Oil & Gas Equity Capital Market Valuations Report 1Q 2021

Page 1

Oil & Gas Capital Markets Valuation Book 1Q 2021


Contents Contents Summary Foreword About Us Commodity & Currency Prices Oil Gas Currencies

2 3 4 5 6 6 7 11

Equity Market Valuation Summary

14

Exploration Companies Exploration & Production Companies Integrated Oil & Gas Companies Refining Companies Midstream Companies Drilling Companies Service Companies

15 16 20 22 24 26 28

Equity Valuation Metrics

31

Equity Valuation Tables

31

Basin Summaries

176

Coverage Ranking Basin Tear Sheets

176 177 180

Country Summaries

269

Coverage Ranking Country Tear Sheets

269 270 273

Appendix

354

Basin Ranking OGA Country Ranking

354 355

Prices Updated 23rd March 2021

2


Summary The outlook in this quarter has been dominated by the vaccine program, or rather the rate at which vaccines are being rolled out and “normality” can return. In this respect, everything else has become of secondary importance. Supply, at the moment at least, is not even being considered, which for the consumer is a good thing, but for those that need to set long-term plans and promotion strategies to ensure supply security, this is beginning to be a significant headache. The increased optimism and stronger commodity pricing have both been reflected in improving valuations in the equity markets, across the board we have seen 20 to 30% increases in underlying implied values, and with more confidence in the forward price, which is now comfortably in excess of $50/bbl, the debt market is starting to open up once again.

3


Foreword This Databook provides a reference guide to the valuation of listed oil & gas equities; the reader is directed towards the Disclaimer, which constitutes an important part of this document. In understanding the valuation metrics for Reserves and Resources and production presented in this Databook, the reader needs to appreciate the difference between “value” and “worth,” which is two distinct and separate concepts. Value is defined as the regard that something is held to deserve; the importance, or usefulness of something. In an oil & gas context, the valuation of E&P companies reflects not only the value of the cash flow from assets that have assigned Reserves or Contingent Resources, but also the “option” value estimated for exploration assets. Worth is the level at which someone or something deserves to be valued or rated, or what someone will pay. A respective asset’s valuation is only one of the contributory elements that investors rely on to assess what a company might be “worth;” this is known as the “Market Valuation.” The valuation metrics presented in this Databook are based on the respective company’s Market Valuation, and is derived from its market value, adjusted for certain balance sheet items, i.e., the Enterprise Value (“EV”). The differences between the respective company’s value and the value expressed in this publication may well be due to certain company specific factors, which we have not assessed in the publication of these numbers. The reader should therefore conduct their own research in understanding why a respective company’s valuation differs from those proposed by its peers. For Exchange valuation metrics, see Equity Market Valuation Summary (Page 14), for equity specific metrics, see Equity Valuation Metrics (Page 31) for a listing of the Issuers contained within this document.

4


About Us Oil & Gas Advisors assists its clients in achieving their goals and objectives. We advise our clients on asset level acquisition and disposals (A&D), farmins and farmouts, corporate-level mergers and acquisitions (M&A), equity, debt, corporate and asset restructuring, and strategic matters. We also assist our clients in gaining access to the capital markets, whether it is for debt via the issuance of corporate bonds, Reserves Based Lending (RBL), or structured credit instruments such as PrePay structures, or the equity markets, whether the seed, IPO or secondary markets. OGA has worked with a wide range of oil & gas companies, from start-ups and independent E&P companies, to BP and Chevron, Gulf Oil. OGA has also worked with a range of specialist financiers, from boutique investment and merchant banks, to Bank of America Merrill Lynch, HSBC and ING Barings. OGA's extensive experience with sovereign wealth funds also, such as Dubai World, where OGA formed part of the management team with responsibility for the economic, financial and legal management of Dubai World's oil & gas business, investments and subsidiary companies. OGA's project and transaction value exceeds $65bn, experience which has been gained in all the hydrocarbon provinces. As a company, we understand that the areas in which it operates are often sensitive and key to the health and successful development of our clients. We understand that honesty and integrity are of paramount importance. We are committed to developing an environment where our clients' needs are met, and expectations exceeded, which is reflected in our approach, core values, people and affiliations.

5


Commodity & Currency Prices Oil Figure 1 – Brent ($/bbl) 100

75

50

25

2014

2017

2020

2023 Historic

Source:

2025

2028

2031

2028

2031

Forward

FactSet & OGA data

Figure 2 – WTI ($/bbl) 100

75

50

25

2014

2017

2020

2023 Historic

Source:

2025 Forward

FactSet & OGA data

6


Gas Figure 3 – Gas Price Equivalency ($/mm btu) 20.0 18.0

16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0

Sep 17

Apr 18

Oct 18

Historic Source:

May 19

NBP

Dec 19

JKM

TTF

Jun 20

Jan 21

GasPool

Jul 21 PSV

FactSet & OGA data

Figure 4 – Henry Hub ($/mm btu) 7.0

6.0

5.0

4.0

3.0

2.0

1.0

2014

2016

2017

2019

2020

2021

Historic Source:

2023 Forward

FactSet & OGA data

7

2024

2025

2027

2028


Figure 5 – Dutch TTF (€/MWh) 35

30

25

20

15

10

5

2014

2016

2017

2019

2020

2021

Historic Source:

2023

2024

2025

2027

2028

2024

2025

2027

2028

Forward

FactSet & OGA data

Figure 6 – JKM ($/mm btu) 20

18 16 14 12 10 8 6 4 2 2014

2016

2017

2019

2020

2021

Historic Source:

2023 Forward

FactSet & OGA data

8


Figure 7 – NBP (p/therm) 100

80

60

40

20

2014

2016

2017

2019

2020

2021

Historic Source:

2023

2024

2025

2027

2028

2024

2025

2027

2028

Forward

FactSet & OGA data

Figure 8 – De Gaspool (€/MWh) 35

30

25

20

15

10

5

2014

2016

2017

2019

2020

2021

Historic Source:

2023 Forward

FactSet & OGA data

9


Figure 9 – PSV (€/MWh) 22.5

20.0

17.5

15.0

12.5

10.0

7.5

5.0 2019

2020

2021

2021

2022

2022

Series1 Source:

2023

Forward

FactSet & OGA data

10

2023

2024

2024


Currencies Figure 10 – US Dollar/United Kingdom Sterling ($/£) 1.50

1.40

1.30

1.20

1.10 2014

2016

2017

2019

2020

2021

Historic Source:

2023

2024

2025

2027

2024

2025

2027

Forward

FactSet & OGA data

Figure 11 – US Dollar/Euro ($/€) 1.30

1.25

1.20

1.15

1.10

1.05

1.00 2014

2016

2017

2019

2020

2021

Historic Source:

FactSet & OGA data

11

2023

Forward


Figure 12 – Japanese Yen/US Dollar (¥/$) 120

115

110

105

100

95

90 2014

2016

2017

2019

2020

2021

Historic Source:

2023

2024

2025

2027

2024

2025

2027

Forward

FactSet & OGA data

Figure 13 – Norwegian Krone/US Dollar (N₭/$) 12.0

11.0

10.0

9.0

8.0

7.0 2014

2016

2017

2019

2020

2021

Historic Source:

FactSet & OGA data

12

2023

Forward


Figure 14 – Rouble/US Dollar (₽/$) 100

90

80

70

60

50 2014

2016

2017

2019

2020

2021

Historic Source:

FactSet & OGA data

13

2023

Forward

2024

2025

2027


Equity Market Valuation Summary Please see the Foreword for important definitions of Market Valuation applied in this section. The definition of the companies in each section is summarised in Table 1. Table 1 – Company Segment Definition Starting Page

Segment

Definition

Exploration

Those companies whose portfolios containing Contingent or Prospective Resources; no recorded Reserves or Production.

15

Exploration & Production

Those companies whose portfolios are solely upstream operations. Assets are either in production or have Reserves.

16

Integrated Oil & Gas

Those companies whose portfolios contain upstream assets and downstream asset in the refining or chemicals segment.

20

Refining

Those companies whose asset base focuses primarily on the operation of crude oil refineries.

22

Midstream

Those companies whose asset base focuses primarily on the transportation of natural gas or petroleum liquids.

24

Drilling

Those companies whose asset base provides drilling equipment or rigs for the upstream oil & gas, or other, segments.

26

Service

Those companies that provides support or other services for the oil & gas sector, whether engineering consultancy or equipment not otherwise defined.

28

Source:

OGA data

14


Exploration Companies Figure 15 – Resources Valuation 1 E+05 1 E+04

y = 32.903x-0.96 R² = 0.5879

EV/2C or 2U ($/bbl)

1 E+03 y = 19.156x-0.879 R² = 0.2913

1 E+02 1 E+01 1 E+00

1 E-01 1 E-02 1 E-03

1 E-04

1 E-03

1 E-02

1 E-01

1 E+00

1 E+01

1 E+02

1 E+03

1 E+04

Resources (mm boe) Contingent Source:

Prospective

FactSet & OGA data

Table 2 – Resources Valuation by Exchange ($/2U boe) Exchange

Contingent

Prospective

ASX

2.19

0.06

Botswana

0.52

-

CNQ

0.40

-

Dublin

0.19

-

-

0.10

London

0.98

0.04

OTC

2.00

0.05

Stockholm

3.52

-

Hong Kong

Source:

FactSet & OGA data

15


Exploration & Production Companies Figure 16 – Production Valuation 1.E+05 1.E+04

y = 0.0316x0.9587 R² = 0.8474

1.E+03

(EV ($mm)

1.E+02 y = 0.0596x0.8904 R² = 0.7737

1.E+01 1.E+00 1.E-01 1.E-02 1.E-03 1.E-04 1.E-03

1.E-02

1.E-01

1.E+00

1.E+01 1.E+02 1.E+03 Production (m boepd)

Oil Source:

FactSet & OGA data

16

Gas

1.E+04

1.E+05

1.E+06


Table 3 – Production Valuation by Exchange ($/boepd) Exchange

Oil

Gas

Abu Dhabi

-

27,389

American

44,368

18,784

ASX

34,308

23,318

-

34,057

65,465

-

-

37,239

Dublin

32,452

-

Frankfurt

23,017

26,603

Hong Kong

17,785

17,835

Karachi

-

11,819

London

33,754

21,580

Malaysia

43,134

-

Mexico

19,625

37,841

MICEX

22,812

37,588

NASDAQ

33,881

24,072

-

27,849

NYSE

37,571

20,974

Oslo

45,751

38,680

OTC

31,126

18,748

Paris

43,822

-

Philippines

11,982

-

Sao Paulo

56,838

27,500

SGX

15,545

-

Stockholm

36,403

-

TASE

-

27,361

Thailand

-

32,387

Tokyo

36,966

31,494

Toronto

26,984

18,225

TSX-V

38,057

17,316

Vienna

30,740

37,821

Xetra

56,778

-

Bucharest Buenos Aires Colombia

Nigeria

Source:

FactSet & OGA data

17


Figure 17 – Reserves Valuation 1.E+07

1.E+06

y = 9.7222x0.9571 R² = 0.8233

1.E+05

EV ($mm)

1.E+04 y = 8.9775x0.8012 R² = 0.7261

1.E+03 1.E+02 1.E+01 1.E+00 1.E-01 1.E-02

1.E-03 1.E-03

1.E-02

1.E-01

1.E+00

1.E+01

1.E+02

Reserves (mm boe) 1P Source:

FactSet & OGA data

18

2P

1.E+03

1.E+04

1.E+05

1.E+06


Table 4 – Reserves Valuation by Exchange ($/boe) Exchange

Reserves Base

Oil

Gas

Abu Dhabi

2P

-

1.56

American

1P

9.66

2.76

ASX

2P

8.02

2.95

BSE India

2P

-

2.18

Buenos Aires

1P

-

1.69

2P

-

11.06

Colombia

2P

-

9.42

Frankfurt

1P

5.28

7.69

2P

7.84

2.30

1P

4.64

-

2P

13.90

1.34

Indonesia

2P

-

1.64

Karachi

1P

-

3.28

London

1P

13.20

4.39

2P

7.70

3.01

Malaysia

2P

3.91

-

Mexico

1P

5.54

-

2P

4.28

9.57

1P

2.56

-

2P

-

2.34

NASDAQ

1P

9.80

6.90

NYSE

1P

11.18

5.21

Oslo

2P

6.39

2.95

OTC

1P

6.47

3.40

Paris

2P

5.17

-

Sao Paulo

1P

14.98

10.15

SGX

2P

8.70

-

Stockholm

2P

8.80

1.69

Swiss

1P

-

0.52

TASE

2P

2.74

4.41

Thailand

1P

-

11.90

Tokyo

1P

5.08

8.61

Toronto

1P

4.32

-

2P

5.94

3.30

TSX-V

2P

5.49

2.51

Vienna

2P

-

2.36

Xetra

1P

14.96

-

Hong Kong

MICEX

Source:

FactSet & OGA data

19


Integrated Oil & Gas Companies Figure 18 – IOC Ratio Valuation ($/IOC Ratio) 1 E+06

y = 25.371x1.0375 R² = 0.7584

EV ($mm)

1 E+05

1 E+04

1 E+03 100

Source:

1,000 IOC Ratio (m bpoedP m bpdR-1)

FactSet & OGA data

20

10,000


Table 5 – IOC Ratio Valuation by Exchange ($/IOC Ratio) Exchange

Dominant Produced Hydrocarbon Oil

Gas

American

37,408

-

BSE India

-

-

Bucharest

-

-

Buenos Aires

49,161

37,233

Colombia

54,192

-

Frankfurt

18,013

27,814

5,264

-

Lisbon

33,411

-

London

31,867

20,081

Madrid

-

24,018

Mexico

28,483

20,289

MICEX

-

-

Milan

48,399

-

NYSE

28,684

27,797

Oslo

-

43,165

OTC

20,498

20,033

Paris

46,519

-

-

28,262

Santiago

68,039

-

Sao Paulo

106,599

45,625

-

-

Swiss

43,494

28,800

Toronto

18,721

-

Vienna

23,337

-

Xetra

42,234

16,998

Hong Kong

Prague

Shanghai

Source:

FactSet & OGA data

21


Refining Companies Figure 19 – Refining Company Valuation 1 E+06 y = 1.2205x1.3956 R² = 0.7774

EV ($mm)

1 E+05

1 E+04

1 E+03

1 E+02

1 E+01 10

100

1,000

Refinery Capacity (m bpsd) Source:

FactSet & OGA data

22

10,000


Table 6 – Refining Company Valuation by Exchange ($/bpsd) Exchange

Valuation

Athens

11,559.6

BSE India

184,618.3

Frankfurt

99,234.1

Karachi

3,874.6

London

41,436.0

Malaysia

3,813.0

Mexico

9,225.9

Milan

3,497.5

NASDAQ

85,043.4

NYSE

17,719.9

OTC

10,114.1

Philippines

12,832.0

Sao Paulo

12,898.6

TASE

7,981.9

Thailand

16,519.5

Toronto

44,602.7

Vienna Source:

182,657.7 FactSet & OGA data

23


Midstream Companies Figure 20 – Midstream Company Valuation 1,000,000

y = 314.69x0.4452 R² = 0.2298

EV ($mm)

100,000

10,000

1,000

100 100

1,000

10,000 Pipeline Length (km)

Source:

FactSet & OGA data

24

100,000


Table 7 – Midstream Company Valuation by Exchange ($/km pipeline length) Exchange

$/km pipeline length

ASX

1,100,883.8

Brussels

538,402.4

Buenos Aires

3,727.8

Frankfurt

874,946.8

Hong Kong

1,081,181.0

Kazakhstan

167,729.3

London

696,466.3

Madrid

391,330.2

Mexico

473,649.3

MICEX

106,848.6

Milan

1,037,281.3

NASDAQ

707,361.3

NYSE

1,040,595.9

OTC

840,938.6

Toronto Source:

1,067,799.0 FactSet & OGA data

25


Drilling Companies Figure 21 – Drilling Company Valuation 1 E+06

y = 95.071x0.8719 R² = 0.1728

1 E+05

EV ($mm)

1 E+04

1 E+03

1 E+02

1 E+01

1 E+00

0.1

1.0

10.0 EV/EBITDA (x)

Source:

FactSet & OGA data

26

100.0

1,000.0


Table 8 – Drilling Company Valuation by Exchange (EV/EBITDA Multiple) Exchange

EV/EBITDA (x)

ASX

1.3

BSE India

16.0

Bucharest

31.1

Copenhagen

5.7

Frankfurt

14.1

Hong Kong

3.1

Indonesia

33.6

Kuwait

7.3

London

2.4

Malaysia

9.8

Mexico

13.7

MICEX

290.3

Milan

14.4

NASDAQ

10.3

NSE India

5.9

NYSE

24.4

Oslo

17.8

Paris

10.4

Shanghai

2.3

Shenzhen

5.6

Stockholm

105.7

Toronto Source:

5.5 FactSet & OGA data

27


Service Companies Figure 22 – Service Company Valuation 1 E+05 y = 214.46x0.4028 R² = 0.0398 1 E+04

EV ($mm)

1 E+03

1 E+02

1 E+01

1 E+00 0.1

1.0

10.0 EV/EBITDA (x)

Source:

FactSet & OGA data

28

100.0

1,000.0


Table 9 – Services Company Valuation by Exchange (EV/EBITDA Multiple) Exchange

EV/EBITDA (x)

American

8.1

Amsterdam

11.6

ASX

6.6

Athens

7.0

Berlin

10.2

Brussels

6.9

BSE India

20.3

Bucharest

13.4

Buenos Aires

2.5

Casablanca

11.1

Colombia

8.0

Colombo

15.1

Copenhagen

7.6

Cyprus

13.5

Dhaka

9.8

Doha

11.1

Egypt

101.3

Frankfurt

11.9

Ghana

4.0

Hamburg

6.3

Hanoi

5.4

Hong Kong

8.0

Iceland

10.9

Indonesia

14.7

Istanbul

9.7

Ivory Coast

3.5

JASDAQ

3.0

JSE

4.9

Karachi

4.9

Korea

7.4

Kuwait

4.8

Ljubljana

7.5

London

16.2

Madrid

3.7

Malaysia

9.8

Malta

3.3

Mauritius

16.5

Mexico

8.7

MICEX

7.0

29


Exchange

EV/EBITDA (x)

Milan

8.5

NASDAQ

88.7

New Zealand

5.4

Nigeria

3.6

NYSE

8.6

Oslo

15.8

OTC

25.9

Paris

7.3

Philippines

9.0

Santiago

1,090.9

Sao Paulo

14.4

Saudi Arabia

15.1

SGX

20.1

Shanghai

10.9

Shenzhen

8.3

Stockholm

132.5

Stuttgart

1.7

Taipei

9.2

Taiwan

5.6

TASE

7.1

Thailand

15.4

Tokyo

5.2

Toronto

8.4

TSX-V

13.0

Vienna

9.3

Vietnam

6.4

Vilnius

7.0

Warsaw

5.8

Xetra

6.6

Source:

FactSet & OGA data

30


Equity Valuation Metrics Equity Valuation Tables Segment Abu Dhabi Exploration & Production Dana Gas

American Exploration Indonesia Energy

Exploration & Production Battalion Oil Camber Energy Contango Oil & Gas Evolution Petroleum Goodrich Petroleum Gran Tierra Energy (American) Houston American Energy Mexco Energy Northern Oil & Gas Riley Exploration Permian Ring Energy

Integrated Major Imperial Oil (American)

Other Adams Resources & Energy Cheniere Energy Cheniere Energy (American) Sanchez Midstream

Royalty CKX Lands

Services FTS International

Amman Refining Jordan Petroleum Refinery

Amsterdam Other Royal Vopak (Amsterdam)

Services Core Laboratories (Amsterdam) Fugro (Amsterdam) SBM Offshore (Amsterdam)

ASX Drillers Matrix Composites & Engineering

Exploration 3D Oil (ASX) 88 Energy (ASX) ADX Energy (ASX) Ansila Energy (ASX) Carbon Minerals Carnarvon Petroleum (ASX) Elixir Energy (ASX) Emperor Energy Empire Energy Gas2Grid

Page

Segment

46

Global Oil & Gas (ASX) Melbana Energy (ASX) Real Energy Talon Petroleum (ASX) Tlou Energy (ASX) Triangle Energy (Global) Vintage Energy Warrego Energy

46 46

46 46 46

46 46 46 46 46 46 46 46 47 47 47 47

47 47

47 47 47 47 47

47 47

47 48

48 48

50

Armour Energy Australis Oil & Gas (ASX) Bass Oil Beach Energy (ASX) Blue Energy Bounty Oil & Gas (ASX) Buru Energy (ASX) Byron Energy (ASX) Central Petroleum Comet Ridge Cooper Energy Cue Energy Fremont Petroleum (ASX) Grand Gulf Energy Horizon Oil (ASX) Jupiter Energy (ASX) Karoon Energy (ASX) Lion Energy NZ Oil & Gas (ASX) Oil Search (ASX) Oilex (ASX) Otto Energy (ASX) Po Valley Energy Santos (ASX) Senex Energy Tamaska Oil & Gas Winchester Energy (ASX) Woodside Petroleum (ASX)

50 50 50 50 50 50 50 50 50 50 51 51 51 51 51 51 51 51 51 51 51 52 52 52 52 52 52 52

AJ Lucas Ampol (ASX) APA (ASX) Boart Longyear (ASX) Tempo Z Energy (ASX)

48 48 48

48 48 48 48

49 49 49 49 49 49 49 50

Exploration & Production

Other

48

Page

Services MMA Offshore Worley (ASX)

52 52 52 52 52 53 53

53 53 53

48

Athens

53

48

Other

53

48

Elinoil (Athens) REVOIL Petroleum (Athens)

48 48 48 48 49 49 49 49 49 49 49

Refining Hellas Corinth Refineries (Athens) Hellenic Petroleum (Athens)

53 53 53

Belgrade

53

Refining

53

NIS AD

Berlin

31

53 53

53

53


Segment Other MARNA Beteiligungen

Page 53 53

Other

53

Services EXMAR (Brussels)

54

54 54

Exploration & Production

54

Gujarat Natural Resources Oil India

54 54

Indian Oil Aegis Logistics Essar Shipping GAIL Indraprastha Gas Kesar Terminals & Infrastructure Maximus International Petronet Lng Regent Enterprises Sanmit Infra Shipping of India

Refining Bharat Petroleum Chennai Petroleum Hindustan Petroleum Mangalore Refinery & Petrochemicals Oil & Natural Gas Reliance Industries

Services Alphageo Asian Oilfield Svs Global Vectra Helicorp SEAMEC

56

Exploration & Production

56

SNGN Romgaz (Bucharest)

56

SNTGN Transgaz (Bucharest)

Services

Oil and Gas E&P (Bulgaria)

CNQ Exploration Canadian Overseas (CNQ)

Colombia Exploration & Production Canacol Energy (Colombia)

Integrated Major Ecopetrol

Other Organizacion Terpel Promigas ESP

Other TORM (Copenhagen)

Refining CVO Petrochemical Refinery

Doha Other Qatar Fuel Qatar Gas Transport

32

58 58 58

58 58 58

58 58 58

58 58

58 58 59

59 59

59 59 59

59 59

59

Navana CNG

57

58 58 58

Other

Other

57

58

59

Dhaka

57

57 57 58

Cyprus Petrolina (Cyprus)

57 57

57

59

Drilling (1972) (Copenhagen)

57

57

Other

Drillers

56

57

57

59

Copenhagen

56

57

Colombo LAUGFS Gas (N) LAUGFS Gas (X)

56 56 56 56

56

Other

Exploration

56

Dafora

Conpet (Bucharest) Oil Terminal (Bucharest)

Bulgaria

55 55 56 56 56 56

Drillers

Midstream

Sociedad CdP (Buenos Aires) Transportadora DGDN (Buenos Aires) Transportadora DGDS

55

56

OMV Petrom (Bucharest)

Other

55 55 55 55 55 55 55 55 55 55

Bucharest

Integrated Major

BP (ArDR) RDS (ArDR) YPF (D)

55

57

57

Integrated Major

55

57

Exploration

Phoenix Global (Buenos Aires)

54

57

57

Exploration & Production

54

Page

Buenos Aires Capex

54 54 54 54

Hindustan Oil Exploration Selan Exploration Technology

Other

MOL Hungarian O&G (Budapest)

54

Drillers

Integrated Major

Integrated Major

54 54

Exploration

Budapest

54 54

BSE India Aban Offshore Jindal Drilling & Industries Maharashtra Seamless United Drilling Tools

Rompetrol Well Svs (Bucharest)

53

Brussels Euronav (Brussels) Fluxys Belgium (Brussels)

Segment

59

59 59 59

59 59

59 59 59 60


Segment

Page

Services

60

Gulf International Svs

Dublin Exploration Providence Resources (Dublin)

Exploration & Production PetroNeft Resources (Dublin) Tullow Oil (Dublin)

Egypt Refining Alexandria Mineral Oils

Services Maridive & Oil SvsE

60

60 60 60

BP (ADR) (Frankfurt) CPNC (H) (Frankfurt) Eni (ADR) (Frankfurt) Equinor (ADR) (Frankfurt) Equinor (Frankfurt) MOL Hungarian O&G (ADR) MOL Hungarian O&G (Frankfurt) PetroBras (ADR) (Frankfurt) PetroBras (Pref) (ADR) (Frankfurt) PetroChina (H) (Frankfurt) PTT (AM) (Frankfurt) RDS-A (ADR) (Frankfurt) RDS-B (ADR) Rosneft Oil (GDR) (Frankfurt) Total (B) (ADR) (Frankfurt)

Other Beijing Enterprises (Frankfurt) COSCO Shipping (H) (Frankfurt) Delek (ADR) (Frankfurt) Dorian LPG (Frankfurt) Enagas (Frankfurt) Equitrans Midstream (Frankfurt) Frontline (Frankfurt) Glencore (ADR) (Frankfurt) Glencore (Frankfurt) KunLun Energy (Frankfurt) Nordic American Tankers (Frankfurt) Scorpio Tankers (Frankfurt) Teekay (Frankfurt)

Refining IRPC (AM) (Frankfurt) Reliance Industries (GDR) (Frankfurt)

Ghana

60

Other

60

Ghana Oil

60

Hanoi

60

Other

60

60

Integrated Major

CGG (ADR) (Frankfurt) China Oilfield Svs (H) (Frankfurt) Schlumberger (Frankfurt) Sembcorp Marine (Frankfurt) ShawCor (Frankfurt) TechnipFMC (Frankfurt) Tidewater (Frankfurt)

60

Drillers

APA (Frankfurt) CNOOC (ADR) (Frankfurt) CNOOC (Frankfurt) Gazprom Neft (ADR) (Frankfurt) Great Eastern Energy (Frankfurt) Ovintiv (Frankfurt) Pharos Energy (Frankfurt) PTT E&P (AM) (Frankfurt) QEP Resources (Frankfurt) SNGN Romgaz (GDR-S) (Frankfurt) Tatneft (ADR) (Frankfurt)

Services

60

60

Exploration & Production

Sinopec Shanghai Petrochemical (H) (ADR)

60

Frankfurt National Oilwell Varco (Frankfurt) Tenaris (ADR) (Frankfurt) Vallourec (Frankfurt)

Segment

Petrolimex Hanoi T&T Petrolimexigon T&S PetroVietnam LPG Phu Yen Petrovietnam Oil Southern Gas Trading

60 60 61

Services PetroVietnam TS

61

Helsinki

61 61 61 61 61 61 61 61 61 61 62

Refining Neste (Helsinki)

65 65 65 65 65 65

65 65

65 65 65

65 65 66 66 66

66

Exploration & Production

66

Dragon Crown

Other Beijing Enterprises (Hong Kong) China CBM CMBC Capital COSCO Shipping (H) (Hong Kong) F8 Enterprises JiaXing Gas (H) JTF International KunLun Energy (Hong Kong) Sino Gas Sinopec Kantons United Strength Power Vico International Xin Yuan Enterprises

33

65

65

66 66

Midstream

64 64

65

China Energy Development Polyard Petroleum

China Petroleum & Chemical (Hong Kong) PetroChina (Hong Kong)

64

65

65

Integrated Major

63 63 63 63 63 63 63 63 63 63 63 64 64

64 64 64 64 64 64 64

Drillers

AAG Energy (Hong Kong) CNOOC (Hong Kong) IDG Energy Investment MIE Holdings Persta Resources Sunshine Oilsands (Hong Kong) United Energy (Hong Kong)

63

64

65

Exploration

62 62 62 62 62 62 62 62 62 62 62 62 62 63 63

64

Hong Kong CMIC Ocean Dalipal Hilong Holding Honghua (Hong Kong) Sinopec Oilfield Service (H) (Hong Kong)

62

Page

66 66 66 66 66 66 67

67 67 67

67 67

67 67 67 67 67 67 67 67 67 68 68 68 68 68


Segment Yanchang Petroleum International Yuan Heng Gas

Services Anton Oilfield Svs (Hong Kong) China Oilfield Svs (H) (Hong Kong) SPT Energy

Page

Other

68 68

Drillers

68

Energi Mega Persada (Indonesia) Medco Energi (Indonesia)

Other AKR Corporindo (Indonesia) Berlian Laju Tanker (Indonesia) Buana Lintas Lautan Humpuss Intermoda Transportasi Indah Prakasa Sentosa Mitra Mitra Energi Persada Rukun Raharja Sillo Maritime Soechi Lines Super Energy

Services Elnusa Ginting Jaya Energi Logindomudramakmur Radiant Utama Interinsco Wintermar Offshore Marine

Istanbul Other Aygaz AS

Refining Koc Holding AS Turkiye Petrol Rafinerileri AS

Ivory Coast Other Total Cote d'Ivoire

Exploration Nostrum Oil & Gas (Kazakhstan)

Midstream KazTransOil

Korea Other Korea Gas KSS Kukdong Oil Leadcorp, Inc. SK Discovery SK Discovery (Pref) SK Gas

69 69 69

69 69 69 69 69 69 69 69 69 69 69 70

Refining Hyundai Heavy Industries

Kuwait Drillers Burgan Well & Drilling Senergy Holding

Other Independent Petroleum

70

Services

70 70 70 70 70

Heavy Engineering National Petroleum Svs

Lisbon Integrated Major

70

GALP Energia (B) (Lisbon)

70

Exploration & Production Mari Petroleum Oil & Gas Development Pakistan Oilfields Pakistan Petroleum

Other Attock Petroleum Pakistan National Shipping

71 71

72 72 72

72 72

72 72 72 72 72 72 72 72 72

72 72

72 72 73 73

73 73

73 73 73

73 73 73

70

Other

73

Petrol Ljubljana (Ljubljana)

70 70

London

70

Drillers

70

ADES International Archer Limited (London) Helmerich & Payne (London) Hunting (London) Jersey Oil & Gas National Oilwell Varco (London) Odfjell Drilling (London) Tenaris (London) Transocean (London) Valaris (London) Vallourec (London)

70

70

71

Karachi

71

70

70

Glencore (JSE) Oando (JSE)

71

73

70

Other

Page

Ljubljana

Other JSE

Kazakhstan

69

JASDAQ Sanrin

Attock Refinery Byco Petroleum Pakistan

68

Indonesia

Exploration & Production

Refining

68 68 68

68

Apexindo Pratama Duta

Pakistan State Oil Class I

68

Iceland Skeljungur hf (Iceland)

Segment

68 68

71 71 71

Exploration

71

88 Energy (London) Argos Resources Bahamas Petroleum (London) Baron Oil Borders & Southern (London) Bowleven (London) Canadian Overseas (London) Chariot Oil & Gas (London) Clontarf Energy Coro Energy

71 71 71 71 71

71 71 71

34

73

73 73 73 73 73 73 74 74 74 74 74 74 74

74 74 74 74 74 74 74 74 75 75 75


Segment Eco (Atlantic) Oil & Gas (London) Empyrean Energy Global Petroleum Lansdowne Oil & Gas Nostrum Oil & Gas (London) Petrel Resources Petro Matad (London) Predator Oil & Gas Providence Resources (London) Rockhopper Exploration (London) Scirocco Energy Sound Energy (London) Sterling Energy (London) Tlou Energy (London) TomCo Energy (London) Tower Resources Zephyr Energy (London)

Exploration & Production ADM Energy Aker BP (London) Aminex (London) Angus Energy Apache (London) Ascent Resources Block Energy Cabot Oil & Gas (London) Cadogan Petroleum Cairn Energy (London) Caspian Sunrise (London) Cimarex Energy (London) ConocoPhillips (London) Crescent Point Energy (London) Devon Energy (London) Diversified Gas & Oil (London) DNO (London) Echo Energy Egdon Resources Energean (London) EnQuest (London) Enwell Energy (London) EOG Resources (London) EQT (London) Europa Oil & Gas (Holdings) Falcon Oil & Gas (London) G3 Exploration (London) Gazprom Neft (ADR) (London) Genel Energy (London) GeoPark (London) Great Eastern Energy (London) Gulf Keystone (London) Hess (London) i3 Energy (London) IGas Energy (London) Independent Oil & Gas Indus Gas Int. Petroleum (BC) (London) InterOil E&P (London) Jadestone Energy (London) JKX Oil & Gas Kosmos Energy (London) Lekoil (London) Lundin Energy (London) Maha Energy (A) (London) Marathon Oil (London) Maurel & Prom (London) Mosman Oil & Gas Murphy Oil Corporation (London) Norwegian Energy (London) Nostra Terra Oil & Gas Novatek (GDR) (London) Occidental Petroleum (London)

Page

Segment

75 75 75 75 75 75 75 75 75 75 75 76 76 76 76 76 76

Oilex (London) Panoro Energy (London) Pantheon Resources (London) Parkmead Pennpetro Energy PetroNeft Resources (London) PetroTal (London) Peyto Exploration & Development (London) Pharos Energy (London) Phoenix Global (London) Pioneer Natural Resources (London) Premier Oil (London) President Energy (London) Prospex Energy Range Resources (London) San Leon Energy (London) Savannah Energy SDX Energy (London) Seplat Petroleum (London) Serica Energy (London) Serinus Energy (London) SM Energy (London) SNGN Romgaz (GDR-S) (London) Star Phoenix Tellurian (London) Tethys Oil (London) Touchstone Exploration (London) Trinity E&P (London) Tullow Oil (London) UK Oil & Gas (London) Union Jack Oil United Oil & Gas VAALCO Energy (London) Valeura Energy (London) Victoria Oil & Gas (London) Volga Gas Wentworth Resources Zenith Energy (London) Zoltav Resources

76 76 76 76 76 76 76 77 77 77 77 77 77 77 77 77 77 77 78 78 78 78 78 78 78 78 78 78 78 78 79 79 79 79 79 79 79 79 79 79 79 79 80 80 80 80 80 80 80 80 80 80 80 81

Integrated Major

Page 81 81 81 81 81 81 81 81 81 81 82 82 82 82 82 82 82 82 82 82 82 83 83 83 83 83 83 83 83 83 83 83 84 84 84 84 84 84 84

84

BP (ADR) (London) 84 BP (London) 84 Chevron (London) 84 China Petroleum & Chemical (H) (ADR) (London) 84 Eni (London) 85 Equinor (London) 85 Exxon Mobil (London) 85 GALP Energia (B) (London) 85 Lukoil (London) 85 MOL Hungarian O&G (London) 85 OMV (London) 85 OMV Petrom (GDR) (London) 85 RDS-A (UK) (London) 85 RDS-B (UK) (London) 85 Repsol (London) 85 Total (London) 85

Other American Shipping (London) Avance Gas (London) BW LPG (London) Cheniere Energy (London) d'Amico International (London) DCC (London) Enagas (London) Enbridge (London) Energy Transfer (London) Enterprise Products (London) Euronav (London) FLEX LNG (London) Frontline (London)

35

85 85 85 86 86 86 86 86 86 86 86 86 86 86


Segment GAIL India (London) GasLog (London) Glencore (London) Golar LNG (London) Kinder Morgan (P) (London) Lamprell (London) Nordic American Tankers (London) NWF Ocean Yield (London) Odfjell SE (A) (London) ONEOK (London) Royal Vopak (London) Rubis (London) Snam (London) Stolt-Nielsen (London) Targa Resources (London) Tecnicas Reunidas (London) Teekay Tankers (A) (London) Thalassa (London) TORM (London) Williams (London)

Refining CVR Energy (London) Marathon Petroleum (London) Neste (London) PBF Energy (London) Phillips 66 (London) Reliance Industries (GDR) (London) SARAS - Raffinerie (London) Valero Energy (London)

Royalty BP Prudhoe Bay (London) Freehold Royalties (London)

Services Akastor (London) Aker Solutions (London) Baker Hughes (London) BW Offshore (London) CGG (London) Essential Energy Svs (London) EXMAR (London) GETECH (London) Gulf Marine Svs Halliburton (London) John Wood (London) Magnora (London) Oceaneering International (London) Petrofac (London) PGS (London) Reach Subsea (London) Saipem (London) SBM Offshore (London) Schlumberger (London) Subsea 7 (London) TechnipFMC (London) TGS-NOPEC (London)

Madrid

Page

Refining Hengyuan Refining Petron Malaysia R&M

Services Alam Maritim Resources Barakah Offshore Petroleum Bumi Armada Carimin Petroleum Coastal Contracts Dayang Enterprise Dialog Icon Offshore Malaysia Marine & Heavy Engineering Marine & General Perdana Petroleum Petra Energy Sapura Energy (Malaysia) Scomi Energy Svs TH Heavy Engineering Uzma Yinson

89 89

Malta

89

Services

89 89 89 89 89 89 89 89 89 90 90 90 90 90 90 90 90 90 90 90 90 90

Medserv (Malta)

Malaysia

91

Drillers

91

92 92

92 92 92 92 92 92 92 92 92 93 93 93 93 93 93 93 93 93

93 93 93

93

93 93 93

94

Canacol Energy (Mexico) Frontera Energy (Mexico) Vista Oil & Gas de CV

94 94 94

Chevron (Mexico) Exxon Mobil (Mexico) PeroBras (ADR) (Mexico) RDS-A (ADR) (Mexico) Suncor Energy (Mexico) YPF (D) (ADR) (Mexico)

Other Infraestructura Energetica (Mexico)

Refining PBF Energy (Mexico) Valero Energy (Mexico)

Services Schlumberger (Mexico)

MICEX Drillers

36

92

Exploration & Production

Integrated Major

91

91 91 91 91 91 92 92 92

93

Tenaris (Mexico)

91

91

Other

Drillers

91 91

91 91

93

Mexico

91

Page

Mauritius Vivo Energy Mauritius

90 91

Exploration & Production

Boustead EA Technique (M) KNM (Malaysia) KUB Malaysia MISC (Malaysia) Petronas Dagangan (Malaysia) Petronas Gas (Malaysia) Straits Inter Logistics

89

Repsol (Madrid)

Velesto Energy

Other

88 88 88 88 88 88 89 89

90

Enagas (Madrid) Tecnicas Reunidas (Madrid)

Hibiscus Petroleum (Malaysia) Reach Energy

88

Integrated Major Other

Segment

86 86 87 87 87 87 87 87 87 87 87 87 87 87 87 88 88 88 88 88 88

94 94 94 94 94 94 94

94 94

94 94 95

95 95

95 95


Segment TMK

Exploration & Production Gazprom Neft Novatek RussNeft Slavneft-Megionneftegas Slavneft-Megionneftegas (ADR) (MICEX) Tatnef

Integrated Major Gazprom (MICEX) Lukoil (MICEX) Rosneft Oil (MICEX)

Midstream Transneft (Pref)

Other Sovcomflot

Refining Bashneft (Pref) Bashneft OJSC Yakutsk Fuel & Energy

Milan Drillers

Page

95 95 95 96

Dorchester Minerals Falcon Minerals Marine Petroleum Viper Energy

96

96 96 96 96

Services CSI Compressco Dawson Geophysical ENGlobal Mammoth Energy Svs National Energy Svs Reunited Rattler Midstream US Well Svs

96 96

96 96 96

Saipem (Milan)

Royalty

96

Chevron (Milan) Eni (Milan) Total (Milan)

SARAS - Raffinerie (Milan)

Calumet Specialty

96

96

Services

Refining

96

96

Refining

Altus Midstream Brooge Energy Capital Product (NASDAQ) Clean Energy Fuels Golar LNG Golar LNG (NASDAQ) Martin Midstream New Fortress Energy Noble Midstream Pyxis Tankers StealthGas TOP Ships

95 95 95 95 95 95

Integrated Major

d'Amico International (Milan) Snam (Milan)

Other

95

Tenaris (Milan)

Other

Segment

95

New Zealand Exploration & Production

96

New Zealand Oil & Gas (New Zealand)

97 97

Other Z Energy (New Zealand)

97

Refining

97

New Zealand Refining (New Zealand)

97

Nigeria

97

NASDAQ

97

Exploration & Production

Drillers

97

Seplat Petroleum (Nigeria)

ChampionX DMC Global Geospace Technologies Patterson-UTI Energy

Exploration & Production Abraxas Petroleum Apache (NASDAQ) Berry Centennial RD Diamondback Energy Epsilon Energy Oasis Petroleum PDC Energy Penn Virginia PrimeEnergy Resources Sundance Energy Tellurian (NASDAQ) TransGlobe Energy (NASDAQ) US Energy

Midstream BlueKnight Oasis Midstream Plains All American Pipeline (NASDAQ) Plains GP

Other

97 97 97 97

11 Ardova Conoil Eterna Oando (Nigeria)

97 97 97 97 98 98 98 98 98 98 98 98 98 98 98

Services Caverton Offshore Support

100 100

100 100 100 100 100

100 100 100 100 100 101 101 101

101 101 101

101 101

101 101

101 101 101

101 101 101 101 101 102

102 102

Drillers

102

Drillers Borr Drilling (NYSE) Cactus Dril-Quip Helmerich & Payne (NYSE) Independence Contract Drilling Nabors Industries National Oilwell Varco (NYSE) Precision Drilling (NYSE) Tenaris (ADR) (NYSE) Transocean (NYSE)

37

99 99 99 99 99 99 99 99 99 100 100 100

102

NYSE

99 99 99 99

99

NSE India South West Pinnacle Exploration

98

Page

102

102 102 102 102 102 102 102 102 102 102 102 103


Segment Exploration California Resources

Exploration & Production Amplify Energy Antero Resources Bonanza Creek Energy Cabot Oil & Gas (NYSE) Callon Petroleum Canadian Natural Resources (NYSE) Cenovus Energy (NYSE) Cimarex Energy (NYSE) CNOOC (ADR) (NYSE) CNX Resources (NYSE) Comstock Resources ConocoPhillips (NYSE) Continental Resources Crescent Point Energy (NYSE) Denbury Devon Energy (NYSE) Earthstone Energy Enerplus (NYSE) EOG Resources (NYSE) EQT (NYSE) GeoPark (NYSE) Hess (NYSE) HighPoint Resources Kosmos Energy (NYSE) Laredo Petroleum Magnolia Oil & Gas Marathon Oil (NYSE) Matador Resources Murphy Oil (NYSE) Occidental Petroleum (NYSE) Ovintiv (NYSE) Panhandle Oil & Gas Pioneer Natural Resources (NYSE) QEP Resources (NYSE) Range Resources (NYSE) SandRidge Energy SilverBow Resources SM Energy (NYSE) Southwestern Energy Talos Energy VAALCO Energy (NYSE) Vermilion Energy (NYSE) Vista Oil & Gas de CV (ADR) W&T Offshore Whiting Petroleum

Integrated Major BP (ADR) (NYSE) Chevron (NYSE) Ecopetrol (ADR) (NYSE) Eni (ADR) (NYSE) Equinor (ADR) (NYSE) Exxon Mobil (NYSE) PeroBras (ADR) (NYSE) PeroBras (Pref) (ADR) (NYSE) PetroChina (ADR) (NYSE) Suncor Energy (NYSE) Total (B) (ADR) (NYSE) YPF (D) (ADR) (NYSE)

Midstream BP Midstream Crestwood Equity Delek Logistics Genesis Energy Holly Energy Magellan Midstream MPLX

Page

Segment

103

NGL Energy NuStar Energy LP Phillips 66 Shell Midstream

103

103 103 103 103 103 103 103 103 103 104 104 104 104 104 104 104 104 104 104 104 105 105 105 105 105 105 105 105 105 105 105 106 106 106 106 106 106 106 106 106 106 106 107 107 107 107

Other Antero Midstream Ardmore Shipping CrossAmerica DCP Midstream DHT Diamond S Shipping Dorian LPG (NYSE) Dynagas LNG Enable Midstream Enbridge (NYSE) Energy Transfer (NYSE) EnLink Midstream Enterprise Products (NYSE) Equitrans Midstream (NYSE) Euronav (NYSE) Flex LNG (NYSE) Frontline (NYSE) GasLog GasLog (NYSE) Global Hess Midstream Hoegh LNG International Seaways Kinder Morgan (P) (NYSE) KNOT Offshore Navigator Navios Maritime Acquisition Nordic American Tankers (NYSE) ONEOK (NYSE) Overseas Shipholding PBF Logistics Pembina Pipeline (NYSE) Scorpio Tankers (NYSE) SEACOR Holdings (NYSE) Sprague Resources Star Suburban Propane Summit Midstream Sunoco Targa Resources (NYSE) TC Energy (NYSE) Teekay (NYSE) Teekay LNG Teekay Tankers (A) (NYSE) Transportadora DGDS (ADR) (NYSE) Tsakos Energy Navigation (NYSE) UGI Western Midstream Williams Companies (NYSE)

107 107 107 107 107 107 107 107 107 107 108 108 108

Refining CVR Energy (NYSE) Delek US HollyFrontier Marathon Petroleum (NYSE) Par Pacific PBF Energy (NYSE) Phillips 66 (NYSE) Valero Energy (NYSE)

108 108 108 108 108 108 108 108

Royalty Black Stone Minerals BP Prudhoe Bay (NYSE) Brigham Minerals Cross Timbers Royalty Kimbell Royalty Mesa Royalty

38

Page 108 109 109 109

109 109 109 109 109 109 109 109 109 109 109 110 110 110 110 110 110 110 110 110 110 110 110 110 110 111 111 111 111 111 111 111 111 111 111 111 111 111 111 112 112 112 112 112 112 112 112 112 112 112

112 112 113 113 113 113 113 113 113

113 113 113 113 113 114 114


Segment North European Oil Royalty Permian Basin Royalty Permianville Royalty PermRock Royalty Sabine Royalty San Juan Basin Royalty Texas Pacific Land VOC Energy

Services Archrock Baker Hughes (NYSE) Bristow Core Laboratories NV (NYSE) Cypress Environmental Exterran Frank's International Halliburton (NYSE) Helix Energy Solutions ION Geophysical Liberty Oilfield Svs N. American Construction (NYSE) Natural Gas Svs Newpark Resources NexTier Oilfield Solutions Oceaneering International (NYSE) Oil States International ProPetro Holding Ranger Energy Svs RPC Schlumberger (NYSE) SEACOR Marine Select Energy Svs Solaris Oilfield Infrastructure TechnipFMC (NYSE) TETRA Technologies Tidewater (NYSE) USA Compression

Oslo Drillers Archer (Oslo) Borr Drilling (Oslo) Northern Drilling Northern Ocean Odfjell Drilling (Oslo) Seadrill (Oslo) Shelf Drilling (Oslo)

Exploration BW Energy OKEA RAK Petroleum (Oslo)

Page

114 115 115 115 115 115 115 115 115 115 115 115 115 115 115 116 116 116 116 116 116 116 116 116 116 116 116 116

Exploration 88 Energy (OTC) ADX Energy (OTC) Africa Energy (OTC) Ansila Energy (OTC) Bahamas Petroleum (OTC) Borders & Southern Petroleum (OTC) Bowleven (OTC) Canadian Overseas (OTC) Carbon Energy Carnarvon Petroleum (OTC) Chariot Oil & Gas (OTC) Eco (Atlantic) Oil & Gas (OTC) Global Oil & Gas (OTC) Jura Energy (OTC)

118

118 118 118 118 118 118

39

119 119 119 119 120 120 120 120 120 120 120 120 120 120 120 120 120 120 121 121 121

121

Akita Drilling (A) (OTC) Archer (OTC) Enerflex (OTC) Ensign Energy Svs (OTC) Hunting (OTC) McCoy Global (OTC) Parker Drilling Pason Systems (OTC) PHX Energy Svs (OTC) Seadrill (OTC) Sinopec Oilfield Service (H) (OTC) Tenaris (OTC) Valaris (OTC) Vallourec UTL (ADR) Western Energy Svs (OTC)

118

119

Services

Drillers

117 117 117

118 119 119 119 119 119 119 119 119 119 119

121

OTC

117

Page

Oslo (OTC) DOF Installer

117 117 117 117 117 117 117

117 117 117 118 118 118 118 118

ADS Maritime (Oslo) American Shipping (Oslo) AqualisBraemar (Oslo) Avance Gas (Oslo) Awilco LNG (Oslo)

Akastor (Oslo) Aker Solutions (Oslo) BW Offshore (Oslo) DOF (Oslo) Eidesvik Offshore (Oslo) ElectroMagnetic GeoSvs (Oslo) GC Rieber Shipping (Oslo) Havila Shipping (Oslo) Magnora (Oslo) Magseis Fairfield (Oslo) Oceanteam (Oslo) OHT Petrolia (Oslo) PGS (Oslo) Polarcus Reach Subsea (Oslo) SeaBird Exploration (Oslo) Siem Offshore AS (Oslo) Solstad Offshore (Oslo) Subsea 7 SA (Oslo) TGS-NOPEC (Oslo)

116

117

Other

Services

116

Aker BP (Oslo) DNO (Oslo) InterOil E&P (Oslo) Norwegian Energy (Oslo) Panoro Energy (Oslo) Petronor E&P (Oslo) Questerre Energy (Oslo) Zenith Energy Ltd. (Oslo) Equinor (Oslo)

BW LPG (Oslo) Epic Gas Flex LNG (Oslo) Frontline (Oslo) Hafnia Hunter (Oslo) Ocean Yield (Oslo) Odfjell (A) (Oslo) Odfjell (B) (Oslo) Okeanis Eco Tankers (Oslo) Stolt-Nielsen (Oslo)

114

Exploration & Production

Integrated Major

Segment

114 114 114 114 114 114 114 114

121

121 121 121 121 121 121 121 121 121 121 121 122 122 122 122 122 122

122 122 122 122 122 122 122 122 122 123 123 123 123 123 123


Segment Melbana Energy (OTC) Niko Resources Petro Matad (OTC) Pipestone Energy (OTC) Providence Resources (OTC) Rockhopper Exploration (OTC) Sonoro Energy (OTC) Sound Energy (OTC) Spartan Delta (OTC) Sterling Energy (OTC) Talon Petroleum (OTC) Westbridge Energy (OTC) Zephyr Energy (OTC) Zion Oil & Gas

Exploration & Production Advantage Oil & Gas (OTC) Africa Oil (OTC) Alamo Energy Altex Industries Altura Energy (OTC) Alvopetro Energy (OTC) Amazing Energy Oil & Gas American Energy Development Aminex (OTC) ARC Resources (OTC) Arctic Hunter Energy (OTC) Arrow Exploration (OTC) Athabasca Oil (OTC) Atlas Energy LLC Australis Oil & Gas (OTC) Baytex Energy (OTC) Beach Energy (OTC) Bengal Energy (OTC) Birchcliff Energy (OTC) Bonterra Energy (OTC) Border Petroleum (OTC) Bounty Oil & Gas (OTC) Buru Energy (OTC) Byron Energy (OTC) Cairn Energy (ADR) Cairn Energy (OTC) Canacol Energy (OTC) Cardinal Energy (OTC) Caspian Sunrise (OTC) Centaurus Energy (OTC) CNOOC (OTC) Crew Energy (OTC) Crown Point Energy (OTC) Delek Drilling (OTC) Diversified Gas & Oil (OTC) DNO (OTC) EnQuest (OTC) Erin Energy (OTC) EXCO Resources Falcon Oil & Gas (OTC) FAR (OTC) FieldPoint Petroleum Fortem Resources (OTC) Fremont Petroleum (OTC) Frontera Energy (OTC) Gear Energy (OTC) Genel Energy (OTC) GeoPetro Resources Givot Olam (OTC) Glen Rose Petroleum Gulf Keystone (ADR) Gulf Keystone (OTC) Gulfport Energy Headwater Exploration (OTC) Hemisphere Energy (OTC) Horizon Oil (OTC)

Page

Segment

123 123 123 123 123 123 123 123 124 124 124 124 124 124

Huntington Exploration (OTC) IGas Energy (OTC) INPEX (ADR) InPlay Oil (OTC) Int. Petroleum (BC) (OTC) International Frontier Resources (OTC) Iona Energy Jadestone Energy (OTC) Japan Petroleum Exploration (OTC) Journey Energy (OTC) Karoon Energy (OTC) Kelt Exploration (OTC) Kodiak Energy Kolibri Global Energy (OTC) Lekoil (OTC) Leucrotta Exploration (OTC) LGX Oil + Gas Lundin Energy (ADR) Lundin Energy (OTC) Manitok Energy MEG Energy (OTC) Metalore Resources (OTC) New Source Energy New Zealand Energy (OTC) Novatek (GDR) (OTC) NuVista Energy (OTC) Obsidian Energy (OTC) Oil Search (ADR) Oil Search (OTC) Orca Exploration (B) (OTC) Oriental Petroleum & Minerals (B) (OTC) Oryx Petroleum Corporation (OTC) Paleo Resources (OTC) Pan Orient Energy (OTC) Panoro Energy (OTC) Pantheon Resources (OTC) Parallel Energy Paramount Resources (OTC) Parex Resources (OTC) Pennine Petroleum (OTC) Perpetual Energy (OTC) PetroFrontier (OTC) Petrolia Energy PetroNeft Resources (OTC) PetroShale (OTC) PetroTal (OTC) Petrus Resources (OTC) Peyto E&D (OTC) Pharos Energy (OTC) Pieridae Energy (OTC) Pine Cliff Energy (OTC) PostRock Energy Prairie Provident Resources (OTC) Premier Energy Premier Oil (ADR) Premier Oil (OTC) President Energy (OTC) PTT E&P (AM) (OTC) Questerre Energy (OTC) Razor Energy (OTC) Royale Energy San Leon Energy (OTC) Santos (OTC) Santos Limited (ADR) SDX Energy (OTC) Serica Energy (OTC) Serinus Energy (OTC) Seven Generations Energy (OTC) ShaMaran Petroleum (OTC) Sonde Resources Southern Energy (OTC) Southern Pacific Resource

124 124 124 124 124 124 124 125 125 125 125 125 125 125 125 125 125 125 126 126 126 126 126 126 126 126 126 126 126 127 127 127 127 127 127 127 127 127 127 127 128 128 128 128 128 128 128 128 128 128 128 128 129 129 129 129 129

40

Page 129 129 129 129 129 129 129 130 130 130 130 130 130 130 130 130 130 130 130 131 131 131 131 131 131 131 131 131 131 131 132 132 132 132 132 132 132 132 132 132 132 132 133 133 133 133 133 133 133 133 133 133 133 133 134 134 134 134 134 134 134 134 134 134 134 135 135 135 135 135 135 135


Segment Spyglass Resources Storm Resources (OTC) Strategic Oil & Gas TAG Oil (OTC) Tamarack Valley Energy (OTC) Tatneft (ADR) (OTC) Terra Energy Tethys Petroleum (OTC) Titan Energy LLC Touchstone Exploration (OTC) Tourmaline Oil (OTC) Treaty Energy Tullow Oil (ADR) Tullow Oil (OTC) Tuscany Energy Twin Butte Energy UA Petroleum UK Oil & Gas (OTC) United Energy (OTC) Valeura Energy (OTC) Whitecap Resources (OTC) Woodside Petroleum (ADR) (OTC) Woodside Petroleum (OTC) XXL Energy (OTC) Yangarra Resources (OTC) Yuma Energy

Integrated Major BP (OTC) China Petroleum & Chemical (H) (OTC) Eni (OTC) Equinor (OTC) GALP Energia (B) (ADR) GALP Energia (B) (OTC) OMV (ADR) PetroChina (H) (OTC) PTT (ADR) PTT (AM) (OTC) RDS-A (UK) (OTC) RDS-B (UK) (OTC) Repsol (OTC) Rosneft Oil (GDR) (OTC) Rosneft Oil (OTC) Total (OTC)

Midstream Inter Pipeline (OTC) Secure Energy Svs (OTC)

Other ADS Crude Carriers (OTC) American Shipping (OTC) Ampol (OTC) APA (OTC) Avance Gas (OTC) Boart Longyear (OTC) BW LPG (ADR) BW LPG (OTC) Conrad Industries COSCO Shipping (H) (OTC) DCC (OTC) Delek Group (ADR) (OTC) Enagas (ADR) Enagas (OTC) Ferrellgas Partners GAIL India (OTC) Gibson Energy (OTC) Glencore (ADR) (OTC) Glencore (OTC) Infraestructura Energetica (OTC) Keyera (OTC) KunLun Energy (ADR) KunLun Energy (OTC)

Page

Segment

135 135 135 135 136 136 136 136 136 136 136 136 136 136 136 136 137 137 137 137 137 137 137 137 137 137

Lamprell (OTC) Ocean Yield (OTC) OYO (OTC) Royal Vopak (ADR) Royal Vopak (OTC) Rubis (ADR) Snam (ADR) Snam (OTC) Stabilis Solutions Stolt-Nielsen (OTC) Superior Plus (OTC) Tidewater Infrastructure (OTC) Wolverine E&I (OTC)

Refining Blue Dolphin Energy Cosmo Energy (ADR) ENEOS (ADR) ENEOS (OTC) Idemitsu Kosan ADR) Koc (B) (ADR) (OTC) Neste (ADR) Neste (OTC) New Zealand Refining (OTC) Oil Refineries (OTC) San Miguel (ADR) San Miguel (OTC) Thai Oil (AM) (OTC)

137 137 138 138 138 138 138 138 138 138 138 138 138 138 138 138 139

Royalty Chesapeake Granite Wash ECA Marcellus I Freehold Royalties (OTC) GC Ultra Deep Royalty Hugoton Royalty Pacific Coast Oil PrairieSky Royalty (OTC) Sandridge Mississippian I Sandridge Permian

Services Akastor (OTC) Aker Solutions (OTC) Aly Energy Svs Bakken Water Transfer Svs Calfrac Well Svs (OTC) CGG (ADR) (OTC) CGG (OTC) China Oilfield Svs (H) (OTC) Computer Modelling (OTC) CSE Global (OTC) CWC Energy (OTC) Essential Energy Svs (OTC) Ezion Holdings (OTC) Hermitage Offshore Svs High Arctic Energy (OTC) John Wood (OTC) Macro Enterprises (OTC) Petrofac (ADR) Petrofac (OTC) PGS (ADR) Pulse Seismic (OTC) Saipem (ADR) Saipem (OTC) SBM Offshore (OTC) Sembcorp Marine (OTC) ShawCor (OTC) Siem Industries Source Energy Svs (OTC) SPT Energy (ADR) STEP Energy Svs (OTC) Subsea 7 (ADR) (OTC) TGS-NOPEC (ADR)

139 139 139

139 139 139 139 139 139 139 139 139 139 139 140 140 140 140 140 140 140 140 140 140 140 140 140

41

Page 141 141 141 141 141 141 141 141 141 141 141 141 141

141 142 142 142 142 142 142 142 142 142 142 142 142 142

142 142 143 143 143 143 143 143 143 143

143 143 143 143 143 144 144 144 144 144 144 144 144 144 144 144 144 144 144 145 145 145 145 145 145 145 145 145 145 145 145 145 145


Segment Total Energy Svs (OTC) Trican Well Service (OTC) Weatherford International Worley (ADR) Worley (OTC)

Paris Drillers Vallourec (Paris)

Exploration & Production Maurel & Prom (Paris) Total Gabon (Paris)

Integrated Major Total (Paris)

Other Rubis (Paris)

Services CGG (Paris) Schlumberger (Paris) TechnipFMC (Paris)

Philippines Exploration & Production Oriental P&M (A) (Philippines) Oriental P&M (B) Philodrill PXP Energy (Philippines)

Other Phoenix Petroleum Philippines Pryce

Refining Petron (Philippines) Pilipinas Shell Petroleum San Miguel (Philippines) Top Frontier Investment (Philippines)

Prague Integrated Major RDS-A (UK) (Prague)

Santiago

Page

Segment

Page

146 146 146 146 146

Services

149

ConocoPhillips (BrDR) Dommo Energia SA Enauta Participacoes SA Occidental Petroleum (BrDR) Petro Rio

Interra Resources RH Petrogas

146

Other

146

AnAn International China Aviation Oil (SGX) Hai Leck ICP Ouhua Energy Union Gas

146 146 147 147

147

Refining

147

Sinostar PEC

147 147 147 147

Services Baker Technology CH Offshore CSE Global (SGX) Kim Heng Offshore & Marine Nordic Rex International Sembcorp Marine (SGX)

147 147 147

147 147 147 147 147

148

China Oilfield Svs CNOOC Energy Technology & Svs Offshore Oil Engineering

150 150

150 150 150 150 150 150 151 151

151

151

151

151 151 151 151

151 151

151 151 152 152

152

Drillers

152

Other Oriental Energy

Services Citic Helicopter

149

150 150 150 150 150 150

Shenzhen Sinopec Oilfield Yantai Jereh Oilfield Svs

149

150

151

Sinopec Shanghai Petrochemical

148 148 148 148 148

149 150

151

Services

148

149

Guanghui Energy

Refining

148

149

Integrated Major

COSCO Shipping (A) Guizhou Gas Trina Solar

148 148 148

149 149

151

Other

148

149

149

Drillers

CPNC

148

149

151

Exploration

148

149

149

Shanghai Sinopec Oilfield Service

148

149 149

Valero Energy (BrDR)

Exploration & Production

146

149

Refining

SGX

146

Chevron (BrDR) RDS-A (BrDR) Kinder Morgan (P) (BrDR)

National Gas & Industrialization National Shipping ofudi Arabia

146 146

Integrated Major

Other

Other

146

148

Exploration & Production

Saudi Aramco

146

148

Sao Paulo

Integrated Major

146

Chevron (Santiago) Empresas Copec SA Empresas Gasco Empresas Lipigas

Saudi Arabia

146

Integrated Major Other

Halliburton

152 152

152 152

152 152

149

Stockholm

152

149

Drillers

152

42


Segment Guideline Geo (Stockholm)

Exploration

Page

152

Exploration & Production

152

Other Concordia Maritime (Stockholm)

Swiss Integrated Major RDS (A) (Swiss) RDS-B (UK) (Swiss) Total (Swiss)

Other Sociedad CdP

Taipei Services CTCI Advanced Systems

PTT (Thailand)

152

Africa Energy (Stockholm) Africa Oil (Stockholm) Dome Energy EnQuest (Stockholm) Int. Petroleum (BC) (Stockholm) Lundin Energy (Stockholm) Maha Energy (Stockholm) ShaMaran Petroleum (Stockholm) Tethys Oil (Stockholm)

Segment

152

Other Power Solution Technologies Power STP PTT Oil and Retail Scan-Inter Scan-Inter (NVDR) Siamgas & Petrochemicals Siamgas & Petrochemicals (NVDR) VL Enterprise VL Enterprise (NVDR) WP Energy WP Energy (NVDR)

152 153 153 153 153 153 153 153

153

Refining

153

Esso Thailand Esso Thailand (NVDR) IRPC IRPC (AM) (Thailand) Star Petroleum Refining Star Petroleum Refining (NVDR) Thai Oil Thai Oil (NVDR) Thai Oil Public (AM) (Thailand)

153 153 153 153 153

153 154

Services

154

Sakol Energy Sakol Energy (NVDR)

154

Tokyo

154

Taiwan

154

Exploration

Other

154

K&O Energy

Prime Oil Chemical Service

Refining Formosa Petrochemical Corp

TASE Exploration Alon Natural Gas Exploration Lapidoth-Heletz Navitas Petroleum PetroTx

Exploration & Production Cohen Development Gas & Oil Delek Drilling (TASE) Energean (TASE) Givot Olam (TASE) Isramco Negev 2 (TASE) Naphtha Israel Petroleum Ratio Oil Exploration (TASE) Tamar Petroleum

Other Delek (TASE) Paz Oil (TASE)

Refining Oil Refineries (TASE)

Royalty Delek Royalties (2012)

Thailand

154 154

Other

154

Daimaru Enawin Fuji Kosan Kamei Mitsuuroko Nissin Shoji OYO (Tokyo) San-Ai Oil SINANENLTD Toell

154 154 154 154 154

154 154 154 155 155 155 155 155 155

Refining Cosmo Energy ENEOS (Tokyo) Fuji Oil Idemitsu Kosan (Tokyo) Toa Oil (Tokyo)

Services

155

Modec (Tokyo)

155 155

155 155 155

155

PTT E&P (AM) (Thailand) PTT E&P (Thailand)

155 156

156

156 156 156 156 156 156 156 156 156 156 157

157 157 157 157 157 157 157 157 157 157

157 157 157

157 157 158

158 158 158

158 158 158 158 158 158 158 158 158 158

158 159 159 159 159 159

159 159

Drillers

159

Journey Energy (Toronto)

43

156

159

Exploration

156

156

Toronto Akita Drilling (B) Akita Drilling (Toronto) Enerflex (Toronto) Ensign Energy Svs (Toronto) McCoy Global (Toronto) Pason Systems (Toronto) PHX Energy Svs (Toronto) Precision Drilling (Toronto) Western Energy Svs (Toronto)

155

155

PTT (AM) (Thailand)

INPEX (Tokyo) Japan PetEx (Tokyo)

154

Exploration & Production

Integrated Major

Exploration & Production

Page

159 159 159 159 159 159 159 160 160

160 160


Segment

Page

Pipestone Energy (Toronto)

160

Exploration & Production

160

Advantage Oil & Gas (Toronto) Africa Oil (Toronto) ARC Resources (Toronto) Athabasca Oil (Toronto) Baytex Energy (Toronto) Bengal Energy (Toronto) Birchcliff Energy (Toronto) Bonterra Energy (Toronto) Canacol Energy (Toronto) Canadian Natural Resources (Toronto) Cardinal Energy (Toronto) Cenovus Energy (Toronto) CNOOC (ADR) (Toronto) Condor Petroleum (Toronto) Crescent Point Energy (Toronto) Crew Energy (Toronto) Enerplus (Toronto) Forza Petroleum (Toronto) Frontera Energy (Toronto) Gear Energy (Toronto) Gran Tierra Energy (Toronto) Headwater Exploration (Toronto) i3 Energy (Toronto) InPlay Oil (Toronto) Int. Petroleum (BC) (Toronto) Kelt Exploration (Toronto) Kolibri Global Energy (Toronto) MEG Energy (Toronto) NuVista Energy (Toronto) Obsidian Energy (Toronto) Ovintiv (Toronto) Paramount Resources (Toronto) Parex Resources (Toronto) Perpetual Energy (Toronto) Petrus Resources (Toronto) Peyto E&D (Toronto) Pieridae Energy (Toronto) Pine Cliff Energy (Toronto) Prairie Provident Resources (Toronto) Questerre Energy (Toronto) Seven Generations Energy (Toronto) Storm Resources (Toronto) Surge Energy (Toronto) Tamarack Valley Energy (Toronto) Touchstone Exploration (Toronto) Tourmaline Oil (Toronto) TransGlobe Energy (Toronto) Valeura Energy (Toronto) Vermilion Energy (Toronto) Whitecap Resources (Toronto) Yangarra Resources (Toronto)

Integrated Major Imperial Oil (Toronto) Suncor Energy (Toronto)

Midstream Inter Pipeline (Toronto) Secure Energy Svs (Toronto)

Other Enbridge (Toronto) Gibson Energy (Toronto) Keyera (Toronto) Pembina Pipeline (Toronto) Superior Plus (Toronto) TC Energy (Toronto) Tidewater Infrastructure (Toronto)

Royalty

Segment Freehold Royalties (Toronto) PrairieSky Royalty (Toronto)

Services

160 160 160 160 160 160 160 161 161 161 161 161 161 161 161 161 161 161 162 162 162 162 162 162 162 162 162 162 162 163 163 163 163 163 163 163 163 163 163 163 164 164 164 164 164 164 164 164 164 164 164

Calfrac Well Svs (Toronto) Computer Modelling (Toronto) Essential Energy Svs (Toronto) High Arctic Energy (Toronto) N. American Construction (Toronto) Pulse Seismic (Toronto) ShawCor (Toronto) Source Energy Svs (Toronto) STEP Energy Svs (Toronto) Total Energy Svs (Toronto) Trican Well Service (Toronto)

TSX-V Drillers Stampede Drilling

Exploration Africa Energy (TSX-V) Blue Sky Energy Eco (Atlantic) Oil & Gas (TSX-V) Jura Energy (TSX-V) Oronova Energy (TSX-V) Saturn Oil & Gas (TSX-V) Sonoro Energy (TSX-V) Spartan Delta Corp (TSX-V) Tenth Avenue Petroleum (TSX-V) Westbridge Energy (TSX-V)

Exploration & Production Altura Energy (TSX-V) Alvopetro Energy (TSX-V) Arrow Exploration (TSX-V) Centaurus Energy (TSX-V) Cobra Venture (TSX-V) Crown Point Energy (TSX-V) Falcon Oil & Gas (TSX-V) Hemisphere Energy (TSX-V) Huntington Exploration (TSX-V) International Frontier Resources (TSX-V) Leucrotta Exploration (TSX-V) Metalore Resources (TSX-V) New Zealand Energy (TSX-V) Orca Exploration (B) (TSX-V) Paleo Resources (TSX-V) Pan Orient Energy (TSX-V) PetroFrontier (TSX-V) PetroShale (TSX-V) PetroTal (TSX-V) Razor Energy (TSX-V) Sahara Energy (TSX-V) ShaMaran Petroleum (TSX-V) Southern Energy (TSX-V) TAG Oil (TSX-V) Tethys Petroleum (TSX-V) Trans Canada Gold (TSX-V) Vital Energy XXL Energy (TSX-V)

164 165 165

165 165 165

Other

165

Wolverine E&I (TSX-V)

165 165 165 165 165 165 165

Services CWC Energy Svs (TSX-V) Macro Enterprises (TSX-V)

Vienna Integrated Major

165

Gazprom (ADR) (Vienna) OMV (Vienna)

44

Page 166 166

166 166 166 166 166 166 166 166 166 166 166 166

167 167 167

167 167 167 167 167 167 167 167 167 167 167

167 167 168 168 168 168 168 168 168 168 168 168 168 169 169 169 169 169 169 169 169 169 169 169 169 170 170 170 170

170 170

170 170 170

170 170 170 170


Segment Total (Vienna)

Other Royal Vopak (Vienna)

Services SBM Offshore (Vienna)

Page

170

170 171

171

Other

171

Services

Eni (Xetra) Exxon Mobil (Xetra) Gazprom (ADR) (Xetra) OMV (Xetra) RDS-A (UK) (Xetra) RDS-B (UK) (Xetra) Repsol (ADR) Repsol (Xetra) Total (Xetra)

170

Vietnam CNG Vietnam International Gas Shipping Materials-Petroleum Nam Song Hau TIP Petro Center Petrolimex Gas Petrolimex Tanker PetroVietnam Distribution Petrovietnam Gas Petrovietnam GS PetroVietnam Transportation Thaiduong Petrol Vietnam National Petroleum Vietnam Petroleum Transport Vietnam Tanker

Segment

170

Other

171 171 171 171 171 171 171 171 171 171 171 171 172 172 172

Kinder Morgan (P) (Xetra)

Refining Neste (Xetra)

Services Petro Welt Technologies (Xetra)

Casablanca Other Afriquia Gaz

173 174 174 174 174 174 174 174 174

174 174

174 174

174 174

174 174 174

Hamburg

175

Other

175

Sloman Neptun

172

Page

175

172

Stuttgart

175

Vilnius

172

Other

175

Other

172

PetroVietnam Svs

AB Klaipedos Nafta (Vilnius) Amber Grid (Vilnius)

Warsaw Exploration & Production Serinus Energy (Warsaw)

Integrated Major MOL Hungarian O&G (Warsaw)

Other Ekopol Gornoslaski ONICO PigNig (Warsaw) TESGAS UNIMOT (Warsaw)

Refining Grupa LOTOS (Warsaw) PKN Orlen (Warsaw)

Xetra Exploration

Botswana

172 172

Exploration

172

Tlou Energy (Botswana)

172 172

172 172

172 172 172 172 173 173

173 173 173

173 173

Deutsche Rohstoff (Xetra)

173

Exploration & Production

173

ConocoPhillips (Xetra) Occidental Petroleum (Xetra)

Transportadora DGDS (ADR) (Stuttgart)

173 173

Integrated Major

173

BP (DeDR) (Xetra) BP (Xetra) Chevron (Xetra)

173 173 173

45

175

175 175 175


Abu Dhabi Exploration & Production Dana Gas (DANA-ADS) Price: AED0.75

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$1.6/2P boe $1.6/2P boe $27,389/boepd $27,389/boepd

0.0% 0.0%

American Exploration Indonesia Energy (INDO-USA) Price: $6.50

Valuation Metric

Company

EV/EBITDA

16.3x

Comparator Difference to Comparator -

-

Exploration & Production Battalion Oil (BATL-USA) Price: $12.44

Camber Energy (CEI-USA) Price: $1.15

Contango Oil & Gas (MCF-USA) Price: $4.31

Evolution Petroleum (EPM-USA) Price: $3.41

Goodrich Petroleum (GDP-USA) Price: $9.18

Valuation Metric Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

(GTE-USA) Price: $0.79

Reserves Production

Houston American Energy

Valuation Metric Reserves Production

21.8% 28.9%

Comparator Difference to Comparator

$16.5/1P boe $2.8/1P boe $73,061/boepd $18,784/boepd

46

0.0% 0.0%

Comparator Difference to Comparator

$7.9/1P boe $9.7/1P boe $34,434/boepd $44,368/boepd Company

35.9% (5.6%)

Comparator Difference to Comparator

$2.8/1P boe $2.8/1P boe $18,784/boepd $18,784/boepd Company

(93.2%) (84.7%)

Comparator Difference to Comparator

$7.1/1P boe $9.7/1P boe $47,007/boepd $44,368/boepd

Valuation Metric

(96.1%) (84.9%)

Comparator Difference to Comparator

$40.3/1P boe $2.8/1P boe $122,543/boepd $18,784/boepd

Valuation Metric

119.0% 64.0%

Comparator Difference to Comparator

$245.9/1P boe $9.7/1P boe $124,475/boepd $18,784/boepd

Valuation Metric

Valuation Metric

Comparator Difference to Comparator

$4.4/1P boe $9.7/1P boe $27,055/boepd $44,368/boepd

Valuation Metric

Gran Tierra Energy (American)

(HUSA-USA) Price: $2.18

Company

(83.3%) (74.3%)


Mexco Energy (MXC-USA) Price: $7.90

Northern Oil & Gas (NOG-USA) Price: $13.17

Riley Exploration Permian (REPX-USA) Price: $23.91

Ring Energy (REI-USA) Price: $2.79

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$8.8/1P boe $9.7/1P boe $72,981/boepd $18,784/boepd

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$13.0/1P boe $9.7/1P boe $68,978/boepd $44,368/boepd

Valuation Metric

Company

Reserves Production

Company

Reserves Production

(25.8%) (35.7%)

Comparator Difference to Comparator

$386.9/1P boe $9.7/1P boe $1,573,378/boepd $44,368/boepd

Valuation Metric

10.0% (74.3%)

(97.5%) (97.2%)

Comparator Difference to Comparator

$16.7/1P boe $9.7/1P boe $100,744/boepd $44,368/boepd

(42.2%) (56.0%)

Integrated Major Imperial Oil (American) (IMO-USA) Price: $23.48

Valuation Metric

Company

IOC Ratio

Comparator Difference to Comparator

$37,408.0/boepd $37,408.0/boepd

0.0%

Other Adams Resources & Energy (AE-USA) Price: $33.53

Cheniere Energy (CQP-USA) Price: $43.29

Valuation Metric

Company

EV/EBITDA

8.4x

Valuation Metric

Company

Pipeline km

Metric

Sanchez Midstream

Valuation Metric

(SNMP-USA) Price: $1.05

-

Company

Pipeline km

Reserves Production

-

Comparator Difference to Comparator -

Company

-

Comparator Difference to Comparator -

Cheniere Energy (American) Valuation (LNG-USA) Price: $72.65

Comparator Difference to Comparator

-

Comparator Difference to Comparator

$44.8/1P boe $9.7/1P boe $146,099/boepd $44,368/boepd

(78.5%) (69.6%)

Royalty CKX Lands (CKX-USA) Price: $12.81

Valuation Metric

Company

Production

Comparator Difference to Comparator

$550,217/boepd $44,368/boepd

Services

47

(91.9%)


FTS International

Valuation Metric

Company

EV/EBITDA

7.7x

Valuation Metric

Company

EV/EBITDA

14.6x

Valuation Metric

Company

EV/EBITDA

9.1x

Core Laboratories (Amsterdam)

Valuation Metric

Company

(CLB-AMS) Price: €27.00

EV/EBITDA

21.5x

Fugro (Amsterdam)

Valuation Metric

Company

EV/EBITDA

6.5x

Valuation Metric

Company

EV/EBITDA

9.5x

Matrix Composites & Engineering

Valuation Metric

Company

(MCE-ASX) Price: A$0.14

EV/EBITDA

1.3x

Valuation Metric

Company

Resources

$0.0/boe

Valuation Metric

Company

Resources

$0.2/boe

Valuation Metric

Company

Resources

$0.3/boe

(FTSI-USA) Price: $24.52

Comparator Difference to Comparator -

-

Amman Refining Jordan Petroleum Refinery (JOPT-AMM) Price: JOD2.69

Comparator Difference to Comparator -

-

Amsterdam Other Royal Vopak (Amsterdam) (VPK-AMS) Price: €41.51

Comparator Difference to Comparator -

-

Services

(FUR-AMS) Price: €8.80

SBM Offshore (Amsterdam) (SBMO-AMS) Price: €15.43

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

ASX Drillers Comparator Difference to Comparator -

-

Exploration 3D Oil (ASX) (TDO-ASX) Price: A$0.07

88 Energy (ASX) (88E-ASX) Price: A$0.03

ADX Energy (ASX) (ADX-ASX) Price: A$0.0100

48

Comparator Difference to Comparator $0.1/boe

956.8%

Comparator Difference to Comparator $0.1/boe

(60.1%)

Comparator Difference to Comparator $2.2/boe

708.4%


Ansila Energy (ASX)

Valuation Metric

Company

Resources

$2.9/boe

Valuation Metric

Company

Resources

$0.1/boe

Carnarvon Petroleum (ASX) Valuation

Company

(ANA-ASX) Price: A$0.02

Carbon Minerals (CRM-ASX) Price: A$0.33

(CVN-ASX) Price: A$0.26

Metric Resources

$7.8/boe

Elixir Energy (ASX)

Valuation Metric

Company

Resources

$0.1/boe

Valuation Metric

Company

Resources

$0.0/boe

Valuation Metric

Company

Resources

$0.0/boe

Valuation Metric

Company

Resources

$0.1/boe

Valuation Metric

Company

Resources

$0.0/boe

Valuation Metric

Company

Resources

$0.0/boe

Valuation Metric

Company

Resources

$0.0/boe

Valuation Metric

Company

Resources

$0.1/boe

Valuation Metric

Company

Resources

$0.6/boe

Valuation Metric

Company

EV/EBITDA

19.3x

Valuation Metric

Company

EV/EBITDA

311.3x

(EXR-ASX) Price: A$0.31

Emperor Energy (EMP-ASX) Price: A$0.03

Empire Energy (EEG-ASX) Price: A$0.35

Gas2Grid (GGX-ASX) Price: A$0.0045

Global Oil & Gas (ASX) (GLV-ASX) Price: A$0.03

Melbana Energy (ASX) (MAY-ASX) Price: A$0.02

Real Energy (RLE-ASX) Price: A$0.09

Talon Petroleum (ASX) (TPD-ASX) Price: A$0.0070

Tlou Energy (ASX) (TOU-ASX) Price: A$0.07

Triangle Energy (Global) (TEG-ASX) Price: A$0.03

Vintage Energy (VEN-ASX) Price: A$0.06

49

Comparator Difference to Comparator $2.2/boe

(23.7%)

Comparator Difference to Comparator $2.2/boe

3,596.0%

Comparator Difference to Comparator $2.2/boe

(71.9%)

Comparator Difference to Comparator $0.1/boe

(55.1%)

Comparator Difference to Comparator $2.2/boe

5,343.5%

Comparator Difference to Comparator $0.1/boe

93.1%

Comparator Difference to Comparator $0.1/boe

(31.8%)

Comparator Difference to Comparator $0.1/boe

626.4%

Comparator Difference to Comparator $0.1/boe

398.3%

Comparator Difference to Comparator $0.1/boe

358.6%

Comparator Difference to Comparator $0.1/boe

(38.8%)

Comparator Difference to Comparator $2.2/boe

239.3%

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Warrego Energy (WGO-ASX) Price: A$0.22

Valuation Metric

Company

Resources

$1.5/boe

Comparator Difference to Comparator $2.2/boe

46.1%

Exploration & Production Armour Energy (AJQ-ASX) Price: A$0.03

Australis Oil & Gas (ASX) (ATS-ASX) Price: A$0.05

Bass Oil (BAS-ASX) Price: A$0.0015

Beach Energy (ASX) (BPT-ASX) Price: A$1.74

Blue Energy (BLU-ASX) Price: A$0.08

Bounty Oil & Gas (ASX) (BUY-ASX) Price: A$0.02

Buru Energy (ASX) (BRU-ASX) Price: A$0.16

Byron Energy (ASX) (BYE-ASX) Price: A$0.14

Central Petroleum (CTP-ASX) Price: A$0.13

Comet Ridge (COI-ASX) Price: A$0.07

Valuation Metric

Company

Reserves Production Resources

Comparator Difference to Comparator

$1.4/2P boe $2.9/2P boe $17,511/boepd $23,318/boepd $0.2/boe $2.2/boe

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$0.7/2P boe $8.0/2P boe $22,545/boepd $34,308/boepd

Valuation Metric

Company

Reserves Production

Company

Reserves Production

Company

Reserves Resources

$43.9/2P boe $0.4/boe

Valuation Metric

Company

Reserves Resources

$14.4/2P boe $0.1/boe

Valuation Metric

Company

Production

Company

Reserves Production

$2.9/2P boe $2.2/boe

Company

Reserves Production

$8.0/2P boe $0.1/boe

Company

Reserves Resources

$0.4/2P boe $0.0/boe

50

(44.3%) (40.2%)

Comparator Difference to Comparator (37.3%)

Comparator Difference to Comparator 10.8% (50.7%)

Comparator Difference to Comparator

$112.5/2P boe $8.0/2P boe $366,945/boepd $34,308/boepd

Valuation Metric

(93.3%) 427.9%

Comparator Difference to Comparator

$2.7/2P boe $2.9/2P boe $69,603/boepd $34,308/boepd

Valuation Metric

(36.1%)

Comparator Difference to Comparator

$54,729/boepd $34,308/boepd

Valuation Metric

188.8% (92.8%)

Comparator Difference to Comparator

$14.5/1P boe $36,488/boepd $23,318/boepd

Valuation Metric

1,061.3% 52.2%

Comparator Difference to Comparator

$2.8/2P boe $8.0/2P boe $479,702/boepd $34,308/boepd

Valuation Metric

118.0% 33.2% 1,059.0%

(92.9%) (90.7%)

Comparator Difference to Comparator $2.9/2P boe $0.1/boe

591.7% 347.4%


Cooper Energy (COE-ASX) Price: A$0.29

Cue Energy (CUE-ASX) Price: A$0.07

Fremont Petroleum (ASX) (FPL-ASX) Price: A$0.0030

Grand Gulf Energy (GGE-ASX) Price: A$0.01

Horizon Oil (ASX) (HZN-ASX) Price: A$0.09

Jupiter Energy (ASX) (JPR-ASX) Price: A$0.05

Karoon Energy (ASX) (KAR-ASX) Price: A$1.09

Lion Energy (LIO-ASX) Price: A$0.03

NZ Oil & Gas (ASX) (NZO-ASX) Price: A$0.42

Oil Search (ASX) (OSH-ASX) Price: A$4.26

Oilex (ASX) (OEX-ASX) Price: A$0.0030

Valuation Metric

Company

Production

Comparator Difference to Comparator

$684,771/boepd $34,308/boepd

Valuation Metric

Company

Reserves Production Resources

Comparator Difference to Comparator

$4.8/2P boe $2.9/2P boe $16,609/boepd $34,308/boepd $13.7/boe $2.2/boe

Valuation Metric

Company

Reserves Resources

$1.0/2P boe $0.0/boe

Valuation Metric

Company

Reserves Production

Company

Reserves Production

$2.9/2P boe $2.2/boe

Company

Production

Company

Reserves Production Resources

Company

Reserves Resources

$10.4/2P boe $0.1/boe

Valuation Metric

Company

EV/EBITDA

0.8x

Valuation Metric

Company

Reserves Production

Company

Reserves Resources

$0.5/2P boe $0.1/boe

51

313.7%

Comparator Difference to Comparator 3.5% 51.4% (87.9%)

Comparator Difference to Comparator $8.0/2P boe $2.2/boe

(23.1%) 2,214.9%

Comparator Difference to Comparator -

-

Comparator Difference to Comparator

$21.2/2P boe $2.9/2P boe $132,389/boepd $23,318/boepd

Valuation Metric

454.3% 226.6%

Comparator Difference to Comparator

$7.7/2P boe $8.0/2P boe $22,654/boepd $34,308/boepd $18.1/boe $2.2/boe

Valuation Metric

18.1% 46.2%

Comparator Difference to Comparator

$8,293/boepd $34,308/boepd

Valuation Metric

190.5% 5,227.5%

Comparator Difference to Comparator

$0.5/2P boe $2.9/2P boe $10,506/boepd $34,308/boepd

Valuation Metric

(38.1%) 106.6% (84.0%)

Comparator Difference to Comparator

$6.8/2P boe $8.0/2P boe $15,954/boepd $23,318/boepd

Valuation Metric

(95.0%)

(86.1%) (82.4%)

Comparator Difference to Comparator $2.9/2P boe $2.2/boe

477.7% 2,062.9%


Otto Energy (ASX) (OEL-ASX) Price: A$0.0080

Po Valley Energy (PVE-ASX) Price: A$0.03

Santos (ASX) (STO-ASX) Price: A$7.17

Senex Energy (SXY-ASX) Price: A$2.93

Tamaska Oil & Gas (TMK-ASX) Price: A$0.0090

Winchester Energy (ASX) (WEL-ASX) Price: A$0.02

Valuation Metric

Company

Reserves Production

$1.8/2P boe $2.9/2P boe $7,795/boepd $34,308/boepd

Valuation Metric

61.7% 340.2%

Company Comparator Difference to Comparator

Reserves Production Resources

$12.4/2P boe $2.9/2P boe $47,572,884/boepd $23,318/boepd $1.2/boe $2.2/boe

Valuation Metric

Company

Reserves Production Valuation Metric

Company

Reserves Production

Company

Reserves Resources

$78.1/2P boe $7035.3/boe

Valuation Metric

Company

Reserves Production Resources

Company

Reserves Production

(25.5%) (74.9%)

Comparator Difference to Comparator $2.9/2P boe $2.2/boe

(96.2%) (100.0%)

Comparator Difference to Comparator

$6.0/2P boe $8.0/2P boe $43,512/boepd $34,308/boepd $1.5/boe $2.2/boe

Metric

(96.0%) (92.4%)

Comparator Difference to Comparator

$4.0/2P boe $2.9/2P boe $136,860/boepd $34,308/boepd

Valuation Metric

(76.3%) (100.0%) 84.4%

Comparator Difference to Comparator

$199.9/2P boe $8.0/2P boe $450,040/boepd $34,308/boepd

Woodside Petroleum (ASX) Valuation (WPL-ASX) Price: A$24.47

Comparator Difference to Comparator

34.1% (21.2%) 48.3%

Comparator Difference to Comparator

$17.2/2P boe $2.9/2P boe $82,758/boepd $23,318/boepd

(82.9%) (71.8%)

Other AJ Lucas (AJL-ASX) Price: A$0.03

Ampol (ASX) (ALD-ASX) Price: A$24.56

APA (ASX) (APA-ASX) Price: A$9.99

Boart Longyear (ASX) (BLY-ASX) Price: A$0.58

Valuation Metric

Company

EV/EBITDA

5.3x

Valuation Metric

Company

EV/EBITDA

6.5x

Valuation Metric

Company

Pipeline km

Comparator Difference to Comparator -

Comparator Difference to Comparator -

Company

EV/EBITDA

0.2x

52

-

Comparator Difference to Comparator $1,100,884/km

Valuation Metric

-

0.0%

Comparator Difference to Comparator -

-


Tempo

Valuation Metric

Company

EV/EBITDA

21.1x

Valuation Metric

Company

EV/EBITDA

5.4x

Valuation Metric

Company

EV/EBITDA

0.5x

Valuation Metric

Company

EV/EBITDA

7.2x

Valuation Metric

Company

EV/EBITDA

8.1x

REVOIL Petroleum (Athens) Valuation

Company

(TPP-ASX) Price: A$0.10

Z Energy (ASX) (ZEL-ASX) Price: A$2.68

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Services MMA Offshore (MRM-ASX) Price: A$0.31

Worley (ASX) (WOR-ASX) Price: A$10.71

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Athens Other Elinoil (Athens) (ELIN-ATH) Price: €1.92

(REVOIL-ATH) Price: €1.12

Metric EV/EBITDA

5.9x

Hellas Corinth Refineries (Athens)

Valuation Metric

Company

(MOH-ATH) Price: €12.71

EV/EBITDA

6.0x

Hellenic Petroleum (Athens) Valuation

Company

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Refining

(ELPE-ATH) Price: €5.43

Metric Stream Day

$11,560/bpsd

Valuation Metric

Company

EV/EBITDA

4.7x

Valuation Metric

Company

EV/EBITDA

10.2x

Comparator Difference to Comparator -

-

Comparator Difference to Comparator $11,560/bpsd

0.0%

Belgrade Refining NIS AD (NIIS-BEL) Price: RSD620

Comparator Difference to Comparator -

-

Berlin Other MARNA Beteiligungen (M5S-BER) Price: €2.30

Brussels Other

53

Comparator Difference to Comparator -

-


Euronav (Brussels) (EURN-BRU) Price: €8.00

Fluxys Belgium (Brussels) (FLUX-BRU) Price: €33.00

Valuation Metric

Company

EV/EBITDA

9.2x

Valuation Metric

Company

Pipeline km

Comparator Difference to Comparator -

-

Comparator Difference to Comparator $538,402/km

0.0%

Services EXMAR (Brussels)

Valuation Metric

Company

EV/EBITDA

4.5x

Valuation Metric

Company

EV/EBITDA

63.9x

Valuation Metric

Company

EV/EBITDA

12.6x

Valuation Metric

Company

EV/EBITDA

5.9x

Valuation Metric

Company

EV/EBITDA

12.5x

Valuation Metric

Company

EV/EBITDA

15.8x

Selan Exploration Technology Valuation

Company

(EXM-BRU) Price: €3.50

Comparator Difference to Comparator -

-

BSE India Drillers Aban Offshore (523204-BOM) Price: ₹33.20

Jindal Drilling & Industries (511034-BOM) Price: ₹96.00

Maharashtra Seamless (500265-BOM) Price: ₹279

United Drilling Tools (522014-BOM) Price: ₹264

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Exploration Hindustan Oil Exploration (500186-BOM) Price: ₹97.85

(530075-BOM) Price: ₹131

Metric EV/EBITDA

10.0x

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Exploration & Production Gujarat Natural Resources (513536-BOM) Price: ₹14.15

Oil India (533106-BOM) Price: ₹118

Valuation Metric

Company

Production

$148,213/boepd

Valuation Metric

Company

Pipeline km Reserves Production

Comparator Difference to Comparator -

-

Comparator Difference to Comparator 0.0%

$2.2/2P boe $72,644/boepd

Integrated Major 54

$2.2/2P boe


Indian Oil

Valuation Metric

Company

EV/EBITDA

6.9x

Valuation Metric

Company

EV/EBITDA

22.9x

Valuation Metric

Company

EV/EBITDA

79.7x

Valuation Metric

Company

EV/EBITDA

10.3x

Valuation Metric

Company

EV/EBITDA

24.7x

Kesar Terminals & Infrastructure

Valuation Metric

Company

(533289-BOM) Price: ₹31.95

EV/EBITDA

1.8x

Maximus International

Valuation Metric

Company

EV/EBITDA

27.2x

Valuation Metric

Company

EV/EBITDA

7.4x

Valuation Metric

Company

EV/EBITDA

6.2x

Valuation Metric

Company

EV/EBITDA

61.3x

Valuation Metric

Company

EV/EBITDA

10.8x

Valuation Metric

Company

EV/EBITDA

9.7x

Valuation Metric

Company

EV/EBITDA

5.3x

(530965-BOM) Price: ₹96.65

Comparator Difference to Comparator -

-

Other Aegis Logistics (500003-BOM) Price: ₹286

Essar Shipping (533704-BOM) Price: ₹8.89

GAIL (532155-BOM) Price: ₹135

Indraprastha Gas (532514-BOM) Price: ₹520

(540401-BOM) Price: ₹131

Petronet Lng (532522-BOM) Price: ₹230

Regent Enterprises (512624-BOM) Price: ₹2.94

Sanmit Infra (532435-BOM) Price: ₹107

Shipping of India (523598-BOM) Price: ₹118

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Refining Bharat Petroleum (500547-BOM) Price: ₹437

Chennai Petroleum (500110-BOM) Price: ₹104

55

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Hindustan Petroleum

Valuation Metric

Company

EV/EBITDA

6.0x

Mangalore Refinery & Petrochemicals

Valuation Metric

Company

(500109-BOM) Price: ₹39.75

EV/EBITDA

76.0x

Oil & Natural Gas

Valuation Metric

Company

Comparator Difference to Comparator

Reserves Production

$13.7/1P boe $67,127/boepd

-

Valuation Metric

Company

Comparator Difference to Comparator

Stream Day Reserves Production IOC Ratio

$184,618/bpsd $395.5/1P boe $4,401,239/boepd $184,456.1/boepd

Valuation Metric

Company

EV/EBITDA

8.8x

Valuation Metric

Company

EV/EBITDA

6.3x

Valuation Metric

Company

EV/EBITDA

2.4x

Valuation Metric

Company

EV/EBITDA

14.4x

Valuation Metric

Company

EV/EBITDA

31.1x

(500104-BOM) Price: ₹236

(500312-BOM) Price: ₹108

Reliance Industries (500325-BOM) Price: ₹2,083

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

$184,618/bpsd

-

0.0%

Services Alphageo (526397-BOM) Price: ₹193

Asian Oilfield Svs (530355-BOM) Price: ₹98.60

Global Vectra Helicorp (532773-BOM) Price: ₹41.40

SEAMEC (526807-BOM) Price: ₹416

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Bucharest Drillers Dafora (DAFR-BSE) Price: RON0.01

Comparator Difference to Comparator -

-

Exploration & Production SNGN Romgaz (Bucharest) (SNG-BSE) Price: RON32.95

Valuation Metric

Company

Production

Comparator Difference to Comparator

$34,057/boepd $34,057/boepd

0.0%

Integrated Major OMV Petrom (Bucharest) (SNP-BSE) Price: RON0.42

Valuation Metric

Company

EV/EBITDA

2.7x

56

Comparator Difference to Comparator -

-


Midstream Conpet (Bucharest)

Valuation Metric

Company

EV/EBITDA

4.8x

Valuation Metric

Company

EV/EBITDA

5.3x

SNTGN Transgaz (Bucharest) Valuation

Company

(COTE-BSE) Price: RON89.00

Oil Terminal (Bucharest) (OIL-BSE) Price: RON0.19

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Other (TGN-BSE) Price: RON293

Metric EV/EBITDA

7.5x

Rompetrol Well Svs (Bucharest)

Valuation Metric

Company

(PTR-BSE) Price: RON0.43

EV/EBITDA

19.2x

MOL Hungarian O&G (Budapest)

Valuation Metric

Company

(MOL-BUD) Price: F2,146

EV/EBITDA

3.8x

Valuation Metric

Company

EV/EBITDA

3.8x

Comparator Difference to Comparator -

-

Services Comparator Difference to Comparator -

-

Budapest Integrated Major Comparator Difference to Comparator -

-

Buenos Aires Exploration Capex (CAPX-BUE) Price: A₱68.00

Comparator Difference to Comparator -

-

Exploration & Production Phoenix Global (Buenos Aires)

Valuation Metric

(PGR-BUE) Price: A₱11.10

Reserves Production

Company

Comparator Difference to Comparator

$11.1/2P boe $11.1/2P boe $65,465/boepd $65,465/boepd

0.0% 0.0%

Integrated Major BP (ArDR) (BP-BUE) Price: A₱754

RDS (ArDR) (RDS-BUE) Price: A₱2,938

Valuation Metric

Company

IOC Ratio

Comparator Difference to Comparator

$49,161.3/boepd $49,161.3/boepd

Valuation Metric

Company

IOC Ratio

Comparator Difference to Comparator

$60,060.7/boepd $37,233.0/boepd

57

0.0%

(38.0%)


YPF (D) (YPFD-BUE) Price: A₱648

Valuation Metric

Company

IOC Ratio

Comparator Difference to Comparator

$14,405.2/boepd $37,233.0/boepd

158.5%

Other Sociedad CdP (Buenos Aires) Valuation

Company

(COME-BUE) Price: A₱2.41

Metric

Transportadora DGDN (Buenos Aires)

Valuation Metric

(TGNO4-BUE) Price: A₱36.45

Pipeline km

Transportadora DGDS

Valuation Metric

Company

EV/EBITDA

2.5x

Valuation Metric

Company

EV/EBITDA

8.6x

Valuation Metric

Company

Resources

$0.4/boe

(TGSU2-BUE) Price: A₱136

Reserves

$1.7/1P boe Company

Comparator Difference to Comparator $1.7/1P boe

0.0%

Comparator Difference to Comparator $3,728/km

0.0%

Comparator Difference to Comparator -

-

Bulgaria Exploration Oil and Gas E&P (Bulgaria) (NGAZ-BUL) Price: BGN3.70

Comparator Difference to Comparator -

-

CNQ Exploration Canadian Overseas (CNQ) (XOP-CNQ) Price: C$0.02

Comparator Difference to Comparator $0.4/boe

0.0%

Colombia Exploration & Production Canacol Energy (Colombia) (CNEC-BOG) Price: CO₱10,050

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$9.4/2P boe $9.4/2P boe $37,239/boepd $37,239/boepd

0.0% 0.0%

Integrated Major Ecopetrol (ECOPETROL-BOG) Price: CO₱2,370

Valuation Metric

Company

IOC Ratio

Comparator Difference to Comparator

$54,192.3/boepd $54,192.3/boepd

0.0%

Other Organizacion Terpel (TERPEL-BOG) Price: CO₱7,800

Valuation Metric

Company

EV/EBITDA

5.4x

58

Comparator Difference to Comparator -

-


Promigas ESP

Valuation Metric

Company

EV/EBITDA

10.6x

Valuation Metric

Company

EV/EBITDA

16.4x

Valuation Metric

Company

EV/EBITDA

13.8x

Drilling (1972) (Copenhagen) Valuation

Company

(PROMIGAS-BOG) Price: CO₱7,300

Comparator Difference to Comparator -

-

Colombo Other LAUGFS Gas (N) (LGL.N0000-COL) Price: LKR19.10

LAUGFS Gas (X) (LGL.X0000-COL) Price: LKR15.00

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Copenhagen Drillers (DRLCO-CSE) Price: DKK251

Metric EV/EBITDA

5.7x

Valuation Metric

Company

EV/EBITDA

7.6x

Valuation Metric

Company

EV/EBITDA

13.5x

Valuation Metric

Company

EV/EBITDA

9.8x

CVO Petrochemical Refinery Valuation

Company

Comparator Difference to Comparator -

-

Other TORM (Copenhagen) (TRMD.A-CSE) Price: DKK58.20

Comparator Difference to Comparator -

-

Cyprus Other Petrolina (Cyprus) (PHL-CYS) Price: €1.00

Comparator Difference to Comparator -

-

Dhaka Other Navana CNG (NAVANACNG-DHA) Price: BDT34.00

Comparator Difference to Comparator -

-

Refining (CVOPRL-DHA) Price: BDT115

Metric EV/EBITDA

162.0x

Valuation Metric

Company

EV/EBITDA

12.2x

Comparator Difference to Comparator -

-

Doha Other Qatar Fuel (QFLS-DSMD) Price: QAR17.15

59

Comparator Difference to Comparator -

-


Qatar Gas Transport

Valuation Metric

Company

EV/EBITDA

11.1x

Valuation Metric

Company

EV/EBITDA

9.9x

Providence Resources (Dublin)

Valuation Metric

Company

(PZQA-DUB) Price: €0.05

Resources

$0.2/boe

(QGTS-DSMD) Price: QAR3.17

Comparator Difference to Comparator -

-

Services Gulf International Svs (GISS-DSMD) Price: QAR1.48

Comparator Difference to Comparator -

-

Dublin Exploration Comparator Difference to Comparator $0.2/boe

0.0%

Exploration & Production PetroNeft Resources (Dublin) Valuation (P8ET-DUB) Price: €0.03

Metric

Tullow Oil (Dublin)

Valuation Metric

(TQW-DUB) Price: €0.60

Company

Reserves Production

Comparator Difference to Comparator

$0.5/2P boe $17,619/boepd $32,452/boepd Company

Production

84.2%

Comparator Difference to Comparator

$47,286/boepd $32,452/boepd

(31.4%)

Egypt Refining Alexandria Mineral Oils

Valuation Metric

Company

EV/EBITDA

78.0x

Valuation Metric

Company

EV/EBITDA

101.3x

National Oilwell Varco (Frankfurt)

Valuation Metric

Company

(NO8-FRA) Price: €11.89

EV/EBITDA

24.8x

Tenaris (ADR) (Frankfurt)

Valuation Metric

Company

EV/EBITDA

14.0x

(AMOC-CAI) Price: E£2.66

Comparator Difference to Comparator -

-

Services Maridive & Oil SvsE (MOIL-CAI) Price: $0.17

Comparator Difference to Comparator -

-

Frankfurt Drillers

(TW1-FRA) Price: €18.20

60

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Vallourec (Frankfurt) (VACD-FRA) Price: €29.18

Valuation Metric

Company

EV/EBITDA

10.4x

Comparator Difference to Comparator -

-

Exploration & Production APA (Frankfurt) (2S3-FRA) Price: €15.88

CNOOC (ADR) (Frankfurt) (NC2A-FRA) Price: €99.50

CNOOC (Frankfurt) (NC2B-FRA) Price: €0.90

Valuation Metric Reserves Production

Reserves Production

Reserves Production

Great Eastern Energy (Frankfurt)

Valuation Metric

(D5T1-FRA) Price: €0.09

Reserves Production Resources

Ovintiv (Frankfurt)

Valuation Metric

(OCS1-FRA) Price: €0.23

PTT E&P (AM) (Frankfurt) (PTTG-FRA) Price: €3.00

QEP Resources (Frankfurt) (Q8Q-FRA) Price: €3.42

Company

Reserves Production

Company

Reserves

$7.8/2P boe

Valuation Metric

Company

Reserves Production

Company

Reserves Production

SNGN Romgaz (GDR-S) (Frankfurt)

Valuation Metric

(RZ8G-FRA) Price: €6.60

Production

$7.8/2P boe

(33.2%) (15.1%)

Comparator Difference to Comparator (19.4%) (18.7%)

Comparator Difference to Comparator

$32,846/boepd $26,603/boepd

61

0.0%

Comparator Difference to Comparator

$6.5/1P boe $5.3/1P boe $28,319/boepd $23,017/boepd Company

(25.5%) 15.9%

Comparator Difference to Comparator

$11.5/1P boe $7.7/1P boe $31,339/boepd $26,603/boepd

Valuation Metric

180.8% (34.1%)

Comparator Difference to Comparator

$3.1/2P boe $2.3/2P boe $22,950/boepd $26,603/boepd

Valuation Metric

103.8% 46.6%

Comparator Difference to Comparator

$0.8/2P boe $2.3/2P boe $40,360/boepd $26,603/boepd $0.7/boe Company

11.1% 26.3%

Comparator Difference to Comparator

$2.6/1P boe $5.3/1P boe $15,697/boepd $23,017/boepd Company

(8.4%) 4.1%

Comparator Difference to Comparator

$4.8/1P boe $5.3/1P boe $18,226/boepd $23,017/boepd Company

(21.7%) 85.8%

Comparator Difference to Comparator

$5.8/1P boe $5.3/1P boe $22,104/boepd $23,017/boepd

Valuation Metric

(SCF-FRA) Price: €21.00

Pharos Energy (Frankfurt)

Company

Reserves Production

Valuation Metric

Comparator Difference to Comparator

$6.7/1P boe $5.3/1P boe $14,315/boepd $26,603/boepd

Valuation Metric

Gazprom Neft (ADR) (Frankfurt)

(47Q-FRA) Price: €20.40

Company

(19.0%)


Tatneft (ADR) (Frankfurt) (TTFB-FRA) Price: €40.80

Valuation Metric

Company

Production

Comparator Difference to Comparator

$30,740/boepd $23,017/boepd

(25.1%)

Integrated Major BP (ADR) (Frankfurt) (BSU-FRA) Price: €21.20

CPNC (H) (Frankfurt) (CHU-FRA) Price: €0.44

Eni (ADR) (Frankfurt) (ENI1-FRA) Price: €20.20

Equinor (ADR) (Frankfurt) (DNQA-FRA) Price: €16.40

Equinor (Frankfurt) (DNQ-FRA) Price: €16.28

Valuation Metric

Company

IOC Ratio

$29,919.9/boepd $18,013.1/boepd

Valuation Metric

Company

EV/EBITDA

0.6x

Valuation Metric

Company

IOC Ratio Valuation Metric

Company

IOC Ratio

Company

IOC Ratio

Company

Metric EV/EBITDA

3.7x

MOL Hungarian O&G (Frankfurt)

Valuation Metric

Company

(MOGB-FRA) Price: €5.72

EV/EBITDA

3.8x

PetroBras (ADR) (Frankfurt) Valuation

Company

(PJXA-FRA) Price: €6.90

Metric EV/EBITDA

0.9x

PetroBras (Pref) (ADR) (Frankfurt)

Valuation Metric

Company

(PJX-FRA) Price: €7.10

EV/EBITDA

0.7x

PetroChina (H) (Frankfurt)

Valuation Metric

Company

(PTOG-FRA) Price: €1.09

RDS-A (ADR) (Frankfurt) (R6C1-FRA) Price: €35.00

RDS-B (ADR) (R6C2-FRA) Price: €32.80

IOC Ratio

Company

EV/EBITDA

4.9x

Valuation Metric

Company

IOC Ratio

Company

IOC Ratio

(34.8%)

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator 69.9%

Comparator Difference to Comparator -

-

Comparator Difference to Comparator (1.1%)

Comparator Difference to Comparator

$25,360.7/boepd $27,813.7/boepd

62

(35.2%)

Comparator Difference to Comparator

$28,113.3/boepd $27,813.7/boepd

Valuation Metric

(43.1%)

Comparator Difference to Comparator

$10,601.4/boepd $18,013.1/boepd

Valuation Metric

-

Comparator Difference to Comparator

$42,676.2/boepd $27,813.7/boepd

(MOGG-FRA) Price: €2.80

PTT (AM) (Frankfurt)

-

$42,918.3/boepd $27,813.7/boepd

Valuation Metric

(39.8%)

Comparator Difference to Comparator

$31,642.0/boepd $18,013.1/boepd

MOL Hungarian O&G (ADR) Valuation

(PC6-FRA) Price: €0.32

Comparator Difference to Comparator

9.7%


Rosneft Oil (GDR) (Frankfurt) Valuation

Company

(OJS1-FRA) Price: €6.28

Metric EV/EBITDA

4.9x

Total (B) (ADR) (Frankfurt)

Valuation Metric

Company

(TOTA-FRA) Price: €39.66

IOC Ratio

Comparator Difference to Comparator -

-

Comparator Difference to Comparator

$46,453.7/boepd $18,013.1/boepd

(61.2%)

Other Beijing Enterprises (Frankfurt)

Valuation Metric

Company

(BJEB-FRA) Price: €2.96

EV/EBITDA

7.1x

COSCO Shipping (H) (Frankfurt)

Valuation Metric

Company

(HIFH-FRA) Price: €0.37

EV/EBITDA

2.6x

Delek (ADR) (Frankfurt)

Valuation Metric

Company

(6D40-FRA) Price: €4.12

Dorian LPG (Frankfurt) (0DA-FRA) Price: €11.09

Enagas (Frankfurt) (EG4-FRA) Price: €17.86

Production Valuation Metric

Company

EV/EBITDA

5.0x

Valuation Metric

Company

Pipeline km Company

(37W-FRA) Price: €6.75

EV/EBITDA

9.5x

Frontline (Frankfurt)

Valuation Metric

Company

EV/EBITDA

14.6x

Valuation Metric

Company

EV/EBITDA

10.0x

Valuation Metric

Company

EV/EBITDA

5.7x

Valuation Metric

Company

(8GCA-FRA) Price: €6.35

Glencore (Frankfurt) (8GC-FRA) Price: €3.24

KunLun Energy (Frankfurt) (CTJ1-FRA) Price: €0.85

Reserves Production

-

Valuation Metric

Company

(B3O-FRA) Price: €2.94

EV/EBITDA

11.0x

63

-

Comparator Difference to Comparator (34.3%)

Comparator Difference to Comparator -

-

Comparator Difference to Comparator 124.7%

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator

$59.8/1P boe $5.3/1P boe $103,145/boepd $23,017/boepd

Nordic American Tankers (Frankfurt)

-

Comparator Difference to Comparator

$874,947/km

Valuation Metric

Glencore (ADR) (Frankfurt)

-

$40,516/boepd $26,603/boepd

Equitrans Midstream (Frankfurt)

(FRLN-FRA) Price: €6.43

Comparator Difference to Comparator

(91.2%) (77.7%)

Comparator Difference to Comparator -

-


Scorpio Tankers (Frankfurt) (S0QA-FRA) Price: €16.02

Teekay (Frankfurt) (TCD-FRA) Price: €2.98

Valuation Metric

Company

EV/EBITDA

6.1x

Valuation Metric

Company

EV/EBITDA

5.2x

Valuation Metric

Company

Stream Day

$18,250/bpsd

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Refining IRPC (AM) (Frankfurt) (TPIG-FRA) Price: €0.09

Reliance Industries (GDR) (Frankfurt)

Valuation Metric

(RLI-FRA) Price: €46.80

Stream Day Reserves Production IOC Ratio

Sinopec Shanghai Petrochemical (H) (ADR)

Valuation Metric

Company

(SHI-FRA) Price: €21.20

EV/EBITDA

2.0x

Valuation Metric

Company

EV/EBITDA

4.4x

China Oilfield Svs (H) (Frankfurt)

Valuation Metric

Company

(CO9-FRA) Price: €0.85

EV/EBITDA

3.0x

Schlumberger (Frankfurt)

Valuation Metric

Company

EV/EBITDA

11.4x

Sembcorp Marine (Frankfurt) Valuation

Company

Company

Comparator Difference to Comparator $99,234/bpsd

443.7%

Comparator Difference to Comparator

$180,218/bpsd $99,234/bpsd $386.1/1P boe $7.7/1P boe $4,296,329/boepd $26,603/boepd $180,059.3/boepd $27,813.7/boepd

(44.9%) (98.0%) (99.4%) (84.6%)

Comparator Difference to Comparator -

-

Services CGG (ADR) (Frankfurt) (GDGF-FRA) Price: €1.04

(SCL-FRA) Price: €23.10

(S8N-FRA) Price: €0.09

Metric EV/EBITDA

86.1x

ShawCor (Frankfurt)

Valuation Metric

Company

EV/EBITDA

13.4x

Valuation Metric

Company

EV/EBITDA

4.6x

Valuation Metric

Company

EV/EBITDA

14.2x

(S9W-FRA) Price: €3.98

TechnipFMC (Frankfurt) (1T1-FRA) Price: €6.31

Tidewater (Frankfurt) (TD9-FRA) Price: €10.50

64

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Ghana Other Ghana Oil (GOIL-GHA) Price: GHS1.51

Valuation Metric

Company

EV/EBITDA

4.0x

Valuation Metric

Company

EV/EBITDA

2.7x

Valuation Metric

Company

EV/EBITDA

3.4x

Valuation Metric

Company

EV/EBITDA

1.1x

Valuation Metric

Company

EV/EBITDA

13.4x

Valuation Metric

Company

EV/EBITDA

5.5x

Valuation Metric

Company

EV/EBITDA

6.6x

Valuation Metric

Company

EV/EBITDA

18.8x

Valuation Metric

Company

EV/EBITDA

5.2x

Valuation Metric

Company

EV/EBITDA

3.2x

Comparator Difference to Comparator -

-

Hanoi Other Petrolimex Hanoi T&T (PJC-HSTC) Price: ₫22,200

Petrolimexigon T&S (PSC-HSTC) Price: ₫13,500

PetroVietnam LPG (PVG-HSTC) Price: ₫10,600

Phu Yen Petrovietnam Oil (PPY-HSTC) Price: ₫16,000

Southern Gas Trading (PGS-HSTC) Price: ₫20,300

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Services PetroVietnam TS (PVS-HSTC) Price: ₫23,500

Comparator Difference to Comparator -

-

Helsinki Refining Neste (Helsinki) (NESTE-HEL) Price: €49.57

Comparator Difference to Comparator -

-

Hong Kong Drillers CMIC Ocean (206-HKG) Price: HK$0.20

Dalipal (1921-HKG) Price: HK$1.15

65

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Hilong Holding

Valuation Metric

Company

EV/EBITDA

3.3x

Valuation Metric

Company

EV/EBITDA

0.3x

Sinopec Oilfield Service (H) (Hong Kong)

Valuation Metric

Company

(1033-HKG) Price: HK$0.72

EV/EBITDA

6.6x

Valuation Metric

Company

EV/EBITDA

34.7x

Valuation Metric

Company

Resources

$0.1/boe

(1623-HKG) Price: HK$0.29

Honghua (Hong Kong) (196-HKG) Price: HK$0.27

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Exploration China Energy Development (228-HKG) Price: HK$0.11

Polyard Petroleum (8011-HKG) Price: HK$0.08

Comparator Difference to Comparator -

-

Comparator Difference to Comparator $0.1/boe

0.0%

Exploration & Production AAG Energy (Hong Kong) (2686-HKG) Price: HK$1.23

CNOOC (Hong Kong) (883-HKG) Price: HK$8.24

IDG Energy Investment (650-HKG) Price: HK$0.85

MIE Holdings (1555-HKG) Price: HK$0.11

Persta Resources (3395-HKG) Price: HK$0.41

Valuation Metric

Company

Reserves Production

$2.2/2P boe $1.3/2P boe $18,622/boepd $17,835/boepd

Valuation Metric

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production Resources Valuation Metric

(2012-HKG) Price: HK$1.85

Reserves Production

(22.0%) 4.6% (79.3%)

Comparator Difference to Comparator

$1.2/2P boe $13.9/2P boe $98,169/boepd $17,785/boepd

66

1,156.2% 2,390.9%

Comparator Difference to Comparator

$1.7/2P boe $1.3/2P boe $17,049/boepd $17,835/boepd $0.5/boe $0.1/boe Company

(64.8%) (97.5%)

Comparator Difference to Comparator

$0.1/2P boe $1.3/2P boe $716/boepd $17,835/boepd

Valuation Metric

0.0% 0.0%

Comparator Difference to Comparator

$39.5/2P boe $13.9/2P boe $705,879/boepd $17,785/boepd

Valuation Metric

(39.0%) (4.2%)

Comparator Difference to Comparator

$4.6/1P boe $4.6/1P boe $17,785/boepd $17,785/boepd

Valuation Metric

Sunshine Oilsands (Hong Kong)

Comparator Difference to Comparator

1,085.9% (81.9%)


United Energy (Hong Kong) (467-HKG) Price: HK$1.49

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$55.2/1P boe $78,643/boepd $17,835/boepd

(77.3%)

Integrated Major China Petroleum & Chemical Valuation (Hong Kong) Metric

Company

(386-HKG) Price: HK$4.07

EV/EBITDA

0.6x

PetroChina (Hong Kong)

Valuation Metric

Company

(857-HKG) Price: HK$2.82

IOC Ratio

Comparator Difference to Comparator -

-

Comparator Difference to Comparator

$10,528.1/boepd $5,264.0/boepd

(50.0%)

Midstream Dragon Crown

Valuation Metric

Company

EV/EBITDA

4.7x

Beijing Enterprises (Hong Kong)

Valuation Metric

Company

(392-HKG) Price: HK$27.25

EV/EBITDA

7.1x

China CBM

Valuation Metric

Company

EV/EBITDA

1.8x

Valuation Metric

Company

EV/EBITDA

4.3x

COSCO Shipping (H) (Hong Valuation Kong) Metric

Company

(935-HKG) Price: HK$0.71

Comparator Difference to Comparator -

-

Other

(8270-HKG) Price: HK$0.04

CMBC Capital (1141-HKG) Price: HK$0.11

(1138-HKG) Price: HK$3.47

EV/EBITDA

2.7x

F8 Enterprises

Valuation Metric

Company

EV/EBITDA

7.9x

Valuation Metric

Company

EV/EBITDA

1.0x

Valuation Metric

Company

EV/EBITDA

11.7x

KunLun Energy (Hong Kong) Valuation

Company

(8347-HKG) Price: HK$0.11

JiaXing Gas (H) (9908-HKG) Price: HK$10.04

JTF International (8479-HKG) Price: HK$0.53

(135-HKG) Price: HK$8.02

Metric Reserves Production

Comparator Difference to Comparator -

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator

$62.0/1P boe $4.6/1P boe $107,074/boepd $17,785/boepd

67

-

(92.5%) (83.4%)


Sino Gas (1759-HKG) Price: HK$1.65

Sinopec Kantons (934-HKG) Price: HK$3.04

United Strength Power

Valuation Metric

Company

EV/EBITDA

2.3x

Valuation Metric

Company

Pipeline km Company

EV/EBITDA

36.4x

Valuation Metric

Company

EV/EBITDA

1.9x

Valuation Metric

Company

EV/EBITDA

3.1x

Yanchang Petroleum International

Valuation Metric

Company

(346-HKG) Price: HK$0.09

Reserves Production

Yuan Heng Gas

Valuation Metric

Company

EV/EBITDA

29.6x

Anton Oilfield Svs (Hong Kong)

Valuation Metric

Company

(3337-HKG) Price: HK$0.51

EV/EBITDA

5.8x

China Oilfield Svs (H) (Hong Valuation Kong) Metric

Company

Vico International (1621-HKG) Price: HK$0.11

Xin Yuan Enterprises (1748-HKG) Price: HK$1.49

(332-HKG) Price: HK$0.31

-

-

Comparator Difference to Comparator $1,081,181/km

Valuation Metric

(2337-HKG) Price: HK$8.46

Comparator Difference to Comparator

0.0%

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator

$13.9/2P boe $13.9/2P boe $128,924/boepd $17,785/boepd

0.0% (86.2%)

Comparator Difference to Comparator -

-

Services

(2883-HKG) Price: HK$7.82

EV/EBITDA

3.0x

SPT Energy

Valuation Metric

Company

EV/EBITDA

1.1x

Valuation Metric

Company

EV/EBITDA

10.9x

(1251-HKG) Price: HK$0.38

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Iceland Other Skeljungur hf (Iceland) (SKEL-ICE) Price: ISK10.05

Indonesia Drillers

68

Comparator Difference to Comparator -

-


Apexindo Pratama Duta (APEX-JKT) Price: Rp436

Valuation Metric

Company

EV/EBITDA

33.6x

Comparator Difference to Comparator -

-

Exploration & Production Energi Mega Persada (Indonesia)

Valuation Metric

(ENRG-JKT) Price: Rp115

Reserves

Medco Energi (Indonesia)

Valuation Metric

Company

Reserves Production

$12.8/2P boe $52,584/boepd

AKR Corporindo (Indonesia) Valuation

Company

(MEDC-JKT) Price: Rp610

Company $1.6/2P boe

Comparator Difference to Comparator $1.6/2P boe

0.0%

Comparator Difference to Comparator $1.6/2P boe

(87.2%)

Other (AKRA-JKT) Price: Rp3,330

Metric EV/EBITDA

9.8x

Berlian Laju Tanker (Indonesia)

Valuation Metric

Company

(BLTA-JKT) Price: Rp50.00

EV/EBITDA

19.7x

Buana Lintas Lautan

Valuation Metric

Company

EV/EBITDA

4.9x

Humpuss Intermoda Transportasi

Valuation Metric

Company

(HITS-JKT) Price: Rp450

EV/EBITDA

7.5x

Indah Prakasa Sentosa

Valuation Metric

Company

EV/EBITDA

41.3x

Valuation Metric

Company

EV/EBITDA

45.3x

Valuation Metric

Company

EV/EBITDA

30.5x

Valuation Metric

Company

EV/EBITDA

6.6x

Valuation Metric

Company

EV/EBITDA

4.3x

Valuation Metric

Company

EV/EBITDA

6.9x

(BULL-JKT) Price: Rp310

(INPS-JKT) Price: Rp2,480

Mitra (MIRA-JKT) Price: Rp50.00

Mitra Energi Persada (KOPI-JKT) Price: Rp565

Rukun Raharja (RAJA-JKT) Price: Rp228

Sillo Maritime (SHIP-JKT) Price: Rp645

Soechi Lines (SOCI-JKT) Price: Rp224

69

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Super Energy

Valuation Metric

Company

EV/EBITDA

29.3x

Valuation Metric

Company

EV/EBITDA

4.4x

Valuation Metric

Company

EV/EBITDA

2.7x

Valuation Metric

Company

EV/EBITDA

9.8x

Valuation Metric

Company

EV/EBITDA

3.6x

Valuation Metric

Company

EV/EBITDA

8.5x

Valuation Metric

Company

EV/EBITDA

9.7x

Valuation Metric

Company

EV/EBITDA

4.5x

Turkiye Petrol Rafinerileri AS Valuation

Company

(SURE-JKT) Price: Rp2,020

Comparator Difference to Comparator -

-

Services Elnusa (ELSA-JKT) Price: Rp374

Ginting Jaya Energi (WOWS-JKT) Price: Rp61.00

Logindomudramakmur (LEAD-JKT) Price: Rp50.00

Radiant Utama Interinsco (RUIS-JKT) Price: Rp246

Wintermar Offshore Marine (WINS-JKT) Price: Rp99.00

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Istanbul Other Aygaz AS (AYGAZ-IST) Price: ₺13.44

Comparator Difference to Comparator -

-

Refining Koc Holding AS (KCHOL-IST) Price: ₺19.00

(TUPRS-IST) Price: ₺84.00

Metric EV/EBITDA

7.1x

Valuation Metric

Company

EV/EBITDA

3.5x

Valuation Metric

Company

EV/EBITDA

3.0x

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Ivory Coast Other Total Cote d'Ivoire (TTLC-BRV) Price: XOF1,250

Comparator Difference to Comparator -

-

JASDAQ Other Sanrin (7486-JAS) Price: ¥726

70

Comparator Difference to Comparator -

-


JSE Other Glencore (JSE) (GLN-JSE) Price: R56.92

Oando (JSE) (OAO-JSE) Price: R0.15

Valuation Metric

Company

EV/EBITDA

5.7x

Valuation Metric

Company

EV/EBITDA

4.1x

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Karachi Exploration & Production Mari Petroleum (MARI-KAR) Price: P₹1,600

Oil & Gas Development (OGDC-KAR) Price: P₹107

Pakistan Oilfields (POL-KAR) Price: P₹392

Pakistan Petroleum (PPL-KAR) Price: P₹92.54

Valuation Metric

Company

Production

Comparator Difference to Comparator

$7,954/boepd $11,819/boepd

Valuation Metric

Company

Production

Comparator Difference to Comparator

$13,641/boepd $11,819/boepd

Valuation Metric

Company

Production

Company

Reserves Production

(13.4%)

Comparator Difference to Comparator

$19,133/boepd $11,819/boepd

Valuation Metric

48.6%

(38.2%)

Comparator Difference to Comparator

$3.3/1P boe $3.3/1P boe $6,546/boepd $11,819/boepd

0.0% 80.5%

Other Attock Petroleum (APL-KAR) Price: P₹344

Pakistan National Shipping (PNSC-KAR) Price: P₹80.15

Pakistan State Oil Class I (PSO-KAR) Price: P₹242

Valuation Metric

Company

EV/EBITDA

5.3x

Valuation Metric

Company

EV/EBITDA

2.1x

Valuation Metric

Company

EV/EBITDA

7.4x

Valuation Metric

Company

Stream Day

$3,177/bpsd

Valuation Metric

Company

Stream Day

$4,572/bpsd

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Refining Attock Refinery (ATRL-KAR) Price: P₹239

Byco Petroleum Pakistan (BYCO-KAR) Price: P₹11.14

71

Comparator Difference to Comparator $3,875/bpsd

21.9%

Comparator Difference to Comparator $3,875/bpsd

(15.3%)


Kazakhstan Exploration Nostrum Oil & Gas (Kazakhstan)

Valuation Metric

(GB.NTRM-KAZ) Price: KZT65.00

Pipeline km

Company

Comparator Difference to Comparator $167,729/km

(97.9%)

Midstream KazTransOil (KZTO-KAZ) Price: KZT1,124

Valuation Metric

Company

Pipeline km

Comparator Difference to Comparator $167,729/km

0.0%

Korea Other Korea Gas (036460-KRX) Price: ₩32,200

KSS (044450-KRX) Price: ₩11,000

Kukdong Oil (014530-KRX) Price: ₩5,030

Leadcorp, Inc. (012700-KRX) Price: ₩7,890

SK Discovery (006120-KRX) Price: ₩58,500

SK Discovery (Pref) (006125-KRX) Price: ₩44,600

SK Gas (018670-KRX) Price: ₩105,000

Valuation Metric

Company

EV/EBITDA

8.7x

Valuation Metric

Company

EV/EBITDA

4.3x

Valuation Metric

Company

EV/EBITDA

12.6x

Valuation Metric

Company

EV/EBITDA

8.2x

Valuation Metric

Company

EV/EBITDA

5.3x

Valuation Metric

Company

EV/EBITDA

2.2x

Valuation Metric

Company

EV/EBITDA

10.5x

Valuation Metric

Company

EV/EBITDA

8.3x

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Refining Hyundai Heavy Industries (267250-KRX) Price: ₩264,500

Kuwait Drillers

72

Comparator Difference to Comparator -

-


Burgan Well & Drilling (ABAR-KUW) Price: KWD0.16

Senergy Holding (SENERGY-KUW) Price: KWD0.03

Valuation Metric

Company

EV/EBITDA

9.3x

Valuation Metric

Company

EV/EBITDA

5.3x

Valuation Metric

Company

EV/EBITDA

3.0x

Valuation Metric

Company

EV/EBITDA

5.4x

Valuation Metric

Company

EV/EBITDA

6.1x

Valuation Metric

Company

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Other Independent Petroleum (IPG-KUW) Price: KWD0.49

Comparator Difference to Comparator -

-

Services Heavy Engineering (SHIP-KUW) Price: KWD0.43

National Petroleum Svs (NAPESCO-KUW) Price: KWD0.90

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Lisbon Integrated Major GALP Energia (B) (Lisbon) (GALP-LIS) Price: €10.08

IOC Ratio

Comparator Difference to Comparator

$33,410.7/boepd $33,410.7/boepd

0.0%

Ljubljana Other Petrol Ljubljana (Ljubljana)

Valuation Metric

Company

EV/EBITDA

7.5x

Valuation Metric

Company

EV/EBITDA

2.0x

Valuation Metric

Company

EV/EBITDA

6.4x

Helmerich & Payne (London) Valuation

Company

(PETG-LJU) Price: €370

Comparator Difference to Comparator -

-

London Drillers ADES International (ADES-LON) Price: $11.85

Archer Limited (London) (0RBA-LON) Price: NOK4.10

(0J4G-LON) Price: $29.71

Metric EV/EBITDA

32.0x

Hunting (London)

Valuation Metric

Company

EV/EBITDA

12.7x

(HTG-LON) Price: 265p

73

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Jersey Oil & Gas

Valuation Metric

Company

Resources

$0.3/boe

National Oilwell Varco (London)

Valuation Metric

Company

(0K58-LON) Price: $16.00

EV/EBITDA

27.9x

Odfjell Drilling (London)

Valuation Metric

Company

EV/EBITDA

5.5x

Valuation Metric

Company

EV/EBITDA

14.4x

Valuation Metric

Company

EV/EBITDA

9.6x

Valuation Metric

Company

EV/EBITDA

3.6x

Valuation Metric

Company

EV/EBITDA

10.3x

Valuation Metric

Company

Resources

$0.2/boe

Valuation Metric

Company

Resources

$0.0/boe

Bahamas Petroleum (London) Valuation

Company

(JOG-LON) Price: 176p

(0QHX-LON) Price: NOK20.92

Tenaris (London) (0HXB-LON) Price: €9.26

Transocean (London) (0QOW-LON) Price: $3.64

Valaris (London) (0A1P-LON) Price: $0.11

Vallourec (London) (0NR2-LON) Price: €28.95

Comparator Difference to Comparator $1.0/boe

239.1%

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Exploration 88 Energy (London) (88E-LON) Price: 1.5p

Argos Resources (ARG-LON) Price: 2.9p

(BPC-LON) Price: 0.50p

Metric Resources

$0.0/boe

Baron Oil

Valuation Metric

Company

Resources

$0.1/boe

Borders & Southern (London) Valuation

Company

(BOIL-LON) Price: 0.08p

(BOR-LON) Price: 1.5p

Metric Resources

$0.0/boe

Bowleven (London)

Valuation Metric

Company

Resources

$0.1/boe

Canadian Overseas (London) Valuation

Company

(BLVN-LON) Price: 6.0p

(COPL-LON) Price: 0.38p

Metric Resources

$0.2/boe

74

Comparator Difference to Comparator $0.0/boe

(74.3%)

Comparator Difference to Comparator $0.0/boe

333.5%

Comparator Difference to Comparator $0.0/boe

92.6%

Comparator Difference to Comparator $1.0/boe

1,654.6%

Comparator Difference to Comparator $1.0/boe

2,134.7%

Comparator Difference to Comparator $1.0/boe

1,362.5%

Comparator Difference to Comparator $1.0/boe

471.9%


Chariot Oil & Gas (London)

Valuation Metric

Company

Resources

$1.4/boe

Valuation Metric

Company

Resources

$0.0/boe

Valuation Metric

Company

Resources

$0.6/boe

Eco (Atlantic) Oil & Gas (London)

Valuation Metric

Company

(ECO-LON) Price: 25p

Resources

$0.1/boe

Empyrean Energy

Valuation Metric

Company

Resources

$4.5/boe

Valuation Metric

Company

Resources

$0.0/boe

Valuation Metric

Company

Resources

$0.1/boe

Nostrum Oil & Gas (London) Valuation

Company

(CHAR-LON) Price: 10p

Clontarf Energy (CLON-LON) Price: 0.41p

Coro Energy (CORO-LON) Price: 0.36p

(EME-LON) Price: 5.0p

Global Petroleum (GBP-LON) Price: 0.76p

Lansdowne Oil & Gas (LOGP-LON) Price: 1.0p

(NOG-LON) Price: 10p

Metric

Petrel Resources

Valuation Metric

Company

Resources

$0.0/boe

Valuation Metric

Company

Resources

$1.0/boe

Valuation Metric

Company

Resources

$6.1/boe

Providence Resources (London)

Valuation Metric

Company

(PVR-LON) Price: 4.5p

Resources

$0.2/boe

Rockhopper Exploration (London)

Valuation Metric

Company

(RKH-LON) Price: 12p

Resources

$0.4/boe

Scirocco Energy

Valuation Metric

Company

Resources

$0.3/boe

(PET-LON) Price: 2.9p

Petro Matad (London) (MATD-LON) Price: 3.0p

Predator Oil & Gas (PRD-LON) Price: 14p

(SCIR-LON) Price: 0.98p

Pipeline km

Comparator Difference to Comparator $1.0/boe

Comparator Difference to Comparator $0.0/boe

864.9%

Comparator Difference to Comparator $1.0/boe

74.4%

Comparator Difference to Comparator $0.0/boe

(38.6%)

Comparator Difference to Comparator $1.0/boe

(78.2%)

Comparator Difference to Comparator $1.0/boe

26,573.3%

Comparator Difference to Comparator $1.0/boe

1,838.4%

Comparator Difference to Comparator $696,466/km

75

(29.8%)

(91.3%)

Comparator Difference to Comparator $0.0/boe

221.7%

Comparator Difference to Comparator $1.0/boe

(6.9%)

Comparator Difference to Comparator $1.0/boe

(84.1%)

Comparator Difference to Comparator $1.0/boe

418.0%

Comparator Difference to Comparator $1.0/boe

171.4%

Comparator Difference to Comparator $1.0/boe

270.6%


Sound Energy (London) (SOU-LON) Price: 1.3p

Sterling Energy (London) (SEY-LON) Price: 17p

Tlou Energy (London) (TLOU-LON) Price: 3.5p

TomCo Energy (London) (TOM-LON) Price: 0.47p

Tower Resources (TRP-LON) Price: 0.35p

Zephyr Energy (London) (ZPHR-LON) Price: 2.3p

Valuation Metric

Company

Resources

$0.4/boe

Valuation Metric

Company

Resources

$0.0/boe

Valuation Metric

Company

Resources

$0.5/boe

Valuation Metric

Company

Resources

$0.1/boe

Valuation Metric

Company

Resources

$0.5/boe

Valuation Metric

Company

Resources

$0.3/boe

Comparator Difference to Comparator $1.0/boe

135.7%

Comparator Difference to Comparator $0.0/boe

214.1%

Comparator Difference to Comparator $1.0/boe

79.7%

Comparator Difference to Comparator $1.0/boe

1,343.5%

Comparator Difference to Comparator $1.0/boe

114.6%

Comparator Difference to Comparator $1.0/boe

184.4%

Exploration & Production ADM Energy (ADME-LON) Price: 4.3p

Aker BP (London) (0M5J-LON) Price: NOK249

Aminex (London) (AEX-LON) Price: 0.43p

Angus Energy (ANGS-LON) Price: 0.73p

Apache (London) (0HGC-LON) Price: $19.75

Ascent Resources (AST-LON) Price: 6.7p

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$0.5/2P boe $7.7/2P boe $43,800/boepd $33,754/boepd

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$3.6/2P boe $7.7/2P boe $90,568/boepd $33,754/boepd

Valuation Metric

Company

Reserves Production Resources

Company

Production

Company

Reserves Production

Company

Reserves Production

87.7% 44.4%

Comparator Difference to Comparator

$0.7/2P boe $3.0/2P boe $48,631/boepd $21,580/boepd

76

(97.2%)

Comparator Difference to Comparator

$7.0/1P boe $13.2/1P boe $14,945/boepd $21,580/boepd

Valuation Metric

(95.3%) (99.5%) 360.0%

Comparator Difference to Comparator

$1,221,579/boepd $33,754/boepd

Valuation Metric

111.2% (62.7%)

Comparator Difference to Comparator

$64.0/2P boe $3.0/2P boe $4,436,232/boepd $21,580/boepd $0.2/boe $1.0/boe

Valuation Metric

1,523.9% (22.9%)

350.4% (55.6%)


Block Energy (BLOE-LON) Price: 2.9p

Cabot Oil & Gas (London) (0HRZ-LON) Price: $17.87

Cadogan Petroleum (CAD-LON) Price: 4.3p

Cairn Energy (London) (CNE-LON) Price: 184p

Caspian Sunrise (London) (CASP-LON) Price: 2.3p

Cimarex Energy (London) (0HYB-LON) Price: $63.11

ConocoPhillips (London) (0QZA-LON) Price: $52.46

Valuation Metric

Company

Reserves Resources

$15.3/2P boe $0.2/boe

Valuation Metric

Company

Reserves Production

Company

Reserves Resources

$1.2/2P boe $0.0/boe

Valuation Metric

Company

Reserves Production

Reserves Production

Reserves Production

Company

Reserves Production

Devon Energy (London)

Valuation Metric

Company

Valuation Metric

(DGOC-LON) Price: 112p

Reserves Production

DNO (London)

Valuation Metric Reserves Production

(11.3%) (39.5%)

Comparator Difference to Comparator (49.5%) 37.2%

Comparator Difference to Comparator (80.0%) (57.7%)

Comparator Difference to Comparator 307.9% 196.2%

Comparator Difference to Comparator

$4.8/2P boe $7.7/2P boe $15,859/boepd $33,754/boepd

77

(66.2%) (25.2%)

Comparator Difference to Comparator

$1.9/2P boe $7.7/2P boe $11,397/boepd $33,754/boepd Company

241.6% (15.9%)

Comparator Difference to Comparator

$22.0/1P boe $4.4/1P boe $51,008/boepd $21,580/boepd Company

(7.6%) (32.3%)

Comparator Difference to Comparator

$6.0/2P boe $3.0/2P boe $24,597/boepd $33,754/boepd Company

527.1% 18,366.3%

Comparator Difference to Comparator

$14.9/1P boe $13.2/1P boe $55,819/boepd $33,754/boepd

Reserves Production

Diversified Gas & Oil (London)

$7.7/2P boe $1.0/boe

$13.0/1P boe $4.4/1P boe $28,859/boepd $21,580/boepd

Valuation Metric

Reserves Production

(0MHP-LON) Price: NOK9.68

Company

22.1% 10.3%

Comparator Difference to Comparator

$2.3/2P boe $7.7/2P boe $40,154/boepd $33,754/boepd

Valuation Metric

(0UR7-LON) Price: C$5.23

(0I8W-LON) Price: $22.41

Company

(49.8%) 525.7%

Comparator Difference to Comparator

$8.3/2P boe $7.7/2P boe $49,837/boepd $33,754/boepd

Valuation Metric

Valuation Metric

$7.7/2P boe $1.0/boe

$3.6/1P boe $4.4/1P boe $19,567/boepd $21,580/boepd

Valuation Metric

Crescent Point Energy (London)

Comparator Difference to Comparator

59.9% 112.8%


Echo Energy (ECHO-LON) Price: 0.67p

Egdon Resources (EDR-LON) Price: 2.1p

Energean (London) (ENOG-LON) Price: 897p

EnQuest (London) (ENQ-LON) Price: 21p

Enwell Energy (London) (ENW-LON) Price: 22p

EOG Resources (London) (0IDR-LON) Price: $68.65

EQT (London) (0IDU-LON) Price: $18.58

Valuation Metric

Company

Reserves Production

$0.8/2P boe $7.7/2P boe $3,978/boepd $33,754/boepd

Valuation Metric

Company

Reserves Production

Company

Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production Metric

Falcon Oil & Gas (London)

Valuation Metric

(FOG-LON) Price: 6.7p

G3 Exploration (London) (G3E-LON) Price: 0.00p

Reserves Production

Company

Company

Reserves Valuation Metric

(GAZ-LON) Price: $25.20

Reserves Production

Genel Energy (London)

Valuation Metric

$13.7/2P boe Company

Reserves Production

$3.0/2P boe

(78.0%)

Comparator Difference to Comparator 407.5% 114.1%

Comparator Difference to Comparator

$2.3/2P boe $7.7/2P boe $10,137/boepd $33,754/boepd

78

(69.7%)

Comparator Difference to Comparator

$2.6/1P boe $13.2/1P boe $15,766/boepd $33,754/boepd Company

(67.4%) (75.2%)

Comparator Difference to Comparator

$71,326/boepd $21,580/boepd

Valuation Metric

32.8% 54.3%

Comparator Difference to Comparator

$23.6/2P boe $7.7/2P boe $136,326/boepd $33,754/boepd

Production

Gazprom Neft (ADR) (London)

(GENL-LON) Price: 180p

Company

4.8% (33.6%)

Comparator Difference to Comparator

$3.3/1P boe $4.4/1P boe $13,986/boepd $21,580/boepd

Europa Oil & Gas (Holdings) Valuation

821.6% 241.3%

Comparator Difference to Comparator

$12.6/1P boe $13.2/1P boe $50,805/boepd $33,754/boepd

Valuation Metric

429.9% 658.7%

Comparator Difference to Comparator

$0.8/2P boe $7.7/2P boe $9,891/boepd $33,754/boepd

Valuation Metric

(93.0%)

Comparator Difference to Comparator

$1.5/2P boe $7.7/2P boe $4,449/boepd $33,754/boepd

Valuation Metric

(59.7%) (56.9%)

Comparator Difference to Comparator

$485,618/boepd $33,754/boepd

Valuation Metric

834.5% 748.6%

Comparator Difference to Comparator

$7.5/2P boe $3.0/2P boe $78,372/boepd $33,754/boepd

Valuation Metric

(EOG-LON) Price: 1.8p

Comparator Difference to Comparator

234.8% 233.0%


GeoPark (London) (0MDP-LON) Price: $17.04

Valuation Metric Reserves Production

Great Eastern Energy (London)

Valuation Metric

(GEEC-LON) Price: 8.5p

Reserves Production Resources

Gulf Keystone (London)

Valuation Metric

(GKP-LON) Price: 174p

Hess (London) (0J50-LON) Price: $68.23

i3 Energy (London) (I3E-LON) Price: 10p

IGas Energy (London) (IGAS-LON) Price: 27p

Independent Oil & Gas (IOG-LON) Price: 18p

Indus Gas (INDI-LON) Price: 228p

Company

$15.3/1P boe $13.2/1P boe $50,461/boepd $33,754/boepd Company

Company

Company

Reserves Production

Company

Reserves Production Resources

Company

Production

Company

EV/EBITDA

5.1x

Valuation Metric

Company

Reserves Production Metric

InterOil E&P (London)

Valuation Metric

(0EVE-LON) Price: NOK0.0000

Jadestone Energy (London) (JSE-LON) Price: 65p

JKX Oil & Gas (JKX-LON) Price: 27p

Company

Reserves Production

-

Production

Company

Reserves Production

Company

Production

41.5%

Comparator Difference to Comparator (0.9%) (64.5%)

Comparator Difference to Comparator

$5,864/boepd $21,580/boepd

79

(10.5%) 82.0%

Comparator Difference to Comparator

$7.8/2P boe $7.7/2P boe $95,008/boepd $33,754/boepd

Valuation Metric

(99.9%) (90.1%)

Comparator Difference to Comparator

$23,855/boepd $33,754/boepd

Valuation Metric

-

Comparator Difference to Comparator

$3.4/2P boe $3.0/2P boe $18,543/boepd $33,754/boepd Company

24.2%

Comparator Difference to Comparator

$4,046.9/2P boe $3.0/2P boe $217,933/boepd $21,580/boepd

Int. Petroleum (BC) (London) Valuation

30.9% (60.9%) (15.0%)

Comparator Difference to Comparator

$27,171/boepd $33,754/boepd

Valuation Metric

(41.9%) (61.4%)

Comparator Difference to Comparator

$5.9/2P boe $7.7/2P boe $86,363/boepd $33,754/boepd $1.1/boe $1.0/boe

Valuation Metric

128.7%

Comparator Difference to Comparator

$22.7/1P boe $13.2/1P boe $87,557/boepd $33,754/boepd

Valuation Metric

264.2% (47.0%) 38.7%

Comparator Difference to Comparator

$14,756/boepd $33,754/boepd

Valuation Metric

(13.5%) (33.1%)

Comparator Difference to Comparator

$0.8/2P boe $3.0/2P boe $40,727/boepd $21,580/boepd $0.7/boe $1.0/boe

Production

(0V1L-LON) Price: SEK28.71

Comparator Difference to Comparator

268.0%


Kosmos Energy (London) (KOS-LON) Price: 231p

Lekoil (London) (LEK-LON) Price: 2.5p

Lundin Energy (London) (0NNR-LON) Price: SEK280

Maha Energy (A) (London) (0GEA-LON) Price: SEK15.30

Marathon Oil (London) (0JY9-LON) Price: $10.82

Maurel & Prom (London) (0F6L-LON) Price: €2.13

Mosman Oil & Gas (MSMN-LON) Price: 0.16p

Valuation Metric

Company

Reserves Production

$19.2/1P boe $13.2/1P boe $47,732/boepd $33,754/boepd

Valuation Metric

Company

Production

Company

Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production Valuation Metric

(0K3S-LON) Price: $17.49

Reserves Production

(0HTF-LON) Price: NOK156

Metric

Nostra Terra Oil & Gas

Valuation Metric

(NTOG-LON) Price: 0.63p

Novatek (GDR) (London) (NVTK-LON) Price: $191

Company

Reserves Production

Reserves Production Resources

Company

Reserves Production

117.4% (63.9%) 47.7%

Comparator Difference to Comparator

$2.4/2P boe $3.0/2P boe $37,897/boepd $21,580/boepd

80

33.3% (22.7%)

Comparator Difference to Comparator

$3.5/2P boe $7.7/2P boe $93,490/boepd $33,754/boepd $0.7/boe $1.0/boe

Valuation Metric

107.2% 32.2%

Comparator Difference to Comparator

$5.8/2P boe $7.7/2P boe $43,656/boepd $33,754/boepd Company

(59.7%) (56.8%)

Comparator Difference to Comparator

$6.4/1P boe $13.2/1P boe $25,534/boepd $33,754/boepd

Norwegian Energy (London) Valuation

47.4% (23.7%)

Comparator Difference to Comparator

$19.1/2P boe $7.7/2P boe $78,197/boepd $33,754/boepd Company

22.1% 7.8%

Comparator Difference to Comparator

$5.2/2P boe $7.7/2P boe $44,246/boepd $33,754/boepd

Valuation Metric

47.2% (50.4%)

Comparator Difference to Comparator

$10.8/1P boe $13.2/1P boe $31,325/boepd $33,754/boepd

Valuation Metric

(76.2%)

Comparator Difference to Comparator

$5.2/2P boe $7.7/2P boe $67,999/boepd $33,754/boepd

Valuation Metric

399.9%

Comparator Difference to Comparator

$141,795/boepd $33,754/boepd

Valuation Metric

(31.3%) (29.3%)

Comparator Difference to Comparator

$6,753/boepd $33,754/boepd

Valuation Metric

Murphy Oil Corporation (London)

Comparator Difference to Comparator

27.5% (43.1%)


Occidental Petroleum (London)

Valuation Metric

(0KAK-LON) Price: $27.75

Pipeline km Reserves Production

Oilex (London)

Valuation Metric

Company

Reserves Resources

$0.5/2P boe $0.1/boe

Valuation Metric

Company

(OEX-LON) Price: 0.17p

Panoro Energy (London) (0N08-LON) Price: NOK20.05

Company

$696,466/km $15.1/1P boe $13.2/1P boe $57,991/boepd $33,754/boepd

Reserves Production Resources Metric

Parkmead

Valuation Metric

(PMG-LON) Price: 35p

Pennpetro Energy (PPP-LON) Price: 23p

Production

Reserves Production

PetroTal (London)

Valuation Metric

Valuation Metric

(0VCO-LON) Price: C$5.70

Reserves Production

Pharos Energy (London)

Valuation Metric

(PGR-LON) Price: 5.8p

$4.5/2P boe Company

Company

Reserves

$8.6/2P boe

Valuation Metric

Company

Reserves Production

$7.7/2P boe

70.5%

Comparator Difference to Comparator 1,314.1% 88.9%

Comparator Difference to Comparator 55.4% (65.8%)

Comparator Difference to Comparator 39.8% 0.8%

Comparator Difference to Comparator $7.7/2P boe

(11.0%)

Comparator Difference to Comparator

$9.1/2P boe $3.0/2P boe $53,716/boepd $33,754/boepd

81

1,444.7% (25.9%) 252.1%

Comparator Difference to Comparator

$2.2/2P boe $3.0/2P boe $21,407/boepd $21,580/boepd Company

(99.3%)

Comparator Difference to Comparator

$5.0/2P boe $7.7/2P boe $98,561/boepd $33,754/boepd Company

92.8% (98.4%) (92.9%)

Comparator Difference to Comparator

$0.5/2P boe $7.7/2P boe $17,869/boepd $33,754/boepd

Reserves Production

Peyto Exploration & Development (London)

Phoenix Global (London)

Company

500.8% 883.5%

Comparator Difference to Comparator

$0.5/2P boe $7.7/2P boe $45,533/boepd $33,754/boepd $0.3/boe $1.0/boe

Reserves

(PTR-LON) Price: 2.5p

(PHAR-LON) Price: 23p

Company

Valuation Metric

Valuation Metric

$3.0/2P boe $1.0/boe

$3,313,984/boepd $21,580/boepd

Reserves Production Resources

PetroNeft Resources (London)

(PTAL-LON) Price: 18p

Company

(69.9%) (12.7%) (41.8%)

Comparator Difference to Comparator

$4.0/2P boe $7.7/2P boe $2,067,264/boepd $33,754/boepd $13.7/boe $1.0/boe

Pantheon Resources (London) Valuation (PANR-LON) Price: 39p

Comparator Difference to Comparator

(66.8%) (37.2%)


Pioneer Natural Resources (London)

Valuation Metric

(0KIX-LON) Price: $160

Reserves Production

Premier Oil (London)

Valuation Metric

(PMO-LON) Price: 26p

President Energy (London) (PPC-LON) Price: 2.1p

Prospex Energy (PXEN-LON) Price: 1.7p

Range Resources (London) (0KTW-LON) Price: $10.41

San Leon Energy (London) (SLE-LON) Price: 40p

Savannah Energy (SAVE-LON) Price: 18p

SDX Energy (London) (SDX-LON) Price: 18p

Seplat Petroleum (London) (SEPL-LON) Price: 77p

Serica Energy (London) (SQZ-LON) Price: 114p

Serinus Energy (London) (SENX-LON) Price: 3.2p

Company

Comparator Difference to Comparator

$31.7/1P boe $13.2/1P boe $104,490/boepd $33,754/boepd Company

Reserves Production

Comparator Difference to Comparator

$13.2/2P boe $3.0/2P boe $32,608/boepd $33,754/boepd

Valuation Metric

Company

Reserves Production

Company

Reserves Production Resources

Company

Reserves Production

Company

Reserves Production Resources

Company

Reserves Production Resources

Company

Production

Company

Production

Company

Reserves Production Resources

Company

Reserves

$7.3/2P boe

82

(10.9%)

Comparator Difference to Comparator

$4.5/2P boe $7.7/2P boe $9,387/boepd $33,754/boepd $2.5/boe $0.0/boe

Valuation Metric

64.1%

Comparator Difference to Comparator

$24,215/boepd $21,580/boepd

Valuation Metric

177.6% 234.4% (70.7%)

Comparator Difference to Comparator

$20,566/boepd $33,754/boepd

Valuation Metric

445.6% (26.5%) (32.1%)

Comparator Difference to Comparator

$2.8/2P boe $7.7/2P boe $10,093/boepd $33,754/boepd $3.3/boe $1.0/boe

Valuation Metric

138.1% 47.1%

Comparator Difference to Comparator

$1.4/2P boe $7.7/2P boe $45,952/boepd $33,754/boepd $0.1/boe $0.0/boe

Valuation Metric

(11.5%) (22.3%) 225.2%

Comparator Difference to Comparator

$1.8/1P boe $4.4/1P boe $14,669/boepd $21,580/boepd

Valuation Metric

160.4% (1.0%)

Comparator Difference to Comparator

$3.4/2P boe $3.0/2P boe $27,791/boepd $21,580/boepd $0.0/boe $0.0/boe

Valuation Metric

(77.2%) 3.5%

Comparator Difference to Comparator

$3.0/2P boe $7.7/2P boe $34,111/boepd $33,754/boepd

Valuation Metric

(58.4%) (67.7%)

70.1% 259.6% (98.4%)

Comparator Difference to Comparator $3.0/2P boe

(58.5%)


SM Energy (London) (0KZA-LON) Price: $16.97

Valuation Metric Reserves Production

SNGN Romgaz (GDR-S) (London)

Valuation Metric

(SNGR-LON) Price: $8.15

Production

Star Phoenix

Valuation Metric

(STA-LON) Price: 1.9p

Tellurian (London) (0LE3-LON) Price: $2.70

Tethys Oil (London) (0A1V-LON) Price: SEK65.85

Valuation Metric

(UKOG-LON) Price: 0.12p

Union Jack Oil (UJO-LON) Price: 36p

United Oil & Gas (UOG-LON) Price: 4.9p

Company

Production

Company

Production

Company

Reserves Production Resources

Company

Reserves Production Resources

Company

Reserves Production Resources

(70.6%) (98.5%) (59.9%)

Comparator Difference to Comparator

$14.1/2P boe $7.7/2P boe $15,828/boepd $33,754/boepd $0.0/boe $0.0/boe

83

(97.1%) (70.3%) (51.3%)

Comparator Difference to Comparator

$26.1/2P boe $7.7/2P boe $2,241,068/boepd $33,754/boepd $2.4/boe $1.0/boe

Valuation Metric

(29.3%)

Comparator Difference to Comparator

$269.5/2P boe $7.7/2P boe $113,734/boepd $33,754/boepd $2.0/boe $1.0/boe

Valuation Metric

83.1%

Comparator Difference to Comparator

$47,726/boepd $33,754/boepd

Valuation Metric

(75.0%) (86.4%)

Comparator Difference to Comparator

$18,437/boepd $33,754/boepd

Valuation Metric

0.3% 4.3%

Comparator Difference to Comparator

$30.8/2P boe $7.7/2P boe $248,412/boepd $33,754/boepd Company

(80.8%) (86.6%)

Comparator Difference to Comparator

$7.7/2P boe $7.7/2P boe $32,360/boepd $33,754/boepd Company

14,208.5% 2,154.2%

Comparator Difference to Comparator

$22.9/1P boe $4.4/1P boe $161,175/boepd $21,580/boepd

Reserves Production

Trinity E&P (London)

UK Oil & Gas (London)

Company

(36.6%)

Comparator Difference to Comparator

$0.1/2P boe $7.7/2P boe $1,497/boepd $33,754/boepd

Valuation Metric

Reserves Production

(TLW-LON) Price: 54p

Company

(50.2%) (30.1%)

Comparator Difference to Comparator

$34,032/boepd $21,580/boepd

Reserves Production

(TXP-LON) Price: 145p

Tullow Oil (London)

Company

Valuation Metric

Valuation Metric

Comparator Difference to Comparator

$8.8/1P boe $4.4/1P boe $30,865/boepd $21,580/boepd

Reserves Production

Touchstone Exploration (London)

(TRIN-LON) Price: 14p

Company

(45.6%) 113.2% 42.5%


VAALCO Energy (London) (EGY-LON) Price: 178p

Valeura Energy (London) (VLU-LON) Price: 33p

Victoria Oil & Gas (London) (VOG-LON) Price: 4.3p

Volga Gas (VGAS-LON) Price: 24p

Wentworth Resources (WEN-LON) Price: 24p

Zenith Energy (London) (ZEN-LON) Price: 1.1p

Zoltav Resources (ZOL-LON) Price: 31p

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$18.6/1P boe $13.2/1P boe $25,244/boepd $33,754/boepd

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$1.2/2P boe $3.0/2P boe $10,900/boepd $21,580/boepd

Valuation Metric

Company

Pipeline km Reserves Production

Company

Reserves Production

Company

Reserves Production Resources

Company

Reserves Production

Company

Reserves Production Resources

171.0% 427.2% (50.8%)

Comparator Difference to Comparator

$3.3/2P boe $3.0/2P boe $143,969/boepd $33,754/boepd

Valuation Metric

338.9% 571.5%

Comparator Difference to Comparator

$1.1/2P boe $3.0/2P boe $4,093/boepd $21,580/boepd $0.1/boe $0.0/boe

Valuation Metric

16.9% 109.0% (70.4%)

Comparator Difference to Comparator

$0.7/2P boe $3.0/2P boe $3,214/boepd $21,580/boepd

Valuation Metric

142.8% 98.0%

Comparator Difference to Comparator

$696,466/km $1.4/2P boe $3.0/2P boe $72,942/boepd $21,580/boepd

Valuation Metric

(28.9%) 33.7%

-9.4% -77%

Comparator Difference to Comparator

$0.4/2P boe $3.0/2P boe $17,127/boepd $21,580/boepd $0.5/boe $1.0/boe

737.3% 26% 111.6%

Integrated Major BP (ADR) (London) (0HKP-LON) Price: $25.54

BP (London) (BP-LON) Price: 307p

Chevron (London) (0R2Q-LON) Price: $104

Valuation Metric

Company

IOC Ratio

$30,114.7/boepd $31,866.6/boepd

Valuation Metric

Company

IOC Ratio Valuation Metric

Company

IOC Ratio

EV/EBITDA

0.7x

84

5.8%

Comparator Difference to Comparator

$66,632.1/boepd $31,866.6/boepd Company

5.8%

Comparator Difference to Comparator

$30,114.6/boepd $31,866.6/boepd

China Petroleum & Chemical Valuation (H) (ADR) (London) Metric (SNP-LON) Price: $55.00

Comparator Difference to Comparator

(52.2%)

Comparator Difference to Comparator -

-


Eni (London) (0N9S-LON) Price: €10.15

Equinor (London) (0M2Z-LON) Price: NOK167

Exxon Mobil (London) (0R1M-LON) Price: $56.46

GALP Energia (B) (London) (0B67-LON) Price: €10.13

Lukoil (London)

Valuation Metric

Company

IOC Ratio

$31,764.6/boepd $31,866.6/boepd

Valuation Metric

Company

IOC Ratio Valuation Metric

Company

IOC Ratio

Company

IOC Ratio

EV/EBITDA

6.2x

MOL Hungarian O&G (London)

Valuation Metric

Company

(0RUK-LON) Price: F2,922

EV/EBITDA

4.7x

OMV (London)

Valuation Metric

Company

EV/EBITDA

3.5x

OMV Petrom (GDR) (London)

Valuation Metric

Company

(PETB-LON) Price: $14.90

EV/EBITDA

3.6x

RDS-A (UK) (London)

Valuation Metric

Company

(0MKH-LON) Price: €42.58

(RDSA-LON) Price: 1,485p

RDS-B (UK) (London) (RDSB-LON) Price: 1,413p

Repsol (London) (0NQG-LON) Price: €10.68

Total (London) (TTA-LON) Price: €39.85

IOC Ratio

Company

IOC Ratio

-

Company

IOC Ratio

-

Company

IOC Ratio

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator (27.9%)

Comparator Difference to Comparator (20.8%)

Comparator Difference to Comparator

$24,199.8/boepd $20,081.3/boepd

Valuation Metric

-

Comparator Difference to Comparator

$25,362.0/boepd $20,081.3/boepd

Valuation Metric

(5.0%)

Comparator Difference to Comparator

$27,845.9/boepd $20,081.3/boepd

Valuation Metric

(33.6%)

Comparator Difference to Comparator

$33,559.3/boepd $31,866.6/boepd Company

(53.4%)

Comparator Difference to Comparator

$47,992.7/boepd $31,866.6/boepd

Valuation Metric

0.3%

Comparator Difference to Comparator

$43,080.0/boepd $20,081.3/boepd

Valuation Metric

(LKOH-LON) Price: $82.24

Comparator Difference to Comparator

(17.0%)

Comparator Difference to Comparator

$46,620.9/boepd $31,866.6/boepd

(31.6%)

Other American Shipping (London) Valuation

Company

(0JE5-LON) Price: NOK32.60

Metric EV/EBITDA

8.9x

Avance Gas (London)

Valuation Metric

Company

EV/EBITDA

5.3x

(0QTX-LON) Price: NOK40.48

85

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


BW LPG (London) (0QIX-LON) Price: NOK55.63

Cheniere Energy (London) (0HWH-LON) Price: $72.57

Valuation Metric

Company

EV/EBITDA

4.9x

Valuation Metric

Company

Pipeline km Valuation Metric

Company

(0OEY-LON) Price: €0.11

EV/EBITDA

2.9x

DCC (London)

Valuation Metric

Company

EV/EBITDA

10.2x

Valuation Metric

Company

Enagas (London) (0EBQ-LON) Price: €18.01

Enbridge (London) (0KTI-LON) Price: C$45.10

Energy Transfer (London) (0S1Z-LON) Price: $7.18

Pipeline km Valuation Metric

Company

EV/EBITDA

11.2x

Valuation Metric

Company

Pipeline km Company

Metric

Euronav (London)

Valuation Metric

Company

EV/EBITDA

9.2x

Valuation Metric

Company

EV/EBITDA

7.0x

Valuation Metric

Company

EV/EBITDA

14.8x

Valuation Metric

Company

EV/EBITDA

10.4x

Valuation Metric

Company

EV/EBITDA

7.1x

FLEX LNG (London) (0RQ8-LON) Price: NOK76.30

Frontline (London) (0REH-LON) Price: NOK66.65

GAIL India (London) (GAID-LON) Price: $11.40

GasLog (London) (0U9H-LON) Price: $5.79

Pipeline km

-

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator 78.0%

Comparator Difference to Comparator -

-

Comparator Difference to Comparator (29.9%)

Comparator Difference to Comparator $696,466/km

86

(99.7%)

Comparator Difference to Comparator

$696,466/km

(0S23-LON) Price: $22.89

-

Comparator Difference to Comparator

$696,466/km

Enterprise Products (London) Valuation

(0K9A-LON) Price: €8.03

-

$696,466/km

d'Amico International (London)

(DCC-LON) Price: 6,452p

Comparator Difference to Comparator

(36.3%)

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Glencore (London)

Valuation Metric

Company

EV/EBITDA

5.7x

Valuation Metric

Company

EV/EBITDA

13.7x

Kinder Morgan (P) (London) Valuation

Company

(GLEN-LON) Price: 279p

Golar LNG (London) (0HDY-LON) Price: $11.71

(0JR2-LON) Price: $15.83

Metric EV/EBITDA

10.1x

Lamprell (London)

Valuation Metric

Company

EV/EBITDA

241.4x

Nordic American Tankers (London)

Valuation Metric

Company

(0UC0-LON) Price: $3.58

EV/EBITDA

11.1x

NWF

Valuation Metric

Company

EV/EBITDA

5.6x

Valuation Metric

Company

EV/EBITDA

12.3x

Valuation Metric

Company

EV/EBITDA

4.9x

Valuation Metric

Company

(LAM-LON) Price: 64p

(NWF-LON) Price: 217p

Ocean Yield (London) (0QG5-LON) Price: NOK30.10

Odfjell SE (A) (London) (0J77-LON) Price: NOK28.20

ONEOK (London) (0KCI-LON) Price: $48.92

Royal Vopak (London) (0O8V-LON) Price: €41.43

Rubis (London) (0RTS-LON) Price: €40.30

Snam (London) (0NQP-LON) Price: €4.61

Stolt-Nielsen (London) (0OHK-LON) Price: NOK134

Pipeline km

Comparator Difference to Comparator -

Comparator Difference to Comparator -

Company

EV/EBITDA

9.1x

Valuation Metric

Company

EV/EBITDA

9.0x

Valuation Metric

Company

Pipeline km

-

Company

EV/EBITDA

6.5x

87

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator 21.2%

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator $696,466/km

Valuation Metric

-

Comparator Difference to Comparator

$696,466/km

Valuation Metric

-

(32.8%)

Comparator Difference to Comparator -

-


Targa Resources (London) (0LD9-LON) Price: $32.90

Tecnicas Reunidas (London)

Valuation Metric

Company

Pipeline km

$696,466/km

Valuation Metric

Company

EV/EBITDA

3.8x

Teekay Tankers (A) (London) Valuation

Company

(0MKT-LON) Price: €12.54

(0EAQ-LON) Price: $15.15

Metric EV/EBITDA

11.6x

Thalassa (London)

Valuation Metric

Company

EV/EBITDA

3.1x

Valuation Metric

Company

EV/EBITDA

7.6x

Valuation Metric

Company

(THAL-LON) Price: 62p

TORM (London) (0RG4-LON) Price: DKK58.20

Williams (London) (0LXB-LON) Price: $23.04

Comparator Difference to Comparator

Pipeline km

135.5%

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator $696,466/km

(29.1%)

Refining CVR Energy (London) (0HRR-LON) Price: $21.86

Valuation Metric

Company

Pipeline km

$696,466/km

Marathon Petroleum (London)

Valuation Metric

Company

(0JYA-LON) Price: $53.51

Stream Day Pipeline km

$21,537/bpsd

Neste (London)

Valuation Metric

Company

EV/EBITDA

18.6x

Valuation Metric

Company

Stream Day

$5,400/bpsd

Valuation Metric

Company

Stream Day Pipeline km

$22,441/bpsd

(0O46-LON) Price: €49.22

PBF Energy (London) (0KE0-LON) Price: $14.34

Phillips 66 (London) (0KHZ-LON) Price: $81.37

Reliance Industries (GDR) (London)

Valuation Metric

(RIGD-LON) Price: $56.80

Stream Day Reserves Production IOC Ratio

Comparator Difference to Comparator

Company

Comparator Difference to Comparator $41,436/bpsd $696,466/km

92.4% (70.8%)

Comparator Difference to Comparator -

-

Comparator Difference to Comparator $41,436/bpsd

667.3%

Comparator Difference to Comparator $41,436/bpsd $696,466/km

84.6% 67.3%

Comparator Difference to Comparator

$182,667/bpsd $41,436/bpsd $391.3/1P boe $4.4/1P boe $4,354,724/boepd $21,580/boepd $182,506.6/boepd $20,081.3/boepd

88

(79.9%)

(77.3%) (98.9%) (99.5%) (89.0%)


SARAS - Raffinerie (London) Valuation

Company

(0O2D-LON) Price: €0.63

Metric Stream Day

$3,527/bpsd

Valero Energy (London)

Valuation Metric

Company

Stream Day

$13,043/bpsd

Valuation Metric

Company

(0LK6-LON) Price: $72.71

Comparator Difference to Comparator $41,436/bpsd

1,074.9%

Comparator Difference to Comparator $41,436/bpsd

217.7%

Royalty BP Prudhoe Bay (London) (0S10-LON) Price: $4.92

Reserves Production

$23.5/2P boe $7.7/2P boe $8,736/boepd $33,754/boepd

Freehold Royalties (London) Valuation (0UWL-LON) Price: C$7.52

Comparator Difference to Comparator

Company

Metric Reserves Production

(67.3%) 286.4%

Comparator Difference to Comparator

$682.3/2P boe $3.0/2P boe $2,332,601/boepd $33,754/boepd

(99.6%) (98.6%)

Services Akastor (London)

Valuation Metric

Company

EV/EBITDA

14.8x

Valuation Metric

Company

EV/EBITDA

5.3x

Valuation Metric

Company

EV/EBITDA

7.6x

Valuation Metric

Company

EV/EBITDA

3.5x

Valuation Metric

Company

EV/EBITDA

4.4x

Essential Energy Svs (London) Valuation

Company

(0IPT-LON) Price: NOK6.40

Aker Solutions (London) (0QXP-LON) Price: NOK14.13

Baker Hughes (London) (0RR8-LON) Price: $22.31

BW Offshore (London) (0RKH-LON) Price: NOK32.88

CGG (London) (0RI9-LON) Price: €1.06

(0UUM-LON) Price: C$0.38

Metric EV/EBITDA

2.9x

EXMAR (London)

Valuation Metric

Company

EV/EBITDA

4.5x

Valuation Metric

Company

EV/EBITDA

5.3x

Valuation Metric

Company

EV/EBITDA

0.4x

(0EEV-LON) Price: €3.50

GETECH (London) (GTC-LON) Price: 22p

Gulf Marine Svs (GMS-LON) Price: 6.6p

89

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Halliburton (London)

Valuation Metric

Company

EV/EBITDA

10.6x

Valuation Metric

Company

EV/EBITDA

3.2x

Valuation Metric

Company

EV/EBITDA

214.0x

Oceaneering International (London)

Valuation Metric

Company

(0KAN-LON) Price: $12.24

EV/EBITDA

8.6x

Petrofac (London)

Valuation Metric

Company

EV/EBITDA

2.3x

Valuation Metric

Company

EV/EBITDA

3.9x

Valuation Metric

Company

EV/EBITDA

2.7x

Valuation Metric

Company

EV/EBITDA

7.9x

Valuation Metric

Company

EV/EBITDA

9.5x

Valuation Metric

Company

EV/EBITDA

11.3x

Valuation Metric

Company

EV/EBITDA

5.1x

Valuation Metric

Company

EV/EBITDA

4.7x

Valuation Metric

Company

EV/EBITDA

4.8x

(0R23-LON) Price: $21.53

John Wood (London) (WG-LON) Price: 281p

Magnora (London) (0MHQ-LON) Price: NOK27.20

(PFC-LON) Price: 95p

PGS (London) (0MHR-LON) Price: NOK6.39

Reach Subsea (London) (0EMB-LON) Price: NOK2.61

Saipem (London) (0RPI-LON) Price: €2.33

SBM Offshore (London) (0NIS-LON) Price: €15.54

Schlumberger (London) (0SCL-LON) Price: $27.20

Subsea 7 (London) (0OGK-LON) Price: NOK89.82

TechnipFMC (London) (0RMV-LON) Price: €6.45

TGS-NOPEC (London) (0MSJ-LON) Price: NOK135

Madrid Integrated Major

90

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Repsol (Madrid) (REP-MCE) Price: €10.56

Valuation Metric

Company

IOC Ratio

Comparator Difference to Comparator

$24,017.6/boepd $24,017.6/boepd

0.0%

Other Enagas (Madrid) (ENG-MCE) Price: €18.02

Tecnicas Reunidas (Madrid) (TRE-MCE) Price: €12.46

Valuation Metric

Company

Pipeline km

Comparator Difference to Comparator $391,330/km

Valuation Metric

Company

EV/EBITDA

3.7x

Valuation Metric

Company

EV/EBITDA

9.8x

0.0%

Comparator Difference to Comparator -

-

Malaysia Drillers Velesto Energy (5243-KLS) Price: RM0.17

Comparator Difference to Comparator -

-

Exploration & Production Hibiscus Petroleum (Malaysia) Valuation (5199-KLS) Price: RM0.66

Metric

Reach Energy

Valuation Metric

(5256-KLS) Price: RM0.10

Company

Reserves Production

Comparator Difference to Comparator

$5.3/2P boe $3.9/2P boe $25,751/boepd $43,134/boepd Company

Reserves Production Resources

(26.5%) 67.5%

Comparator Difference to Comparator

$2.5/2P boe $3.9/2P boe $60,517/boepd $43,134/boepd $13.9/boe

56.3% (28.7%)

Other Boustead (2771-KLS) Price: RM0.61

EA Technique (M) (5259-KLS) Price: RM0.21

KNM (Malaysia) (7164-KLS) Price: RM0.20

KUB Malaysia (6874-KLS) Price: RM0.65

MISC (Malaysia) (3816-KLS) Price: RM6.64

Valuation Metric

Company

EV/EBITDA

30.1x

Valuation Metric

Company

EV/EBITDA

3.5x

Valuation Metric

Company

EV/EBITDA

8.6x

Valuation Metric

Company

EV/EBITDA

6.2x

Valuation Metric

Company

EV/EBITDA

8.2x

91

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Petronas Dagangan (Malaysia) Valuation

Company

(5681-KLS) Price: RM20.12

Metric EV/EBITDA

13.8x

Petronas Gas (Malaysia)

Valuation Metric

Company

(6033-KLS) Price: RM15.56

Straits Inter Logistics

Pipeline km

-

Company

EV/EBITDA

11.4x

Valuation Metric

Company

Stream Day

$3,553/bpsd

Valuation Metric

Company

Stream Day

$4,073/bpsd

Valuation Metric

Company

EV/EBITDA

6.5x

Barakah Offshore Petroleum Valuation

Company

-

Comparator Difference to Comparator -

Valuation Metric

(0080-KLS) Price: RM0.22

Comparator Difference to Comparator

-

Comparator Difference to Comparator -

-

Refining Hengyuan Refining (4324-KLS) Price: RM5.41

Petron Malaysia R&M (3042-KLS) Price: RM4.58

Comparator Difference to Comparator $3,813/bpsd

7.3%

Comparator Difference to Comparator $3,813/bpsd

(6.4%)

Services Alam Maritim Resources (5115-KLS) Price: RM0.09

(7251-KLS) Price: RM0.08

Metric EV/EBITDA

2.5x

Bumi Armada

Valuation Metric

Company

EV/EBITDA

7.6x

Valuation Metric

Company

EV/EBITDA

3.4x

Valuation Metric

Company

EV/EBITDA

2.1x

Valuation Metric

Company

EV/EBITDA

5.6x

Valuation Metric

Company

EV/EBITDA

29.5x

Valuation Metric

Company

EV/EBITDA

5.6x

(5210-KLS) Price: RM0.43

Carimin Petroleum (5257-KLS) Price: RM0.70

Coastal Contracts (5071-KLS) Price: RM0.81

Dayang Enterprise (5141-KLS) Price: RM1.48

Dialog (7277-KLS) Price: RM3.14

Icon Offshore (5255-KLS) Price: RM0.12

92

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Malaysia Marine & Heavy Engineering

Valuation Metric

Company

(5186-KLS) Price: RM0.71

EV/EBITDA

6.6x

Marine & General

Valuation Metric

Company

EV/EBITDA

17.6x

Valuation Metric

Company

EV/EBITDA

6.3x

Valuation Metric

Company

EV/EBITDA

2.0x

Valuation Metric

Company

EV/EBITDA

15.4x

Valuation Metric

Company

EV/EBITDA

5.0x

Valuation Metric

Company

EV/EBITDA

25.7x

Valuation Metric

Company

EV/EBITDA

5.4x

Valuation Metric

Company

EV/EBITDA

7.8x

Valuation Metric

Company

EV/EBITDA

3.3x

Valuation Metric

Company

EV/EBITDA

16.5x

Valuation Metric

Company

EV/EBITDA

13.7x

(5078-KLS) Price: RM0.16

Perdana Petroleum (7108-KLS) Price: RM0.17

Petra Energy (5133-KLS) Price: RM0.97

Sapura Energy (Malaysia) (5218-KLS) Price: RM0.15

Scomi Energy Svs (7045-KLS) Price: RM0.11

TH Heavy Engineering (7206-KLS) Price: RM0.13

Uzma (7250-KLS) Price: RM0.79

Yinson (7293-KLS) Price: RM5.39

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Malta Services Medserv (Malta) (MDS-MAL) Price: €0.63

Comparator Difference to Comparator -

-

Mauritius Other Vivo Energy Mauritius (VIVOENERGY-MAU) Price: MUR225

Comparator Difference to Comparator -

-

Mexico Drillers Tenaris (Mexico) (TS-MEX) Price: ₱218

93

Comparator Difference to Comparator -

-


Exploration & Production Canacol Energy (Mexico) (CNEN-MEX) Price: ₱59.57

Frontera Energy (Mexico) (FECN-MEX) Price: ₱107

Vista Oil & Gas de CV (VISTAA-MEX) Price: ₱60.00

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$9.6/2P boe $9.6/2P boe $37,841/boepd $37,841/boepd

Valuation Metric

Company

Pipeline km Reserves Production

Comparator Difference to Comparator

$473,649/km $4.3/2P boe $4.3/2P boe $9,544/boepd $19,625/boepd

Valuation Metric

Company

Reserves Production

0.0% 0.0%

0.0% 0.0% 105.6%

Comparator Difference to Comparator

$5.5/1P boe $5.5/1P boe $19,625/boepd $19,625/boepd

0.0% 0.0%

Integrated Major Chevron (Mexico) (CVX-MEX) Price: ₱2,120

Exxon Mobil (Mexico) (XOM-MEX) Price: ₱1,155

PeroBras (ADR) (Mexico) (PBRN-MEX) Price: ₱173

RDS-A (ADR) (Mexico) (RDSA-MEX) Price: ₱858

Suncor Energy (Mexico) (SUUN-MEX) Price: ₱461

YPF (D) (ADR) (Mexico) (YPFN-MEX) Price: ₱85.80

Valuation Metric

Company

IOC Ratio

Comparator Difference to Comparator

$66,191.6/boepd $28,482.9/boepd

Valuation Metric

Company

IOC Ratio

Comparator Difference to Comparator

$47,739.9/boepd $28,482.9/boepd

Valuation Metric

Company

EV/EBITDA

1.0x

Valuation Metric

Company

IOC Ratio

Company

EV/EBITDA

6.2x

Valuation Metric

Company

IOC Ratio

(40.3%)

Comparator Difference to Comparator -

-

Comparator Difference to Comparator

$28,068.8/boepd $20,289.0/boepd

Valuation Metric

(57.0%)

(27.7%)

Comparator Difference to Comparator -

-

Comparator Difference to Comparator

$12,509.2/boepd $20,289.0/boepd

62.2%

Other Infraestructura Energetica (Mexico)

Valuation Metric

Company

(IENOVA-MEX) Price: ₱76.69

EV/EBITDA

9.1x

Valuation Metric

Company

Stream Day

$5,403/bpsd

Comparator Difference to Comparator -

-

Refining PBF Energy (Mexico) (PBF-MEX) Price: ₱296

94

Comparator Difference to Comparator $9,226/bpsd

70.8%


Valero Energy (Mexico) (VLO-MEX) Price: ₱1,499

Valuation Metric

Company

Stream Day

$13,049/bpsd

Valuation Metric

Company

EV/EBITDA

11.2x

Valuation Metric

Company

EV/EBITDA

290.3x

Comparator Difference to Comparator $9,226/bpsd

(29.3%)

Services Schlumberger (Mexico) (SLBN-MEX) Price: ₱558

Comparator Difference to Comparator -

-

MICEX Drillers TMK (TRMK-MIC) Price: ₽89.64

Comparator Difference to Comparator -

-

Exploration & Production Gazprom Neft (SIBN-MIC) Price: ₽371

Novatek (NVTK-MIC) Price: ₽1,424

RussNeft (RNFT-MIC) Price: ₽182

Slavneft-Megionneftegas (MFGS-MIC) Price: ₽330

Valuation Metric Reserves Production

Company

Reserves Production

Company

Reserves

$0.3/2P boe

Valuation Metric

Company

Production

(MFGSP-MIC) Price: ₽289

Production

Tatnef

Valuation Metric

-

Production

-

Comparator Difference to Comparator (57.8%)

Comparator Difference to Comparator

$63,200/boepd $37,588/boepd Company

0.0% 0.0%

Comparator Difference to Comparator

$89,004/boepd $37,588/boepd Company

0.0% 47.0%

Comparator Difference to Comparator

$2.3/2P boe $2.3/2P boe $37,588/boepd $37,588/boepd

Valuation Metric

Valuation Metric

Comparator Difference to Comparator

$2.6/1P boe $2.6/1P boe $15,517/boepd $22,812/boepd

Valuation Metric

Slavneft-Megionneftegas (ADR) (MICEX)

(TATN-MIC) Price: ₽597

Company

(40.5%)

Comparator Difference to Comparator

$30,107/boepd $22,812/boepd

(24.2%)

Integrated Major Gazprom (MICEX) (GAZP-MIC) Price: ₽221

Lukoil (MICEX) (LKOH-MIC) Price: ₽6,048

Valuation Metric

Company

EV/EBITDA

7.2x

Valuation Metric

Company

EV/EBITDA

6.0x

95

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Rosneft Oil (MICEX) (ROSN-MIC) Price: ₽559

Valuation Metric

Company

EV/EBITDA

4.9x

Valuation Metric

Company

Comparator Difference to Comparator -

-

Midstream Transneft (Pref) (TRNFP-MIC) Price: ₽146,400

Pipeline km

Comparator Difference to Comparator $106,849/km

0.0%

Other Sovcomflot (FLOT-MIC) Price: ₽90.18

Valuation Metric

Company

EV/EBITDA

7.0x

Valuation Metric

Company

Comparator Difference to Comparator -

-

Refining Bashneft (Pref) (BANEP-MIC) Price: ₽1,266

Bashneft OJSC (BANE-MIC) Price: ₽1,607

Yakutsk Fuel & Energy (YAKG-MIC) Price: ₽109

Production

Comparator Difference to Comparator

$4,131,673/boepd $37,588/boepd

Valuation Metric

Company

Production

Comparator Difference to Comparator

$9,611,537/boepd $37,588/boepd

Valuation Metric

Company

Production

(99.1%)

(99.6%)

Comparator Difference to Comparator

$45,235/boepd $37,588/boepd

-17%

Milan Drillers Tenaris (Milan) (TEN-MIL) Price: €9.25

Valuation Metric

Company

EV/EBITDA

14.4x

Valuation Metric

Company

Comparator Difference to Comparator -

-

Integrated Major Chevron (Milan) (CVX.U-MIL) Price: €87.26

Eni (Milan) (ENI-MIL) Price: €10.15

Total (Milan) (TOT-MIL) Price: €39.84

IOC Ratio

Comparator Difference to Comparator

$66,830.7/boepd $48,398.9/boepd

Valuation Metric

Company

IOC Ratio

Comparator Difference to Comparator

$31,749.4/boepd $48,398.9/boepd

Valuation Metric

Company

IOC Ratio

96

52.4%

Comparator Difference to Comparator

$46,616.5/boepd $48,398.9/boepd

Other

(27.6%)

3.8%


d'Amico International (Milan) Valuation

Company

(DIS-MIL) Price: €0.11

Metric EV/EBITDA

2.9x

Snam (Milan)

Valuation Metric

Company

(SRG-MIL) Price: €4.62

Pipeline km

Comparator Difference to Comparator -

-

Comparator Difference to Comparator $1,037,281/km

0.0%

Refining SARAS - Raffinerie (Milan) (SRS-MIL) Price: €0.63

Valuation Metric

Company

Stream Day

$3,497/bpsd

Valuation Metric

Company

EV/EBITDA

7.9x

Valuation Metric

Company

EV/EBITDA

12.1x

Valuation Metric

Company

EV/EBITDA

24.0x

Valuation Metric

Company

EV/EBITDA

20.3x

Valuation Metric

Company

EV/EBITDA

14.1x

Comparator Difference to Comparator $3,497/bpsd

0.0%

Services Saipem (Milan) (SPM-MIL) Price: €2.33

Comparator Difference to Comparator -

-

NASDAQ Drillers ChampionX (CHX-USA) Price: $22.13

DMC Global (BOOM-USA) Price: $54.03

Geospace Technologies (GEOS-USA) Price: $9.28

Patterson-UTI Energy (PTEN-USA) Price: $7.58

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Exploration & Production Abraxas Petroleum (AXAS-USA) Price: $3.75

Apache (NASDAQ) (APA-USA) Price: $18.86

Berry (BRY-USA) Price: $5.50

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$3.2/1P boe $9.8/1P boe $21,969/boepd $33,881/boepd

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$6.7/1P boe $9.8/1P boe $14,246/boepd $24,072/boepd

Valuation Metric

Company

Reserves Production

46.2% 69.0%

Comparator Difference to Comparator

$5.4/1P boe $9.8/1P boe $25,780/boepd $33,881/boepd

97

205.7% 54.2%

80.5% 31.4%


Centennial RD (CDEV-USA) Price: $4.38

Diamondback Energy (FANG-USA) Price: $75.31

Epsilon Energy (EPSN-USA) Price: $3.86

Oasis Petroleum (OAS-USA) Price: $63.83

PDC Energy (PDCE-USA) Price: $33.83

Penn Virginia (PVAC-USA) Price: $15.32

PrimeEnergy Resources (PNRG-USA) Price: $55.10

Sundance Energy (SNDE-USA) Price: $0.73

Tellurian (NASDAQ) (TELL-USA) Price: $2.64

Valuation Metric Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

(TGA-USA) Price: $1.65

Reserves Production

US Energy

Valuation Metric Reserves Production

98

75.1% 320.2%

Comparator Difference to Comparator

$21.4/1P boe $9.8/1P boe $54,885/boepd $33,881/boepd

Midstream

(69.2%) (84.8%)

Comparator Difference to Comparator

$3.9/1P boe $6.9/1P boe $8,063/boepd $33,881/boepd Company

144.5% 44.0%

Comparator Difference to Comparator

$22.4/1P boe $6.9/1P boe $157,986/boepd $24,072/boepd Company

(38.6%) 44.9%

Comparator Difference to Comparator

$4.0/1P boe $9.8/1P boe $23,533/boepd $33,881/boepd

Valuation Metric

65.5% 1.3%

Comparator Difference to Comparator

$11.2/1P boe $6.9/1P boe $23,378/boepd $33,881/boepd

Valuation Metric

(13.5%) (33.2%)

Comparator Difference to Comparator

$5.9/1P boe $9.8/1P boe $33,459/boepd $33,881/boepd

Valuation Metric

55.7% 38.2%

Comparator Difference to Comparator

$8.0/1P boe $6.9/1P boe $36,047/boepd $24,072/boepd

Valuation Metric

79.0% 9.8%

Comparator Difference to Comparator

$6.3/1P boe $9.8/1P boe $24,510/boepd $33,881/boepd

Valuation Metric

(42.3%) (50.0%)

Comparator Difference to Comparator

$3.9/1P boe $6.9/1P boe $21,921/boepd $24,072/boepd

Valuation Metric

(7.9%) 14.2%

Comparator Difference to Comparator

$17.0/1P boe $9.8/1P boe $67,738/boepd $33,881/boepd

Valuation Metric

Valuation Metric

Comparator Difference to Comparator

$7.5/1P boe $6.9/1P boe $29,671/boepd $33,881/boepd

Valuation Metric

TransGlobe Energy (NASDAQ)

(USEG-USA) Price: $4.54

Company

(54.2%) (38.3%)


BlueKnight (BKEP-USA) Price: $3.21

Oasis Midstream

Valuation Metric

Company

Pipeline km

$707,361/km

Valuation Metric

Company

EV/EBITDA

6.4x

Plains All American Pipeline (NASDAQ)

Valuation Metric

Company

(PAA-USA) Price: $9.35

Pipeline km

Plains GP

Valuation Metric

(OMP-USA) Price: $20.29

(PAGP-USA) Price: $9.48

Comparator Difference to Comparator

Comparator Difference to Comparator -

Pipeline km

-

Comparator Difference to Comparator $707,361/km

Company

89.7%

24.8%

Comparator Difference to Comparator $707,361/km

76.0%

Other Altus Midstream

Valuation Metric

Company

EV/EBITDA

3.1x

Valuation Metric

Company

EV/EBITDA

32.9x

Capital Product (NASDAQ) Valuation

Company

(ALTM-USA) Price: $53.55

Brooge Energy (BROG-USA) Price: $10.96

(CPLP-USA) Price: $11.76

Metric EV/EBITDA

6.1x

Clean Energy Fuels

Valuation Metric

Company

EV/EBITDA

71.7x

Valuation Metric

Company

EV/EBITDA

6.7x

Valuation Metric

Company

EV/EBITDA

13.6x

Valuation Metric

Company

Stream Day

$85,043/bpsd

Valuation Metric

Company

EV/EBITDA

1202.2x

Valuation Metric

Company

(CLNE-USA) Price: $15.94

Golar LNG (GMLP-USA) Price: $3.50

Golar LNG (NASDAQ) (GLNG-USA) Price: $11.64

Martin Midstream (MMLP-USA) Price: $2.97

New Fortress Energy (NFE-USA) Price: $52.61

Noble Midstream (NBLX-USA) Price: $14.22

Pipeline km

Comparator Difference to Comparator -

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator $85,043/bpsd

0.0%

Comparator Difference to Comparator -

-

Comparator Difference to Comparator $707,361/km

99

-

(52.5%)


Pyxis Tankers (PXS-USA) Price: $1.30

StealthGas (GASS-USA) Price: $3.17

TOP Ships (TOPS-USA) Price: $2.26

Valuation Metric

Company

EV/EBITDA

25.6x

Valuation Metric

Company

EV/EBITDA

6.2x

Valuation Metric

Company

EV/EBITDA

13.2x

Valuation Metric

Company

EV/EBITDA

9.3x

Valuation Metric

Company

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Refining Calumet Specialty (CLMT-USA) Price: $5.37

Comparator Difference to Comparator -

-

Royalty Dorchester Minerals (DMLP-USA) Price: $13.89

Falcon Minerals (FLMN-USA) Price: $4.51

Marine Petroleum (MARPS-USA) Price: $4.87

Viper Energy (VNOM-USA) Price: $16.15

Reserves Production

Comparator Difference to Comparator

$26.6/1P boe $9.8/1P boe $62,003/boepd $33,881/boepd

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$10.4/1P boe $9.8/1P boe $50,245/boepd $33,881/boepd

Valuation Metric

Company

Production

Company

Reserves Production

(6.0%) (32.6%)

Comparator Difference to Comparator

$833,050/boepd $24,072/boepd

Valuation Metric

(63.2%) (45.4%)

(97.1%)

Comparator Difference to Comparator

$17.6/1P boe $9.8/1P boe $73,305/boepd $33,881/boepd

(44.4%) (53.8%)

Services CSI Compressco (CCLP-USA) Price: $1.95

Dawson Geophysical (DWSN-USA) Price: $2.66

ENGlobal (ENG-USA) Price: $5.06

Mammoth Energy Svs (TUSK-USA) Price: $4.75

Valuation Metric

Company

EV/EBITDA

6.8x

Valuation Metric

Company

EV/EBITDA

1.3x

Valuation Metric

Company

EV/EBITDA

91.8x

Valuation Metric

Company

EV/EBITDA

8.0x

100

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


National Energy Svs Reunited Valuation

Company

(NESR-USA) Price: $11.93

Metric EV/EBITDA

5.6x

Rattler Midstream

Valuation Metric

Company

EV/EBITDA

3.3x

Valuation Metric

Company

EV/EBITDA

9.2x

(RTLR-USA) Price: $10.99

US Well Svs (USWS-USA) Price: $1.17

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

New Zealand Exploration & Production New Zealand Oil & Gas (New Valuation Zealand) Metric (NZO-NZE) Price: NZ$0.46

Company

EV/EBITDA

0.7x

Valuation Metric

Company

EV/EBITDA

5.4x

New Zealand Refining (New Zealand)

Valuation Metric

Company

(NZR-NZE) Price: NZ$0.46

EV/EBITDA

5.5x

Comparator Difference to Comparator -

-

Other Z Energy (New Zealand) (ZEL-NZE) Price: NZ$2.89

Comparator Difference to Comparator -

-

Refining Comparator Difference to Comparator -

-

Nigeria Exploration & Production Seplat Petroleum (Nigeria) (SEPLAT-NSA) Price: ₦550

Valuation Metric

Company

Production

Comparator Difference to Comparator

$27,849/boepd $27,849/boepd

0.0%

Other 11 (MOBIL-NSA) Price: ₦228

Ardova (ARDOVA-NSA) Price: ₦15.40

Conoil (CONOIL-NSA) Price: ₦17.05

Eterna (ETERNA-NSA) Price: ₦5.45

Valuation Metric

Company

EV/EBITDA

5.9x

Valuation Metric

Company

EV/EBITDA

2.5x

Valuation Metric

Company

EV/EBITDA

1.5x

Valuation Metric

Company

EV/EBITDA

6.5x

101

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Oando (Nigeria)

Valuation Metric

Company

EV/EBITDA

3.8x

Valuation Metric

Company

EV/EBITDA

1.6x

South West Pinnacle Exploration

Valuation Metric

Company

(SOUTHWEST-NSE) Price: ₹48.65

EV/EBITDA

5.9x

Valuation Metric

Company

EV/EBITDA

78.4x

Valuation Metric

Company

EV/EBITDA

10.5x

Valuation Metric

Company

EV/EBITDA

26.4x

Valuation Metric

Company

EV/EBITDA

32.0x

Independence Contract Drilling

Valuation Metric

Company

(ICD-USA) Price: $3.78

EV/EBITDA

59.1x

Nabors Industries

Valuation Metric

Company

EV/EBITDA

7.1x

National Oilwell Varco (NYSE)

Valuation Metric

Company

(NOV-USA) Price: $14.35

EV/EBITDA

25.1x

Precision Drilling (NYSE)

Valuation Metric

Company

EV/EBITDA

7.2x

Valuation Metric

Company

EV/EBITDA

14.2x

(OANDO-NSA) Price: ₦3.06

Comparator Difference to Comparator -

-

Services Caverton Offshore Support (CAVERTON-NSA) Price: ₦1.83

Comparator Difference to Comparator -

-

NSE India Drillers Comparator Difference to Comparator -

-

NYSE Drillers Borr Drilling (NYSE) (BORR-USA) Price: $1.11

Cactus (WHD-USA) Price: $30.55

Dril-Quip (DRQ-USA) Price: $35.05

Helmerich & Payne (NYSE) (HP-USA) Price: $29.66

(NBR-USA) Price: $103

(PDS-USA) Price: $21.18

Tenaris (ADR) (NYSE) (TS-USA) Price: $22.05

102

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Transocean (NYSE) (RIG-USA) Price: $3.63

Valuation Metric

Company

EV/EBITDA

9.6x

Valuation Metric

Company

EV/EBITDA

4.3x

Comparator Difference to Comparator -

-

Exploration California Resources (CRC-USA) Price: $24.30

Comparator Difference to Comparator -

-

Exploration & Production Amplify Energy (AMPY-USA) Price: $3.16

Antero Resources (AR-USA) Price: $10.02

Bonanza Creek Energy (BCEI-USA) Price: $32.66

Cabot Oil & Gas (NYSE) (COG-USA) Price: $18.00

Callon Petroleum (CPE-USA) Price: $35.69

Valuation Metric

Company

Reserves Production

$5.1/1P boe $5.2/1P boe $20,175/boepd $20,974/boepd

Valuation Metric

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Reserves Production

Cenovus Energy (NYSE)

Valuation Metric

(CVE-USA) Price: $7.82

Cimarex Energy (NYSE) (XEC-USA) Price: $60.04

Company

Stream Day Reserves Production IOC Ratio

Company

Reserves Production

(60.3%) 164.1% (19.8%) (11.2%)

Comparator Difference to Comparator

$12.5/1P boe $5.2/1P boe $27,748/boepd $20,974/boepd

103

157.6% (22.3%)

Comparator Difference to Comparator

$44,627/bpsd $17,720/bpsd $4.2/1P boe $11.2/1P boe $46,831/boepd $37,571/boepd $32,307.2/boepd $28,683.9/boepd

Valuation Metric

32.7% (65.8%)

Comparator Difference to Comparator

$4.3/1P boe $11.2/1P boe $48,343/boepd $37,571/boepd Company

44.0% 6.5%

Comparator Difference to Comparator

$8.4/1P boe $11.2/1P boe $110,006/boepd $37,571/boepd

Canadian Natural Resources Valuation (NYSE) Metric

110.6% 35.9%

Comparator Difference to Comparator

$3.6/1P boe $5.2/1P boe $19,697/boepd $20,974/boepd

Valuation Metric

181.0% 93.6%

Comparator Difference to Comparator

$5.3/1P boe $11.2/1P boe $27,640/boepd $37,571/boepd

Valuation Metric

2.2% 4.0%

Comparator Difference to Comparator

$1.9/1P boe $5.2/1P boe $10,835/boepd $20,974/boepd

Valuation Metric

(CNQ-USA) Price: $29.55

Comparator Difference to Comparator

(58.2%) (24.4%)


CNOOC (ADR) (NYSE) (CEO-USA) Price: $122

CNX Resources (NYSE) (CNX-USA) Price: $14.60

Comstock Resources (CRK-USA) Price: $5.59

ConocoPhillips (NYSE) (COP-USA) Price: $52.24

Continental Resources (CLR-USA) Price: $25.76

Valuation Metric Reserves Production

Reserves Production

Reserves Production

Reserves Production

Valuation Metric

(ESTE-USA) Price: $7.65

Enerplus (NYSE) (ERF-USA) Price: $5.23

EOG Resources (NYSE) (EOG-USA) Price: $68.23

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

15.5% 31.5%

Comparator Difference to Comparator

$12.5/1P boe $11.2/1P boe $50,514/boepd $37,571/boepd

104

143.4% (17.9%)

Comparator Difference to Comparator

$4.5/1P boe $5.2/1P boe $15,952/boepd $20,974/boepd

Valuation Metric

(76.2%) (58.7%)

Comparator Difference to Comparator

$4.6/1P boe $11.2/1P boe $45,774/boepd $37,571/boepd

Valuation Metric

10.1% (6.4%)

Comparator Difference to Comparator

$21.9/1P boe $5.2/1P boe $50,846/boepd $20,974/boepd

Valuation Metric

(13.0%) 52.2%

Comparator Difference to Comparator

$10.2/1P boe $11.2/1P boe $40,135/boepd $37,571/boepd

Valuation Metric

(41.8%) (12.2%)

Comparator Difference to Comparator

$6.0/1P boe $5.2/1P boe $24,680/boepd $37,571/boepd Company

(24.6%) (32.4%)

Comparator Difference to Comparator

$9.0/1P boe $5.2/1P boe $42,810/boepd $37,571/boepd Company

31.0% (18.1%)

Comparator Difference to Comparator

$14.8/1P boe $11.2/1P boe $55,615/boepd $37,571/boepd

Valuation Metric

Denbury

Earthstone Energy

Company

(22.6%) 36.3% (3.9%)

Comparator Difference to Comparator

$4.0/1P boe $5.2/1P boe $25,624/boepd $20,974/boepd

Valuation Metric

Reserves Production

(DVN-USA) Price: $22.33

Company

85.3% 62.3%

Comparator Difference to Comparator

$1,040,596/km $3.8/1P boe $5.2/1P boe $21,819/boepd $20,974/boepd

Valuation Metric

(CPG-USA) Price: $4.20

Devon Energy (NYSE)

Company

Pipeline km Reserves Production

Valuation Metric

Comparator Difference to Comparator

$6.0/1P boe $11.2/1P boe $23,143/boepd $37,571/boepd

Valuation Metric

Crescent Point Energy (NYSE)

(DEN-USA) Price: $43.27

Company

(10.7%) (25.6%)


EQT (NYSE) (EQT-USA) Price: $18.47

GeoPark (NYSE) (GPRK-USA) Price: $15.53

Hess (NYSE) (HES-USA) Price: $68.50

HighPoint Resources (HPR-USA) Price: $5.18

Kosmos Energy (NYSE) (KOS-USA) Price: $3.07

Laredo Petroleum (LPI-USA) Price: $32.58

Magnolia Oil & Gas (MGY-USA) Price: $11.47

Marathon Oil (NYSE) (MRO-USA) Price: $10.83

Matador Resources (MTDR-USA) Price: $23.50

Murphy Oil (NYSE) (MUR-USA) Price: $17.37

Valuation Metric

Company

Reserves Production

$3.3/1P boe $5.2/1P boe $13,944/boepd $20,974/boepd

Valuation Metric

Company

Reserves Production Valuation Metric

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Pipeline km Reserves Production

76.1% 47.6%

Comparator Difference to Comparator

$1,040,596/km $15.0/1P boe $11.2/1P boe $57,729/boepd $37,571/boepd

105

(35.5%) (43.2%)

Comparator Difference to Comparator

$6.3/1P boe $11.2/1P boe $25,450/boepd $37,571/boepd

Metric

3.3% 19.8%

Comparator Difference to Comparator

$17.3/1P boe $11.2/1P boe $66,090/boepd $37,571/boepd

Valuation Metric

(74.0%) 14.2%

Comparator Difference to Comparator

$10.8/1P boe $11.2/1P boe $31,353/boepd $37,571/boepd

Valuation Metric

2.3% 13.3%

Comparator Difference to Comparator

$20.1/1P boe $5.2/1P boe $32,894/boepd $37,571/boepd

Valuation Metric

(40.8%) (20.0%)

Comparator Difference to Comparator

$5.1/1P boe $5.2/1P boe $18,504/boepd $20,974/boepd

Valuation Metric

90.0% 72.1%

Comparator Difference to Comparator

$18.9/1P boe $11.2/1P boe $46,956/boepd $37,571/boepd

Valuation Metric

(51.0%) (57.2%)

Comparator Difference to Comparator

$5.9/1P boe $11.2/1P boe $21,826/boepd $37,571/boepd

Valuation Metric

(22.4%) (21.2%)

Comparator Difference to Comparator

$22.8/1P boe $11.2/1P boe $87,826/boepd $37,571/boepd

Valuation Metric

58.1% 50.4%

Comparator Difference to Comparator

$14.4/1P boe $11.2/1P boe $47,659/boepd $37,571/boepd

Occidental Petroleum (NYSE) Valuation (OXY-USA) Price: $27.46

Comparator Difference to Comparator

(54.9%) (25.7%) (34.9%)


Ovintiv (NYSE) (OVV-USA) Price: $24.70

Panhandle Oil & Gas (PHX-USA) Price: $3.17

Valuation Metric Reserves Production

(PXD-USA) Price: $159

Reserves Production

QEP Resources (NYSE)

Valuation Metric

Range Resources (NYSE) (RRC-USA) Price: $10.40

SandRidge Energy (SD-USA) Price: $4.14

SilverBow Resources (SBOW-USA) Price: $7.95

SM Energy (NYSE) (SM-USA) Price: $16.95

Southwestern Energy (SWN-USA) Price: $4.59

Talos Energy (TALO-USA) Price: $12.86

VAALCO Energy (NYSE) (EGY-USA) Price: $2.39

Company

Reserves Production Valuation Metric

Comparator Difference to Comparator

$3.1/1P boe $5.2/1P boe $23,112/boepd $20,974/boepd

Valuation Metric

Pioneer Natural Resources (NYSE)

(QEP-USA) Price: $4.08

Company

Comparator Difference to Comparator

$5.3/1P boe $5.2/1P boe $19,821/boepd $20,974/boepd Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

(14.6%) (13.2%)

Comparator Difference to Comparator

$17.8/1P boe $11.2/1P boe $24,236/boepd $37,571/boepd

106

83.4% 24.4%

Comparator Difference to Comparator

$13.1/1P boe $11.2/1P boe $43,278/boepd $37,571/boepd

Valuation Metric

(40.8%) (32.0%)

Comparator Difference to Comparator

$2.8/1P boe $5.2/1P boe $16,865/boepd $20,974/boepd

Valuation Metric

125.0% 24.5%

Comparator Difference to Comparator

$8.8/1P boe $5.2/1P boe $30,846/boepd $20,974/boepd

Valuation Metric

259.6% 427.2%

Comparator Difference to Comparator

$2.3/1P boe $5.2/1P boe $16,847/boepd $20,974/boepd

Valuation Metric

182.8% 43.0%

Comparator Difference to Comparator

$1.4/1P boe $5.2/1P boe $3,978/boepd $20,974/boepd

Valuation Metric

72.2% 33.7%

Comparator Difference to Comparator

$1.8/1P boe $5.2/1P boe $14,666/boepd $20,974/boepd

Valuation Metric

(64.4%) (63.7%)

Comparator Difference to Comparator

$6.5/1P boe $11.2/1P boe $28,098/boepd $37,571/boepd

Valuation Metric

(0.9%) 5.8%

Comparator Difference to Comparator

$31.4/1P boe $11.2/1P boe $103,378/boepd $37,571/boepd Company

67.5% (9.3%)

(37.3%) 55.0%


Vermilion Energy (NYSE) (VET-USA) Price: $7.89

Valuation Metric

Company

Reserves Production

$6.7/1P boe $5.2/1P boe $33,221/boepd $20,974/boepd

Vista Oil & Gas de CV (ADR) Valuation (VIST-USA) Price: $2.94

Metric

W&T Offshore

Valuation Metric

(WTI-USA) Price: $3.77

Whiting Petroleum (WLL-USA) Price: $34.98

Comparator Difference to Comparator

Company

Reserves Production

Comparator Difference to Comparator

$5.6/1P boe $11.2/1P boe $19,705/boepd $37,571/boepd Company

Reserves Production

Company

Reserves Production

101.1% 90.7%

Comparator Difference to Comparator

$6.9/1P boe $5.2/1P boe $26,879/boepd $20,974/boepd

Valuation Metric

(21.9%) (36.9%)

(24.6%) (22.0%)

Comparator Difference to Comparator

$3.4/1P boe $11.2/1P boe $13,386/boepd $37,571/boepd

224.1% 180.7%

Integrated Major BP (ADR) (NYSE) (BP-USA) Price: $25.35

Chevron (NYSE) (CVX-USA) Price: $103

Ecopetrol (ADR) (NYSE) (EC-USA) Price: $13.36

Eni (ADR) (NYSE) (E-USA) Price: $24.08

Equinor (ADR) (NYSE) (EQNR-USA) Price: $19.58

Exxon Mobil (NYSE) (XOM-USA) Price: $55.91

PeroBras (ADR) (NYSE)

Valuation Metric

Company

IOC Ratio

$29,963.1/boepd $28,683.9/boepd

Valuation Metric

Company

IOC Ratio Valuation Metric

Company

IOC Ratio

Company

IOC Ratio

Company

IOC Ratio

Company

IOC Ratio

EV/EBITDA

1.0x

PeroBras (Pref) (ADR) (NYSE)

Valuation Metric

Company

(PBR.A-USA) Price: $8.50

EV/EBITDA

0.7x

PetroChina (ADR) (NYSE)

Valuation Metric

Company

(PTR-USA) Price: $37.07

IOC Ratio

(39.8%)

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator

$10,555.9/boepd $28,683.9/boepd

107

(35.3%)

Comparator Difference to Comparator

$47,626.4/boepd $28,683.9/boepd Company

(9.3%)

Comparator Difference to Comparator

$42,937.8/boepd $27,796.6/boepd

Valuation Metric

(47.3%)

Comparator Difference to Comparator

$31,619.9/boepd $28,683.9/boepd

Valuation Metric

(56.5%)

Comparator Difference to Comparator

$54,401.5/boepd $28,683.9/boepd

Valuation Metric

(4.3%)

Comparator Difference to Comparator

$65,980.0/boepd $28,683.9/boepd

Valuation Metric

(PBR-USA) Price: $8.37

Comparator Difference to Comparator

171.7%


Suncor Energy (NYSE) (SU-USA) Price: $21.54

Total (B) (ADR) (NYSE) (TOT-USA) Price: $47.64

YPF (D) (ADR) (NYSE) (YPF-USA) Price: $4.39

Valuation Metric

Company

EV/EBITDA

6.0x

Valuation Metric

Company

IOC Ratio

Comparator Difference to Comparator -

Comparator Difference to Comparator

$46,692.7/boepd $28,683.9/boepd

Valuation Metric

Company

IOC Ratio

-

(38.6%)

Comparator Difference to Comparator

$12,655.4/boepd $27,796.6/boepd

119.6%

Midstream BP Midstream (BPMP-USA) Price: $12.57

Crestwood Equity (CEQP-USA) Price: $24.45

Delek Logistics (DKL-USA) Price: $36.65

Genesis Energy (GEL-USA) Price: $9.01

Holly Energy (HEP-USA) Price: $18.66

Magellan Midstream (MMP-USA) Price: $43.86

MPLX (MPLX-USA) Price: $25.97

NGL Energy (NGL-USA) Price: $2.30

Valuation Metric

Company

Pipeline km

Comparator Difference to Comparator $1,040,596/km

Valuation Metric

Company

Pipeline km

Comparator Difference to Comparator $1,040,596/km

Valuation Metric

Company

Pipeline km Company

Pipeline km Company

Pipeline km Company

Pipeline km Company

Pipeline km Company

Pipeline km

(70.5%)

Comparator Difference to Comparator $1,040,596/km

108

(75.0%)

Comparator Difference to Comparator $1,040,596/km

Valuation Metric

(31.1%)

Comparator Difference to Comparator $1,040,596/km

Valuation Metric

1.8%

Comparator Difference to Comparator $1,040,596/km

Valuation Metric

(28.6%)

Comparator Difference to Comparator $1,040,596/km

Valuation Metric

(28.8%)

Comparator Difference to Comparator $1,040,596/km

Valuation Metric

(38.2%)

(74.2%)


NuStar Energy LP (NS-USA) Price: $17.04

Phillips 66 (PSXP-USA) Price: $30.45

Shell Midstream (SHLX-USA) Price: $12.83

Valuation Metric

Company

Pipeline km

Comparator Difference to Comparator $1,040,596/km

Valuation Metric

Company

Pipeline km

Comparator Difference to Comparator $1,040,596/km

Valuation Metric

Company

EV/EBITDA

8.8x

Valuation Metric

Company

EV/EBITDA

8.5x

Valuation Metric

Company

EV/EBITDA

6.7x

Valuation Metric

Company

EV/EBITDA

10.3x

Valuation Metric

Company

(32.0%)

32.6%

Comparator Difference to Comparator -

-

Other Antero Midstream (AM-USA) Price: $8.85

Ardmore Shipping (ASC-USA) Price: $4.92

CrossAmerica (CAPL-USA) Price: $18.88

DCP Midstream (DCP-USA) Price: $22.41

DHT (DHT-USA) Price: $6.33

Diamond S Shipping (DSSI-USA) Price: $9.59

Dorian LPG (NYSE) (LPG-USA) Price: $13.34

Dynagas LNG (DLNG-USA) Price: $2.96

Enable Midstream (ENBL-USA) Price: $6.97

Enbridge (NYSE) (ENB-USA) Price: $36.27

Pipeline km

Comparator Difference to Comparator -

Comparator Difference to Comparator -

Company

EV/EBITDA

8.1x

Valuation Metric

Company

EV/EBITDA

5.0x

Valuation Metric

Company

EV/EBITDA

5.0x

Valuation Metric

Company

EV/EBITDA

6.9x

Valuation Metric

Company

Pipeline km

-

Company

EV/EBITDA

11.3x

109

-

Comparator Difference to Comparator (7.6%)

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator $1,040,596/km

Valuation Metric

-

Comparator Difference to Comparator

$1,040,596/km

Valuation Metric

-

454.2%

Comparator Difference to Comparator -

-


Energy Transfer (NYSE) (ET-USA) Price: $8.10

EnLink Midstream (ENLC-USA) Price: $4.51

Enterprise Products (NYSE) (EPD-USA) Price: $22.89

Valuation Metric

Company

Pipeline km

$1,040,596/km

Valuation Metric

Company

Pipeline km Valuation Metric

Company

Pipeline km Company

Metric EV/EBITDA

9.5x

Euronav (NYSE)

Valuation Metric

Company

EV/EBITDA

9.2x

Valuation Metric

Company

EV/EBITDA

7.0x

Valuation Metric

Company

EV/EBITDA

14.7x

Valuation Metric

Company

EV/EBITDA

6.4x

Valuation Metric

Company

EV/EBITDA

7.1x

Valuation Metric

Company

EV/EBITDA

8.4x

Valuation Metric

Company

EV/EBITDA

2.6x

Valuation Metric

Company

EV/EBITDA

7.6x

Valuation Metric

Company

EV/EBITDA

4.1x

Valuation Metric

Company

EV/EBITDA

10.1x

Flex LNG (NYSE) (FLNG-USA) Price: $9.02

Frontline (NYSE) (FRO-USA) Price: $7.78

GasLog (GLOP-USA) Price: $2.93

GasLog (NYSE) (GLOG-USA) Price: $5.80

Global (GLP-USA) Price: $22.26

Hess Midstream (HESM-USA) Price: $21.49

Hoegh LNG (HMLP-USA) Price: $15.42

International Seaways (INSW-USA) Price: $20.14

Kinder Morgan (P) (NYSE) (KMI-USA) Price: $15.78

110

188.1%

Comparator Difference to Comparator $1,040,596/km

(ETRN-USA) Price: $8.22

1.2%

Comparator Difference to Comparator $1,040,596/km

Equitrans Midstream (NYSE) Valuation

(EURN-USA) Price: $9.56

Comparator Difference to Comparator

(4.8%)

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


KNOT Offshore

Valuation Metric

Company

EV/EBITDA

6.9x

Valuation Metric

Company

EV/EBITDA

9.7x

Navios Maritime Acquisition Valuation

Company

(KNOP-USA) Price: $17.97

Navigator (NVGS-USA) Price: $9.86

(NNA-USA) Price: $4.16

Metric EV/EBITDA

6.0x

Nordic American Tankers (NYSE)

Valuation Metric

Company

(NAT-USA) Price: $3.52

EV/EBITDA

11.0x

ONEOK (NYSE)

Valuation Metric

Company

(OKE-USA) Price: $48.49

Overseas Shipholding (OSG-USA) Price: $2.24

PBF Logistics (PBFX-USA) Price: $13.50

Pembina Pipeline (NYSE) (PBA-USA) Price: $29.45

Scorpio Tankers (NYSE) (STNG-USA) Price: $19.32

SEACOR Holdings (NYSE) (CKH-USA) Price: $40.65

Sprague Resources (SRLP-USA) Price: $21.39

Star (SGU-USA) Price: $10.28

Suburban Propane (SPH-USA) Price: $15.10

Summit Midstream (SMLP-USA) Price: $26.50

Pipeline km

Comparator Difference to Comparator -

Comparator Difference to Comparator -

Company

EV/EBITDA

2.0x

Valuation Metric

Company

EV/EBITDA

6.9x

Valuation Metric

Company

Pipeline km

-

Company

EV/EBITDA

6.1x

Valuation Metric

Company

EV/EBITDA

7.3x

Valuation Metric

Company

EV/EBITDA

10.5x

Valuation Metric

Company

EV/EBITDA

3.9x

Valuation Metric

Company

EV/EBITDA

8.4x

Valuation Metric

Company

EV/EBITDA

7.0x

111

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator 82.1%

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator $1,040,596/km

Valuation Metric

-

Comparator Difference to Comparator

$1,040,596/km

Valuation Metric

-

(20.9%)

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Sunoco (SUN-USA) Price: $31.09

Targa Resources (NYSE) (TRGP-USA) Price: $32.01

TC Energy (NYSE) (TRP-USA) Price: $45.52

Teekay (NYSE)

Valuation Metric

Company

EV/EBITDA

7.6x

Valuation Metric

Company

Pipeline km Valuation Metric

Company

Pipeline km

EV/EBITDA

5.2x

Valuation Metric

Company

EV/EBITDA

4.2x

Valuation Metric

Company

EV/EBITDA

11.6x

Transportadora DGDS (ADR) Valuation (NYSE) Metric

Company

(TGP-USA) Price: $14.97

Teekay Tankers (A) (NYSE) (TNK-USA) Price: $14.94

(TGS-USA) Price: $4.60

EV/EBITDA

1.8x

Tsakos Energy Navigation (NYSE)

Valuation Metric

Company

(TNP-USA) Price: $10.32

EV/EBITDA

5.3x

UGI

Valuation Metric

Company

EV/EBITDA

8.8x

Valuation Metric

Company

EV/EBITDA

8.0x

Williams Companies (NYSE) Valuation

Company

(UGI-USA) Price: $40.79

Western Midstream (WES-USA) Price: $18.25

(WMB-USA) Price: $22.99

-

Comparator Difference to Comparator 256.7%

Comparator Difference to Comparator $1,040,596/km

Company

Teekay LNG

-

$1,040,596/km

Valuation Metric

(TK-USA) Price: $3.48

Comparator Difference to Comparator

23.5%

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Metric

Comparator Difference to Comparator

Pipeline km

$1,040,596/km

6.0%

Refining CVR Energy (NYSE) (CVI-USA) Price: $21.17

Valuation Metric

Company

Pipeline km

Comparator Difference to Comparator $1,040,596/km

112

(69.4%)


Delek US

Valuation Metric

Company

Stream Day Pipeline km

$10,580/bpsd

Valuation Metric

Company

Stream Day

$16,624/bpsd

Marathon Petroleum (NYSE) Valuation

Company

(DK-USA) Price: $22.15

HollyFrontier (HFC-USA) Price: $35.85

(MPC-USA) Price: $53.35

Metric Stream Day Pipeline km

$21,503/bpsd

Par Pacific

Valuation Metric

Company

(PARR-USA) Price: $15.29

PBF Energy (NYSE) (PBF-USA) Price: $14.35

Phillips 66 (NYSE) (PSX-USA) Price: $80.58

Valero Energy (NYSE) (VLO-USA) Price: $72.28

Stream Day Reserves Production IOC Ratio

Comparator Difference to Comparator $17,720/bpsd $1,040,596/km

Comparator Difference to Comparator $17,720/bpsd

Company

Stream Day

$5,402/bpsd

Valuation Metric

Company

Stream Day Pipeline km

$22,283/bpsd

Valuation Metric

Company

Stream Day

$12,987/bpsd

Valuation Metric

Company

6.6%

Comparator Difference to Comparator $17,720/bpsd $1,040,596/km

(17.6%) (56.3%)

Comparator Difference to Comparator

$7,754/bpsd $17,720/bpsd $33.8/1P boe $5.2/1P boe $94,838/boepd $20,974/boepd $7,727.8/boepd $27,796.6/boepd

Valuation Metric

67.5% (42.3%)

128.5% (84.6%) (77.9%) 259.7%

Comparator Difference to Comparator $17,720/bpsd

228.1%

Comparator Difference to Comparator $17,720/bpsd $1,040,596/km

(20.5%) 151.8%

Comparator Difference to Comparator $17,720/bpsd

36.4%

Royalty Black Stone Minerals (BSM-USA) Price: $8.71

BP Prudhoe Bay (NYSE) (BPT-USA) Price: $4.27

Brigham Minerals (MNRL-USA) Price: $14.30

Cross Timbers Royalty (CRT-USA) Price: $9.00

Reserves Production

Comparator Difference to Comparator

$27.1/1P boe $5.2/1P boe $38,253/boepd $20,974/boepd

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$20.4/1P boe $11.2/1P boe $7,580/boepd $37,571/boepd

Valuation Metric

Company

Reserves Production

Company

Reserves Production

(39.3%) (54.3%)

Comparator Difference to Comparator

$47.7/1P boe $11.2/1P boe $75,227/boepd $20,974/boepd

113

(45.3%) 395.7%

Comparator Difference to Comparator

$18.4/1P boe $11.2/1P boe $82,252/boepd $37,571/boepd

Valuation Metric

(80.7%) (45.2%)

(76.6%) (72.1%)


Kimbell Royalty (KRP-USA) Price: $10.00

Mesa Royalty (MTR-USA) Price: $4.69

North European Oil Royalty (NRT-USA) Price: $4.40

Permian Basin Royalty (PBT-USA) Price: $4.31

Permianville Royalty (PVL-USA) Price: $1.49

PermRock Royalty (PRT-USA) Price: $5.79

Sabine Royalty (SBR-USA) Price: $30.22

San Juan Basin Royalty (SJT-USA) Price: $3.94

Texas Pacific Land (TPL-USA) Price: $1,584

VOC Energy (VOC-USA) Price: $3.29

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$12.3/1P boe $5.2/1P boe $43,172/boepd $20,974/boepd

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$4.5/1P boe $5.2/1P boe $15,728/boepd $20,974/boepd

Valuation Metric

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Production

Company

Reserves Production

(74.9%) (86.7%)

Comparator Difference to Comparator

$433,560/boepd $37,571/boepd

Valuation Metric

(66.0%) (89.9%)

Comparator Difference to Comparator

$20.8/1P boe $5.2/1P boe $157,613/boepd $20,974/boepd

Valuation Metric

(18.0%) (1.5%)

Comparator Difference to Comparator

$32.9/1P boe $11.2/1P boe $207,726/boepd $20,974/boepd

Valuation Metric

28.1% 61.2%

Comparator Difference to Comparator

$13.6/1P boe $11.2/1P boe $38,137/boepd $37,571/boepd

Valuation Metric

(72.1%) (73.6%)

Comparator Difference to Comparator

$8.7/1P boe $11.2/1P boe $13,014/boepd $20,974/boepd

Valuation Metric

(84.6%) (77.6%)

Comparator Difference to Comparator

$40.1/1P boe $11.2/1P boe $142,360/boepd $37,571/boepd

Valuation Metric

16.8% 33.4%

Comparator Difference to Comparator

$33.8/1P boe $5.2/1P boe $93,691/boepd $20,974/boepd

Valuation Metric

(57.6%) (51.4%)

(91.3%)

Comparator Difference to Comparator

$12.2/1P boe $11.2/1P boe $42,218/boepd $37,571/boepd

(8.7%) (11.0%)

Services Archrock (AROC-USA) Price: $9.72

Valuation Metric

Company

EV/EBITDA

9.1x

114

Comparator Difference to Comparator -

-


Baker Hughes (NYSE)

Valuation Metric

Company

EV/EBITDA

7.6x

Valuation Metric

Company

EV/EBITDA

5.7x

Core Laboratories NV (NYSE)

Valuation Metric

Company

(CLB-USA) Price: $32.21

EV/EBITDA

21.5x

Cypress Environmental

Valuation Metric

Company

EV/EBITDA

8.9x

Valuation Metric

Company

EV/EBITDA

4.2x

Valuation Metric

Company

EV/EBITDA

13.9x

Valuation Metric

Company

EV/EBITDA

10.6x

Valuation Metric

Company

EV/EBITDA

7.6x

Valuation Metric

Company

EV/EBITDA

7.8x

Valuation Metric

Company

EV/EBITDA

11.6x

N. American Construction (NYSE)

Valuation Metric

Company

(NOA-USA) Price: $10.95

EV/EBITDA

4.2x

Natural Gas Svs

Valuation Metric

Company

EV/EBITDA

4.2x

Valuation Metric

Company

EV/EBITDA

7.0x

Valuation Metric

Company

EV/EBITDA

10.1x

(BKR-USA) Price: $22.31

Bristow (VTOL-USA) Price: $26.37

(CELP-USA) Price: $3.20

Exterran (EXTN-USA) Price: $3.70

Frank's International (FI-USA) Price: $3.86

Halliburton (NYSE) (HAL-USA) Price: $21.54

Helix Energy Solutions (HLX-USA) Price: $5.32

ION Geophysical (IO-USA) Price: $2.58

Liberty Oilfield Svs (LBRT-USA) Price: $11.03

(NGS-USA) Price: $9.00

Newpark Resources (NR-USA) Price: $3.49

NexTier Oilfield Solutions (NEX-USA) Price: $3.89

115

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Oceaneering International (NYSE)

Valuation Metric

Company

(OII-USA) Price: $12.24

EV/EBITDA

8.6x

Oil States International

Valuation Metric

Company

EV/EBITDA

14.5x

Valuation Metric

Company

EV/EBITDA

7.5x

Valuation Metric

Company

EV/EBITDA

2.8x

Valuation Metric

Company

EV/EBITDA

22.0x

Valuation Metric

Company

EV/EBITDA

11.4x

Valuation Metric

Company

EV/EBITDA

23.4x

Valuation Metric

Company

EV/EBITDA

8.7x

Solaris Oilfield Infrastructure Valuation

Company

(OIS-USA) Price: $6.34

ProPetro Holding (PUMP-USA) Price: $11.16

Ranger Energy Svs (RNGR-USA) Price: $5.87

RPC (RES-USA) Price: $5.10

Schlumberger (NYSE) (SLB-USA) Price: $27.65

SEACOR Marine (SMHI-USA) Price: $5.44

Select Energy Svs (WTTR-USA) Price: $5.65

(SOI-USA) Price: $12.56

Metric EV/EBITDA

10.1x

TechnipFMC (NYSE)

Valuation Metric

Company

EV/EBITDA

4.7x

Valuation Metric

Company

EV/EBITDA

19.0x

Valuation Metric

Company

EV/EBITDA

14.4x

Valuation Metric

Company

EV/EBITDA

8.5x

(FTI-USA) Price: $7.73

TETRA Technologies (TTI-USA) Price: $2.92

Tidewater (NYSE) (TDW-USA) Price: $12.72

USA Compression (USAC-USA) Price: $15.22

Oslo Drillers

116

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Archer (Oslo) (ARCH-OSL) Price: NOK4.15

Borr Drilling (Oslo) (BORR-OSL) Price: NOK9.53

Northern Drilling (NODL-OSL) Price: NOK8.18

Northern Ocean (NOL-OSL) Price: NOK11.50

Odfjell Drilling (Oslo) (ODL-OSL) Price: NOK20.75

Seadrill (Oslo) (SDRL-OSL) Price: NOK1.98

Shelf Drilling (Oslo) (SHLF-OSL) Price: NOK5.60

Valuation Metric

Company

EV/EBITDA

6.4x

Valuation Metric

Company

EV/EBITDA

78.5x

Valuation Metric

Company

EV/EBITDA

0.2x

Valuation Metric

Company

EV/EBITDA

5.7x

Valuation Metric

Company

EV/EBITDA

5.4x

Valuation Metric

Company

EV/EBITDA

42.0x

Valuation Metric

Company

EV/EBITDA

6.0x

Valuation Metric

Company

EV/EBITDA

3.7x

Valuation Metric

Company

EV/EBITDA

1.9x

Valuation Metric

Company

EV/EBITDA

2.1x

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Exploration BW Energy (BWE-OSL) Price: NOK26.86

OKEA (OKEA-OSL) Price: NOK13.60

RAK Petroleum (Oslo) (RAKP-OSL) Price: NOK9.48

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Exploration & Production Aker BP (Oslo) (AKRBP-OSL) Price: NOK249

DNO (Oslo) (DNO-OSL) Price: NOK9.67

InterOil E&P (Oslo) (IOX-OSL) Price: NOK1.62

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$3.6/2P boe $6.4/2P boe $90,408/boepd $45,751/boepd

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$4.8/2P boe $6.4/2P boe $15,849/boepd $45,751/boepd

Valuation Metric

Company

Production

32.7% 188.7%

Comparator Difference to Comparator

$61,081/boepd $45,751/boepd

117

75.6% (49.4%)

(25.1%)


Norwegian Energy (Oslo) (NOR-OSL) Price: NOK156

Panoro Energy (Oslo) (PEN-OSL) Price: NOK19.90

Petronor E&P (Oslo) (PNOR-OSL) Price: NOK1.17

Questerre Energy (Oslo) (QEC-OSL) Price: NOK1.32

Zenith Energy Ltd. (Oslo) (ZENA-OSL) Price: NOK0.12

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$5.8/2P boe $6.4/2P boe $43,656/boepd $45,751/boepd

Valuation Metric

Company

Reserves Production Resources

Comparator Difference to Comparator

$4.0/2P boe $6.4/2P boe $2,052,167/boepd $45,751/boepd $13.6/boe

Valuation Metric

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

(53.5%) (26.7%)

Comparator Difference to Comparator

$2.6/2P boe $3.0/2P boe $38,680/boepd $38,680/boepd

Valuation Metric

61.2% (97.8%)

Comparator Difference to Comparator

$13.7/2P boe $6.4/2P boe $62,418/boepd $45,751/boepd

Valuation Metric

10.6% 4.8%

12.2% 0.0%

Comparator Difference to Comparator

$3.3/2P boe $3.0/2P boe $141,712/boepd $45,751/boepd

-9.8% -68%

Integrated Major Equinor (Oslo) (EQNR-OSL) Price: NOK167

Valuation Metric

Company

IOC Ratio

Comparator Difference to Comparator

$43,164.8/boepd $43,164.8/boepd

0.0%

Other ADS Maritime (Oslo) (ADS-OSL) Price: NOK1.88

American Shipping (Oslo) (AMSC-OSL) Price: NOK29.90

AqualisBraemar (Oslo) (AQUA-OSL) Price: NOK9.15

Avance Gas (Oslo) (AGAS-OSL) Price: NOK40.34

Awilco LNG (Oslo) (ALNG-OSL) Price: NOK1.63

BW LPG (Oslo) (BWLPG-OSL) Price: NOK55.30

Valuation Metric

Company

EV/EBITDA

34.8x

Valuation Metric

Company

EV/EBITDA

8.7x

Valuation Metric

Company

EV/EBITDA

11.2x

Valuation Metric

Company

EV/EBITDA

5.3x

Valuation Metric

Company

EV/EBITDA

11.5x

Valuation Metric

Company

EV/EBITDA

4.9x

118

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Epic Gas (EPIC-OSL) Price: NOK14.71

Flex LNG (Oslo) (FLNG-OSL) Price: NOK76.00

Frontline (Oslo) (FRO-OSL) Price: NOK66.50

Hafnia (HAFNI-OSL) Price: NOK17.78

Hunter (Oslo) (HUNT-OSL) Price: NOK2.92

Ocean Yield (Oslo) (OCY-OSL) Price: NOK29.80

Odfjell (A) (Oslo) (ODF-OSL) Price: NOK28.70

Odfjell (B) (Oslo) (ODFB-OSL) Price: NOK28.00

Okeanis Eco Tankers (Oslo) (OET-OSL) Price: NOK74.80

Stolt-Nielsen (Oslo) (SNI-OSL) Price: NOK135

Valuation Metric

Company

EV/EBITDA

9.1x

Valuation Metric

Company

EV/EBITDA

6.9x

Valuation Metric

Company

EV/EBITDA

14.7x

Valuation Metric

Company

EV/EBITDA

5.3x

Valuation Metric

Company

EV/EBITDA

11.2x

Valuation Metric

Company

EV/EBITDA

12.3x

Valuation Metric

Company

EV/EBITDA

4.9x

Valuation Metric

Company

EV/EBITDA

4.4x

Valuation Metric

Company

EV/EBITDA

9.0x

Valuation Metric

Company

EV/EBITDA

6.5x

Valuation Metric

Company

EV/EBITDA

14.9x

Valuation Metric

Company

EV/EBITDA

5.3x

Valuation Metric

Company

EV/EBITDA

3.5x

Valuation Metric

Company

EV/EBITDA

8.8x

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Services Akastor (Oslo) (AKAST-OSL) Price: NOK6.50

Aker Solutions (Oslo) (AKSO-OSL) Price: NOK14.01

BW Offshore (Oslo) (BWO-OSL) Price: NOK32.90

DOF (Oslo) (DOF-OSL) Price: NOK0.60

119

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Eidesvik Offshore (Oslo)

Valuation Metric

Company

EV/EBITDA

14.2x

ElectroMagnetic GeoSvs (Oslo)

Valuation Metric

Company

(EMGS-OSL) Price: NOK1.91

EV/EBITDA

8.1x

GC Rieber Shipping (Oslo)

Valuation Metric

Company

EV/EBITDA

22.7x

Valuation Metric

Company

EV/EBITDA

11.4x

Valuation Metric

Company

EV/EBITDA

230.4x

Valuation Metric

Company

EV/EBITDA

3.5x

Valuation Metric

Company

EV/EBITDA

7.7x

Valuation Metric

Company

EV/EBITDA

10.7x

Valuation Metric

Company

EV/EBITDA

4.7x

Valuation Metric

Company

EV/EBITDA

3.9x

Valuation Metric

Company

EV/EBITDA

18.4x

Valuation Metric

Company

EV/EBITDA

3.2x

Valuation Metric

Company

EV/EBITDA

6.1x

Valuation Metric

Company

EV/EBITDA

10.4x

(EIOF-OSL) Price: NOK4.06

(RISH-OSL) Price: NOK6.90

Havila Shipping (Oslo) (HAVI-OSL) Price: NOK2.79

Magnora (Oslo) (MGN-OSL) Price: NOK29.20

Magseis Fairfield (Oslo) (MSEIS-OSL) Price: NOK4.78

Oceanteam (Oslo) (OTS-OSL) Price: NOK3.19

OHT (OHT-OSL) Price: NOK19.00

Petrolia (Oslo) (PSE-OSL) Price: NOK10.00

PGS (Oslo) (PGS-OSL) Price: NOK6.37

Polarcus (PLCS-OSL) Price: NOK0.09

Reach Subsea (Oslo) (REACH-OSL) Price: NOK3.00

SeaBird Exploration (Oslo) (SBX-OSL) Price: NOK10.14

Siem Offshore AS (Oslo) (SIOFF-OSL) Price: NOK0.61

120

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Solstad Offshore (Oslo) (SOFF-OSL) Price: NOK7.56

Subsea 7 SA (Oslo) (SUBC-OSL) Price: NOK90.12

TGS-NOPEC (Oslo) (TGS-OSL) Price: NOK135

Valuation Metric

Company

EV/EBITDA

26.6x

Valuation Metric

Company

EV/EBITDA

5.1x

Valuation Metric

Company

EV/EBITDA

4.8x

Valuation Metric

Company

EV/EBITDA

6.8x

Valuation Metric

Company

EV/EBITDA

5.7x

Valuation Metric

Company

EV/EBITDA

6.4x

Valuation Metric

Company

EV/EBITDA

6.9x

Valuation Metric

Company

EV/EBITDA

8.1x

Valuation Metric

Company

EV/EBITDA

9.1x

Valuation Metric

Company

EV/EBITDA

4.8x

Valuation Metric

Company

EV/EBITDA

1.3x

Valuation Metric

Company

EV/EBITDA

13.8x

Valuation Metric

Company

EV/EBITDA

3.4x

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Oslo (OTC) Services DOF Installer (DOFI-NWTC) Price: NOK0.0000

Comparator Difference to Comparator -

-

OTC Drillers Akita Drilling (A) (OTC) (AKTAF-USA) Price: $0.88

Archer (OTC) (ARHVF-USA) Price: $0.48

Enerflex (OTC) (ENRFF-USA) Price: $7.07

Ensign Energy Svs (OTC) (ESVIF-USA) Price: $1.11

Hunting (OTC) (HNTIF-USA) Price: $2.71

McCoy Global (OTC) (MCCRF-USA) Price: $0.52

Parker Drilling (PKDC-USA) Price: $6.40

Pason Systems (OTC) (PSYTF-USA) Price: $7.39

PHX Energy Svs (OTC) (PHXHF-USA) Price: $2.31

121

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Seadrill (OTC)

Valuation Metric

Company

EV/EBITDA

42.0x

Sinopec Oilfield Service (H) (OTC)

Valuation Metric

Company

(YZCFF-USA) Price: $0.07

EV/EBITDA

6.4x

Tenaris (OTC)

Valuation Metric

Company

EV/EBITDA

12.2x

Valuation Metric

Company

EV/EBITDA

3.6x

Valuation Metric

Company

EV/EBITDA

9.7x

Valuation Metric

Company

EV/EBITDA

13.6x

Valuation Metric

Company

Resources

$0.2/boe

Valuation Metric

Company

Resources

$0.3/boe

Valuation Metric

Company

Resources

$3.6/boe

Valuation Metric

Company

Resources

$7.6/boe

Valuation Metric

Company

Resources

$0.0/boe

Borders & Southern Petroleum (OTC)

Valuation Metric

Company

(BDRSF-USA) Price: $0.02

Resources

$0.0/boe

Bowleven (OTC)

Valuation Metric

Company

Resources

$0.1/boe

Valuation Metric

Company

Resources

$0.4/boe

(SDRLF-USA) Price: $0.23

(TNRSF-USA) Price: $9.50

Valaris (OTC) (VALPQ-USA) Price: $0.09

Vallourec UTL (ADR) (VLOWY-USA) Price: $6.92

Western Energy Svs (OTC) (WEEEF-USA) Price: $0.34

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Exploration 88 Energy (OTC) (EEENF-USA) Price: $0.02

ADX Energy (OTC) (ADXRF-USA) Price: $0.0080

Africa Energy (OTC) (HPMCF-USA) Price: $0.24

Ansila Energy (OTC) (PGNYF-USA) Price: $0.05

Bahamas Petroleum (OTC) (BSHPF-USA) Price: $0.0080

(BWLVF-USA) Price: $0.10

Canadian Overseas (OTC) (VELXF-USA) Price: $0.01

122

Comparator Difference to Comparator $0.1/boe

(69.0%)

Comparator Difference to Comparator $2.0/boe

616.7%

Comparator Difference to Comparator $2.0/boe

(44.0%)

Comparator Difference to Comparator $2.0/boe

(73.7%)

Comparator Difference to Comparator $0.1/boe

103.6%

Comparator Difference to Comparator $2.0/boe

4,666.3%

Comparator Difference to Comparator $2.0/boe

2,120.3%

Comparator Difference to Comparator $2.0/boe

404.2%


Carbon Energy

Valuation Metric

Company

EV/EBITDA

8.6x

Carnarvon Petroleum (OTC) Valuation

Company

(CRBO-USA) Price: $2.82

(CVONF-USA) Price: $0.20

Metric Resources

$7.7/boe

Chariot Oil & Gas (OTC)

Valuation Metric

Company

Resources

$1.6/boe

Eco (Atlantic) Oil & Gas (OTC)

Valuation Metric

Company

(ECAOF-USA) Price: $0.35

Resources

$0.1/boe

Global Oil & Gas (OTC)

Valuation Metric

Company

Resources

$0.0/boe

Valuation Metric

Company

EV/EBITDA

3.7x

Valuation Metric

Company

Resources

$0.0/boe

Valuation Metric

Company

EV/EBITDA

0.2x

Valuation Metric

Company

Resources

$1.2/boe

Valuation Metric

Company

EV/EBITDA

8.2x

Providence Resources (OTC) Valuation

Company

(OIGLF-USA) Price: $0.16

(BAKPF-USA) Price: $0.0100

Jura Energy (OTC) (JECFF-USA) Price: $0.31

Melbana Energy (OTC) (MEOAF-USA) Price: $0.03

Niko Resources (NKRSF-USA) Price: $0.0066

Petro Matad (OTC) (PRTDF-USA) Price: $0.05

Pipestone Energy (OTC) (BKBEF-USA) Price: $1.46

(PVDRF-USA) Price: $0.07

Metric Resources

$0.2/boe

Rockhopper Exploration (OTC)

Valuation Metric

Company

(RCKHF-USA) Price: $0.17

Resources

$0.4/boe

Sonoro Energy (OTC)

Valuation Metric

Company

Resources

$0.0/boe

Valuation Metric

Company

Resources

$0.4/boe

(SNVFF-USA) Price: $0.06

Sound Energy (OTC) (SNEGF-USA) Price: $0.02

123

Comparator Difference to Comparator -

-

Comparator Difference to Comparator $2.0/boe

(74.1%)

Comparator Difference to Comparator $2.0/boe

24.5%

Comparator Difference to Comparator $0.1/boe

(22.1%)

Comparator Difference to Comparator $0.1/boe

1,251.8%

Comparator Difference to Comparator -

-

Comparator Difference to Comparator $0.1/boe

114.9%

Comparator Difference to Comparator -

-

Comparator Difference to Comparator $2.0/boe

66.7%

Comparator Difference to Comparator -

-

Comparator Difference to Comparator $2.0/boe

793.3%

Comparator Difference to Comparator $2.0/boe

424.9%

Comparator Difference to Comparator $0.1/boe

41.5%

Comparator Difference to Comparator $2.0/boe

431.0%


Spartan Delta (OTC) (DALXF-USA) Price: $3.19

Sterling Energy (OTC) (STGAF-USA) Price: $0.26

Talon Petroleum (OTC) (TPDDF-USA) Price: $0.05

Westbridge Energy (OTC) (WEGYF-USA) Price: $0.11

Zephyr Energy (OTC) (VNHLF-USA) Price: $0.03

Zion Oil & Gas (ZNOG-USA) Price: $0.72

Valuation Metric

Company

EV/EBITDA

5.3x

Valuation Metric

Company

Resources

$0.0/boe

Valuation Metric

Company

Resources

$1.0/boe

Valuation Metric

Company

EV/EBITDA

29.6x

Valuation Metric

Company

Resources

$0.4/boe

Valuation Metric

Company

Resources

$2.2/boe

Comparator Difference to Comparator -

-

Comparator Difference to Comparator $0.1/boe

194.4%

Comparator Difference to Comparator $0.1/boe

(94.8%)

Comparator Difference to Comparator -

-

Comparator Difference to Comparator $2.0/boe

457.1%

Comparator Difference to Comparator $2.0/boe

-8.5%

Exploration & Production Advantage Oil & Gas (OTC) (AAVVF-USA) Price: $2.05

Africa Oil (OTC) (AOIFF-USA) Price: $0.94

Alamo Energy (ALME-USA) Price: $0.0010

Altex Industries (ALTX-USA) Price: $0.19

Altura Energy (OTC) (ATUUF-USA) Price: $0.16

Alvopetro Energy (OTC) (ALVOF-USA) Price: $0.69

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$1.3/1P boe $3.4/1P boe $12,503/boepd $18,748/boepd

Valuation Metric

Company

Reserves Production Resources

Comparator Difference to Comparator

$6.4/1P boe $6.5/1P boe $15,538/boepd $31,126/boepd $10.9/boe $2.0/boe

Valuation Metric

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

213.2% 166.7%

Comparator Difference to Comparator

$7.7/1P boe $3.4/1P boe $57,318/boepd $18,748/boepd

124

(91.7%) (42.1%)

Comparator Difference to Comparator

$2.1/1P boe $6.5/1P boe $11,671/boepd $31,126/boepd

Valuation Metric

(52.6%) (39.4%)

Comparator Difference to Comparator

$78.2/1P boe $6.5/1P boe $53,741/boepd $31,126/boepd

Valuation Metric

1.2% 100.3% (81.6%)

Comparator Difference to Comparator

$7.2/1P boe $3.4/1P boe $30,936/boepd $18,748/boepd

Valuation Metric

162.4% 50.0%

(55.9%) (67.3%)


Amazing Energy Oil & Gas (AMAZ-USA) Price: $0.01

Valuation Metric Reserves Production

American Energy Development

Valuation Metric

(AEDC-USA) Price: $0.0055

Reserves Production

Aminex (OTC)

Valuation Metric

(AEXFF-USA) Price: $0.0093

ARC Resources (OTC) (AETUF-USA) Price: $6.21

Company

$11.0/1P boe $6.5/1P boe $246,696/boepd $31,126/boepd Company

Company

Company

Reserves Production Metric

Arrow Exploration (OTC)

Valuation Metric

(CSTPF-USA) Price: $0.11

Athabasca Oil (OTC) (ATHOF-USA) Price: $0.41

Atlas Energy LLC (ATLS-USA) Price: $0.01

Australis Oil & Gas (OTC) (ASTTF-USA) Price: $0.05

Baytex Energy (OTC) (BTEGF-USA) Price: $1.09

Beach Energy (OTC) (BEPTF-USA) Price: $1.36

Company

Production

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

(26.7%) 50.8%

Comparator Difference to Comparator

$14.6/1P boe $3.4/1P boe $36,810/boepd $18,748/boepd

125

690.0% 16.3%

Comparator Difference to Comparator

$4.6/1P boe $3.4/1P boe $20,642/boepd $31,126/boepd

Valuation Metric

(75.6%) 351.3%

Comparator Difference to Comparator

$0.8/1P boe $6.5/1P boe $26,768/boepd $31,126/boepd

Valuation Metric

1,138.1% 115.7%

Comparator Difference to Comparator

$26.5/1P boe $6.5/1P boe $4,155/boepd $18,748/boepd

Valuation Metric

151.4% 30.2%

Comparator Difference to Comparator

$0.5/1P boe $6.5/1P boe $14,428/boepd $31,126/boepd

Valuation Metric

(97.4%)

Comparator Difference to Comparator

$1.4/1P boe $3.4/1P boe $23,903/boepd $31,126/boepd

Valuation Metric

8.5% (2.1%)

Comparator Difference to Comparator

$1,203,992/boepd $31,126/boepd Company

(96.7%) (99.7%) 489.1%

Comparator Difference to Comparator

$3.1/1P boe $3.4/1P boe $19,151/boepd $18,748/boepd

Arctic Hunter Energy (OTC) Valuation

(57.7%) (82.3%)

Comparator Difference to Comparator

$102.1/1P boe $3.4/1P boe $7,080,340/boepd $18,748/boepd $0.3/boe $2.0/boe

Valuation Metric

(41.3%) (87.4%)

Comparator Difference to Comparator

$15.3/1P boe $6.5/1P boe $175,581/boepd $31,126/boepd

Reserves Production Resources

(RCTRF-USA) Price: $0.20

Comparator Difference to Comparator

(76.7%) (49.1%)


Bengal Energy (OTC) (BNGLF-USA) Price: $0.07

Birchcliff Energy (OTC) (BIREF-USA) Price: $2.27

Bonterra Energy (OTC) (BNEFF-USA) Price: $3.12

Border Petroleum (OTC) (BOPFF-USA) Price: $0.04

Bounty Oil & Gas (OTC) (BYOGF-USA) Price: $0.02

Buru Energy (OTC) (BRNGF-USA) Price: $0.12

Byron Energy (OTC) (BYROF-USA) Price: $0.13

Cairn Energy (ADR) (CRNCY-USA) Price: $4.75

Cairn Energy (OTC) (CRNZF-USA) Price: $2.52

Canacol Energy (OTC) (CNNEF-USA) Price: $2.85

Cardinal Energy (OTC) (CRLFF-USA) Price: $1.70

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$7.6/1P boe $6.5/1P boe $143,691/boepd $31,126/boepd

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$1.2/1P boe $3.4/1P boe $15,057/boepd $18,748/boepd

Valuation Metric

Company

Reserves Production

Company

Reserves Production

Company

Reserves Resources

$16.4/1P boe $0.1/boe

Valuation Metric

Company

Production

Company

Reserves Production

$6.5/1P boe $0.1/boe

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

(21.3%) (36.8%)

Comparator Difference to Comparator (64.1%) (50.0%)

Comparator Difference to Comparator

$4.7/1P boe $6.5/1P boe $21,196/boepd $31,126/boepd

126

(16.3%) (32.7%)

Comparator Difference to Comparator

$9.5/1P boe $3.4/1P boe $37,478/boepd $18,748/boepd

Valuation Metric

8.9% (61.9%)

Comparator Difference to Comparator

$8.2/1P boe $6.5/1P boe $49,216/boepd $31,126/boepd

Valuation Metric

(45.2%)

Comparator Difference to Comparator

$7.7/1P boe $6.5/1P boe $46,262/boepd $31,126/boepd

Valuation Metric

(60.4%) (57.4%)

Comparator Difference to Comparator

$3.1/1P boe $3.4/1P boe $81,773/boepd $31,126/boepd

Valuation Metric

38.4% (62.4%)

Comparator Difference to Comparator

$56,757/boepd $31,126/boepd

Valuation Metric

(8.3%) 23.2%

Comparator Difference to Comparator

$2.5/1P boe $3.4/1P boe $49,855/boepd $18,748/boepd

Valuation Metric

174.4% 24.5%

Comparator Difference to Comparator

$3.7/1P boe $3.4/1P boe $25,270/boepd $31,126/boepd

Valuation Metric

(14.5%) (78.3%)

38.5% 46.8%


Caspian Sunrise (OTC) (ROXIF-USA) Price: $0.03

Centaurus Energy (OTC) (CTARF-USA) Price: $0.04

CNOOC (OTC) (CEOHF-USA) Price: $2.09

Crew Energy (OTC) (CWEGF-USA) Price: $0.96

Crown Point Energy (OTC) (CWVLF-USA) Price: $0.17

Delek Drilling (OTC) (DKDRF-USA) Price: $1.43

Diversified Gas & Oil (OTC) (DGOCF-USA) Price: $1.60

DNO (OTC) (DTNOF-USA) Price: $1.14

EnQuest (OTC) (ENQUF-USA) Price: $0.28

Erin Energy (OTC) (ERINQ-USA) Price: $0.0072

EXCO Resources (EXCE-USA) Price: $2.55

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$2.2/1P boe $6.5/1P boe $39,932/boepd $31,126/boepd

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$5.5/1P boe $6.5/1P boe $29,145/boepd $31,126/boepd

Valuation Metric

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

(77.9%) (46.2%)

Comparator Difference to Comparator

$5.4/1P boe $3.4/1P boe $12,704/boepd $18,748/boepd

127

356.4% 616.2%

Comparator Difference to Comparator

$29.3/1P boe $6.5/1P boe $57,804/boepd $31,126/boepd

Valuation Metric

34.9% 96.9%

Comparator Difference to Comparator

$1.4/1P boe $6.5/1P boe $4,346/boepd $31,126/boepd

Valuation Metric

233.9% 165.8%

Comparator Difference to Comparator

$4.8/1P boe $6.5/1P boe $15,812/boepd $31,126/boepd

Valuation Metric

(22.1%) (28.4%)

Comparator Difference to Comparator

$1.9/1P boe $6.5/1P boe $11,713/boepd $31,126/boepd

Valuation Metric

125.1% 694.1%

Comparator Difference to Comparator

$4.4/1P boe $3.4/1P boe $26,170/boepd $18,748/boepd

Valuation Metric

188.2% 11.8%

Comparator Difference to Comparator

$1.5/1P boe $3.4/1P boe $3,920/boepd $31,126/boepd

Valuation Metric

(53.1%) (41.3%)

Comparator Difference to Comparator

$1.2/1P boe $3.4/1P boe $16,775/boepd $18,748/boepd

Valuation Metric

16.9% 6.8%

Comparator Difference to Comparator

$13.8/1P boe $6.5/1P boe $52,994/boepd $31,126/boepd

Valuation Metric

189.0% (22.1%)

(36.4%) 47.6%


Falcon Oil & Gas (OTC) (FOLGF-USA) Price: $0.09

FAR (OTC) (FARYF-USA) Price: $0.01

FieldPoint Petroleum (FPPP-USA) Price: $0.03

Fortem Resources (OTC) (FTMR-USA) Price: $0.43

Fremont Petroleum (OTC) (AUNXF-USA) Price: $0.0054

Frontera Energy (OTC) (FECCF-USA) Price: $4.92

Gear Energy (OTC) (GENGF-USA) Price: $0.40

Genel Energy (OTC) (GEGYF-USA) Price: $2.49

GeoPetro Resources (GEOR-USA) Price: $0.0050

Givot Olam (OTC) (GOOXF-USA) Price: $0.26

Glen Rose Petroleum (GLRP-USA) Price: $0.0032

Gulf Keystone (ADR) (GFKSY-USA) Price: $0.57

Valuation Metric

Company

Production

Comparator Difference to Comparator

$69,116/boepd $18,748/boepd

Valuation Metric

Company

Reserves Resources

$2.7/1P boe $2.4/boe

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator $6.5/1P boe $2.0/boe

Company

Reserves

$2,285.7/1P boe

Valuation Metric

Company

Reserves Resources

$2.5/1P boe $0.1/boe

Valuation Metric

Company

Pipeline km Reserves Production

Company

Reserves Production

$6.5/1P boe

Company

Reserves Production

$3.4/1P boe $2.0/boe

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Production

2,272.3% 224.7%

Comparator Difference to Comparator 224.3% (87.0%)

Comparator Difference to Comparator (65.8%) (98.5%)

Comparator Difference to Comparator

$17,560/boepd $31,126/boepd

128

183.1% 208.6%

Comparator Difference to Comparator

$18.9/1P boe $6.5/1P boe $2,066,346/boepd $31,126/boepd

Valuation Metric

(37.4%) 58.0%

Comparator Difference to Comparator

$2.0/1P boe $6.5/1P boe $239,258/boepd $31,126/boepd

Valuation Metric

85.0% 57.7% 239.8%

Comparator Difference to Comparator

$0.1/1P boe $3.4/1P boe $5,774/boepd $18,748/boepd

Valuation Metric

37.8% 1,900.1%

Comparator Difference to Comparator

$2.3/1P boe $6.5/1P boe $10,087/boepd $31,126/boepd

Valuation Metric

(99.7%)

Comparator Difference to Comparator

$5.4/1P boe $3.4/1P boe $19,703/boepd $31,126/boepd

Valuation Metric

25.7% 120.2%

Comparator Difference to Comparator

$840,939/km $4.1/1P boe $6.5/1P boe $9,160/boepd $31,126/boepd

Valuation Metric

137.1% (16.4%)

Comparator Difference to Comparator

$5.1/1P boe $6.5/1P boe $14,133/boepd $31,126/boepd

Valuation Metric

(72.9%)

77.3%


Gulf Keystone (OTC) (GUKYF-USA) Price: $2.47

Gulfport Energy (GPORQ-USA) Price: $0.06

Valuation Metric Production

(CDDRF-USA) Price: $3.27

Reserves Production

Hemisphere Energy (OTC)

Valuation Metric

Horizon Oil (OTC) (HZNFF-USA) Price: $0.08

Production

IGas Energy (OTC)

Valuation Metric

InPlay Oil (OTC) (IPOOF-USA) Price: $0.45

Int. Petroleum (BC) (OTC) (IPCFF-USA) Price: $3.48

Company

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production Valuation Metric

(IFRTF-USA) Price: $0.02

Reserves Production

Iona Energy

Valuation Metric Reserves Production

(16.5%) (70.2%)

Comparator Difference to Comparator

$8.5/1P boe $3.4/1P boe $157,089/boepd $31,126/boepd

129

(0.9%) 64.6%

Comparator Difference to Comparator

$7.8/1P boe $6.5/1P boe $104,407/boepd $31,126/boepd Company

4.9% 85.5%

Comparator Difference to Comparator

$3.4/1P boe $3.4/1P boe $18,909/boepd $31,126/boepd Company

26.4% (16.5%)

Comparator Difference to Comparator

$3.2/1P boe $3.4/1P boe $16,783/boepd $31,126/boepd

Valuation Metric

11.2%

Comparator Difference to Comparator

$5.1/1P boe $6.5/1P boe $37,261/boepd $31,126/boepd

Valuation Metric

(95.9%)

Comparator Difference to Comparator

$27,995/boepd $31,126/boepd

Valuation Metric

411.6% 136.8%

Comparator Difference to Comparator

$454,762/boepd $18,748/boepd Company

10.0% (34.4%)

Comparator Difference to Comparator

$0.7/1P boe $3.4/1P boe $13,144/boepd $31,126/boepd

Production

International Frontier Resources (OTC)

(IONAF-USA) Price: $0.0060

Company

(97.6%) (97.7%)

Comparator Difference to Comparator

$5.9/1P boe $6.5/1P boe $47,474/boepd $31,126/boepd

Reserves Production

(HEXPF-USA) Price: $0.20

(IPXHY-USA) Price: $7.39

Company

32.4% 121.5%

Comparator Difference to Comparator

$144.5/1P boe $3.4/1P boe $813,380/boepd $18,748/boepd

Valuation Metric

Valuation Metric

INPEX (ADR)

Company

105.4%

Comparator Difference to Comparator

$2.6/1P boe $3.4/1P boe $8,465/boepd $18,748/boepd

Reserves Production

Huntington Exploration (OTC)

(IGESF-USA) Price: $0.39

Company

Reserves Production Valuation Metric

Comparator Difference to Comparator

$15,157/boepd $31,126/boepd

Valuation Metric

Headwater Exploration (OTC)

(HMENF-USA) Price: $0.36

Company

(60.0%) (80.2%)


Jadestone Energy (OTC) (JADSF-USA) Price: $0.89

Valuation Metric

Company

Reserves Production

$7.7/1P boe $6.5/1P boe $94,537/boepd $31,126/boepd

Japan Petroleum Exploration Valuation (OTC) Metric (JPTXF-USA) Price: $20.05

Reserves Production

Journey Energy (OTC)

Valuation Metric

(JRNGF-USA) Price: $0.66

Karoon Energy (OTC) (KRNGF-USA) Price: $0.86

Kelt Exploration (OTC) (KELTF-USA) Price: $2.20

Kodiak Energy (KDKN-USA) Price: $0.04

Company

Company

Company

Reserves Production Resources

Company

Reserves Production

Company

Reserves Production Metric

Lekoil (OTC)

Valuation Metric

(LEKOF-USA) Price: $0.05

Company

Reserves Production

Production

(LCRTF-USA) Price: $0.59

Metric

LGX Oil + Gas

Valuation Metric

(ROAOF-USA) Price: $0.15

Lundin Energy (ADR) (LNEGY-USA) Price: $33.85

Lundin Energy (OTC) (LNDNF-USA) Price: $32.67

Company

Reserves Production

Reserves Production

Company

Production

Company

Production

(78.5%)

Comparator Difference to Comparator

$140,977/boepd $31,126/boepd

130

(55.5%) (27.9%)

Comparator Difference to Comparator

$144,576/boepd $31,126/boepd

Valuation Metric

59.8% (41.6%)

Comparator Difference to Comparator

$7.6/1P boe $3.4/1P boe $43,200/boepd $31,126/boepd

Valuation Metric

187.6%

Comparator Difference to Comparator

$2.1/1P boe $3.4/1P boe $32,103/boepd $18,748/boepd Company

264.7% 31.9%

Comparator Difference to Comparator

$10,824/boepd $31,126/boepd

Leucrotta Exploration (OTC) Valuation

(44.8%) (83.0%)

Comparator Difference to Comparator

$0.9/1P boe $3.4/1P boe $23,595/boepd $31,126/boepd Company

144.3% 37.5%

Comparator Difference to Comparator

$11.7/1P boe $6.5/1P boe $183,399/boepd $31,126/boepd

Kolibri Global Energy (OTC) Valuation

(18.2%) 34.5% (89.2%)

Comparator Difference to Comparator

$1.4/1P boe $3.4/1P boe $13,636/boepd $18,748/boepd

Valuation Metric

40.5% 57.2%

Comparator Difference to Comparator

$7.9/1P boe $6.5/1P boe $23,149/boepd $31,126/boepd $18.5/boe $2.0/boe

Valuation Metric

(59.7%) (39.3%)

Comparator Difference to Comparator

$2.4/1P boe $3.4/1P boe $11,929/boepd $18,748/boepd

Valuation Metric

(16.2%) (67.1%)

Comparator Difference to Comparator

$8.4/1P boe $3.4/1P boe $30,906/boepd $18,748/boepd

Reserves Production

(KGEIF-USA) Price: $0.08

Comparator Difference to Comparator

(77.9%)


Manitok Energy (MKRYF-USA) Price: $0.0031

MEG Energy (OTC) (MEGEF-USA) Price: $5.38

Metalore Resources (OTC) (MTLRF-USA) Price: $2.39

New Source Energy (NSLPQ-USA) Price: $0.01

New Zealand Energy (OTC) (NZERF-USA) Price: $0.02

Novatek (GDR) (OTC) (NOVKY-USA) Price: $191

NuVista Energy (OTC) (NUVSF-USA) Price: $2.07

Obsidian Energy (OTC) (OBELF-USA) Price: $1.68

Oil Search (ADR) (OISHY-USA) Price: $16.33

Oil Search (OTC) (OISHF-USA) Price: $3.33

Orca Exploration (B) (OTC) (ORXGF-USA) Price: $4.50

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$3.9/1P boe $3.4/1P boe $12,632/boepd $18,748/boepd

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$2.5/1P boe $6.5/1P boe $41,501/boepd $31,126/boepd

Valuation Metric

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

(84.1%) (85.9%)

Comparator Difference to Comparator

$1.2/1P boe $3.4/1P boe $5,389/boepd $18,748/boepd

131

(83.8%) (85.7%)

Comparator Difference to Comparator

$21.4/1P boe $3.4/1P boe $133,257/boepd $18,748/boepd

Valuation Metric

(19.8%) 91.4%

Comparator Difference to Comparator

$21.1/1P boe $3.4/1P boe $131,351/boepd $18,748/boepd

Valuation Metric

97.7% 5.5%

Comparator Difference to Comparator

$4.2/1P boe $3.4/1P boe $16,265/boepd $31,126/boepd

Valuation Metric

43.9% (50.6%)

Comparator Difference to Comparator

$1.7/1P boe $3.4/1P boe $17,771/boepd $18,748/boepd

Valuation Metric

26.3% 13.4%

Comparator Difference to Comparator

$2.4/1P boe $3.4/1P boe $37,923/boepd $18,748/boepd

Valuation Metric

(10.0%) (11.3%)

Comparator Difference to Comparator

$5.1/1P boe $6.5/1P boe $27,437/boepd $31,126/boepd

Valuation Metric

582.2% 273.9%

Comparator Difference to Comparator

$3.8/1P boe $3.4/1P boe $21,131/boepd $18,748/boepd

Valuation Metric

156.6% (25.0%)

Comparator Difference to Comparator

$0.5/1P boe $3.4/1P boe $5,015/boepd $18,748/boepd

Valuation Metric

(13.2%) 48.4%

183.1% 247.9%


Oriental Petroleum & Minerals (B) (OTC)

Valuation Metric

Company

(OPTBF-USA) Price: $0.0001

EV/EBITDA

4.6x

Oryx Petroleum Corporation Valuation (OTC) Metric

Company

(ORXPF-USA) Price: $0.08

Production

Paleo Resources (OTC)

Valuation Metric

(PRIEF-USA) Price: $0.02

Pan Orient Energy (OTC) (POEFF-USA) Price: $0.75

Panoro Energy (OTC) (PESAF-USA) Price: $2.41

Pantheon Resources (OTC) (PTHRF-USA) Price: $0.55

Parallel Energy (PEYTF-USA) Price: $0.05

Company

Company

Reserves Production

Company

Reserves Production Resources

Company

Production

Company

Reserves Production

Parex Resources (OTC)

Valuation Metric

(PARXF-USA) Price: $17.36

Pennine Petroleum (OTC) (PNNEF-USA) Price: $0.0071

Perpetual Energy (OTC) (PMGYF-USA) Price: $0.18

PetroFrontier (OTC) (PFRRF-USA) Price: $0.07

Company

Reserves Production

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

(91.0%) (90.8%)

Comparator Difference to Comparator 129.1% 99.0%

Comparator Difference to Comparator

$2.4/1P boe $6.5/1P boe $69,334/boepd $31,126/boepd

132

(42.9%) (14.4%)

Comparator Difference to Comparator

$1.5/1P boe $3.4/1P boe $9,422/boepd $18,748/boepd

Valuation Metric

2.5% (14.6%)

Comparator Difference to Comparator

$71.6/1P boe $6.5/1P boe $337,166/boepd $31,126/boepd

Valuation Metric

(38.9%) (34.4%)

Comparator Difference to Comparator

$11.3/1P boe $6.5/1P boe $36,358/boepd $31,126/boepd

Valuation Metric

(99.4%)

Comparator Difference to Comparator

$3.3/1P boe $3.4/1P boe $21,941/boepd $18,748/boepd Company

59.1% (98.5%) (85.7%)

Comparator Difference to Comparator

$5.6/1P boe $3.4/1P boe $28,593/boepd $18,748/boepd

Paramount Resources (OTC) Valuation

9.8% (49.2%)

Comparator Difference to Comparator

$3,405,323/boepd $18,748/boepd

Valuation Metric

(82.2%)

Comparator Difference to Comparator

$4.1/1P boe $6.5/1P boe $2,107,746/boepd $31,126/boepd $13.9/boe $2.0/boe

Valuation Metric

243.8%

Comparator Difference to Comparator

$5.9/1P boe $6.5/1P boe $61,287/boepd $31,126/boepd

Valuation Metric

-

Comparator Difference to Comparator

$105,138/boepd $18,748/boepd

Valuation Metric

Metric

-

$9,054/boepd $31,126/boepd

Production

(PRMRF-USA) Price: $9.18

Comparator Difference to Comparator

172.9% (55.1%)


Petrolia Energy (BBLS-USA) Price: $0.05

PetroNeft Resources (OTC) (PNFTF-USA) Price: $0.01

PetroShale (OTC) (PSHIF-USA) Price: $0.18

PetroTal (OTC) (PTALF-USA) Price: $0.26

Petrus Resources (OTC) (PTRUF-USA) Price: $0.37

Peyto E&D (OTC) (PEYUF-USA) Price: $4.46

Pharos Energy (OTC) (SOCLF-USA) Price: $0.33

Pieridae Energy (OTC) (PTOAF-USA) Price: $0.44

Pine Cliff Energy (OTC) (PIFYF-USA) Price: $0.22

PostRock Energy (PSTRQ-USA) Price: $0.05

Valuation Metric Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves

$9.0/1P boe

Valuation Metric

Company

Reserves

$2.2/1P boe

Valuation Metric

Company

Reserves Production

Company

Reserves Production

(PRPRF-USA) Price: $0.04

Reserves Production

Premier Energy

Valuation Metric

$6.5/1P boe

$3.4/1P boe

Reserves Production

67.8% 226.9%

Comparator Difference to Comparator (55.9%) (7.0%)

Comparator Difference to Comparator 5.7% 72.0%

Comparator Difference to Comparator

$0.0/1P boe $6.5/1P boe $6,073/boepd $31,126/boepd

133

56.4%

Comparator Difference to Comparator

$3.2/1P boe $3.4/1P boe $18,095/boepd $31,126/boepd Company

(27.7%)

Comparator Difference to Comparator

$7.7/1P boe $3.4/1P boe $20,158/boepd $18,748/boepd Company

59.3% (11.6%)

Comparator Difference to Comparator

$2.0/1P boe $3.4/1P boe $5,736/boepd $18,748/boepd

Valuation Metric

31.2% (15.5%)

Comparator Difference to Comparator

$2.1/1P boe $3.4/1P boe $21,219/boepd $18,748/boepd

Valuation Metric

28.1% (69.0%)

Comparator Difference to Comparator

$2.6/1P boe $3.4/1P boe $36,830/boepd $31,126/boepd

Valuation Metric

1.3% (46.2%)

Comparator Difference to Comparator

$5.1/1P boe $6.5/1P boe $100,547/boepd $31,126/boepd

Valuation Metric

2,715.4% 312.2%

Comparator Difference to Comparator

$6.4/1P boe $6.5/1P boe $57,819/boepd $31,126/boepd

Valuation Metric

219.4% (53.5%)

Comparator Difference to Comparator

$0.2/1P boe $6.5/1P boe $7,551/boepd $31,126/boepd

Valuation Metric

Valuation Metric

Comparator Difference to Comparator

$1.1/1P boe $3.4/1P boe $66,897/boepd $31,126/boepd

Valuation Metric

Prairie Provident Resources (OTC)

(PNRC-USA) Price: $0.0037

Company

26,183.4% 412.5%


Premier Oil (ADR) (PMOIY-USA) Price: $0.35

Premier Oil (OTC) (PMOIF-USA) Price: $0.36

President Energy (OTC) (PPCGF-USA) Price: $0.02

PTT E&P (AM) (OTC) (PTXLF-USA) Price: $3.72

Questerre Energy (OTC) (QTEYF-USA) Price: $0.10

Razor Energy (OTC) (RZREF-USA) Price: $0.21

Royale Energy (ROYL-USA) Price: $0.13

San Leon Energy (OTC) (SLGYF-USA) Price: $0.49

Santos (OTC) (STOSF-USA) Price: $5.69

Santos Limited (ADR) (SSLZY-USA) Price: $5.68

SDX Energy (OTC) (SDXEF-USA) Price: $0.20

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$13.2/1P boe $3.4/1P boe $32,487/boepd $31,126/boepd

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$13.2/1P boe $3.4/1P boe $32,663/boepd $31,126/boepd

Valuation Metric

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production Resources

Company

Reserves Production

Company

Reserves Production

Company

Production

(96.8%) (93.2%)

Comparator Difference to Comparator

$16,965/boepd $31,126/boepd

134

(96.8%) (93.2%)

Comparator Difference to Comparator

$203.4/1P boe $6.5/1P boe $457,917/boepd $31,126/boepd

Valuation Metric

442.2% (20.0%) 5.4%

Comparator Difference to Comparator

$203.7/1P boe $6.5/1P boe $458,551/boepd $31,126/boepd

Valuation Metric

124.5% (54.9%)

Comparator Difference to Comparator

$1.2/1P boe $6.5/1P boe $38,903/boepd $31,126/boepd $0.0/boe $0.1/boe

Valuation Metric

156.9% 274.4%

Comparator Difference to Comparator

$2.9/1P boe $6.5/1P boe $41,569/boepd $18,748/boepd

Valuation Metric

92.9% (27.7%)

Comparator Difference to Comparator

$2.5/1P boe $6.5/1P boe $8,314/boepd $31,126/boepd

Valuation Metric

(71.6%) (42.5%)

Comparator Difference to Comparator

$1.8/1P boe $3.4/1P boe $25,943/boepd $18,748/boepd

Valuation Metric

187.0% 19.5%

Comparator Difference to Comparator

$12.0/1P boe $3.4/1P boe $32,601/boepd $18,748/boepd

Valuation Metric

(74.3%) (4.7%)

Comparator Difference to Comparator

$2.3/1P boe $6.5/1P boe $26,040/boepd $31,126/boepd

Valuation Metric

(74.1%) (4.2%)

83.5%


Serica Energy (OTC) (SQZZF-USA) Price: $1.44

Serinus Energy (OTC) (SNUYF-USA) Price: $0.04

Valuation Metric

Company

Reserves Production Resources

$3.9/1P boe $6.5/1P boe $8,147/boepd $31,126/boepd $2.2/boe $0.1/boe

Valuation Metric

Company

Reserves

Seven Generations Energy (OTC)

Valuation Metric

(SVRGF-USA) Price: $6.78

Reserves Production

$6.3/1P boe Company

Metric

Sonde Resources

Valuation Metric

(SOQDQ-USA) Price: $0.0041

Southern Energy (OTC) (MAXMF-USA) Price: $0.03

Southern Pacific Resource (STPJF-USA) Price: $0.0020

Spyglass Resources (SGLRF-USA) Price: $0.0050

Storm Resources (OTC) (SRMLF-USA) Price: $2.20

Strategic Oil & Gas (SOGFF-USA) Price: $0.04

TAG Oil (OTC) (TAOIF-USA) Price: $0.23

Company

Reserves Production

$3.4/1P boe

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

57.4% 4.8%

Comparator Difference to Comparator (60.2%) (61.3%)

Comparator Difference to Comparator

$2.4/1P boe $6.5/1P boe $6,942/boepd $31,126/boepd

135

75.8% 116.5%

Comparator Difference to Comparator

$8.5/1P boe $3.4/1P boe $80,413/boepd $31,126/boepd

Valuation Metric

237.7% (74.8%)

Comparator Difference to Comparator

$2.2/1P boe $3.4/1P boe $17,893/boepd $18,748/boepd

Valuation Metric

29.4% 48.7%

Comparator Difference to Comparator

$1.9/1P boe $3.4/1P boe $8,661/boepd $18,748/boepd

Valuation Metric

12,048.5% 19,694.2%

Comparator Difference to Comparator

$1.9/1P boe $6.5/1P boe $123,542/boepd $31,126/boepd

Valuation Metric

(62.7%) (55.3%)

Comparator Difference to Comparator

$2.6/1P boe $3.4/1P boe $12,612/boepd $18,748/boepd

Valuation Metric

28.0% 3.0%

Comparator Difference to Comparator

$0.0/1P boe $3.4/1P boe $95/boepd $18,748/boepd

Valuation Metric

(45.8%)

Comparator Difference to Comparator

$17.4/1P boe $6.5/1P boe $69,562/boepd $31,126/boepd Company

64.9% 282.0% (97.6%)

Comparator Difference to Comparator

$2.7/1P boe $3.4/1P boe $18,201/boepd $18,748/boepd

ShaMaran Petroleum (OTC) Valuation (SHASF-USA) Price: $0.04

Comparator Difference to Comparator

169.0% 348.4%


Tamarack Valley Energy (OTC)

Valuation Metric

(TNEYF-USA) Price: $1.76

Reserves Production

Tatneft (ADR) (OTC)

Valuation Metric

(OAOFY-USA) Price: $48.66

Terra Energy (TTRHF-USA) Price: $0.05

Tethys Petroleum (OTC) (TETHF-USA) Price: $0.60

Titan Energy LLC (TTEN-USA) Price: $0.06

Reserves Production

Reserves Production

Valuation Metric

(TUWOY-USA) Price: $0.31

Tullow Oil (OTC) (TUWLF-USA) Price: $0.70

Tuscany Energy (TSCAF-USA) Price: $0.0001

Twin Butte Energy (TBTEF-USA) Price: $0.0038

Company

Reserves Production

Company

Reserves Production

Company

Production

Company

Production

Company

Reserves Production

Company

Reserves Production

349,303.0% 470,813.6%

Comparator Difference to Comparator

$4.3/1P boe $3.4/1P boe $10,697/boepd $31,126/boepd

136

(33.7%)

Comparator Difference to Comparator

$0.0/1P boe $6.5/1P boe $7/boepd $31,126/boepd

Valuation Metric

(32.0%)

Comparator Difference to Comparator

$46,921/boepd $31,126/boepd

Valuation Metric

(98.3%) (97.9%)

Comparator Difference to Comparator

$45,763/boepd $31,126/boepd

Valuation Metric

14.6% (25.7%)

Comparator Difference to Comparator

$391.8/1P boe $6.5/1P boe $1,518,114/boepd $31,126/boepd

Valuation Metric

(78.6%) (87.3%)

Comparator Difference to Comparator

$3.0/1P boe $3.4/1P boe $25,223/boepd $18,748/boepd

Valuation Metric

0.3% 60.9%

Comparator Difference to Comparator

$30.3/1P boe $6.5/1P boe $244,524/boepd $31,126/boepd Company

(15.4%) (28.7%)

Comparator Difference to Comparator

$3.4/1P boe $3.4/1P boe $11,654/boepd $18,748/boepd Company

127.4% 236.2%

Comparator Difference to Comparator

$4.0/1P boe $3.4/1P boe $26,300/boepd $18,748/boepd

Valuation Metric

Tourmaline Oil (OTC)

Tullow Oil (ADR)

Company

1.3%

Comparator Difference to Comparator

$1.5/1P boe $3.4/1P boe $5,577/boepd $18,748/boepd

Valuation Metric

Reserves Production

(TECO-USA) Price: $0.0005

Company

(51.0%) 20.9%

Comparator Difference to Comparator

$30,726/boepd $31,126/boepd

Reserves Production

(PBEGF-USA) Price: $1.97

Treaty Energy

Company

Valuation Metric

Valuation Metric

Comparator Difference to Comparator

$6.9/1P boe $3.4/1P boe $25,744/boepd $31,126/boepd

Production

Touchstone Exploration (OTC)

(TRMLF-USA) Price: $19.09

Company

(21.0%) 191.0%


UA Petroleum (UAPC-USA) Price: $0.06

UK Oil & Gas (OTC) (UKLLF-USA) Price: $0.02

United Energy (OTC) (UNEGF-USA) Price: $0.19

Valeura Energy (OTC) (PNWRF-USA) Price: $0.48

Whitecap Resources (OTC) (SPGYF-USA) Price: $4.32

Valuation Metric

Company

Reserves Production

$138.0/1P boe $6.5/1P boe $1,099,500/boepd $31,126/boepd

Valuation Metric

Company

Reserves Production Resources Valuation Metric

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Reserves Production

(WOPEF-USA) Price: $19.25

Metric

XXL Energy (OTC)

Valuation Metric

(XLEFF-USA) Price: $0.27

Yangarra Resources (OTC) (YGRAF-USA) Price: $0.93

Yuma Energy (YUMAQ-USA) Price: $0.22

Company

Reserves Production

Reserves Production

Company

Reserves Production

Company

Reserves Production

(89.8%) (74.3%)

Comparator Difference to Comparator

$1.8/1P boe $3.4/1P boe $17,809/boepd $18,748/boepd

Valuation Metric

(80.5%) (77.6%)

Comparator Difference to Comparator

$33.5/1P boe $3.4/1P boe $73,075/boepd $18,748/boepd

Valuation Metric

(80.3%) (77.4%)

Comparator Difference to Comparator

$17.5/1P boe $3.4/1P boe $83,844/boepd $18,748/boepd Company

(16.9%) (35.6%)

Comparator Difference to Comparator

$17.3/1P boe $3.4/1P boe $83,099/boepd $18,748/boepd

Woodside Petroleum (OTC) Valuation

121.5% 38.9%

Comparator Difference to Comparator

$7.8/1P boe $6.5/1P boe $48,302/boepd $31,126/boepd Company

(93.9%) (76.2%)

Comparator Difference to Comparator

$1.5/1P boe $3.4/1P boe $13,499/boepd $18,748/boepd

Valuation Metric

(99.6%) (96.0%) (85.4%)

Comparator Difference to Comparator

$55.4/1P boe $3.4/1P boe $78,913/boepd $18,748/boepd

Valuation Metric

(95.3%) (97.2%)

Comparator Difference to Comparator

$1,834.3/1P boe $6.5/1P boe $774,129/boepd $31,126/boepd $13.7/boe $2.0/boe

Woodside Petroleum (ADR) Valuation (OTC) Metric (WOPEY-USA) Price: $19.05

Comparator Difference to Comparator

87.6% 5%

Comparator Difference to Comparator

$0.1/1P boe $3.4/1P boe $246/boepd $18,748/boepd

4,007.3% 7,521%

Integrated Major BP (OTC) (BPAQF-USA) Price: $4.29

Valuation Metric

Company

IOC Ratio

Comparator Difference to Comparator

$30,250.4/boepd $20,497.6/boepd

137

(32.2%)


China Petroleum & Chemical Valuation (H) (OTC) Metric

Company

(SNPMF-USA) Price: $0.55

EV/EBITDA

0.6x

Eni (OTC)

Valuation Metric

Company

(EIPAF-USA) Price: $11.88

Equinor (OTC) (STOHF-USA) Price: $19.53

GALP Energia (B) (ADR) (GLPEY-USA) Price: $5.97

GALP Energia (B) (OTC) (GLPEF-USA) Price: $12.39

OMV (ADR) (OMVKY-USA) Price: $50.92

PetroChina (H) (OTC) (PCCYF-USA) Price: $0.36

PTT (ADR) (PUTRY-USA) Price: $6.50

PTT (AM) (OTC) (PETFF-USA) Price: $1.30

RDS-A (UK) (OTC) (RYDAF-USA) Price: $20.60

RDS-B (UK) (OTC) (RYDBF-USA) Price: $19.62

Repsol (OTC) (REPYF-USA) Price: $12.65

Rosneft Oil (GDR) (OTC) (OJSCY-USA) Price: $7.64

Rosneft Oil (OTC) (RNFTF-USA) Price: $7.30

IOC Ratio

Comparator Difference to Comparator -

Comparator Difference to Comparator

$31,297.0/boepd $20,497.6/boepd

Valuation Metric

Company

IOC Ratio

Company

IOC Ratio

Company

IOC Ratio

Company

EV/EBITDA

3.5x

Valuation Metric

Company

IOC Ratio

Company

EV/EBITDA

7.4x

Valuation Metric

Company

EV/EBITDA

4.9x

Valuation Metric

Company

IOC Ratio

-

Company

IOC Ratio

Company

IOC Ratio

-

Company

EV/EBITDA

5.0x

Valuation Metric

Company

EV/EBITDA

4.8x

138

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator (28.1%)

Comparator Difference to Comparator (21.1%)

Comparator Difference to Comparator

$24,081.0/boepd $20,033.0/boepd

Valuation Metric

94.9%

Comparator Difference to Comparator

$25,400.8/boepd $20,033.0/boepd

Valuation Metric

-

Comparator Difference to Comparator

$27,871.4/boepd $20,033.0/boepd

Valuation Metric

(40.1%)

Comparator Difference to Comparator

$10,517.4/boepd $20,497.6/boepd

Valuation Metric

(38.3%)

Comparator Difference to Comparator

$34,238.3/boepd $20,497.6/boepd

Valuation Metric

(53.2%)

Comparator Difference to Comparator

$33,229.5/boepd $20,497.6/boepd

Valuation Metric

(34.5%)

Comparator Difference to Comparator

$42,845.0/boepd $20,033.0/boepd

Valuation Metric

-

(16.8%)

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Total (OTC) (TTFNF-USA) Price: $45.28

Valuation Metric

Company

IOC Ratio

Comparator Difference to Comparator

$44,945.3/boepd $20,497.6/boepd

(54.4%)

Midstream Inter Pipeline (OTC) (IPPLF-USA) Price: $14.39

Secure Energy Svs (OTC) (SECYF-USA) Price: $2.97

Valuation Metric

Company

EV/EBITDA

14.9x

Valuation Metric

Company

EV/EBITDA

6.9x

Valuation Metric

Company

EV/EBITDA

37.2x

Valuation Metric

Company

EV/EBITDA

8.7x

Valuation Metric

Company

EV/EBITDA

6.2x

Valuation Metric

Company

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Other ADS Crude Carriers (OTC) (ADCUF-USA) Price: $0.13

American Shipping (OTC) (ASCJF-USA) Price: $3.57

Ampol (OTC) (CTXAF-USA) Price: $18.05

APA (OTC) (APAJF-USA) Price: $7.54

Avance Gas (OTC)

Pipeline km Company

EV/EBITDA

5.3x

Valuation Metric

Company

EV/EBITDA

0.2x

Valuation Metric

Company

EV/EBITDA

3.8x

Valuation Metric

Company

EV/EBITDA

4.9x

Valuation Metric

Company

EV/EBITDA

9.2x

COSCO Shipping (H) (OTC) Valuation

Company

Boart Longyear (OTC) (BOARF-USA) Price: $0.51

BW LPG (ADR) (BWLLY-USA) Price: $7.01

BW LPG (OTC) (BWLLF-USA) Price: $6.51

Conrad Industries (CNRD-USA) Price: $12.76

(CSDXF-USA) Price: $0.45

-

Metric EV/EBITDA

2.7x

139

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator $840,939/km

Valuation Metric

(AVACF-USA) Price: $4.75

Comparator Difference to Comparator

(22.5%)

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


DCC (OTC) (DCCPF-USA) Price: $81.89

Delek Group (ADR) (OTC) (DELKY-USA) Price: $5.40

Enagas (ADR) (ENGGY-USA) Price: $10.67

Enagas (OTC) (ENGGF-USA) Price: $20.70

Ferrellgas Partners (FGPRQ-USA) Price: $0.93

GAIL India (OTC) (GAILF-USA) Price: $11.34

Gibson Energy (OTC) (GBNXF-USA) Price: $17.50

Glencore (ADR) (OTC)

Valuation Metric

Company

EV/EBITDA

9.4x

Valuation Metric

Company

Production Valuation Metric

Company

Pipeline km Valuation Metric

Company

Pipeline km Company

EV/EBITDA

8.4x

Valuation Metric

Company

EV/EBITDA

10.4x

Valuation Metric

Company

Pipeline km

10.1x

Valuation Metric

Company

EV/EBITDA

5.8x

Infraestructura Energetica (OTC)

Valuation Metric

Company

(IENVF-USA) Price: $3.76

EV/EBITDA

9.1x

Keyera (OTC)

Valuation Metric

Company

(GLCNF-USA) Price: $3.90

(KEYUF-USA) Price: $21.31

KunLun Energy (ADR) (KLYCY-USA) Price: $10.42

KunLun Energy (OTC) (KUNUF-USA) Price: $1.06

Pipeline km Company

Reserves Production

-

Company

Reserves Production

-

-

Comparator Difference to Comparator (88.5%)

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator (49.2%)

Comparator Difference to Comparator (89.7%) (71.3%)

Comparator Difference to Comparator

$64.1/1P boe $6.5/1P boe $110,666/boepd $31,126/boepd

140

-

Comparator Difference to Comparator

$62.9/1P boe $6.5/1P boe $108,526/boepd $31,126/boepd

Valuation Metric

119.4%

Comparator Difference to Comparator

$840,939/km

Valuation Metric

115.8%

Comparator Difference to Comparator

$840,939/km

EV/EBITDA

(54.3%)

Comparator Difference to Comparator

$840,939/km

Valuation Metric

-

Comparator Difference to Comparator

$840,939/km

Company

Glencore (OTC)

-

$40,983/boepd $18,748/boepd

Valuation Metric

(GLNCY-USA) Price: $7.73

Comparator Difference to Comparator

(89.9%) (71.9%)


Lamprell (OTC) (LMPRF-USA) Price: $0.90

Ocean Yield (OTC) (OYIEF-USA) Price: $3.51

OYO (OTC) (OYOCF-USA) Price: $12.30

Royal Vopak (ADR) (VOPKY-USA) Price: $48.66

Royal Vopak (OTC) (VOPKF-USA) Price: $49.56

Rubis (ADR) (RBSFY-USA) Price: $9.62

Snam (ADR) (SNMRY-USA) Price: $10.91

Snam (OTC) (SNMRF-USA) Price: $5.48

Stabilis Solutions

Valuation Metric

Company

EV/EBITDA

247.5x

Valuation Metric

Company

EV/EBITDA

12.2x

Valuation Metric

Company

EV/EBITDA

1.3x

Valuation Metric

Company

EV/EBITDA

10.5x

Valuation Metric

Company

EV/EBITDA

9.1x

Valuation Metric

Company

EV/EBITDA

9.4x

Valuation Metric

Company

Pipeline km Valuation Metric

Company

Pipeline km

EV/EBITDA

129.0x

Valuation Metric

Company

EV/EBITDA

6.5x

Valuation Metric

Company

EV/EBITDA

9.9x

Tidewater Infrastructure (OTC)

Valuation Metric

Company

(TWMIF-USA) Price: $0.83

EV/EBITDA

6.7x

Wolverine E&I (OTC)

Valuation Metric

Company

EV/EBITDA

14.9x

(SOIEF-USA) Price: $15.75

Superior Plus (OTC) (SUUIF-USA) Price: $11.47

(WEIIF-USA) Price: $0.76

Refining

141

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator (18.5%)

Comparator Difference to Comparator $840,939/km

Company

Stolt-Nielsen (OTC)

-

$840,939/km

Valuation Metric

(SLNG-USA) Price: $6.55

Comparator Difference to Comparator

(18.6%)

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Blue Dolphin Energy

Valuation Metric

Company

Stream Day

$4,296/bpsd

Valuation Metric

Company

EV/EBITDA

15.5x

Valuation Metric

Company

EV/EBITDA

11.1x

Valuation Metric

Company

EV/EBITDA

5.9x

Valuation Metric

Company

EV/EBITDA

45.7x

Valuation Metric

Company

EV/EBITDA

4.6x

Valuation Metric

Company

EV/EBITDA

25.8x

Valuation Metric

Company

EV/EBITDA

18.3x

New Zealand Refining (OTC) Valuation

Company

(BDCO-USA) Price: $0.50

Cosmo Energy (ADR) (CSGYY-USA) Price: $25.03

ENEOS (ADR) (JXHLY-USA) Price: $9.35

ENEOS (OTC) (JXHGF-USA) Price: $4.50

Idemitsu Kosan ADR) (IDKOY-USA) Price: $13.49

Koc (B) (ADR) (OTC) (KHOLY-USA) Price: $13.00

Neste (ADR) (NTOIY-USA) Price: $29.54

Neste (OTC) (NTOIF-USA) Price: $57.68

(NZRFF-USA) Price: $0.40

Metric EV/EBITDA

6.0x

Oil Refineries (OTC)

Valuation Metric

Company

Stream Day

$9,546/bpsd

Valuation Metric

Company

EV/EBITDA

8.4x

Valuation Metric

Company

EV/EBITDA

8.8x

Valuation Metric

Company

Stream Day

$23,117/bpsd

Valuation Metric

Company

(OILRF-USA) Price: $0.34

San Miguel (ADR) (SMGBY-USA) Price: $22.35

San Miguel (OTC) (SMGBF-USA) Price: $2.47

Thai Oil (AM) (OTC) (TOIPF-USA) Price: $1.96

Comparator Difference to Comparator $10,114/bpsd

135.4%

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator $10,114/bpsd

6.0%

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator $10,114/bpsd

(56.2%)

Royalty Chesapeake Granite Wash (CHKR-USA) Price: $0.35

Reserves Production

Comparator Difference to Comparator

$0.0/1P boe $6.5/1P boe $8,652/boepd $18,748/boepd

142

19,298.2% 116.7%


ECA Marcellus I (ECTM-USA) Price: $0.29

Freehold Royalties (OTC) (FRHLF-USA) Price: $5.92

GC Ultra Deep Royalty (GULTU-USA) Price: $0.04

Hugoton Royalty (HGTXU-USA) Price: $0.10

Pacific Coast Oil (ROYTL-USA) Price: $0.16

PrairieSky Royalty (OTC) (PREKF-USA) Price: $11.10

Sandridge Mississippian I (SDTTU-USA) Price: $0.22

Sandridge Permian (PERS-USA) Price: $0.48

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$0.8/1P boe $3.4/1P boe $2,834/boepd $18,748/boepd

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$673.8/1P boe $3.4/1P boe $2,303,328/boepd $31,126/boepd

Valuation Metric

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

(93.6%) (91.8%)

Comparator Difference to Comparator

$1.8/1P boe $3.4/1P boe $3,283/boepd $18,748/boepd

Valuation Metric

291.0% (92.3%)

Comparator Difference to Comparator

$53.5/1P boe $3.4/1P boe $227,261/boepd $18,748/boepd

Valuation Metric

(98.7%) (75.4%)

Comparator Difference to Comparator

$1.7/1P boe $6.5/1P boe $244,732/boepd $18,748/boepd

Valuation Metric

(83.9%) (27.1%)

Comparator Difference to Comparator

$260.2/1P boe $3.4/1P boe $76,337/boepd $18,748/boepd

Valuation Metric

(99.5%) (98.6%)

Comparator Difference to Comparator

$21.2/1P boe $3.4/1P boe $25,734/boepd $18,748/boepd

Valuation Metric

341.7% 561.6%

92.9% 471.1%

Comparator Difference to Comparator

$4.7/1P boe $6.5/1P boe $15,745/boepd $31,126/boepd

36.4% 97.7%

Services Akastor (OTC) (AKKVF-USA) Price: $0.77

Aker Solutions (OTC) (AKRTF-USA) Price: $1.66

Aly Energy Svs (ALYE-USA) Price: $2.46

Bakken Water Transfer Svs (BWTX-USA) Price: $0.02

Valuation Metric

Company

EV/EBITDA

14.9x

Valuation Metric

Company

EV/EBITDA

5.3x

Valuation Metric

Company

EV/EBITDA

4.0x

Valuation Metric

Company

EV/EBITDA

111.9x

143

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Calfrac Well Svs (OTC)

Valuation Metric

Company

EV/EBITDA

12.5x

Valuation Metric

Company

EV/EBITDA

4.4x

Valuation Metric

Company

EV/EBITDA

4.2x

China Oilfield Svs (H) (OTC) Valuation

Company

(CFWFF-USA) Price: $3.11

CGG (ADR) (OTC) (CGGYY-USA) Price: $1.28

CGG (OTC) (CGPVF-USA) Price: $1.14

(CHOLF-USA) Price: $1.00

Metric EV/EBITDA

2.9x

Computer Modelling (OTC)

Valuation Metric

Company

EV/EBITDA

11.6x

Valuation Metric

Company

EV/EBITDA

6.2x

Valuation Metric

Company

EV/EBITDA

23.9x

Valuation Metric

Company

EV/EBITDA

2.4x

Valuation Metric

Company

EV/EBITDA

513.3x

Valuation Metric

Company

EV/EBITDA

51.7x

Valuation Metric

Company

EV/EBITDA

5.3x

Valuation Metric

Company

EV/EBITDA

3.2x

Valuation Metric

Company

EV/EBITDA

2.8x

Valuation Metric

Company

EV/EBITDA

1.5x

(CMDXF-USA) Price: $4.62

CSE Global (OTC) (CSYJF-USA) Price: $0.41

CWC Energy (OTC) (CAWLF-USA) Price: $0.12

Essential Energy Svs (OTC) (EEYUF-USA) Price: $0.26

Ezion Holdings (OTC) (EZIDF-USA) Price: $0.03

Hermitage Offshore Svs (HOFSQ-USA) Price: $0.02

High Arctic Energy (OTC) (HGHAF-USA) Price: $1.07

John Wood (OTC) (WDGJF-USA) Price: $3.89

Macro Enterprises (OTC) (MCESF-USA) Price: $2.42

Petrofac (ADR) (POFCY-USA) Price: $0.68

144

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Petrofac (OTC) (POFCF-USA) Price: $1.40

PGS (ADR) (PGSVY-USA) Price: $0.78

Pulse Seismic (OTC) (PLSDF-USA) Price: $1.27

Saipem (ADR) (SAPMY-USA) Price: $5.55

Saipem (OTC) (SAPMF-USA) Price: $2.95

SBM Offshore (OTC) (SBFFF-USA) Price: $18.42

Sembcorp Marine (OTC) (SMBMF-USA) Price: $0.12

ShawCor (OTC) (SAWLF-USA) Price: $4.84

Siem Industries (SEMUF-USA) Price: $27.55

Source Energy Svs (OTC) (SCEYF-USA) Price: $1.80

SPT Energy (ADR) (SEGYY-USA) Price: $0.99

STEP Energy Svs (OTC) (SNVVF-USA) Price: $1.23

Subsea 7 (ADR) (OTC) (SUBCY-USA) Price: $10.51

TGS-NOPEC (ADR) (TGSGY-USA) Price: $15.91

Valuation Metric

Company

EV/EBITDA

2.4x

Valuation Metric

Company

EV/EBITDA

3.9x

Valuation Metric

Company

EV/EBITDA

9.0x

Valuation Metric

Company

EV/EBITDA

13.1x

Valuation Metric

Company

EV/EBITDA

8.1x

Valuation Metric

Company

EV/EBITDA

9.5x

Valuation Metric

Company

EV/EBITDA

88.9x

Valuation Metric

Company

EV/EBITDA

13.5x

Valuation Metric

Company

EV/EBITDA

11.7x

Valuation Metric

Company

EV/EBITDA

6.9x

Valuation Metric

Company

EV/EBITDA

0.6x

Valuation Metric

Company

EV/EBITDA

9.0x

Valuation Metric

Company

EV/EBITDA

5.0x

Valuation Metric

Company

EV/EBITDA

7.6x

145

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Total Energy Svs (OTC) (TOTZF-USA) Price: $3.30

Trican Well Service (OTC) (TOLWF-USA) Price: $1.63

Weatherford International (WFTLF-USA) Price: $11.75

Worley (ADR) (WYGPY-USA) Price: $8.46

Worley (OTC) (WYGPF-USA) Price: $8.61

Valuation Metric

Company

EV/EBITDA

6.1x

Valuation Metric

Company

EV/EBITDA

9.1x

Valuation Metric

Company

EV/EBITDA

6.5x

Valuation Metric

Company

EV/EBITDA

6.6x

Valuation Metric

Company

EV/EBITDA

7.5x

Valuation Metric

Company

EV/EBITDA

10.4x

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Paris Drillers Vallourec (Paris) (VK-PAR) Price: €29.00

Comparator Difference to Comparator -

-

Exploration & Production Maurel & Prom (Paris) (MAU-PAR) Price: €2.09

Total Gabon (Paris) (EC-PAR) Price: €143

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$5.2/2P boe $5.2/2P boe $43,822/boepd $43,822/boepd

Valuation Metric

Company

Reserves Production

0.0% 0.0%

Comparator Difference to Comparator

$0.8/1P boe $1,692/boepd $43,822/boepd

2,490.3%

Integrated Major Total (Paris) (FP-PAR) Price: €39.73

Valuation Metric

Company

IOC Ratio

Comparator Difference to Comparator

$46,519.3/boepd $46,519.3/boepd

0.0%

Other Rubis (Paris) (RUI-PAR) Price: €40.30

Valuation Metric

Company

EV/EBITDA

9.0x

Valuation Metric

Company

EV/EBITDA

4.4x

Comparator Difference to Comparator -

-

Services CGG (Paris) (CGG-PAR) Price: €1.06

146

Comparator Difference to Comparator -

-


Schlumberger (Paris) (SLB-PAR) Price: €23.00

TechnipFMC (Paris) (FTI-PAR) Price: €6.45

Valuation Metric

Company

EV/EBITDA

11.4x

Valuation Metric

Company

EV/EBITDA

4.7x

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Philippines Exploration & Production Oriental P&M (A) (Philippines)

Valuation Metric

Company

(OPMB-PHS) Price: P₱0.01

EV/EBITDA

0.1x

Oriental P&M (B)

Valuation Metric

Company

(OPM-PHS) Price: P₱0.01

Philodrill (OV-PHS) Price: P₱0.01

PXP Energy (Philippines) (PXP-PHS) Price: P₱8.57

Production

Comparator Difference to Comparator -

Comparator Difference to Comparator

$2,771/boepd $11,982/boepd

Valuation Metric

Company

Production

Company

Production

332.4%

Comparator Difference to Comparator

$11,982/boepd $11,982/boepd

Valuation Metric

-

0.0%

Comparator Difference to Comparator

$5,160,554/boepd $11,982/boepd

(99.8%)

Other Phoenix Petroleum Philippines

Valuation Metric

Company

(PNX-PHS) Price: P₱11.50

EV/EBITDA

14.4x

Pryce

Valuation Metric

Company

EV/EBITDA

3.6x

Valuation Metric

Company

Stream Day

$15,091/bpsd

Valuation Metric

Company

Stream Day

$10,573/bpsd

Valuation Metric

Company

EV/EBITDA

8.8x

Top Frontier Investment (Philippines)

Valuation Metric

Company

(TFHI-PHS) Price: P₱143

EV/EBITDA

6.7x

(PPC-PHS) Price: P₱5.30

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Refining Petron (Philippines) (PCOR-PHS) Price: P₱3.00

Pilipinas Shell Petroleum (SHLPH-PHS) Price: P₱21.00

San Miguel (Philippines) (SMC-PHS) Price: P₱122

147

Comparator Difference to Comparator $12,832/bpsd

(15.0%)

Comparator Difference to Comparator $12,832/bpsd

21.4%

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Prague Integrated Major RDS-A (UK) (Prague) (RDSA-PRA) Price: CZK460

Valuation Metric

Company

IOC Ratio

Comparator Difference to Comparator

$28,262.0/boepd $28,262.0/boepd

0.0%

Santiago Integrated Major Chevron (Santiago) (CVX-SGO) Price: $106

Valuation Metric

Company

IOC Ratio

Comparator Difference to Comparator

$68,038.6/boepd $68,038.6/boepd

0.0%

Other Empresas Copec SA (COPEC-SGO) Price: CH₱8,730

Empresas Gasco (GASCO-SGO) Price: CH₱2,069

Empresas Lipigas (LIPIGAS-SGO) Price: CH₱4,310

Valuation Metric

Company

Pipeline km

Comparator Difference to Comparator -

Valuation Metric

Company

EV/EBITDA

8.4x

Valuation Metric

Company

EV/EBITDA

2173.4x

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Sao Paulo Exploration & Production ConocoPhillips (BrDR) (COPH34-BSP) Price: B$72.45

Dommo Energia SA (DMMO3-BSP) Price: B$0.89

Enauta Participacoes SA (ENAT3-BSP) Price: B$15.70

Valuation Metric

Company

Reserves Production

$14.9/1P boe $15.0/1P boe $55,764/boepd $56,838/boepd

Valuation Metric

Company

Production Valuation Metric

Company

Reserves Production

Petro Rio (PRIO3-BSP) Price: B$90.55

Company

Pipeline km Reserves Production

Company

Production

(0.8%) (1.9%)

Comparator Difference to Comparator

$174,617/boepd $56,838/boepd

148

0.0% 0.0%

Comparator Difference to Comparator

$15.1/1P boe $15.0/1P boe $57,912/boepd $56,838/boepd

Valuation Metric

978.0%

Comparator Difference to Comparator

$10.1/1P boe $10.1/1P boe $27,500/boepd $27,500/boepd

Metric

0.8% 1.9%

Comparator Difference to Comparator

$5,273/boepd $56,838/boepd

Occidental Petroleum (BrDR) Valuation (OXYP34-BSP) Price: B$76.50

Comparator Difference to Comparator

(67.4%)


Integrated Major Chevron (BrDR) (CHVX34-BSP) Price: B$56.87

RDS-A (BrDR) (RDSA34-BSP) Price: B$228

Valuation Metric

Company

IOC Ratio

Comparator Difference to Comparator

$66,132.6/boepd$106,599.5/boepd

Valuation Metric

Company

IOC Ratio

61.2%

Comparator Difference to Comparator

$45,625.3/boepd $45,625.3/boepd

0.0%

Other Kinder Morgan (P) (BrDR)

Valuation Metric

Company

EV/EBITDA

12.8x

Valuation Metric

Company

Stream Day

$12,899/bpsd

Valuation Metric

Company

EV/EBITDA

16.1x

Valuation Metric

Company

EV/EBITDA

15.8x

National Gas & Industrialization

Valuation Metric

Company

(2080-SAU) Price: SAR31.35

EV/EBITDA

22.8x

National Shipping ofudi Arabia

Valuation Metric

Company

(4030-SAU) Price: SAR39.00

EV/EBITDA

7.4x

(KMIC34-BSP) Price: B$87.70

Comparator Difference to Comparator -

-

Refining Valero Energy (BrDR) (VLOE34-BSP) Price: B$198

Comparator Difference to Comparator $12,899/bpsd

0.0%

Services Halliburton (HALI34-BSP) Price: B$119

Comparator Difference to Comparator -

-

Saudi Arabia Integrated Major Saudi Aramco (2222-SAU) Price: SAR35.20

Comparator Difference to Comparator -

-

Other Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

SGX Exploration & Production Interra Resources (5GI-SES) Price: S$0.04

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$8.7/2P boe $8.7/2P boe $15,545/boepd $15,545/boepd

149

0.0% 0.0%


RH Petrogas (T13-SES) Price: S$0.03

Valuation Metric

Company

Reserves

$0.9/2P boe

Comparator Difference to Comparator $8.7/2P boe

864.0%

Other AnAn International

Valuation Metric

Company

EV/EBITDA

6.2x

Valuation Metric

Company

EV/EBITDA

8.9x

Valuation Metric

Company

EV/EBITDA

1.7x

Valuation Metric

Company

EV/EBITDA

39.1x

Valuation Metric

Company

EV/EBITDA

3.1x

Valuation Metric

Company

EV/EBITDA

6.8x

Valuation Metric

Company

EV/EBITDA

4.1x

Valuation Metric

Company

EV/EBITDA

3.3x

Valuation Metric

Company

EV/EBITDA

48.2x

Valuation Metric

Company

EV/EBITDA

6.0x

Kim Heng Offshore & Marine Valuation

Company

(Y35-SES) Price: S$0.03

China Aviation Oil (SGX) (G92-SES) Price: S$1.12

Hai Leck (BLH-SES) Price: S$0.57

ICP (5I4-SES) Price: S$0.0090

Ouhua Energy (AJ2-SES) Price: S$0.05

Union Gas (1F2-SES) Price: S$0.72

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Refining Sinostar PEC (C9Q-SES) Price: S$0.16

Comparator Difference to Comparator -

-

Services Baker Technology (BTP-SES) Price: S$0.32

CH Offshore (C13-SES) Price: S$0.04

CSE Global (SGX) (544-SES) Price: S$0.53

(5G2-SES) Price: S$0.03

Metric EV/EBITDA

18.3x

Nordic

Valuation Metric

Company

EV/EBITDA

10.3x

(MR7-SES) Price: S$0.26

150

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Rex International

Valuation Metric

Company

EV/EBITDA

20.9x

Valuation Metric

Company

EV/EBITDA

88.8x

Valuation Metric

Company

EV/EBITDA

11.7x

Valuation Metric

Company

EV/EBITDA

10.3x

Valuation Metric

Company

EV/EBITDA

2.8x

Valuation Metric

Company

EV/EBITDA

5.2x

Valuation Metric

Company

EV/EBITDA

21.8x

Valuation Metric

Company

EV/EBITDA

13.8x

Sinopec Shanghai Petrochemical

Valuation Metric

Company

(600688-SHG) Price: CNY3.53

EV/EBITDA

13.7x

Valuation Metric

Company

EV/EBITDA

7.3x

(5WH-SES) Price: S$0.18

Sembcorp Marine (SGX) (S51-SES) Price: S$0.16

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Shanghai Drillers Sinopec Oilfield Service (600871-SHG) Price: CNY2.01

Comparator Difference to Comparator -

-

Exploration Guanghui Energy (600256-SHG) Price: CNY3.04

Comparator Difference to Comparator -

-

Integrated Major CPNC (600028-SHG) Price: CNY4.26

Comparator Difference to Comparator -

-

Other COSCO Shipping (A) (600026-SHG) Price: CNY6.48

Guizhou Gas (600903-SHG) Price: CNY10.43

Trina Solar (688599-SHG) Price: CNY17.30

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Refining Comparator Difference to Comparator -

-

Services China Oilfield Svs (601808-SHG) Price: CNY14.95

151

Comparator Difference to Comparator -

-


CNOOC Energy Technology Valuation & Svs Metric

Company

(600968-SHG) Price: CNY2.68

EV/EBITDA

7.7x

Offshore Oil Engineering

Valuation Metric

Company

EV/EBITDA

9.9x

Valuation Metric

Company

EV/EBITDA

22.4x

Valuation Metric

Company

EV/EBITDA

16.7x

Valuation Metric

Company

EV/EBITDA

9.9x

Valuation Metric

Company

EV/EBITDA

6.6x

Valuation Metric

Company

EV/EBITDA

105.7x

Valuation Metric

Company

Resources

$3.5/boe

(600583-SHG) Price: CNY4.62

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Shenzhen Drillers Sinopec Oilfield (000852-SHE) Price: CNY4.35

Yantai Jereh Oilfield Svs (002353-SHE) Price: CNY35.34

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Other Oriental Energy (002221-SHE) Price: CNY12.24

Comparator Difference to Comparator -

-

Services Citic Helicopter (000099-SHE) Price: CNY6.72

Comparator Difference to Comparator -

-

Stockholm Drillers Guideline Geo (Stockholm) (GGEO-OME) Price: SEK7.36

Comparator Difference to Comparator -

-

Exploration Africa Energy (Stockholm) (AEC-OME) Price: SEK2.00

Comparator Difference to Comparator $3.5/boe

0.0%

Exploration & Production Africa Oil (Stockholm) (AOI-OME) Price: SEK8.04

Valuation Metric

Company

Reserves Production Resources

Comparator Difference to Comparator

$6.4/2P boe $8.8/2P boe $15,610/boepd $36,403/boepd $10.9/boe $3.5/boe

152

37.0% 133.2% (67.8%)


Dome Energy (DOME-OME) Price: SEK2.58

EnQuest (Stockholm) (ENQ-OME) Price: SEK2.42

Valuation Metric Reserves Production

(IPCO-OME) Price: SEK28.64

Reserves Production

Lundin Energy (Stockholm)

Valuation Metric

Maha Energy (Stockholm) (MAHA.A-OME) Price: SEK12.77

Company

Company

Reserves Production Valuation Metric

(SNM-OME) Price: SEK0.36

Reserves Production

Tethys Oil (Stockholm)

Valuation Metric Reserves Production

96.8% (37.4%)

Comparator Difference to Comparator

$17.0/2P boe $8.8/2P boe $68,223/boepd $36,403/boepd Company

(74.2%)

Comparator Difference to Comparator

$4.5/2P boe $8.8/2P boe $58,163/boepd $36,403/boepd Company

(49.7%) 96.6%

Comparator Difference to Comparator

$140,989/boepd $36,403/boepd

Valuation Metric

505.1% 716.8%

Comparator Difference to Comparator

$3.4/2P boe $1.7/2P boe $18,515/boepd $36,403/boepd Company

9,509.7% 33.9%

Comparator Difference to Comparator

$1.5/2P boe $8.8/2P boe $4,457/boepd $36,403/boepd

Production

ShaMaran Petroleum (Stockholm)

(TETY-OME) Price: SEK63.25

Company

Reserves Production Valuation Metric

Comparator Difference to Comparator

$0.0/2P boe $1.7/2P boe $27,180/boepd $36,403/boepd

Valuation Metric

Int. Petroleum (BC) (Stockholm)

(LUNE-OME) Price: SEK278

Company

(48.3%) (46.6%)

Comparator Difference to Comparator

$7.3/2P boe $8.8/2P boe $30,729/boepd $36,403/boepd

20.8% 18.5%

Other Concordia Maritime (Stockholm)

Valuation Metric

Company

(CCOR.B-OME) Price: SEK9.14

EV/EBITDA

132.5x

Valuation Metric

Company

Comparator Difference to Comparator -

-

Swiss Integrated Major RDS (A) (Swiss) (RDSA-SWX) Price: CHF19.25

RDS-B (UK) (Swiss) (RDSB-SWX) Price: CHF23.00

Total (Swiss) (FP-SWX) Price: CHF40.00

IOC Ratio

Comparator Difference to Comparator

$28,084.9/boepd $28,800.2/boepd

Valuation Metric

Company

IOC Ratio

Comparator Difference to Comparator

$29,515.5/boepd $28,800.2/boepd

Valuation Metric

Company

IOC Ratio

153

(2.4%)

Comparator Difference to Comparator

$43,494.5/boepd $43,494.5/boepd

Other

2.5%

0.0%


Sociedad CdP (CADN-SWX) Price: CHF0.24

Valuation Metric

Company

Reserves

$0.5/1P boe

Comparator Difference to Comparator $0.5/1P boe

0.0%

Taipei Services CTCI Advanced Systems

Valuation Metric

Company

EV/EBITDA

9.2x

Valuation Metric

Company

EV/EBITDA

5.6x

Formosa Petrochemical Corp Valuation

Company

(5209-ROCO) Price: T$67.20

Comparator Difference to Comparator -

-

Taiwan Other Prime Oil Chemical Service (2904-TAI) Price: T$28.30

Comparator Difference to Comparator -

-

Refining (6505-TAI) Price: T$96.10

Metric EV/EBITDA

15.8x

Alon Natural Gas Exploration Valuation

Company

Comparator Difference to Comparator -

-

TASE Exploration (ALGS-TAE) Price: ₪14.39

Metric EV/EBITDA

3.7x

Lapidoth-Heletz

Valuation Metric

Company

EV/EBITDA

0.7x

Valuation Metric

Company

EV/EBITDA

24.6x

Valuation Metric

Company

EV/EBITDA

0.1x

(LPHL.L-TAE) Price: ₪1.55

Navitas Petroleum (NVPT.L-TAE) Price: ₪13.76

PetroTx (PTX-TAE) Price: ₪1.14

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Exploration & Production Cohen Development Gas & Oil

Valuation Metric

(CDEV-TAE) Price: ₪64.86

Production

Delek Drilling (TASE)

Valuation Metric

(DEDR.L-TAE) Price: ₪4.84

Company

Comparator Difference to Comparator

$674/boepd $27,361/boepd Company

Reserves Production

Comparator Difference to Comparator

$4.4/2P boe $4.4/2P boe $26,402/boepd $27,361/boepd

154

3,961.7%

0.0% 3.6%


Energean (TASE) (ENOG-TAE) Price: ₪41.17

Givot Olam (TASE) (GIVO.L-TAE) Price: ₪1.17

Isramco Negev 2 (TASE) (ISRA.L-TAE) Price: ₪0.68

Naphtha Israel Petroleum (NFTA-TAE) Price: ₪15.43

Valuation Metric

Company

Production

$487,647/boepd

Valuation Metric

Company

Reserves Production

$2.7/2P boe $328,005/boepd

Valuation Metric

Company

Production

-

Valuation Metric

Company

Production

$2.7/2P boe

Company

Metric Reserves Resources

$22.2/2P boe $5.3/boe

Tamar Petroleum

Valuation Metric

Company

Production

0.0%

Comparator Difference to Comparator 42.9%

Comparator Difference to Comparator

$882,021/boepd $27,361/boepd

(RATI.L-TAE) Price: ₪1.39

-

Comparator Difference to Comparator

$19,145/boepd $27,361/boepd

Ratio Oil Exploration (TASE) Valuation

(TMRP-TAE) Price: ₪4.48

Comparator Difference to Comparator

(96.9%)

Comparator Difference to Comparator $4.4/2P boe

(80.2%)

Comparator Difference to Comparator

$36,535/boepd $27,361/boepd

(25.1%)

Other Delek (TASE) (DLEKG-TAE) Price: ₪181

Paz Oil (TASE) (PZOL-TAE) Price: ₪325

Valuation Metric

Company

Production

Comparator Difference to Comparator

$41,064/boepd $27,361/boepd

Valuation Metric

Company

EV/EBITDA

7.1x

Valuation Metric

Company

Stream Day

$7,982/bpsd

Valuation Metric

Company

EV/EBITDA

5.3x

(33.4%)

Comparator Difference to Comparator -

-

Refining Oil Refineries (TASE) (ORL-TAE) Price: ₪0.81

Comparator Difference to Comparator $7,982/bpsd

0.0%

Royalty Delek Royalties (2012) (DLRL-TAE) Price: ₪6.50

Comparator Difference to Comparator -

-

Thailand Exploration & Production PTT E&P (AM) (Thailand) (PTTEP.F-BKK) Price: ₿114

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$11.9/1P boe $11.9/1P boe $32,314/boepd $32,387/boepd

155

0.2% 0.2%


PTT E&P (Thailand) (PTTEP-BKK) Price: ₿115

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$11.9/1P boe $11.9/1P boe $32,460/boepd $32,387/boepd

(0.2%) (0.2%)

Integrated Major PTT (AM) (Thailand)

Valuation Metric

Company

EV/EBITDA

4.9x

Valuation Metric

Company

EV/EBITDA

4.9x

Power Solution Technologies Valuation

Company

(PTT.F-BKK) Price: ₿40.00

PTT (Thailand) (PTT-BKK) Price: ₿40.50

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Other (PSTC-BKK) Price: ₿1.69

Metric EV/EBITDA

25.7x

Power STP

Valuation Metric

Company

EV/EBITDA

25.6x

Valuation Metric

Company

EV/EBITDA

20.4x

Valuation Metric

Company

EV/EBITDA

30.5x

Valuation Metric

Company

EV/EBITDA

29.9x

Valuation Metric

Company

EV/EBITDA

9.7x

Siamgas & Petrochemicals (NVDR)

Valuation Metric

Company

(SGP.R-BKK) Price: ₿11.70

EV/EBITDA

9.7x

VL Enterprise

Valuation Metric

Company

EV/EBITDA

9.7x

Valuation Metric

Company

EV/EBITDA

9.6x

Valuation Metric

Company

EV/EBITDA

5.2x

(PSTC.R-BKK) Price: ₿1.68

PTT Oil and Retail (OR-BKK) Price: ₿32.50

Scan-Inter (SCN-BKK) Price: ₿2.02

Scan-Inter (NVDR) (SCN.R-BKK) Price: ₿1.94

Siamgas & Petrochemicals (SGP-BKK) Price: ₿11.70

(VL-BKK) Price: ₿2.30

VL Enterprise (NVDR) (VL.R-BKK) Price: ₿2.06

WP Energy (WP-BKK) Price: ₿5.40

156

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


WP Energy (NVDR)

Valuation Metric

Company

EV/EBITDA

5.3x

Valuation Metric

Company

Stream Day

$10,632/bpsd

Valuation Metric

Company

Stream Day

$10,632/bpsd

Valuation Metric

Company

Stream Day

$19,610/bpsd

Valuation Metric

Company

Stream Day

$18,503/bpsd

Valuation Metric

Company

Stream Day

$9,636/bpsd

Star Petroleum Refining (NVDR)

Valuation Metric

Company

(SPRC.R-BKK) Price: ₿9.45

Stream Day

$9,721/bpsd

Thai Oil

Valuation Metric

Company

Stream Day

$23,314/bpsd

Valuation Metric

Company

Stream Day

$23,494/bpsd

Thai Oil Public (AM) (Thailand)

Valuation Metric

Company

(TOP.F-BKK) Price: ₿60.50

Stream Day

$23,134/bpsd

Valuation Metric

Company

EV/EBITDA

9.8x

Valuation Metric

Company

EV/EBITDA

9.8x

(WP.R-BKK) Price: ₿5.45

Comparator Difference to Comparator -

-

Refining Esso Thailand (ESSO-BKK) Price: ₿8.45

Esso Thailand (NVDR) (ESSO.R-BKK) Price: ₿8.45

IRPC (IRPC-BKK) Price: ₿3.78

IRPC (AM) (Thailand) (IRPC.F-BKK) Price: ₿3.42

Star Petroleum Refining (SPRC-BKK) Price: ₿9.35

(TOP-BKK) Price: ₿61.25

Thai Oil (NVDR) (TOP.R-BKK) Price: ₿62.00

Comparator Difference to Comparator $16,520/bpsd

55.4%

Comparator Difference to Comparator $16,520/bpsd

55.4%

Comparator Difference to Comparator $16,520/bpsd

(15.8%)

Comparator Difference to Comparator $16,520/bpsd

(10.7%)

Comparator Difference to Comparator $16,520/bpsd

71.4%

Comparator Difference to Comparator $16,520/bpsd

69.9%

Comparator Difference to Comparator $16,520/bpsd

(29.1%)

Comparator Difference to Comparator $16,520/bpsd

(29.7%)

Comparator Difference to Comparator $16,520/bpsd

(28.6%)

Services Sakol Energy (SKE-BKK) Price: ₿0.90

Sakol Energy (NVDR) (SKE.R-BKK) Price: ₿0.90

Tokyo Exploration

157

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


K&O Energy (1663-TKS) Price: ¥1,476

Valuation Metric

Company

EV/EBITDA

2.4x

Comparator Difference to Comparator -

-

Exploration & Production INPEX (Tokyo) (1605-TKS) Price: ¥791

Japan PetEx (Tokyo) (1662-TKS) Price: ¥2,211

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$5.1/1P boe $5.1/1P boe $36,966/boepd $36,966/boepd

Valuation Metric

Company

Reserves Production

0.0% 0.0%

Comparator Difference to Comparator

$8.6/1P boe $8.6/1P boe $31,494/boepd $31,494/boepd

0.0% 0.0%

Other Daimaru Enawin (9818-TKS) Price: ¥1,336

Fuji Kosan (5009-TKS) Price: ¥1,201

Kamei (8037-TKS) Price: ¥1,242

Mitsuuroko (8131-TKS) Price: ¥1,412

Nissin Shoji (7490-TKS) Price: ¥1,001

OYO (Tokyo) (9755-TKS) Price: ¥1,309

San-Ai Oil (8097-TKS) Price: ¥1,331

SINANENLTD (8132-TKS) Price: ¥3,110

Toell (3361-TKS) Price: ¥933

Valuation Metric

Company

EV/EBITDA

3.9x

Valuation Metric

Company

EV/EBITDA

5.3x

Valuation Metric

Company

EV/EBITDA

3.2x

Valuation Metric

Company

EV/EBITDA

6.5x

Valuation Metric

Company

EV/EBITDA

7.1x

Valuation Metric

Company

EV/EBITDA

1.1x

Valuation Metric

Company

EV/EBITDA

3.9x

Valuation Metric

Company

EV/EBITDA

5.4x

Valuation Metric

Company

EV/EBITDA

4.5x

Refining

158

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Cosmo Energy

Valuation Metric

Company

EV/EBITDA

7.0x

Valuation Metric

Company

EV/EBITDA

6.0x

Valuation Metric

Company

EV/EBITDA

8.5x

Valuation Metric

Company

EV/EBITDA

10.5x

Valuation Metric

Company

EV/EBITDA

19.4x

Valuation Metric

Company

EV/EBITDA

11.2x

Valuation Metric

Company

EV/EBITDA

3.7x

Valuation Metric

Company

EV/EBITDA

5.9x

Valuation Metric

Company

EV/EBITDA

6.9x

Ensign Energy Svs (Toronto) Valuation

Company

(5021-TKS) Price: ¥2,653

ENEOS (Tokyo) (5020-TKS) Price: ¥507

Fuji Oil (5017-TKS) Price: ¥232

Idemitsu Kosan (Tokyo) (5019-TKS) Price: ¥2,908

Toa Oil (Tokyo) (5008-TKS) Price: ¥2,935

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Services Modec (Tokyo) (6269-TKS) Price: ¥2,300

Comparator Difference to Comparator -

-

Toronto Drillers Akita Drilling (B) (AKT.B-TSE) Price: C$1.60

Akita Drilling (Toronto) (AKT.A-TSE) Price: C$1.20

Enerflex (Toronto) (EFX-TSE) Price: C$8.82

(ESI-TSE) Price: C$1.38

Metric EV/EBITDA

8.1x

McCoy Global (Toronto)

Valuation Metric

Company

EV/EBITDA

4.6x

Valuation Metric

Company

EV/EBITDA

13.8x

Valuation Metric

Company

EV/EBITDA

3.5x

(MCB-TSE) Price: C$0.63

Pason Systems (Toronto) (PSI-TSE) Price: C$9.25

PHX Energy Svs (Toronto) (PHX-TSE) Price: C$2.98

159

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Precision Drilling (Toronto)

Valuation Metric

Company

EV/EBITDA

7.2x

Western Energy Svs (Toronto)

Valuation Metric

Company

(WRG-TSE) Price: C$0.36

EV/EBITDA

13.3x

Valuation Metric

Company

(PD-TSE) Price: C$26.57

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Exploration Journey Energy (Toronto) (JOY-TSE) Price: C$0.86

Pipestone Energy (Toronto) (PIPE-TSE) Price: C$1.81

Reserves Production

Comparator Difference to Comparator

$2.4/2P boe $3.3/2P boe $12,032/boepd $18,225/boepd

Valuation Metric

Company

EV/EBITDA

8.1x

35.0% 51.5%

Comparator Difference to Comparator -

-

Exploration & Production Advantage Oil & Gas (Toronto)

Valuation Metric

(AAV-TSE) Price: C$2.57

Reserves Production

Africa Oil (Toronto)

Valuation Metric

(AOI-TSE) Price: C$1.17

ARC Resources (Toronto) (ARX-TSE) Price: C$7.74

Athabasca Oil (Toronto) (ATH-TSE) Price: C$0.51

Baytex Energy (Toronto) (BTE-TSE) Price: C$1.36

Bengal Energy (Toronto) (BNG-TSE) Price: C$0.09

Birchcliff Energy (Toronto) (BIR-TSE) Price: C$2.85

Company

Comparator Difference to Comparator

$1.3/2P boe $3.3/2P boe $12,506/boepd $18,225/boepd Company

Reserves Production Resources

Comparator Difference to Comparator

$6.4/2P boe $5.9/2P boe $15,465/boepd $26,984/boepd $10.8/boe

Valuation Metric

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

(19.1%) (80.6%)

Comparator Difference to Comparator

$1.2/2P boe $3.3/2P boe $15,073/boepd $18,225/boepd

160

(28.9%) 30.9%

Comparator Difference to Comparator

$7.3/2P boe $5.9/2P boe $139,324/boepd $26,984/boepd

Valuation Metric

1,038.6% 87.6%

Comparator Difference to Comparator

$4.6/2P boe $3.3/2P boe $20,617/boepd $26,984/boepd

Valuation Metric

5.6% (4.4%)

Comparator Difference to Comparator

$0.5/2P boe $5.9/2P boe $14,385/boepd $26,984/boepd

Valuation Metric

(6.8%) 74.5%

Comparator Difference to Comparator

$3.1/2P boe $3.3/2P boe $19,072/boepd $18,225/boepd

Valuation Metric

154.1% 45.7%

165.6% 20.9%


Bonterra Energy (Toronto) (BNE-TSE) Price: C$3.88

Canacol Energy (Toronto) (CNE-TSE) Price: C$3.55

Valuation Metric

Company

Reserves Production

$3.7/2P boe $3.3/2P boe $25,209/boepd $26,984/boepd

Valuation Metric

Company

Reserves Production

Reserves Production

Cardinal Energy (Toronto)

Valuation Metric

(CJ-TSE) Price: C$2.12

Cenovus Energy (Toronto) (CVE-TSE) Price: C$9.79

CNOOC (ADR) (Toronto) (CNU-TSE) Price: C$129

Company

Reserves Production

Company

Stream Day Reserves Production IOC Ratio

Company

Reserves Production

(CPI-TSE) Price: C$0.50

Metric

Crescent Point Energy (Toronto)

Valuation Metric

(CPG-TSE) Price: C$5.25

Reserves Production

Crew Energy (Toronto)

Valuation Metric

(CR-TSE) Price: C$1.18

Enerplus (Toronto) (ERF-TSE) Price: C$6.55

Forza Petroleum (Toronto) (FORZ-TSE) Price: C$0.10

Company

Reserves Production

Reserves Production

Company

Reserves Production

Company

Production

(26.9%) 14.3%

Comparator Difference to Comparator

$8,968/boepd $26,984/boepd

161

181.1% 9.4%

Comparator Difference to Comparator

$4.5/2P boe $3.3/2P boe $15,948/boepd $18,225/boepd

Valuation Metric

(44.9%) 9.5%

Comparator Difference to Comparator

$1.2/2P boe $3.3/2P boe $16,662/boepd $18,225/boepd

Valuation Metric

(43.9%) 134.6%

Comparator Difference to Comparator

$6.0/2P boe $3.3/2P boe $24,649/boepd $26,984/boepd Company

0.0% 62.7%

Comparator Difference to Comparator

$5.9/2P boe $3.3/2P boe $7,769/boepd $18,225/boepd Company

0.0% 40.3% (42.3%) (42.0%)

Comparator Difference to Comparator

$4.3/1P boe $4.3/1P boe $16,589/boepd $26,984/boepd

Condor Petroleum (Toronto) Valuation

27.3% 27.6%

Comparator Difference to Comparator

$44,603/bpsd $44,603/bpsd $4.2/2P boe $5.9/2P boe $46,806/boepd $26,984/boepd $32,289.5/boepd $18,721.5/boepd

Valuation Metric

36.6% (44.3%)

Comparator Difference to Comparator

$4.7/2P boe $5.9/2P boe $21,142/boepd $26,984/boepd

Valuation Metric

(65.1%) (51.2%)

Comparator Difference to Comparator

$4.3/2P boe $5.9/2P boe $48,403/boepd $26,984/boepd Company

(10.9%) 7.0%

Comparator Difference to Comparator

$9.4/2P boe $3.3/2P boe $37,336/boepd $18,225/boepd

Canadian Natural Resources Valuation (Toronto) Metric (CNQ-TSE) Price: C$37.09

Comparator Difference to Comparator

200.9%


Frontera Energy (Toronto) (FEC-TSE) Price: C$6.26

Gear Energy (Toronto) (GXE-TSE) Price: C$0.50

Valuation Metric

Company

Pipeline km Reserves Production

$1,067,799/km $4.2/2P boe $5.9/2P boe $9,270/boepd $26,984/boepd

Valuation Metric

Company

Reserves Production Metric

Headwater Exploration (Toronto)

Valuation Metric

(HWX-TSE) Price: C$4.10

Reserves Production

i3 Energy (Toronto)

Valuation Metric

(ITE-TSE) Price: C$0.18

InPlay Oil (Toronto) (IPO-TSE) Price: C$0.55

Reserves Production

Reserves Production

Kelt Exploration (Toronto)

Valuation Metric

Company

Valuation Metric

(KEI-TSE) Price: C$0.10

Reserves Production

MEG Energy (Toronto)

Valuation Metric Reserves Production

Company

Reserves Production

135.2% (35.0%)

Comparator Difference to Comparator

$1.7/2P boe $3.3/2P boe $17,673/boepd $18,225/boepd

162

261.2% 16.9%

Comparator Difference to Comparator

$2.5/2P boe $5.9/2P boe $41,514/boepd $26,984/boepd

Valuation Metric

134.9% 32.6%

Comparator Difference to Comparator

$0.9/2P boe $3.3/2P boe $23,084/boepd $26,984/boepd Company

(0.7%) 47.6%

Comparator Difference to Comparator

$1.4/2P boe $3.3/2P boe $13,741/boepd $18,225/boepd Company

2.3% 61.9%

Comparator Difference to Comparator

$3.3/2P boe $3.3/2P boe $18,280/boepd $26,984/boepd Company

(5.7%) (70.8%)

Comparator Difference to Comparator

$3.2/2P boe $3.3/2P boe $16,668/boepd $26,984/boepd

Reserves Production

Kolibri Global Energy (Toronto)

(NVA-TSE) Price: C$2.56

Company

(97.7%) (97.8%)

Comparator Difference to Comparator

$6.3/2P boe $5.9/2P boe $92,468/boepd $26,984/boepd $1.2/boe

Reserves Production

(IPCO-TSE) Price: C$4.13

NuVista Energy (Toronto)

Company

(25.1%) (21.6%)

Comparator Difference to Comparator

$144.8/2P boe $3.3/2P boe $814,986/boepd $18,225/boepd

Valuation Metric

Valuation Metric

(MEG-TSE) Price: C$6.75

Company

(38.9%) 38.0%

Comparator Difference to Comparator

$7.9/2P boe $5.9/2P boe $34,436/boepd $26,984/boepd

Reserves Production Resources

Int. Petroleum (BC) (Toronto)

(KEL-TSE) Price: C$2.77

Company

132.1% 42.9% 191.1%

Comparator Difference to Comparator

$5.4/2P boe $3.3/2P boe $19,551/boepd $26,984/boepd

Gran Tierra Energy (Toronto) Valuation (GTE-TSE) Price: C$0.99

Comparator Difference to Comparator

92.6% 3.1%


Obsidian Energy (Toronto) (OBE-TSE) Price: C$2.14

Ovintiv (Toronto) (OVV-TSE) Price: C$30.95

Valuation Metric Reserves Production

(POU-TSE) Price: C$11.56

Reserves Production

Parex Resources (Toronto)

Valuation Metric

Perpetual Energy (Toronto) (PMT-TSE) Price: C$0.21

Petrus Resources (Toronto) (PRQ-TSE) Price: C$0.46

Peyto E&D (Toronto) (PEY-TSE) Price: C$5.58

Pieridae Energy (Toronto) (PEA-TSE) Price: C$0.54

Pine Cliff Energy (Toronto) (PNE-TSE) Price: C$0.29

Company

Reserves Production Valuation Metric

Company

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves

$2.2/2P boe

Valuation Metric

Company

Reserves Production Valuation Metric

(PPR-TSE) Price: C$0.07

Reserves Production

(QEC-TSE) Price: C$0.21

$3.3/2P boe

Company

Metric Reserves Production

59.4% 211.5%

Comparator Difference to Comparator 1.1% 47.2%

Comparator Difference to Comparator

$2.8/2P boe $3.3/2P boe $40,659/boepd $18,225/boepd

163

52.8%

Comparator Difference to Comparator

$3.3/2P boe $3.3/2P boe $18,334/boepd $26,984/boepd

Questerre Energy (Toronto) Valuation

54.4% (14.1%)

Comparator Difference to Comparator

$2.1/2P boe $3.3/2P boe $5,851/boepd $18,225/boepd Company

27.2% (26.7%)

Comparator Difference to Comparator

$2.1/2P boe $3.3/2P boe $21,206/boepd $18,225/boepd

Valuation Metric

123.3% 94.7%

Comparator Difference to Comparator

$2.6/2P boe $3.3/2P boe $36,820/boepd $26,984/boepd

Valuation Metric

(47.3%) (25.3%)

Comparator Difference to Comparator

$1.5/2P boe $3.3/2P boe $9,361/boepd $18,225/boepd

Valuation Metric

(1.0%) (17.2%)

Comparator Difference to Comparator

$11.3/2P boe $5.9/2P boe $36,104/boepd $26,984/boepd

Valuation Metric

5.9% (21.1%)

Comparator Difference to Comparator

$3.3/2P boe $3.3/2P boe $22,015/boepd $18,225/boepd Company

(22.7%) 65.2%

Comparator Difference to Comparator

$3.1/2P boe $3.3/2P boe $23,114/boepd $18,225/boepd

Reserves Production

Prairie Provident Resources (Toronto)

Comparator Difference to Comparator

$4.3/2P boe $3.3/2P boe $16,334/boepd $26,984/boepd

Valuation Metric

Paramount Resources (Toronto)

(PXT-TSE) Price: C$21.62

Company

19.3% (55.2%)


Seven Generations Energy (Toronto)

Valuation Metric

(VII-TSE) Price: C$8.45

Reserves Production

Storm Resources (Toronto)

Valuation Metric

(SRX-TSE) Price: C$2.81

Surge Energy (Toronto) (SGY-TSE) Price: C$0.64

Company

Company

Reserves Production

(TVE-TSE) Price: C$2.18

Reserves Production

Touchstone Exploration (Toronto)

Valuation Metric

(TXP-TSE) Price: C$2.48

Reserves Production

Tourmaline Oil (Toronto)

Valuation Metric Reserves Production

(TGL-TSE) Price: C$2.10

Metric

Valeura Energy (Toronto)

Valuation Metric

(VLE-TSE) Price: C$0.61

Vermilion Energy (Toronto) (VET-TSE) Price: C$9.91

Company

Reserves Production

Reserves Production

Company

Reserves Production

Whitecap Resources (Toronto)

Valuation Metric

(WCP-TSE) Price: C$5.39

Reserves Production

Yangarra Resources (Toronto)

Valuation Metric

(YGR-TSE) Price: C$1.23

Reserves Production

164

(23.6%) (44.0%)

Comparator Difference to Comparator

$1.8/2P boe $3.3/2P boe $18,138/boepd $18,225/boepd

Integrated Major

(50.6%) (45.2%)

Comparator Difference to Comparator

$7.8/2P boe $5.9/2P boe $48,162/boepd $26,984/boepd Company

102.8% 27.6%

Comparator Difference to Comparator

$6.7/2P boe $3.3/2P boe $33,256/boepd $18,225/boepd Company

(17.7%) 229.4%

Comparator Difference to Comparator

$1.6/2P boe $3.3/2P boe $14,284/boepd $18,225/boepd

Valuation Metric

11.0% (27.7%)

Comparator Difference to Comparator

$4.0/2P boe $3.3/2P boe $8,192/boepd $26,984/boepd Company

(80.5%) (89.0%)

Comparator Difference to Comparator

$3.0/2P boe $3.3/2P boe $25,217/boepd $18,225/boepd

TransGlobe Energy (Toronto) Valuation

(52.1%) 5.8%

Comparator Difference to Comparator

$30.4/2P boe $5.9/2P boe $245,680/boepd $26,984/boepd Company

36.4% 5.5%

Comparator Difference to Comparator

$6.9/2P boe $3.3/2P boe $25,515/boepd $26,984/boepd Company

50.4% 0.5%

Comparator Difference to Comparator

$4.4/2P boe $5.9/2P boe $25,573/boepd $26,984/boepd Company

24.4% 0.4%

Comparator Difference to Comparator

$2.2/2P boe $3.3/2P boe $18,142/boepd $18,225/boepd

Valuation Metric

Valuation Metric

Comparator Difference to Comparator

$2.7/2P boe $3.3/2P boe $18,145/boepd $18,225/boepd

Reserves Production

Tamarack Valley Energy (Toronto)

(TOU-TSE) Price: C$23.91

Company

78.5% 0%


Imperial Oil (Toronto) (IMO-TSE) Price: C$29.45

Suncor Energy (Toronto)

Valuation Metric

Company

IOC Ratio

$37,442.9/boepd $18,721.5/boepd

Valuation Metric

Company

EV/EBITDA

6.0x

Valuation Metric

Company

EV/EBITDA

14.9x

Secure Energy Svs (Toronto) Valuation

Company

(SU-TSE) Price: C$27.03

Comparator Difference to Comparator (50.0%)

Comparator Difference to Comparator -

-

Midstream Inter Pipeline (Toronto) (IPL-TSE) Price: C$18.00

(SES-TSE) Price: C$3.73

Metric EV/EBITDA

6.9x

Valuation Metric

Company

EV/EBITDA

11.3x

Valuation Metric

Company

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Other Enbridge (Toronto) (ENB-TSE) Price: C$45.57

Gibson Energy (Toronto) (GEI-TSE) Price: C$21.80

Keyera (Toronto) (KEY-TSE) Price: C$26.64

Pembina Pipeline (Toronto) (PPL-TSE) Price: C$36.93

Superior Plus (Toronto) (SPB-TSE) Price: C$14.28

TC Energy (Toronto) (TRP-TSE) Price: C$57.08

Pipeline km

Comparator Difference to Comparator -

Comparator Difference to Comparator $1,067,799/km

Valuation Metric

Company

Pipeline km Company

Pipeline km Company

EV/EBITDA

9.8x

Valuation Metric

Company

Pipeline km Valuation Metric

Company

(TWM-TSE) Price: C$1.05

EV/EBITDA

6.7x

Royalty

165

(18.9%)

Comparator Difference to Comparator -

-

Comparator Difference to Comparator $1,067,799/km

Tidewater Infrastructure (Toronto)

(35.4%)

Comparator Difference to Comparator $1,067,799/km

Valuation Metric

(85.4%)

Comparator Difference to Comparator $1,067,799/km

Valuation Metric

-

26.6%

Comparator Difference to Comparator -

-


Freehold Royalties (Toronto) Valuation (FRU-TSE) Price: C$7.40

Company

Metric Reserves Production

$672.4/2P boe $3.3/2P boe $2,298,539/boepd $26,984/boepd

PrairieSky Royalty (Toronto) Valuation (PSK-TSE) Price: C$13.88

Comparator Difference to Comparator

Company

Metric Reserves Production

(99.5%) (98.8%)

Comparator Difference to Comparator

$53.4/2P boe $3.3/2P boe $226,898/boepd $18,225/boepd

(93.8%) (92.0%)

Services Calfrac Well Svs (Toronto)

Valuation Metric

Company

EV/EBITDA

12.4x

Computer Modelling (Toronto)

Valuation Metric

Company

(CMG-TSE) Price: C$5.87

EV/EBITDA

11.8x

Essential Energy Svs (Toronto)

Valuation Metric

Company

(ESN-TSE) Price: C$0.32

EV/EBITDA

2.4x

High Arctic Energy (Toronto) Valuation

Company

(CFW-TSE) Price: C$3.87

(HWO-TSE) Price: C$1.34

Metric EV/EBITDA

5.3x

N. American Construction (Toronto)

Valuation Metric

Company

(NOA-TSE) Price: C$13.75

EV/EBITDA

4.2x

Pulse Seismic (Toronto)

Valuation Metric

Company

EV/EBITDA

8.9x

Valuation Metric

Company

EV/EBITDA

13.6x

Source Energy Svs (Toronto) Valuation

Company

(PSD-TSE) Price: C$1.58

ShawCor (Toronto) (SCL-TSE) Price: C$6.10

(SHLE-TSE) Price: C$2.30

Metric EV/EBITDA

6.9x

STEP Energy Svs (Toronto)

Valuation Metric

Company

EV/EBITDA

9.0x

Valuation Metric

Company

EV/EBITDA

6.1x

Trican Well Service (Toronto)

Valuation Metric

Company

(TCW-TSE) Price: C$2.01

EV/EBITDA

8.9x

(STEP-TSE) Price: C$1.50

Total Energy Svs (Toronto) (TOT-TSE) Price: C$4.14

166

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


TSX-V Drillers Stampede Drilling

Valuation Metric

Company

EV/EBITDA

14.4x

Valuation Metric

Company

Resources

$3.5/boe

Valuation Metric

Company

EV/EBITDA

207.5x

Eco (Atlantic) Oil & Gas (TSX-V)

Valuation Metric

Company

(EOG-TSX) Price: C$0.44

Resources

$0.1/boe

Jura Energy (TSX-V)

Valuation Metric

Company

EV/EBITDA

3.8x

Valuation Metric

Company

EV/EBITDA

16.1x

Valuation Metric

Company

EV/EBITDA

9.8x

Valuation Metric

Company

Resources

$0.0/boe

Spartan Delta Corp (TSX-V) Valuation

Company

(SDI-TSX) Price: C$0.22

Comparator Difference to Comparator -

-

Exploration Africa Energy (TSX-V) (AFE-TSX) Price: C$0.30

Blue Sky Energy (BSI.H-TSX) Price: C$0.16

(JEC-TSX) Price: C$0.42

Oronova Energy (TSX-V) (ONV.H-TSX) Price: C$0.08

Saturn Oil & Gas (TSX-V) (SOIL-TSX) Price: C$0.14

Sonoro Energy (TSX-V) (SNV-TSX) Price: C$0.06

(SDE-TSX) Price: C$4.03

Metric EV/EBITDA

5.4x

Tenth Avenue Petroleum (TSX-V)

Valuation Metric

Company

(TPC-TSX) Price: C$0.09

EV/EBITDA

4.2x

Westbridge Energy (TSX-V) Valuation

Company

(WEB.H-TSX) Price: C$0.16

Metric EV/EBITDA

34.0x

Comparator Difference to Comparator $3.5/boe

0.0%

Comparator Difference to Comparator -

-

Comparator Difference to Comparator $0.0/boe

(27.1%)

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator $0.0/boe

59.2%

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Exploration & Production Altura Energy (TSX-V) (ATU-TSX) Price: C$0.22

Valuation Metric

Company

Reserves Production

Comparator Difference to Comparator

$2.2/2P boe $5.5/2P boe $12,633/boepd $38,057/boepd

167

145.2% 201.3%


Alvopetro Energy (TSX-V) (ALV-TSX) Price: C$0.87

Arrow Exploration (TSX-V) (AXL-TSX) Price: C$0.11

Centaurus Energy (TSX-V) (CTA-TSX) Price: C$0.04

Cobra Venture (TSX-V) (CBV-TSX) Price: C$0.13

Valuation Metric

Company

Reserves Production

$7.7/2P boe $2.5/2P boe $57,348/boepd $17,316/boepd

Valuation Metric

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production Metric

Falcon Oil & Gas (TSX-V)

Valuation Metric

(FO-TSX) Price: C$0.11

Company

Reserves Production

Production

(HME-TSX) Price: C$0.45

Company

Metric Reserves Production

(HEI-TSX) Price: C$0.25

Production

International Frontier Resources (TSX-V)

Valuation Metric

(IFR-TSX) Price: C$0.03

Reserves Production

Company

(LXE-TSX) Price: C$0.67

Company

Reserves Production

(MET-TSX) Price: C$2.98

Company

Metric Reserves Production

29.4% (40.7%)

Comparator Difference to Comparator

$0.5/2P boe $2.5/2P boe $4,760/boepd $17,316/boepd

168

(36.4%) (67.2%)

Comparator Difference to Comparator

$1.9/2P boe $2.5/2P boe $29,182/boepd $17,316/boepd

Metalore Resources (TSX-V) Valuation

(96.2%)

Comparator Difference to Comparator

$8.6/2P boe $5.5/2P boe $116,154/boepd $38,057/boepd

Leucrotta Exploration (TSX- Valuation V) Metric

(6.7%) (19.7%)

Comparator Difference to Comparator

$451,088/boepd $17,316/boepd Company

(74.2%)

Comparator Difference to Comparator

$5.9/2P boe $5.5/2P boe $47,410/boepd $38,057/boepd

Huntington Exploration (TSX-Valuation V) Metric

65.0% 867.0%

Comparator Difference to Comparator

$67,152/boepd $17,316/boepd

Hemisphere Energy (TSX-V) Valuation

255.1% 1,443.2%

Comparator Difference to Comparator

$1.5/2P boe $2.5/2P boe $3,936/boepd $38,057/boepd Company

7.3% 41.4%

Comparator Difference to Comparator

$1.5/2P boe $5.5/2P boe $2,466/boepd $38,057/boepd

Crown Point Energy (TSX-V) Valuation

114.6% 84.6%

Comparator Difference to Comparator

$5.1/2P boe $5.5/2P boe $26,910/boepd $38,057/boepd

Valuation Metric

(67.5%) (69.8%)

Comparator Difference to Comparator

$1.2/2P boe $2.5/2P boe $20,612/boepd $38,057/boepd

Valuation Metric

(CWV-TSX) Price: C$0.21

Comparator Difference to Comparator

429.0% 263.7%


New Zealand Energy (TSX-V) Valuation (NZ-TSX) Price: C$0.03

Company

Metric Reserves Production

$4.6/2P boe $5.5/2P boe $24,697/boepd $38,057/boepd

Orca Exploration (B) (TSX-V) Valuation (ORC.B-TSX) Price: C$5.55

Metric

Paleo Resources (TSX-V)

Valuation Metric

(PRE-TSX) Price: C$0.03

Pan Orient Energy (TSX-V) (POE-TSX) Price: C$0.93

PetroFrontier (TSX-V) (PFC-TSX) Price: C$0.11

PetroShale (TSX-V) (PSH-TSX) Price: C$0.21

PetroTal (TSX-V) (TAL-TSX) Price: C$0.32

Razor Energy (TSX-V) (RZE-TSX) Price: C$0.24

Sahara Energy (TSX-V)

Company

Reserves Production

Company

Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

Company

Reserves Production

EV/EBITDA

3.9x

ShaMaran Petroleum (TSX-V) Valuation

Company

(SNM-TSX) Price: C$0.05

Metric

Southern Energy (TSX-V)

Valuation Metric

(SOU-TSX) Price: C$0.04

TAG Oil (TSX-V) (TAO-TSX) Price: C$0.30

Reserves Production

Reserves Production

-

Company

Reserves Production

(67.2%) (43.2%)

Comparator Difference to Comparator (8.7%) 31.6%

Comparator Difference to Comparator

$2.5/2P boe $5.5/2P boe $7,273/boepd $38,057/boepd

169

-

Comparator Difference to Comparator

$2.7/2P boe $2.5/2P boe $13,162/boepd $17,316/boepd

Valuation Metric

119.5% 361.6%

Comparator Difference to Comparator

$16.7/2P boe $5.5/2P boe $67,040/boepd $38,057/boepd Company

9.6% (61.8%)

Comparator Difference to Comparator

$2.5/2P boe $5.5/2P boe $8,244/boepd $38,057/boepd Company

(13.3%) (33.5%)

Comparator Difference to Comparator

$5.0/2P boe $5.5/2P boe $99,615/boepd $38,057/boepd

Valuation Metric

92.8% (54.2%)

Comparator Difference to Comparator

$6.3/2P boe $5.5/2P boe $57,228/boepd $38,057/boepd

Valuation Metric

(4.5%) (36.3%)

Comparator Difference to Comparator

$2.8/2P boe $5.5/2P boe $83,140/boepd $38,057/boepd

Valuation Metric

(83.7%)

Comparator Difference to Comparator

$5.7/2P boe $5.5/2P boe $59,730/boepd $38,057/boepd

Valuation Metric

115.4% 232.1%

Comparator Difference to Comparator

$106,398/boepd $17,316/boepd

Valuation Metric

18.8% 54.1%

Comparator Difference to Comparator

$1.2/2P boe $2.5/2P boe $5,214/boepd $17,316/boepd

Valuation Metric

(SAH-TSX) Price: C$0.03

Comparator Difference to Comparator

117.6% 423.3%


Tethys Petroleum (TSX-V) (TPL-TSX) Price: C$0.61

Valuation Metric

Company

Reserves Production

$3.3/2P boe $2.5/2P boe $21,705/boepd $17,316/boepd

Trans Canada Gold (TSX-V) Valuation (TTG-TSX) Price: C$0.24

Metric

Vital Energy

Valuation Metric

(VUX-TSX) Price: C$0.07

XXL Energy (TSX-V) (XL-TSX) Price: C$0.30

Comparator Difference to Comparator

Company

Production

Comparator Difference to Comparator

$1,172,274/boepd $38,057/boepd Company

Reserves Production

Company

Reserves Production

(96.8%)

Comparator Difference to Comparator

$7.1/2P boe $5.5/2P boe $26,251/boepd $38,057/boepd

Valuation Metric

(24.5%) (20.2%)

(22.7%) 45.0%

Comparator Difference to Comparator

$33.2/2P boe $2.5/2P boe $72,597/boepd $17,316/boepd

(92.5%) (76.1%)

Other Wolverine E&I (TSX-V) (WEII-TSX) Price: C$0.88

Valuation Metric

Company

EV/EBITDA

14.4x

Valuation Metric

Company

EV/EBITDA

21.8x

Valuation Metric

Company

EV/EBITDA

2.8x

Valuation Metric

Company

EV/EBITDA

7.2x

Valuation Metric

Company

EV/EBITDA

3.5x

Valuation Metric

Company

Comparator Difference to Comparator -

-

Services CWC Energy Svs (TSX-V) (CWC-TSX) Price: C$0.14

Macro Enterprises (TSX-V) (MCR-TSX) Price: C$3.04

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Vienna Integrated Major Gazprom (ADR) (Vienna) (OGZD-WBO) Price: €4.95

OMV (Vienna) (OMV-WBO) Price: €42.64

Total (Vienna) (FP-WBO) Price: €39.91

IOC Ratio

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator

$46,673.9/boepd $23,337.0/boepd

(50.0%)

Other Royal Vopak (Vienna) (VPK-WBO) Price: €41.50

Valuation Metric

Company

EV/EBITDA

9.1x

Services 170

Comparator Difference to Comparator -

-


SBM Offshore (Vienna)

Valuation Metric

Company

EV/EBITDA

9.5x

Valuation Metric

Company

EV/EBITDA

2.5x

Valuation Metric

Company

EV/EBITDA

1.7x

Valuation Metric

Company

EV/EBITDA

12.1x

Valuation Metric

Company

EV/EBITDA

13.2x

Valuation Metric

Company

EV/EBITDA

14.4x

Valuation Metric

Company

EV/EBITDA

1.7x

Valuation Metric

Company

EV/EBITDA

3.4x

Valuation Metric

Company

EV/EBITDA

3.2x

Valuation Metric

Company

EV/EBITDA

10.2x

Valuation Metric

Company

EV/EBITDA

7.1x

PetroVietnam Transportation Valuation

Company

(SBMO-WBO) Price: €15.45

Comparator Difference to Comparator -

-

Vietnam Other CNG Vietnam (CNG-STC) Price: ₫25,350

International Gas Shipping (GSP-STC) Price: ₫12,700

Materials-Petroleum (COM-STC) Price: ₫46,500

Nam Song Hau TIP (PSH-STC) Price: ₫19,900

Petro Center (PMG-STC) Price: ₫27,600

Petrolimex Gas (PGC-STC) Price: ₫18,500

Petrolimex Tanker (PJT-STC) Price: ₫12,600

PetroVietnam Distribution (PGD-STC) Price: ₫30,600

Petrovietnam Gas (GAS-STC) Price: ₫91,800

Petrovietnam GS (PET-STC) Price: ₫23,650

(PVT-STC) Price: ₫17,600

Metric EV/EBITDA

2.9x

Thaiduong Petrol

Valuation Metric

Company

EV/EBITDA

1.7x

(TDG-STC) Price: ₫3,500

171

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


Vietnam National Petroleum Valuation

Company

(PLX-STC) Price: ₫57,300

Metric EV/EBITDA

10.2x

Vietnam Petroleum Transport

Valuation Metric

Company

(VIP-STC) Price: ₫10,100

EV/EBITDA

3.3x

Vietnam Tanker

Valuation Metric

Company

EV/EBITDA

2.3x

Valuation Metric

Company

EV/EBITDA

12.6x

AB Klaipedos Nafta (Vilnius) Valuation

Company

(VTO-STC) Price: ₫9,400

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Services PetroVietnam Svs (PVD-STC) Price: ₫23,100

Comparator Difference to Comparator -

-

Vilnius Other (KNF1L-LIT) Price: €0.32

Metric EV/EBITDA

3.0x

Amber Grid (Vilnius)

Valuation Metric

Company

EV/EBITDA

11.0x

(AMG1L-LIT) Price: €1.04

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Warsaw Exploration & Production Serinus Energy (Warsaw) (SEN-WAR) Price: zł0.95

Valuation Metric

Company

Reserves

$28.4/2P boe

Comparator Difference to Comparator -

-

Integrated Major MOL Hungarian O&G (Warsaw)

Valuation Metric

Company

(MOL-WAR) Price: zł27.14

EV/EBITDA

3.9x

Valuation Metric

Company

EV/EBITDA

12.0x

Valuation Metric

Company

EV/EBITDA

0.0x

Valuation Metric

Company

Production

$124,040/boepd

Comparator Difference to Comparator -

-

Other Ekopol Gornoslaski (EGH-WAR) Price: zł6.60

ONICO (ONC-WAR) Price: zł6.00

PigNig (Warsaw) (PGN-WAR) Price: zł5.58

172

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-


TESGAS (TSG-WAR) Price: zł5.15

UNIMOT (Warsaw) (UNT-WAR) Price: zł41.90

Valuation Metric

Company

EV/EBITDA

5.3x

Valuation Metric

Company

EV/EBITDA

5.7x

Valuation Metric

Company

EV/EBITDA

6.0x

Valuation Metric

Company

EV/EBITDA

4.4x

Valuation Metric

Company

EV/EBITDA

6.8x

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Refining Grupa LOTOS (Warsaw) (LTS-WAR) Price: zł44.14

PKN Orlen (Warsaw) (PKN-WAR) Price: zł64.08

Comparator Difference to Comparator -

-

Comparator Difference to Comparator -

-

Xetra Exploration Deutsche Rohstoff (Xetra) (DR0-ETR) Price: €12.10

Comparator Difference to Comparator -

-

Exploration & Production ConocoPhillips (Xetra) (YCP-ETR) Price: €43.80

Valuation Metric

Company

Reserves Production

$14.8/1P boe $15.0/1P boe $55,636/boepd $56,778/boepd

Occidental Petroleum (Xetra) Valuation (OPC-ETR) Price: €23.19

Comparator Difference to Comparator

Company

Metric Pipeline km Reserves Production

0.9% 2%

Comparator Difference to Comparator

$15.1/1P boe $15.0/1P boe $57,919/boepd $56,778/boepd

(0.9%) (2.0%)

Integrated Major BP (DeDR) (Xetra) (BPE-ETR) Price: €3.57

BP (Xetra) (BPE5-ETR) Price: €3.57

Chevron (Xetra) (CHV-ETR) Price: €87.18

Eni (Xetra) (ENI-ETR) Price: €10.14

Valuation Metric

Company

IOC Ratio

Comparator Difference to Comparator

$30,129.4/boepd $42,233.7/boepd

Valuation Metric

Company

IOC Ratio

Comparator Difference to Comparator

$30,129.4/boepd $42,233.7/boepd

Valuation Metric

Company

IOC Ratio

Company

IOC Ratio

(36.8%)

Comparator Difference to Comparator

$31,740.1/boepd $42,233.7/boepd

173

40.2%

Comparator Difference to Comparator

$66,779.3/boepd $42,233.7/boepd

Valuation Metric

40.2%

33.1%


Exxon Mobil (Xetra) (XONA-ETR) Price: €47.31

Gazprom (ADR) (Xetra) (GAZ-ETR) Price: €4.93

OMV (Xetra) (OMV-ETR) Price: €42.90

RDS-A (UK) (Xetra) (R6C-ETR) Price: €17.46

RDS-B (UK) (Xetra) (R6C3-ETR) Price: €16.45

Repsol (ADR) (REPA-ETR) Price: €10.70

Repsol (Xetra) (REP-ETR) Price: €10.73

Total (Xetra) (TOTB-ETR) Price: €39.87

Valuation Metric

Company

IOC Ratio

Comparator Difference to Comparator

$47,985.6/boepd $42,233.7/boepd

Valuation Metric

Company

EV/EBITDA

7.2x

Valuation Metric

Company

EV/EBITDA

3.5x

Valuation Metric

Company

IOC Ratio

Comparator Difference to Comparator -

Company

IOC Ratio

-

Company

IOC Ratio

Company

IOC Ratio

Company

IOC Ratio

(33.1%)

Comparator Difference to Comparator (29.8%)

Comparator Difference to Comparator

$24,275.7/boepd $16,997.8/boepd

Valuation Metric

(39.4%)

Comparator Difference to Comparator

$24,230.2/boepd $16,997.8/boepd

Valuation Metric

-

Comparator Difference to Comparator

$25,409.0/boepd $16,997.8/boepd

Valuation Metric

-

Comparator Difference to Comparator

$28,072.2/boepd $16,997.8/boepd

Valuation Metric

(12.0%)

(30.0%)

Comparator Difference to Comparator

$46,638.6/boepd $42,233.7/boepd

(9.4%)

Other Kinder Morgan (P) (Xetra)

Valuation Metric

Company

EV/EBITDA

10.1x

Valuation Metric

Company

EV/EBITDA

19.0x

Petro Welt Technologies (Xetra)

Valuation Metric

Company

(O2C-ETR) Price: €2.60

EV/EBITDA

3.2x

Valuation Metric

Company

EV/EBITDA

11.1x

(2KD-ETR) Price: €13.26

Comparator Difference to Comparator -

-

Refining Neste (Xetra) (NEF-ETR) Price: €50.26

Comparator Difference to Comparator -

-

Services Comparator Difference to Comparator -

-

Casablanca Other Afriquia Gaz (GAZ-CAS) Price: MAD4,069

174

Comparator Difference to Comparator -

-


Hamburg Other Sloman Neptun

Valuation Metric

Company

EV/EBITDA

6.3x

Transportadora DGDS (ADR) Valuation (Stuttgart) Metric

Company

(NEP-HAM) Price: €40.00

Comparator Difference to Comparator -

-

Stuttgart Other

(T2K1-STU) Price: €3.62

EV/EBITDA

1.7x

Valuation Metric

Company

Resources

$0.5/boe

Comparator Difference to Comparator -

-

Botswana Exploration Tlou Energy (Botswana) (TLOU-BOT) Price: BWP0.50

175

Comparator Difference to Comparator $0.5/boe

0.0%


Basin Summaries Coverage Figure 23 – Basin Coverage

Source:

ESRI, USGS & OGA data

176


Ranking Table 10 – Basin Ranking Rank

Name

OGA Overall Rank

1

South Barents

AAA+

2

North Sea Graben

AAA+

3

Central Barents Platform

AAA+

4

Gippsland

AA+

5

North Barents

AA±

6

Levantine

AA+

7

Essaouni

AA±

8

Kutei

AA+

9

Permian

AA§

10

Maracaibo

AA+

11

Middle Magdelena

AA+

12

Williston

AA§

13

Cooper-Eromanga

AA±

14

Appalachian

AA§

15

Barents Continental Slope

AA+

Kola Monocline-Finnmark Platform

AA+

17

Anglo-Dutch

18

Uinta-Piceance

19

Putumayo-Oriente-Maranon

20

Bend Arch-Fort Worth

21

East Venezuela

A+

22

Cook Inlet

23

Aaiun-Tarfaya

A+

24

Powder River

25

Cherokee Platform

26

Wyoming Thrust Belt

27

Gulf of Oman

A+

Masirah Trough

A+

29

North Caspian

31

Vestford-Helgeland

A-

32

Western Gulf

33

Zagros Fold Belt

A+

34

Alberta

A-

36

Wind River

38

Niger Delta

A+

39

Ventura

177


40

Llanos

41

Amadeus

Bowen

Canning

Clarence-Moreton

Officer

Otway

Surat

48

Northwest German

A-

49

Anglo-Paris

A-

50

Bombay

A-

51

Irrawaddy

A-

52

Orange River Coastal

A-

53

Baltic Depression

A-

54

New Zealand Orogenic Belt

A-

55

Greater Antilles Deformed Belt

56

Los Angeles

A-

57

Tindouf

59

Western Oregon-Washington

A-

60

Upper Magdelena

BBB§

62

Zagros Thrust Zone

BBB+

63

Po

BBB-

64

Grand Erg-Ahnet

BBB§

65

Lower Magdelena

BBB§

67

West Siberian

BBB§

68

Sechura

BBB±

69

Chad

BBB§

70

Ireland-Scotland Platform

BBB§

71

Adriatic

BBB-

72

Yukon

BBB§

73

Timan-Pechora

BBB§

74

Volga-Ural

BBB§

77

Baykit Arch

BBB§

78

East African Rift

BBB§

83

Midland Valley-Forth Approaches

BBB-

86

Rub Al Khali

BBB§

87

Abu Gharadiq

BBB-

88

Sicily

BB-

90

Sirte

BB§

91

Acre

BB-

92

Indus

BB-

93

Adana-Sivas

BB§

178


95

Mezen

B-

Tunguska

B-

99

Guyana-Suriname

B+

100

Bahama Platform

CCC+

101

East Greenland Rift

CCC±

102

West Greenland

CCC±

138

Lusitanian

CC§

210

Pelagian

CC-

303

North Nicaraguan Rise

Source:

FactSet & OGA data

179


Basin Tear Sheets Basin

Page

Basin

Aaiun-Tarfaya Basin 182 Abu Gharadiq Basin 183 Acre Basin 184 Adana-Sivas Basin 185 Adriatic Basin 186 Alberta Basin 187 Amadeus Basin 188 Anglo-Dutch Basin 189 Anglo-Paris Basin 190 Appalachian Basin 191 Bahama Platform Basin 192 Baltic Depression Basin 193 Barents Continental Slope Basin 194 Baykit Arch Basin 195 Bend Arch-Fort Worth Basin 196 Bombay Basin 197 Bowen Basin 198 Canning Basin 199 Central Barents Platform Basin 200 Chad Basin 201 Cherokee Platform Basin 202 Clarence-Moreton Basin 203 Cook Inlet Basin 204 Cooper-Eromanga Basin 205 East African Rift Basin 206 East Greenland Rift Basin 207 East Venezuela Basin 208 Essaouni Basin 209 Gippsland Basin 210 Grand Erg-Ahnet Basin 211 Greater Antilles Deformed Belt Basin 212 Gulf of Oman Basin 213 Guyana-Suriname Basin 214 Indus Basin 215 Ireland-Scotland Platform Basin 216 Irrawaddy Basin 217 Kola Monocline-Finnmark Platform Basin 218 Kutei Basin 219 Levantine Basin 220 Llanos Basin 221 Los Angeles Basin 222 Lower Magdelena Basin 223 Lusitanian Basin 224 Maracaibo Basin 225

Masirah Trough Basin Mezen Basin Middle Magdelena Basin Midland Valley-Forth Approaches Basin New Zealand Orogenic Belt Basin Niger Delta Basin North Barents Basin North Caspian Basin North Nicaraguan Rise Basin North Sea Graben Basin Northwest German Basin Officer Basin Orange River Coastal Basin Otway Basin Pelagian Basin Permian Basin Po Basin Powder River Basin Putumayo-Oriente-Maranon Basin Rub Al Khali Basin Sechura Basin Sicily Basin Sirte Basin South Barents Basin Surat Basin Timan-Pechora Basin Tindouf Basin Tunguska Basin Uinta-Piceance Basin Upper Magdelena Basin Ventura Basin Vestford-Helgeland Basin Volga-Ural Basin West Greenland Basin West Siberian Basin Western Gulf Basin Western Oregon-Washington Basin Williston Basin Wind River Basin Wyoming Thrust Belt Basin Yukon Basin Zagros Fold Belt Basin Zagros Thrust Zone Basin

180

Page

226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268


181


Aaiun-Tarfaya Basin Outline Updated

1Q 2020

Summary

Recently, Morocco has seen growth in exploration activity. Fiscal terms are favourable, the area is underexplored, and there is a proven, working hydrocarbon system. The oil & gas regulator has taken specific steps to attract smaller to medium sized companies, which has been reflected in the wide range of new plays and developments in the ATB.

OGA Ranking

A+

Region

Africa - North

Principal Country

Morocco

Location

Description

The ATB developed in a passive margin. The Precambrian and Palaeozoic basement is composed of complex structures, divided into horsts and grabens. On this, lies the syn-rift sequence of basal-Liassic, which is essentially red clastic sediments: conglomerates, sandstones and clays associated with lagoonal sediments (NW of the ATB). The post-rift mega sequence begins with the Lias-Dogger beds which are coincident with the opening of the Atlantic seaway and the progressive establishment of more marine environment with carbonate sedimentation.

Outlook Ranking

Positive

Commentary

While the ATB can be considered under explored, more recent exploration onshore has been a reignited interest in the Basin. Offshore remains difficult geologically, but nevertheless, the exploration to date has been positive.

Source:

ESRI, BGS, USGS & OGA data

182


Abu Gharadiq Basin Outline Updated

2Q 2020

Summary

Exploration successes have been limited up to 2002, which has meant that the Basin is still relatively under explored. However, exploration success post-2002, however, has heightened competition for acreage.

OGA Ranking

BBB-

Region

Africa - North

Principal Country

Egypt

Location

Description

The Abu Gharadiq Basin in the Western Desert (NW Egypt) is a mature hydrocarbon province with over 95% of the oil and gas fields in the Upper Cretaceous Abu Roash, Bahariyah and Kharita sandstone reservoirs. Many wells had penetrated the thick Lower Cretaceous Alam el Bueib sandstone reservoir but no significant discoveries were made. This led most operators to believe that there was very little prospectivity at deeper levels, in particular in the Jurassic Safa sandstones overlying the Palaeozoic basement.

Outlook Ranking

Negative

Commentary

While the Basin remains attractive, political uncertainty remains a drag on further exploration.

Source:

ESRI, BGS, USGS & OGA data

183


Acre Basin Outline Updated

2Q 2020

Summary

The Basin remains underexplored and due to the fact that it is located in ecologically sensitive areas, is unlikely to be developed further.

OGA Ranking

BB-

Region

Americas - South

Principal Country

Brazil

Location

Description

The Acre Basin is located in the western area of Brazil, and is believed to have formed during numerous multi-cycle superposition sequences; the oldest being pre-Permo-Carboniferous.

Outlook Ranking

Negative

Commentary

Despite a promising series of initial wells, the ecologically sensitive area precludes any widespread exploration or development.

Source:

ESRI, BGS, USGS & OGA data

184


Adana-Sivas Basin Outline Updated

2Q 2020

Summary

The ASVB can be considered to be underexplored, especially offshore. More recently, however, the renewed impetus for eastern Mediterranean acreage has piqued interest.

OGA Ranking

BB§

Region

Middle East

Principal Country

Turkey

Location

Description

The Sivas basin is located in the collisional zone between Pontides (southern Eurasia) and Anatolia (a Gondwana block separated from Gondwana land in Lower Jurassic by the Mesogean ocean spreading). It is emplaced on Ophiolites, obducted in Campanian times from the Tethys and the Intra Taurides Ocean, and on Central Anatolian Complex (CAC) exhumed in Maastrichtian times and thrusted onto obducted series.

Outlook Ranking

Uncertain

Commentary

With the Levant Basin providing renewed impetus for exploration, the single largest barrier remains the Turkish jurisdictional challenges.

Source:

ESRI, BGS, USGS & OGA data

185


Adriatic Basin Outline Updated

1Q 2020

Summary

While the ADRB has a long history of production, exploration has been sporadic and recently discouraged by the operating environment. Consequently, the Italian area of the basin remains underexplored.

OGA Ranking

BBB-

Region

Europe - West

Principal Country

Italy

Location

Description

The ADRB is only 49ft deep at its northwestern end; it gradually deepens towards the southeast. It is the largest Mediterranean shelf and is simultaneously a dilution basin and a site of bottom water formation. The Middle Adriatic basin is south of the Ancona-Zadar line, with the 890ft deep Middle Adriatic Pit (also called the Pomo Depression or the Jabuka Pit). The Palagruža Sill is south of the Middle Adriatic Pit, separating it from the 3,900ft deep South Adriatic Pit and the Middle Adriatic basin from the South Adriatic Basin.

Outlook Ranking

Negative

Commentary

Italy remains one of the most frustrating jurisdictions, as the positive effects of access to infrastructure, stable pricing environment and growing demand is offset by continued rises in tax take and a shambolic licencing and permitting regime. The recent Sustainable Energy Bill has set an 18-month moratorium on exploration, which will have significant knock-on consequences.

Source:

ESRI, BGS, USGS & OGA data

186


Alberta Basin Outline Updated

3Q 2020

Summary

The Basin is well developed, and significant infrastructure in place lowers the commerciality threshold. However, pipeline constraints have had a significant impact on the local pricing, with recent historic discounts to WTI being experienced.

OGA Ranking

A-

Region

Americas - North

Principal Country

Canada

Location

Description

The Alberta Basin, along with the Williston Basin, forms the majority of the Western Canada Sedimentary Basin. It is a simple north-east tapering wedge of sedimentary rocks more than 6km thick. It extends south-west from the Canadian Shield into the Cordilleran foreland thrust belt. Its internal structure and the lateral foreland basin that was superimposed on a cratonic platform and continental terrace wedge.

Outlook Ranking

Negative

Commentary

Although well developed new plays are being matured. Consequently, there remains significant opportunities for upside, as well as redevelopment of the existing fields. However, this is more than offset by the pervading political environment in Canada, which is a significant headwind, hence Outlook Negative

Source:

ESRI, BGS, USGS & OGA data

187


Amadeus Basin Outline Updated

4Q 2020

Summary

Despite a long exploration history, the Basin remains underexplored with only a handful of wells and overshadowed by the more prolific Eronamaga and Surat basins.

OGA Ranking

Region

Asia - Pacific

Principal Country

Australia

Location

Description

The AAB occupies much of the southern quarter of the Northern Territory and extends about 150km into Western Australia, covering about 170,000sq km in total. It has a maximum sediment thickness of 14,000m with several major depocentres, which create a series of identifiable sub-basins and. Early Neoproterozoic volcanics and fluvial siliciclastics in the west form a rift sequence associated with an extensional event caused by the breakup of the Rodinia Supercontinent.

Outlook Ranking

Neutral

Commentary

While a positive operating environment locally, the remains some lingering questions over the ability to operate in the longer-term given the headwinds arising from the Federal regulatory environment.

Source:

ESRI, BGS, USGS & OGA data

188


Anglo-Dutch Basin Outline Updated

4Q 2020

Summary

Despite being widely explored, there remains prospectivity as new exploration and completion techniques open up previously untested play types; the ADTB Basin is a member of the Southern Permian Basin super basin.

OGA Ranking

Region

Europe - West

Principal Country

Netherlands

Location

Description

Source rocks include calcareous marine shales of Dinantian age, and deltaic shales, carbonaceous shales, and coals, mainly of Namurian and Westphalian (Carboniferous) age. Organic matter in these diverse source rocks ranges from small volumes of hydrogen-rich Type II kerogen related to marine deposition, to carbonaceous shales and coals of the deltaic sequences, which were deposited in the foreland north of the Variscan orogenic belt. The coals and carbonaceous shales constitute two distinct source rock components, with the coals containing approximately 60% TOC and Type III kerogen, whereas the carbonaceous shale have approximately 1% TOC and mixed Type II and Type III kerogen.

Outlook Ranking

Neutral

Commentary

The onshore portions in the UK and Holland are likely to be difficult to develop, which is offset (partially at least) by the easier and more joined up regulatory environment offshore.

Source:

ESRI, BGS, USGS & OGA data

189


Anglo-Paris Basin Outline Updated

3Q 2019

Summary

The Basin remains underexplored in both France & the UK, especially offshore. However, accumulation sizes are minimal.

OGA Ranking

A-

Region

Europe - West

Principal Country

France

Location

Description

The APB is a large geological basin of sedimentary rocks. It overlies geological strata disturbed by the Variscan orogeny and forms a broad shallow bowl in which successive marine deposits from throughout periods from the Triassic to the Pliocene were laid down, their extent generally diminishing with time. Based on analysis of fossils recognised in the Paris Basin strata divided the Tertiary into three ages he named the Pliocene, the Miocene and the Eocene. To the west, the strata folded by the Variscan rise from below the more recent marine deposits in the hills of Brittany and, to the east, the Ardennes, Hunsrück and Vosges. To the south, it borders on the Massif Central and the Morvan. To the north, its strata link into those of the bed of the English Channel and southeastern England.

Outlook Ranking

Negative

Commentary

Public opinion in both countries is against oil & gas onshore exploration, it is difficult to see a future for the Basin in the medium to longer-term.

Source:

ESRI, BGS, USGS & OGA data

190


Appalachian Basin Outline Updated

-

Summary

-

OGA Ranking

AA§

Region

Americas - North

Principal Country

United States

Location

Description

-

Outlook Ranking

Uncertain

Commentary

-

Source:

ESRI, BGS, USGS & OGA data

191


Bahama Platform Basin Outline Updated

4Q 2020

Summary

The Bahama Platform Basin (BPB) is relatively under-explored, with only a handful of wells drilled deep enough to test oil and gas prospectivity.

OGA Ranking

CCC+

Region

Caribbean

Principal Country

Bahamas

Location

Description

The current extent of the BPB has been shaped by three different periods of orogeny. In the Late Jurassic-Coahuilan, north-western and south-eastern sedimentary provinces were separated by the Sarasota arch, located on the west Florida shelf. From the Late Jurassic, the continental margin was occupied by a carbonate complex that restricted marine circulation in some areas, although in the southeast of the basin this barrier caused the deposition of lagoonal carbonates and anhydrites, with clastics being deposited in the northern areas. Carbonate-evaporite deposition in the south ended at the close of the Comanchea and was followed by the deposition of chalk and chalky limestone in the Gulfian. During this epoch, the rapid subsidence of the Blake Plateau basin to bathyal depths and the collapse of the Florida straits contributed to the appearance of the Rebecca Shoal barrier reef on the upthrown northern side of the straits.

Outlook Ranking

Positive

Commentary

-

Source:

ESRI, BGS, USGS & OGA data

192


Baltic Depression Basin Outline Updated

4Q 2019

Summary

The Baltic Depression Province is an area of approximately 232,410sq km, and exists partly offshore and includes areas of onshore Poland, Russia (Kaliningrad), Lithuania, Latvia, Estonia, and Sweden.

OGA Ranking

A-

Region

Europe - East

Principal Country

Lithuania

Location

Description

Petroleum generation from Cambrian, Ordovician, and Silurian source rocks began in the Late Silurian prior to the Devonian to Carboniferous Hercynian orogeny. Uplift and erosion during this orogeny removed at least 1,000m of lower Palaeozoic rocks and potentially affected the retention of hydrocarbons within the source/reservoir rock systems, which constitutes a major source of geologic uncertainty in the assessment.

Outlook Ranking

Negative

Commentary

Development in the BDB remains sparse. Given the general opposition to oil & gas in the surrounding countries, large scale progress remains unlikely.

Source:

ESRI, BGS, USGS & OGA data

193


Barents Continental Slope Basin Outline Updated

2Q 2020

Summary

While well defined, it is relatively under explored due to its location. There is significant resistance to oil & gas exploration due to environmental concerns.

OGA Ranking

AA+

Region

Europe - West

Principal Country

Norway

Location

Description

The BCSB is one of a number of basins that comprise Barents Basin ("BRTB"). The BRTB is a sedimentary basin between the Kola Peninsula and Novaya Zemlya, bordered by the Timan-Pechora Basin to the south, the Murmansk Rise and Murmansk Plateau to the west, the Admiralty High and the island of Novaya Zemlya to the east, and rise of Franz Josef Land to the north. The development of the Basin began in the late Palaeozoic and continuing through to the early Cretaceous, with the sediments sourced from the Pangaea supercontinent. These underlie the current BRTB which was created during the break-up of Pangaea. Beginning in the Cretaceous a rift zone opened between the Baltic Plate and the Siberian Plate, parallel to and west of the old Ural Mountains suture zone.

Outlook Ranking

Positive

Commentary

With licencing in the Norwegian and Russian sectors active, there is likely to be renewed impetus to explore.

Source:

ESRI, BGS, USGS & OGA data

194


Baykit Arch Basin Outline Updated

4Q 2020

Summary

Located in central Russia, access to the basin has been difficult at times due to its remoteness. However, improving regional infrastructure is improving access.

OGA Ranking

BBB§

Region

Former Soviet Union

Principal Country

Russian Federation

Location

Description

The BAB and surrounding basins, are interpreted to have originated as rifted passive margin basins, which controlled the distribution of upper Proterozoic source rocks, as well as the oil and gas resources. The rifted-passive margin basins underwent compression and deformation during the late Proterozoic (Baikalian orogeny) by collision of continental blocks with the Siberian craton and again during the late Palaeozoic (Hercynian orogeny) by collision of the Kazakh, Siberian, and Eurasian continents.

Outlook Ranking

Uncertain

Commentary

Despite being relatively underexplored, the key operating environment issues remain, which dominates our outlook.

Source:

ESRI, BGS, USGS & OGA data

195


Bend Arch-Fort Worth Basin Outline Updated

4Q 2020

Summary

Basin transactions are numerous and vary in size. With new development opportunities still presenting themselves and a benchmark operating environment, basinal activity remains bouyant. However, recent price headwinds are creating a feeling of uncertainty for the basin.

OGA Ranking

Region

Americas - North

Principal Country

United States

Location

Description

The FWB and Bend Arch lie entirely within Texas. The southern and eastern boundaries are defined by county lines that generally follow the Ouachita structural front, although a substantial portion of this structural feature is included near Dallas. The north boundary follows the TexasOklahoma State line in the east, where the province includes parts of the Sherman Basin and Muenster Arch. In the west, the north boundary follows the southern flank of the Wichita Mountains and the Hollis Basin. The western boundary trends north-south along county lines defining the junction with the PRMB.

Outlook Ranking

Uncertain

Commentary

The Basin has been widely explored with a variety of play types, including being the birthplace of shale gas. Asset turnover remains high as the development maturity risk is passed between companies.

Source:

ESRI, BGS, USGS & OGA data

196


Bombay Basin Outline Updated

4Q 2019

Summary

While the Basin has been developed, there remains considerable prospectivity. Initial discoveries were made in Miocene limestone reservoirs, subsequent discoveries have demonstrated the viability of alternative play concepts.

OGA Ranking

A-

Region

Asia - South West

Principal Country

India

Location

Description

The Basin dates from the late Cretaceous to Holocene with thick sedimentary fill ranging from 1 to 5km thick. While the basin has been widely explored, there remains some question over some of the structural elements, most notably whether a Mesozoic synrift sequences (as indicated by the recently acquired seismic data), are a dominating feature when considering oil & gas exploration.

Outlook Ranking

Negative

Commentary

The Basin remains active, and new entrants are vying for acreage, but the Outlook is Negative due to the regulatory headwinds in both countries.

Source:

ESRI, BGS, USGS & OGA data

197


Bowen Basin Outline Updated

2Q 2020

Summary

The Basin is largely underexplored as the principal development target (coal bed methane) has largely been a new technology, and additional regulatory headwinds have faced any type of development. However, the Basin remains an attractive location.

OGA Ranking

Region

Asia - Pacific

Principal Country

Australia

Location

Description

The foreland, Early Permian to Middle Triassic Bowen Basin of eastern Queensland occupies about 160,000sq km, the southern half of which is covered by the Surat Basin. It has a maximum sediment thickness of about 10,000 metres concentrated in two north-trending depocenters, the Taroom Trough to the east and the Denison Trough to the west. Deposition in the Basin commenced during an Early Permian extensional phase, with fluvial and lacustrine sediments and volcanics being deposited in a series of half-graben in the east while in the west a thick succession of coals and nonmarine clastics.

Outlook Ranking

Neutral

Commentary

While a positive operating environment locally, the remains some lingering questions over the ability to operate in the longer-term given the headwinds arising from the Federal regulatory environment.

Source:

ESRI, BGS, USGS & OGA data

198


Canning Basin Outline Updated

3Q 2020

Summary

Only 250 wells have been drilled and 78 000 line-km of 2D seismic shot in the Basin. Hydrocarbon production is currently from PermoCarboniferous sandstones (Lloyd, Sundown, etc) and Devonian carbonates (Blina) with many shows from Ordovician to Permian rocks. Proven plays include draped bioherms, anticlinal closures and tilted fault blocks. Untested plays include unconformities, fault rollovers, diapirs and stratigraphic traps.

OGA Ranking

Region

Asia - Pacific

Principal Country

Australia

Location

Description

The underexplored, pericratonic Early Ordovician to Early Cretaceous Canning Basin of Western Australia occupies about 506 000sq km, of which 430,000sq km are onshore. It has a maximum sediment thickness of over 15 000m concentrated in two NW trending depocenters. The northernmost of these is the Fitzroy Trough-Gregory Sub-basin complex, while the southernmost is the Willara Sub-basin-Kidson Subbasin complex.

Outlook Ranking

Neutral

Commentary

While a positive operating environment locally, the remains some lingering questions over the ability to operate in the longer-term given the headwinds arising from the Federal regulatory environment.

Source:

ESRI, BGS, USGS & OGA data

199


Central Barents Platform Basin Outline Updated

3Q 2020

Summary

While well defined, it is relatively under explored due to its location. There is significant resistance to oil & gas exploration due to environmental concerns.

OGA Ranking

AAA+

Region

Europe - West

Principal Country

Norway

Location

Description

The CBPB is one of a number of basins that comprise Barents Basin ("BRTB"). The BRTB is a sedimentary basin between the Kola Peninsula and Novaya Zemlya, bordered by the Timan-Pechora Basin to the south, the Murmansk Rise and Murmansk Plateau to the west, the Admiralty High and the island of Novaya Zemlya to the east, and rise of Franz Josef Land to the north. The development of the Basin began in the late Palaeozoic and continuing through to the early Cretaceous, with the sediments sourced from the Pangaea supercontinent. These underlie the current BRTB which was created during the break-up of Pangaea. Beginning in the Cretaceous a rift zone opened between the Baltic Plate and the Siberian Plate, parallel to and west of the old Ural Mountains suture zone.

Outlook Ranking

Positive

Commentary

With licencing in the Norwegian and Russian sectors active, there is likely to be renewed impetus to explore.

Source:

ESRI, BGS, USGS & OGA data

200


Chad Basin Outline Updated

1Q 2020

Summary

The CHB is the largest intracratonic basin in north-central Africa, influenced by Cretaceous and Tertiary rifting. All exploration to date have reported associated gas, and the majority of oil fields to date have been focused on the Cretaceous Tertiary rift basins of Chad and Niger.

OGA Ranking

BBB§

Region

Africa - Central

Principal Country

Chad

Location

Description

The CHB is filled with Lower Cretaceous to Neogene sedimentary rocks, ranging in thickness from about 3km to more than 12km that were deposited in fluvial, lacustrine, and marine environments. In the Late Cretaceous (Cenomanian to Maastrichtian) there was a marine transgression resulting from a regional sag event that formed a broad basin in which shallow marine to marginal marine and coastal plain rocks accumulated. During the Late Cretaceous to Oligocene, the last rifting phase occurred in the Chad Basin and thick fluvial and lacustrine rocks were deposited.

Outlook Ranking

Uncertain

Commentary

Security concerns have hampered widespread exploration in the CHB, but increasing regional stability is promoting exploration.

Source:

ESRI, BGS, USGS & OGA data

201


Cherokee Platform Basin Outline Updated

3Q 2020

Summary

The Basin has been widely explored with a variety of play types. Asset turnover remains high as the development maturity risk is passed between companies. However, recent price headwinds are creating a feeling of uncertainty for the basin.

OGA Ranking

Region

Americas - North

Principal Country

United States

Location

Description

The CPB is located on the western flank of the Ozark dome, bounded by the Bourbon arch to the north, the Nemaha uplift to the west. During the early to mid-Desmoinesian, the CPB was influenced by the orogenic activity of the convergent Ouachita system in present-day southeastern Oklahoma. During the Pennsylvanian, sediment of the Cherokee Group was deposited disconformably upon the karst surface of the Mississippian limestone in southeastern Kansas and surrounds. There 3 key plays in the CPB, the: (i) Pre-Woodford Palaeozoic Play; (ii) Mississippian Play (Southern reaches only); and (iii) The Pennsylvanian Plays.

Outlook Ranking

Uncertain

Commentary

Basin transactions are numerous and vary in size. With new development opportunities still presenting themselves and a benchmark operating environment, basinal activity remains high. Nevertheless, the uncertainty of US forward oil & gas dominates the outlook.

Source:

ESRI, BGS, USGS & OGA data

202


Clarence-Moreton Basin Outline Updated

4Q 2020

Summary

Most accumulations are reservoired in Early Jurassic sands, with occasional gas occurrences in the Middle and Late Jurassic, but all are sourced from the Permian nonmarine sediments. Proven plays comprise mostly low amplitude anticlinal closures occasionally associated with thrust faulting and drapes over basement highs. Because the Basin is largely flat-lying and sedimentation widespread and relatively uniform, other types of traps are unlikely to be important.

OGA Ranking

Region

Asia - Pacific

Principal Country

Australia

Location

Description

The Late Triassic to Late Jurassic CMB is situated onshore and offshore southeast Queensland and northeast New South Wales. The CMB and its precursors developed on a basement cut by major long-lived, dextral strike-slip faults (West Ipswich, Coraki and Coast Range Faults). Movement produced crustal transtension which was followed in the latest Triassic to Late Jurassic by a period of thermal relaxation and subsidence which formed the Basin.

Outlook Ranking

Neutral

Commentary

While a positive operating environment locally, the remains some lingering questions over the ability to operate in the longer-term given the headwinds arising from the Federal regulatory environment.

Source:

ESRI, BGS, USGS & OGA data

203


Cook Inlet Basin Outline Updated

3Q 2020

Summary

There has been a significant amount of exploration and development, the USGS postulates that pre-Tertiary unconformity may be significant in exploration for new oil reserves. However, recent price headwinds are creating a feeling of uncertainty for the basin.

OGA Ranking

Region

Americas - North

Principal Country

United States

Location

Description

The Cook Inlet Basin is a northeast-trending collisional forearc basin that stretches from the Gulf of Alaska into South central Alaska, just east of the Matanuska Valley. It is located in the arc-trench gap between the Alaska-Aleutian Range batholith and contains roughly 80,000 cubic miles of sedimentary rocks. These sediments are mainly derived from Triassic, Jurassic and Cretaceous sediments. The region is heavily influenced by two major tectonic elements which are still active in the area today. The western side of the Basin lies directly above the Aleutian subduction zone where the Pacific Plate is subducting beneath the North American Plate.

Outlook Ranking

Uncertain

Commentary

While there remains prospectivity in the Basin, the state legislature remains the single biggest variable is having confidence in making longterm decisions. Consequently, we have an Outlook Negative.

Source:

ESRI, BGS, USGS & OGA data

204


Cooper-Eromanga Basin Outline Updated

1Q 2020

Summary

The Basin remains under-explored due to the perceived lack of mature petroleum source rocks and large distances from recognised source kitchens all contributing to the lack of exploration efforts. Reprocessing of geophysical data and newly acquired seismic data have shown the existence of previously unrecognised troughs beneath the Eromanga Basin. The pre-Mesozoic fill of these structures is considered to be mainly Devonian aged, although possibilities for Permian-fill have been identified.

OGA Ranking

AA±

Region

Asia - Pacific

Principal Country

Australia

Location

Description

The Eromanga Basin is a large Mesozoic sedimentary basin in central and northern Australia. It covers parts of Queensland, the Northern Territory, South Australia, and New South Wales, and is a major component of the Great Artesian Basin. The Eromanga Basin covers 1,000,000sq km and overlaps part of the Cooper Basin.

Outlook Ranking

Neutral

Commentary

While a positive operating environment locally, the remains some lingering questions over the ability to operate in the longer-term given the headwinds arising from the Federal regulatory environment.

Source:

ESRI, BGS, USGS & OGA data

205


East African Rift Basin Outline Updated

4Q 2020

Summary

While there have been numerous sizeable discoveries and developments recently, the EARB remains relatively under explored.

OGA Ranking

BBB§

Region

Africa - Central

Principal Country

Uganda

Location

Description

The EARB is a geologically complex region in east Africa. The rifts are commonly described as forming an “Eastern Branch” and a “Western Branch.” The East African Rift System ("EARS") developed in the late Oligocene in the Afar region of Ethiopia shortly after an Eocene– Oligocene flood basalt event in the Lake Turkana and South Lokichar Basin area in the Eastern Branch of EARS where extensional faults developed within the Precambrian craton. During the middle to late Miocene, rifts developed between Ethiopia and Mozambique in the Western Branch of the EARS within the Precambrian craton. As much as 5,000 meters of Oligocene-to-Holocene sedimentary rocks are present in the rift basins of the province.

Outlook Ranking

Uncertain

Commentary

While the EARB's prospectivity makes it highly attractive, regional and local politics are a headwind to attractive investors.

Source:

ESRI, BGS, USGS & OGA data

206


East Greenland Rift Basin Outline Updated

4Q 2020

Summary

Only a handful of wells have been sunk in to the Basin, with few encouraging results to date.

OGA Ranking

CCC±

Region

Americas - North

Principal Country

Greenland

Location

Description

The East Greenland Basin was a rift basin in the late Palaeozoic– Mesozoic. Its basement is metamorphic rock formed by the Caledonian Orogeny in the Archean to Late Ordovician. In the Basin, Devonian– Paleogene strata were deposited on the basement. Lacustrine source rock formed in the late Palaeozoic and marine source rocks in the Late Jurassic. Shallow-marine sandstone reservoirs formed in the Middle Jurassic and deep-marine turbiditic sandstone reservoirs formed in the Cretaceous. The trap types are structure traps, horst and fault-block traps, salt structure traps, and stratigraphic traps. The East Greenland Basin possesses superior reservoir-forming conditions, favourable petroleum potential and preferable exploration prospects.

Outlook Ranking

Neutral

Commentary

Given the Basin's frontier status, it is unlikely that there is much motivation industry wide to explore the Basin. Consequently, this provides for significant opportunities for future investment.

Source:

ESRI, BGS, USGS & OGA data

207


East Venezuela Basin Outline Updated

4Q 2019

Summary

The geology of the Basin is well understood and has been actively explored. However, there remains significant opportunities, especially in Trinidad & Tobago, to make further progress.

OGA Ranking

A+

Region

Americas - South

Principal Country

Venezuela

Location

Description

The EVB is a foreland basin south of a fold belt. The progressive west-toeast collision of the Caribbean plate with the passive margin of northern South America in the Paleogene and Neogene formed a thrust belt and foreland basin that together compose the East Venezuela Basin Province.

Outlook Ranking

Positive

Commentary

Despite the fact that majority of the Basin is located in Venezuela, which we continue to believe is likely to implode, the portion of the Basin located outside of Venezuela's borders lifts the our Outlook to Positive.

Source:

ESRI, BGS, USGS & OGA data

208


Essaouni Basin Outline Updated

-

Summary

-

OGA Ranking

AA±

Region

Africa - North

Principal Country

Morocco

Location

Description

-

Outlook Ranking

Neutral

Commentary

-

Source:

ESRI, BGS, USGS & OGA data

209


Gippsland Basin Outline Updated

4Q 2020

Summary

While having a long exploration history, there remains significant exploration upside as the Basin is relatively under explored.

OGA Ranking

AA+

Region

Asia - Pacific

Principal Country

Australia

Location

Description

The AGB is located in south-eastern Australia, 200km east of Melbourne. It covers 46,000 sq. km, two-thirds of which is located offshore, where several giant oil and gas fields were discovered in the late 1960s. The Basin is bounded to the north by Palaeozoic basement of the Eastern Uplands, to the west by uplifted Lower Cretaceous faultblocks and to the southwest by the Bassian Rise, a Palaeozoic basement feature which separates it from the Bass Basin to the southwest. More than 400 exploration wells have been drilled in the AGB, ~90,000km of 2D and more than forty 3D seismic surveys have been acquired. Exploration within the AGB is mature in comparison to many other Australian basins, but it remains relatively underexplored offshore, particularly around the Bass Canyon.

Outlook Ranking

Positive

Commentary

While the onshore portions of the Basin are likely to face headwinds due to the Australian regulatory environment, the outlook for offshore remains buoyant.

Source:

ESRI, BGS, USGS & OGA data

210


Grand Erg-Ahnet Basin Outline Updated

4Q 2020

Summary

The GEAB basin in located onshore towards Algeria's interior. It is not widely explored by modern standards, pricipally due to the closed nature of the natural resources sector.

OGA Ranking

BBB§

Region

Africa - North

Principal Country

Algeria

Location

Description

North Africa originated as a north-facing passive continental margin until Late Carboniferous–Permian Hercynian compression reactivated the regional fault systems that segmented the passive margin into a mosaic of basins and uplifts. Silurian and Devonian source rocks were deposited during the passive-margin phase are preserved in the basins but were largely eroded from the uplifts during Hercynian compression. Variations in the magnitude of subsidence, uplift, and erosion among the basins led to temporal and spatial variations in thermal maturation of the source rocks. In some basins, gas is interpreted to have been generated prior to or during Hercynian compression, whereas in other basins, the source rocks reached the thermal window for oil or gas generation in the Mesozoic.

Outlook Ranking

Uncertain

Commentary

Our outlook is dominated by the uncertainty surrounding security. However, this is further undermined by the limited access to independent operators.

Source:

ESRI, BGS, USGS & OGA data

211


Greater Antilles Deformed Belt Basin Outline Updated

3Q 2020

Summary

The Greater Antilles Deformed Belt (GADB) has been explored onshore, albeit it remains underexplored by modern standards, and the offshore exploration is still embryonic.

OGA Ranking

Region

Caribbean

Principal Country

Cuba

Location

Description

The GADB has been recognised as a series of north-verging thrust-faultbounded tectonostratigraphic units ("TSUs"), the definition of which has been the focus of the majority of the investigation into the GADB. Detailed work has demonstrated that the TSUs were the product of the collision between shelf, slope, and basinal sediments of the Mesozoic passive margin of the Yucatan and Bahama Platforms and the arc-forearc rocks of the leading edge of the Pacific-derived Caribbean plate as the Yucatan Basin opened in the Paleogene.

Outlook Ranking

Neutral

Commentary

-

Source:

ESRI, BGS, USGS & OGA data

212


Gulf of Oman Basin Outline Updated

1Q 2020

Summary

Relatively underexplored and until recently was considered to be either an extension of the Masirah Trough. However, new interest in the Basin has been sparked by changes to the fiscal regime and a more detailed understanding of its prospectivity.

OGA Ranking

A+

Region

Middle East

Principal Country

Oman

Location

Description

The margins of the Gulf of Oman Basin range from convergent at the north to translation at the west and east, and passive at the south. The Basin’s northern margin has been a site of continuous subduction since Cretaceous time, which has led to the creation of an 800km long and 650km wide accretionary wedge, most of which is above sea level. Strata in the centre of the Gulf of Oman Basin display minor deformation resulting from the northward tilting of oceanic crust. A basin-wide unconformity dividing these strata in two was the result of erosion during Early Oligocene time when bottom water circulation was enhanced during a climatic deterioration.

Outlook Ranking

Positive

Commentary

Oman is starting to reopen to smaller investors as exploration and development investment has reached a plateau point recently.

Source:

ESRI, BGS, USGS & OGA data

213


Guyana-Suriname Basin Outline Updated

4Q 2019

Summary

Activity levels have remained high in this second phase of exploration, with a significant number of discoveries providing renewed impetus for further developments.

OGA Ranking

B+

Region

Americas - South

Principal Country

Guyana

Location

Description

The Guyana-Suriname Basin is a half- graben Atlantic-margin basin on the northeast coast of South America. World class Canje source beds are in a mature position (Figure 2). The main reservoir targets are Upper Cretaceous and Lower Tertiary basin floor fans, shelf margin deposits and turbidites directly overlying mature source. Recent seismic combined with 1970s well control provides an exploration framework. Depth mapping of deep closures has eliminated the distortion/ velocity pull-up by an overlying shelf margin carbonate bank of Tertiary age. Large closures have been mapped and are associated with significant shows from 1975 drilling.

Outlook Ranking

Positive

Commentary

With a significant number of world scale discoveries made to date and a benign fiscal regime, the Outlook remains Positive for the GSB.

Source:

ESRI, BGS, USGS & OGA data

214


Indus Basin Outline Updated

3Q 2020

Summary

While there has been significant exploration and development in the Basin, there remans significant prospectivity, especially offshore.

OGA Ranking

BB-

Region

Asia - South West

Principal Country

Pakistan

Location

Description

The Indus Basin is on the Indian-Pakistan plate, and as part of the supercontinent Gondwana during the Permian to Middle Jurassic, it underwent multiple phases of extension culminating in the separation of the Indian-Pakistan plate from Somalia in the Late Jurassic to Early Cretaceous.

Outlook Ranking

Negative

Commentary

The Basin remains active, and new entrants are vying for acreage, but the Outlook is Negative due to the regulatory headwinds in both countries.

Source:

ESRI, BGS, USGS & OGA data

215


Ireland-Scotland Platform Basin Outline Updated

1Q 2020

Summary

While the offshore West of Ireland portion of the basin has been relatively underexplored, the Irish Sea sections have been more extensively explored and developed. However, there remains significant prospectivity.

OGA Ranking

BBB§

Region

Europe - West

Principal Country

Ireland

Location

Description

Ireland is almost completely surrounded by Upper Palaeozoic to Cenozoic sedimentary basins which collectively form the ISPB. Upper Palaeozoic (Carboniferous) basins occur onshore but only have gas potential in the northwest of the country. Basins lying offshore northeast and east of Ireland are typically Upper Palaeozoic to lower Mesozoic half-grabens containing 3 – 5km of pre-Middle Jurassic sediments. Source rocks occur in Upper Carboniferous coals and shales and, where encountered in the Kish Bank Basin, are mature for gas generation.

Outlook Ranking

Uncertain

Commentary

We believe that the Irish government’s approach to the promotion of Ireland's declining hydrocarbon industry is both measured and fair. However, the opposition party has already voted to curtail fossil fuel exploration, and with elections pending, the outlook remains Uncertain.

Source:

ESRI, BGS, USGS & OGA data

216


Irrawaddy Basin Outline Updated

4Q 2020

Summary

The IDYB basin is located off the west coast of India in the Indian Ocean. Exploration has been limited by excessive governmental bureaucracy.

OGA Ranking

A-

Region

Asia - South West

Principal Country

India

Location

Description

The IDYB is the southward extension of the Central Burma Basin with a similar geologic setting and tectonic history. However, the effects of compression caused by regional plate collision are less evident, whereas the oblique or strike-slip component becomes more dominant. The key features are that the source and reservoir rocks were deposited in a predominately deltaic and marine environment, and source rocks are more gas prone. Source rock burial depths become greater to the south, and cracking of oil to gas because of greater depths of burial may contribute to the hydrocarbon generation. Traps are primarily anticlines, alluvial channels, deltaic features, and carbonate reefs and pinnacles.

Outlook Ranking

Negative

Commentary

While highly prospective, the regulated gas pricing environment, coupled with the gas prone nature of the IRWY basin, undermines its attractiveness.

Source:

ESRI, BGS, USGS & OGA data

217


Kola Monocline-Finnmark Platform Basin Outline Updated

4Q 2020

Summary

While well defined, it is relatively under explored due to its location. There is significant resistance to oil & gas exploration due to environmental concerns.

OGA Ranking

AA+

Region

Europe - West

Principal Country

Norway

Location

Description

The Kola-Kanin Monocline has been recently recognized as a potentially prospective region for hydrocarbon discoveries. There may be good generating potential within Riphean grabens. Sedimentary sequences of the Riphean subplatform and Vendian terrigenous deposits could contain hydrocarbons. The top of the Riphean section is now a monoclinal surface dipping NE towards the South Barents Basin.

Outlook Ranking

Positive

Commentary

With licencing in the Norwegian and Russian sectors active, there is likely to be renewed impetus to explore.

Source:

ESRI, BGS, USGS & OGA data

218


Kutei Basin Outline Updated

4Q 2020

Summary

While there has been significant historic exploration in the Basin, interest has been reinvigorated more recently by the improvements in the regulatory regime.

OGA Ranking

AA+

Region

Asia - Pacific

Principal Country

Indonesia

Location

Description

The KBB forms part of a regressive clastic wedge sourced from uplifted areas in western Borneo. Clastic sediments of this wedge prograded to the east and southeast within fluvial-deltaic and marginal marine environments with extensive coals. The extent, thickness, and thermal maturation of coals have been documented in the Basins. Drilling and testing for mostly coalbed gas has occurred in the Barito Basin Province, where coals of the Miocene Warukin Formation are the primary exploration target. The primary coalbed gas reservoirs in the Kutei Basin are coals of the Miocene Balikpapan Formation, which have not been drilled or tested to the extent of Warukin coals in the Barito Basin.

Outlook Ranking

Positive

Commentary

While Indonesia remains a difficult location in which to operate, the improving governmental attitude towards inviting new participants remains one of the key features.

Source:

ESRI, BGS, USGS & OGA data

219


Levantine Basin Outline Updated

2Q 2020

Summary

While the Egyptian portion of the Basin has been developed, the remainder of the Basin to the north has been underexplored. With significant finds being reported more recently (Leviathan & Tamar), we believe that there remains significant opportunity for further discoveries.

OGA Ranking

AA+

Region

Middle East

Principal Country

Israel

Location

Description

The Levantine Basin encompasses approximately 83,000sq km of the eastern Mediterranean, and is bounded to the east by the Levant Transform Zone, to the north by the Tartus Fault, to the northwest by the Eratosthenes Seamount, to the west and southwest by the Nile Delta Basin, and to the south by the limit of compressional structures in the Sinai.

Outlook Ranking

Positive

Commentary

The majority of the Basin is either well developed, or within the purview of governments committed to the development of the discovered resources. We believe that the Outlook for the Basin remains Positive, despite the intermittent difficulties.

Source:

ESRI, BGS, USGS & OGA data

220


Llanos Basin Outline Updated

3Q 2020

Summary

The LLB is the main petroleum producing basin of Colombia, with two of the most significant fields in recent times, namely the Rubiales, and Caño Limón on the border with Venezuela. Despite historic exploration successes, but is still considered underexplored from a modern-day perspective.

OGA Ranking

Region

Americas - South

Principal Country

Colombia

Location

Description

The LLB is situated entirely on the South American Plate, bordering the North Andean Block or North Andean microplate in the west. The northern boundary of the Llanos Basin is formed by the ColombiaVenezuela border where the basin grades into the Barinas-Apure Basin on the Venezuelan side. The Catatumbo Basin, representing the Colombian portion of the larger Maracaibo Basin borders the Llanos Basin in the northwest and the western boundary is formed by the foothills (Piedemonte) of the Eastern Cordillera Basin, the sedimentary basin covering the Eastern Ranges of the Colombian Andes.

Outlook Ranking

Uncertain

Commentary

The introduction of ANH and de-escalation in the conflict with FARC should have kickstarted exploration, but concerns on the licencing process has been a significant headwind.

Source:

ESRI, BGS, USGS & OGA data

221


Los Angeles Basin Outline Updated

4Q 2020

Summary

The most recent significant discoveries occurred during the early to mid1960's. While exploration drilling has been hampered by urbanization and drilling bans, meaning that drilling has averaged <2wells per year, the LAB is considered widely explored.

OGA Ranking

A-

Region

Americas - North

Principal Country

United States

Location

Description

Located in coastal southern California, the LAB's key feature is a Neogene basin whose foundations were controlled by Cretaceous subduction and Late Cretaceous Paleogene terrane accretion. Neogene structural development consisted of mid-Miocene to early Pliocene extension, strike-slip faulting and problematic block rotation, and late Pliocene to present north-south compression. The province is bounded on the north by the Malibu-Santa Monica-Hollywood-Raymond HillDuarte Fault System, and on the east and southeast by the onlap of marine rocks on the Southern California Batholith and Santa Ana Mountains and San Joaquin Hills Uplifts.

Outlook Ranking

Negative

Commentary

Despite being located in the US, State politics are a significant headwind. While there are sporadic pockets of exploration, there is unlikely to be a renaissance in wholesale exploration, nor is there sufficient prospectivity.

Source:

ESRI, BGS, USGS & OGA data

222


Lower Magdelena Basin Outline Updated

4Q 2020

Summary

The Basin has been extensively explored, although new discoveries continue to be made leveraging modern technology.

OGA Ranking

BBB§

Region

Americas - South

Principal Country

Colombia

Location

Description

The LMB was principally formed during the Campanian, following the collision of the northeast-migrating Farallon plate and a subduction zone developed beneath Colombia uplifting the Central Cordillera, producing east-directed thrusting and a foreland basin. Subsidence resumed in the Mid-Late Eocene and the thrust front advanced eastward through the LMB region. The LMB was first isolated during the Mid-Late EoceneMiocene during uplift of the Eastern Cordillera, producing west-directed thrusting and reactivation of the Central Cordillera structures. Antithetic sinistral faults which are parallel to the Santa Maria fault have not been documented but may account for the sinistral offsets observed between the Middle Magdelena Basin and the LMB.

Outlook Ranking

Uncertain

Commentary

The introduction of ANH and de-escalation in the conflict with FARC should have kickstarted exploration, but concerns on the licencing process has been a significant headwind.

Source:

ESRI, BGS, USGS & OGA data

223


Lusitanian Basin Outline Updated

4Q 2020

Summary

The Lusitanian Basin is located on both mainland and continental shelf of the west-central coast of Portugal. It covers a 20,000sq km and extends from south of Lisbon, the capital of Portugal, to Porto.

OGA Ranking

CC§

Region

Europe - West

Principal Country

Portugal

Location

Description

The Lusitanian Basin results from the opening of the North Atlantic Ocean due to Mesozoic extension. Rifting was initiated between Newfoundland and Iberia and occurred primarily in four phases: (i) Late Triassic to the Early Jurassic rifting and faulting, characterised by symmetrical grabens and half-grabens in the central areas of the basin; (ii) Early Jurassic salt movements, characterised by minor salt movements along the major regional faults, south of the Nazare fault; (iii) Late Jurassic onlapping of the Oxfordian succession on salt pillows that formed in association with fault activity; and (iv) Late Jurassic to Early Cretaceous, salt movement and the development of salt structures.

Outlook Ranking

Uncertain

Commentary

Harsh exploration conditions and its frontier status have meant that it has ranked lowly. This is compounded by a lack of clarity over the willingness of successive governments to attract participants.

Source:

ESRI, BGS, USGS & OGA data

224


Maracaibo Basin Outline Updated

3Q 2020

Summary

The Basin has been extensively explored, although new discoveries continue to be made leveraging modern technology.

OGA Ranking

AA+

Region

Americas - South

Principal Country

Colombia

Location

Description

The MCB has produced in excess of 30bn bbl, amking it one of the more sizeable global basins. Organicrich shales of the Upper Cretaceous La Luna Formation are the main petroleum source rock, and La Luna shales have reached adequate thermal maturity for both oil and gas generation in the majority of the basin. There has been two phases of petroleum generation and expulsion, and there remains significant prospectivity shales sequences and low-permeability sandstones.

Outlook Ranking

Positive

Commentary

While changes to the regulatory regime have made the licencing process easier, overall it has remained laborious. More recently, however, the outlook has been lifted by a more risk/return based outlook from regulators

Source:

ESRI, BGS, USGS & OGA data

225


Masirah Trough Basin Outline Updated

4Q 2020

Summary

Recent drilling the MTB has been successful, which has raised its profile. With Oman also starting to make progress on opening up its acreage to outside investment.

OGA Ranking

A+

Region

Middle East

Principal Country

Oman

Location

Description

The MTB is located east of the Huqf uplift, parallel to the southern coast of Oman. western edge of the MTB is bound by an extensional fault system that is downthrown to the southeast. The MTB is limited to the east by a large wedge of sea floor sediments and oceanic crust, that is stacked as imbricate thrusts. These sediments/ophiolites were obducted onto the southern margin of the Arabian plate during the collision of the Indian/Afghan plates at the end of the Cretaceous. Most of the MTB is buried by sedimentary sequences, which has been subject to complex orogeny, which continued in to the Tertiary. Wells drilled in the MTB have demonstrated reservoir quality sequences in the Lower Cretaceous Natih and Shuaiba carbonates.

Outlook Ranking

Positive

Commentary

Oman is starting to reopen to smaller investors as exploration and development investment has reached a plateau point recently.

Source:

ESRI, BGS, USGS & OGA data

226


Mezen Basin Outline Updated

3Q 2020

Summary

The main petroleum potential in the Mezen’ Basin Province is associated with grabens in which clastic Proterozoic source and reservoir rocks are present. One Proterozoic-Palaeozoic Composite Total Petroleum System was defined, although Palaeozoic and younger strata are too thin (<1 – 2km) for significant petroleum accumulation.

OGA Ranking

B-

Region

Former Soviet Union

Principal Country

Russian Federation

Location

Description

The MZB is situated along the White and Barents Seas in the northeastern part of the Russian Federation. Only a small area of the province extends north of the Arctic Circle onto the KaninKola monocline, where it converges with the Timan-Varanger deformed belt and the Fennoscandian shield. Not much is known of the prospectivity of the MZB due to the fact that one of the source rocks is deemed thermally mature (Riphaean), while the younger Proterozoic (Vendian) rocks are deemed immature.

Outlook Ranking

Negative

Commentary

Despite being under explored, due to the mixed maturity of the source rocks, there has been additional headwinds provided the remoteness of the Basin.

Source:

ESRI, BGS, USGS & OGA data

227


Middle Magdelena Basin Outline Updated

3Q 2020

Summary

The MMB has been extensively explored, new discoveries continue to be made leveraging modern technology. There is also the potential development of the La Luna shale series, which remains an untapped resource. The La Luna remains one of the key targets for participants currently emerging the MMB.

OGA Ranking

AA+

Region

Americas - South

Principal Country

Colombia

Location

Description

The MMB was principally formed during the Campanian, following the collision of the northeast-migrating Farallon plate and a subduction zone developed beneath Colombia uplifting the Central Cordillera, producing east-directed thrusting and a foreland basin. It is structurally bounded by the Palestina Fault to the west and the Bucaramanga Fault to the east. The Basin is elongated with an approximate width of 80km and extends to the north for approximately 450km, where it terminates against the Santander Massif and Cesar Valley.

Outlook Ranking

Positive

Commentary

While changes to the regulatory regime have made the licencing process easier, it has remained laborious. More recently, however, the outlook has been lifted by risk/return based outlook from regulators

Source:

ESRI, BGS, USGS & OGA data

228


Midland Valley-Forth Approaches Basin Outline Updated

1Q 2020

Summary

There has been a significant amount of activity in the Basin to date, especially in the offshore area of the Basin, but prospectivity remains both onshore and offshore.

OGA Ranking

BBB-

Region

Europe - West

Principal Country

United Kingdom

Location

Description

The MVFB is a northeast/southwest trending basin, bounded to the north by the Highland Boundary Fault and the south by the Southern Uplands Fault. The principal sediments were deposited in alluvial environments in the Mid-Devonian onwards.

Outlook Ranking

Negative

Commentary

Despite being highly prospective, the Scottish government has placed a moratorium on the exploration and development of any acreage. Consequently, we have an Outlook Negative.

Source:

ESRI, BGS, USGS & OGA data

229


New Zealand Orogenic Belt Basin Outline Updated

4Q 2020

Summary

The chequered history of commercial exploitation in the Basin has provided a headwind, although the most attractive exploration target, the shale series within the Murchison, remains a significant target.

OGA Ranking

A-

Region

Asia - Pacific

Principal Country

New Zealand

Location

Description

The NZOB has been widely accepted to be comprised of two contributory elements; the Murchison and West Coast Basins. West Coast Basin, and the Westland Sub Basin, is situated at the edge of the Australian plate which is being overthrust and dextrally offset against the Pacific Plate along the Alpine Fault. The Murchison Basin is a narrow, fault-bounded depression located on Australian continental crust, west of the Australian-Pacific transform plate boundary of the Alpine Fault. The Murchison Basin is part of the system of the West Coast Basins of the South Island, and can be considered the southern termination of the Taranaki Basin.

Outlook Ranking

Negative

Commentary

While there remains significant exploration prospectivity in the Basin, more recent results have been a significant headwind to attracting investment. This is further compounded by the government's increasingly hostile approach to the oil & gas industry.

Source:

ESRI, BGS, USGS & OGA data

230


Niger Delta Basin Outline Updated

1Q 2020

Summary

Despite extensive exploration the Basin continues to yield significant new volumes annually, and is outside of the Middle East, is one of the key hydrocarbon basins.

OGA Ranking

A+

Region

Africa - West

Principal Country

Nigeria

Location

Description

The NBD has been shown to be a prolific hydrocarbon province, and is one of a number of West African basins collectively known as the West African Margin Basins, which were created by the growth of the midAtlantic Ridge. This is the key tectonic event which precipitated the separation of the African and American plates and contemporaneously formed the mirror basins on the western side of the Atlantic Ocean currently being developed in the Santos Basin which is located offshore Brazil.

Outlook Ranking

Positive

Commentary

The government appears to be making significant headway in unlocking the regulatory morass that has hampered progress to date. Consequently, we have an Outlook Positive.

Source:

ESRI, BGS, USGS & OGA data

231


North Barents Basin Outline Updated

4Q 2020

Summary

While well defined, it is relatively under explored due to its location. There is significant resistance to oil & gas exploration due to environmental concerns.

OGA Ranking

AA±

Region

Europe - West

Principal Country

Norway

Location

Description

The NBP is one of a number of basins that comprise Barents Basin ("BRTB"). The BRTB is a sedimentary basin between the Kola Peninsula and Novaya Zemlya, bordered by the Timan-Pechora Basin to the south, the Murmansk Rise and Murmansk Plateau to the west, the Admiralty High and the island of Novaya Zemlya to the east, and rise of Franz Josef Land to the north. The development of the Basin began in the late Palaeozoic and continuing through to the early Cretaceous, with the sediments sourced from the Pangaea supercontinent. These underlie the current BRTB which was created during the break-up of Pangaea. Beginning in the Cretaceous a rift zone opened between the Baltic Plate and the Siberian Plate, parallel to and west of the old Ural Mountains suture zone.

Outlook Ranking

Neutral

Commentary

With licencing in the Norwegian and Russian sectors active, there is likely to be renewed impetus to explore.

Source:

ESRI, BGS, USGS & OGA data

232


North Caspian Basin Outline Updated

2Q 2020

Summary

Despite the long history of exploration in the North Caspian, there remains significant opportunities for further discoveries, as well as the application of the technology to field redevelopment.

OGA Ranking

Region

Caspian

Principal Country

Kazakhstan

Location

Description

The North Caspian basin is a petroleum-rich but lightly explored basin located in Kazakhstan and Russia. It occupies the shallow northern portion of the Caspian Sea and a large plainto the north of the sea between the Volga and Ural Rivers and farther east to the Mugodzhary Highland, which is the southern continuation of the Ural foldbelt. The Basin is bounded by the Palaeozoic carbonate platform of the VolgaUral province to the north and west and by the Ural, South Emba, and Karpinsky Hercynian foldbelts to the east and south. The Basin was originated by pre-Late Devonian rifting and subsequent spreading that opened the oceanic crust, but the precise time of these tectonic events is not known.

Outlook Ranking

Neutral

Commentary

Despite being underexplored, the key issues remain located to the topsides. Consequently, we have a Neutral outlook on the Basin.

Source:

ESRI, BGS, USGS & OGA data

233


North Nicaraguan Rise Basin Outline Updated

4Q 2020

Summary

While limited exploration activity has been undertaken, results of analysis of the data to date suggests the island may become an attractive region for future oil exploration.

OGA Ranking

Region

Caribbean

Principal Country

Jamaica

Location

Description

The NNRB is an elongate, linear tectonic feature stretching from the Carribean island of Jamaica to the northeast, as far as Nicaragua and Honduras to the southwest. The NRB is typified by the geology of Jamaica and its immediate offshore, which contains several potential Cretaceous and Tertiary source rocks. A number of wells have intersected the basin, but two (Windsor & Retrieve)have enabled significant advancement in the NNRB's understanding, identifying multiple sources, namely the Cenomanian age Rio Nuevo, Campanian age Sunderland and the Middle Eocene age Litchfield. Geochemical analyses of oil seeps, compared to hydrocarbon shows from the key wells in the Basin confirm the presence of an active petroleum system regionally.

Outlook Ranking

Uncertain

Commentary

While the NNRB is a highly attractive basin to explore, the sensitivity toi drilling activity has hampered progress in some areas of the Basin. Consequently, the outlook for the basin remains

Source:

ESRI, BGS, USGS & OGA data

234


North Sea Graben Basin Outline Updated

3Q 2020

Summary

The Basin has been widely explored and developed. However, the presence of significant infrastructure and advances in development and completion technology has meant that the field size threshold for commercial development has been lowered significantly.

OGA Ranking

AAA+

Region

Europe - West

Principal Country

United Kingdom

Location

Description

The NSGB is dominated by an episode of late Jurassic to earliest Cretaceous crustal extension, which developed a number of distinct sub basins. Virtually all significant oil and gas accumulations in the northern North Sea are believed to have been generated within certain finegrained, organic-carbon-rich marine strata of late Jurassic and earliest Cretaceous age. These Kimmeridgian shales accumulated in oxygenstarved rift basins and may locally thicken to 3,000m.

Outlook Ranking

Positive

Commentary

The steps that the UK and Norwegian governments have taken has revitalised exploration, not only in the NSGB, but the wider North Sea.

Source:

ESRI, BGS, USGS & OGA data

235


Northwest German Basin Outline Updated

2Q 2020

Summary

The North German Basin is a passive-active rift basin located in central and west Europe, lying within the southeasternmost portions of the North Sea and the southwestern Baltic Sea and across terrestrial portions of northern Germany, Netherlands, and Poland; the NWG Basin is a member of the Southern Permian Basin super basin.

OGA Ranking

A-

Region

Europe - West

Principal Country

Germany

Location

Description

The regional tectonic evolution of the NWGB coincides with of the evolution of the Southern Permian Basin, the basin across central and western Europe. From the late Neoproterozoic Era to Carboniferous Period, Europe underwent the Caledonian Orogeny and Variscan Orogeny. These crustal accretion events produced the present day regional lithosphere, and by the time of the post-orogenic collapse of the Variscan Orogeny the supercontinent Pangea had completely formed. After the formation of Pangea, much of the region underwent crustal instability and thus developing the extensive Permo-Carboniferous magmatic province.

Outlook Ranking

Negative

Commentary

It is difficult to see continued development in mainland Europe due to momentumof green lobby groups.

Source:

ESRI, BGS, USGS & OGA data

236


Officer Basin Outline Updated

4Q 2020

Summary

The Basin is poorly explored, with only about 15,000km of 2D seismic coverage and less than 30 exploration wells. Numerous hydrocarbon shows from four distinct oil families are recorded from Neoproterozoic and Cambrian sediments, but there have been no commercial discoveries. Possible traps range from simple anticlinal closures, diapirs and fault-induced rollovers as well as stratigraphic traps

OGA Ranking

Region

Asia - Pacific

Principal Country

Australia

Location

Description

The AOB is located in Western Australia and South Australia and covers about 410,000 sq km, containing a sediment thickness of up to 10,000m. There are several major depocenters which makes up a number of easily identifiable sub basins..

Outlook Ranking

Neutral

Commentary

While a positive operating environment locally, the remains some lingering questions over the ability to operate in the longer-term given the headwinds arising from the Federal regulatory environment.

Source:

ESRI, BGS, USGS & OGA data

237


Orange River Coastal Basin Outline Updated

4Q 2020

Summary

The OCB's sub-basins (Walvis and Lüderitz), has had technical successes, but have yielded little in the way of commerciality so far. Nevertheless, each successive well has provided data points against which the knowledge of the underexplored basins is developed. As with many operations, wider data sharing has only occurred only at a change of ownership, which as experience has shown, is often only be after a significant period has passed.

OGA Ranking

A-

Region

Africa - South

Principal Country

Namibia

Location

Description

The ORCB is a rifted-volcanic passive margin and was created with breakup of the South American and African continental plates during Late Jurassic/Early Cretaceous, followed by rifting and drifting which led to the opening of the South Atlantic Ocean. Regional seismic profiles and drilled well data indicate different play types between outboard and inboard proven plays.

Outlook Ranking

Negative

Commentary

We believe that a pooled data programme would provide a significant step forwards for all participants in the Basin. While still nascent, it will require a certain element of support from the host government as well as all of the data holders.

Source:

ESRI, BGS, USGS & OGA data

238


Otway Basin Outline Updated

1Q 2020

Summary

The lack of early success may be attributed to poor quality seismic data prior to the early 1980s, and a poor understanding of structure and stratigraphic relationships in the Robe and Penola Troughs. Good-quality modern seismic coverage now exists over the offshore and most of the onshore parts of the Basin and stratigraphic relationships are better understood.

OGA Ranking

Region

Asia - Pacific

Principal Country

Australia

Location

Description

The Otway Basin is one of the best known and most actively explored of the series of Mesozoic rift basins that span the southern coastline of Australia, which has been shown to be analogous to basins such as the Tucano–Reconcauo Basin of Brazil and the Gabon and Cabinda basins of the west coast of Africa, which contain some of the world’s largest oil fields.

Outlook Ranking

Neutral

Commentary

While a positive operating environment locally, the remains some lingering questions over the ability to operate in the longer-term given the headwinds arising from the Federal regulatory environment. However, exploration in the offshore part of the Basin remains positive.

Source:

ESRI, BGS, USGS & OGA data

239


Pelagian Basin Outline Updated

4Q 2020

Summary

The PGNB's location (offshore Malta, Libya and Tunisia) has made explorations difficult, and the gaseous nature of the source rocks has undermined attractiveness still further..

OGA Ranking

CC-

Region

Europe - West

Principal Country

Malta

Location

Description

The PGNB encompass a series of generally northwest–southeast trending horsts and grabens, created by cyclical rifting, subsidence, and post rift thermal sag, beginning in the Triassic and continuing into the Neogene. Major petroleum source rocks deposited in the PGNB reflects the deposition and maturity complexity. Silurian source rocks have been reached by drilling in the Tunisian offshore part of the PGNB and known to exist immediately to the south in the Ghadames Basin. Spatial variations in deposition and kitchen conditions has resulted in a complex pattern of source-rock thermal maturity across the PGNB. However, the extent of gas occurrence appears to be more extensive in the offshore compared to the onshore portions.

Outlook Ranking

Negative

Commentary

While highly prospective, the gas prone nature of the basin, undermines its attractiveness, which is further undermined by the variable security situation due to the basin straddling Libyan maritime boundary.

Source:

ESRI, BGS, USGS & OGA data

240


Permian Basin Outline Updated

4Q 2020

Summary

The Basin has been widely explored with a variety of play types. Asset turnover remains high as the development maturity risk is passed between companies. However, recent price headwinds are creating a feeling of uncertainty for the basin.

OGA Ranking

AA§

Region

Americas - North

Principal Country

United States

Location

Description

The PRMB can be arranged in to two parts, the Midland, which accumulated large amounts of clastic sediments from the Ouachita orogenic belt during the Pennsylvanian and the Delaware Basin. In the Midland, sediments were deposited and formed a thick subaqueous deltaic system. In the Delaware Basin, a structural low that provided an inlet for marine water during the Permian. minor sedimentation was received from the low coastal plains that surrounded it. While the Midland Basin was almost full of sediment by the Middle Permian, the Delaware became host to reefs built by sponges, algae, and microbial organisms.

Outlook Ranking

Uncertain

Commentary

Basin transactions are numerous and vary in size. With new development opportunities still presenting themselves and a benchmark operating environment, basinal activity remains high and the Outlook Positive.

Source:

ESRI, BGS, USGS & OGA data

241


Po Basin Outline Updated

4Q 2020

Summary

While underexplored, the governmental issues are likely to hamper any continued widespread development in the basin.

OGA Ranking

BBB-

Region

Europe - West

Principal Country

Italy

Location

Description

This POB was the northwestern edge of the Gondwanan (African) continental plate in pre-Hercynian time until the assembly of Pangea. At least two other petroleum systems, with Triassic (Meride / Riva di Solto) and Miocene (Marnoso Arenacea) source rocks, contribute oil and thermal gas reserves (nearly 1bn boe) to the province. The major time of hydrocarbon expulsion of the thermal systems was Late Neogene during the Alpine and Apennine orogenies. Local Mesozoic oil expulsion from Triassic rocks also occurred, but those oils either were not trapped or leaked from faulty traps through time.

Outlook Ranking

Negative

Commentary

Italy remains one of the most frustrating jurisdictions, as the positive effects of access to infrastructure, stable pricing environment and growing demand is offset by continued rises in tax take and a shambolic licencing and permitting regime.

Source:

ESRI, BGS, USGS & OGA data

242


Powder River Basin Outline Updated

-

Summary

-

OGA Ranking

Region

Americas - North

Principal Country

United States

Location

Description

-

Outlook Ranking

Uncertain

Commentary

-

Source:

ESRI, BGS, USGS & OGA data

243


Putumayo-Oriente-Maranon Basin Outline Updated

1Q 2020

Summary

The POMB has been extensively explored, but not widely due to the terrain. New discoveries continue to be made as modern exploration techniques are applied to the basin.

OGA Ranking

Region

Americas - South

Principal Country

Peru

Location

Description

The POMB's development is related to that of the tectonic history of the western margin of South America. The back-arc extension in the Permian and Early Triassic formed rift basins with synrift deposits that include organic-rich shales of the Permian Ene Formation. In the Triassic and Jurassic, back-arc marine conditions led to the deposition of organicrich, carbonate-based marine shales of the Pucara Formation. In the Late Cretaceous, a passive margin existed along a large portion of the central and northwestern margin of South America, where organic-rich shales of the La Luna Formation and equivalents such as the Villeta Shale and Napo Shale were deposited.

Outlook Ranking

Uncertain

Commentary

While changes to the regulatory regime have made the licencing process easier, overall it has remained laborious. More recently, however, the outlook has been lifted by a more risk/return based outlook from regulators

Source:

ESRI, BGS, USGS & OGA data

244


Rub Al Khali Basin Outline Updated

4Q 2020

Summary

The RAKB, while not being widely explored, has not been open to exploration in the traditional sense. However, more recently, the UAE has started to licence blocks in the RAKB, drawing undated technical knowhow and independents' enthusiasm for development.

OGA Ranking

BBB§

Region

Middle East

Principal Country

Saudi Arabia

Location

Description

The Rub Al Khali Basin is one of the largest and most prolific hydrocarbon producing basins in the world. The Basin itself covers almost the entire southern portion of Saudi Arabia and extends north eastwards into the Arabian Gulf encompassing northern Oman and the UAE. The Rub' Al-Khali basin lies below a Quaternary sand sea and the structural evolution from the late Precambrian to Neogene is known only from reflection seismic, gravity and magnetic data, and wells. Gravity and magnetic data show north-south and northwest-southeast trends, matching mapped Precambrian faults. The deepest structures imaged on reflection seismic data are undrilled Precambrian rifts filled with layered strata at depths up to 13km.

Outlook Ranking

Uncertain

Commentary

While the UAE has started to licence acreage, the wider basin remains under state control. Given this, we believe that the outlook is Uncertain.

Source:

ESRI, BGS, USGS & OGA data

245


Sechura Basin Outline Updated

4Q 2020

Summary

The SCB largest of Peru's shelf basins, and has been widely studied, although sparsely explored. There is a significant volume of geophysical data, including some 12,700km of 2D seismic, as well as a slew of gravity and magnetic studies.

OGA Ranking

BBB±

Region

Americas - South

Principal Country

Peru

Location

Description

The SCB contains late Palaeozoic and Mesozoic sediments with a fairly thick cover of Tertiary strata, consisting of about 2,300ft of Neogene rocks above a Paleogene sequence. The Paleogene sequence includes most of the stratigraphic units recognized in the analogous Talara basin. Onshore well control indicates that the Palaeozoic and Mesozoic sequences are also similar to the units in the Talara basin, except that rocks of Aptian age are the oldest Mesozoic in the Talara basin, whereas the SCB contains both Triassic and Jurassic strata.

Outlook Ranking

Neutral

Commentary

While the basin remains an attractive destination technically, this is somewhat offset by the country outlook, which continues to be hampered by regulatory uncertainty and extended approvals.

Source:

ESRI, BGS, USGS & OGA data

246


Sicily Basin Outline Updated

4Q 2020

Summary

While underexplored, the governmental issues are likely to hamper any continued widespread development in the basin.

OGA Ranking

BB-

Region

Europe - West

Principal Country

Italy

Location

Description

Petroleum systems in the SOB is divided between the Neogene fold and thrust belt of the Sicilian accretionary prism and its foreland. The Majority of production has been established in the foreland on the Ragusa platform, where generally heavy oil from Triassic and Jurassic source rocks has been trapped in similarly aged fractured carbonate mound reservoirs. Commercial hydrocarbons in the fold belt, however, are limited to thermo- and biogenic gas-charged Tertiary reservoirs and questionably Tertiary-sourced oil offshore to the west. These all currently are viable exploration plays.

Outlook Ranking

Negative

Commentary

Italy remains one of the most frustrating jurisdictions, as the positive effects of access to infrastructure, stable pricing environment and growing demand is offset by continued rises in tax take and a shambolic licencing and permitting regime.

Source:

ESRI, BGS, USGS & OGA data

247


Sirte Basin Outline Updated

4Q 2019

Summary

The basin has been widely explore onshore, but less so offshore, where accumulation sizes are expected to be significantly larger.

OGA Ranking

BB§

Region

Africa - North

Principal Country

Libya

Location

Description

The Sirte Basin is Mesozoic–Paleogene in age, with oil and gas to generated from organic-rich shales in the Paleogene; peak oil generation is estimated to be in the late Paleogene to Neogene from the Eocene Bou Dabbous Formation in the Miocene to Pliocene. The geologic model for the Pelagian-Sirte Basins Silurian TPS is dependent on Silurian organic rich marine shales to have been preserved in the continental margin offshore. If present, Silurian shales reached thermal generation for oil and gas possibly in the Mesozoic, and Cenozoic burial resulted in the cracking of oil to gas.

Outlook Ranking

Uncertain

Commentary

The regional unrest and political insatability makes plotting a future for the basin difficult. There needs to be paeriod of stability and positive interaction with the new government to bouy the outlook.

Source:

ESRI, BGS, USGS & OGA data

248


South Barents Basin Outline Updated

4Q 2020

Summary

While well defined, it is relatively under explored due to its location. There is significant resistance to oil & gas exploration due to environmental concerns.

OGA Ranking

AAA+

Region

Europe - West

Principal Country

Norway

Location

Description

The SBP is one of a number of basins that comprise Barents Basin ("BRTB"). The BRTB is a sedimentary basin between the Kola Peninsula and Novaya Zemlya, bordered by the Timan-Pechora Basin to the south, the Murmansk Rise and Murmansk Plateau to the west, the Admiralty High and the island of Novaya Zemlya to the east, and rise of Franz Josef Land to the north. The development of the Basin began in the late Palaeozoic and continuing through to the early Cretaceous, with the sediments sourced from the Pangaea supercontinent. These underlie the current BRTB which was created during the break-up of Pangaea. Beginning in the Cretaceous a rift zone opened between the Baltic Plate and the Siberian Plate, parallel to and west of the old Ural Mountains suture zone.

Outlook Ranking

Positive

Commentary

With licencing in the Norwegian and Russian sectors active, there is likely to be renewed impetus to explore.

Source:

ESRI, BGS, USGS & OGA data

249


Surat Basin Outline Updated

4Q 2020

Summary

The Basin has been widely explored and proven plays comprise mostly low amplitude anticlinal closures occasionally associated with thrust faulting and drapes over basement highs. Because the Basin is largely flatlying and sedimentation widespread and relatively uniform, other types of traps are unlikely to be important.

OGA Ranking

Region

Asia - Pacific

Principal Country

Australia

Location

Description

The large, mature, intracratonic, Early Jurassic to Albian ASB occupies 300,000sq km of central southern Queensland and central northern New South Wales. It has a maximum sediment thickness of 2,500 metres and deposition was relatively continuous and widespread. Deposition in the ASB commenced with the onset of a period of passive thermal subsidence of much of eastern Australia. During the Early Jurassic, deposition was mostly fluviolacustrine, while by the Middle Jurassic coal swamp environments predominated over much of the Basin, except in the north where fluvial sedimentation continued.

Outlook Ranking

Neutral

Commentary

While a positive operating environment locally, the remains some lingering questions over the ability to operate in the longer-term given the headwinds arising from the Federal regulatory environment.

Source:

ESRI, BGS, USGS & OGA data

250


Timan-Pechora Basin Outline Updated

4Q 2020

Summary

While modestly explored, with sufficient evidence suggesting that the onshore geologic features are known to extend offshore, the Basin remains under explored, with new fields being discovered at regular intervals.

OGA Ranking

BBB§

Region

Former Soviet Union

Principal Country

Russian Federation

Location

Description

The Timan-Pechora Basin Province overlies the Arctic Circle. To the east, outside the province boundary, is a sinuous fold belt including the Ural Mountains, the Pay-Khoy Ridge, Vaygach Island and the Novaya Zemlya archipelago. To the west is the NW-SE trending Timan-Kanin Ridge, which intersects the Ural Mountains at the southern end of the province. The northern offshore province boundary is the South Barents transitional fault zone, separating the excluded South Barents basin of the Barents Sea from the included Pechora block within the Pechora Sea.

Outlook Ranking

Uncertain

Commentary

Despite being under explored, the key issues remain located to the topsides. Consequently we are retaining our Outlook Neutral stance on the Basin.

Source:

ESRI, BGS, USGS & OGA data

251


Tindouf Basin Outline Updated

4Q 2020

Summary

The TDFB, straddling the border between Algeria, Morocco and SADR has meant that exploration has been relatively limited.

OGA Ranking

Region

Africa - North

Principal Country

Algeria

Location

Description

The TDFB is the westernmost of a series of Palaeozoic intracontinental basins that are present across much of northern Africa. North Africa was a passive margin in the lower Palaeozoic with fluvial systems flowing northwards towards the ocean. Glaciation across North Africa waned in the Ordovician, with meltwater forming a series of north-trending incised valleys that were filled with organic-rich sediments during a major south-directed transgression in the Silurian. Another major transgression in the Late Devonian led to deposition of a second layer of organic-rich shale.

Outlook Ranking

Uncertain

Commentary

Our outlook is dominated by the uncertainty surrounding security, especially towards the border with SADR. However, this is further undermined by the limited access to independent operators.

Source:

ESRI, BGS, USGS & OGA data

252


Tunguska Basin Outline Updated

4Q 2020

Summary

The Basin has been underexplored, but the combination of its remoteness and the greater prospectivity of more accessible basins regionally means that this is unlikely to be highly ranked.

OGA Ranking

B-

Region

Former Soviet Union

Principal Country

Russian Federation

Location

Description

The Tunguska Basin Province includes an area of approximately 904,000sq km. The Basin includes a large part of the Siberian craton and consists of several subbasins. The province is almost completely covered by Permian to Triassic volcanic rocks. Although some oil and gas fields have been discovered and produced in the province south of the Arctic Circle, no discoveries have been made north of the Arctic Circle. Because of a low geologic probability for the occurrence of significant oil and gas accumulations (>50mm boe), the Tunguska Basin Province north of the Arctic Circle was not considered prospective.

Outlook Ranking

Negative

Commentary

Despite being relatively underexplored, the combination of limited exploration success to date and political environment dominate our outlook.

Source:

ESRI, BGS, USGS & OGA data

253


Uinta-Piceance Basin Outline Updated

2Q 2020

Summary

The Basin has been widely explored with a variety of play types. Asset turnover remains high as the development maturity risk is passed between companies. However, recent price headwinds are creating a feeling of uncertainty for the basin.

OGA Ranking

Region

Americas - North

Principal Country

United States

Location

Description

The Uinta and Piceance Basins are Laramide structures separated by the Douglas Creek arch. The Basin is principally bounded by major faults, including the Charleston-Nebo thrust and the Uinta Basin boundary fault, or expressed at the surface by large monoclines such as the Grand Hogback

Outlook Ranking

Uncertain

Commentary

Basin transactions are numerous and vary in size. With new development opportunities still presenting themselves and a benchmark operating environment, basinal activity remains high and the Outlook Positive.

Source:

ESRI, BGS, USGS & OGA data

254


Upper Magdelena Basin Outline Updated

4Q 2020

Summary

The Basin has been extensively explored, although new discoveries continue to be made leveraging modern technology.

OGA Ranking

BBB§

Region

Americas - South

Principal Country

Colombia

Location

Description

The UMB was principally formed during the Campanian, following the collision of the northeast-migrating Farallon plate and a subduction zone developed beneath Colombia uplifting the Central Cordillera, producing east-directed thrusting and a foreland basin. It is structurally bounded by the Palestina Fault to the west and the Bucaramanga Fault to the east. Antithetic sinistral faults which are parallel to the Santa Maria fault have not been documented but may account for the sinistral offsets observed between the Middle and UMB.

Outlook Ranking

Uncertain

Commentary

The introduction of ANH and de-escalation in the conflict with FARC should have kickstarted exploration, but concerns on the licencing process has been a significant headwind.

Source:

ESRI, BGS, USGS & OGA data

255


Ventura Basin Outline Updated

-

Summary

-

OGA Ranking

Region

Americas - North

Principal Country

United States

Location

Description

-

Outlook Ranking

Uncertain

Commentary

-

Source:

ESRI, BGS, USGS & OGA data

256


Vestford-Helgeland Basin Outline Updated

4Q 2020

Summary

The proximity of a number of prolific basins makes the VHB attractive for exploration.

OGA Ranking

A-

Region

Europe - West

Principal Country

Norway

Location

Description

Upper Jurassic marine shales equivalent to the Spekk Formation of the Halten Terrace and to the Kimmeridge Clay in the northern North Sea constitute the oldest readily identifiable stratigraphic marker regionally. Although not widely drilled, organic carbon-rich shales are expected to have similar hydrogenenriched, high TOC, oil-prone properties of equivalent rocks elsewhere. A wide range of potential reservoir rocks include deeply buried clastic rocks as old as Devonian in rift-related fault blocks, Permian carbonate rocks, fluvial channel and deltaic sandstones of Jurassic age, and a variety of Cretaceous and Tertiary sandstones ranging from late Early Cretaceous to rocks as young as Oligocene.

Outlook Ranking

Negative

Commentary

Development in the VHB remains sparse, however, opposition to oil & gas exploration in the Artic regions is contentious. Consequently, large scale progress remains unlikely.

Source:

ESRI, BGS, USGS & OGA data

257


Volga-Ural Basin Outline Updated

1Q 2020

Summary

The VUB has been prolific, and despite the exploration and development to date, there remains significant exploration potential.

OGA Ranking

BBB§

Region

Former Soviet Union

Principal Country

Russian Federation

Location

Description

The VUB is generally coincident with the Volga-Ural regional high, a broad upwarp of the east-central part of the Russian (East European) platform. The central part of the province is occupied by the Tatar arch, which contains the major share of the oil fields of the province. The Perm-Bashkir arch forms the northeastern part of the regional high, and the Zhigulevsko-Pugachev and Orenburg arches make up the southern part. These arches are separated from one another by elongate downwarps.

Outlook Ranking

Uncertain

Commentary

Despite being underexplored, the key operating environment issues remain, which dominates our outlook.

Source:

ESRI, BGS, USGS & OGA data

258


West Greenland Basin Outline Updated

1Q 2020

Summary

Only a handful of wells have been sunk in to the Basin, with few encouraging results to date.

OGA Ranking

CCC±

Region

Americas - North

Principal Country

Greenland

Location

Description

The tectonic evolution of the West Greenland Basin was complex and included number distinct phases, namely: (1) at least two phases of Cretaceous rifting and thermal subsidence between west Greenland and Canada; (2) counter clockwise rotation of Greenland driven largely by adjacent plate movements and the thermal effects of mantle plumes; (3) the development of the Ungava transform fault zone concomitant with the opening of Baffin Bay basin and the Labrador Sea; and (4) compression in the northern part of the province (Eurekan Orogeny) as Greenland rotated and collided with Canada in the Paleogene.

Outlook Ranking

Neutral

Commentary

Given the Basin's frontier status, it is unlikely that there is much motivation industry wide to explore the Basin. Consequently, this provides for significant opportunities for future investment.

Source:

ESRI, BGS, USGS & OGA data

259


West Siberian Basin Outline Updated

3Q 2020

Summary

While a prolific basin, it remains relatively under explored. The key issues for the Basin will be the Russian geopolitical tensions.

OGA Ranking

BBB§

Region

Former Soviet Union

Principal Country

Russian Federation

Location

Description

The WSB basin is the largest basin in the world covering an area of about 2.2mm sq. km. The Basin occupies a swampy plain between the Ural Mountains and the Yenisey River. On the north, the Basin extends offshore into the southern Kara Sea. On the west, north, and east, the WSB is surrounded by the Ural, Yenisey Ridge, and Turukhan-Igarka foldbelts formed during the Hercynian tectonic event and the Novaya Zemlya foldbelt that was deformed in early Cimmerian (Triassic) time. The Basin is a relatively undeformed Mesozoic sag that overlies the Hercynian accreted terrane and the Early Triassic rift system.

Outlook Ranking

Uncertain

Commentary

Despite being underexplored, the key operating environment issues remain, which dominates our outlook.

Source:

ESRI, BGS, USGS & OGA data

260


Western Gulf Basin Outline Updated

2Q 2020

Summary

Basin transactions are numerous and vary in size. With new development opportunities still presenting themselves and a benchmark operating environment, basinal activity remains high. However, recent price headwinds are creating a feeling of uncertainty for the basin.

OGA Ranking

Region

Americas - North

Principal Country

United States

Location

Description

The Western Gulf is comprised of numerous basins, all of which have been prolific producers. Of most interest Eagle Ford Cotton Valley Navarro and Taylor groups, and the Tuscaloosa, Haynesville, Bossier, Woodbine and Travis Peak-Hosston formations.

Outlook Ranking

Uncertain

Commentary

The Basin has been widely explored with a variety of play types, including being the birthplace of shale gas. Asset turnover remains high as the development maturity risk is passed between companies.

Source:

ESRI, BGS, USGS & OGA data

261


Western Oregon-Washington Basin Outline Updated

2Q 2020

Summary

While the Basin has been widely explored, there remains prospectivity as its development has lagged its peers due to its relative isolation from the more oil & gas centric states to the east of the Rockies.

OGA Ranking

A-

Region

Americas - North

Principal Country

United States

Location

Description

The WOWB occupies a complex geologic setting along the northwestern continental margin of North America. The region overlies a major north-trending crustal boundary between the pre-Tertiary terranes of the Cascade and Klamath Basin and the mafic basement of the Oregon and Washington Coast Range (Eocene Crescent Formation and Siletz River Volcanics). The boundary fault between these terranes is exposed in two places, the southern part of Vancouver Island where the Leach River thrust fault is the crustal boundary and the southwestern part of Oregon. The eastern boundary fault likely is buried beneath the Puget Lowland and the Willamette Valley.

Outlook Ranking

Negative

Commentary

While the WOWB has significant prospectivity, this is offset by Oregon's increased environmental activism, compounded by the fact that there remains significantly more attractive basins in the US to focus on, has undermined the attractiveness.

Source:

ESRI, BGS, USGS & OGA data

262


Williston Basin Outline Updated

3Q 2020

Summary

There has been a significant amount of activity in the Basin to date, with recompletions continuing to drive growth, especially on the US side. On the Canadian side, development has been slower and activity lower, but prospectivity remains.

OGA Ranking

AA§

Region

Americas - North

Principal Country

United States

Location

Description

The WLSB is a structural-sedimentary intracratonic basin located on the western shelf of the Palaeozoic North American craton. The WLSB occupies a large segment of the northern Great Plains and extends northward into Canada. The Basin region is a generally flat lying, moderately dissected flat plain. The Basin is bordered on the east and southeast by the Canadian Shield and the Sioux Uplift. The western and southwestern borders are defined by the Black Hills Uplift, Miles City Arch, Porcupine Dome, and Bowdoin Dome.

Outlook Ranking

Uncertain

Commentary

Basin transactions are numerous and vary in size. With new development opportunities still presenting themselves and a benchmark operating environment, basinal activity remains high. However, while the outlook in the US portion of the basin is uncertain, on the Canadian side, the outlook has been undermined by the aggressive environmrntal policies.

Source:

ESRI, BGS, USGS & OGA data

263


Wind River Basin Outline Updated

-

Summary

-

OGA Ranking

Region

Americas - North

Principal Country

United States

Location

Description

-

Outlook Ranking

Uncertain

Commentary

-

Source:

ESRI, BGS, USGS & OGA data

264


Wyoming Thrust Belt Basin Outline Updated

3Q 2020

Summary

The basin has been widely explored, but modern exploration technology still produces commercial accumulations. While undiscovered sizes are generally small, the availability of infrastructure makes the commerciality threshold relatively low.

OGA Ranking

Region

Americas - North

Principal Country

United States

Location

Description

In the WTBB, structures are typically Precambrian-cored uplifts with bounding thrust systems where mountain-front thrust faults overrode basin margins, or thrust-faulted anticlines. The primary source rocks in the WTBB are phosphatic shales of the Permian Phosphoria Formation, shales and calcareous mudstones of the Cretaceous Thermopolis and Mowry Shales, Frontier and Niobrara Formations, and Steele Shale, and the coals and mudstones of the Upper Cretaceous Mesaverde Group and Medicine Bow Formation, Upper Cretaceous and Palaeocene Ferris Formation, and Palaeocene and Eocene Hanna Formation.

Outlook Ranking

Neutral

Commentary

The WTBB remains largely overlooked in favour of other basins and formations, which means that the outlook remains neutral.

Source:

ESRI, BGS, USGS & OGA data

265


Yukon Basin Outline Updated

-

Summary

-

OGA Ranking

BBB§

Region

Americas - North

Principal Country

United States

Location

Description

-

Outlook Ranking

Uncertain

Commentary

-

Source:

ESRI, BGS, USGS & OGA data

266


Zagros Fold Belt Basin Outline Updated

3Q 2020

Summary

While only recently developed (since 2004), the Basin has enjoyed significant exploration successes.

OGA Ranking

A+

Region

Middle East

Principal Country

Iraq

Location

Description

In Considering the ZFBB, you also need to include the Zagros Thrust Zone Belt Basin, which are collectively known as the Zagros Fold Thrust Basin ("ZTFB"). The ZTFB was formed along a section of the plate boundary that is subject to oblique convergence with the Arabian Plate moving northwards with respect to the Eurasian Plate. The degree of obliqueness reduces southwards along the Zagros, with the collision becoming near orthogonal within the Fars domain. The relative movement between the plates is only partly taken up within the Zagros, the remainder is taken up by deformation in the Alborz mountains and the Lesser Caucasus mountains to the north of the Iranian plateau and along the zone formed by the Greater Caucasus mountains, the Apsheron-Balkan Sill and the Kopet Dag mountains further north again.

Outlook Ranking

Positive

Commentary

Despite significant tensions between the KRG and Daesh and the KRG and the Federal Government of Iraq, the development of the region continues. We believe that the outlook for the Basin remains positive

Source:

ESRI, BGS, USGS & OGA data

267


Zagros Thrust Zone Basin Outline Updated

4Q 2019

Summary

While only recently developed (since 2004), the Basin has enjoyed significant exploration successes.

OGA Ranking

BBB+

Region

Middle East

Principal Country

Iraq

Location

Description

In Considering the ZTFB, you also need to include the Zagros Fold Belt Basin, which are collectively known as the Zagros Fold Thrust Basin ("ZTFB"). The ZTFB was formed along a section of the plate boundary that is subject to oblique convergence with the Arabian Plate moving northwards with respect to the Eurasian Plate. The degree of obliqueness reduces southwards along the Zagros, with the collision becoming near orthogonal within the Fars domain. The relative movement between the plates is only partly taken up within the Zagros, the remainder is taken up by deformation in the Alborz mountains and the Lesser Caucasus mountains to the north.

Outlook Ranking

Positive

Commentary

Despite ongoing tensions between the KRG and the Federal Government of Iraq, the development of the region continues. We believe that the outlook for the Basin remains positive as the parties' relationship continues to make progress, albeit in a swatooth manner.

Source:

ESRI, BGS, USGS & OGA data

268


Country Summaries Coverage Figure 24 – Country Coverage

Source:

ESRI, USGS & OGA data

269


Ranking Table 11 – Country Ranking Rank

Country

OGA Overall Country Ranking

1

Norway

AAA±

2

United Arab Emirates

AAA±

3

United Kingdom

AAA§

4

Australia

AAA±

5

Austria

AAA±

7

Denmark

AAA§

8

Canada

AAA-

9

China

AAA+

10

Ireland

AA§

11

United States

AA-

12

Qatar

AA-

13

Malaysia

AA±

14

Georgia

AA±

15

Netherlands

AA-

17

New Zealand

AA-

18

Morocco

AA+

20

Poland

AA+

21

Germany

AA-

22

Trinidad and Tobago

A+

23

Croatia

A+

24

Oman

A-

25

France

A-

26

Barbados

27

Chile

28

Spain

A-

30

Romania

31

Thailand

33

Hungary

34

Albania

35

Egypt

36

Bahrain

BBB-

37

Tunisia

BBB±

38

Peru

BBB+

39

Uzbekistan

BBB±

40

Ghana

BBB§

41

Suriname

BBB±

42

Italy

BBB-

270


Rank

Country

OGA Overall Country Ranking

43

Namibia

BBB±

44

Argentina

BBB±

46

Kuwait

BBB-

47

Brazil

BBB-

48

India

BBB-

50

Viet Nam

BB±

51

Greece

BB-

53

Gabon

BB±

54

Equatorial Guinea

BB±

60

Israel

B-

61

Indonesia

62

Benin

63

Colombia

64

Kazakhstan

CCC-

65

Jordan

CCC-

68

Algeria

CCC±

69

Mexico

CCC±

70

Kyrgyzstan

CCC±

71

Tanzania

CCC±

72

Côte d'Ivoire

CCC-

73

Papua New Guinea

CCC§

74

Democratic Republic of the Congo

CCC±

75

Mauritania

CCC±

76

Bangladesh

CCC§

77

South Africa

CC-

78

Uganda

CC-

79

Angola

CC±

81

Chad

CC-

82

Turkmenistan

CC-

83

Russian Federation

CC-

84

Venezuela

CC-

86

Islamic Republic of Iran

C-

88

Ecuador

C-

89

Saudi Arabia

C-

90

Azerbaijan

DDD§

91

Iraq

DDD-

92

Nigeria

DDD+

93

Libya

DDD-

94

Philippines

DDD±

95

Cameroon

DDD±

96

Ukraine

DDD§

271


Rank

Country

97

Pakistan

DDD§

98

Turkey

DDD-

99

Myanmar

DDD§

100

South Sudan

DDD§

101

Mozambique

DDD-

102

Yemen

DD-

104

Syrian Arab Republic

DD-

105

Bahamas

D+

Cambodia

Cyprus

D-

Falkland Islands

Faroe Islands

French Guiana

Greenland

Guinea

Guinea-Bissau

Guyana

Jamaica

Kenya

Lao PDR

D-

Lebanon

D-

Liberia

Madagascar

Mali

D-

Malta

Nepal

Niger

Portugal

Senegal

Singapore

D+

Sri Lanka

Timor-Leste

D+

Togo

D+

Uruguay

Western Sahara

Source:

OGA Overall Country Ranking

FactSet & OGA data

272


Country Tear Sheets Country

Albania Algeria Angola Argentina Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Benin Brazil Cambodia Cameroon Canada Chad Chile China Colombia Côte d'Ivoire Croatia Cyprus Denmark Democratic Republic of the Congo Ecuador Egypt Equatorial Guinea Falkland Islands Faroe Islands France French Guiana Gabon Georgia Germany Ghana Guyana India Indonesia Islamic Republic of Iran Iraq Ireland

Page

Country

274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315

Israel Italy Jamaica Kazakhstan Kuwait Malaysia Mauritania Mexico Morocco Mozambique Myanmar Namibia Netherlands Nigeria Norway Oman Papua New Guinea Poland Romania Russian Federation Saudi Arabia South Africa South Sudan Suriname Syrian Arab Republic Tanzania Thailand Trinidad and Tobago Tunisia Turkey Turkmenistan Uganda Ukraine United Arab Emirates United Kingdom United States Venezuela Viet Nam

273

Page

316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353


Albania Investment & Operational Criteria OGA Rating

A±(e)

Updated: 4Q 2020

Summary

Overall country risks have been improving of late, due principally to improved tax collection, and fiscal tightening. Nevertheless, we believe that for oil & gas, the environment is broadly supportive, and as such supports our Outlook Neutral.

Tax regime

PSC/PSA

Commentary Royalty rates and profit oil splits are based upon project R-Factors. Cost recovery ceilings are negotiable.

Country Basics Region

Europe - East

Location

South eastern Europe, bordering the Adriatic Sea and Ionian Sea, between Greece to the south and Montenegro and Kosovo to the north. Overview

Source:

Albania is an upper middle-income country with a GDP per capita of $5,288 (2018 est.) and a population of approximately 2.9mm people, around 55% of whom live in urban areas (2011 Census). Real GDP grew by 4.2 % in 2018, driven chiefly by construction, exports, household consumption, and foreign direct investment in energy projects. The IMF has projected that Albania’s economic growth will slow to 3.6% in 2019. Albania received EU candidate status in June 2014 and is working to implement the reforms necessary to open EU accession negotiations. Albania joined the World Trade Organization (WTO) in 2000 and the North Atlantic Treaty Organization (NATO) in 2009.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

274


Algeria Investment & Operational Criteria OGA Rating

CCC±(¹)

Updated: 3Q 2020

Summary

Algeria remains a difficult place to operate, with limited scope for external participants, other than Majors. While the tax laws have been varied with regularity, the recent environment has been stable, and therefore supportive. Consequently, we have a Outlook Neutral.

Tax regime

PSC/PSA

Commentary Depending on the date on which the petroleum contract was signed, the Algerian fiscal regime applicable to the oil and gas upstream industry is governed by one of a number of legal frameworks.

Country Basics Region

Africa - North

Location

Northern Africa, bordering the Mediterranean Sea, between Morocco and Tunisia.

Overview

Source:

Following the 2019 election of the country's first new president in 20 years, Algeria may have reached an inflection point in its history. Should Algeria followthrough with its economic reform and diversification plans, new trade and investment opportunities for American companies will arise, albeit tempered in the short term by the effects of the COVID-19 pandemic and related economic crises.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

275


Angola Investment & Operational Criteria OGA Rating

CC±(¹)

Updated: 2Q 2020

Summary

While changes to the tax regime have been limited, access to field economics remains difficult. Despite few independents thriving in country, the period of relative stability precipitates a Outlook Neutral.

Tax regime

Multiple (PSC/Concession)

Commentary Companies operating in Angola do so under two different fiscal regimes: offshore production is subject to production sharing contracts (PSCs), whereas a concession agreement, with tax and royalty payments, applies to onshore production and the shallow water Cabinda concession. Within the PSC regime bonuses and profit oil/gas shares are negotiable – negotiated terms vary widely but generally reflect the perceived strong prospectivity of the area. Profit oil is divided between the investor and the government on a sliding scale basis linked to rates of returns (IRRs). Deepwater developments benefit from uplift; in situations where large, high-cost, development projects are required (i.e. the majority of Angola's deep-water discoveries) capital costs can be uplifted by 40%.

Country Basics Region

Africa - West

Location

Southern Africa, bordering the South Atlantic Ocean, between Namibia and Democratic Republic of the Congo. Overview

Source:

Angola is a major oil producing country and OPEC member with output of around 1.37mm bbl of oil per day, making it the second largest producer in SubSaharan Africa. The country holds significant proven gas reserves as well as extensive mineral resources. Since 2016, Angola has experienced negative economic growth attributed largely to the significant drop in oil prices and a substantial reduction in oil production. Resulting national budget cuts, currency devaluations and high inflation levels have slowed import levels and hindered economic growth. For 2019, the economy is forecasted to grow by 1.2% with an inflation rate of 15.4%.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

276


Argentina Investment & Operational Criteria OGA Rating

BBB±(e)

Updated: 1Q 2021

Summary

The Fernandez administration increased taxes on foreign trade, further tightened capital controls, and pulled back from former President Macri’s fiscal austerity measures, expanding fiscal expenditures. Citing a need to preserve Argentina’s diminishing foreign exchange reserves and raise government revenues for social programs, the Fernandez administration passed a sweeping “economic emergency” law that included a 30% tax on purchases of foreign currency and all individual expenses incurred abroad.

Tax regime

Multiple (PSC/Concession)

Commentary Royalties on the production of hydrocarbons must be paid every month to the relevant province or to the national government. The Hydrocarbons Law provides for a 12% royalty on the net price obtained from the sale of hydrocarbons produced under exploitation concessions and a 15% royalty on the net sales of hydrocarbons produced under exploration permits. Royalties can be reduced by up to 50% in tertiary production (enhanced oil recovery and improved oil recovery), extra heavy oil and offshore projects that, owing to their particular productivity issues and location, present especially unfavourable technical and economic characteristics.

Country Basics Region

Americas - South

Location

Southern South America, bordering the South Atlantic Ocean, between Chile and Uruguay. Overview

Source:

The COVID-19 pandemic, on top of Argentina’s two-year economic recession, has compounded the country’s economic woes. Current International Monetary Fund (IMF) predictions have Argentina’s GDP declining close to 12% in 2020. The poverty rate and inflation are both over 40%. Since 2017, the official exchange rate has fallen from ~ US$1:AR$20 to ~ US$1:AR$80, and the unofficial “blue” rate is double that. The Argentine government’s 2020 agreement with private bondholders to renegotiate billions of dollars of debt offers some hope as negotiations get underway to renegotiate another US$45 billion owed to the IMF.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

277


Australia Investment & Operational Criteria OGA Rating

AAA±(e)

Updated: 1Q 2021

Summary

The country has a long history of petroleum exploitation, which has declined in recent times. However, recent changes to the fiscal regime have provided significant headwinds, especially when compared globally. However, Australian costs remain high and may start to impact the overall Outlook. Consequently, our Outlook has been upgraded to Neutral as there appears to be a renewed focus on jobs creation and the role that its gas reserves will have in the moced to "net zero."

Tax regime

Concession

Commentary The fiscal regime that applies in Australia to the petroleum industry consists of a combination of corporate income tax (CIT), a petroleum resource rent tax (PRRT) and royalty-based taxation.

Country Basics Region

Asia - Pacific

Location

Oceania, continent between the Indian Ocean and the South Pacific Ocean.

Overview

Source:

Australia has a well-established legal system for litigation and arbitration. The country is a world leader in the development and provision of dispute resolution mechanisms, and is a signatory to all the major international dispute resolution conventions. Australia has an AAA international credit rating with a welldeveloped, sophisticated financial market, regulated in accordance with international norms. Australia’s four leading banks are highly ranked internationally in terms of financial security and liquidity.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

278


Austria Investment & Operational Criteria OGA Rating

AAA±(e)

Updated: 4Q 2020

Summary

Due to its size and administrative structure, Austrian energy legislation is fairly comprehensive with one central act regulating oil and gas exploration and production as well as general mining activities on the federal state level, with the enactment of certain minor pieces of legislation being delegated the relevant ministry or to the state governments.

Tax regime

Concession

Commentary The tax liability for mineral oils in general arises if the taxable product is released into free circulation (i.e., by the removal from a tax warehouse). Special provisions apply to motor and heating fuels. For these fuels, the tax liability arises once they are first delivered for their intended purpose. Limited liability companies and stock companies are considered corporations within the meaning of Section 1 of the Corporate Income Tax Act 1988,19 as amended, and subject to corporate income tax. Corporations are subject to unlimited corporate income tax if they have their seat or place of management within Austria. Non-Austrian corporate tax residents (with neither a seat nor place of management in Austria) are subject to limited corporate income tax for only certain sources of income in Austria.

Country Basics Region

Europe - West

Location

Central Europe, north of Italy and Slovenia.

Overview

Source:

Austria offers a stable and attractive climate for foreign investors, including a well-developed market economy that welcomes foreign direct investment, particularly in technology and R&D. The most popular investment destinations in recent years have been the automotive, pharmaceuticals, and financial sectors. The country benefits from a skilled labour force, and a high standard of living, with its capital Vienna consistently placing at the top of global quality-of-life rankings.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

279


Azerbaijan Investment & Operational Criteria OGA Rating

DDD§(³)

Updated: 2Q 2020

Summary

While state companies continue to dominate oil & gas, the country continues to open its hydrocarbon industry up, creating opportunities for smaller companies, especially in the rehabilitation of old fields. The PSC regime has proven to be stable and a key benefit for attracting investment, and is likely to continue to flourish.

Tax regime

PSC/PSA

Commentary Azerbaijan’s fiscal regime consists of a combination of production sharing agreements (PSAs) and host government agreements (HGAs). In addition, the Law on Application of Special Economic Regime for Export-Oriented Oil and Gas Operations (the Law) came into force on 17 April 2009. The Law applies to export-oriented oil and gas operations carried out by contractors, as well as by subcontractors, as defined in the Law.

Country Basics Region

Caspian

Location

Southwestern Asia, bordering the Caspian Sea, between Iran and Russia, with a small European portion north of the Caucasus range. Overview

Source:

Since 2017, the inflation rate has stabilised and stood at 2.6% in 2019. The double devaluations of 2015 hit the banking sector hard. Eleven of 42 banks closed since, while some banks continued to struggle with high levels of nonperforming loans. Since April 2020, the Central Bank revoked the licenses of four banks and overall, the number of banks fell to 26, and there are plans to privatise the largest state owned bank. The dollarisation level of deposits remains high (62% in 2019). The country had 2.2% growth in 2019, which is expected to decelerate to -3% in 2020, according to the World Bank. Over the medium term, GDP growth will remain largely dependent on developments in the oil and gas sectors. The 2020 drop in the oil price has reinvigorated the government’s attempts at structural reforms and trying to revive the non-oil sector.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

280


Bahamas Investment & Operational Criteria OGA Rating

D+(e)

Updated: 2Q 2020

Summary

The Bahamas is still in its infancy as hydrocarbon province, and is development is underway.

Tax regime

Concession

Commentary While the Bahamas has no track record in O&G tax management, we believe that the government will leverage its experience in general taxation, which should be a positive.

Country Basics Region

Caribbean

Location

A chain of islands in the North Atlantic Ocean, southeast of Florida, northeast of Cuba

Overview

Source:

The Bahamas maintains an open investment climate and actively promotes a liberal tax environment and freedom from many types of taxes, including capital gains, inheritance, and corporate or personal income taxes. The Bahamas does not offer export subsidies, engage in trade-distorting practices, or maintain a local content requirement. The country continues to attract FDI from various parts of the world and has recently benefitted from significant investments in the tourism sector from international companies based in China. Investments from the United States are also primarily in the tourism sector and range from general services to billion-dollar resort developments to multi-million dollar homes on the major islands of the archipelago.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

281


Bahrain Investment & Operational Criteria OGA Rating

BBB-(e)

Updated: 1Q 2020

Summary

Bahrain provides a free, open and transparent environment for businesses. Access to the oil & gas sector is, however, difficult, and can eliminate juniors. The Outlook Negative is dominated by the oft turbulent relationship with Saudi Arabia, which recently limited access to the mainland

Tax regime

Concession

Commentary There are no corporate taxes in Bahrain except for the levy of income tax on the profits of companies engaged in the exploration, production or refining of crude oil and other natural hydrocarbons in Bahrain, which is levied at a rate of 46%. Taxable income for oil companies is net profits, consisting of business income less business expenses.

Country Basics Region

Middle East

Location

Middle East, archipelago in the Persian Gulf, east of Saudi Arabia.

Overview

Source:

Although Bahrain’s economy is one of the most diversified in the Gulf, the Bahrain government remains heavily reliant on the hydrocarbons sector for its financing, which contributes around 80% to government revenue. Bahrain also boasts strong economic ties to the wider GCC, especially Saudi Arabia, which is also a key source of tourism. Key macro-level challenges going forward will be reducing government expenditure and diversifying revenue streams to insulate the state budget’s vulnerability to oil price fluctuations. The budget deficit for 2016 is estimated to have been around 13.7% of GDP a figure which is set to decrease to 9.6% in 2017. In early 2016, Standard and Poor’s and Moody’s decided to strip Bahrain of its investment grade rating, making Bahrain the first of the Gulf countries to be subjected to this. The key drivers behind the downgrades were revisions to the long-term outlook for oil prices and their impact on Bahrain’s government finances and balance of payments.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

282


Bangladesh Investment & Operational Criteria OGA Rating

CCC§(¹)

Updated: 4Q 2020

Summary

Access to the Bangladeshi upstream segment is starting to open, but participant size remains an issue for the country's regulators. This is further complicated by the overly complicated licencing regime, which although appearing to be clear on paper, in practice is a barrier for new entrants.

Tax regime

PSC/PSA

Commentary Almost all terms being either biddable or negotiable. Cost recovery ceilings are biddable, but a mechanism exists to ensure all costs are recovered within a fiveyear period. Profit oil splits are biddable, and are based upon production rates. There is also a domestic supply obligation of up to 80% of the contractors share of profit oil, at a discount of 15% to the normal price (this applies to oil only). The rate of corporate income tax is negotiable, whilst a range of bonuses, rentals and fees are also payable.

Country Basics Region

Asia - South West

Location

Southern Asia, bordering the Bay of Bengal, between Burma and India.

Overview

Source:

The overall strength of economic growth has contributed to a substantial decrease in poverty over the past decade. The Government’s “Vision 2021” aims to eliminate extreme poverty completely and achieve Middle Income Country status by the 50th anniversary of the country’s birth. Balance of payments remains in surplus and foreign currency reserves at $32 billion provide a comfortable 9 month cushion. The Tax/GDP ratio is still very low in global terms at c.10%. There have been several IED attacks targeting police and security forces in Dhaka, Khulna, Chittagong and Sylhet. There is a risk that future attacks could target public gatherings, including religious gatherings and political rallies, crowded areas, places with a police or security presence and locations where foreign nationals are known to gather.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

283


Barbados Investment & Operational Criteria OGA Rating

A±(e)

Updated: 3Q 2020

Summary

Barbados has suffered from a lack of investment due to difficulties in understanding the scale of the potential in country. This, coupled with a difficult licencing regime in comparison to other areas, has meant that the country has not needed to amend or revisit the tax regime. Consequently, the outlook remains Neutral.

Tax regime

Concession

Commentary Concession fiscal regime with royalty, corporate income tax and an additional profits tax. The State-owned Barbados National Oil Company (BNOC) is guaranteed a maximum share of 25% in any license so long as it chooses to do so prior to the exploration license being awarded. The State’s interest is carried until a declaration of commerciality.

Country Basics Region

Caribbean

Location

Caribbean, island in the North Atlantic Ocean, northeast of Venezuela.

Overview

Source:

Barbados is the largest economy in the Eastern Caribbean. The Barbados Economic Recovery and Transformation (BERT) program aims to decrease the debt to GDP ratio, strengthen the balance of payments, and stimulate growth in the economy. While the government met its IMF targets, the program dampened income and spending power due to public sector layoffs, the introduction of new indirect taxes, and a decline in the construction sector.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

284


Benin Investment & Operational Criteria OGA Rating

B±(¹)

Updated: 2Q 2020

Summary

The O&G sector remains open to smaller E&P participants as the region is largely overlooked by the majors. Stable fiscal regime allows for confidence in long term investment, however, there is no Stability Provision in the standard form PSC. All of these factors lead to a Outlook Neutral.

Tax regime

PSC/PSA

Commentary The tax and legal regime applicable to oil companies operating in Benin depends on the date on which the petroleum contract was signed. Petroleum contracts signed with the Beninese Authorities before 17 October 2006 are governed by the Petroleum Code dated 13 April 1973

Country Basics Region

Africa - West

Location

Western Africa, bordering the Bight of Benin, between Nigeria and Togo.

Overview

Source:

Benin’s overall macroeconomic conditions were positive in 2019. According to IMF estimates, GDP growth increased from 6.7% in 2018 to 6.9% in 2019. The COVID-19 pandemic and Nigeria’s partial closure of its borders beginning in August 2019 are expected to slow GDP growth to 3.2% in 2020. Port activity and the cotton sector are the largest drivers of economic growth. Telecommunications, agriculture, energy, cement production, and construction are other significant components of the economy. Benin also has a large informal sector. The country’s GDP is roughly 51.1% services, 26.1% agriculture, and 22.8% manufacturing.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

285


Brazil Investment & Operational Criteria OGA Rating

BBB-(e)

Updated: 2Q 2020

Summary

Difficulty in maintaining confidence in the government continues to be the single largest drag on investment, and while large project justify the risks, the combination of risks to smaller companies and Outlook Negative remains a drain on valuations.

Tax regime

Multiple (PSC/Concession)

Commentary The Brazilian fiscal regime that applies to the oil and gas industry consists of corporate income tax (CIT) and Government and third-party takes. Government and third-party takes vary depending on the type of contract.

Country Basics Region

Americas - South

Location

Eastern South America, bordering the Atlantic Ocean.

Overview

Source:

President Bolsonaro took office on January 1, 2019, following the interim presidency by President Michel Temer, who had assumed office after the impeachment of former President Dilma Rousseff in August 2016. Temer’s administration pursued corrective macroeconomic policies to stabilize the economy, such as a landmark federal spending cap in December 2016 and a package of labour market reforms in 2017. President Bolsonaro’s economic team pledged to continue pushing reforms needed to help control costs of Brazil’s pension system, and has made that issue its top economic priority. Further reforms are also planned to simplify Brazil’s complex tax system. In addition to current economic difficulties, since 2014, Brazil’s anti-corruption oversight bodies have been investigating allegations of widespread corruption that have moved beyond state-owned energy firm Petrobras and a number of private construction companies to include companies in other economic sectors.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

286


Cambodia Investment & Operational Criteria OGA Rating

D±(e)

Updated: 3Q 2020

Summary

While the fiscal regime remains one of the more simple, and easier to navigate, there is a concern that the limited O&G production will be squeezed for more revenue. Nevertheless, this is reflected in the higher discount rate, but Outlook Neutral.

Tax regime

Multiple (PSC/Concession)

Commentary In Cambodia, the oil and gas fiscal regime is classified as the Real Regime System of Taxation (a self-assessment system). An additional tax on excess income also applies and this tax is based on an excess accumulated income to accumulated expense ratio

Country Basics Region

Asia - South East

Location

South eastern Asia, bordering the Gulf of Thailand, between Thailand, Vietnam, and Laos.

Overview

Source:

Cambodia has an open and liberal foreign investment regime and actively courts FDI. The primary law governing investment is the 1994 Law on Investment. The government permits 100% foreign ownership of companies in most sectors. In a few sectors, such as cigarette manufacturing, movie production, rice milling, gemstone mining and processing, publishing and printing, radio and television, wood and stone carving production, and silk weaving, foreign investment is subject to local equity participation or prior authorization from authorities. There is little or no discrimination against foreign investors either at the time of initial investment or after investment. Some foreign businesses, however, have reported that they are at disadvantaged vis-a-vis Cambodian or other foreign rivals that engage in acts of corruption or tax evasion or take advantage of Cambodia’s poor regulatory enforcement.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

287


Cameroon Investment & Operational Criteria OGA Rating

DDD±(³)

Updated: 3Q 2020

Summary

SNH is approachable and willing to work with all sizes of participant to generate interest in its O&G sector. The fiscal terms have been stable for a period and are not expected to change in the near term, hence our Outlook Neutral.

Tax regime

PSC/PSA

Commentary Cameroon’s fiscal regime applicable to the upstream petroleum industry consists of Cameroon’s General Tax Code, the Cameroon Petroleum Code and individual PSCs or concession agreements. Cost recovery varies between 6070%. Production remaining after cost recovery is divided between the NOC (SNH) and the contractor on a sliding scale, linked to the “R” Factor. The contractor is also liable for corporate income tax, and a range of bonuses, rentals and fees are payable.

Country Basics Region

Africa - West

Location

Central Africa, bordering the Bight of Biafra, between Equatorial Guinea and Nigeria.

Overview

Source:

Cameroon continues to implement an Extended Credit Facility from the IMF but has fallen behind on most of the reforms outlined in the agreement. In May, the IMF approved the disbursement of a $226mm Rapid Credit Facility to support the “urgent balance of payment needs” stemming from the COVID-19 crisis. There is a heightened threat of kidnap to western nationals in the north of Cameroon, including in the major cities and along the border between the Far North region and Nigeria. Boko Haram has publicly threatened Cameroon with attacks and further kidnappings due to Cameroon’s involvement in the regional fight to counter Boko Haram.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

288


Canada Investment & Operational Criteria OGA Rating

AAA-(e)

Updated: 3Q 2020

Summary

While generally a benign operating environment for O&G investment, recent changes to the tax regime and approach to the O&G sector creates a belief that the government is hostile to oil & gas. Consequently, Canada has an elevated risk premium and a Outlook Negative.

Tax regime

Concession

Commentary Concession-based fiscal regime. Signature bonuses are payable and are used as the basis of awarding leases. The contractor pays royalty on both oil and gas production, and federal and provincial income taxes.

Country Basics Region

Americas - North

Location

Northern North America, bordering the North Atlantic Ocean on the east, North Pacific Ocean on the west, and the Arctic Ocean on the north, north of the conterminous US. Overview

Source:

The full impact of COVID-19 on Canada’s economy is yet to be seen. Private sector analysts predict Canada’s GDP will shrink between 1 and 6% in 2020. IMF’s April 2020 World Economic Outlook forecasts Canada’s annual GDP in 2020 will contract by 6.2%. A majority of small- and medium-sized enterprises are responding to steep declines in sales and mandated closures with layoffs, with more than 44% indicating on April 14 they might not survive should business restrictions remain in place until the end of May. Despite a rapidly changing business environment, borders and supply chains are functioning well.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

289


Chad Investment & Operational Criteria OGA Rating

CC-(¹)

Updated: 2Q 2020

Summary

Despite a period of calm, there continues to be a feeling of unrest in the country, hence higher than average discount rate. Presidential elections in 2016 were accompanied by unrest, and with the country vulnerable to fluctuations in the commodity cycle, we are concerned that the government will raise revenue from squeezing the O&G sector. Outlook Negative.

Tax regime

PSC/PSA

Commentary Under this regime, the contractor undertakes petroleum activities on behalf of the State but at the contractor’s sole and full risk. The contractor is not entitled to be granted a mining title. Exploration operations are undertaken following exclusive exploration authorisation granted to the contractor for a maximum period of five years, renewable once for three years. The exclusive exploration authorization provides exclusive rights to undertake exploration activities within the contractual zone. In a case of a commercial discovery, an exclusive exploitation authorization for a maximum period of 25 years that is renewable once for 10 years.

Country Basics Region

Africa - Central

Location

Central Africa, south of Libya.

Overview

Source:

Chad is Africa’s fifth largest country by geographic/surface area, encompassing three agro-climatic zones. Chad is landlocked, bordering Libya to the north, Sudan to the east, Central African Republic (CAR) to the south, and Cameroon, Nigeria, and Niger to the west (with which it shares Lake Chad). The nearest port – Douala, Cameroon – is 1,700 km from the capital, N’Djamena. Chad is one of six countries that constitute the Central African Economic and Monetary Community (CEMAC), a common market. Chad’s human development is one of the lowest in the world according to the UN Human Development Index (HDI), and poverty afflicts a large proportion of the population.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

290


Chile Investment & Operational Criteria OGA Rating

A±(e)

Updated: 3Q 2020

Summary

Chile remains a lucrative country in which to operate, and with limited O&G exposure, there is unlikely to be any significant changes to the current fiscal regime. Consequently, our Outlook is Neutral. However, the overall risk remains high due to the political situation.

Tax regime

Concession

Commentary As a general rule, the oil and gas industry is subject to the same general tax regime and tax regulations as any other industry in Chile. However, Chile’s Political Constitution, the exploration, exploitation or benefits arising from deposits or oil fields that contain substances that are not freely traded may be carried out by means of administrative concessions or through special operating contracts or agreements.

Country Basics Region

Americas - South

Location

Southern South America, bordering the South Pacific Ocean, between Argentina and Peru. Overview

Source:

As the seventh largest economy in the Western Hemisphere, Chile has historically enjoyed levels of stability and prosperity among the highest in the region. In October 2019, widespread civil unrest broke out in Chile in response to perceived systemic economic inequality, which had a significant impact on Chile’s economy. Pursuant to a political accord in response to the civil unrest, Chile plans to hold a plebiscite in October 2020 on whether or not to draft a new constitution. Chile’s solid macroeconomic policy framework has provided the fiscal space to respond to the economic effects of the social unrest and the COVID-19 pandemic through an economic stimulus package of about USD16.75 billion, which is expected to increase the fiscal deficit to 8% in 2020. Chile boasts one of the strongest sovereign bond ratings in Latin America. The country’s economy grew 1.1% in 2019, and the Chilean Central Bank forecasts Chile’s economic growth in 2020 will be in the range of -1.5 to -2.5% due to the impact of the COVID-19 pandemic.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

291


China Investment & Operational Criteria OGA Rating

AAA+(e)

Updated: 4Q 2020

Summary

While the PSC regime is generally adhered to, there has been concern in the past over the variability of the application of legal principals. However, we believe that the general operating environment is improving, hence our Outlook Positive.

Tax regime

PSC/PSA

Commentary Complex Production Sharing Contract ("PSC")-based fiscal regime. State companies have the right to take up to 53% working interest in any commercial development, carried through exploration phase with no reimbursement for exploration expenses. Under certain onshore contracts, the contractor is solely responsible for all pilot phase and production phase development costs.

Country Basics Region

Asia - South East

Location

Eastern Asia, bordering the East China Sea, Korea Bay, Yellow Sea, and South China Sea, between North Korea and Vietnam. Overview

Source:

While China has started to open up its economy in some areas, there are restrictions on the extent to which foreign companies can operate in large areas of the economy. Personal relationship networks can exercise significant influence. There is a widely held perception that local companies may also enjoy greater political protection, including from local courts. While Chinese pronouncements of greater market access and fair treatment of foreign investment are welcome, details and effective implementation are needed to improve the investment environment and restore investors’ confidence.  As China’s economic growth continues to slow, officially declining to 6.1% in 2019 – the slowest growth rate in nearly three decades – China needs to deepen its economic reforms and implementation.  Moreover, the emergence of the Coronavirus (COVID-19) pandemic in Wuhan, China in December 2019, will place further strain on China’s economic growth and global supply chains.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

292


Colombia Investment & Operational Criteria OGA Rating

B±(¹)

Updated: 1Q 2020

Summary

The operating environment is relatively stable, with continuing improvement in the tax regime, aimed at promoting investment.

Tax regime

Concession

Commentary The current Concession Contract model was introduced in 2004 and replaced the 30 year old Ecopetrol Association Contract model. The new contracts are based on a royalty system with fundamental differences from the previous Association Contract in use in Colombia. In 2018, the ANH launched the Permanent Process of Allocation of Areas, which will allow the interested companies to request areas for exploration and production of hydrocarbons continuously, eliminating the need for carrying out bidding procedures for the allocation of areas. Under this process, the interested companies will send their proposal to the ANH, which will then make public the proposal inviting third parties to participate and bid for the allocation.

Country Basics Region

Americas - South

Location

Northern South America, bordering the Caribbean Sea and the North Pacific Ocean, between Ecuador, Panama, Venezuela. Overview

Source:

Security in Colombia has improved significantly in recent years, with kidnappings down from 10 cases daily in 2000 to 88 cases for all of 2019. Since the 2016 peace agreement between the government and the country’s largest terrorist organization, the Revolutionary Armed Forces of Colombia (FARC), Colombia has experienced a significant decrease in terrorist activity. Negotiations between the National Liberation Army (ELN), another terrorist organization, and the government have stalled, and the ELN continues its attacks on energy infrastructure and security forces. The ELN is one of several powerful narcocriminal operations that poses a threat to commercial activity and investment, especially in rural zones outside of government control.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

293


Côte d'Ivoire Investment & Operational Criteria OGA Rating

CCC-(¹)

Updated: 2Q 2020

Summary

Following periods of political instability in Cote d’Ivoire, measures have been taken by the government to encourage hydrocarbon investments. However, given the increased interest shown by operators in countries along the Atlantic margin, the potential exists for the government to tighten the fiscal terms.

Tax regime

PSC/PSA

Commentary Companies operating in Côte d'Ivoire do so under a relatively simple PSC system, the structure of which includes bonuses, cost oil/gas available for the recovery of operating and capital costs as a fixed % of production, and profit oil/gas divided between the investor and the government on a sliding scale basis linked to either production shares or to an 'R Factor'. Profit share splits are negotiable; negotiated terms vary but generally reflect the level of expenditure and risk involved. Income taxes are paid by the State on the contractors behalf.

Country Basics Region

Africa - West

Location

Western Africa, bordering the North Atlantic Ocean, between Ghana and Liberia.

Overview

Source:

Emerging from a decade of political unrest, Côte d’Ivoire is contributing significantly to the economic development of the West African region due to its geographic location, diverse economy, and infrastructure network. Côte d’Ivoire is the largest economy in the West African Economic and Monetary Union – WAEMU (also known by its French acronym, UEMOA) and the third largest in the Economic Community of West Africa States – ECOWAS (also known by its French acronym, CEDEAO) and accounts for more than 30% of the 8-member bloc’s GDP. The economy has benefitted from prudent fiscal policies, monetary stability, rising public spending and structural reforms aimed at improving the business climate and encouraging public-private partnership.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

294


Croatia Investment & Operational Criteria OGA Rating

A+(e)

Updated: 3Q 2020

Summary

Croatia has lagged the rest of Europe for O&G investment, but its reforms to the O&G code are attracting investment. Despite indifference in the past, we have a positive outlook due to the drive to attract investment.

Tax regime

Multiple (PSC/Concession)

Commentary The fiscal system is based on PSCs (offshore) and concessions (onshore). Croatia has a model PSC for both onshore and offshore blocks, prepared in time for the first international bidding round launched in 2014. Some provisions addressing the specifics of petroleum operations are still evolving.

Country Basics Region

Europe - East

Location

South eastern Europe, bordering the Adriatic Sea, between Bosnia and Herzegovina and Slovenia. Overview

Source:

The government is willing to meet at senior levels with interested investors and to assist in resolving problems. Prime Minister Andrej Plenkovic is a former member of the European Parliament and has signalled his commitment to wideranging structural reforms in line with recommendations from the EU and global financial institutions. His government is working with the World Bank and other international institutions to improve the ease of doing business in Croatia and to attract investment. Relative strengths in the Croatian economy include low inflation, a stable exchange rate, and developed infrastructure. Historically, O&G has not been a prominent sector for the country.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

295


Cyprus Investment & Operational Criteria OGA Rating

D-(e)

Updated: 3Q 2020

Summary

Given the limited law relating to O&G and the world scale size of the prospects, we believe that while relatively benign currently, that the government will increase its take as it compares itself internationally.

Tax regime

Multiple (PSC/Concession)

Commentary There are currently no specific tax laws on hydrocarbon exploration and exploitation activities in Cyprus, and the general (corporate) tax laws in force are applicable. The definition of the terms “Cyprus Republic” and “permanent establishment” includes all activities relating to the exploration and exploitation within Cyprus territorial sea as well as within any area outside the territorial sea, including the contiguous zone, the exclusive economic zone and the continental shelf.

Country Basics Region

Middle East

Location

Middle East, island in the Mediterranean Sea, south of Turkey; note - Cyprus views itself as part of Europe; geopolitically, it can be classified as falling within Europe, the Middle East, or both. Overview

Source:

The Republic of Cyprus (RoC), which was established in 1960, is a full member of the EU and the Eurozone. The island remains divided since 1974, when a Greek-sponsored coup d’état was followed by an invasion of Turkish forces which occupied the northern one-third of the island. Efforts to resolve the problem and reunite the country have failed so far. The self-declared ‘Turkish Republic of Northern Cyprus’ (‘TRNC’) is not recognised by UK or the international community, except Turkey. Recent "sabre rattling" by the Turkish government has created a significant regional instability, and although both Greece and Turkey are members of NATO, tensions remain high.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

296


Denmark Investment & Operational Criteria OGA Rating

AAA§(e)

Updated: 1Q 2020

Summary

Denmark, while a high cost area, has maintained a stable fiscal environment, which remains competitive in comparison to its European peers.

Tax regime

Concession

Commentary Danish resident companies are subject to tax in accordance with a modified territoriality principle, which means that income and expenses from foreign permanent establishments (PEs) and real estate outside Denmark are not included in the income of a Danish resident company. The tax regime a consists of a combination of corporate income tax and hydrocarbon tax combined with a special hydrocarbon tax allowance. In general, companies engaged in oil and gas activities are subject to the generally applicable Danish tax rules applicable to Danish companies and branches, with the adjustments provided in the Hydrocarbon Tax Act and the Hydrocarbon Tax Assessment and Collection Act.

Country Basics Region

Europe - West

Location

Northern Europe, bordering the Baltic Sea and the North Sea, on a peninsula north of Germany (Jutland); also includes several major islands (Sjaelland, Fyn, and Bornholm). Overview

Source:

Denmark is regarded by many independent observers as one of the world’s most attractive business environments and is characterized by political, economic, and regulatory stability. It is a member of the European Union (EU) and Danish legislation and regulations conform to EU standards on virtually all issues. It maintains a fixed exchange rate policy, with the Danish Krone linked closely to the Euro. Denmark is a social welfare state with a thoroughly modern market economy, heavily driven by trade in goods and services. Exports account for about 55% of GDP. Economic conditions in its major trading partners – Germany, the United States, Sweden and the UK – have substantial impact on Danish national accounts.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

297


Democratic Republic of the Congo Investment & Operational Criteria OGA Rating

CCC±(¹)

Updated: 1Q 2020

Summary

While the Outlook is Neutral, the conflict in the area has eroded its investability. While things are improving, we feel there is significant progress yet to be made before our Rick Premia is reduced.

Tax regime

PSC/PSA

Commentary Usually, under the terms of a PSC and to the extent that oil is discovered by a company undertaking exploration and development activities in the DRC, the exploitation is made in the name of the DRC Government. If oil is not discovered, all the costs of exploration are assumed by the company.

Country Basics Region

Africa - West

Location

Central Africa, northeast of Angola.

Overview

Source:

The Democratic Republic of the Congo (DRC) is the second largest country in Africa and one of the richest in the world in terms of natural resources. With 80mm hectares (197mm acres) of arable land and 1,100 minerals and precious metals, the DRC has the resources to achieve prosperity for its people. Despite its potential, the DRC often cannot provide adequate security, infrastructure and health care to its estimated 84mm inhabitants, of which 75% live on less than two dollars a day. The accession of Felix Tshisekedi to the presidency in 2019 and his government’s commitment to attracting international and particularly U.S. investment have raised the hopes of the business community for greater openness and transparency. Overall, businesses in the DRC face numerous challenges, including poor infrastructure and a weak and corrupt bureaucracy. Armed groups remain active in the eastern part of the country, making for a fragile security situation that negatively affects the business environment. Reform of a non-transparent and often corrupt legal system is underway. While laws protecting investors are in effect, the court system is often very slow to make decisions or follow the law, allowing numerous investment disputes to last for years.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

298


Ecuador Investment & Operational Criteria OGA Rating

C-(¹)

Updated: 3Q 2020

Summary

Recent nationalisation continues to dog the Risk Premia, and with an increasingly hostile investment environment, we continue to maintain a Outlook Negative.

Tax regime

KSA/KSC

Commentary Under Ecuador’s current Participation Contract terms, the contractor is responsible for financing all operations. Production is shared between the State and the Contractor at a rate that is biddable item and usually varies with production levels. The contractor is liable to tax on its net profit. In 2006/2007 Ecuador introduced a Windfall Profits Tax, which currently takes 99% of revenue above a hurdle oil price (specified in each contract). The tax has been introduced as part of the government’s campaign to force participation contractors to replace their concessions with new service contracts.

Country Basics Region

Americas - South

Location

Western South America, bordering the Pacific Ocean at the Equator, between Colombia and Peru. Overview

Source:

The Government of Ecuador under President Moreno has taken a distinct path from the policies of his predecessor, focusing on reducing the size of the public sector and its influence on the economy and seeking instead private sector investment to drive economic growth. Facing serious budget deficits, the Moreno Administration is rationalizing the size of government, merging ministries, and planning a reduction in the number of state-owned enterprises. Other cost cutting measures include reducing fuel subsidies and mandatory reductions in the number of public employees. Nevertheless, Ecuador has significant a public sector, and Moreno has committed to continue government spending on social welfare programs, funded by 3 year, $10.2bn IMF loan, received in March 2019. Under this programme, the government undertakes to correct fiscal imbalances and to improve transparency and efficiency in public finance. While the March 2019 IMF program has been cancelled, the Moreno administration has opened negotiations with the IMF for a new agreement, expected to be reached in August 2020.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

299


Egypt Investment & Operational Criteria OGA Rating

A±(e)

Updated: 3Q 2020

Summary

EGPC has implemented a number of changes in the management of operator payments, such that there has been a improvement in the situation. However, there is still a feeling that as there is no mechanism for automatic payments for crude lifted, and that payment is still subject to whimsy.

Tax regime

PSC/PSA

Commentary Oil and gas exploration and production companies operating in Egypt will be subject to the provisions of the Egyptian income tax law, except as otherwise provided in the concession agreement, where EGPC assumes liability for their respective payment.

Country Basics Region

Africa - North

Location

Northern Africa, bordering the Mediterranean Sea, between Libya and the Gaza Strip, and the Red Sea north of Sudan, and includes the Asian Sinai Peninsula. Overview

Source:

The Egyptian government continues to make progress on economic reforms, and while many challenges remain, Egypt’s investment climate is improving. The country has undertaken a number of structural reforms since the flotation of the Egyptian Pound (EGP) in November 2016, and after a strong track record of successfully completing a three-year, $12bn International Monetary Fund (IMF)backed economic reform program, Egypt was one of the fastest growing emerging markets prior to the COVID-19 outbreak. Increased investor confidence and the reactivation of Egypt’s interbank foreign exchange (FX) market have attracted foreign portfolio investment and grown foreign reserves. The Government of Egypt (GoE) also understands that attracting foreign direct investment (FDI) is key to addressing many of its economic challenges and has stated its intention to create a more conducive environment for FDI.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

300


Equatorial Guinea Investment & Operational Criteria OGA Rating

BB±(e)

Updated: 4Q 2020

Summary

Concerns over the recent charges of corruption have provided significant headwinds, and although the Risk Premia remains high, the Outlook is Neutral, as we believe that the country is addressing its issues.

Tax regime

PSC/PSA

Commentary The main type of oil contract in Equatorial Guinea is a PSC. The contract is concluded either by international public invitation to tender in order to guarantee competition between the potential contractors or by direct adjudication. Each contract comes into force only after it has been ratified by the President of the Republic and on the date of the delivery to the contractor of a written notice of this ratification.

Country Basics Region

Africa - West

Location

Central Africa, bordering the Bight of Biafra, between Cameroon and Gabon.

Overview

Source:

The Government of the Republic of Equatorial Guinea has worked with international partners, including the World Bank and IMF, since March 2014 to analyse ways to improve the business climate. The government implemented some recommendations, launched a one-stop shop for investors and entrepreneurs in January 2019 and instituted certain tax exemptions and other incentives to attract investment. Nevertheless, in country investors have reported that past commercial disputes have involved delayed payment, or non-payment, by the Government of the Republic of Equatorial Guinea to foreign firms for delivered goods and services; and that certain companies exited the country with millions in unpaid bills. Some claim that much work remains, especially on diversifying the economy and improving healthcare and education.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

301


Falkland Islands Investment & Operational Criteria OGA Rating

D±(e)

Updated: 2Q 2020

Summary

Issues between operators and government officials remain outstanding, but there appears to be, currently at least, an open dialogue between the two. While modest in its risk weighting, the outlook remains dominated by the concern that once production is underway, that further changes me be retrospectively applied.

Tax regime

Concession

Commentary Simple Concession-based fiscal regime, with only royalty and corporate income tax payable.

Country Basics Region

Americas - South

Location

Southern South America, islands in the South Atlantic Ocean, about 500 km east of southern Argentina. Overview

Source:

Before the Falklands War, sheep-farming was the Falkland Islands' only industry. Since the late 1980s, when two species of squid popular with consumers were discovered in substantial numbers near the Falklands, fishing has become the largest part of the economy. On 14 September 2011, Rockhopper Exploration announced plans under way for oil production to commence in 2016, through the use of Floating production storage and offloading (FPSO) technology, replicating the methodology used on the Foinaven field off the Shetland Islands. The production site will require approximately 110 people working offshore and another 40 working onshore. In response to renewed calls from Argentina for Britain to relinquish control of the islands, a referendum was held in March 2013, which resulted in 99.8% of the population voting to remain a part of the UK.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

302


Faroe Islands Investment & Operational Criteria OGA Rating

D§(e)

Updated: 4Q 2020

Summary

Few changes have been discussed with the Faroese government, and the lack of viable new developments has not precipitated any planned change in the fiscal regime.

Tax regime

Concession

Commentary Concession fiscal regime with royalty, corporate income tax and an additional profits tax (Special Petroleum Tax) which varies with project profitability

Country Basics Region

Europe - West

Location

Northern Europe, island group between the Norwegian Sea and the North Atlantic Ocean, about halfway between Iceland and Norway. Overview

Source:

The islands have been connected politically to Denmark since the 14C. A high degree of self-government was granted the Faroese in 1948, who have autonomy over most internal affairs while Denmark is responsible for justice, defence, and foreign affairs. The Faroe Islands are not part of the European Union.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

303


France Investment & Operational Criteria OGA Rating

A-(e)

Updated: 3Q 2020

Summary

While the country’s Outlook continues to strengthen, we believe that the government is hostile to O&G and as such rates lowly in our risk assessment. We do not see this changing any time soon, not until at least its first hydrocarbon energy shock. Given the animosity towards business in general and O&G in particular, we have France on Outlook Negative.

Tax regime

Concession

Commentary Simple Concession fiscal regime, with royalty, corporate income tax and some local taxes. Royalty rates and local taxes vary with production rates and the vintage of the field development. Offshore fields are exempt from royalty and local taxes

Country Basics Region

Europe - West

Location

Western Europe, bordering the Bay of Biscay and English Channel, between Belgium and Spain, southeast of the UK; bordering the Mediterranean Sea, between Italy and Spain. Overview

Source:

France welcomes foreign investment and has a stable business climate that attracts investors from around the world. The French government devotes significant resources to attracting foreign investment through policy incentives, marketing, overseas trade promotion offices, and investor support mechanisms. France has an educated population, first-rate universities, and a talented workforce. It has a modern business culture, sophisticated financial markets, a strong intellectual property rights regime, and innovative business leaders. Following the election of French President Emmanuel Macron in May 2017, the French government implemented significant labour market and tax reforms. By relaxing the rules on companies to hire and fire employees and by offering investment incentives, Macron has buoyed ease of doing business in France. However, Macron will likely delay or abandon the second phase of his envisioned reforms for unemployment benefits and pensions due to more pressing concerns related to the COVID-19 crisis.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

304


French Guiana Investment & Operational Criteria OGA Rating

D§(e)

Updated: 3Q 2020

Summary

While French Guiana is viewed as an overseas department of France, we believe that the country has a different Outlook on O&G exploration from France. Nevertheless, as the French Government retains control of many of the laws, we carry a similar risk to that of mainland France.

Tax regime

Concession

Commentary French Guiana’s upstream fiscal system is a very simple Concession regime, with only royalty (for onshore fields only) and corporate income tax payable.

Country Basics Region

Americas - South

Location

Northern South America, bordering the North Atlantic Ocean, between Brazil and Suriname. Overview

Source:

In the early 21st century, five French overseas entities - French Guiana, Guadeloupe, Martinique, Mayotte, and Reunion - became French regions and were made part of France for all political and foreign matters.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

305


Gabon Investment & Operational Criteria OGA Rating

BB±(e)

Updated: 2Q 2020

Summary

The recent coup attempt, while having minimal impact, underlines the current instability. Nevertheless, the country remains open to HC investment, creating a positive environment for investment.

Tax regime

Multiple (PSC/Concession)

Commentary Both concession and production sharing ("PSC") fiscal terms exist in Gabon. Older fields (pre-1977) operate under the terms of a concession agreement whereby only royalty and corporation tax is paid; these terms are still valid, where those fields are still producing. However, recent and future awards are taxed under PSC terms, first introduced in 1977. Incentives for deep-water developments exist through higher cost recovery ceilings and profit oil splits.

Country Basics Region

Africa - West

Location

Central Africa, bordering the Atlantic Ocean at the Equator, between Republic of the Congo and Equatorial Guinea. Overview

Source:

Gabon is a historically stable country located in a volatile region of the world and has significant economic advantages: a small population (roughly 2mm), an abundance of natural resources, and a strategic location along the Gulf of Guinea. After taking office in 2009, President Ali Bongo Ondimba introduced reforms to diversify Gabon’s economy away from oil and from traditional investment partners and to position Gabon as an emerging economy. Gabon promotes foreign investment across a range of sectors, particularly in the oil and gas, infrastructure, timber, ecotourism, and mining sectors. Despite these efforts, Gabon’s economy remains dependent on revenue generated by the exportation of hydrocarbons. In order to attract new investment into the country, Gabon adopted a new hydrocarbon code and a new Mining code in July, 2019. These laws will provide a modernised basis for the legal, institutional, technical, economic, customs and tax regimes of the Gabonese hydrocarbons and mining sector. Corruption and lack of transparency remain an impediment to investment. The Gabonese government inconsistently applies customs regulations.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

306


Georgia Investment & Operational Criteria OGA Rating

AA±(e)

Updated: 2Q 2020

Summary

Our key issues for the country surround the integrity of the government and the concern that the rule of law is not universally applied. While the country has made considerable strides in regularising the application of hydrocarbon law, there is a concern that its application is still politically motivated.

Tax regime

PSC/PSA

Commentary Early agreements in Georgia were Joint Ventures under royalty/tax fiscal terms, but all contracts are now Production Sharing Contracts (PSCs). Existing PSC terms and conditions, in particular, profit splits, vary from contract to contract depending on when and how they were negotiated. Under the terms of the PSC, costs are recovered and profits allocated on a conventional fixed production sharing basis. In recent contracts, the only Government take is through the profit split calculation, as taxes are generally paid by the Georgian Oil and Gas Corporation (“GOGC”) through its share of profit oil.

Country Basics Region

Former Soviet Union

Location

Between Turkey and Russia, with a sliver of land north of the Caucasus extending into Europe. Overview

Source:

The Georgian government’s “Georgia 2020” economic strategy, initially published in 2014, outlines economic policy priorities. It stresses the government’s commitment to business-friendly policies, such as low taxes, but also pledges to invest in human capital and to strive for inclusive growth across the country. The strategy also emphasizes Georgia’s geographic potential as a trade and logistics hub along the New Silk Road linking Asia and Europe via the Caucasus. Overall, business and investment conditions are sound. However, some companies have expressed an increasing lack of confidence in the judicial sector’s ability to adjudicate commercial cases independently or in a timely, competent manner, with some business dispute cases languishing in the court system for years.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

307


Germany Investment & Operational Criteria OGA Rating

AA-(e)

Updated: 4Q 2020

Summary

Germany continues to rely increasingly on imported gas, yet fails to support any growth in domestic production. Consequently, we believe that the country remains as high a risk for O&G investment as France.

Tax regime

Concession

Commentary In principle, there is no special taxation regime applicable to the oil and gas industry in Germany. Oil and gas companies are subject to the general accounting and taxation principles, i.e., they are subject to corporate income tax, solidarity surcharge and trade tax. In addition to that, oil and gas companies are subject to royalties for the exploration of oil and gas in Germany. Germany does not impose signature or production bonuses, and there are no state participation arrangements.

Country Basics Region

Europe - West

Location

Central Europe, bordering the Baltic Sea and the North Sea, between the Netherlands and Poland, south of Denmark. Overview

Source:

The German government continues to strengthen provisions for national security screening inward investment in reaction to an increasing number of high-risk acquisitions of German companies by foreign investors in recent years, particularly from China. In 2018, the government lowered the threshold for the screening of investments, allowing authorities to screen acquisitions by foreign entities of at least 10 percent of voting rights of German companies that operate or provide services related to critical infrastructure. German legal, regulatory, and accounting systems can be complex and burdensome but are generally transparent and consistent with developedmarket norms, operating in a well regulated, albeit high cost, environment. Foreign investors can rely on the German legal system to enforce laws and contracts; at the same time, this system requires investors to closely track their legal obligations.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

308


Ghana Investment & Operational Criteria OGA Rating

BBB§(e)

Updated: 1Q 2021

Summary

Following the significant Jubilee discovery, the Ghanaian government has continued to make changes to petroleum agreements with investors. With the increased interest shown by operators in investing in the country, the potential still exists for fiscal changes to become tougher in the near term.

Tax regime

PSC/PSA

Commentary All licences in Ghana are governed by concession terms. The main elements are royalty, income tax and an additional profits tax (called Additional Oil Entitlement, or AOE) which is based on rates of return. Specific terms exists for deep-water developments, with lower royalty and AOE rates.

Country Basics Region

Africa - West

Location

Western Africa, bordering the Gulf of Guinea, between Cote d'Ivoire and Togo.

Overview

Source:

As a result of occasional local Chieftaincy, land disputes and political tension, isolated inter-ethnic violence and civil unrest can occur at any time; specifically but not exclusively in the Greater Accra, Northern, Savannah, North East, Oti and Volta Regions. Localised outbreaks of civil unrest can occur at short notice, and can become violent (sometimes involving weapons). Travel in the Upper West or Upper East regions of Ghana can be problematic, due to unrest in its neighbouring countries as there is often no physical barriers along Ghana’s borders, and so the security situation in border areas can change quickly.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

309


Guyana Investment & Operational Criteria OGA Rating

D±(e)

Updated: 4Q 2020

Summary

The recent successes in Suriname and Guyana, in particular, has meant that this region remains remain top of peoples’ agendas. The significant gestation period experienced in this region, there is perhaps excitement than would otherwise be expected because of the significant amount of shared data that already exists amongst participants.

Tax regime

PSC/PSA

Commentary Guyana has a relatively simple form of Production Sharing Contract ("PSC") fiscal regime. Cost recovery ceilings and profit oil splits are fixed. Royalty and corporate income tax are paid on the contractors behalf by the government. No bonuses, rentals or fees are payable.

Country Basics Region

Americas - South

Location

Northern South America, bordering the North Atlantic Ocean, between Suriname and Venezuela. Overview

Source:

With the advent of first oil, the Guyanese economy is poised to become one of the best performing economies in the Western Hemisphere with an optimistic projected GDP growth rate in 2020 exceeding 50 percent. In response to COVID-19, the Bank of Guyana anticipated a 10 percent contraction in non-oil sectors for 2020. Guyana’s economy is driven primarily by commodities such as gold, bauxite, rice, and sugar. The United States was Guyana’s largest trading partner in 2019. Guyana’s medium-term prospects remain positive with the discovery of vast oil reserves in Guyana’s waters that will provide decades of substantial oil revenues. The Government of Guyana (GoG) created a sovereign wealth fund for the oil revenues and plans to spend most of the near-term revenue on education, health, and infrastructure.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

310


India Investment & Operational Criteria OGA Rating

BBB-(e)

Updated: 3Q 2020

Summary

India has faced significant headwinds in attracting investment, due mostly to the highly regulated pricing regime and lethargic regulatory regime.

Tax regime

Multiple (PSC/Concession)

Commentary India has a hybrid system of production sharing contracts (PSCs) containing elements of royalty, as well as sharing of production with the Government.

Country Basics Region

Asia - South West

Location

Southern Asia, bordering the Arabian Sea and the Bay of Bengal, between Myanmar and Pakistan. Overview

Source:

Prior to the onset of the COVID-19 pandemic, the International Monetary Fund had reduced its growth prediction for FY 2020 to 4.8 percent from a previous estimate of 6.1 percent. The slowing growth reflected a sharp decline in private sector consumption and reduced activity in manufacturing, agriculture, and construction. The stock of foreign direct investment (FDI) in India has declined a full percentage point over the last six years according to data from the Department for Promotion of Industry and Internal Trade (DPIIT). This mirrors a similar drop in Indian private investment during the same period.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

311


Indonesia Investment & Operational Criteria OGA Rating

B§(¹)

Updated: 2Q 2020

Summary

Indonesia has continued to recover from a period of underinvestment, but more needs to be done to improve transparency to attract more investment.

Tax regime

PSC/PSA

Commentary The fiscal regime applicable to oil and gas companies consists of production sharing contracts (PSCs) that are entered into between contractors and the executive body for oil and gas upstream activities on behalf of the Indonesian Government.

Country Basics Region

Asia - Pacific

Location

South eastern Asia, archipelago between the Indian Ocean and the Pacific Ocean.

Overview

Source:

Since 2014, the Indonesian government under President Joko (“Jokowi”) Widodo, now in his second and final five-year term, has prioritized boosting infrastructure investment and human capital development to support Indonesia’s economic growth goals. As he began his second term in October 2019, Jokowi announced sweeping plans to pass omnibus laws aimed at improving Indonesia’s economic competitiveness by lowering corporate taxes, reforming rigid labour laws, and reducing bureaucratic and regulatory barriers to investment. However, with the fallout from the Covid-19 pandemic, the government shifted its focus to providing fiscal and monetary stimulus to support the economy. Regardless of the outcome of further reforms, factors such as a decentralized decision-making process, legal and regulatory uncertainty, economic nationalism, and powerful domestic vested interests in both the private and public sectors, create a complex investment climate. Despite recent limits placed on its authority, the Indonesian Corruption Eradication Commission (KPK) continues to investigate and prosecute corruption cases. However, investors still cite corruption as an obstacle to pursuing opportunities in Indonesia.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

312


Islamic Republic of Iran Investment & Operational Criteria OGA Rating

C-(¹)

Updated: 2Q 2020

Summary

Iran remains a difficult place to operate, not least because of US sanctions, which is not made any easier by the paucity within in the Ministry of Hydrocarbons.

Tax regime

KSA/KSC

Commentary The upstream fiscal regime currently applied in Iran is a service-type contract, referred to as an Iran Petroleum Contract (IPC) which replaces the former buyback contract. After the international sanctions relating to Iran relaxed in 2016, Iran is expecting to attract international investments in its petroleum sector and is developing a new contractual framework under which international investors will be able to participate in oil and gas projects. Final terms of the new framework are not yet available.

Country Basics Region

Middle East

Location

Middle East, bordering the Gulf of Oman, the Persian Gulf, and the Caspian Sea, between Iraq and Pakistan. Overview

Source:

The UN Security Council has passed a number of resolutions calling for Iran to suspend its uranium enrichment and reprocessing activities and comply with its IAEA obligations and responsibilities, and in July 2015 Iran and the five permanent members, plus Germany (P5+1) signed the Joint Comprehensive Plan of Action (JCPOA) under which Iran agreed to restrictions on its nuclear program in exchange for sanctions relief. Iran held elections in 2016 for the AOE and Majles, resulting in a conservativecontrolled AOE and a Majles that many Iranians perceive as more supportive of the Ruhani administration than the previous, conservative-dominated body. Ruhani was re-elected president in May 2017.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

313


Iraq Investment & Operational Criteria OGA Rating

DDD-(³)

Updated: 3Q 2020

Summary

Despite a significant amount of support, only Kurdistan has demonstrated growth in investment. By comparison, mainland Iraq, however, continues to underperform.

Tax regime

PSC/PSA

Commentary In Iraq, including the Kurdistan Region of Iraq (KRI), there are two main contract models used when engaging international oil companies (IOCs) for upstream oil and gas activities: (1) the service contract (which may be in one of three formats: Technical Service Contract (TSC); Development and Production Service Contract (DPSC); or Exploration, Development and Production Service Contract (EDPSC)) and (2) the production sharing contract ("PSC"). While the Iraqi federal government (FG) has been persistent in using the service contract model developed by the Iraqi Ministry of Oil (MoO) rather than the PSC model, the PSC model is the contract of choice for the official ruling body of the semiautonomous KRI in the north.

Country Basics Region

Middle East

Location

Middle East, bordering the Persian Gulf, between Iran and Kuwait.

Overview

Source:

The Government of Iraq (GOI) continues to face reconstruction challenges after the defeat of the ISIS physical caliphate, an uneven security environment, an economy primarily dependent on oil revenues, and deep institutional corruption. Widespread street protests that began October 2019 led to the resignation of then An uneven security environment, including the threat of resurgent extremist groups, remains an impediment to investment in many parts of the country. Other lingering effects of the fight against ISIS include major disruptions of key domestic and international trade routes and the destruction of economic infrastructure, especially in the ISIS-controlled territory in Mosul and parts of northern and western Iraq. However, the security situation varies throughout the country and is generally less problematic in the Iraqi Kurdistan Region (IKR).

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

314


Ireland Investment & Operational Criteria OGA Rating

AA§(e)

Updated: 3Q 2020

Summary

We believe that the Irish government’s approach to the promotion of Ireland's declining hydrocarbon industry is both measured and fair. While the recent vote and amendment on the Climate Emergency bill has provided some measure of relief for the country's O&G segment, that it came so close poses significant risks. Consequently, the outlook remains Uncertain.

Tax regime

Concession

Commentary Ireland’s O&G fiscal regime consists of a combination of corporation tax, a profit resource rent tax ("PRRT") and a petroleum production tax ("PPT"). PRRT is not deductible for corporation tax purposes and only applies only to exploration licenses and reserved area licenses awarded on or after 1 January 2007. PPT is deductible for corporation tax purposes and is not liable of licences that are subject to PRRT.

Country Basics Region

Europe - West

Location

Western Europe, occupying five-sixths of the island of Ireland in the North Atlantic Ocean, west of Great Britain. Overview

Source:

Ireland joined the European Community in 1973 and the euro-zone currency union in 1999. The economic boom years of the Celtic Tiger (1995-2007) saw rapid economic growth, which came to an abrupt end in 2008 with the meltdown of the Irish banking system. Today the economy is recovering, fuelled by large and growing foreign direct investment, especially from US multi-nationals.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

315


Israel Investment & Operational Criteria OGA Rating

B-(¹)

Updated: 2Q 2020

Summary

While initial receptive to external investment, the government has hampered progress over issues relating tax and access to exports.

Tax regime

Concession

Commentary Israel has an income tax regime that is applicable across all industries, and it has a windfall tax for oil and gas activities.

Country Basics Region

Middle East

Location

Middle East, bordering the Mediterranean Sea, between Egypt and Lebanon.

Overview

Source:

Israel has an entrepreneurial spirit and a creative, highly educated, skilled, and diverse workforce. Israel invests heavily in education and scientific research. Various Israeli government agencies, led by the Israel Innovation Authority, fund incubators for early stage technology start-ups, and Israel provides extensive support for new ideas and technologies while also seeking to develop traditional industries. With low inflation and fiscal deficits that have usually met targets, most analysts consider Israeli government economic policies as generally sound and supportive of growth. Incentives and benefits include grants, reduced tax rates, tax exemptions, and other tax-related benefits. The Israeli government generally continues to take slow, deliberate actions to remove some trade barriers and encourage capital investment, including foreign investment. The continued existence of trade barriers and monopolies, however, have contributed significantly to the high cost of living and the lack of competition in key sectors. The Israeli government maintains some protective trade policies, usually in favour of domestic producers.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

316


Italy Investment & Operational Criteria OGA Rating

BBB-(e)

Updated: 2Q 2020

Summary

Italy remains one of the most frustrating jurisdictions, as the positive effects of access to infrastructure, stable pricing environment and growing demand is offset by continued rises in tax take and a shambolic licencing and permitting regime. The Sustainable Energy Bill has set an 18-month moratorium on exploration, which will have significant knock-on consequences for the Country's ability to attract inward investment in to its hydrocarbon sector. In our opinion, however, the 2016 referendum on offshore drilling, which posed the question "when the concessions expire, that the drilling is stopped in Italian territorial waters, whether or not there is still gas or oil," remains the single most damaging piece of proposed legislation.

Tax regime

Concession

Commentary Italy operates a relatively simple Concession fiscal regime, with royalty and corporate income tax payable, together with regional income taxes for onshore operations. Licence terms and fiscal rates vary between regions in Italy, and offshore sectors, which can often be confusing. Royalty rates vary with location (onshore and offshore) and with oil and gas production rates, and are also slightly different onshore Sicily.

Country Basics Region

Europe - West

Location

Southern Europe, a peninsula extending into the central Mediterranean Sea, northeast of Tunisia. Overview

Source:

A democratic republic replaced the monarchy in 1946 and economic revival followed. Italy is a charter member of NATO and the European Economic Community (EEC) and its subsequent successors the EC and the EU. It has been at the forefront of European economic and political unification, joining the Economic and Monetary Union in 1999. Persistent problems include sluggish economic growth, high youth and female unemployment, organized crime, corruption, and economic disparities between southern Italy and the more prosperous north.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

317


Jamaica Investment & Operational Criteria OGA Rating

D±(e)

Updated: 2Q 2020

Summary

Exploration activities in Jamaica have occurred in two phases. The first between 1955 - 1973, undertaken done by private companies, while the second (1978 1982) was undertaken by the national oil company, the Petroleum Corporation of Jamaica ("PCJ"). Between 1955 and 1973, 7 exploratory wells were drilled, six of which were onshore. Immediately following on the establishment of the PCJ in 1979, the momentum of activity increased with the drilling of an additional 3 wells onshore and 1 offshore between 1980-1981. With advancements in the geological and geophysical sciences over the past two decades, Jamaica is being viewed as a frontier region and is likely to benefit from this reawakening of interest in frontier provinces inside the Caribbean. While limited in development to date, the presence of Tullow and United O&G remains a high spot. However, given the limited size of the upstream sector, the country has difficulty in attracting investment.

Tax regime

Multiple (PSC/Concession)

Commentary There has been little exploration or production in the country, has occurred in the country

Country Basics Region

Caribbean

Location

Caribbean, island in the Caribbean Sea, south of Cuba.

Overview

Source:

In 1958 it joined other British Caribbean colonies in forming the Federation of the West Indies. Jamaica withdrew from the Federation in 1961 and gained full independence in 1962. Deteriorating economic conditions during the 1970s led to recurrent violence as rival gangs affiliated with the major political parties evolved into powerful organized crime networks involved in international drug smuggling and money laundering. Violent crime, drug trafficking, and poverty pose significant challenges to the government today. Nonetheless, many rural and resort areas remain relatively safe and contribute substantially to the economy.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

318


Kazakhstan Investment & Operational Criteria OGA Rating

CCC-(¹)

Updated: 3Q 2020

Summary

Kazakh investment has stalled as the government has utilised the fiscal code as leverage over IOCs and independents alike.

Tax regime

Multiple (PSC/Concession)

Commentary Most contracts with foreign investors in Kazakhstan are currently governed by Concession (royalty/tax) terms. Vehicles for Concession operations include Kazakh joint stock companies (JSC), limited liability companies and general or limited partnerships. The latest model Concession terms took effect in January 2009. Typically the State will have a minimum of 50% interest in offshore contracts; the state interest varies for onshore projects, and ranges from zero to 100%.

Country Basics Region

Caspian

Location

Central Asia, northwest of China; a small portion west of the Ural (Zhayyq) River in easternmost Europe. Overview

Source:

Since its independence in 1991, Kazakhstan has made significant progress toward creating a market economy and has achieved considerable results in its efforts to attract foreign investment. While Kazakhstan’s hydrocarbon and mineral reserves remain the backbone of the economy, the government continues to make incremental progress toward its goal of diversifying the country’s economy by improving the investment climate. Kazakhstan’s efforts to remove bureaucratic barriers have been moderately successful. The government maintains an active dialogue with foreign investors, through the President’s Foreign Investors Council and the Prime Minister’s Council for Improvement of the Investment Climate.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

319


Kuwait Investment & Operational Criteria OGA Rating

BBB-(e)

Updated: 3Q 2020

Summary

Kuwait remans a close shop for independents, especially in the wake of the first Gulf War. The government does not seek external investment as it is adequately supported and funded by the IOCs.

Tax regime

Concession

Commentary There are no separate tax laws or regulations in Kuwait governing the oil and gas sector. Foreign (i.e. non-GCC members) companies are subject to the corporate income tax.

Country Basics Region

Middle East

Location

Middle East, bordering the Persian Gulf, between Iraq and Saudi Arabia.

Overview

Source:

Kuwait occupies a relatively small land mass, but possesses 6% of the world’s proven oil reserves and is a global top ten oil exporter. The economy is heavily dependent upon oil production and related industries, which are almost wholly owned and operated by the government. The energy sector accounts for more than half of GDP and close to 90 percent of government revenue. The fall in oil prices after OPEC+ failed to agree on production targets in 2019 greatly exacerbated Kuwait’s fiscal deficit. This was heightened by the onset of the COVID-19 pandemic, which resulted in dramatically reduced oil demand in the first and second quarters of 2020.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

320


Malaysia Investment & Operational Criteria OGA Rating

AA±(e)

Updated: 1Q 2020

Summary

Access to the Malaysian upstream segment is starting to open, but the complexity of the tax system still remains an obstacle to further involvement by independents.

Tax regime

PSC/PSA

Commentary All licences in Malaysia are governed by production sharing contracts (PSCs), of which there are four main vintages: (i) 1976 PSC Model, (ii) Post-1985 PSC Model (conventional areas), (iii) Post1993 PSC Model (deep-water areas), and (iv) Post-1996 PSC Model (Revenue/Cost Index). Malaysia’s PSC-based fiscal system is one of the most complex in the world.

Country Basics Region

Asia - South East

Location

South eastern Asia, peninsula bordering Thailand and northern one-third of the island of Borneo, bordering Indonesia, Brunei, and the South China Sea, south of Vietnam. Overview

Source:

Since an unexpected political transition in March, Malaysia’s new government under Prime Minister Muhyiddin Yassin has focused its attention on the unprecedented set of challenges facing Malaysia in 2020, including the COVID-19 pandemic and a sharp drop in global oil prices. In response to the economic damage wrought by COVID-19 restrictions, the Malaysian government has approved over $60bn in stimulus measures designed to protect Malaysian citizens and businesses, and has laid out plans to prioritize the country’s economic recovery following the lockdown period for the remainder of 2020 and into 2021. The Malaysian government has traditionally encouraged foreign direct investment (FDI), and the Prime Minister and many cabinet ministers have signalled their openness to foreign investment since taking office.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

321


Mauritania Investment & Operational Criteria OGA Rating

CCC±(¹)

Updated: 1Q 2020

Summary

The country remains a difficult place to undertake investment. While Chinguetti represents the last significant find for the region, the actions of the government retrospectively for what turned out to be a flop, remains a guide for future investment.

Tax regime

PSC/PSA

Commentary Production Sharing Contract ("PSC")-based fiscal regime. The State has the option to take 12% in any development licence, and to increase its equity when production exceeds a negotiated threshold. Signature bonuses and a range of production bonuses and other rentals are payable. There is no royalty; cost recovery ceilings are negotiable, whilst profit oil splits are biddable and are based upon production rates and water depth. The contractor is also liable for income tax.

Country Basics Region

Africa - West

Location

Western Africa, bordering the North Atlantic Ocean, between Senegal and Western Sahara.

Overview

Source:

The activities of Al-Qaeda in the Islamic Maghreb ("AQIM"), and similar groups, pose a severe security threat to Mauritanians and foreign visitors. AQIM launched a series of attacks in Mauritania between 2005 and 2011, murdering American and foreign tourists and aid workers, attacking diplomatic and government facilities, and ambushing Mauritanian soldiers and gendarmes. A successful strategy against terrorism that combines dialogue with the terrorists and military actions has prevented the country from further terrorist attacks since 2011.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

322


Mexico Investment & Operational Criteria OGA Rating

CCC±(¹)

Updated: 1Q 2020

Summary

While Mexico has made great strides in opening up the offshore, onshore remains a difficult place to operate, not only for ingrained attitudes towards independents, but also general working practices.

Tax regime

Multiple (PSC/Concession)

Commentary In December 2013, the Mexican Constitution was amended to loosen restrictions on the energy industry. These constitutional amendments represented a game changer for Mexico’s state-owned hydrocarbon resources, as the basis to expand the types and nature of hydrocarbon investment contract models with private investors.

Country Basics Region

Americas - North

Location

North America, bordering the Caribbean Sea and the Gulf of Mexico, between Belize and the United States and bordering the North Pacific Ocean, between Guatemala and the United States. Overview

Source:

Investors report regulatory changes, the shaky financial health of the state oil company Pemex, and a perceived weak fiscal response to the COVID-19 economic crisis have contributed to ongoing uncertainties. In the first quarter of 2020, the three major ratings agencies downgraded both Mexico’s sovereign and Pemex’s credit ratings. Most financial institutions, including the Bank of Mexico, have revised downward Mexico’s GDP growth expectations for 2020, ranging from -4.6 to -8.8 percent (Banxico consensus). Uncertainty about contract enforcement, insecurity, informality, and corruption also continue to hinder Mexican economic growth. These factors raise the cost of doing business in Mexico.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

323


Morocco Investment & Operational Criteria OGA Rating

AA+(e)

Updated: 2Q 2020

Summary

While the operating environment is broadly positive, we believe that the fact that persistent fiscal and current accounts deficits have not seen an increase in pressure on legislators to seek greater income from the hydrocarbon sector, means that our Outlook is Positive.

Tax regime

Concession

Commentary Relatively simple Concession-based fiscal regime. Royalty rates vary by location and oil/gas, with lower rates for deep-water (>200m) operations. In addition to corporate income tax there is an additional profits tax (the National Solidarity Levy). State-owned L’Office national des Hydrocarbures et des Mines ("ONHYM") has the option to participate in an exploration agreement or commercial discovery development for an equity stake of up to 25%.

Country Basics Region

Africa - North

Location

Northern Africa, bordering the North Atlantic Ocean and the Mediterranean Sea, between Algeria and Western Sahara. Overview

Source:

Morocco enjoys political stability, a geographically strategic location, and robust infrastructure, which have contributed to its emergence as a regional manufacturing and export base for international companies. Morocco actively encourages and facilitates foreign investment, particularly in export sectors like manufacturing – through dynamic macro-economic policies, trade liberalization, investment incentives, and structural reforms. Morocco’s overarching economic development plan seeks to transform the country into a regional business hub by leveraging its unique status as a multilingual, cosmopolitan nation situated at the tri-regional focal point of SubSaharan Africa, the Middle East, and Europe. The Government of Morocco implements strategies aimed at boosting employment, attracting foreign investment, and raising performance and output in key revenue-earning sectors, such as O&G.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

324


Mozambique Investment & Operational Criteria OGA Rating

DDD-(³)

Updated: 2Q 2020

Summary

The country's debt issue has continued to hamper investment, with a suspicion that the government might use tax code changes to generate additional revenue.

Tax regime

Multiple (PSC/Concession)

Commentary Relatively straight-forward Production Sharing Contract ("PSC") fiscal regime, with royalty (known as Petroleum Production Tax, or PPT) rates fixed, cost recovery negotiable and production sharing splits based on sliding scale mechanisms with project profitability (the R-Factor). The level of state participation, through the national oil company, ENH, is negotiated and on an ad hoc basis.

Country Basics Region

Africa - East

Location

South eastern Africa, bordering the Mozambique Channel, between South Africa and Tanzania. Overview

Source:

Mozambique stands on the cusp of transformative economic growth driven by the development of one the largest natural gas discoveries in the world, which is expected to deliver upwards of $60bn in investment to develop the associated LNG facilities. In June 2019, Anadarko made the FID on the first of two expected LNG megaprojects. However, nearly a year later, the LNG site (now run by Total) is the centre of Mozambique’s COVID-19 outbreak and the violent extremists in the surrounding province have grown in size and effectiveness, declaring themselves an affiliate of the Islamic State and conducting increased attacks throughout the province. Against this backdrop, ExxonMobil, the co-lead of the second major LNG project in northern Mozambique announced in April 2020 that it would delay FID on its project until at least 2021 due to the impact of the COVID-19 pandemic on global commodity prices.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

325


Myanmar Investment & Operational Criteria OGA Rating

DDD§(³)

Updated: 2Q 2020

Summary

While initially benefitting from the liberalisation of the country and the release of political prisoners, recent geopolitical tensions have made investment in Myanmar untenable, for the near term at least.

Tax regime

PSC/PSA

Commentary Companies are required to sign production sharing contracts (PSCs) with Myanmar Oil and Gas Enterprise (MOGE), which is a 100% state-owned enterprise under the Ministry of Electricity and Energy (MOEE), in order to undertake petroleum exploration and production activities in Myanmar. As the investment in the oil and gas business is capital-intensive, several foreign oil and gas companies sometimes jointly invest in the PSC, and the majority stakeholder acts as the “operator.”

Country Basics Region

Asia - South East

Location

South eastern Asia, bordering the Andaman Sea and the Bay of Bengal, between Bangladesh and Thailand. Overview

Source:

Myanmar’s economic reforms since 2011 have created opportunities for investment throughout the country. With a rich natural resource base, a young labour force, and prime geographic location, Myanmar has tremendous economic potential. Property rights for large plots of land for investment commonly are disputed because ownership is not well established, particularly following a half-century of military expropriations. It is not uncommon for foreign firms to face complaints from local communities about inadequate consultation and compensation regarding land.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

326


Namibia Investment & Operational Criteria OGA Rating

BBB±(e)

Updated: 3Q 2020

Summary

The majority of exploration activity has been focused offshore, which is currently facing a hiatus given the series of dry holes.

Tax regime

Concession

Commentary Relatively simple Concession-based fiscal regime with new terms introduced for the most recent, third and fourth licensing rounds. Royalty and Petroleum Income Tax rates are fixed and payable. There is an additional profits tax payable on a sliding scale linked to contractors rate of return, which kicks in at anything over a threshold IRR (currently 15%).

Country Basics Region

Africa - South

Location

Southern Africa, bordering the South Atlantic Ocean, between Angola and South Africa.

Overview

Source:

Namibia welcomes foreign investment and provides a strong foundation of stable, democratic governance and good infrastructure on which to build businesses. The Namibian government prioritises attracting more domestic and foreign investment to stimulate economic growth, combat unemployment, and diversify the economy. The Ministry of Industrialization and Trade is the governmental authority primarily responsible for carrying out the provisions of the Foreign Investment Act of 1990. In August 2016, Namibia promulgated and gazetted the Namibia Investment Promotion Act (NIPA). Despite the FIA's calls for equal treatment of foreign investors and Namibian firms, the government is increasingly calling for foreign investors to partner with Namibian-owned companies and/or have a majority of local employees in order to operate in the country.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

327


Netherlands Investment & Operational Criteria OGA Rating

AA-(e)

Updated: 1Q 2020

Summary

The Dutch sector has matured, with the government managing tail legacy assets. While recent M&A activity points towards the merits of stable cash flow in trusted jurisdiction, the growing influence of the environmental lobby undermines any benefits accruing to operating in country.

Tax regime

Concession

Commentary Holders of a Dutch exploration and/or production license are generally subject to (a combination of) the following direct taxes: (i) corporate income tax (“CIT”); (ii) surface rental taxes; (iii) state profit share (“SPS”); and/or (iv) a royalty-based taxation.

Country Basics Region

Europe - West

Location

Western Europe, bordering the North Sea, between Belgium and Germany.

Overview

Source:

The Netherlands consistently ranks among the world’s most competitive industrialized economies. It offers an attractive business and investment climate and remains a welcoming location for business investment from the United States and elsewhere. Strengths of the Dutch economy include the Netherlands’ stable political and macroeconomic climate, a highly developed financial sector, strategic location, well-educated and productive labour force, and high-quality physical and communications infrastructure. The Dutch economy has significant foreign direct investment in a wide range of sectors, however, Dutch tax policy continues to evolve in response to EU attempts to harmonize tax policy across member states.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

328


Nigeria Investment & Operational Criteria OGA Rating

DDD+(³)

Updated: 4Q 2020

Summary

Recent liberalisation of NNPC’s ability to finance its shortfall in cash calls will pave the way for an acceleration in growth, but only full scale liberalisation of O&G will allow its full potential to be achieved. Despite the oft well documented issues with corruption, we continue to believe that it is a positive place to undertake O&G activities, and the recent liberalisation supports our Outlook Positive.

Tax regime

Multiple (PSC/Concession)

Commentary Since 1993, the fiscal system for foreign investors has been the PSC. However, most of Nigeria’s production, however, is under joint ventures between NNPC and major oil companies under royalty/tax terms. In addition, indigenous producers also operate small amounts of production under slightly different royalty/tax terms. The long awaited Petroleum Industry Bill will radically overhaul the fiscal regime in Nigeria is presently before the Nigerian parliament. There has been strong opposition to the bill by industry players, potentially making a number of projects, particularly gas and deep-water fields, uneconomic.

Country Basics Region

Africa - West

Location

Western Africa, bordering the Gulf of Guinea, between Benin and Cameroon.

Overview

Source:

Nigeria’s economy – Africa’s largest – exited recession in 2017, assisted by the Central Bank of Nigeria’s more rationalized foreign exchange regime. No growth is expected in the near term and although 2019 ended with a real growth rate of 2.3 percent this is still below Nigeria’s population growth rate of 2.6 percent. Nigeria has a very young population with nearly two-thirds under the age of 25. The Nigerian government has undertaken reforms to help improve the business environment, including making starting a business faster by allowing electronic stamping of registration documents, and making it easier to obtain construction permits, register property, get credit, and pay taxes.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

329


Norway Investment & Operational Criteria OGA Rating

AAA±(e)

Updated: 4Q 2020

Summary

The strong competitiveness of the Norwegian economy is built on openness and transparency, with policies that support dynamic trade and investment, and the legal framework is among the world’s strongest, providing effective protection of property rights. The tax rebate of 78% of exploration investment makes Norway an attractive destination for O&G investment. However, this is offset to some extent by the creeping regulation, driving the country away from oil & gas, hence a Outlook Neutral.

Tax regime

Concession

Commentary Companies involved in upstream activities within the geographic areas described in Section 1 of the Norwegian Petroleum Tax Act is subject to a marginal tax rate of 78% (23% ordinary corporate income tax and 55% resource rent tax) on the net operating profits derived from its extractive activities. The area covered, generally, is the area within Norwegian territorial borders or on the Norwegian continental shelf (NCS).

Country Basics Region

Europe - West

Location

Northern Europe, bordering the North Sea and the North Atlantic Ocean, west of Sweden Overview

Source:

In 1949, Norway abandoned neutrality and became a member of NATO. Discovery of oil and gas in adjacent waters in the late 1960s boosted Norway's economic fortunes. Norway is a highly developed country with a small but very strong economy. Success in the O&G sector and other world-class industries like shipping, shipbuilding and aquaculture. Strong collaboration between industry and research institutions attracts international R&D activity and funding. Norwegian lawmakers and businesses welcome foreign investment as a matter of policy. Norway is politically stable, with strong property rights protection and an effective legal system. A new National Security Act that entered into force January 1, 2019, provides the legal foundations for enhanced government screening of foreign investments.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

330


Oman Investment & Operational Criteria OGA Rating

A-(e)

Updated: 2Q 2020

Summary

Despite a benign operating environment for O&G companies, the economy remains highly leveraged to O&G revenues. In response to fast growth in household indebtedness, the Central Bank reduced the ceiling on personal interest loans from 8% to 7%, lowered mortgage rates, capped the percentage of consumer loans at 50% of borrower’s salaries for personal loans and 60% for housing loans, and limited maximum repayment terms to 10 and 25 years respectively. Consequently, we believe that the O&G sector may be a target for future revenues, hence our Outlook Negative.

Tax regime

Multiple (PSC/Concession)

Commentary The fiscal regime that applies in Oman to the oil and gas exploration and production industry sector consists of corporate income tax (CIT) in accordance with the production sharing contract ("PSC") arrangement.

Country Basics Region

Middle East

Location

Middle East, bordering the Arabian Sea, Gulf of Oman, and Persian Gulf, between Yemen and the UAE. Overview

Source:

Oman is taking steps towards making the country a more attractive destination for foreign investment, focusing on its increasing financial problems, reduction of its dependency on oil, and openning up key sectors to private sector competition and foreign investment, gaining renewed impetus post the dual crises of the oil price collapse and COVID-19 pandemic. Oman's geographic has straegic importance, being located outside the Arabian Gulf and Strait of Hormuz, with proximity to shipping lanes carrying a significant share of the world’s maritime commercial traffic and access to larger regional markets.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

331


Papua New Guinea Investment & Operational Criteria OGA Rating

CCC§(¹)

Updated: 4Q 2020

Summary

Investment in PNG has stalled as the future of access to LNG export facilities has hampered the commercial potential of the underlying asset bases.

Tax regime

Concession

Commentary The fiscal regime that applies in Papua New Guinea (PNG) to taxation of income derived by petroleum and gas companies consists of a combination of corporate income tax (CIT), royalties and development levies, additional profits tax (APT) and infrastructure tax credits.

Country Basics Region

Asia - Pacific

Location

Oceania, group of islands including the eastern half of the island of New Guinea between the Coral Sea and the South Pacific Ocean, east of Indonesia Overview

Source:

PNG is the largest economy among the Pacific Islands and offers enormous trade and investment potential. Key investment prospects are in infrastructure development, a growing urban-based middle-class market, abundant natural resources in mining, oil and gas, forestry, and fisheries. Under the banner of “Take-Back PNG,” Prime Minister James Marape’s government endorsed a fair, open, and collective approach in its decision-making processes, especially decisions concerning the proper management of the country’s resources and investment returns. Hoping to distance itself from a history of poor business and investment trade-offs that eventually triggered the ouster of Prime Minister Peter O’Neill in May 2019, Marape also announced that the government would increase its share of revenues from the country’s resources. Under Marape, PNG reaffirmed its openness to trade and investment, is stepping up reforms to recover from high debt levels, and seeks to attract more FDI to stimulate its economy. However, the Marape Administration’s inability to reach agreement with multinational companies in the resources sector has cast a shadow over this strategy.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

332


Poland Investment & Operational Criteria OGA Rating

AA+(e)

Updated: 3Q 2020

Summary

The liberalisation of the oil & gas segment remains a key positive, but we believe that the excellent work undertaken by the EU and government risks being undone. As a consequence, we have maintained out Outlook Neutral.

Tax regime

Concession

Commentary Very simple concession-based fiscal regime, comprising fixed royalty and corporate income tax, together with some indirect taxes. An additional profits tax called Special tax was abolished in 2007. There is no state participation.

Country Basics Region

Europe - East

Location

Central Europe, east of Germany.

Overview

Source:

Until the outbreak of COVID-19, Poland’s economy had been experiencing a long period of uninterrupted economic expansion since 1992. During this time, Poland’s investment climate has continued to grow in attractiveness to foreign investors. Foreign capital has been drawn by strong economic fundamentals, driven by persistently strong domestic consumption and higher-than-expected investments. Proposed economic legislation dampened optimism in some sectors, with some investors pointing towards unpredictability and the outsized role of state-owned and state-controlled companies in the Polish economy. In 2020, as a result of the COVID-19 pandemic, Poland’s economy is likely to experience the first recession in 30 years, but it is likely to weather the crisis better than almost any other EU member state.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

333


Romania Investment & Operational Criteria OGA Rating

A§(e)

Updated: 3Q 2020

Summary

Romania’s oil and gas sector has suffered under Soviet rule, but recent changes to licensing and the management of the subsoil resources is precipitating renewed investment in the sector.

Tax regime

Concession

Commentary The fiscal regime that applies in Romania to companies operating in the petroleum industry generally consists of corporate income tax (CIT), petroleum royalty and other oil-related taxes for special funds.

Country Basics Region

Europe - East

Location

South eastern Europe, bordering the Black Sea, between Bulgaria and Ukraine.

Overview

Source:

Romania provides national treatment for foreign investors and does not differentiate treatment due to source of capital. Romania’s strategic location, membership in the EU, relatively well-educated workforce, competitive wages, and abundant natural resources make it a desirable location for firms seeking to access European, Central Asian, and Near East markets. The investment climate in Romania remains a mixed picture, and potential investors should undertake due diligence when considering any investment. The EC’s 2020 European Semester Country Report for Romania points to persistent legislative instability, unpredictable decision-making, low institutional quality, and corruption as factors eroding investor confidence. The pace of economic reforms has slowed, and since January 2017, prior government efforts to undermine prosecutors and weaken judicial independence have shaken investor confidence in anti-corruption efforts. Political rhetoric has taken an increasingly nationalist tone, with some political leaders occasionally accusing foreign companies of not paying taxes, taking advantage of workers and resources, and sponsoring anti-government protests.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

334


Russian Federation Investment & Operational Criteria OGA Rating

CC-(¹)

Updated: 3Q 2020

Summary

Operating in Russia Romania’s oil and gas sector has suffered under Soviet rule, but recent changes to licensing and the management of the subsoil resources is precipitating renewed investment in the sector.

Tax regime

Concession

Commentary A concession/royalty (called MET)/tax fiscal system is the basis for nearly all upstream licences and joint ventures in Russia. Joint ventures may include Russian oil and gas companies (ROCs), and/or international oil companies (IOCs). The government participates indirectly via its ownership of Gazprom and interests in other ROCs.

Country Basics Region

Former Soviet Union

Location

North Asia bordering the Arctic Ocean, extending from Europe (the portion west of the Urals) to the North Pacific Ocean. Overview

Source:

The Russian Federation continued to implement regulatory reforms in 2019. However, fundamental structural problems in Russia’s governance of the economy continue to stifle foreign direct investment in the country. In particular, Russia’s judicial system remains heavily biased in favor of the state, leaving investors with little recourse in legal disputes with the government. Despite ongoing anticorruption efforts, high levels of corruption among government officials compound this risk. In January 2020, the Russian government published a privatization plan for 202022 that identified 86 federal unitary state enterprises, 186 joint-stock companies, and 13 limited liability companies for privatization over a three-year period.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

335


Saudi Arabia Investment & Operational Criteria OGA Rating

C-(³)

Updated: 2Q 2020

Summary

Recent geopolitical turmoil has acted to destabilise the outward perception of the new regime, resulting in a deteriorating outlook. However, independents' involvement is the O&G segment is minimal, with ARAMCO dominating the segment, which means that in international terms, Saudi Arabia has little importance as an operating destination.

Tax regime

Concession

Commentary Concession-based fiscal regime, where concessions are exclusively and only applicable to new gas and condensate projects; any oil discoveries will revert to the owner- and operatorship of the national oil company (Saudi Aramco).

Country Basics Region

Middle East

Location

Middle East, bordering the Persian Gulf and the Red Sea, north of Yemen.

Overview

Source:

Saudi Arabia is the largest country in the Gulf region with a population of 33mm, and the largest economy in the Arab World with a GDP of $782bn. The Saudi Arabian Government exercises control over main economic activities of the country’s oil-based economy. Saudi Arabia has almost 16% of the world's proven petroleum reserves, plays a principal role in OPEC, is one of the world’s largest producer and exporter of crude oil, and is a large-scale oil refiner and producer of natural gas. According to Forbes Magazine, petroleum accounts for roughly 87% of budget revenues, 32% of GDP, and 81% of export earnings. The Saudi economy remains dominated by hydrocarbons, primarily the extraction and export of crude oil. Saudi Arabia has been the world’s largest oil exporter for over a decade. Hydrocarbons accounted for over 55% of GDP and 90% of export earnings in 2015, and their shares are recovering towards these levels following a fall in oil prices in 2016. Saudi Arabia also has gas reserves of 290.8tcf (4.4% of the global total), but its annual production of 4tcf is consumed domestically.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

336


South Africa Investment & Operational Criteria OGA Rating

CC-(¹)

Updated: 2Q 2020

Summary

The recent ratification of the "land grab" bill by the government paves the way for "nil compensation nationalisation." While this is principally aimed at farm land, the is a dangerous precedent, and we do not believe that once started, this can be reversed until after the economic outcome of the programme has been fully realised.

Tax regime

Concession

Commentary Concession-based fiscal regime. The state has the option to participate in upstream developments, through PetroSA, with an interest of up to 10%. There is also a maximum 10% farm-in provision for Black Economic Empowerment (BEE) companies at pre-defined commercial terms.

Country Basics Region

Africa - South

Location

Southern Africa, at the southern tip of the continent of Africa.

Overview

Source:

South Africa boasts the most advanced, broad-based economy on the African continent. The investment climate is fortified by stable institutions, an independent judiciary and robust legal sector committed to upholding the rule of law, a free press and investigative reporting, a mature financial and services sector, good infrastructure, and a broad selection of experienced local partners. The government views its role as the primary driver of development and aims to promote greater industrialization. Government initiatives to accelerate transformation have included tightening labor laws to achieve proportional racial, gender, and disability representation in workplaces, and prescriptive requirements for government procurement such as equity stakes for historically disadvantaged South Africans and localization requirements. In a 2020 survey of over 2,000 South African businesses, over 8% of respondents have permanently ceased trading, while over 36% indicated shortterm layoffs. Experts predict South Africa will have a -3% to -7% decline in GDP.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

337


South Sudan Investment & Operational Criteria OGA Rating

DDD§(³)

Updated: 4Q 2020

Summary

The advent of the O&G sector has precipitated some measure of stability, but a weak governmental structure continues to create risks.

Tax regime

PSC/PSA

Commentary The fiscal system applied in South Sudan revolves around production sharing contracts (PSCs). The Petroleum Act 2012 introduced general petroleum regulations, including the composition of fiscal provisions. Supplementary legislation, including a model PSC, have not been developed. Under the Petroleum Act 2012, an investor is subject to production

Country Basics Region

Africa - Central

Location

East-Central Africa; south of Sudan, north of Uganda and Kenya, west of Ethiopia.

Overview

Source:

Since independence on 9 July 2011, South Sudan has struggled with good governance and nation building and has attempted to control opposition forces operating in its territory. Economic conditions have deteriorated since January 2012 when the government decided to shut down oil production following bilateral disagreements with Sudan. In December 2013, conflict between government and opposition forces killed tens of thousands and led to a dire humanitarian crisis withmms of South Sudanese displaced and food insecure. The warring parties signed a peace agreement in August 2015 that created a transitional government of national unity in April 2016. However, in July 2016, fighting broke out in Juba between the two principal signatories, plunging the country back into conflict.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

338


Suriname Investment & Operational Criteria OGA Rating

BBB±(e)

Updated: 3Q 2020

Summary

The recent offshore drilling success have supported the country and made it an attractive location in which to operate.

Tax regime

PSC/PSA

Commentary Suriname has a relatively standard form of Production Sharing Contract ("PSC") fiscal regime. Royalty rates, cost recovery ceilings and corporate income tax rates are all fixed. Profit oil splits vary with project profitability (the R-Factor). There are some indirect taxes, but no bonuses, rentals or fees are payable.

Country Basics Region

Americas - South

Location

Northern South America, bordering the North Atlantic Ocean, between French Guiana and Guyana Overview

Source:

Suriname officially supports and encourages business development through local and foreign investment. The overall investment climate favors U.S. investors with experience working in developing countries. To attract foreign direct investment (FDI), authorities have planned to update institutional and legal frameworks to protect investors and eliminate restrictions regarding investment income transfers and control related FDI flows. However, the World Trade Organization’s 2019 Trade Policy Review concluded that Suriname’s investment regime has not changed since its last review in 2013. The report states that the overall regime, particularly the approval of FDI, may be discretionary rather than rules-based. The extractives sector has historically attracted significant foreign direct investment, but numerous factors negatively impact the investment climate as a whole. January 2020 saw Apache and Total announce a “significant oil discovery” off the coast of Suriname, followed by a similar discovery in April 2020. Experts estimate that it will take 5-10 years to begin offshore oil production, assuming world oil prices support it. The CEO of state-owned oil company Staatsolie estimates that the government of Suriname could earn $10-$15 billion over the course of 20 years if production reaches similar levels as in neighboring Guyana.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

339


Syrian Arab Republic Investment & Operational Criteria OGA Rating

DD-(ô)

Updated: 1Q 2020

Summary

Syria continues to be ravaged by a civil war, which is compounded by Russia's presence. Until such times as the war subsides and sanctions are lifted, the region will be difficult to operate.

Tax regime

Multiple (PSC/Concession)

Commentary Companies operating in Syria generally do so under the terms of a Production Sharing Contract ("PSC"), first introduced in 1985, although Service Contracts also exist. In the event of a commercial discovery, a joint venture operating company, owned 50% by state oil company SPC and 50% by the contractor, is established. The contractor retains 100% equity in the contract and funds all exploration, capital and operating costs. Royalty rates are fixed for oil and gas, at 12.5%. Cost recovery ceilings are biddable and usually restricted to a specific maximum. Profit oil splits are negotiable, and usually sliding-scale based on production levels, hydrocarbon type and area prospectivity.

Country Basics Region

Middle East

Location

Middle East, bordering the Mediterranean Sea, between Lebanon and Turkey

Overview

Source:

According to an UN estimate, the death toll among Syrian Government forces, opposition forces, and civilians was over 1mm, though other estimates places the number higher. Approximately 13mm people were in need of humanitarian assistance across the country, and an additional 5.7mm Syrians were registered refugees in Turkey, Jordan, Iraq, Egypt, and North Africa. The conflict in Syria remains one of the largest humanitarian crises worldwide.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

340


Tanzania Investment & Operational Criteria OGA Rating

CCC±(¹)

Updated: 3Q 2020

Summary

Although the financial sector and credit market have been updated, additional institutional reforms and greater market openness are essential to long-term economic development. Nevertheless, the general environment for O&G investment remains positive.

Tax regime

PSC/PSA

Commentary Production Sharing Contract ("PSC")-based fiscal regime. The Tanzania Petroleum Development Corporation ("TPDC") has the right to take a participating interest in any development area (at any time), subject to proportional contribution to contract expenses excluding exploration costs; TPDC interest is to be a minimum of 25% under the 2008 Model PSA.

Country Basics Region

Africa - East

Location

Eastern Africa, bordering the Indian Ocean, between Kenya and Mozambique

Overview

Source:

Tanzania has a relatively stable political environment, reasonable macroeconomic policies, and resiliency from external shocks. However, recently adopted policies raise questions about short- and medium-term prospects for FDI, and foster a more challenging business environment. The private sector remains concerned about heavy-handed and arbitrary enforcement of rules; stagnant credit growth; poor budget credibility and execution; and excessive domestic arrears. Regressive resources tax measures and unfriendly investor legislation have made investment in the resources sectors difficult to justify to forgegin entities, which is compounded by local content regulations that make it difficult to hire foreign employees, even when the required skills are not available locally. Corruption, especially in government procurement, privatization, taxation, and customs clearance remains a concern for foreign investors, though the government has prioritized efforts to combat the practice.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

341


Thailand Investment & Operational Criteria OGA Rating

A±(e)

Updated: 4Q 2020

Summary

Political uncertainty continues to undermine the O&G investment climate. However, the non-postponement of the 2019 elections should help to shore up confidence.

Tax regime

Multiple (PSC/Concession)

Commentary Concession-based fiscal system which has had three main variations over time, with the most recent terms known as the ‘Thai III’ regime. Thai III terms include royalty, additional profits tax (called the Special Remuneratory Benefit (SRB)) and corporate income tax. Royalty rates are incremental and based upon production rates, with discounting of rates for deep-water licences. SRB rates are uniquely based upon annual revenue and the cumulative metres of wells drilled on the concession area, with an adjustment for the geological complexity of the concession.

Country Basics Region

Asia - South East

Location

South eastern Asia, bordering the Andaman Sea and the Gulf of Thailand, southeast of Myanmar. Overview

Source:

Thailand is the second largest economy in ASEAN, driven by its pro-investment policies and well-developed infrastructure. General Prayut Chan-o-cha was elected by Parliament as Prime Minister in 2019, contemperaneously with the restoratio of a King as the Head of State. Despite some political uncertainty, Thailand continues to encourage FDI as a means of promoting economic development, employment, and technology transfer. The Thai government maintains a regulatory framework that broadly encourages investment. Some investors have nonetheless expressed views that the framework is overly restrictive, with a lack of consistency and transparency in rule-making and interpretation of law and regulations. The Board of Investment (BOI), Thailand’s principal investment promotion authority, and acts as a primary conduit for investors, and provides assistance in navigating Thai regulations and provides investment incentives as well as tax and non-tax privileges.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

342


Trinidad and Tobago Investment & Operational Criteria OGA Rating

A+(e)

Updated: 3Q 2020

Summary

Recent changes to the government has revitalised the liberalisation of the TTO O&G sector, with an increasing number of independent participants attracted to the region.

Tax regime

Multiple (PSC/Concession)

Commentary Generally, companies engaged in business activities in T&T are subject to corporation tax at a rate of 30% on chargeable profits.4 Companies engaged in the business of manufacturing petrochemicals, liquefying natural gas and transmission of natural gas are subject to corporation tax at the rate of 35%.

Country Basics Region

Caribbean

Location

Caribbean, islands between the Caribbean Sea and the North Atlantic Ocean, northeast of Venezuela. Overview

Source:

Trinidad and Tobago is the most industrialised nation in the English-speaking Caribbean and the second wealthiest Commonwealth Caribbean nation in terms of GDP and GDP per capita, due to significant oil and gas reserves (eighth largest exporter of liquid natural gas), and an active petrochemical sector. It has an open, market-driven economy, which promotes trade liberalisation, foreign investment and public sector reform. Following years of energy revenue windfalls and strong economic performance, the economic outlook has been more cautious in recent times due to challenges in the global and local energy landscape. Trinidad and Tobago is not part of a regional economic block, though it is part of the Caribbean Community (CARICOM), a regional trading bloc that gives duty-free access to member goods, free movement to some members and establishes common treatment of non-members on specific issues. The Caribbean Single Market and Economy (CSME) is an initiative currently being explored by CARICOM that would eventually integrate its member-states into a single economic unit. When fully completed, the CSME would succeed CARICOM.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

343


Tunisia Investment & Operational Criteria OGA Rating

BBB±(e)

Updated: 3Q 2020

Summary

Both onshore and offshore O&G has suffered from restrictive government intervention. However, more recently, a more collaborative approach has been mooted, albeit not delivered yet.

Tax regime

Multiple (PSC/Concession)

Commentary The fiscal regime that applies to the petroleum industry in Tunisia consists of a combination of royalties (MET), corporate profits tax and an export duty on crude oil, oil products and natural gas.

Country Basics Region

Africa - North

Location

Northern Africa, bordering the Mediterranean Sea, between Algeria and Libya.

Overview

Source:

Tunisia continued to make progress on its democratic transition and successfully held its second round of parliamentary and presidential elections since the 2011 revolution in September and October 2019, which led to the formation of a new government on February 2020. In recent years, successive governments have advanced much-needed structural reforms to improve Tunisia’s business climate, including an improved bankruptcy law, an investment code and initial “negative list,” a law enabling public-private partnerships, and a supplemental law designed to improve the investment climate. Nevertheless, substantial bureaucratic barriers to investment remain. State-owned enterprises play a large role in Tunisia’s economy, and some sectors are not open to foreign investment.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

344


Turkey Investment & Operational Criteria OGA Rating

DDD-(³)

Updated: 3Q 2020

Summary

Political volatility has increased markedly, with Erdogan tightening his grip following the recent coup attempt. Consequently, we believe the country represents a higher than usual risk for O&G investment.

Tax regime

Concession

Commentary Simple Concession fiscal regime, with only royalty and corporate income tax payable. Royalty rates vary with location (onshore and offshore) and production rates. Successively increasing discounts to the royalty rates apply to fields in increasing water depths, as incentives for deep-water exploration. Discounts to the royalty rates also apply for heavy oil fields, and for fields employing enhanced recovery methods.

Country Basics Region

Middle East

Location

Located in south eastern Europe and Southwestern Asia. Turkey borders Bulgaria and Georgia, Greece and Syria. Overview

Source:

Turkey’s economic policymaking remains opaque, erratic, and politicized, contributing to a fall in the value of the lira, which was compounded by the government’s push to require manufacturing and data localisation in many sectors, negatively impacted FDI into the country. In the past few years, the government has increasingly marginalized critics, confiscated over 1,100 companies worth more than $11bn, and purged more than 130,000 civil servants, often on tenuous terrorism-related charges alleging association with Fethullah Gulen, whom Turkey’s government alleges was behind the 2016 coup attempt. The political focus on transitioning to a presidential system, cross-border military operations in Syria, the worsening economic climate, and persistent questions about the relationship between the Turkey the EU and NATO members.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

345


Turkmenistan Investment & Operational Criteria OGA Rating

CC-(¹)

Updated: 3Q 2020

Summary

Operating in Turkmenistan remains difficult, not only do to the fiscal terms, but also the geopolitical uncertainty, which continued to grow.

Tax regime

PSC/PSA

Commentary Upstream operations involving foreign investors are governed by Production Sharing Contract ("PSC") terms. The State normally takes a carried stake in PSC; Turkmengaz currently owns 100% of all onshore gas projects, with IOCs contributing on a service basis only. PSC terms vary due to the ad hoc nature of negotiations and negotiability of the terms (e.g., bonuses, profit splits, etc.). Government share reflects the level of expenditure and risk involved. Royalty varies with production rates, whilst profit oil splits vary on a sliding scale based on R-Factor.

Country Basics Region

Caspian

Location

Central Asia, bordering the Caspian Sea, between Iran and Kazakhstan.

Overview

Source:

Turkmenistan is relatively small, but is still sparsely populated, with abundant hydrocarbon resources, particularly natural gas. Turkmenistan’s economy depends heavily on the O&G sector. Many businesses assert the government has not taken serious measures to incentivise FDI outside the petroleum industry and most foreign commercial activity in Turkmenistan is related to exports. A lack of established rule of law, an opaque regulatory framework, and rampant corruption remain serious problems in Turkmenistan. The government strictly controls foreign exchange flows and limits on currency conversion make it difficult to repatriate profits or make payments to foreign suppliers. Although Turkmenistan regularly amends its laws to meet international standards, many businesses have complained that the country often fails to implement or consistently enforce investment-related legislation. There are no meaningful legal protections against government expropriation of assets and there is no independent judiciary.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

346


Uganda Investment & Operational Criteria OGA Rating

CC-(¹)

Updated: 3Q 2020

Summary

Recent geopolitical turmoil has acted to destabilise the outward perception of the new regime, which follows quickly on from the issues faced by Tullow on its recent transaction to Total. With the deterioration of the government likely to continue, we have Uganda on Outlook Negative.

Tax regime

PSC/PSA

Commentary Production Sharing Contract ("PSC")-based fiscal regime. Royalty rates and profit oil splits between contractor and government are both based on sliding scale linked to production rates. Cost recovery ceilings are negotiable. The contractor is also liable for income tax. Signature bonuses are negotiable, and some minor rentals are payable. There is no additional profits tax.

Country Basics Region

Africa - Central

Location

East-Central Africa, west of Kenya, east of the Democratic Republic of the Congo.

Overview

Source:

Uganda’s investment climate presents both opportunity and challenge in equal measure. Uganda maintains a liberal trade and foreign exchange regime. FDI surged by a 80% in FY 2018/2019, driven by construction and manufacturing sub-sectors. President Yoweri Museveni and government officials welcome FDI in Uganda, which is offset by the government’s actions. Closing political space, poor economic management, endemic corruption, growing sovereign debt, weak rule of law, and the government’s failure to invest adequately in the health and education sectors all create risks for investors. An uncertain mid-to-long-range political environment also increases risk to foreign businesses and investors. Domestic political tensions have increased in the run-up to the 2021 elections as 34-year incumbent President Museveni faces new challengers and a disenfranchised youth demographic that comprises 77 percent of the population.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

347


Ukraine Investment & Operational Criteria OGA Rating

DDD§(³)

Updated: 2Q 2020

Summary

The recent annexation of Crimea by Russia continues to weight heavily on the Outlook, and with further military action not ruled out, we have the country on Outlook Uncertain. However, the recent election of an outsider to President (Zelensky), provides some degree of confidence that the outlook may be changng.

Tax regime

Multiple (PSC/Concession)

Commentary The royalty/tax system in Ukraine is particularly complex. A variety of levies are made on production, with rates specified in local currency and differentiated according to the depth of the reservoir and where production is sold. These rates are subject to change on an annual basis and, for gas, are tied to regulated prices. As most of the levies are fixed amounts per unit of production, with no deduction for costs, the system is very regressive, generating a significantly higher share of revenue for the government when prevailing prices are low.

Country Basics Region

Europe - East

Location

Eastern Europe, bordering the Black Sea, between Poland, Romania, and Moldova in the west and Russia in the east. Overview

Source:

Ukraine is currently coping with multiple challenges including military activity in the Donbas and severe economic difficulties. The governments of Yatsenyuk and Groysman have done more than any other in Ukraine’s history in terms of real reform. But the pace is still slow, and is suffering from protracted internal political wrangling. Combating corruption, reforming Ukraine’s judiciary as well as decentralisation, deregulation and de-oligarchisation remain among the key priorities for Ukraine’s government in 2017.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

348


United Arab Emirates Investment & Operational Criteria OGA Rating

AAA±(e)

Updated: 2Q 2020

Summary

The political environment is stable and the UAE maintains contract integrity. The emirates, especially Ras Al Khaimah and Sharjah, are starting to make the fiscal terms more attractive in order to effectively compete for investment globally.

Tax regime

Concession

Commentary Negotiations for exploration and production acreage are conducted directly with the Governments of the individual Emirates or with the Petroleum Councils where they exist. Detailed fiscal terms are negotiable on a case-by-case basis. Although rare, a direct state participation option is limited to Abu Dhabi and Sharjah where the State can exercise a participation option of up to 60%; to date, this option has only been exercised on three occasions. The concession-based fiscal regimes are usually fairly simple, with royalty and corporate income tax payable, both of which may either be fixed rates, or sliding-scale rates based on production levels.

Country Basics Region

Middle East

Location

Middle East, bordering the Gulf of Oman and the Persian Gulf, between Oman and Saudi Arabia. Overview

Source:

The UAE is a federation of seven emirates: Abu Dhabi, Dubai, Sharjah, Ras Al Khaimah, Ajman, Fujairah, and Umm al-Qaiwain, formed in 1971. The Government is pursuing economic diversification to promote the development of the private sector as a complement to the historical economic dominance of the state. The UAE maintains a position as a major trade and investment hub for a large geographic region which includes not only the Middle East and North Africa, but also South Asia, Central Asia, and Sub-Saharan Africa.  Multinational companies cite the UAE’s political and economic stability, population and GDP growth, fastgrowing capital markets, and a perceived absence of systemic corruption as positive factors contributing to the UAE’s attractiveness to foreign investors.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

349


United Kingdom Investment & Operational Criteria OGA Rating

AAA§(e)

Updated: 1Q 2021

Summary

While the tax regime has been in flux for a number of years, and past changes have been regressive, recent changes to the fiscal terms have generally been supportive and promoted investment. Nevertheless, recent comments have targeted the withdrawal the licencing regime, which makes the outlook uncertain. Consequently, we have increased our associated discount rate.

Tax regime

Concession

Commentary The fiscal regime that applies in the United Kingdom (UK) to the oil and gas industry consists of a combination of corporation tax, supplementary charge and petroleum revenue tax.

Country Basics Region

Europe - West

Location

Western Europe, islands including the northern onesixth of the island of Ireland between the North Atlantic Ocean and the North Sea; northwest of France. Overview

Source:

The UK formally withdrew from the EU’s political institutions on 31 January 2020, while remaining a de facto member of the EU’s economic and trading institutions during a transition period that ended on Assessment Date. The terms of the UK’s future relationship with the EU are still under negotiation, but it is widely expected that trade between the UK and the EU will face more friction following the UK’s exit from the single market. UK legal, regulatory, and accounting systems are transparent and consistent with international standards. The UK legal system provides a high level of protection. Private ownership is protected by law and monitored for competition-restricting behavior.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

350


United States Investment & Operational Criteria OGA Rating

AA-(e)

Updated: 1Q 2021

Summary

Now that Democrats have taken the White House and the Senate, the risks to regressive legislation, disadvantaging US oil & gas has increased signiifcantly. Like many, we will be keeping a keen eye on the coming Biden Presidency.

Tax regime

Concession

Commentary The fiscal regime that applies to the petroleum industry in the US consists of a combination of corporate income tax (CIT), severance tax and royalty payments.

Country Basics Region

Americas - North

Location

North America, bordering both the North Atlantic Ocean and the North Pacific Ocean, between Canada and Mexico. Overview

Source:

The US is usually a positive operating for O&G. Not because of the limited law and regulations, but the transparency and uniformity of their application. The election of a Democrat to the White House, while not usually an issue, has taken on added frisson due to the election of the Biden & Harris ticket. This is precipitated by the virulent anti-O&G sentiments voiced by the presidential hopefuls on the campaign trail and the wider anti-business elements within the party, and significant uncertainty remains as to how much of that rhetoric will be transferred in to action over the coming 4-year term. Consequently, there is growing uncertainty over whether the legal framework governing O&G will continue to be uniformity and transparently applied.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

351


Venezuela Investment & Operational Criteria OGA Rating

CC-(¹)

Updated: 4Q 2020

Summary

The socialist government continues to inflict severe damage on the economy, which is compounded by poor management of the country's principal revenue generating industry, PDVSA.

Tax regime

Concession

Commentary Upstream activities can be performed through joint venture corporations (empresas mixtas) in which the state owns more than 50% of the shares (qualifying the entities as state-owned enterprises). The National Assembly must approve the incorporation of any joint venture corporations and the conditions for their operation. These corporations are owned by Petróleos de Venezuela, S.A. (PDVSA).

Country Basics Region

Americas - South

Location

Northern South America, bordering the Caribbean Sea and the North Atlantic Ocean, between Colombia and Guyana. Overview

Source:

According to the IMF, the Venezuelan economy grew by 5.6% in 2012 and 1.4% in 2013. Since 2014, Venezuela’s economy has been in recession, contracting 3.9% in 2014, 6.2% in 2015 and 18% in 2016. The IMF has forecast 7.4% contraction for 2017 and 4.1% for 2018. The IMF’s April 2017 report outlined that annual inflation reached 68.5% in 2014, 180.8% in 2015 and 274.4% in 2016. The report forecast that inflation is likely to reach over 1,300% in 2017 and over 2,500% in 2018. There are frequent shortages of basic goods, e.g. food staples, hygiene products and medicines. Since 2006 the Venezuelan government has pursued a policy of assuming State control of strategic sectors in the economy to promote national development. Such sectors include oil, power, metals and mining, and cement, among others. Foreign companies have been affected by this policy, but there are there are signs of a gradual change. Recent announcements around gold mining and offshore natural gas demonstrate a new collaborative approach from the government with the private sector to attract back foreign investment.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

352


Viet Nam Investment & Operational Criteria OGA Rating

BB±(e)

Updated: 3Q 2020

Summary

Recent improvements in governmental relations has been reflected in our Outlook Neutral.

Tax regime

PSC/PSA

Commentary Contractors are permitted to participate in, and operate, the exploration, development and production of petroleum resources in Vietnam by entering into a PSC with Vietnam Oil and Gas Group (Petrovietnam). The PSC will be in accordance with the model contract issued by the Vietnamese Government.

Country Basics Region

Asia - South East

Location

South eastern Asia, bordering the Gulf of Thailand, Gulf of Tonkin, and South China Sea, as well as China, Laos, and Cambodia. Overview

Source:

Since the launch of Doi Moi (to renovate) in 1986, Vietnam has moved from a closed, centrally planned economy, towards a globally integrated, socialistoriented market economy. Over the past 30 years, Vietnam’s average economic growth rate of 5.5% has been second only to China in Asia. In 2017, Vietnam’s GDP growth was a remarkable 6.8% and 2017 marked the third consecutive year of +6% growth. Vietnam started 2018 with high expectations, as the Asian Development Outlook report forecasts Vietnam’s economy to expand by 7.1% in 2018, due to robust growth driven by strong manufacturing and export growth, rising domestic consumption, strong investment, and an improving agricultural sector. This has led PriceWaterhouse Coopers to predict that: 1) Vietnam will have the strongest average GDP growth until 2050, exceeding 5.1% a year; and 2) Vietnam will move from the 32nd largest economy to the 20th by 2050.

ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data

353


Appendix Basin Ranking OGA Rating The basins are reviewed on a number of measures, not least the prospectivity and the risks associated with operating in a basin’s principal host country. How the ranking is structured is shown in Figure 25, while a high level summary of the scoring methodology, and scoring, summarised in Table 12. Figure 25 – Basin Ranking Breakdown

Source: FactSet & OGA data

Table 12 – Security Ranking Outlook

Comment

Range

Country

The Basin’s principle host country ranked according to its score. Scoring linearly varies with score between 0 for lowest and 10 for highest score.

Volume

The basin’s prospective volume is assessed on a normalised basis, using log scale.

Hydrocarbon

Scored according based on percentage of hydrocarbon assessed to be in the prospective resources.

Source: OGA data

354

0

10

Variable Average =5 Variable 100% Oil = 10 100% Gas = 5


OGA Country Ranking We have assessed the majority of hydrocarbon countries using a range of measures, which we have collated and used to rank the countries. We outline the criteria and measurement criteria in Table 13. Table 13 – Assessment Criteria Category

Assessment

Country Measures Risking

We quantify risk using geopolitical risk premia, which is added to our base case assumptions when assessing the NPV.

Operating Environment

The Operating Environment scoring takes into account management’s ability to operate the business according to the needs of the company, as opposed to regulated by the state.

Property Rights

The scoring accounts for the ability to accumulate private property and the recognition of individual property rights.

Contract Integrity

We assess contractual integrity as the ability to sustain a robust and functioning legal framework to protect the rights of all citizens against infringement of the law by others, including by governments and influential parties.

Governmental Integrity

The scoring attempts to assess the impact of corruption on governmental activity. Specifically, it is an assessment of the ability of individuals to gain personally at the expense of the whole; this includes bribery, extortion, nepotism, cronyism, patronage, embezzlement and graft.

Outlook

In this category, we aim to assess what impact any changes to the operating or regulatory environment will have on the overall outlook for oil & gas.

Fiscal Measures Hydrocarbon Tax Regime Type

We assess the risks accumulating to operators operating under the various fiscal regimes, with our belief that (providing all things being equal) the PSC/PSA represents the best opportunity for a consistent fiscal environment.

Corporate Tax Rate

While anecdotal, we believe that the corporate tax rate is a good proxy of the attitudes towards business. Furthermore, lower tax rates will further promote business investment.

Tax Burden

This is an assessment of the total burden of taxes on the private sector and is a measurement of total tax paid as a percentage of overall gross domestic product (GDP).

Source: OGA data

355


OGA Rating The OGA raking encompasses the stability of the country, ability to operate freely and an assessment of the security measures that are required to operate. How the ranking is structured is shown in Figure 26, while the OGA Ranking scores are illustrated in Table 14, the Outlook in Table 15, the Oil & Gas Operational Ranking in Table 16 and the Security Ranking in Table 17. Figure 26 – Country Ranking Breakdown

Source: FactSet & OGA data

Table 14 – Overall Ranking Score

OGA Rating

63.03

AAA

57.01

AA

50.99

A

44.98

BBB

38.96

BB

32.94

B

26.92

CCC

20.90

CC

14.88

C

8.86

DDD

2.83

DD

-

D

Source: OGA data

Table 15 – Outlook Outlook

Comment

OGA Rating

Positive

Indicates higher likelihood of an upgrade in rating over the medium term.

356

+


Neutral

Indicates a low likelihood of a rating change over the medium term.

±

Negative

Indicates higher likelihood of a downgrade in rating over the medium term.

-

Uncertain

Indicates that the current situation is changing, and that there is insufficient data to suggest whether it will have a positive or negative impact on the current rating.

§

Source: OGA data

Table 16 – Oil & Gas Operational Ranking Rank

OGA Rating

36.89<

29.54

22.20

14.85

7.50

-

Source: OGA data

Table 17 – Security Ranking Comment

OGA Rating

Outlook Generally Regarded as Safe

Generally regarded as safe in all areas and no special provisions to ensure staff and operational safety is required.

e

Higher Risk Areas Prevalent

Some areas are deemed to be at higher risk. Elevated security precautions will be required but are unlikely to include special provisions.

¹

Regional Unrest

Security issues, while not uniform within the country, are likely to be a danger to personnel and staff dependent on the location. Unless special provisions are made, oil & gas operations are likely to be untenable in those areas at risk.

³

Armed Conflict

Special provisions to secure personnel and operations is required universally. Oil & gas operations are likely to be untenable.

ô

Source: OGA data

357


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