401a402a) 1,873 1,447 427 29% Revised production based on operator feedbackAlgeria PSC SV Sonatrach Operated Fields 28,166 73,551 (45,385) (62%) Removed Hassi Rmel from the modelAlgeria PSC SV TFR_TIM_BEQ 145 (9) 153 1743% Increase in reservesAlgeria PSC SV Tin Fouye-Tabankort 2,153 882 1,271 144% Value attached to gas productionAngola Conc LNG SV LNG_Angola LNG 16,514 12,272 4,242 35% Changes to price due to changed destination market from the US to

Europe and AsiaAngola PSC SV Chissonga 796 211 585 277% Increase in reservesAngola PSC SV Lianzi (Angola PSC) 157 277 (120) (43%) New PSC terms negotiatedArgentina Conc SV Apache - Neuquen Basin Assets 242 366 (124) (34%) Decrease in reserves and productionArgentina Conc SV Apache - Tierra del Fuego Assets 445 1,351 (906) (67%) Decrease in reserves and productionArgentina Conc SV Piedra Clavada (Pan-Am) 4 155 (151) (97%) Decrease in productionArgentina Conc SV Santa Cruz I 305 156 149 96% Increase in reservesArgentina Conc SV YPF Minor Fields 3,702 2,972 730 25% Asset prices revisionAustralia Conc LNG SV LNGI_Australia Pacific 4,020 5,625 (1,605) (29%) Increase in capexAustralia Conc LNG SV LNGI_Browse 3,852 6,904 (3,052) (44%) Increased and changed phasing of capexAustralia Conc LNG SV LNGI_GLNG 6,102 8,364 (2,263) (27%) Increase in capexAustralia Conc LNG SV LNGI_Queensland Curtis 7,761 11,009 (3,247) (29%) Increase in capexAustralia Conc LNG SV North West Shelf Domgas 2,249 1,731 518 30% Changes to domestic pricesAustralia Conc SV CSG_Moranbah 182 301 (119) (39%) Increase in capex and opexAustralia Conc SV CSG_Narrabri 1,180 783 397 51% Increase in gas pricesAustralia Conc SV CSG_Tipton West 26 136 (110) (81%) Decrease in gas prices & increase in capexAustralia Conc SV Halyard-Spar 413 565 (152) (27%) Decrease in gas prices & revised production profileAustralia Conc SV Longtom 240 442 (202) (46%) Reserves downgradeAustralia Conc SV Macedon 850 1,083 (232) (21%) Decrease in gas pricesAustralia Conc SV Otway Gas Project 919 1,180 (262) (22%) Decrease in liquids and gas price assumptionsAzerbaijan PSC SV Gum Deniz-Bahar 914 416 498 120% Increase in reserves and production with phases one and two modelledAzerbaijan PSC SV Southwest Gobustan Group 124 501 (377) (75%) Reserves downgrade & Increase in opexBolivia PSC SV El Dorado Area 45 241 (196) (81%) Decrease in production due to poor performance

Note: Both before and after valuations have been calculated using Wood Mackenzie's Brent oil price assumption of US$115.11/bbl in 2012, US$105.25/bbl in 2013, US$100.00/bbl in 2014, US$96.00/bbl in 2015, US$92.00/bbl in 2016 escalating at 2.0% from 2017 onwards.


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Bolivia PSC SV Itau 624 891 (267) (30%) Decrease in reserves and productionBolivia PSC SV Sabalo (San Antonio) 2,768 1,734 1,033 60% Reserves upgradeBolivia PSC SV YPFB Andina Operated Fields 438 1,447 (1,009) (70%) Expected upside did not materializeBolivia PSC SV YPFB Chaco Operated Fields 103 1,495 (1,392) (93%) Decrease in productionBrazil Conc SV Merluza 0 131 (131) (100%) Ceased productionBrazil Conc SV Pipeline 5,742 12,476 (6,734) (54%) Reserves revision & increase in costsBrazil Conc SV Vesuvio 3,058 9,436 (6,379) (68%) Reserves revision & delayed start-upBrazil Conc SV Waikiki Complex 3,933 5,301 (1,369) (26%) Delayed start-up from Inga and Pero & slowed ramp up to peak oilCanada Conc Alberta SV Advantage AB 367 194 173 89% Increase in liquids reservesCanada Conc Alberta SV Cenovus AB 3,723 2,991 731 24% Increase in reservesCanada Conc Alberta SV Compton AB 119 237 (118) (50%) Decrease in gas reserves & increase in costsCanada Conc Alberta SV Encana AB 3,319 1,788 1,531 86% Increase in NGL reservesCanada Conc Alberta SV EOG AB 353 1,272 (919) (72%) Decrease in reservesCanada Conc Alberta SV ExxonMobil AB 476 740 (265) (36%) Decrease in reservesCanada Conc Alberta SV Imperial Oil AB 767 1,079 (312) (29%) Decrease in liquids reservesCanada Conc Alberta SV KNOC AB 2,282 3,080 (799) (26%) Increase in costsCanada Conc Alberta SV Nexen AB 5 108 (103) (96%) Liquids production sold Canada Conc Alberta SV Paramount AB 536 273 263 96% Increase in reservesCanada Conc Alberta SV Progress Energy AB 483 277 206 74% Increase in reservesCanada Conc Alberta SV Suncor Energy AB 801 568 233 41% Decrease in costsCanada Conc Alberta SV Talisman AB 2,524 1,584 940 59% Increase in liquids reserves & decrease in gas-focused capexCanada Conc Alberta SV TAQA AB 1,182 1,531 (349) (23%) Increase in costsCanada Conc Alberta SV Trilogy AB 1,199 676 523 77% Increase in reservesCanada Conc British CLNG SV Shell CNPC LNG 7,247 4,745 2,502 53% Increase in assumed capacityCanada Conc British Colum SV Apache BC 17 (291) 308 106% Increase in liquids reservesCanada Conc British Colum SV Apache Horn River Play BC 195 40 155 388% Increase in reserves & revised type well with higher gas IPCanada Conc British Colum SV ARC BC 21 709 (688) (97%) Decrease in reservesCanada Conc British Colum SV ConocoPhillips BC 56 (340) 396 116% Decrease in costsCanada Conc British Colum SV Devon BC 220 413 (193) (47%) Increase in costsCanada Conc British Colum SV Devon Horn River Play BC 246 (196) 442 226% Decrease in costs & delayed productionCanada Conc British Colum SV Encana BC 1,192 1,507 (315) (21%) Decrease in reservesCanada Conc British Colum SV Encana Montney Play BC 2,222 1,514 708 47% Revised type well with higher liquids volumesCanada Conc British Colum SV EOG Horn River Play BC 153 (155) 308 199% Increase in reserves & revised type well with higher gas IPCanada Conc British Colum SV ExxonMobil BC 5 146 (141) (97%) Decrease in reservesCanada Conc British Colum SV Nexen Horn River Play BC 307 50 257 512% Impact of Inpex/JGC cost carry arrangementCanada Conc British Colum SV Other WCSB BC (205) 738 (943) (128%) Decrease in liquids reserves



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Regime Field Current Previous PV Diff %ChangeReason$M $M $M %

Canada Conc British Colum SV Progress Energy BC 332 109 223 204% Increase in NGL reservesCanada Conc British Colum SV Progress Energy Montney Play BC 3,073 2,278 795 35% Revised type well with higher liquids volumesCanada Conc British Colum SV Suncor Energy BC 419 150 269 180% Increase in NGL reservesCanada Conc British Colum SV Talisman Montney Play BC 1,397 748 649 87% Revised type well with higher liquids volumesCanada Conc Saskatchewan SV Apache SK 441 703 (262) (37%) Decrease in liquids reservesCanada Conc Saskatchewan SV KNOC SK 1,042 855 187 22% Increase in reservesCanada Conc Saskatchewan SV Talisman SK 314 600 (287) (48%) Decrease in reservesCanada Conc Saskatchewan SV TAQA SK 300 1,483 (1,182) (80%) Decrease in reservesChina Conc National Compa SV Suizhong 36-1 5,439 3,990 1,449 36% Increase in reservesChina Conc National Compa SV Wenchang Area 2,816 1,732 1,084 63% Increase in reservesChina PSC SV Qinhuangdao 32-6 3,792 2,217 1,574 71% Increase in reservesColombia Conc SV Costayaco and Moqueta 678 396 282 71% Increase in reservesColombia Conc SV Rubiales 7,646 10,338 (2,692) (26%) Increase in capexCongoBrazzaville PSC SV Haute Mer Zone A 987 1,483 (496) (33%) Increase in costsCongoBrazzaville PSC SV Lianzi (Congo PSC) 157 (149) 307 205% New PSC terms negotiatedCongoBrazzaville PSC SV Mengo-Kundji-Bindi 430 116 314 272% Increase in productionCroatia Conc SV Kalinovac 904 681 224 33% Increase in onshore reserves following updates from INACroatia Conc SV Molve 981 549 432 79% Increase in onshore reserves following updates from INACroatia Conc SV Sava Depression 1,181 514 667 130% Increase in onshore reserves following updates from INAEcuador Service Contract SV PIPE_OCP Pipeline 697 872 (175) (20%) Increase in opex & decrease in productionEgypt PSC SV North Shadwan 183 381 (198) (52%) Decrease in reserves & delayed start-upGabon PSC SV Rabi (psc) 900 616 284 46% Increase in productionGabon PSC SV Remboue 0 134 (134) (100%) Field shut inGabon PSC SV Toucan 1,269 909 360 40% Increase in reservesIndia National Companies SV Krishna-Godav ONGC Fld 502 759 (257) (34%) Decrease in reserves as backed out ONGC's interest in the NELP India PSC SV Amguri 0 140 (140) (100%) Removed future production until an operator is assigned to the blockIndia PSC SV D6 Area 4,241 8,956 (4,715) (53%) Reserves downgrade at Dhirubhai 1 and 3 fieldsIndia PSC SV DeenDayal 1,133 1,616 (483) (30%) Increase in capex and abandonment costs due to project delaysIndia PSC SV KG-DWN-98_2 84 963 (880) (91%) Increase in capex India PSC SV NEC-25 180 670 (490) (73%) Increase in fixed costs due to project delayIndia PSC SV Tapti Mid & South 662 887 (225) (25%) Increase in capex & decrease in productionIndonesia Conc LNG SV LNG_Bontang LNG Plant 0 (9) 9 100% Changes to plant prices to return Bontang to zero profitIndonesia PSC SV Ganal PSC 1,801 1,398 403 29% Revised phasing of the projectIndonesia PSC SV Muara Bakau PSC 1,648 1,330 318 24% Revised phasing of the projectIndonesia PSC SV Offshore Mahakam PSC 10,728 14,241 (3,513) (25%) Decrease in reserves as production declines fasterIndonesia PSC SV Sanga Sanga 1,777 1,183 594 50% Increase in reserves



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Iraq PSC SV Miran West 1,413 (173) 1,586 917% Asset remodelled to cover full development of the projectIraq TSC SV Halfaya (TSC) 560 971 (412) (42%) Decrease in productionIraq TSC SV Misan Group (TSC) 212 1,014 (802) (79%) Decrease in productionIraq TSC SV West Qurna 1 (TSC) 880 1,253 (373) (30%) Decrease in productionIraq TSC SV Zubair (TSC) 716 1,443 (727) (50%) Decrease in productionKazakhstan Conc SV EmbaMunaiGas 1,439 2,637 (1,198) (45%) Increase in capexKazakhstan Conc SV Karakuduk 1,059 1,465 (405) (28%) Increase in transportation tariffs and capexKazakhstan Conc SV UzenMunaiGas 4,168 5,212 (1,044) (20%) Increase in near-term production & increase in costsMauritania PSC SV Banda 1,026 738 288 39% Increase in reserves for an oil-rim development projectNigeria Conc LNG SV LNG_NLNG Plus 18,154 10,845 7,309 67% Changes to price due to changed destination market from the US to EuropeNigeria Conc LNG SV LNG_NLNG Seven 3,968 5,689 (1,721) (30%) Changes to price due to changed destination market from the US to Europe &

delayed start-upNigeria Conc LNG SV LNG_NLNG Six 9,915 3,881 6,034 155% Changes to price due to changed destination market from the US to EuropeNigeria Conc SV PIPE_West African Gas 1,208 1,752 (545) (31%) Decrease in tariff due to supply issues in NigeriaNigeria Conc SV Uquo 765 466 299 64% Increase in reserves for additional gas sales contractNigeria PSC SV Oyo (OML 120) 749 407 342 84% Increase in reservesNorway Conc SV Aasta Hansteen Area 251 458 (207) (45%) Decrease in gas pricesNorway Conc SV Balder & Ringhorne 1,138 895 242 27% Increase in reservesNorway Conc SV Bream 267 392 (126) (32%) Increase in development capex & production profile remodelledNorway Conc SV Fram 368 471 (102) (22%) Increase in development capexNorway Conc SV Gullfaks Sor 2,749 3,538 (789) (22%) Increase in capex due to increased infill drilling and the development of

Rutil/Opal and Epidote/AlunNorway Conc SV Gyda 126 286 (160) (56%) Decrease in reserves & shortened production lifeNorway Conc SV Heimdal 416 312 104 33% Increase in reserves & extended production lifeNorway Conc SV Knarr 304 582 (277) (48%) Decrease in reservesNorway Conc SV Linnorm 212 388 (177) (45%) Decrease in gas pricesNorway Conc SV Martin Linge 357 503 (146) (29%) Decrease in gas pricesNorway Conc SV Njord Area 1,011 780 231 30% Increase in gas reservesNorway Conc SV Norne 612 906 (294) (32%) Decrease in liquids reservesNorway Conc SV Peon 241 376 (135) (36%) Decrease in gas pricesNorway Conc SV PIPE_Haltenpipe 384 228 157 69% Decrease in opexNorway Conc SV PIPE_Norpipe Oil Pipeline 547 318 229 72% Increase in tariff income as a new potential user field Jackdaw field in the UK

addedNorway Conc SV Ringhorne Ost 655 506 148 29% Increase in reservesNorway Conc SV Skuld 1,119 922 197 21% Revised production profileNorway Conc SV Statfjord - Norway 668 1,196 (529) (44%) Decrease in gas reservesPhilippines PSC SV Galoc 268 29 239 825% Second phase of development modelled



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Russia Conc SV CanBaikal Contract Area 272 106 166 157% Increase in reservesRussia Conc SV Chayandinskoye 8,002 2,922 5,080 174% Increase in reservesRussia Conc SV Danilovskoye (ES) 70 215 (144) (67%) Increase in capexRussia Conc SV East Tarkosalinskoye 11,265 7,959 3,307 42% Favourable tax terms & decrease in capexRussia Conc SV Khancheiskoye 2,843 2,220 624 28% Increase in reserves and domestic pricesRussia Conc SV Kharasaveiskoye 6,200 5,150 1,049 20% Increase in gas pricesRussia Conc SV Khvalynskoye 1,888 1,070 818 76% Decrease in opex, capex and METRussia Conc SV Komsomolskoye (Oil) 1,100 2,808 (1,708) (61%) Increase in capex and opexRussia Conc SV Kruzenshternovskoye 3,074 2,511 563 22% Increase in gas pricesRussia Conc SV Kynskoye 339 522 (183) (35%) Increase in capex and opexRussia Conc SV LUKOIL Perm Fields 8,722 3,972 4,750 120% Increase in reserves as included all LUKoil Perm assetsRussia Conc SV Markovskoye (ES) 263 143 120 84% Lower condensate MET rate applied from 2012 following changes in the Russian legislationRussia Conc SV Medynskoye More 298 410 (112) (27%) Delayed start-up & decrease in reservesRussia Conc SV Nivagalskoye 708 1,343 (635) (47%) Increase in transport costs & decrease in reservesRussia Conc SV Nong-Yoganskoye 1,166 822 344 42% Increase in reserves & decrease in capexRussia Conc SV North Urengoiskoye 1,514 834 679 81% Increase in productionRussia Conc SV Potochnoye 696 492 204 41% Increase in near-term production & decrease in maintenance capexRussia Conc SV Prirakhtovskoye 65 195 (130) (67%) Increase in capexRussia Conc SV Samotlorskoye (Main) 10,045 14,537 (4,492) (31%) Increase in unit lifting and transportation costs & decrease in reservesRussia Conc SV Sterkhovoye 684 862 (178) (21%) Decrease in reservesRussia Conc SV Tagulskoye 401 592 (191) (32%) Delayed productionRussia Conc SV Urengoi Area (Rospan) 4,930 7,215 (2,284) (32%) Increase in lifting and transport costsRussia Conc SV Vankorskoye 13,568 8,843 4,725 53% Decrease in transport tariff & oil assumed to be exported from 2016Russia Conc SV Vanyoganneft JV 1,307 1,748 (442) (25%) Decrease in liquids reserves & increase in opexRussia Conc SV Vladimir Filanovsky 2,100 1,657 442 27% Zero oil MET paid in 2015 & decrease in maintenance capexRussia Conc SV West Ayanskoye 309 463 (154) (33%) Decrease in reservesRussia Conc SV Yaro-Yakhinskoye 6,762 5,414 1,348 25% Lower condensate MET rate applied from 2012 following changes in the Russian legislationSouth Sudan PSC SV Block 5A 818 1,810 (992) (55%) Increase in costs to include an alternative pipelineSouth Sudan PSC SV Greater Nile Oil Project ss 1,278 3,471 (2,194) (63%) Increase in costs to include an alternative pipelineSouth Sudan PSC SV Melut Basin Oil Project 3,084 7,066 (3,981) (56%) Increase in costs to include an alternative pipelineSpain Conc SV Casablanca (43) 112 (156) (139%) Decrease in reserves & reduced field lifeSudan PSC SV PIPE_Greater Nile (Oil) 290 1,348 (1,058) (79%) Excluded tariff payments from South SudanThailand Conc SV B5_27 (Jasmine) 322 181 140 77% Extended field life & increase in reservesThailand Conc SV B8_38 (Bualuang) 360 228 133 58% Increase in reserves for second phase of developmentThailand Conc SV L44_43 L33_43 and SW1A 254 452 (198) (44%) Decrease in reserves due to poor production performanceThailand Conc SV Sirikit Area 2,060 1,322 737 56% Increase in reserves for new development plans



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UK Conc SV Alder 347 537 (190) (35%) Revised production profileUK Conc SV Brent (Gas) 194 298 (104) (35%) Decrease in tariff receiptsUK Conc SV Caravel 394 290 104 36% Increase in reservesUK Conc SV Cygnus 252 694 (442) (64%) Increase in capexUK Conc SV Don SW 454 273 181 66% Increase in reservesUK Conc SV Elgin 1,479 2,280 (802) (35%) Extended shut-inUK Conc SV Guillemot A 30 168 (138) (82%) Decrease in reservesUK Conc SV Solan 387 495 (109) (22%) Decrease in reserves & delayed start-upUS Conc Alaska SV Endicott 451 576 (125) (22%) Removed Liberty tariff receipts following BP's decision to suspend the projectUS Conc Gulf Coast SV BHP Billiton ALT Haynesville SHG LA Fee 1,767 (212) 1,979 934% Increase in EUR per wellUS Conc Gulf Coast SV BHP Billiton GFC Eagle Ford SHG TX Fee 11,076 7,662 3,414 45% Added NGLs & extended drillingUS Conc Gulf Coast SV BP GFC Eagle Ford SHG TX Fee 131 402 (271) (67%) Adjusted type curve due to gas locationUS Conc Gulf Coast SV Carrizo FTW Barnett SHG TX Fee 447 650 (203) (31%) Decrease in drilling forecastUS Conc Gulf Coast SV Chesapeake ALT Haynesville SHG LA Fee 94 (145) 239 165% Adjusted drillingUS Conc Gulf Coast SV Chesapeake FTW Barnett SHG TX Fee 1,405 2,423 (1,018) (42%) Decrease in drilling forecastUS Conc Gulf Coast SV Chesapeake GFC Eagle Ford SHO TX Fee 3,846 1,645 2,202 134% Extended Drilling ForecastUS Conc Gulf Coast SV Chevron ALT Cotton Valley TGS TX Fee 392 599 (207) (35%) Decrease in gas pricesUS Conc Gulf Coast SV CNOOC GFC Eagle Ford SHO TX Fee 2,684 491 2,193 447% Extended Drilling ForecastUS Conc Gulf Coast SV El Paso ALT Cotton Valley Hz TGS TX Fee 15 178 (163) (91%) Ceased drillingUS Conc Gulf Coast SV El Paso ALT Haynesville SHG LA Fee 16 264 (248) (94%) Ceased drillingUS Conc Gulf Coast SV El Paso GFC Eagle Ford SHG TX Fee 24 292 (268) (92%) Ceased drillingUS Conc Gulf Coast SV El Paso GFC Vicksburg GAS TX Fee 8 171 (163) (95%) Ceased drillingUS Conc Gulf Coast SV El Paso GFC Vicksburg Lw TGS TX Fee 2 160 (158) (99%) Ceased drillingUS Conc Gulf Coast SV El Paso GFC Wilcox Lw TGS TX Fee 10 184 (173) (94%) Ceased drillingUS Conc Gulf Coast SV Encana ALT Bossier Lw TGS TX Fee (3) (357) 354 99% Increase in IP rates & revised type curveUS Conc Gulf Coast SV Encana ALT Haynesville SHG LA Fee 1,643 690 953 138% Extended Drilling ForecastUS Conc Gulf Coast SV Encana FTW Barnett SHG TX Fee (2) 498 (500) (100%) Ceased drillingUS Conc Gulf Coast SV EnerVest GFC Austin Chalk OIL TX Fee 836 461 375 81% Added NGLs & extended drillingUS Conc Gulf Coast SV EOG FTW Barnett SHO TX Fee 2,749 2,006 743 37% Changed IPUS Conc Gulf Coast SV EOG GFC Eagle Ford SHO TX Fee 14,111 5,923 8,188 138% Adjusted decline curve & extended drillingUS Conc Gulf Coast SV EOG MSD Cretaceous Sst GAS MS Fee 52 219 (167) (76%) Decrease in drillingUS Conc Gulf Coast SV ExxonMobil ALT Cotton Valley TGS TX Fee 3,726 3,048 679 22% Extended Drilling ForecastUS Conc Gulf Coast SV ExxonMobil ALT Haynesville SHG LA Fee 289 121 168 139% Extended Drilling ForecastUS Conc Gulf Coast SV ExxonMobil ALT Haynesville SHG TX Fee 622 303 319 105% Extended Drilling ForecastUS Conc Gulf Coast SV ExxonMobil FTW Barnett SHG TX Fee 5,349 3,763 1,586 42% Extended Drilling Forecast



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US Conc Gulf Coast SV ExxonMobil FTW Barnett Tier Two SHG TX Fee 543 113 431 382% Extended Drilling ForecastUS Conc Gulf Coast SV ExxonMobil GFC Eagle Ford SHG TX Fee 1,335 545 790 145% Extended Drilling ForecastUS Conc Gulf Coast SV ExxonMobil GFC Wilcox Lw TGS TX Fee 358 223 135 60% Extended Drilling ForecastUS Conc Gulf Coast SV Murphy Oil GFC Eagle Ford SHG TX Fee 1,029 386 642 166% Extended Drilling ForecastUS Conc Gulf Coast SV Newfield GFC Eagle Ford SHO TX Fee 242 74 168 228% Extended Drilling ForecastUS Conc Gulf Coast SV Shell GFC Eagle Ford SHG TX Fee 3,257 485 2,773 572% Extended Drilling ForecastUS Conc Gulf of MexicoDee SV Buckskin (KC 872) 1,249 1,620 (371) (23%) Slow ramp up of development drilling & production pushed backUS Conc Gulf of MexicoDee SV Droshky (GC 244) 148 8 140 1824% Extended field life & increase in reservesUS Conc Gulf of MexicoDee SV East Breaks 599 359 467 (108) (23%) Decrease in reservesUS Conc Gulf of MexicoDee SV Habanero (GB 341) 178 304 (126) (42%) Reserves downgradeUS Conc Gulf of MexicoDee SV Heidelberg (GC 859) 1,690 2,265 (575) (25%) Start-up pushed back & increase in opexUS Conc Gulf of MexicoDee SV Holstein (GC 644) 600 909 (309) (34%) Reserves downgrade as lack of future development activities

assumedUS Conc Gulf of MexicoDee SV Hoover_Diana 556 102 454 444% Increase in reserves & decrease in capex as no further

development on Diana assumedUS Conc Gulf of MexicoDee SV Horn Mountain (MC 127) 1,302 452 850 188% Increase in reserves with Northwest Field Extension modelledUS Conc Gulf of MexicoDee SV Neptune (AT 575) 1,553 553 1,000 181% Increase in reserves as a new development phase of 5 wells is

assumedUS Conc Gulf of MexicoDee SV Pyrenees (GB 293) 385 132 253 192% Increase in condensate reservesUS Conc Gulf of MexicoDee SV Santa Cruz_Santiago 1,803 1,185 618 52% Increase in reserves as part of reserves redistribution between the

development and that of IsabelaUS Conc Gulf of MexicoDee SV Stones (WR 508) 547 1,817 (1,269) (70%) Start-up pushed back; development scenario changed to FPSO,

extra development wells and sidetracksUS Conc Gulf of MexicoDee SV Thunder Hawk (MC 734) 922 1,179 (257) (22%) Increase in costs as an extra sidetrack assumed to achieve

reservesUS Conc Gulf of MexicoDee SV Tiber (KC 102) 1,444 2,552 (1,108) (43%) Start-up pushed back & increase in capex due to increased number

of wells and change in basic assumptions of drilling and subsea costs

US Conc Gulf of MexicoDee SV Vito (MC 984) 2,363 3,938 (1,575) (40%) Decrease in reserves & increase in drilling cost and abandonment costs

US Conc Gulf of MexicoShe SV Chevron CENGOM Conv Gas OFF Federal 1,019 499 520 104% Added NGLs US Conc MidContinent SV Apache ADKN Granite Wash Hz TGS TX Fee 2,453 1,517 937 62% Updated well performance, working interest and development planUS Conc MidContinent SV BP AKM Fayetteville Hz SHG AR Fee 1,041 751 289 38% Increase in production and future development drilling based on

company's acreage positionUS Conc MidContinent SV BP AKM Woodford Hz SHG OK Fee 660 197 463 235% Increase in production and future development drilling based on

company's acreage position



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US Conc MidContinent SV BP HUG Wolfcampian GAS KS Fee (1) 265 (266) (100%) Asset soldUS Conc MidContinent SV Chaparral ADKN Woodford Hz SHG OK Fee 15 143 (128) (90%) Eliminated future development drillingUS Conc MidContinent SV Chesapeake ADKN Cleveland Hz OIL OK Fee 895 743 152 20% Increase in development drilling based on company's guidanceUS Conc MidContinent SV Chesapeake ADKN Granite Wash HZ TGS OK Fee 1,625 1,340 286 21% Increase in development drilling based on company's guidanceUS Conc MidContinent SV Chesapeake ADKN Granite Wash HZ TGS TX Fee 1,647 1,201 446 37% Increase in development drilling based on company's guidanceUS Conc MidContinent SV Chesapeake ADKN Mississippian Hz OIL OK Fee 5,387 1,072 4,315 403% Increase in development of play based on higher operated rigsUS Conc MidContinent SV EOG ADKN Cleveland Hz OIL TX Fee 877 547 330 60% Increase in production and future development drillingUS Conc MidContinent SV ExxonMobil AKM Atoka GAS AR Fee 417 299 118 40% Increase in production and drilling based on company's acreage

positionUS Conc MidContinent SV ExxonMobil AKM Woodford Hz SHG OK Fee 602 213 389 183% Increase in production and future development drilling based on

company's acreage positionUS Conc MidContinent SV Newfield ADKN Granite Wash Hz TGS TX Fee 874 684 190 28% Increase in liquids production & development drilling based on

company's guidanceUS Conc MidContinent SV Sheridan ADKS Pennsyl OIL OK Fee 456 140 316 225% Increase in liquids production and future development drillingUS Conc MidContinent SV Sheridan ADKS Simpson GAS OK Fee 413 249 164 66% Increase in liquids yields from gas stream & extended

development drilling programmeUS Conc Northeast SV BG APP Marcellus Hz SHG PA Fee 475 69 406 590% Added NGLs to the type wellUS Conc Northeast SV Carrizo APP Marcellus Hz NEPA SHG PA Fee 69 272 (203) (75%) Decrease in near-term drilling forecastUS Conc Northeast SV Chesapeake APP Marcellus Hz NEPA SHG PA Fee 2,395 1,284 1,111 87% Increase in commercial drilling locationsUS Conc Northeast SV Chesapeake APP Marcellus Hz SHG PA Fee 1,326 956 370 39% Increase in the number of commercial drillable locationsUS Conc Northeast SV Chesapeake APP Marcellus Hz SHG WV Fee 927 742 186 25% Increase in the number of commercial drillable locationsUS Conc Northeast SV Chevron APP Marcellus Hz SHG PA Fee 1,274 3,367 (2,094) (62%) File covers wet areas of the southwest Marcellus with

development in the dry areas in a separate GEM fileUS Conc Northeast SV CONSOL APP Marcellus Hz SHG WV Fee 905 658 247 38% Added a condensate stream to type well to reflect super-rich

areas of southwest MarcellusUS Conc Northeast SV EOG APP Marcellus Hz SHG PA Fee 568 289 279 97% Increase in the number of commercial drillable locationsUS Conc Northeast SV EXCO APP Marcellus Hz SHG PA Fee 571 164 407 248% Added NGLs to the type wellUS Conc Northeast SV ExxonMobil APP Marcellus Hz NEPA SHG PA Fee 377 190 187 99% Increase in commercial drilling locationsUS Conc Northeast SV ExxonMobil APP Marcellus Hz SHG PA Fee 1,788 1,129 658 58% Increase in commercial drilling locationsUS Conc Northeast SV ExxonMobil APP Marcellus Hz SHG WV Fee 683 417 266 64% Increase in commercial drilling locationsUS Conc Northeast SV Noble APP Marcellus Hz SHG PA Fee 669 2,975 (2,306) (78%) File covers wet areas of the southwest Marcellus with

development in the dry areas in a separate GEM fileUS Conc Northeast SV Range APP Marcellus Hz SHG PA Fee 6,372 9,233 (2,861) (31%) File covers wet areas of the southwest Marcellus with

development in the dry areas in a separate GEM fileUS Conc Northeast SV Reliance APP Marcellus Hz SHG PA Fee 915 1,204 (288) (24%) Decrease in near-term drilling forecastUS Conc Northeast SV Rex APP Marcellus Hz SHG PA Fee 125 289 (164) (57%) Increase in capexUS Conc Northeast SV Rex ILN Bridgeport OIL IL Fee 125 286 (161) (56%) Decrease in drilling forecast



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US Conc Northeast SV Shell APP Marcellus Hz NEPA SHG PA Fee 2,199 876 1,323 151% Applied extended drilling methodology & increased number of commercial drillable locations

US Conc Northeast SV Statoil APP Marcellus Hz SHG PA Fee 670 103 568 553% Applied extended drilling methodology & increased number of commercial drillable locations

US Conc Northeast SV Statoil APP Marcellus Hz SHG WV Fee 509 327 182 56% Applied extended drilling methodology & increased number of commercial drillable locations

US Conc Northeast SV Talisman APP Marcellus Hz NEPA SHG PA Fee 1,921 1,455 466 32% Applied extended drilling methodology & increased number of commercial drillable locations

US Conc Permian SV Apache CBP Clear Fork OIL TX Fee 88 276 (188) (68%) Company targets unconventional liquids in the regionUS Conc Permian SV Apache CBP Ellenburger TGS TX State 19 284 (265) (93%) Company targets unconventional liquids in the regionUS Conc Permian SV Apache DEL Delaware OIL NM Fee 471 70 401 574% Company targets prospects with liquidsUS Conc Permian SV Apache MID Fusselman TGS TX Fee 248 115 133 116% Company targets prospects with liquidsUS Conc Permian SV Apache MID SAGrayburg EOR OIL TX Fee 1,157 1,480 (322) (22%) Company targets conventional and unconventional liquidsUS Conc Permian SV Apache MID Spraberry OIL TX Fee 1,531 969 563 58% Company targets prospects with liquidsUS Conc Permian SV BHP Billiton DEL Bone Spring Hz OIL TX Fee 731 471 260 55% Company targets prospects with liquidsUS Conc Permian SV Chevron DEL Ellenburger TGS TX Fee 593 172 421 244% Drilling plan extentionUS Conc Permian SV Chevron VAL Canyon TGS TX Fee 579 178 402 226% Drilling plan extentionUS Conc Permian SV EOG DEL Bone Spring Hz OIL NM Federal 993 368 625 170% Increase in development planUS Conc Permian SV EOG MID Wolfcamp Hz SHO TX State 2,035 898 1,137 127% Increase in development planUS Conc Permian SV Kinder Morgan MID Canyon EOR OIL TX Fee 4,074 2,744 1,330 48% Drilling plan extention & increase in oil pricesUS Conc Permian SV Kinder Morgan MID SAGrayburg EOR OIL TX Fee 1,483 751 732 97% Drilling plan extention & increase in oil pricesUS Conc Permian SV Sheridan MID SAGrayburg EOR OIL TX Fee 412 140 272 194% Drilling plan extention & increase in oil pricesUS Conc Rocky Mountains SV BP GGR Almond TGS WY Federal 2,947 2,413 534 22% Added NGLs in type wellUS Conc Rocky Mountains SV BP GGR Lance-Jonah TGS WY Federal 1,891 1,495 396 26% Added NGLs in type wellUS Conc Rocky Mountains SV Cabot GGR Frontier TGS WY Federal 0 190 (190) (100%) Asset soldUS Conc Rocky Mountains SV Chesapeake DJU Niobrara Hz SHO WY Fee 65 1,673 (1,608) (96%) Eliminated future drilling as Chesapeake plans to exit the DJ BasinUS Conc Rocky Mountains SV Chevron GGR Nugget GAS WY Federal 678 138 541 392% Added NGLs in type well & consolidated production from Nugget GAS and

old Nugget OIL playUS Conc Rocky Mountains SV Chevron PIC Weber EOR OIL CO Federal 896 628 267 43% Increase in liquids productionUS Conc Rocky Mountains SV CNOOC DJU Niobrara Hz SHO WY Fee (0) 670 (670) (100%) Eliminated future drilling as Chesapeake plans to exit the DJ BasinUS Conc Rocky Mountains SV CNOOC PRV Niobrara Hz SHO WY Fee 495 890 (394) (44%) Decrease in type well EURUS Conc Rocky Mountains SV El Paso RTN Vermejo CBM NM Fee (3) 184 (186) (101%) File closed off after the spin-off of EP EnergyUS Conc Rocky Mountains SV El Paso UTA Green River OIL UT Federal 75 1,113 (1,038) (93%) File closed off after the spin-off of EP EnergyUS Conc Rocky Mountains SV Encana DJU Niobrara Codell TGS CO Fee 514 373 141 38% Shifted production forecast with higher liquids contentUS Conc Rocky Mountains SV Encana GGR Lance-Jonah TGS WY Federal 4,991 2,308 2,682 116% Added commercial valuation for Encana's Jonah NPL (Normally

Pressured Lance) project & added a cost carry received from JV partnerUS Conc Rocky Mountains SV Encana PIC Mesaverde TGS CO Fee 3,661 2,201 1,460 66% Accelerated near-term drilling & increased type well EUR



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Regime Field Current Previous PV Diff%ChangeReason$M $M $M %

US Conc Rocky Mountains SV EOG DJU Niobrara Hz SHO CO Fee 689 1,078 (389) (36%) Decrease in near-term drilling forecastUS Conc Rocky Mountains SV EOG GGR Frontier TGS WY Federal 335 458 (123) (27%) Decrease in production forecastUS Conc Rocky Mountains SV EOG UTA Wasatch TGS UT Federal 827 1,112 (284) (26%) Eliminated future drilling & decrease in near-term production

forecastUS Conc Rocky Mountains SV Newfield GGR Lance-Pinedale TGS WY Federal 56 487 (431) (88%) Decrease in liquids production forecastUS Conc Rocky Mountains SV Newfield UTA Green River OIL UT Federal 2,403 3,272 (869) (27%) Decrease in liquids productionUS Conc Rocky Mountains SV Newfield UTA Uteland Butte Hz OIL UT Federal 1,807 3,783 (1,976) (52%) Decrease in type well EUR and liquids production forecastUS Conc Rocky Mountains SV Shell GGR Lance-Pinedale TGS WY Federal 1,639 2,979 (1,340) (45%) Decrease in near-term drilling forecastUS Conc Rocky Mountains SV Statoil WLN Three Forks-Sanish Hz SHO ND Fee 1,044 397 647 163% Raised percentage of prospective acreage for commercial

Three Forks developmentUS Conc West Coast SV Chevron SJQ Diatomite HVO CA Fee 5,589 7,130 (1,541) (22%) Decrease in production & increase in capexUS Conc West Coast SV Chevron SJQ Elk Hills Stevens OIL CA Fee 486 1,470 (983) (67%) Decrease in drilling forecastUS Conc West Coast SV Chevron SJQ Kern County Discovery GAS CA Fee 156 857 (701) (82%) Decrease in drilling forecast and productionVenezuela Conc SV 70_80 247 134 114 85% Crude price differential revisionVenezuela Conc SV Bachaquero 1,708 841 866 103% Crude price differential revisionVenezuela Conc SV Boscan 2,030 2,817 (787) (28%) Crude price differential revisionVenezuela Conc SV Carabobo 3 9,930 7,663 2,266 30% Crude price differential revisionVenezuela Conc SV Carito-Mulata 5,838 7,369 (1,531) (21%) Increase in opex due to inflationVenezuela Conc SV Ceuta-Tomoporo 7,632 9,764 (2,132) (22%) Increase in opex due to inflationVenezuela Conc SV Dacion Area 680 298 381 128% Crude price differential revision & field life extensionVenezuela Conc SV El Furrial 7,391 4,819 2,572 53% Crude price differential revisionVenezuela Conc SV Junin 5 5,933 3,759 2,174 58% Crude price differential revisionVenezuela Conc SV Jusepin Area 455 292 163 56% Crude price differential revisionVenezuela Conc SV La Ceiba 1,138 772 366 47% Crude price differential revisionVenezuela Conc SV Lagunillas 2,052 1,001 1,051 105% Crude price differential revisionVenezuela Conc SV Perla 1,806 733 1,073 146% Start-up brought earlierVenezuela Conc SV Petroanzoategui 7,406 4,389 3,017 69% Crude price differential revisionVenezuela Conc SV Petromonagas 9,239 3,530 5,709 162% Crude price differential revisionVenezuela Conc SV Petropiar 13,361 8,566 4,795 56% Crude price differential revisionVenezuela Conc SV Posa Area 435 286 148 52% Crude price differential revision & delay in productionVenezuela Conc SV Santa Barbara 4,479 5,637 (1,159) (21%) Crude price differential revisionVenezuela Conc SV Tia Juana Lago 687 133 553 414% Crude price differential revisionYemen PSC SV Jannah PSC 694 988 (294) (30%) Decrease in production and reserves for the contract period

due to export pipeline shut-in



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© Wood Mackenzie 19

Corporate Changes

Name Changes

• PetroFalcon has been renamed Etrion – regimes affected – Venezuela.

• Repsol YPF has been renamed Repsol globally.

• Crown Point Ventures has been renamed Crown Point Energy – regimes affected – Argentina.

Acquisitions

• Cairn Energy acquired Agora Oil & Gas as at 1 Jan 2012 and Nautical Petroleum as at 7 Aug 2012 - regimes affected - UK.

• RusPetro acquired Trans-Oil as at 1 Jun 2008 - regimes affected - Russia Concession.

• Tulip Oil acquired Smart Energy Solutions as at 1 Jun 2012 - regimes affected - Netherlands.

• Pacific Rubiales Energy acquired PetroMagdalena as at 1 Jan 2012 – regimes affected – Colombia.

• Nilepet acquired Sudapet (South Sudan) assets as at 21 Nov 2011.

• Crown Point Ventures acquired Antrim Energy (Argentina) assets as at 28 May 2012.

• El Paso spun-off their upstream assets to EP Energy, an independent company, on 24 May 2012- regimes affected - Brazil, Indonesia, US Gulf Coast, US GoM Deepwater, US GoM Shelf, US Mid-Continent, US Rockies.


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Africa (Central)

Mauritania PSC

• Banda (Block 4 PSC A) has been fully updated

• All Company Files in Mauritania PSC have been fully updated

Nigeria Concession

• The Shell JV asset file has been replaced by 22 new asset files.

• All of the NNPC/IOC JVs are now shown in GEM by Oil Mining Lease (OML)

• EA Area (Shell JV) has been renamed OML 79 (EA Area).

• Amenam (Total JV) has been renamed OML 99 & 70 (Amenam)

• Amenam East & Ikike (Total JV) has been renamed OML 99 (Ikike & Amenam East)

• Pan Ocean JV has been renamed OML 98

• A new asset file for OML 130 (gas) has been added.

• The Aje (OML 113) asset has been updated.

• The PIPE_West African Gas asset has been updated.

• All Company Files have been fully updated

• A cost carry has been modelled for OML 99 & 70 (Amenam).


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Africa (Central)

Nigeria Concession LNG

• All cash flows in Nigeria Concession LNG have been updated.

Nigeria PSC

• A new asset file: Etan and Zabazaba (OPL 245) has been added.

• Bonga Fields (OML 118), Akpo, Egina & Preowei (OML 130 PSA), (OML 130 PSC) have been fully updated this quarter.

• Aparo (OML 132) and Nsiko and Aparo (OML 140) have been fully updated.

• All Company Files in Nigeria PSC have been fully updated

• The Nigerian PSC fiscal terms are unchanged this quarter.


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Africa (North)

Algeria

• The Cash Flows for Eni’s MLE and CAFC (405b), ROM (403a/d), and Bir Rebaa (403) areas have been fully updated.

• The Cash Flows for Hassi Berkine/Ourhoud and El Merk fields have been updated following Anadarko’s tax resolution with Sonatrach.

• All Company Files have been fully updated.

• The Fiscal Terms have been updated.

Egypt

• The Cash Flows for Dana Gas’ assets have been fully updated.

• The Cash Flow for Vegas Oil and Gas’ Northwest Gemsa Block has been updated.




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Africa (North)

Libya

• All Cash Flows have been fully updated.



Tunisia





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Africa (Southern & East)

Mozambique Concession LNG

• Mozambique Area 1 and Area 4 cash flows has been updated.

Mozambique PSC

• The Area 1 and Area 4 Cash Flows have been fully updated

• All Company Files in Mozambique have been fully updated

South Sudan PSC

• All Cash Flows in South Sudan have been fully updated

• All Company Files in South Sudan have been fully updated

• The Fiscal Terms in South Sudan have been updated


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Africa (Southern & East)

Sudan PSC

• All Cash Flows in Sudan have been fully updated

• All Company Files in Sudan have been fully updated

• The Fiscal Terms in Sudan have been updated

Tanzania PSC

• The Mnazi Bay Cash Flows have been fully updated

• All Company Files in Tanzania have been fully updated

• The Fiscal Terms in Tanzania have been reviewed and updated


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Africa (West Africa)

Angola Concession

• The Cabinda Area A (Block 0), Cabinda Area B (Block 0) and Onshore Angola (Onshore Kwanza Basin and Onshore Lower Congo) asset files have been comprehensively reviewed and updated.

Angola Concession LNG

• The fiscal terms have been updated in this regime.

Angola PSC

• The Angola Associated Gas, Block 14 Benguela Belize Lobito Tomboco, Block 14 K/A-IMI (Angola), Block 14 Kuito, Block 14 Lucapa, Block 14 Malanga, Block 14 Negage, Block 14 Tombua Landana and LN, Block 16, Block 17 Dalia/Camelia, Block 17 Girassol and Jasmim, Block 17 Pazflor, Block 2 and Block 3 asset files have been comprehensively reviewed and updated.

Cameroon Concession

• The Ebome and Moudi (Victoria) asset files have been comprehensively reviewed and updated.


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Chad Concession

• The Doba Oil Project asset file has been comprehensively reviewed and updated

Congo-Brazzaville Concession

• The Yombo asset file has been comprehensively reviewed and updated.

Congo-Brazzaville PSC

• The Block 14 K/A-IMI (Congo), Haute Mer Zone A, Haute Mer Zone B, Haute Mer Zone D, Mengo-Kundji-Bindi, PNGF Likouala, Zatchi and Zingali asset files have been comprehensively reviewed and updated.

Equatorial Guinea PSC

• The Block I (Aseng and Diega) asset file has been comprehensively reviewed and updated.

• The Block O (Alen) asset file has been comprehensively reviewed and updated.


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Gabon Concession

• The Rabi asset files has been comprehensively reviewed and updated.

• The Repsol YPF company file has been renamed Repsol.

Gabon PSC

• The Omoueyi (Onal), Rabi, Remboue, Salsich (WEZE) and Toucan asset files have been comprehensively reviewed and updated.

• The Repsol YPF company file has been renamed Repsol.


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Australasia

Australia

• All Cash Flows in Australia have been fully updated.

• Key assets updated: Wheatstone, Gorgon, Pluto, Browse

• New assets created: Coniston/Novara, Crux (Gas), Crux (Liquids), Ironbark

• Reflected the increase in capital budgets of the CSG-LNG projects

• New company files created: Arrow Energy, Osaka Gas

• All Company Files in Australia have been fully updated

Australia Concession LNG

• Darwin and Browse have been updated.


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Australasia


New Zealand

• All Cash Flows in New Zealand have been fully updated.

• All Company Files in New Zealand have been fully updated

Papua New Guinea

• All Cash Flows in Papua New Guinea have been fully updated.

• Key asset updated: PNG LNG

• All Company Files in Papua New Guinea have been fully updated

Timor Leste/Australia JPDA

• All Cash Flows in Timor Leste/Australia JPDA have been fully updated.

• All Company Files in Timor Leste/Australia JPDA have been fully updated


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Caucasus

Azerbaijan

• All cash flows have been fully updated with the latest cost, reserves and production data.

• Fiscal terms were reviewed for all assets and Azeri Chirag Guneshli (ACG) profit split terms were updated.


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Central Asia

Kazakhstan

• A batch of 11 cash flows have been fully updated with the latest cost, reserves and production data. These include CNPC AktobeMunaiGas, EmbaMunaiGas and UzenMunaiGas.

Turkmenistan

• The Cheleken Contract Area cash flow has been fully updated with the latest cost, reserves and production data.

Uzbekistan

• The North Urtabulak cash flow has been fully updated with the latest cost, reserves and production data.


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Central and Eastern Europe

Bulgaria

• Cash Flows for Onshore Bulgaria and Kavarna & Kaliakra have been updated.

• All Company Files in Bulgaria have been fully updated

Croatia

• All Cash Flows in Croatia have been fully updated.

• All Company Files in Croatia have been fully updated

Romania

• The Cash Flow for Onshore Romania - OMV Petrom has been updated.

• All Company Files in Romania have been fully updated


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Europe (North West)


Denmark

• The DUC licences have been updated to include the Danish North Sea Fund (Nordsøfonden)

• All Company Files in Denmark have been fully updated

France

• France has been extensively remodelled, with new GEM files representing assets by basin and by company

• New field files have been added for Lacq Area, Lundin Paris Basin, Vermilion Aquitaine, Vermilion Paris Basin, Vermilion/Lundin Joint Venture, Petrorep Paris Basin and ZaZa Energy Paris Basin

• These have replaced 22 individual field files

• All Cash Flows in France have been fully updated

• All Company Files in France have been fully updated

Germany

• All Cash Flows in Germany have been fully updated

• All Company Files in Germany have been fully updated


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Europe (North West)


Greenland

• The Greenland Fiscal Terms have been reviewed

• The Sample Cash Flow has been updated

Netherlands

• Cash Flows for Groningen Concession, Donkerbroek, Hanze, Hanze Shallow Gas, Bergen Concession, Groet Oost, De Ruyter, Medway, J/3B & J/6 and the NOGAT System have been updated

• A new Company File has been created for Tulip Oil

Norway

• 62 field Cash Flows and 20 pipeline Cash Flows in Norway have been fully updated.

• The Titan and Visund Sør GEM files have been removed as these fields are now modelled in the Visund Area GEM file

• All Company Files in Norway have been fully updated

• The Fiscal Terms in Norway have been updated


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Europe (Southern)

Albania

• All Cash Flows have been fully updated

• The Albania Fiscal Terms have been reviewed

Greece


• The Greece Fiscal Terms have been reviewed

Italy

• Tempa Rossa has been fully updated

• The Italy Fiscal Terms have been reviewed and updated


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Europe (Southern)

Malta

• The Malta Fiscal Terms have been reviewed

Spain


• The Spain Fiscal Terms have been reviewed and updated

Turkey

• The South Akcakoca Sub-Basin Cash Flow has been fully updated


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Europe (UK)

UK General


• The UK Fiscal Terms have been reviewed and amended

Central North Sea

• 38 Cash Flows have been fully updated

• A new Cash Flow has been created for Jackdaw

Northern North Sea




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Europe (UK)

Southern Gas Basin


• A new Cash Flow has been created for Trent (Iona Energy)

West of Britain

• Three Cash Flows have been fully updated



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Indian Sub-Continent

Bangladesh PSC

• All field cash flows in Bangladesh PSC have been fully updated

• All company cash flows in Bangladesh PSC have been run.

India Concession and India PSC

• Cash flows for Bombay Offshore Fields (ONGC), Assam (ONGC), Assam (OIL), Krishna Godavari Basin (ONGC) and Cambay (ONGC) in India Concession have been fully updated.

• Cash flows for Panna & Mukta, Mid & South Tapti, NEC-25, Deen Dayal, D6 Area, Other Fields, KG-DWN-98/2 and Amguri, in India PSC have been fully updated.

• All company cash flows in India PSC and Concession have been run.

Pakistan Concession

• All company cash flows in Pakistan Concession have been run.


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Latin America (Andean)

Argentina

• The Cash Flows for Aguaragüe UTE, Apache - Neuquén Basin Assets, Apache - Tierra del Fuego Assets, Cerro Dragón Area, El Valle, Estancia Agua Fresca, Koluel Kaike-El Valle & Piedra Clavada, Lindero Atravesado, Santa Cruz I and YPF Minor Fields asset files have been updated.

• The Repsol YPF company file has been re-named Repsol.

Bolivia

• All the asset files have been fully reviewed and updated.


Colombia

• The Rubiales and La Creciente asset files have been fully reviewed and updated.

• The Cubiro Arauco and Cubiro Careto asset files have been combined and renamed Cubiro Polygon A. The Cubiro Barranquero asset file has been renamed Cubiro Polygon B. The Cubiro Copa asset file has been renamed the Polygon C.



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Latin America (Andean)

Ecuador

• The asset files for Petroecuador Operated Fields, OCP Pipeline and Santa Elena have been fully reviewed and updated.

• We have created new Service Contract tax markers for the Libertador and Atacapi projects, following their award to a Schlumberger-led consortium earlier this year.

• The Pañacocha production profile has been converted to a full model.

• The Bogi-Capiron asset file has been renamed Block 16 – Bogi-Capiron. The Block 27 asset file has been divided and renamed Block 58 and Vinita. The Sipetrol Operated Fields asset file has been divided and renamed Block 46 (MDC) and Block 47 (PBHI).


Peru

• The Block 67 and Block Z-1 asset files have been reviewed and updated.



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Latin America (Atlantic)

Brazil

• The Cash Flows for Guaiama, Lagosta, Merluza, OGX Parnaiba Basin Assets, Pipeline, Polvo, Vesuvio and Waikiki Complex have been fully updated.

• The former Waimea cash flow has been split into separate Tubarao Azul and Waimea Complex (remainder) cash flows.

• A new cash flow have been created for the BM-C-33 group of pre-salt discoveries in the Campos Basin.

• Following the Kinder Morgan acquisition of El Paso, a new company file for EP Energy has been created.


French Guiana

• The Cash Flow for Zaedyus has been updated to reflect a delayed start-up.

• The fiscal terms have been updated.



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Latin America (Atlantic)

Trinidad & Tobago


• A new tax marker for the 2012 Deepwater Licensing Round has been created.

Venezuela

• The Cash Flows for Bachaquero, Barrancas, Block B2X-68/79, Block 70/80, Carabobo Project 1 , Carabobo Project 3, Caracoles, Carito-Mulata, Casma-Anaco, Ceuta-Tomoporo, Dación, El Furrial, Falcon Este , Falcon Oeste, Guarico Gas, Guarico Oeste, Guarico Oil, Junin 5, Jusepín, Kaki, La Ceiba, Lagunillas, PDVSA-Barinas-Apure Basin, PDVSA-Eastern Basin, PDVSA-Maracaibo Basin, Perla, Petroanzoátegui (Petrozuata), Petrocedeño (Sincor), Petromonagas (Cerro Negro), Petropiar (Hamaca), Posa Area, Quiamare-La Ceiba, Santa Barbara, Santa Rosa, Sanvi-Güere, Tía Juana Lago The Plataforma Deltana Block 2, Plataforma Deltana Block 3, and Plataforma Deltana Block 4 have been fully updated.


• The PetroFalcon company file has been renamed Etrion.



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Latin America (Mexico & Central)

Belize


Mexico Concession PEMEX

• All Cash Flows have been fully updated under our new economic assumptions


Mexico Concession Contract

• All Cash Flows have been fully updated under our new economic assumptions




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Middle East (North West Arabia)

Iraq Concession


Iraq PSC (Kurdistan)

• The Cash Flow for Miran West has been fully updated.


Iraq TSC

• A new Tax Marker has been created for blocks included in Iraq’s Exploration (Round 4) Bid Round

• The Halfaya, Misan Group, Rumaila, West Qurna 1 and Zubair Cash Flows have been fully updated.




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Israel Concession

• A new Cash Flow has been created for Leviathan domestic gas.

• All other Israeli Cash Flows have been fully updated, including Tamar.


Kuwait Concession

• A new Cash Flow for the Western Fields asset has been created.


Saudi Arabia Concession

• The Abu Safah cash flow has been fully updated.




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Syria Concession


Syria PSC




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Middle East – (South East Arabia & Iran)

Bahrain PSC


• All Company files have been fully updated.

Iran Buyback

• Six new Cash Flows for Azadegan, Azadegan North, Darkhovin, Doroud, Soroosh-Nowruz, South Pars Phases 4 and 5, South Pars Phases 9 and 10, and Yadavaran have been modelled which value NIOC share of production in these assets.


Iran Concession

• A new regime has been created for NIOC operated assets.

• Two new Cash Flows for South Pars Phases 9 and 10, and South Pars Phase 12 have been created.

• All company files have been updated.


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Oman


Oman Concession LNG

• All cash flows in Oman LNG have been updated.

Qatar Concession

• The Barzan asset has been fully updated.

• The company interests in the Bunduq field have been updated to reflect JX Nippon’s participation (previously held as Japan Energy Development).


Qatar Concession LNG

• All cash flows in Qatar Concession LNG have been updated.


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Qatar PSC

• The Al Shaheen and Dolphin Upstream assets have been fully updated.


United Arab Emirates

• The company interests in the Bunduq field have been updated to reflect JX Nippon’s participation (previously held as Japan Energy Development).

Yemen PSC

• The Cash Flows for Jannah Contract Area (Block 5) and Malik (Block 9) have been fully updated.


Yemen PSC LNG

• Yemen LNG has been updated.


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North America (Frontier)

Canada (Arctic)

• All Cash Flows and Company Files have been updated with our latest economic assumptions

Canada (Newfoundland & Labrador)

• All Cash Flows and Company Files have been updated with our latest economic assumptions.

Canada (Nova Scotia)

• All Cash Flows and Company Files have been updated with our latest economic assumptions.

Canada (New Brunswick)

• All Cash Flows and Company Files have been updated with our latest economic assumptions



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North America (Frontier)

Canada (Oil Sands)

• The Kearl project has been updated to reflect the latest development plan.

• The MEG Christina Lake project has been updated to reflect additional investment in the RISER programme.

• All other Cash Flows and company files have been updated with our latest economic assumptions.

US (Alaska)

• The Point Thomson and Sourdough fields have been updated to reflect a new agreement between the owners and the state on the timeline for their development.

• We believe that the North Slope's resource holders and the state will pursue the development of a new liquefaction project to export LNG from Alaska. As a result, we have updated the Alaska Gas Pipeline file to reflect a re-routing of the line from the Lower 48 to an LNG liquefaction project at Valdez instead. In line with this, Prudhoe Bay has been updated with the assumption that the field’s gas will supply such an LNG project.

• The Liberty field was removed following BP’s announcement that it was no longer pursuing the project.

• All other Cash Flows and Company Files have been updated with our latest economic assumptions.



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North America (US Gulf of Mexico Deepwater)

GoM Deepwater

• All Cash Flows have been fully updated with our latest economic assumptions.

• In the Central Gulf, 61 asset files have been comprehensively reviewed and updated: Aconcagua (MC 305), Allegheny/Allegheny South, Anduin West (MC 754), Angus/Manatee, Aspen (GC 243), Baldpate, Buckskin (KC 872), Caesar/Tonga, Cognac (MC 194), Conger (GB 215), Constitution (GC 680), Daniel Boone (GC 646), Dawson Deep (GB 625), Dorado (VK 915), Droshky (GC 244), East Breaks 430, Ewing Bank 998, Fastball (VK 1003), Garden Banks 378, Geauxpher (GB 462), Gunflint (MC 948), Habanero (GB 341), Healey (GC 82), Heidelberg (GC 859), Holstein (GC 644), Horn Mountain (MC 127), Horn Mountain (MC 127), Isabela (MC 562), Jack (WR 759), King (MC 764), King MC 84, Knotty Head (GC 512), Liberty (GC 141), Llano (GB 386), Lorien (GC 199), Mandy (MC 199), Manta Ray (EW 1006), Marlin (VK 915), Mensa (MC 731), Mississippi Canyon 241, Na Kika, Neptune (AT 575), Neptune VK, Northwestern (GB 200), Oregano (GB 559), Pastel Pink (MC 898), Pony (GC 468), Power Play (GB 302), Pyrenees (GB 293), Santa Cruz/Santiago, St Malo (WR 678), Stones (WR 508), Swordfish (VK 962), Thunder Hawk (MC 734), Ticonderoga (GC 768), Tubular Bells (MC 725), Valley Forge (MC 707), Viosca Knoll 821, Virgo (VK 823), Vito (MC 984), Wide Berth (GC 490).

• In the Western Gulf, 11 asset files have been comprehensively reviewed and updated: Boomvang, Cerveza (EB 160), Cerveza Ligera (EB 158), Don Larsen (EB 598), East Breaks 599, Facility - Thunder Hawk FPU, Falcon, Hoover (AC 25)/Diana (EB 945), Lou Gehrig (EB 598), Madison (AC 24)/Marshall (EB 949), Tiber (KC 102).



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North America (US Gulf of Mexico Shelf)

US Concession (GoM Shelf)

• All Cash Flows have been run under our latest price assumptions

• All Company Files have been run under our latest price assumptions

• The following Companies have been fully updated:

• Apache, Arena Energy, BHP Billiton, Chevron, EOG Resources, Helix Energy Solutions and Shell

• A new asset file has been created for Arena Energy CENGOM Deep Gas OFF Federal

• Following the closing of the acquisition of El Paso Corporation by Kinder Morgan, and the simultaneous spin-off of their E&P subsidiary, EP Energy, we have made the following changes:

• The existing Company file for El Paso Corp. has been closed off

• A new Company file for EP Energy has been created


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North America (US Gulf Coast)


US Concession (Gulf Coast)




• Apache, BP, BHP Billiton, Cabot Oil & Gas, Carrizo Oil & Gas, Chesapeake Energy, Chevron, CNOOC, Comstock Resources, Encana Corporation, EnerVest, EOG, ExxonMobil, Goodrich Petroleum, Hunt Oil, Murphy Oil, Newfield Exploration, Shell, Talisman

• The following play files have been added:

• Carrizo GFC Eagle Ford SHG TX Fee

• EnerVest FTW Barnett Tier Two SHG TX Fee

• Newfield GFC Eagle Ford SHO TX Fee

• Following the closing of the acquisition of El Paso by Kinder Morgan, and the simultaneous spin-off of its E&P subsidiary, EP Energy, we have made the following changes:

• The existing Company file for El Paso has been closed off



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North America (US Permian)

US Concession (Permian)



• The following play files have been added:

• Apache DEL Bone Spring Hz OIL TX Fee

• Apache MID Wolfcamp Hz SHO TX Fee

• Chevron MID Wolfberry OIL TX Fee

• Chevron MID Wolfcamp Hz SHO TX Fee


• Apache, BHP Billiton, Chaparral Energy, Chevron, EOG Resources, ExxonMobil, Hunt Oil, KinderMorgan, Legacy Reserves, Sheridan


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North America (US Rocky Mountains)

US Concession (Rocky Mountains)• All Cash Flows have been run under our latest price assumptions



• Anadarko, Chesapeake, Chevron, CNOOC, Delta Petroleum, Denbury Resources, Double Eagle, Encana Corporation, EOG, Fidelity E&P, Red Willow, & Shell

• The following companies have been added in the region:

• Carrizo Oil & Gas

• The following new plays have been added to display at a more granular level the variable performance of different areas of the Niobrara Shale:

• ZZ_Type Well DJU Niobrara Core Hz SHO CO Fee

• ZZ_Type Well DJU Niobrara Extension Hz SHO CO Fee

• ZZ_Type Well DJU Niobrara NECO Hz SHO CO Fee


• The existing Company file for El Paso has been closed off


• The following Play Company GEM files have been added this quarter:

• Newfield UTA Wasatch TGS UT Federal


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North America (US Mid-Continent)


US Concession (Mid-Continent)

• All cash flows have been run under our latest price assumptions

• All company files have been run under our latest price assumptions

• The following five assets have been added:

• Apache ADKN Cleveland Hz OIL TX Fee, Apache ADKN Granite Wash Hz TGS OK Fee, Chevron AKM Atoka GAS OK Fee, ExxonMobil ADKN Woodford Hz SHG OK Fee, Newfield ADKN Woodford Hz SHG OK Fee

• The following companies have been fully updated:

• Apache, BP, BHP Billiton, Chaparral Energy, Chesapeake Energy, Chevron, Constellation Energy Partners, EOG, ExxonMobil, GHK, Newfield Exploration, PostRock Energy, Sheridan


• The existing company file for El Paso has been closed off

• A new company file for EP Energy has been created

• Following Shell’s acquisition of acreage prospective for the Mississippi Lime play in the Anadarko Basin, and subsequent drilling activity, we have made the following additions:

• A new company file for Shell has been created


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North America (US Northeast)

US Concession (Northeast)




• Carrizo, Chesapeake, Chevron, GeoMet, EOG, Newfield, Rex, Shell, and Talisman

• The following play has been added to denote areas of the southwest Marcellus that produce dry gas:

• ZZ_Type Well APP Marcellus Hz Dry SHG PA Fee

• The following Play Company GEM files have been added this quarter:

• Chevron APP Marcellus Hz Dry SHG PA Fee, Chevron APP Utica Hz SHO OH Fee, Noble APP Marcellus Hz Dry SHG PA Fee, Noble APP Marcellus Hz Dry SHG WV Fee, Range APP Marcellus Hz Dry SHG PA Fee


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North America (West Coast)

US Concession (West Coast)



• The following company has been fully updated:

• Chevron

• The following Play Company GEM file has been added this quarter:

• Chevron SJQ Monterey SHO CA Fee


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North America (Western Canada)

Canada (Alberta)

• Cash Flows for 25 companies have been comprehensively reviewed and updated to reflect current development plans.

• A new cash flow has been added to model Murphy’s position in Alberta.

• New cash flows have been added to model Trilogy’s and TAQA’s positions in the Montney gas play, and ARC’s position in the Cardium oil play.

• Type curve GEM files have been added for the Duvernay gas play (wet and dry wells), and Bakken, Cardium and Viking (Tier 1 and 2) oil play wells.




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Canada (British Columbia)


• New cash flows have been added to model ExxonMobil’s and Imperial Oil’s positions in the Horn River gas play and ARC Resources’ position in the Montney.

• New cash flows have been added to model Murphy’s position in British Columbia, including a cash flow for its position in the Montney gas play.

• New cash flows have been added to model PetroChina’s and PETRONAS’ positions in the Montney gas play.

• A type curve file has been added for a liquids-rich well in the Montney gas play.




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Canada (Manitoba)

• A new cash flow has been added to model EOG’s position in the Lower Amaranth oil play.

• A type curve file has been added for a Lower Amaranth oil play well.

Canada (Saskatchewan)



• A new cash flow has been added to model Murphy’s position in Saskatchewan.

• A new cash flow has been added to model Cenovus’ position in the Lower Shaunavon oil play.

• Type curve files have been added for Bakken (Bi-lateral and Uni-lateral), Lower Shaunavon and Viking oil play wells.



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Russia


Russia Concession

• 107 GEM files have been fully updated, and all cash flows and company files have been refreshed.

• New Arctic Terms (offshore), Irkutsk Oil Company Terms and Yamal LNG Terms tax markers have been created.

• The condensate MET for Shtokmanovskoye LNG has been updated.

• The Titov and Trebs GEM file is attached 100% to Bashneft on 18 May 2012.

• The Aprelskoye, Galyanovskoye and Srednenazymskoye GEM files and ZZ_Grp KMOC Fields have been replaced by the Krasnolenin (Right Bank) GEM file.

• The 170 km, Sarmatskoye and Rakushechnoye GEM files have been merged into Severnyi Block Probables. Khvalynskoye remains as a stand-alone GEM file.

• The Kravtsovskoye and Kaliningradmorneft Other Fields GEM files have been merged into Kaliningradmorneft Fields GEM file.

• The LUKOIL Perm Fields GEM file has been created by the merger of the Batyrbayskoye, Kokuiskoye, Krasnoyarsko-Kuyedinskoye, Moskudinskoye, Osinskoye, Pavlovskoye (VU), Shagirtsko-Gozhanskoye, Unvinskoye, Yarino-Kamennolozhskoye and LUKOIL Perm Other Fields GEM files. ZZ_Grp Lukoil Perm fields company file has been deleted


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Russia


Russia Concession

• The Yaregskoye (Bitran) and Yaregskoye (YaNTK) GEM files have been merged into the Yaregskoye GEM file.

• The Mogutlorskoye, Roslavlskoye and West Mogutlorskoye GEM files have been merged into the Aganneftegasgeologiya Fields GEM file.

Russia PSC

• Sakhalin-1 cash flow has been fully updated.


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South East Asia

Brunei Concession

• All company files in Brunei Concession have been fully updated

China Concession

• 11 cash flows in China Concession have been fully updated

• All company files in China Concession have been fully updated

China PSC

• Seven cash flows in China PSC have been fully updated

• One new cash flow has been created in China PSC for Block 25/34

• All company files in China PSC have been fully updated

• Two new company files have been created for Primeline Energy and Primeline Pet, and one company file, Statoil, has been removed

• The fiscal terms in China PSC have been updated


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South East Asia

Indonesia PSC

• 28 cash flows in Indonesia PSC have been fully updated

• All company files in Indonesia PSC have been fully updated

• One new company file has been created for Energi Mega Persada Intl

• The fiscal terms in Indonesia PSC have been updated

Malaysia PSC

• All company files in Malaysia PSC have been fully updated

Malaysia RSC

• All company files in Malaysia RSC have been fully updated


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South East Asia

Malaysia Thailand JDA

• All company files in Malaysia Thailand JDA have been fully updated

Myanmar PSC

• Eight cash flows in Myanmar PSC have been updated

• All company files in Myanmar PSC have been fully updated

Philippines PSC

• One cash flow in Philippines PSC has been updated

• All company files in Philippines PSC have been fully updated

• The fiscal terms in Philippines PSC have been updated


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South East Asia

Thailand Concession

• 11 cash flows in Thailand Concession have been updated

• Two new cash flows have been created for L53 and G1/48 (Manora)

• Two new company files have been created for Northern Gulf Petroleum and Hong Kong & China Gas

• All company files in Thailand Concession have been fully updated

Vietnam PSC

• Four cash flows in Vietnam PSC have been updated

• A new company file has been created for Perenco

• All company files in Vietnam PSC have been fully updated


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Appendix 1 Significant Asset Updates Q2 2012 (1)NPV NPV


Algeria PSC KFactor SV Bir Seba 934.27 1,684.99 (751) (45%) Decrease in reserves & delayed productionAlgeria PSC KFactor SV Reggane Nord Fields 345.28 504.81 (160) (32%) Increase in capexAlgeria PSC SV Rhourde el Baguel 1,440.42 268.89 1,172 436% Extended production life to reflect Sonatrach's operatorshipAngola PSC SV Block 18 West 770.33 2,154.30 (1,384) (64%) Start-up pushed back & increase in costsArgentina Conc SV 25 De Mayo-Medanito 500.45 745.77 (245) (33%) Decrease in reserves based on production performanceArgentina Conc SV Acambuco 981.09 1,814.67 (834) (46%) Decrease in reservesArgentina Conc SV Agua Del Cajon & Senillosa Este 151.13 263.42 (112) (43%) Decrease in production and reservesArgentina Conc SV Aguada Pichana Area 784.82 1,584.00 (799) (50%) Decrease in production and reservesArgentina Conc SV Aguarague UTE 237.65 682.83 (445) (65%) Decrease in reservesArgentina Conc SV Area Magallanes-Poseidon 323.43 865.65 (542) (63%) Added new drilling; increased recovery; increased Opex/bblArgentina Conc SV Centenario 407.24 830.78 (424) (51%) Decrease in productionArgentina Conc SV Cerro Dragon Area 11,655.54 9,587.68 2,068 22% Changes to priceArgentina Conc SV Chihuido la Sierra Negra Area 1,287.46 962.98 324 34% Increase in productionArgentina Conc SV Chorrillos Area 161.11 54.87 106 194% Increase in nearterm productionArgentina Conc SV El Mangrullo 137.61 367.48 (230) (63%) Decrease in reservesArgentina Conc SV El Tordillo Area 847.54 1,123.89 (276) (25%) Decrease in reserves based on investment levels and latest production dataArgentina Conc SV Entre Lomas Area 1,177.36 561.51 616 110% Increase in production and reservesArgentina Conc SV Manantiales Behr-Restinga 1,058.47 839.05 219 26% Increase in production and reservesArgentina Conc SV Puesto Hernandez 231.39 1,048.32 (817) (78%) Decrease in productionArgentina Conc SV Ramos 187.95 447.78 (260) (58%) Decrease in productionArgentina Conc SV Rinconada-Puesto Morales 64.25 240.53 (176) (73%) Decrease in productionAustralia Conc LNG SV LNGI_Prelude FLNG 3,264.35 4,364.64 (1,100) (25%) Re-modelled phasing of the capexAustralia Conc SV Barrow Island 210.96 573.57 (363) (63%) Reduced field lifeAustralia Conc SV Yolla 515.25 683.75 (168) (25%) Increase in costs of MLE project & production start-up delayedBrazil Conc SV Iara 22,916.14 15,838.50 7,078 45% Upgraded reservesCameroon PSC SV Etinde 321.86 571.58 (250) (44%) Increase in capex; development concept changed from FPSO to onshore

processing facility; pushed back start-up of project; slower ramp up of production

Canada Conc Arctic SV Niglintgak 446.23- 787.15- 341 43% Delayed start-up due to reduced funding from project partners and stalemate in negotiations with various government entities

Canada Conc Arctic SV Parsons Lake 566.11- 1,018.38- 452 44% Delayed start-up due to reduced funding from project partners and stalemate in negotiations with various government entities

Canada Conc Arctic SV PIPE_Mackenzie Valley (G) 1,035.92- 1,759.06- 723 41% Delayed start-up due to reduced funding from project partners and stalemate in negotiations with various government entities

Canada Conc Arctic SV Taglu 844.92- 1,523.88- 679 45% Delayed start-up due to reduced funding from project partners and stalemate in negotiations with various government entities



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Canada Conc British Colum SV Nexen Horn River Play BC 100.37 8.17- 109 1329% Asset re-modelled based on company guidance and the Inpex/JGC farm-out

Canada Conc British Colum SV Shell Montney Play BC 1,324.89 1,803.66 (479) (27%) Asset divestment to PetroChinaCanada Conc Oil Sands SV CNRL Kirby 1,553.10 924.64 628 68% Increase in reserves with new phase addedCanada Conc Oil Sands SV Fort Hills Mine 1,662.55 2,255.75 (593) (26%) Increase in opexCanada Conc Oil Sands SV Hangingstone 223.67 717.11 (493) (69%) Decrease in reserves based on new ERCB applicationCanada Conc Oil Sands SV Joslyn SAGD_MINE 554.47 1,208.75 (654) (54%) Decrease in reserves & increase in opex based on company development

planCanada Conc Oil Sands SV Long Lake Upgrader 1,926.76 1,104.48 822 74% Nexen removed plans to upgrade future bitumen volumes from Kinosis 2;

Kinosis 2 bitumen will now be sold directly to marketCanada Conc Oil Sands SV MEG Christina Lake 5,563.31 3,150.84 2,412 77% Increase in reserves with new phases addedCanada Conc Oil Sands SV Orion 296.76 1,056.40 (760) (72%) Downgraded Phase 2 reserves from commercial to technical due to poor

reservoir resultsCanada Conc Oil Sands SV Penn West Seal 427.60 618.17 (191) (31%) Increase in cost & decrease in reserves based on recent productionCanada Conc Oil Sands SV Shell Seal 259.95 646.05 (386) (60%) Decrease in reserves based on production performanceCanada Conc Oil Sands SV Suncor SAGD Upgrader 328.10 863.39 (535) (62%) Increase in costs based on Suncor's reported amountsChad PSC SV Mangara 31.57 177.04 (145) (82%) Decrease in production & increase in capexChina PSC SV 15_34 (Panyu 4-2_5-1_11-6) 2,856.93 1,404.15 1,453 103% Increase in production and reservesChina PSC SV 16_08D (Huizhou Area) 380.69 732.58 (352) (48%) Decrease in reservesChina PSC SV 16_19 (Huizhou Area) 395.01 221.71 173 78% Increase in production & field life due to added infill drillingChina PSC SV 25_04 (Huizhou Area) 856.90 298.12 559 187% Increase in reserves due to added development drillingChina PSC SV Chuandongbei 2,667.36 4,383.30 (1,716) (39%) Decrease in reservesChina PSC SV Liwan 4,358.16 7,002.58 (2,644) (38%) Decrease in reservesChina PSC SV Yuedong 742.18 1,307.33 (565) (43%) Decrease in reservesChina PSC SV Zhao Dong 601.73 497.95 104 21% Increase in reserves due to improved production performanceColombia Conc SV Capella 1,581.40 968.92 612 63% Changeds to price at a lower discount to WTIColombia Conc SV La Cira-Infantas 2,108.10 1,523.05 585 38% Tax model updateColombia Conc SV Ocelote 904.37 735.30 169 23% Tax model updateColombia Conc SV Quifa 3,159.23 2,061.24 1,098 53% Changeds to price at a lower discount to WTIColombia Conc SV Rubiales 10,621.69 8,656.27 1,965 23% Changeds to price at a lower discount to WTIColombia Conc SV Vetra Energy Areas 448.81 340.00 109 32% Tax model updateCongoBrazzaville PSC SV Azurite 206.52 728.23 (522) (72%) Downgraded reserves due to production performanceCongoBrazzaville PSC SV Tchibeli-Litanzi 153.44 276.74 (123) (45%) Poor production performance & increase in costCongoBrazzaville PSC SV Yanga-Sendji 973.24 640.75 332 52% Increase in productionEcuador Service Contract SV Block 16 - Southern Fields 516.30 177.09 339 192% Increase in production



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Egypt PSC SV Alam El Shawish West 409.44 922.79 (513) (56%) Reduction in condensate reserves; increase in capex; tougher profit oil and gas splitEgypt PSC SV Ashrafi Fields 50.48 263.49 (213) (81%) Reduced asset lifeEgypt PSC SV ONS Development 311.70 107.07 205 191% Kamose field now under development & increase in gas priceEgypt PSC SV South Dabaa Fields 251.02 94.21 157 166% Increase in production and reservesFrance Conc SV Lundin Other Fields 316.08 80.82 235 291% Increase in reservesIndonesia PSC SV Jambi Merang JOA 720.40 585.94 134 23% Increase in reserves and price of one gas contractsIndonesia PSC SV Muara Bakau PSC 1,349.01 905.66 443 49% Revised costsIndonesia PSC SV Pangkah PSC 1,346.44 1,086.98 259 24% Increase in gas prices based on renegotiated contractIndonesia PSC SV Pertamina - South Sumatra 1,783.70 885.88 898 101% Increase in reserves and production due to Suban unitisationIndonesia PSC SV South Jambi B PSC 223.93 63.72 160 251% Increase in production and reservesIndonesia PSC SV South Natuna Sea Block B 4,940.86 4,097.99 843 21% Increase in gas prices based on renegotiated contractIraq PSC SV Kormor 1,045.41 1,512.33 (467) (31%) Decreased Kormor condensate and LPG to local sales price in KurdistanIraq PSC SV Shaikan 2,964.86 4,654.29 (1,689) (36%) Revised production profile to reflect slow pace of development & uncertainties surrounding

future developmentIraq PSC SV Tawke 2,289.93 1,698.43 592 35% Upgraded reservesIraq TSC SV Gharraf (TSC) 292.48 681.11 (389) (57%) Revised costs based on the value of contracts awarded under the first phase of

developmentIraq TSC SV Majnoon (TSC) 1,039.31 1,304.68 (265) (20%) Slower production growth to reflect the problems experienced in southern Iraq surrounding

infrastructure and bureaucracyIraq TSC SV West Qurna 2 (TSC) 400.99 647.17 (246) (38%) Slower production growth to reflect the problems experienced in southern Iraq surrounding

infrastructure and bureaucracyKazakhstan Conc SV CNPC Ai-Dan Munai 406.25 531.96 (126) (24%) Decrease in productionKazakhstan Conc SV Imashevskoye 1,725.01 2,832.93 (1,108) (39%) Decrease in reservesMalaysia PSC SV Baram Delta 1,340.71 684.01 657 96% Increase in reserves for EOR projectMalaysia PSC SV SK309_SK311 966.35 1,270.81 (304) (24%) Decrease in gas reserves and increase in capexMexico Conc PEMEX SV Bellota-Jujo 1,327.04 1,040.91 286 27% Mexico crude prices were tied to Brent instead of WTIMexico Conc PEMEX SV Cantarell 3,740.53 2,086.69 1,654 79% Mexico crude prices were tied to Brent instead of WTIMexico Conc PEMEX SV Cinco Presidentes Fields 592.47 446.62 146 33% Mexico crude prices were tied to Brent instead of WTIMexico Conc PEMEX SV Ku-Maloob-Zaap 9,231.57 6,233.56 2,998 48% Mexico crude prices were tied to Brent instead of WTIMexico Conc PEMEX SV Tampico-Misantla Fields 862.99- 1,137.67- 275 24% Mexico crude prices were tied to Brent instead of WTINigeria Conc LNG SV LNG_Brass LNG 5,951.86 14,088.20 (8,136) (58%) Start-up pushed back; increase in costs; reduced liquids revenue apportioned to the plantNigeria Conc SV Ima GasCondensate (OML 112) 173.24 401.94 (229) (57%) Earlier shut-in due to production performanceNigeria PSC SV Okwori (OML 126) 968.98 801.71 167 21% Increase in reserves & removal of production and processing capexNorway Conc SV Dagny 727.32 1,237.83 (511) (41%) Increase in capex & larger proportion of gas than liquids in reservesNorway Conc SV Draugen 1,292.36 917.42 375 41% Increase in reserves; extented field life with more drilling and Linnorm tie-inNorway Conc SV Grosbeak 313.47 650.52 (337) (52%) Downgraded resource & decrease in gas production



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Norway Conc SV Linnorm 388.27 489.65 (101) (21%) Re-modelled cost share of NSGI pipeline to tariffNorway Conc SV Oseberg Sor 1,440.44 1,076.05 364 34% Revised production & increase in reserves with more upside from StjerneNorway Conc SV Oseberg Unit 5,042.60 4,097.54 945 23% Delayed Delta S2; increase in reserves & decrease in capexNorway Conc SV Vilje 316.78 445.71 (129) (29%) Increase in capex and Alvheim opex share costsNorway Conc SV Volund 606.59 473.93 133 28% Increase in production and reservesOman PSC SV Khazzan-Makarem 29.83 870.01 (840) (97%) Increase capex in tight gas assetPoland Conc SV BMB 1,287.20 1,827.26 (540) (30%) Decrease in liquids reservesQatar PSC SV Al Khalij 399.70 524.12 (124) (24%) Decrease in productionRomania Conc SV Ana & Doina 775.45 625.08 150 24% Changes to Romanian gas priceRomania Conc SV OMV Petrom Onshore 9,537.20 7,550.84 1,986 26% Changes to Romanian gas priceRomania Conc SV OMV Petrom Petrofac Area 596.31 839.09 (243) (29%) Decrease in reserves & remodelled productionRomania Conc SV Romgaz 3,983.52 2,937.40 1,046 36% Changes to Romanian gas priceRussia Conc LNG SV LNGI_Shtokmanovskoye phase 1 2,827.69 8,264.09 (5,436) (66%) Increase in costsRussia Conc LNG SV LNGI_Shtokmanovskoye Phases 2 and 3 2,057.17 5,009.20 (2,952) (59%) Increase in costsRussia Conc SV Ai-Pimskoye 638.72 504.87 134 27% Increase in domestic liquids pricesRussia Conc SV Belkamneft Fields 941.61 762.04 180 24% Increase in domestic liquids pricesRussia Conc SV Beregovoye (WS) 653.80 5,013.29 (4,359) (87%) Decrease in gas reservesRussia Conc SV Bitech-Silur Fields 999.43 797.13 202 25% Increase in domestic liquids pricesRussia Conc SV Chutyrsko-Kiengopskoye 915.13 715.01 200 28% Increase in domestic liquids pricesRussia Conc SV East Surgutskoye (North) 903.15 661.69 241 36% Increase in liquids reservesRussia Conc SV Festivalnoye (WS-YN) 542.60 104.66 438 418% Increase in liquids reservesRussia Conc SV Grozneftegaz Fields 818.79 528.89 290 55% Increase in liquids reservesRussia Conc SV Karsovaiskoye 605.87 483.82 122 25% Increase in domestic liquids pricesRussia Conc SV Kechimovskoye 1,694.99 1,391.15 304 22% Increase in domestic liquids pricesRussia Conc SV Kirinskoye 2,930.08 461.10 2,469 535% Increase in reserves & lower-cost development approach modelled based

on company feedbackRussia Conc SV Kolvinskoye 815.66 1,660.92 (845) (51%) Decrease in production & increase in capexRussia Conc SV Koshilskoye 1,000.08 773.63 226 29% Increase in domestic liquids pricesRussia Conc SV Kovyktinskoye 7,698.19 22,158.30 (14,460) (65%) Decrease in reserves & increase in costsRussia Conc SV Krasnolenin (E Kamennoye) 1,025.07 760.21 265 35% Increase in liquids reservesRussia Conc SV Krasnolenin (TNK-Nyagan) 5,159.20 3,304.82 1,854 56% Increase in domestic liquids pricesRussia Conc SV Kyrtayelskoye 639.39 517.21 122 24% Increase in domestic liquids pricesRussia Conc SV Labaganskoye 506.30 371.51 135 36% Increase in liquids reservesRussia Conc SV LUKoil Other Fields 2,819.88 2,287.03 533 23% Increase in domestic liquids pricesRussia Conc SV LUKoil Perm Other Fields 3,978.35 3,084.99 893 29% Increase in domestic liquids prices



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Russia Conc SV Mishkinskoye 635.95 515.51 120 23% Increase in domestic liquids pricesRussia Conc SV Nivagalskoye 1,342.54 1,080.54 262 24% Increase in domestic liquids pricesRussia Conc SV Nong-Yoganskoye 822.64 666.02 157 24% Increase in domestic liquids pricesRussia Conc SV North Komsomolskoye (WS) 389.57 546.14 (157) (29%) Decrease in liquids production & increase in costsRussia Conc SV Novopurpeiskoye 548.70 268.87 280 104% Increase in liquids reservesRussia Conc SV Orenburgskoye (East) 1,601.33 1,316.64 285 22% Increase in domestic liquids pricesRussia Conc SV Permyakovskoye 496.89 386.44 110 29% Increase in domestic liquids pricesRussia Conc SV Pokachevskoye 970.89 787.75 183 23% Increase in domestic liquids pricesRussia Conc SV Povkhovskoye 4,042.93 3,316.00 727 22% Increase in domestic liquids pricesRussia Conc SV Priobskoye South 6,259.90 4,634.81 1,625 35% Increase in domestic liquids pricesRussia Conc SV Prirazlomnoye (TP) 1,491.34 2,842.85 (1,352) (48%) Increase in opex & delayed productionRussia Conc SV Regional Oil Consortium Fields 707.42 551.25 156 28% Increase in domestic liquids pricesRussia Conc SV Rogozhnikovskoye 919.55 755.65 164 22% Increase in domestic liquids pricesRussia Conc SV Russkoye 2,498.22 2,001.66 497 25% Increase in domestic liquids pricesRussia Conc SV Salym Group 3,296.14 2,689.87 606 23% Increase in domestic liquids pricesRussia Conc SV Samaraneftegaz Fields 13,093.30 9,839.17 3,254 33% Decrease in opex & increase in productionRussia Conc SV Samotlorskoye (North) 3,338.48 2,400.60 938 39% Increase in domestic liquids pricesRussia Conc SV Saratovneftegaz Fields 680.35 483.61 197 41% Increase in domestic liquids pricesRussia Conc SV SeverTEK Fields 675.14 540.87 134 25% Increase in domestic liquids pricesRussia Conc SV South Khylchuyuskoye 921.50 2,149.97 (1,228) (57%) Decrease in liquids reservesRussia Conc SV Srednemakarikhinskoye 465.13 341.53 124 36% Increase in domestic liquids pricesRussia Conc SV Stavropolneftegaz Fields 391.63 276.11 116 42% Increase in domestic liquids pricesRussia Conc SV Suzunskoye 1,147.11 938.98 208 22% Increase in domestic liquids pricesRussia Conc SV Tagulskoye 614.85 374.40 240 64% Increase in domestic liquids pricesRussia Conc SV Tarasovskoye (WS) 1,687.00 769.21 918 119% Increase in liquids productionRussia Conc SV Tatneft Large Fields 4,832.87 3,799.38 1,033 27% Increase in productionRussia Conc SV Tevlinsko-Russkinskoye 3,846.12 3,169.91 676 21% Increase in domestic liquids pricesRussia Conc SV Titov and Trebs 1,856.82 1,505.32 352 23% Increase in domestic liquids pricesRussia Conc SV Tomskneft Fields 4,381.03 2,448.31 1,933 79% Increase in domestic liquids pricesRussia Conc SV Ulyanovskneft Fields 258.74 140.40 118 84% Increase in domestic liquids pricesRussia Conc SV Urengoi Area (Rospan) 7,266.42 5,985.17 1,281 21% Increase in domestic liquids pricesRussia Conc SV Usinskoye 1,473.19 1,186.09 287 24% Increase in domestic liquids pricesRussia Conc SV Val Gamburtsev Group 958.80 694.06 265 38% Increase in domestic liquids pricesRussia Conc SV Vankorskoye 8,635.72 10,918.95 (2,283) (21%) Increase in opex and capexRussia Conc SV Varyeganneftegaz Fields 4,314.82 3,054.98 1,260 41% Increase in domestic liquids pricesRussia Conc SV Varyoganneft 880.01 687.16 193 28% Increase in domestic liquids pricesRussia Conc SV Vat-Yoganskoye 5,567.03 4,634.43 933 20% Increase in domestic liquids prices



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Russia Conc SV Vladimir Filanovsky 1,724.85 975.16 750 77% Increase in domestic liquids pricesRussia Conc SV Yareiyuskoye 1,002.87 1,539.98 (537) (35%) Delayed peak productionRussia Conc SV YATEK Fields 2,257.29 3,190.34 (933) (29%) Decrease in production until arrival of an export pipeline in 2018Russia Conc SV Yelnikovskoye 648.79 526.85 122 23% Increase in domestic liquids pricesSyria PSC SV AFPC (Ash Sham Fields) 959.46 1,226.23 (267) (22%) Impact of economic sanctionsUK Conc SV Breagh 1,095.84 1,490.75 (395) (26%) Decrease in reserves & increase in costs due to overruns on Phase IUK Conc SV Chiswick 396.57 226.64 170 75% Increase in reservesUK Conc SV Edradour 618.30 508.42 110 22% Increase in reserves & decrease in capexUK Conc SV Everest 1,022.19 832.48 190 23% Rephased oil production & increase in liquids priceUK Conc SV Foinaven 1,218.21 1,831.07 (613) (33%) Decrease in reserves & increase in decommissioning costsUK Conc SV Foinaven East 308.56 439.11 (131) (30%) Decrease in reservesUK Conc SV Fram 451.16 814.42 (363) (45%) Decrease in reservesUK Conc SV Golden Eagle 922.81 1,228.08 (305) (25%) Decrease in reservesUK Conc SV Jade 850.38 464.07 386 83% Increase in reservesUK Conc SV Judy 491.16 390.64 101 26% Increase in reservesUK Conc SV Montrose 287.55- 462.82- 175 38% Increase in reservesUK Conc SV Rosebank 1,072.47 1,379.97 (307) (22%) Decrease in reserves & increase in costsUK Conc SV Solan 491.54 728.68 (237) (33%) Increase in capexUS Conc Gulf Coast SV Apache GFC Austin Chalk OIL TX Fee 629.72 305.85 324 106% Increase in drilling forecastUS Conc Gulf Coast SV BG ALT Haynesville SHG LA Fee 1,911.91 757.81 1,154 152% File remodelled to include other smaller playsUS Conc Gulf Coast SV BP ALT Travis Peak TGS TX Fee 249.76 106.30 143 135% File remodelled to include other smaller playsUS Conc Gulf Coast SV BP GFC Tuscaloosa Lw GAS LA Fee 8.54- 907.60 (916) (101%) Asset soldUS Conc Gulf Coast SV Comstock ALT Haynesville SHG LA Fee 680.05 343.28 337 98% Increase in drilling forecastUS Conc Gulf Coast SV Comstock GFC Eagle Ford SHG TX Fee 371.69 1,283.47 (912) (71%) Increase in drilling forecastUS Conc Gulf Coast SV EXCO ALT Cotton Valley Deep TGS LA Fee 22.81- 216.17 (239) (111%) Delayed productionUS Conc Gulf Coast SV EXCO ALT Haynesville SHG LA Fee 1,808.62 747.52 1,061 142% Increase in drilling forecastUS Conc Gulf Coast SV ExxonMobil ALT Travis Peak TGS TX Fee 2,478.34 5.15- 2,483 48186% File remodelled to include other smaller playsUS Conc Gulf Coast SV Hess Corporation GFC Eagle Ford SHG TX Fee 1,074.92 809.12 266 33% Increase in drilling forecastUS Conc Gulf Coast SV Hilcorp GFC Frio GAS TX Fee 1,195.99 789.54 406 51% Increase in drilling forecastUS Conc Gulf Coast SV KNOC GFC Eagle Ford SHO TX Fee 277.90 132.31 146 110% Increase in drilling forecastUS Conc Gulf Coast SV Murphy Oil GFC Eagle Ford SHO TX Fee 3,344.50 778.34 2,566 330% Increase in drilling forecastUS Conc Gulf Coast SV Swift GFC Austin Chalk OIL LA Fee 147.44 31.87 116 363% Increase in drilling forecastUS Conc Gulf Coast SV Swift GFC Cretaceous Sst GAS TX Fee 318.07 109.38 209 191% Increase in drilling forecastUS Conc Gulf Coast SV Swift GFC Eagle Ford SHG TX Fee 84.41 472.16 (388) (82%) Revised assumption for per well recoveryUS Conc Gulf Coast SV Total FTW Barnett SHG TX Fee 1,057.53 512.79 545 106% Increase in drilling forecastUS Conc Gulf Coast SV Williams FTW Barnett SHG TX Fee 1.69- 179.01 (181) (101%) Asset sold



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US Conc Gulf of MexicoDee SV Appaloosa (MC 460) 457.86 285.11 173 61% Increase in reserves and capexUS Conc Gulf of MexicoDee SV Appomattox (MC 392) 3,112.72 1,978.22 1,135 57% Upgraded reservesUS Conc Gulf of MexicoDee SV Cheyenne 3.02- 117.96 (121) (103%) Downgraded reserves & increase in costsUS Conc Gulf of MexicoDee SV Devils Tower (MC 773) 400.58 694.47 (294) (42%) Downgraded reserves & increase in costsUS Conc Gulf of MexicoDee SV Front Runner 700.07 384.47 316 82% Increase in reserves and capexUS Conc Gulf of MexicoDee SV Goose (MC 751) 237.25 105.26 132 125% Increase in reservesUS Conc Gulf of MexicoDee SV Kaskida (KC 292) 817.86 1,414.63 (597) (42%) Start-up pushed back & increase in drilling costsUS Conc Gulf of MexicoDee SV Nansen (EB 602) 214.85 961.36 (747) (78%) Downgraded reserves & increase in costsUS Conc Gulf of MexicoDee SV Ozona (GB 515) 326.68 481.67 (155) (32%) Downgraded reserves & increase in costsUS Conc Gulf of MexicoDee SV Triton_Goldfinger 642.00 489.92 152 31% Increase in reserves and capexUS Conc Gulf of MexicoShe SV Apache CENGOM Conv Gas OFF Federal 1,114.41 854.83 260 30% Increase in drilling forecastUS Conc Gulf of MexicoShe SV Apache CENGOM Conv Oil OFF Federal 2,678.61 1,856.49 822 44% Increase in drilling forecastUS Conc Gulf of MexicoShe SV Apache WESTGOM Conv Gas OFF Federal 293.55 115.42 178 154% Increase in drilling forecastUS Conc Gulf of MexicoShe SV Eni CENGOM Deep Gas OFF Federal 28.79 206.48 (178) (86%) Decrease in forecast drillingUS Conc MidContinent SV Apache ADKN Cherokee TGS OK Fee 267.13 141.49 126 89% Increase in drilling forecast based on company capex and

development guidanceUS Conc MidContinent SV Apache ADKN Granite Wash Hz TGS TX Fee 1,576.04 635.20 941 148% Increase in drilling forecast based on company capex and

development guidanceUS Conc MidContinent SV BP ADKN Morrow GAS OK Fee 345.73 187.24 158 85% Asset combined with old file of ADKN Missourian TGS OK FeeUS Conc MidContinent SV Cimarex ADKN Granite Wash HZ TGS TX Fee 536.55 328.34 208 63% Increase in drilling forecast based on company capex and

development guidanceUS Conc MidContinent SV Devon ADKN Granite Wash HZ TGS TX Fee 1,180.18 965.06 215 22% Changed to gas price differentialUS Conc MidContinent SV Forest ADKN Granite Wash Hz TGS TX Fee 1,521.76 1,236.72 285 23% Changed to gas price differentialUS Conc MidContinent SV LINN Energy ADKN Granite Wash Hz TGS TX Fee 970.91 746.92 224 30% Changed to gas price differentialUS Conc MidContinent SV Newfield ADKN Granite Wash Hz TGS TX Fee 722.56 570.30 152 27% Increase in drilling forecastUS Conc MidContinent SV Occidental HUG Wolfcampian GAS KS Fee 1,806.85 211.06 1,596 756% Added addition NGLsUS Conc MidContinent SV Range ADKN Granite Wash Hz TGS TX Fee 281.36 135.50 146 108% Increase in drilling forecastUS Conc MidContinent SV Samson ADKN Granite Wash Hz TGS TX Fee 1,157.93 354.71 803 226% Added addition NGLsUS Conc Northeast SV Anadarko APP Utica Hz SHO OH Fee 1,111.18 883.45 228 26% Added NGLs productionUS Conc Northeast SV Atlas APP Marcellus Hz SHG PA Fee 171.94 59.96 112 187% Added NGLs productionUS Conc Northeast SV Chesapeake APP Marcellus Hz SHG PA Fee 1,006.21 131.54 875 665% Added net wellsUS Conc Northeast SV Chesapeake APP Marcellus Hz SHG WV Fee 788.73 634.06 155 24% Added net wellsUS Conc Northeast SV Chevron APP Marcellus Hz SHG PA Fee 3,490.98 1,829.86 1,661 91% Added NGLs productionUS Conc Northeast SV Chief APP Marcellus Hz NEPA SHG PA Fee 1,304.79 578.67 726 125% Added net wells & increased type well reservesUS Conc Northeast SV CONSOL APP Marcellus Hz SHG PA Fee 4,862.68 1,982.38 2,880 145% Added NGLs productionUS Conc Northeast SV CONSOL APP Marcellus Hz SHG WV Fee 683.77 351.26 333 95% Added NGLs productionUS Conc Northeast SV Enerplus APP Marcellus Hz NEPA SHG PA Fee 460.03 262.91 197 75% Added net wells & increased type well reservesUS Conc Northeast SV Enerplus APP Marcellus Hz SHG WV Fee 3.97 164.77 (161) (98%) Reduced development plan



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US Conc Northeast SV EOG APP Marcellus Hz SHG PA Fee 305.04 140.22 165 118% Added NGLs productionUS Conc Northeast SV EQT APP Marcellus Hz SHG PA Fee 3,370.18 1,014.37 2,356 232% Added NGLs productionUS Conc Northeast SV EQT APP Marcellus Hz SHG WV Fee 1,549.03 742.71 806 109% Added NGLs productionUS Conc Northeast SV ExxonMobil APP Marcellus Hz SHG PA Fee 1,176.36 444.95 731 164% Added NGLs productionUS Conc Northeast SV ExxonMobil APP Marcellus Hz SHG WV Fee 436.50 136.57 300 220% Added NGLs productionUS Conc Northeast SV Hess APP Utica Hz SHO OH Fee 882.85 621.85 261 42% Added NGLs productionUS Conc Northeast SV Mitsui APP Marcellus Hz NEPA SHG PA Fee 422.61 698.46 (276) (39%) Cost carry removedUS Conc Northeast SV Range APP Marcellus Hz NEPA SHG PA Fee 894.03 547.83 346 63% Added net wellsUS Conc Northeast SV Range APP Marcellus Hz SHG PA Fee 9,684.52 7,991.91 1,693 21% Added net wellsUS Conc Northeast SV Reliance APP Marcellus Hz SHG PA Fee 1,293.31 47.01 1,246 2651% Added NGLs productionUS Conc Northeast SV Rex APP Marcellus Hz SHG PA Fee 313.41 46.47 267 574% Added NGLs productionUS Conc Northeast SV Seneca APP Marcellus Hz NEPA SHG PA Fee 962.68 402.56 560 139% Increase in reserves & decrease in costsUS Conc Northeast SV Seneca APP Marcellus Hz SHG PA Fee 3,185.92 173.73 3,012 1734% Added NGLs productionUS Conc Northeast SV Ultra APP Marcellus Hz NEPA SHG PA Fee 632.28 1,114.92 (483) (43%) Decrease in reserves & increase in costsUS Conc Northeast SV Williams APP Marcellus Hz NEPA SHG PA Fee - 433.53 (434) (100%) Asset soldUS Conc Northeast SV Williams APP Marcellus Hz SHG PA Fee 0.05- 103.56 (104) (100%) Asset soldUS Conc Permian SV Apache CBP Clear Fork OIL TX Fee 280.19 153.93 126 82% Increase in drilling forecast based on company capex and development guidanceUS Conc Permian SV Apache DEL Leonardian OIL NM Fee 514.52 326.44 188 58% Increase in drilling forecast based on company capex and development guidanceUS Conc Permian SV Apache MID Wolfberry OIL TX Fee 1,502.71 453.04 1,050 232% Increase in drilling forecast based on company capex and development guidanceUS Conc Permian SV Chesapeake DEL Bone Spring Hz OIL NM Fee 536.59 1,393.42 (857) (61%) Reduced drilling growthUS Conc Permian SV Chesapeake DEL Leonardian OIL NM Fee 660.05 306.32 354 115% Asset combined with old file of DEL Leonardian OIL TX FeeUS Conc Permian SV Chesapeake MID Wolfberry OIL TX Fee 1,000.88 265.99 735 276% Increase in drilling forecastUS Conc Permian SV Cimarex DEL Bone Spring Hz OIL TX Fee 1,318.39 1,730.43 (412) (24%) Decrease in future drilling based on higher risking of acreageUS Conc Permian SV ConocoPhillips MID Wolfcamp Hz SHO TX State 754.53 441.11 313 71% Increase in drilling forecastUS Conc Permian SV HighMount VAL Canyon TGS TX Fee 1,908.09 1,153.16 755 65% Asset combined with old file of VAL Strawn TGSUS Conc Permian SV Occidental CBP Clear Fork OIL TX Fee 2,249.89 1,146.67 1,103 96% Increase in drilling forecast based on company capex and development guidanceUS Conc Permian SV Occidental MID Wolfberry OIL TX Fee 5,089.88 2,168.62 2,921 135% Increase in drilling forecast based on company capex and development guidanceUS Conc Permian SV SandRidge DEL Wolfcampian TGS TX Fee 647.46 531.10 116 22% Changed to gas price differentialUS Conc Rocky Mountains SV Anadarko DJU Niobrara Codell TGS CO Fee 3,010.31 2,336.13 674 29% Added NGLs productionUS Conc Rocky Mountains SV Anadarko GGR Almond TGS WY Fee 953.43 711.43 242 34% Added NGLs productionUS Conc Rocky Mountains SV Anadarko GGR Frontier TGS WY Fee 356.45 181.74 175 96% Added NGLs productionUS Conc Rocky Mountains SV Anadarko GGR Lance-Pinedale TGS WY Federal 2,190.40 991.88 1,199 121% Added NGLs productionUS Conc Rocky Mountains SV Anadarko PRV Big George CBM WY Fee 940.35 769.24 171 22% Added NGLs productionUS Conc Rocky Mountains SV Anadarko PRV Muddy Newcastle EOR OIL WY Fee 2,167.70 845.45 1,322 156% Added NGLs productionUS Conc Rocky Mountains SV Anadarko UTA Wasatch TGS UT Fee 3,768.41 2,766.92 1,001 36% Added NGLs productionUS Conc Rocky Mountains SV Berry PIC Mesaverde TGS CO Fee 188.89 86.80 102 118% Added NGLs productionUS Conc Rocky Mountains SV Bill Barrett PIC Mesaverde TGS CO Fee 465.87 634.24 (168) (27%) Increase in costs



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US Conc Rocky Mountains SV BP GGR Almond TGS WY Federal 2,482.70 1,936.70 546 28% Added NGLs productionUS Conc Rocky Mountains SV BP GGR Lance-Jonah TGS WY Federal 1,565.97 1,241.20 325 26% Added NGLs productionUS Conc Rocky Mountains SV BP SJN Fruitland Tier One CBM CO Fee 1,371.31 1,136.27 235 21% Added NGLs productionUS Conc Rocky Mountains SV ConocoPhillips SJN Dakota TGS NM Federal 2,489.68 1,180.59 1,309 111% Added NGLs productionUS Conc Rocky Mountains SV Delta PIC Mesaverde TGS CO Fee 554.34 55.78 499 894% Revised development planUS Conc Rocky Mountains SV Encana GGR Lance-Jonah TGS WY Federal 2,438.93 1,739.02 700 40% Added NGLs productionUS Conc Rocky Mountains SV Encana PIC Mesaverde TGS CO Fee 2,327.33 1,489.20 838 56% Added NGLs productionUS Conc Rocky Mountains SV EOG UTA Wasatch TGS UT Federal 1,165.30 813.90 351 43% Added NGLs productionUS Conc Rocky Mountains SV ExxonMobil PIC Mesaverde High TGS CO Federal 1,946.86 582.41 1,364 234% Added NGLs productionUS Conc Rocky Mountains SV ExxonMobil UTA Wasatch TGS UT Fee 439.77 139.44 300 215% Added NGLs productionUS Conc Rocky Mountains SV Hess WLN Bakken Dual Hz SHO ND Fee 3,519.02 6,310.91 (2,792) (44%) Increase in capexUS Conc Rocky Mountains SV Marathon PIC Mesaverde TGS CO Federal 319.36 82.48 237 287% Added NGLs productionUS Conc Rocky Mountains SV Newfield UTA Uteland Butte Hz OIL UT Federal 3,821.18 1,697.66 2,124 125% Added NGLs production & increase in development ramp up US Conc Rocky Mountains SV Noble DJU Niobrara Codell TGS CO Fee 2,651.91 1,913.40 739 39% Added NGLs productionUS Conc Rocky Mountains SV Noble DJU Niobrara Hz SHO CO Fee 3,613.84 7,898.88 (4,285) (54%) Re-modelled asset to reduced new locationsUS Conc Rocky Mountains SV Occidental PIC Mesaverde TGS CO Federal 531.93 273.73 258 94% Added NGLs productionUS Conc Rocky Mountains SV PDC PIC Mesaverde TGS CO Fee 218.98 81.17 138 170% Added NGLs productionUS Conc Rocky Mountains SV Pioneer RTN Vermejo CBM CO Federal 573.45 466.54 107 23% Added NGLs productionUS Conc Rocky Mountains SV QEP Resources GGR Lance-Pinedale TGS WY Federal 2,706.30 1,600.44 1,106 69% Added NGLs productionUS Conc Rocky Mountains SV QEP Resources UTA Wasatch TGS UT Federal 318.02 115.74 202 175% Added NGLs productionUS Conc Rocky Mountains SV Shell GGR Lance-Pinedale TGS WY Federal 3,140.46 1,919.22 1,221 64% Added NGLs productionUS Conc Rocky Mountains SV Ultra GGR Lance-Pinedale TGS WY Federal 7,999.27 5,089.24 2,910 57% Added NGLs productionUS Conc Rocky Mountains SV Williams GGR Lance-Pinedale TGS WY Fee 0.82- 219.66 (220) (100%) Asset soldUS Conc Rocky Mountains SV Williams PIC Mesaverde High TGS CO Federal 1.87- 257.46 (259) (101%) Asset soldUS Conc Rocky Mountains SV Williams PIC Mesaverde TGS CO Federal 14.68- 2,666.17 (2,681) (101%) Asset soldUS Conc Rocky Mountains SV Williams PRV Big George CBM WY Fee 3.60- 448.26 (452) (101%) Asset soldUS Conc Rocky Mountains SV Williams SJN Fruitland Tier One CBM NM Federal 1.29- 218.64 (220) (101%) Asset soldUS Conc Rocky Mountains SV Williams SJN Mesaverde TGS NM Federal 0.82- 148.49 (149) (101%) Asset soldUS Conc West Coast SV Macpherson SJQ Temblor HVO CA Fee 1,225.68 817.08 409 50% Added net wells for new development planUS Conc West Coast SV Occidental SJQ Elk Hills Stevens OIL CA Fee 1,953.48 2,597.16 (644) (25%) Increase in capex



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US Conc West Coast SV Occidental SJQ Kern County Discovery GAS CA Fee 925.90 1,336.58 (411) (31%) Decrease in NGLs productionUS Conc West Coast SV Occidental SJQ Monterey SHO CA Fee 12,032.10 7,418.61 4,613 62% Added net wells for new development planUS Conc West Coast SV Occidental SJQ Tulare HVO CA Fee 531.56 1,666.11 (1,135) (68%) Increase in capexUzbekistan Conc SV Gissarneftegaz 820.24 2,350.17 (1,530) (65%) Production allocated to domestic market with lower priceUzbekistan Conc SV Mingbulak 341.67 181.85 160 88% Decrease in capexVenezuela Conc SV Boqueron 287.14 78.45 209 266% Increase in productionVenezuela Conc SV Boscan 2,795.58 1,809.33 986 55% Changes to price differentialVenezuela Conc SV Cabimas 395.08 186.38 209 112% Increase in productionVenezuela Conc SV Carabobo 3 7,663.43 6,170.12 1,493 24% Changes to price differentialVenezuela Conc SV Carito-Mulata 7,286.65 5,058.35 2,228 44% Changes to price differentialVenezuela Conc SV Ceuta-Tomoporo 9,676.99 7,723.90 1,953 25% Changes to price differentialVenezuela Conc SV Corocoro 3,208.28 2,426.63 782 32% Increase in productionVenezuela Conc SV Oritupano-Leona 466.96 749.98 (283) (38%) Decrease in productionVenezuela Conc SV Pedernales 203.73 86.91 117 134% Changes to price differentialVenezuela Conc SV Petrodelta 2,764.46 2,114.19 650 31% Increase in productionVenezuela Conc SV San Cristobal 1,320.63 1,088.49 232 21% Changes to price differentialVenezuela Conc SV Santa Barbara 5,577.26 3,900.97 1,676 43% Changes to price differentialVenezuela Conc SV Urdaneta Oeste 943.15 500.60 443 88% Increase in productionVenezuela Conc SV Yucal-Placer 208.35 320.64 (112) (35%) Decrease in production


www.woodmac.com delivering commercial insight august 2012 gem v3.36 - what’s new

Documents

quarter fiscal terms

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appropriate terms

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main changes

new tax model