O&G Industry and Valuation Primer - RBC - Oct 19, 2016

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ENERGY MADE SIMPLE 2.0 VALUE DRIVERS DRIVERS FOR INVESTMEN INVESTMENT T PROFESSIONALS PROFESSIONALS

GLOBAL ENERGY RESEARCH

OCTOBER 2016 F O R R E Q U I R E D N O N - U . S . AN A LY S T A ND CO N F L I CT S D I S CL OS UR E S PLEASE SEE PAGE 109.

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Exploration High-risk highreward, rapid value accretion

Commercialisation Critical volume and/or access to infrastructure are key.

Start-up Risks better defined but significant capital is exposed.

Decline/Repeatability Strong cash flow, access to new ventures is key.

Stella

) e r a h s / p ( V P

Johan Sverdrup Lokichar Basin Senegal

Mauritania Gas Tanzania Gas Frontier Exploration

EG FLNG

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O&G Industry and Valuation Primer - RBC - Oct 19, 2016

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