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March 13, 2017 • Volume 09, No. 04

InternatIonalDealsServing the marketplace with news, analysis and business opportunities

INTERNATIONAL OPPORTUNITY Large Wells.SOUTHEAST ASIA PPWorking Interest For SalePP 2725DV

WEST AFRICA OFFSHORE UPPER CRETACEOUS DISCOVERYNonOperated WI For Sale PPFirst Class Operator.PP 2701DV

DEALS FOR SALE

Shell sells vast majority of oil sands business for $7.2B

In the biggest advance yet for its post-BG divestment plan, Shell signed two agreements that will dramatically downsize its footprint in Canada’s oil sands for a net payoff of US$7.25 billion. As a result of these transactions, the supermajor will shed all of its thermal in situ and undeveloped oil sands interests and a reduce its stake in a key oil sands mining project from 60% to 10%. This is the second major oil sands divestment by an international oil and gas company in just three months, following Statoil’s $444 million exit from the sector in mid-December.

First, Shell will sell to Calgary-based Canadian Natural Resources Ltd. its entire 60% WI in the Athabasca Oil Sands Project; its 100%-owned in situ assets in Alberta’s Peace River complex including the Carmon Creek thermal project; and multiple undeveloped oil sands leases. CNRL will pay $8.5 billion for these assets, comprised of $5.4 billion cash plus 98 million shares valued at $3.1 billion. The stock portion will make Shell a major shareholder with nearly a 9% equity stake in CNRL, one of Canada’s largest energy companies and an oil sands leader with a market cap of ~$35 billion.

China’s CNPC & CEFC acquire final 12% in ADCO for $2.7BAbu Dhabi’s state-owned ADNOC signed up two Chinese oil and gas companies

to fill the final 12% WI earmarked for foreign partners at its onshore ADCO concession for a combined price tag of nearly US$2.7 billion. China’s state-owned CNPC paid

AED6.5 billion ($1.77 billion) to enter the concession with an 8% stake, followed two days later by private conglomerate CEFC China Energy, which contributed an AED3.3 billion ($888 million) sign-up bonus for 4%

WI. These prices are roughly in line with the $2.19 billion all-stock deal struck by BP in December for a 10% ADCO stake.

The new ADCO concession began in January 2015 and is expected to produce gross resources of 20-30 Bboe over its 40-year term. The concession’s Bab, Bu Hasa, Shah and Asab fields account for half of Abu Dhabi’s reserves and production. They will provide immediate net production of 132,800 bo/d for CNPC and 66,400 bo/d for CEFC, ramping to more than 166,000 bo/d and 83,000 bo/d at peak, respectively. In addition, CEFC signed a long-term oil supply contract for ~750 MMbo annually.

The other foreign ADCO stakeholders are France’s Total (10%), Japan’s Inpex (5%) and South Korea’s GS Energy (3%).

OMV buys into key Russian gas field for $1.85 billionDelivering on a promise to replenish reserves and reduce operating costs, Austria’s

OMV agreed to acquire German energy company Uniper’s 25% stake in one of Russia’s biggest gas fields for US$1.85 billion (€1.75 billion). Yuzhno Russkoye field lies in the Yamal-Nenets region of Western Siberia and is the key gas source for the Nord

Stream pipeline to Germany, producing at a gross plateau rate of 2.4 Bcf/d since 2009.

For OMV, the field will immediately generate net production of 600 MMcf/d, boosting the company’s output by one-third and establishing a new core area in Russia.

The Yuzhno Russkoye deal is the biggest move so far in an ongoing effort to transform OMV’s portfolio across the entire oil and gas value chain. It was announced two days after OMV agreed to sell its Turkish retail business for $1.45 billion (PG. 11). The acquisition also follows the $875 million sale of OMV’s UK North Sea business to privately held Siccar Point Energy, which closed in January.

Replaces high-capex UK assets with low-cost output anchoring Nord Stream.

Four ADCO fields produce 1.66 MMbo/d, more than half of Abu Dhabi’s total.

Marathon exiting concurrently; Statoil divested its oil sands late last year.

Continues On Pg 11

Continues On Pg 13

Continues On Pg 10

Exxon buys 25% stake in Eni’s Mozambique gas for $2.8BMarking its third multi-billion-dollar acquisition in eight months, ExxonMobil

signed a deal for an indirect 25% WI in Eni’s gas discoveries offshore Mozambique. Exxon will pay US$2.8 billion cash for half of the Italian energy company’s 71.4% stake in Eni East Africa, which owns 70% WI in the Rovuma Basin’s Area 4 concession. Eni’s indirect Area 4 stake will drop to 25%.

CNPC owns the other 28.6% of Eni

East Africa, equivalent to 20% WI in Area 4. The Chinese NOC paid Eni $4.21 billion for this stake in 2013. The remaining Area 4 interests are held by South Korea’s Kogas, Portugal’s Galp Energia and Mozambique’s state-owned ENH (10% each).

Multiple media outlets have been reporting for more than a year that Exxon was in negotiations with both Eni and Anadarko Petroleum, which owns multiple discoveries on the neighboring Area 1 concession. Last August, Reuters reported that the US supermajor had agreed on terms with Eni but would not announce a deal for several months at Exxon’s request. Continues On Pg 8

Three acquisitions totaling $10.8B plus $1.7B contingent since last July.

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Zenith sells Argentine oil fields shut in since mid-2015

Azerbaijan and Italy-focused Zenith Energy sold its shut-in oil properties in Argentina’s southern Patagonia region to a group of local energy investors. The company acquired the Don Ernesto and Don Alberto fields in Chubut province in 2010 and increased production and profitability while demonstrating further development potential, but it had to suspend operations in August 2015 after a major storage tank owned by state-run YPF collapsed and shut down oil transport from the region.

Before the shut-in, Zenith had 2Q15 net sales of 112 bo/d from the Argentine fields. The Calgary-based company had net proved reserves of 103,000 bo and 2P reserves of 545,000 bo in Argentina as of March 31, 2016. The buyers will pay Zenith only a nominal sum in light of anticipated expenses to return the fields to production, but will assume all environmental and P&A liabilities.

Petrobras advances $2.2B Total deal, gets consent for AlpekFollowing up on a preliminary deal in December, Petrobras signed definitive

contracts to sell stakes in two pre-salt developments in Brazil’s offshore Santos Basin and two power plants to Total for up to US$2.2 billion in cash, carry and contingent payments. The French supermajor will acquire an operated 35% WI in Lapa field (formerly Carioca) on license BM-S-9 and a non-op 22.5% WI in the Berbigao, Sururu

and West Atapu discoveries in the Iara area of license BM-S-11.Lapa came online in mid-December using an FPSO with 100,000

bo/d and 177 MMcf/d capacity. Production from Berbigao and Sururu is expected to commence in 2018 via a 150,000 bo/d, 212 MMcf/d FPSO. The licenses contain two of Brazil’s largest producing fields: Lula on BM-S-11 and Sapinhoa on BM-S-9, which are not included in the deal but share infrastructure that will lower costs.

On the downstream side, Total will acquiring 50% WI in two gas-fired co-generation plants in Bahia state with combined capacity of 322 megawatts. It will also receive pipeline transport capacity to supply gas to the plants and regasification capacity at the 494 MMcf/d Bahia LNG terminal.

Petrobras also had a roadblock removed to a downstream asset sale that has been in the works since last summer. A regional federal court gave the state-controlled producer clearance to proceed with the $385 million divestment of its PetroquimicaSuape and Citepe subsidiaries to Mexico’s Alpek, reversing a Jan. 31 order suspending the sale. These subsidiaries run Petrobras’ Suape polyester complex in northeast Brazil, which has annual capacity of 700,000 tons of purified terephthalic acid (PTA), 450,000 tons of polyethylene terephthalate (PET) and 240,000 tons of polymer and polyester filament textiles.

Rubis expands Caribbean retail business into Haiti

French storage and distribution company Rubis agreed to acquire Dinasa and its subsidiary Sodigaz, Haiti’s leading distributors of fuel production. Dinasa owns the country’s largest network of gas stations with 125 sites operating under the National brand. It also has leading positions in aviation fuel, LPG, heating oil and lubricants as well as import logistics assets including storage and maritime access. The company generated EBITDA of €40.4 million (US$43 million) for the year that ended Sept. 30.

Dinasa has annual distribution of 160 million gallons, which will increase Rubis’ Caribbean sale volumes by more than 35%. Rubis entered the Caribbean in 2011 with the acquisition of Chevron’s regional retail business and currently operates in Antigua, Barbados, Dominica, Grenada, Guyana, St. Lucia and St. Vincent. Rubis’ Haitian entry follows a buyout of its partners in a Turkish terminaling JV announced in late January.

Shell to take 50% stake in YPF block targeting Vaca MuertaArgentina’s state-owned YPF signed a preliminary agreement to partner with Shell

on its 50,400-acre Bajado de Anelo block in Neuquen province. Terms call for a Shell affiliate to contribute 97.6% of a US$305.8 million two-phase Vaca Muerta shale pilot program to earn an operated 50% stake. The companies are in exclusive negotiations to reach a definite agreement, which Shell spokesperson Kimberly Windon told Reuters is expected by late April. If successful, Windon added, the pilot will expand to full

field development.YPF signed a similar

agreement early last year to partner with Aubrey McClendon’s American Energy Partners on Bajado de Anelo as well as the larger Cerro Arena block, but that deal fell apart after McClendon’s death in a single-car accident last March. YPF plans to invest $2.3 billion in the Vaca Muerta this year. Bajada de Anelo lies northeast of YPF and Chevron’s producing Vaca Muerta program on the Loma Campana block.

Elsewhere in Neuquen province, YPF bought PetroUruguay’s 20% WI in the producing Aguada de la Arena block for $18 million to boost its ownership to 100%. YPF acquired its initial 80% WI from Petrobras Argentina for $68 million in a deal that closed last October. Aguada de la Arena produced 7.1 MMcfe/d (22% oil) from 14 wells in 2015. Its acquisition was part of a larger deal that also gave YPF 33% WI in the 60 MMcfe/d (10% oil) Rio Nuequen block for $72 million. It is partnering with Petrobras Argentina (now majority-owned by Argentine power firm Pampa Energia) and Petrobras on a $450 million development program to triple Rio Nuequen production in three years.

Latin America

Located NE of YPF & Chevron’s prolific Vaca Muerta program at Loma Campana.

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December 31, 2014 • Volume 06, No. 15

InternatIonalCapItalServing the marketplace with news, analysis and business opportunities

TUNISIA PROJECT1-Permit. 556,481-Acres. (2,252km2)GHADAMES BASINContains One Discovery. FO8 Identified Leads: Silurian SandstoneSeismic Data Available.Also Re-Entry Project for 2-Wells. RE-ENTRYSEEKING JV PARTNER FOR -----EXPLORATION PROGRAM.Est Mean EUR: 57 MMBOEst Total In-Place Reserves: 385 MMBOExploration Term Expires April 2016.CA Required To View Data Room.CONTACT AGENT TO LEARN MOREFO 1022DV

OFFSHORE AFRICA FARMOUT1-PSC. 420,079-Acres. (1,700km2)SENEGAL & GUINEA-BISSAUAGC MARITIME COMMISSION ZONE DVContains One Identified Prospect.Shallow Water: 328 Ft. (100m)3-D Seismic Data Available. SHALLOW40% WORKING INTEREST AVAILABLEEstimated Reserves: 475 MMBOCA Required To View Data Room.CALL AGENT FOR MORE INFORMATIONDV 5234L

FEATURED DEALS

Petrobras scandal, possible default spurs lawsuits

The ongoing investigation into the Petrobras scandal could soon have implications outside Brazil. That’s because the company and its executives have been named as the target of a new, $98-billion US class-action lawsuit alleging Petrobras made material misstatements about the value of

its assets. The suit, filed in Manhattan’s federal court on behalf of the city of Providence, Rhode Island by the Labaton Sucharow law firm, covers all securities Petrobras sold since 2010: including debt issued by Petrobras International Finance Co. and Petrobras Global Finance from February, 2012.

Oil-linked contracts put many LNG projects in limboWhile BG Group celebrates the loading of the first commercial cargo at its Gladstone

LNG plant on Queensland’s Curtis Island, the current pricing climate has already altered the fate of the Pacific NorthWest LNG megaproject in Canada and may affect investment

decisions in other large-scale LNG projects worldwide. While not an oil drilling project, conventional or otherwise, the $32 billion, multi-partnered Petronas-led effort has been put on hold as the Malaysian NOC defers a final

investment decision on the gas project with a list of entirely Asian prospective customers that are used to paying for LNG based on oil-indexed contracts.

With the drop in crude, LNG prices landing in Asia have now sunk below $10/MMbtu, down from $16/MMbtu as recently as April 2014. In North America alone, nearly 40 mtpa of LNG projects are under construction with another 30 mtpa expected to reach FID in the next twelve months. In Australia, LNG breakeven prices are $13-$14/MMbtu. Globally, as with oil, LNG landed prices will adjust to market dynamics.

Oil prices the scourge of noted investors in 2014Some of the world’s most astute and followed investors couldn’t escape the grip

that a slumped oil price had on various securities during 2014, and has given the $2.8 trillion hedge fund sector its worst year since 2008. Most notable is the loss

incurred by legendary activist investor Carl Icahn courtesy of his investment in Talisman Energy, now prepping for a

Repsol takeover (see story on page 7). After accumulating more than 7% of Talisman’s shares and gaining board seats

and influence in the company, the golden Icahn touch was no match for oil prices this year—his almost $900 million investment was down $540 million until the Repsol offer and the resulting share price boost cut his losses down to $286 million. His company’s total portfolio was up 4.4% through the end of Q3, filings show. Looking at his Talisman experience, Icahn told the Wall St. Journal: “In this oil environment, I’m certainly glad a bidder came along for it.

Analysts assess project risk at various price pointsIn perhaps the most extreme prognostication to date, Goldman Sachs analysts

say $1.0 trillion in projects could fall by the wayside as $60/bbl Brent renders certain higher-priced projects around the world unprofitable. Projects aggregating $930 billion worth of future investment were no longer profitable with Brent at $70/bbl, the investment bank said, and that $10/bbl less would push that number to the $1.0 trillion

mark. The Goldman analysis looked at 400 of the world's largest new fields excluding US shale.

Led by Canadian oil sands projects at $80/bbl and certain US shale plays and other tight oil plays at $76, Energy Aspects say more than 12% of global oil production would be uneconomic if the majors were to move forward on existing projects at today’s prices. Brazil’s deepwater fields just wouldn’t be worth the expense at $75 and Mexican projects would cease to be profitable at $70. The group told the Financial Times it believes 1.5 MMbopd of the world’s planned 2016 projects are at risk at $70 and that over 1.0 MMbopd of 2017 projects are chancy at that price point.

Goldman estimates that more than $1.0T in projects are at risk at current prices.

Icahn's investment was down 40% at one point before rebounding somewhat.

LNG prices in Asia now below $10/MMbtu, disturbing to profitability.

S&P says Petrobras would be junk-rated if not for government support.

Continues On Pg 4

Continues On Pg 6

Continues On Pg 10

Continues On Pg 12

Oil firms pledge $5B Vaca Muerta spend after new gas subsidy.

InternationalCapital Jan. 20

Fell under 2015-2016 divestment drive, not part of $21B goal for 2017-2018.

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Volume 09, No. 04 3 a&D

Cairn farms into two exploration projects offshore IrelandEdinburgh-based Cairn Energy struck two farm-in deals in the southern Porcupine

Basin offshore Ireland. It will acquire a non-op 30% WI in license FEL 2/14 by funding 45% of the cost for a deepwater exploration well up to a gross cap of US$42 million to test the Druid and Dromberg oil prospects with Providence Resources and Sosina Exploration. On license LO 16/19, Cairn will fully carry Europa Oil & Gas on a $6.0

million 3D seismic program to earn an operated 70% WI.The Druid/Dromberg well is scheduled to spud in June. FEL 2/14

lies 220 km off Ireland’s southwest coast at 2,250-ft water depth. Providence operates with 80% WI, but will reduce its share to 56% as a result of the Cairn deal. Sosina’s interest will drop from 20% to 14%. Based on 3D seismic acquired in 2014, Providence estimates unrisked prospective resources of 3.18 Bbo for Druid and 1.92 Bbo for Dromberg.

Europa’s LO 16/19 lies on the basin’s western flank adjacent to LO 16/18, which Cairn won in Ireland’s 1H16 licensing round. Seismic data will be acquired in 2017 with processing and interpretation completed in 2018. Europa will retain 30% WI.

Oranje-Nassau buys Sterling’s UK business for $163MMThe Netherlands’ largest private E&P firm agreed to acquire the entire UK North

Sea asset base of Calgary-based Sterling Resources. Amsterdam-based Oranje-Nassau Energie will pay US$163 million for the assets, chief among which is a 30% stake in the Ineos-operated Breagh gas field. Sterling also owns 2% WI in the Taqa-operated Cladhan

oil field and stakes in exploration licenses in the UK and the Netherlands.Located in the southern

North Sea, Breagh has a long-term production profile that will strengthen Oranje-Nassau’s portfolio. In the near term, projected 2017 net production of 18 MMcfe/d from Breagh will hike Oranje-Nassau’s total output 14% to more than 150 MMcfe/d. CEO Alexander Berger called the deal “a significant step towards reaching our longer-term 150 MMboe reserves target.”

Closing is subject to two-thirds approval by Sterling shareholders and clearance from UK regulators and Toronto’s TSX Venture Exchange. More than 79% of Sterling shareholders have signed agreements to vote in favor of the deal. Sterling plans to distribute net proceeds of $113 million to its shareholders and dissolve upon closing, which is expected in Q2. Jefferies advised Sterling on the deal.

Latin America Execution on long-awaited deals highlights recovery

It’s a clear sign of market recovery when companies pull the trigger on deals they’ve been aiming at for months or even years, and that’s what we’re seeing

in 2017. This development peaked with ExxonMobil entering Mozambique’s

gas discoveries for US$2.8 billion and Shell selling the lion’s share of its Canadian oil sands for $7.2 billion (PG. 1).

Multiple media outlets have reported for about two years on talks between Exxon and both Eni and Anadarko, which

operate neighboring concessions each with multiple gas discoveries in the multi-Tcf category. Exxon

and Eni reportedly settled on terms as early as last August but were waiting for the right moment to execute the deal.

As for Shell, on the day its oil sands sale was announced, CEO Ben van Beurden told attendees at Houston’s CERAWeek energy conference that the deal was in the works for more than a year. The assets were among the costliest in Shell’s portfolio, not to mention off-brand for a company that has reshaped its portfolio to become the “LNG supermajor” while investing more than its peers in low-carbon alternatives. More generally, the oil sands sale is by far the biggest yet in Shell’s $30 billion 2016-2018 divestment program.

Shell has also talked for months about plans to increase its footprint in Argentina’s Vaca Muerta shale, and it finally made its move, committing to fund the bulk of a $305.8 million drilling campaign with YPF (PG. 2) near the NOC’s prolific JV with Chevron. On a smaller scale, Newfield Exploration’s $39 million sale of Chinese assets (PG. 4) shows that prices have risen enough for US drillers to resume the stalled process of cleaning up their non-core overseas assets to fund shale drilling back home.

Top Ten New International Energy Deals in This Issue

Date Buyer SellerValue

(US$MM) Type Location03/09/17 ExxonMobil Eni $2,800 Property Mozambique03/05/17 OMV Uniper $1,850 Property Russia02/19/17 CNPC ADNOC $1,770 Property UAE03/03/17 Vitol OMV $1,451 Retail Turkey02/21/17 CEFC China ADNOC $888 Property UAE02/27/17 Perenco Total $350 Property Gabon02/23/17 Shell YPF $306 Farmout Argentina03/03/17 Oranje-Nassau Sterling $163 Corporate UK02/27/17 Roxi Petroleum Baverstock  $77 Property Kazakhstan02/22/17 Certain JV Partners Newfield $39 Property China

Total $9,694 Note: Based on deals with disclosed values. Source: PLS Global M&A Database

IN THIS ISSUE Recapitalized in mid-2016, Sterling

pursued M&A before deciding to sell.

Both Exxon’s $2.8B buy & Shell’s $7.2B sale in the works for more than a year.

Newfield suspended China sale process in early 2015 due to low prices.

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InternatIonalDeals 4 March 13, 2017

Newfield sells Bohai Bay oil stake offshore China for $39MMUS shale driller Newfield Exploration struck a deal to sell its non-op 12% WI in

the oil-producing Bohai Bay 05/36 block offshore China for US$39 million to certain JV partners. Newfield had 2016 net production of 1,580 bo/d and YE16 net proved reserves

of 3.085 MMbo from the CNOOC-operated block. The sale illustrates the recovery of the global oil markets since early 2015, when Newfield suspended a divestment

process for its Chinese assets after encountering price-related headwinds.

Newfield’s Chinese assets are the last remnants of a larger international portfolio that had included prolific oil fields offshore Malaysia. It sold these properties for $898 million in 2013, amid a wave of overseas divestments by US drillers like Anadarko Petroleum, Noble Energy and Apache that were increasing their investments in shale resources back home. Since then, US E&P firms have been largely absent from the international deal market.

After a closing expected in mid-2017, Newfield will remain active in China via its operated Pearl River development in the South China Sea. Pearl River achieved first oil in 4Q14, peaked the following year and was on plateau for most of 2016, averaging 11,000 bo/d net to Newfield in 4Q16. No additional development drilling is expected at Pearl River, which has begun to decline naturally but continues to generate positive cash flow to fund Newfield’s US shale program.

Asia

Newfield retains operated Pearl River Field in South China Sea.

EAST AFRICASOMALIA RE-ENTRY OPPORTUNITY8-Potential. 7-UnDrill. 1,100,000-Acres.CORIOLE BASINWell Re-Entry. 11,541 Ft. REWell Re-Entry. 13,661 Ft.NEGOTIABLE WI; OPERATIONS AVAILExpected IP : 700 BOPD REENTRYExpected IP: 19 MMCFD1P Proved Rsrvs: 200 BCFRsrvs: 2.0 BBO & 6.0 TCFRE 2359DV

FORMER SOVIET UNIONCENTRAL ASIA OPPORTUNITYMultiple Licences Covering 3,000km2.ONSHORE CENTRAL ASIADRILL READY PROSPECTS PPMesozoic & Cenozoic Stratigraphy. 250SEEKING JV PARTNER BOEDExisting Production: 250 BOEDComb. Prospective Rsrcs: 550 MMBOECONTACT AGENT FOR MORE INFOPP 1191FO

MIDDLE EASTIRAQ PROPERTY FARMOUT1-Onshore Producing Block.KURDISTAN REGIONLight Sweet Crude With No Water. PPDevelopment Plan Approved In May 2016.SEEKING JV PARTNER FOR FARMOUT 5,000Current Gross Production: 5,000 BOPD BOPDP50 Prospective Resources: 66 MMBOCONTACT BLOCK OWNER FOR INFOPP 2975FO

OMAN PROPERTY1-Onshore Block. 768 sq km.SOUTH OMAN SALT BASINProductive Formation Depths: 750-1,750m PPLow Risk & Cost Efficient Appraisal And---Development Program.25 Year Service Agreement. Expiring 2040.15% NonOperated WI FOR SALE 17,000Nov 2016 Gross Production: 17,000 BOPD BOPD2P Gross Reserves: 35.5 MMBOSTOIIP: 932.2 MMBOCONTACT BLOCK OWNER FOR INFOPP 2106DV

TURKEY PROPERTY>9,000-Acres. 66-Producing Wells.SE ONSHORE TURKEYOne Producing Field. 10 Year License. PP53 D&M Approved PUD Drilling Locations.3D Seismic Data Available. 2,75020% NonOperated WI For Sale BOPDCurrent Production: 2,750-3,100 BOPDCONTACT AGENT FOR MORE INFOPP 1043FO

Aramco buys 50% of Malaysian refinery & petrochem plantContinuing its downstream expansion into Southeast Asia, Saudi Aramco agreed

to acquire a 50% stake in Petronas’ Refinery & Petrochemical Integrated Development (RAPID) project in Malaysia’s Johor state. RAPID will include a 300,000 bo/d refinery

producing gasoline and diesel meeting Euro 5 specs and feedstock for an integrated 3.5 mtpa petrochem complex. It is part of Petronas’ Pengerang Integrated Complex, which will also include a co-generation plant, an LNG

regasification terminal, a raw water supply project and a deepwater terminal. The complex is almost 60% complete and on track for refinery startup in 2019.

CEO Amin Nasser said the deal “strengthens Saudi Aramco’s position as the leading supplier of petroleum feedstock to Malaysia and Southeast Asia.” The Malaysian deal follows an Indonesian JV agreement signed by Aramco in December to acquire a 45% stake in Pertamina’s 348,000 bbl/d Cilacap refinery in exchange for participation in an upgrade to 400,000 bo/d.

Total farms into PTTEP deepwater block off MyanmarThailand’s state-owned PTTEP is partnering with Total to explore and develop

its deepwater MD-7 project in Myanmar’s Gulf of Moattama. The French supermajor will acquire 50% WI in the project, which PTTEP will continue to operate. Awarded in 2013, the block is currently under 3D seismic evaluation to assess its resource potential.

Total’s “expertise and experience in exploration and development of many deepwater projects will help us to carry out the activity of the Myanmar MD-7 project more effectively,” PTTEP CEO Somporn Vongvuthipornchai said.

Total and PTTEP have a 30-year history of collaboration on various projects.

Meanwhile in Malaysia, PTTEP has expressed interest in buying a stake in Petronas’ SK316 gas block, with production from NC3 field feeding the LNG 9 export project and additional development potential in the Kasawari discovery. Reuters reported in February that Petronas planned to sell up to 49% WI in the block, citing unnamed sources, and PTTEP President Tevin Vongvanich told the Bangkok Post that the Thai NOC is ready to look at the property as soon as Petronas confirms the sale effort.

PTTEP also eyeing 49% WI in Malaysian gas block feeding LNG export project.

BUYERS! NO COMMISSIONS

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Volume 09, No. 04 5 a&DEni joins Total at another block offshore Cyprus

Reinforcing its existing position offshore Cyprus, Eni finalized a farm-in agreement to acquire 50% WI in Block 11 from Total, which won the rights in

Cyprus’ second international bid round in 2013. Total will remain the operator with 50% WI. The

French supermajor is planning to drill an initial exploration well this year. Eni sees Cyprus as an extension of the same exploration province that produced its giant ~30 Tcf Zohr gas discovery in 2015.

Total and Eni are also partnered 50:50 on Block 8, awarded in December as part of Cyprus’ third bid round, with Eni operating. Two other exploration blocks were awarded: Block 8 to Eni with 100% WI and Block 10 to ExxonMobil and Qatar Petroleum. In 2013, Eni was awarded an operated 80% WI in Block 2, 3 and 9 with 80% WI in partnership with South Korea’s Kogas.

Total seeks entry to stalled Iran LNG plant at a discount

An early returnee to Iran after sanctions were lifted last year, Total is reportedly negotiating to buy into a partially built Iranian LNG export

facility intended to monetize gas from the giant South Pars field. According to a Reuters

article citing unnamed sources, the French supermajor wants to acquire a stake in the 10.8 mtpa Iran LNG project at a discount to the pre-sanctions price in exchange for getting the project underway again. Work halted in 2012 when sanctions prevented Iran from importing liquefaction technology from German contractor Linde.

Total was the first Western company since last year’s nuclear deal to make a deal with Iran, signing a heads of agreement in November with state-owned NIOC to develop Phase 11 of South Pars. Terms call for Total to take an operated 50.1% stake in the offshore development under a 20-year agreement. Total plans to commit US$2.0 billion for Phase 11.

Middle East & North Africa Africa

Perenco buys mature Gabon oil fields from Total for $350MMTotal agreed to sell stakes in 12 mature oil fields representing 22% of its production

in Gabon along with an onshore oil pipeline to privately held Perenco for US$350 million. The deal involves both of the French supermajor’s Gabonese business units: Perenco will

acquire wholly owned Total Participations Petrolieres Gabon outright and will pick up interests and operatorship in distinct assets from 58%-owned Total Gabon. Upon closing, all of Total’s remaining upstream interests in the West African

country will be owned via Total Gabon.TPPG owns non-op stakes ranging

13.8-34.7% WI in 10 onshore and offshore fields, all but one of which are operated by Total Gabon. Of those nine operated fields, Total Gabon is exiting two, reducing its interest in another and transferring operatorship in six to Perenco while holding onto its 65.3% WI as a non-op stake. Total Gabon is also exiting two additional fields where TPPG is not a participant and its 100% WI Rabi-Coucal-Cap Lopez onshore oil pipeline.

The net production being divested by Total totals 13,000 bo/d, out of a 2016 total of 58,100 bo/d in Gabon for the company. Total Gabon operates six licenses that are not affected by the Perenco deal, four of them with 100% WI. It is also retaining its

100% WI in the Cap Lopez oil terminal.These assets include Total’s youngest

and most active projects in Gabon. The supermajor made the Diaman gas and condensate discovery in 2013 on its operated deepwater Diaba block (42.5% WI) and completed a recompletion project in 2015 at the mature Anguille field (100% WI) involving 18 new wells and a new platform. The company has maintained a presence in Gabon for more than 85 years.

As for Perenco, the acquisition is in line with private Anglo-French company’s historical Gabonese focus on coaxing additional production from older fields. Perenco entered Gabon in 1992 with the acquisition of mature offshore fields producing 8,000 bo/d. It grew its operated output to a 2015 average of 80,000 boe/d (90% oil) primarily via a continuous work program at mature fields, combined with acquisitions and several successful discoveries. During 2014 and 2015, the company spent nearly $1.0 billion mostly to drill 40 wells, some of which were for deepwater exploration.

Total is divesting 13,000 bo/d out of total 58,100 bo/d output from Gabon.

Summary of Gabon Assets Sold by TotalAreas Field TPPG % sold TG %

pre-saleTG % post-sale

Offshore Grondin

Grondin 34.7% 65.3% op 65.3% non-opGonelle 34.7% 65.3% op 65.3% non-opBarbier 34.7% 65.3% op 65.3% non-opMandaros 34.7% 65.3% op 65.3% non-op

Offshore TorpilleGirelle 34.7% 65.3% op 65.3% non-opPageau 34.7% 65.3% op 65.3% non-opHylia 19.3% 55.7% op 34.50%

Onshore operatedCoucal 13.8% 43.7% op 0%Avocette 13.9% 43.6% op 0%Atora – 40.0% op 0%

Onshore non-op Rabi 14.6% 32.9% non-op 32.9% non-opIgongo – 18.0% non-op 0%

Rabi-Coucal-Cap Lopez pipeline – 100% op 0%Source: Total Feb. 27 press release

Total cleaning up upstream portfolio to reduce operational breakeven prices.

Perenco grew Gabonese output 10x in 23 years, mainly via redevelopment.

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InternatIonalDeals 6 March 13, 2017

BP closes $916MM West African farm-in with KosmosAfter receiving government approval, Kosmos Energy transferred a 49.99% stake

in its Senegalese E&P business to BP, completing a US$916 million farmout announced Dec. 19. The deal also included 62% WI in four blocks off Mauritania containing the play-opening 2015 Tortue gas discovery, which was transferred to BP in January, leaving Kosmos with 28% and the government with 10%. Kosmos estimates more than 15 Tcf at Tortue and 10 Tcf at nearby finds, with derisked exploration potential exceeding 50 Tcf.

Offshore Senegal, BP now has 32.49% WI and Kosmos has 32.51% WI in the Saint

Louis and Cayar deepwater blocks after the exercise in December of an option to acquire 5% WI from partner Timis Corp. in exchange for a future well carry. Privately held Timis retains 25% WI and state-owned Petrosen holds 10%.

On a Feb. 27 conference call, Kosmos CEO Andy Inglis said the BP deal results in Kosmos’ costs in Mauritania and Senegal being largely covered for several years,

“so despite a robust activity set, we’re one of the few E&Ps generating significant free cash flow at $50/bbl.”

Africa

BW advances $44MM purchase of Gabon’s Dussafu projectWest Africa-focused Panoro Energy signed a definitive agreement to sell a 25%

stake in the $150 million Dussafu Marin oil project offshore Gabon for US$12 million to BW Energy Holdings, a JV of Oslo-traded FPSO builder BW Offshore and its

private parent BW Group. Panoro will also loan BWEH up to $12.5 million at 7.5% annual interest to fund remaining spending through first oil, expected in 2018. The shallow-water Dussafu block contains five pre-salt discoveries

with gross 2C resources of 33.4 MMbo. Panoro will retain 8.33% WI in the block after closing. It’s only other assets is 6.5% WI in Nigeria’s offshore Aje field.

Panoro signed an MOU for the sale in mid-December, contingent on BWEH’s acquisition of Harvest Natural Resources’ operated 66.7% Dussafo stake. Harvest’s shareholders voted by more than 92% to approve the $32 million deal and the dissolution of the company on Feb. 23, one day after Panoro announced the definitive agreement.

Targeting Tortue FID by 2018, first gas by 2021 via near-shore floating LNG.

Overview Of Mauritania/Senegal FarmoutTransforma�ve transac�on effec�vely funds 100% of Kosmos’ por�on of Mauritania / Senegal expenditures for next several years

Simple, Aligned Partnership– Kosmos retains explora�on operatorship– BP development operator bringing

deepwater experience and LNG development / marke�ng exper�se

Advances Tortue Development– World-class Tortue project will target

FID by 2018 and first gas in ~2021

Firm Explora�on Program– Three explora�on wells in 2017 to

delineate the basin – Focused on outboard prospects with

liquids poten�al Received approval from Mauritanian Government– Farm-out of Mauritania Blocks C6, C8,

C12, and C13 to BP already completed

þ

þ

þ

þ

Fixed Considera�on: $916 million– $162 million up front– $221 million E&A carry– $533 million Tortue carry

Variable Considera�on: Up to $2 billion– Structured as a produc�on royalty paid

on up to 1 billion barrels of gross liquids capped at $2/bbl

– $1/bbl at $60/bbl Brent

Mauritania SenegalPre-Deal Post-Deal Pre-Deal Post-Deal

Kosmos 90% 28% 60% 32.51%BP 0% 62% 0% 32.49%SMHPM 10% 10% - -Petrosen - - 10% 10%Timis Corp. - - 30% 25%

Source: Kosmos Energy Jan. 3 Presentation via PLS docFinder www.plsx.com/finder

NORTH AFRICAONSHORE EGYPT FARMOUT1-Block. 68 sq. km. 15-Wells.ALAMEIN BASIN - WESTERN DESERTFormations Abu Roash & Bahariya. PPGoverned By PSC Expiring In 2021.Facilities Replaced & Upgraded In 2013.SEEKING FARMOUT PARTNERUP TO 50% INTEREST AVAILABLE ~1,100Avg. Production: ~1,100 BOPD BOPDNew 26km 6-Inch Pipeline For Exports.2P Gross Reserves: 6.2 MMBOEP50 Gross Resources: 1.9 MMBOE2C Contingent Resources: 13.5 MMBOECONTACT BLOCK OWNER FOR INFOPP 2108DV

TUNISIA FARMOUT OPPORTUNITY1-Producing Well. 35,583-Acres. (144 km2)GHADAMES BASINMULTI-ZONE POTENTIAL PPTriassic, Silurian, Ordovician & Cambrian.2D Seismic Data Available.40% OPERATED WI AVAILABLE FARMOUTQ1 2015 Average Production: 68 BOEDP10 Recoverable Resources: 93 MMBOConcession Expires January 2022CALL CONCESSION OWNER FOR TERMSPP 5156FO

TUNISIA FARMOUT OPPORTUNITY8-Wells. 33,606-Acres. (136 km2)GHADAMES BASINSilurian & Devonian Resource Play. PPUpside Potential In Triassic & Ordovician.3D Seismic Data Available.40% WORKING INTEREST AVAILABLE 27Q1 2015 Production: 27 BOED BOEDDevonian Ouan Kasa Production.Est Recoverable Reserves: 777 MMBOInfrastructure Currently Under ConstructionConcession Expires May 2022CALL CONCESSION OWNER FOR TERMSPP 5091FO

NORTHERN EUROPEUK STRATEGIC ALTERNATIVES55-Onshore Licences.UNITED KINGDOM & SCOTLANDWEALD, GAINSBOROUGH TROUGH- PP-BOWLAND & MORAY FIRTH BASINSSEEKING STRATEGIC ALTERNATIVES >2,5002015 Avg Net Production: 2,570 BOED BOEDNet 2P Reserves: 13.33 MMBOEPP 1340CO

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Volume 09, No. 04 7 a&D

Date Location Abstract

Mar. 10 KenyaAfrica Oil is considering its options as it may not have enough capital to finance its share of commit-ments made in Kenya's South Lokichar Basin. As a result, the company may look to take on new debt, issue more shares or farmout additional working interest in its non-operated assets.

Mar. 10 Mozambique- Tete NuAfrica Gas is seeking partners to explore for CBM resources.

Mar. 10 Tanzania- Rukwa Heritage Oil is looking to farm out a substantial interest in the 100%-controlled licence in return for funding contributions towards drilling and past costs.

Mar. 9 Jingzhou Natural Gas Dev. Bestsun Energy says it has signed a framework agreement to buy Jingzhou Natural Gas Development.

Mar. 9 Petrovietnam Petrovietnam plans to sell a 35-40% stake to strategic investors and expects to raise at least $270MM. 

Mar. 3 Russia- Grozneftegaz

Rosneft intends to divest its 51% stake in Grozneftegaz and other assets in Chechnya to the Govt of the Chechen Republic for a reported consideration of $215MM.

Mar. 3 Petrol Ofisi OMV agreed to sell its Turkish fuel supply and distribution unit Petrol Ofisi to Vitol for €1.37B ($1.45B).Mar. 3 PNG- PPL 597 Larus Energy's farmout process continues through advisor Moyes & Co.

Mar. 3 Sterling Resources UK

Sterling Resources has entered a definitive agreement to sell its UK subsidiary, Sterling Resources UK, to Oranje-Nassau Energie for $163MM less debt.

Mar. 3 New Zealand- PEP 38264

Anadarko & Origin are looking for a farm-in partner to take up to 35% stake in the block to help fund the next round of deepwater exploration drilling.

Mar. 2 Cooper Energy Cooper Energy has effectively ceased all international operations with the close of its activities in Tunisia and the sale of its Indonesian operations to Bass Oil.

Mar. 2 Egypt- multiple Naftogaz plans to sell its Egyptian assets which are held through its subsidiary Zakordonnaftogaz. The company operates 2 blocks in the Eastern Desert: South Wadi El Mahareeth and Wadi El Mahareeth .

Mar. 1 Bashneft Rosneft has raised its stake in Bashneft to 69.3% of voting shares, paying $858M to the minority share-holders to consolidate control.

Feb. 28 Gabon- multipleBNP Paribas was recently retained by Mitsubishi to find buyers for its stakes in Baudroie-Merou Marine and Loche East Marine blocks which are said to be worth $50-75MM. Total and Perenco are reportedly interested but Gabon Oil could exercise a right of first option.

Feb. 27 New Zealand- PEP 57068 Mosman is looking for someone to farm in to the license to help fund the drilling of the next well.

Feb. 24 Argentina- MultpleA group of local investors have acquired Petrolera Patagonia SRL and Ingenieria Petrolera del Rio de la Plata SRL from Zenith Energy. The divestment is part of Zenith’s strategy to exit from Argentina in order to focus on Italian and Azerbaijan operations.

Feb. 24 Thrace Basin Natural Gas

TransAtlantic Petroleum announced the closing of the sale of its wholly-owned Turkish subsidiary, TBNG, to Valeura Energy.

Feb. 22 InterOil Exxon's acquistion of the company has closed.Feb. 22 Nigeria- OML 141 Oryx Petroleum intends to divest its interest in the license area for nominal consideration in upcoming months.

Feb. 22 Bangladesh- Multiple

Zhenhua Oil has signed a preliminary deal with Chevron to buy Chevron's gas fields in Bangladesh that are worth about $2B. Zhenhua (60%) will partner with China Reform Holdings (40%) & hopes to formalize its deal with Chevron by June.

Feb. 22 Australia- EP 483 & TP/25

Finder will be commencing the farmout process in Mar 2017 for the Eagle prospect in the EP 483 & TP/25 permits in the Barrow Sub-basin and Peedamullah Shelf of the Northern Carnarvon Basin.

Feb. 21 Norway- multiple Point Resources is reported to be in talks with ExxonMobil on the sale of the supermajor's operated assets off Norway: Ringhorne, Balder, Sigyn and Jotun fields. Deal value is estimated to be worth at least $1B.

Feb. 21 China- multple Newfield reached an agreement to sell interest in non-operated producing oil fields in Bohai Bay China for $39MM with the deal expected to close by mid-year 2017.

Feb. 21 Brazil- Peregrino Sinochem is reportedly exploring the sale of its 40% stake in the field.

Feb. 20 Essar Oil A consortium led by Rosneft plans to finally complete its $12.9B acquisition of Essar Oil in Mar 2017. Rosneft will acquire a 49% share in Essar and another 49% will be shared between Trafigura and United Capital Partners (UCP).

Feb. 22 Malaysia- SK316 Petronas is considering selling a $1B stake in the gas block. It is working with an investment bank on the sale and plans to start the process in Feb. 2017, offering as much as a 49% interest.

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InternatIonalDeals 8 March 13, 2017

Exxon’s entry will likely trigger a long-awaited FID for the initial 5 Tcf Coral South development phase, which had been expected by YE16 but was delayed pending the completion of financing. In November, Eni approved investment for the project, which will tap part of the 16 Tcf Coral discovery using six wells and a 3.3 Tcf floating

LNG facility. Startup is expected after 2020.

Eni will continue to operate the Area 4 upstream assets as well as the planned Coral South FLNG facility, while Exxon will build and operate a 10 mtpa onshore liquefaction plant. An estimated 85 Tcf in place has been discovered on the deepwater concession. Coral and pre-FID work for the nearby Mamba discoveries are expected to cost ~$6.0 billion over the next four years.

Eni CEO Claudio Descalzi said the Exxon deal is in line with the company’s “dual exploration model,” which is aimed at early monetization of recent discoveries through the dilution of high participating interests. In another example of its dual exploration model in action, late last year Eni sold down 40% WI in its giant 2015 Zohr gas discovery offshore Egypt for $2.1 billion in separate deals with Rosneft (30%) and BP (10%).

“Through this strategy, Eni has been able to cash in more than $9.0 billion in the last four years,” Descalzi said. “Moreover, the agreement confirms the world-class quality, production potential, technical and financial robustness of the entire project.”

As for Exxon, the supermajor has now announced three major acquisitions totaling more than $10.8 billion plus up to

$1.7 billion in contingent payments since last July, when it agreed to buy InterOil for $2.45 billion in stock and debt. That deal closed in February, giving Exxon access to Papua New Guinea’s giant Elk and Antelope gas discoveries (PG. 9). Then in January Exxon struck a $5.6 billion all-stock deal to expand its profile in the US Permian Basin with the acquisition of companies controlled by the Bass family.

“This strategic investment will enable ExxonMobil’s LNG leadership and experience to support development of Mozambique’s abundant natural gas resources,” Exxon CEO Darren Woods said.

Africa

Exxon buys stake in Eni’s Mozambique gas Continued From Pg 1

All Standard Disclaimers & Seller Rights Apply.

December 31, 2014 • Volume 25, No. 18

TransactionsServing the marketplace with news, analysis and business opportunities

EAST TEXAS SALE PACKAGE 12-Active Wells. 3-SWD. ~3,700 Acres.BUNA WEST & SILSBEE FIELDSHARDIN & JASPER COUNTIES PPWilcox Sands 10,000 Ft.-15,000 Ft.Additional Drilling Locations Identified58-100% Operated WI; ~73 Lease NRI 191Gross Production: 77 BOPD & 888 MCFD BOEDNet Production: 44 BOPD & 530 MCFDJune 2014 Cash Flow: ~$156,600/MnPDP PV10: $4,826,000BIDS DUE BY JANUARY 15, 2015PP 2351DV

KERN CO., CA PROPERTY ~18,000-Contiguous Net Acres.BEER NOSE FIELDBloemer Tight Sandstone Objective. PPEstimated Depth: 10,000-15,000 Ft.Also Monterey, Belridge, Gibson, Oceanic,Santos, Tumey & Kreyenhagen Potential.100% OPERATED WI; ~77% NRI TIGHTGross Production: 36 BOPD & 57 MCFD SANDNet Production:27 BOPD & 44 MCFD6-Mn Avg. Net Cash Flow: ~$28,800/MnPP 5217DV

FEATURED DEALS

Whiting seals buyout of Bakken peer Kodiak

There is one less publicly listed Bakken producer following the closing of Whiting Petroleum’s acquisition of rival Kodiak Oil & Gas. The deal created a combined company with a market cap north of $6.0 billion based on the stock price the day before closing. Whiting now has the highest Bakken/Three Forks

production at a pro forma 125,000 boepd for Q3, squeaking by long-time leader Continental Resource's 121,600 boepd.

The deal also increased Whiting’s Bakken/Three Forks inventory by 158% to 3,460 net drilling locations across 855,000 net acres. YE14 proved reserves for the combined company total 780 MMboe (83% crude, 7% NGLs), up 29% compared to Whiting and Kodiak’s YE13 sum.

Southwestern buys more Marcellus/Utica for $394 millionAlso closes $5.4 billion initial acquisition from Chesapeake

Statoil is selling a 5.8% stake in its Marcellus and Utica JV assets in northern West Virginia and southern Pennsylvania to new partner Southwestern Energy for $394 million and retaining ~23% WI. Having also closed its $5.4 billion purchase of Chesapeake’s 67.5% WI, Southwestern’s newly acquired interests will rise to 73.3% WI, representing 443,000 net acres.

The Statoil deal adds incremental October

net production of 29 MMcfed and 30,000 net acres targeting the Marcellus, Utica and Upper Devonian for Southwestern. Statoil had a preferential right to buy Chesapeake’s stake when that company’s deal with Southwestern was announced in October, but chose not to exercise it. Including these properties and others in the play, Statoil retains a strong Marcellus position covering ~570,000 net acres with pro forma Q3 net production of 759 MMcfed.

The Statoil deal is expected to close in 1Q15 and will be financed fromSouthwestern’s revolver.

Oxy in talks to buy private Permian driller Three RiversCash-rich after receiving $6.0 billion in the spin-off of its California business,

Occidental Petroleum is looking to supercharge its core Permian growth engine by pursuing privately held Three Rivers Operating Co. II LLC. Industry sources contacted by PLS have estimated values in the $1.20-1.35 billion for the deal. A Bloomberg story citing an unnamed source said the companies are discussing a price below $20,000/acre—implying a value below $1.75 billion based on Three Rivers’ 82,000 net acres at YE13 plus 5,400 net

acres picked up this summer.Austin, Texas-based Three

Rivers II launched in August 2012 with the acquisition of 15,000 net acres and 1,900 boepd in the Midland Basin from Meritage Energy. Backed by Riverstone Holdings, the company at YE13 touted 25,000 net acres in the Midland Basin, 22,000 in the southern Delaware Basin and 5,000 in the Central Basin Platform representing a drilling inventory exceeding 1,800 locations (average 90% WI) targeting the Wolfcamp, Cline and Wolfberry combo play.

Repsol strikes, snapping up Talisman for $13 billionCapitalizing on falling oil prices to gain a substantial upstream foothold in North

America, Repsol has struck a deal to acquire Talisman Energy for $13 billion. The purchase price consists of $8.00/share (C$9.33/share) in cash plus the Calgary company’s $4.7 billion debt. Unanimously approved by both companies’ boards, the deal will boost Repsol’s pro forma 2014 production by 76% to over 4.08 Bcfed immediately and significantlyexpanditsexplorationportfolio.Thecombinedcompanywillhaveapresence

in more than 50 countries with 27,000 employees.

Cash-rich Repsol had been gearing up for a strategic upstream acquisition, building up a $12 billion-plus war chest this spring through the divestment of its equity in Argentine explorer YPF, a $5.0 billion settlement with Argentina over the 2012 seizure of a 51% stake in YPF, and the sale to Shell of its Latin America-focused LNG business. At the time, Repsol said it was shopping for companies or assets within the OECD with development potential, scale, extra growth capacity and above 8% return on capital.

Bids $8.00/share after Talisman tagged a low of $3.46/share.

Continues On Pg 12

Gets additional 30,000 net acres & 29 MMcfed from Statoil interest.

Creates largest producer in Bakken with Q3 output of 125,000 boepd.

Cont'd On Pg 17

Continues On Pg 11

Continues On Pg 15

PLS sources value deal for Riverstone-backed company at $1.20-1.35 billion.

Exxon makes $5.6B northern Delaware Basin buy.

A&D Transactions Jan. 18

Mozambique Anchors Eni's Project Inventory Post-2020Startups Post-2020 Country Operated Equity Peak WI Liquids/

GasArgo Cluster Italy Yes < 10,000 boe/d 60% GasMarine XII Full Field Congo Yes 30,000 boe/d 65% LiquidsCoral FLNG Mozambique Yes 50,000 boe/d 50% GasJohan Castberg Norway No 55,000 boe/d 30% LiquidsMamba T1-T2 Mozambique Yes 135,000 boe/d 50% GasMerakes Indonesia Yes 30,000 boe/d 85% GasBonga SW Nigeria No 20,000 boe/d 10% LiquidsKarachaganak EP Kazakhstan Yes 40,000 boe/d 29% Liquids/GasKashagan CC01 Kazakhstan No 15,000 boe/d 17% Liquids/GasLoango Congo Yes < 10,000 boe/d 43% LiquidsA-E structures Libya Yes 70,000 boe/d 50% Liquids/GasPerla Phase 2 Venezuela Yes 85,000 boe/d 50% GasMamba next trains Mozambique Yes > 100,000 boe/d 50% GasCoral Phase 2 Mozambique Yes 50,000 boe/d 50% Gas

Source: Eni March 1 Presentation via PLS docFinder www.plsx.com/finder

Eni to operate upstream & FLNG; Exxon will build & operate onshore LNG.

Follows same Eni ‘dual exploration’ strategy as recent $2.1B Zohr selldown.

ONGC’s $2.5B Mozambique deal in 2013 under inquiry

India has launched an investigation into allegations that state-owned ONGC overpaid by US$200 million for gas resources offshore Mozambique in 2013. ONGC bought Indian conglomerate Videocon Industries’ 10% WI in the Anadarko Petroleum-operated Area 1 concession for $2.475 billion, splitting the stake 60:40 with fellow NOC Oil India Ltd. At the time, the block had estimated recoverable resources of 35-65 Tcf and in-place volumes of 100 Tcf.

The controversy stems from recent reports that Videocon was open to selling the stake to ONGC for ~$2.3 billion, a small premium to Thai NOC PTTEP’s buy-in to Area 1 the previous year. PTTEP had paid $1.93 billion after a bidding war with Shell to acquire Cove Energy, which owned 8.5% WI in the concession. After the 2013 deal, ONGC acquired an additional 10% WI from Anadarko for $2.64 billion. ONGC reportedly has cooperated with government requests for details of the deal including the basis of the valuation. The company denies overpaying for the Videocon stake.

NNPC sets 3-year target to switch to new JV model

Nigeria’s state-owned NNPC said it will take at least three years to fully shift some of its existing oil production JVs with foreign companies to a new integrated joint venture (IJV) model allowing more autonomous operations. NNPC mentioned the timeline in a monthly production and financial report and said it has already kicked off the transition process, which will include restructuring subsidiaries and paying outstanding debts to JV partners.

Announced by the government in late 2016, the move to the IJV model is designed to allow NNPC and its operating partners to raise money independent of government budgets and controls. The new IJVs will be able to access capital markets to fund capex and will pay royalties to the government from their operations.

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Volume 09, No. 04 9 a&DExxon closes $2.45B InterOil deal after court approval

A revised ExxonMobil offer for Papua New Guinea explorer InterOil received a green light from the high court of Canada’s Yukon territory, allowing the acquisition to close Feb. 21 after a contentious seven months. InterOil shareholders received 0.5459 ExxonMobil shares and the right to a contingent resource payment

for each InterOil common share held.An appellate court had blocked Exxon’s original

offer, siding with InterOil founder, former CEO and dissident shareholder Phil Mulacek. The revised deal increased the contingent resource cap from 10 Tcfe to 11 Tcfe. The contingent resource payment consists of US$7.07/Tcfe for gross 2C resources certified in excess of 6.2 Tcfe at InterOil’s signature Elk and Antelope gas discoveries (36.5% WI), which are among the biggest Asia-Pacific finds of the past several years.

The higher cap may result in up to $716 million cash added to the $2.45 billion stock-and-debt base value of the deal. A new resource assessment in November estimated 7.8 Tcfe, which could increase with results from the Antelope-7 sidetrack well currently being drilled. The revised terms won 91% approval

from InterOil shareholders at a special meeting Feb. 14.

Meanwhile, PLS Energy Advisors is marketing an indirect 1.2% stake in the Elk/Antelope license for Helia Tec Resources’ bankruptcy estate. For more information about this opportunity, request PLS Listing No. DS 1101PP.

Exxon’s original offer in July trumped a $2.2 billion agreement that InterOil signed last May with Oil Search, which is partnered with the supermajor on the 6.9 mtpa PNG LNG export facility and with InterOil on Elk and Antelope. The Oil Search deal also included a contingent resource payment, but with a lower value of $6.05/Tcfe. To derisk the proposed acquisition, Oil Search had struck a $1.69 billion side deal to sell ~60% of InterOil’s assets to Total, which operates license PRL 15 containing Elk and Antelope.

At a March 1 analyst meeting, Exxon CEO Darren Woods included Elk and Antelope among gas assets that could be monetized via a planned PNG LNG expansion. Oil Search has said Elk/Antelope and the 2012 P’nyang discovery have potential to supply two new LNG trains of 4 mtpa apiece. The Australia-listed company also has estimated that more than $2.0 billion in synergies could be realized by monetizing Elk/Antelope gas via PNG LNG instead of the standalone liquefaction project initially envisioned by InterOil and Total. Having missed out on InterOil, Oil Search is now scouting out other acquisition opportunities to bolster its reserves and add gas resources for PNG LNG.

“We’re looking for all sorts of M&A opportunities in PNG. It is our backyard; we think we do it quite well,” Oil Search managing director Peter Botten told The Wall Street Journal. The article singled out assets picked up by Spain’s Repsol via its $13 billion acquisition of Talisman Energy in 2014 as potential acquisition targets.

APA in talks to buy gas plant tied to Cooper’s Sole project

Cooper Energy is in exclusive discussions to sell its Orbost gas processing plant in Victoria to Australian gas infrastructure leader APA Group.

These negotiations follow Cooper’s buyout of partner Santos at the 250 Tcf Sole offshore gas project

in the Gippsland Basin including the Orbost plant, which closed in January. Under a heads of agreement signed in late February, APA would pay an amount reflecting Cooper’s expenditures to date to acquire the Orbost plant and would commit to spend an estimated A$250 million in future capex to expand the plant to process Sole gas.

Cooper managing director David Maxwell praised APA’s “proven capability in the development and operation of gas industry facilities,” which he said would allow Cooper to “concentrate its capital and efforts on our areas of expertise in exploration, upstream development and production and gas marketing.” The exclusivity period runs through April, during which time Cooper will work to finalize funding for an estimated A$355 million of remaining Sole capex including drilling, subsea infrastructure and offshore pipeline. An FID for the project is expected in March, with first gas in 1Q19.

In another move to streamline its operations, Cooper transitioned to a purely domestic E&P company by withdrawing from Tunisia and closing the A$5.7 million (US$4.4 million) sale of its last Indonesian property. In accordance with terms of an October agreement, Bass Strait Oil issued 180 million shares and paid initial cash to Cooper to take over its operated 55% WI in the Tangai-Sukananti oil complex in the onshore South Sumatra Basin.

Oceania

Increased cap on contingent payment overcame lower court’s objections.

PLS is marketing a minor stake in the Elk & Antelope gas discoveries.

More than $2B in potential synergies by producing Elk/Antelope to PNG LNG.

Split of upstream & midstream ops to streamline Sole commercialization.

Cooper also ended international ops, closing Indonesian sale to Bass Strait.

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InternatIonalDeals 10 March 13, 2017

Total reportedly paid roughly the same price as BP for its 10% stake, but in cash instead of stock and with additional payments of $2.85/bbl sold. The previous 40-year ADCO concession, which expired in late 2014, included ExxonMobil, Shell, BP, Total

and Portugal’s Partex Oil & Gas.The ADCO deals strengthen China’s strategic and economic relationship

with the UAE, its second-largest trading partner in the Middle East. Trade volumes between the two countries totaled $60 billion in 2016, up more than 9% YOY. In addition, ~60% of China’s trade passes through the UAE en route to Africa and Europe.

“This landmark agreement marks an important new phase in CNPC’s strategic relationship with ADNOC, and we hope it will lead to further opportunities to participate in the UAE’s energy sector,” CNPC Chairman Wang Yilin said. “As part of the agreement to enable the optimal, efficient and sustainable development of the concession, CNPC will play an active role in defining and developing technology applications in mature oil fields by planning to establish a tailor-made technology hub in ADCO.”

CNPC is China’s largest producer, responsible for 52% of the country’s oil and 71% of its gas. Outside China, it has oil and gas assets across 37 countries

in Africa, Central Asia, Russia, the Americas, the Middle East and the Asia-Pacific region. CEFC is one of China’s

10 largest private companies with oil and gas investments in China, Africa, Europe and the Asia-Pacific region as well as a 51% equity stake in KMG International, the overseas arm of Kazakhstan’s NOC KazMunaiGaz.

“This agreement enhances our ability to integrate ADNOC’s onshore oil reserves with our storage facilities in China and Southeast Asia,” CEFC Chairman Ye Jianming said. “By building an energy corridor linking China, the Middle East and Europe, we can connect the Chinese market with the upstream resources of Abu Dhabi and the terminals in Europe.”

Middle East & North Africa

CNPC & CEFC acquire final 12% in ADCO Continued From Pg 1

In all, foreign firms have paid ADNOC nearly $9B to enter 40-year concession.

Strengthens Abu Dhabi’s relationship with China, the No. 2 energy consumer.

ADCO Resource Perspective

0 20 40 60 80 100 120 140 160

Ghawar, Saudi Arabia

Permian Basin, USA

Burgan, Kuwait

Safaniyah, Saudi Arabia

Eagle Ford Shale, USA

Samotlorskoye, Russia

Shaybah, Saudi Arabia

Romashkinskoye, Russia

ADCO, UAE

Zuluf, Saudi Arabia

Cantarell, Mexico

Total Recoverable Resource (BBOE)1

Even based on the low end of the 2015-2054 concession’s 20-30 Bboe resource range, ADCO ranks among the top 10 global hydrocarbon accumulations.

1) Total recoverable resource includes oil and gas for all fieldsSource: Wood Mackenzie for international fields; Permian Basin from internal estimates

Produced To Date Midland Basin Delaware Basin

Source: Pioneer March 1 Presentation via PLS docFinder www.plsx.com/finder

NORTHERN EUROPEUK UNCONVENTIONAL PROJECT1-Gas Field.ONSHORE UNITED KINGDOMOne Well Drilled In 2013. DVHydraulic Fracturing Project. UNCONVENTIONALWORKING INTEREST FOR SALECONTACT OWNER FOR INFODV 2054PP

UNITED KINGDOM COMPANY SALETotal Acreage 250 sq km.EAST MIDLANDS BASINConventional & Unconventional Prospects. CO3D Shows Crest Seismic Amplitude.Suggests Improved Reservoir Potential.100% OPERATED WI AVAILABLEAppraisal Well Drilled Q! 2016. ONSHORERemaining 2P Reserves: ~700 MBOPossible 3P Reserves: ~2.1 MMBOFavourable Fiscal Terms.CORPORATE SALE OF ALL ASSETSCALL AGENT FOR ADDITIONAL INFOCO 2017PP

OCEANIA/SOUTH PACIFICNEW ZEALAND OPPORTUNITY1-Permit. 7,459-Acres. (30.186km2)TARANAKI BASIN RE1-Producing Well & 3-Shut In Wells. OFFSHORESEEKING JV PARTNER FOR FARMOUTComb Est. In-Place Reserves: 7.4 MMBOCONTACT PERMIT OWNER FOR INFORE 1284FO

SOUTH-CENTRAL ASIABANGLADESH PROPERTY1-Block. 1,770 sq km.BENGAL BASINPRODUCING ASSET PPAnticline W/ Hydrocarbons Trapped----In Multiple Reservoirs. 110NONOPERATED WI AVAILABLE MMCFDProduction Between 105 - 110 MMCFDCONTACT BLOCK OWNER FOR INFOPP 2985FO

PAKISTAN PORTFOLIO SALE6-Gas Fields.ONSHORE GAS PRODUCING FIELDSUpside Potential Includes: Infill Drilling- PPFacilities Optimization, Exploration Targets-And Material Shale Gas Opportunities.VARIED NON-OP WI FOR SALE FORNet 1H 2015 Production: 69 MMSCFD SALEAnnual Revenue: >$100 Million in 2014Net 2P Gas Reserves: 102 BCFBids Are Due Early 2017.CONTACT AGENT FOR MORE INFOPP 1167CO

January 29, 2016

InternatIonal ScoutServing the international upstream industry with information, analysis & prospects for sale Volume 08, No. 02

All Standard Disclaimers & Seller Rights Apply.

CARIBBEAN LEASES 4-Key Blocks.FOR SALE OR JV DVOFFSHORE GAS PLAY2014 3-D Seismic On Blocks. CARIBBEANGas Infrastructure Nearby.Analogous To Major Fields In Trinidad.OPERATED WI AVAILABLEEstimated Recoverable: 15+ TCFDV 5350L

SOUTH AMERICA OPPORTUNITY Massive Acreage Position.SHALLOW ONSHORE2-D Seismic Defined. EXOffsets Prolific Basin.Emerging Province. Low Cost.Access To Local Markets. EXPLORATIONOPERATED WI AVAILABLEOperatorship To Buyer If Qualified.$15 Oil Breakeven Projected.EX 1033L

FEATURED DEALS

Eni’s third West Hub field on stream in Angolan deepwater Eni started up the Mpungi oil field offshore Angola in Block 15/06. Mpungi is part of

the West Hub development project, which lies 350 km northwest of Luanda, and its start-up follows that of Sangos field in November 2014 and Cinguvu field in April 2015. With three fields now producing to the N'Goma FPSO, West Hub’s output is projected to grow to 100,000 bo/d during 1Q16. The field was brought on stream on time and on budget.

Approved in 2010, West Hub taps or will tap Block 15/06’s Sangos, Cinguvu, Mpungi,

Mpungi North and Vandumbu fields. They hold a gross 3 Bbbl (24-34° API), all in Lower-Middle Miocene formations that feature normal pressure and temperature ranges. Of the oil in place, 850 MMbbl can be recovered via 21 planned wells, all producing to the project FPSO anchored at Sangos field. Future plans include the addition of the Mpungi North and Vandumbu finds after start-up of West Hub’s sister project, East Hub.

East Hub in turn aims to develop 230 MMbbl at the Cabaca Norte and Cabaca South East discoveries, which also lie in Block 15/06.

Premier expands Falklands potential with Isobel Deep re-drillOff the Falkland Islands, Premier Oil’s Well 12/20-2 re-drill confirmed the

Isobel Deep discovery as well as found pay in additional sandstones. Drilled to 3,014 m, the well intersected oil-bearing intervals in a number of reservoir sands between

2,564-2,861 m. No oil-water contact was detected by the deepened well, and Premier estimates that it has found gross oil pay of ~300 m. The partners will plug and abandon the well and combine these results with existing 3D

seismic to better estimate the size of the discovered reservoir.

Isobel Deep lies in the North Falkland Basin in the southern part of PL 004a, just 30 km south of Premier’s undeveloped, 400 MMbbl Sea Lion field in PL 032. In May 2015, exploration Well 14/20-1 reached 2,526 m in water 400-450 m deep and intersected the top 23 m of an oil-bearing reservoir in the F3 sands. The formation’s oil is similar to Sea Lion’s hydrocarbons (26-29°API), but the well registered higher-than-expected pressure that resulted in borehole influx.

ExxonMobil leads work in hot Guyanese offshoreOffshore work is on the decline most everywhere in 2016, but Guyana is

continuing to attract interest because of ExxonMobil’s Liza-1 discovery in the Stabroek Block. The supermajor will drill four wells there this year starting in

1Q16, assisted by more than 6,000 sq km of 3D data recently collected by CGG and Fugro. In addition to determining Liza’s

size, the campaign will target the separate Ranger prospect—an Upper Jurassic-Lower Cretaceous carbonate build-up with draped Lower Tertiary clastics that could support up to 20,000 bo/d per well.

Exxon has been tight-lipped about how much oil Liza-1 found, saying only that the well intersected a 90-m pay column. However, signs indirectly point to a substantial find. The Guyanese government estimates peg the find at 700 MMbbl-1.5 Bbbl, and officials have said hydrocarbons worth 12 times Guyana’s entire economy likely lie there. Another clue is that Exxon is reportedly fast-tracking development of Liza and is looking at a 60,000 bo/d early-production FPSO that would later be replaced by a 150,000-200,000 bo/d offshore unit.

Re-drill extends initial 23-m gross oil column to 300 m.

Start of Mpungi will bring West Hub to 100,000 bo/d during 1Q16.

Drilling program will size up Liza find in the deepwater Stabroek block.

Continues On Pg 10

Continues On Pg 6

Continues On Pg 10More listings at plsx.com/listings

Who dat?Readers will notice a change in the

mastheads for our international products. Changing the “Explorer” name to

“Scout” is the first step in bringing our international report in step with our U.S. reports, where we have been publishing Regional Scouts for three-plus years in plays like the Bakken and Eagle Ford. The new name is also an effort to dovetail our global E&P report with our

acquisition of Paris-based PetroWire last April, and PLS plans to integrate Twitter-like abstracts, original content and research archives in the perfect complement to the new (wire.PetroWire.com) and the old (traditional publishing).

Herein we are also adding new content like page 13, which shows additional permit data taken from PetroWire that might not be worthy of a story but interesting just the same.

Mardi Gras offers the promise that the good times will roll again.

Continues On Pg 3

Bab project moves forward on Abu Dhabi’s ADCO block.

InternationalScout Feb. 10

CALL PLS FOR

INFO

Access PLS’ archive for previous A&D newsFor general inquiries, email info@plsx.com

Volume 09, No. 04 11 a&DFSU & Eastern Europe

Operated by Gazprom (50% WI) in partnership with Wintershall (25%), Yuzhno Russkoye is expected to provide OMV with net recoverable resources of 3.5 Tcfe at low annual capex of $20 million through lease expiry in 2043. OMV will be entitled

to dividends from the field starting in 2017 and expects to receive $200 million annually in the medium term. Yuzhno Russkoye will also deliver 100% reserve replacement for OMV over the next five years,

based on 2016 corporate output of 311,000 boe/d. Finally, the field’s low production costs will bring OMV’s overall opex below $10/boe vs. $11.59/boe in 2016.

Furthermore, the acquisition strengthens an OMV/Gazprom partnership established in December via a swap of Russian and Norwegian upstream interests. The deal gave OMV a 25% stake in the the Achimov 4 and 5 development phases of Gazprom’s Urengoy gas and condensate field in Western Siberia. The Achimov project will generate net production of 480 MMcfe/d for OMV at plateau starting in 2025, with the company investing a total of $950 million through the end of the production contract in 2039.

“Yuzhno Russkoye production resulting in an immediate and stable cash flow will be used to fund the capital needs of Achimov IV/V, which will start producing

in 2019,” OMV upstream chief Johann Pleininger said on a conference call.

“This means that with the acquisition of Yuzhno Russkoye, we are creating a self-funding OMV Russia business. Following this transaction, Russia becomes one of our core reaches in our upstream portfolio. Both projects provide OMV with a sustainable Russia upstream portfolio, boosting OMV’s reserves base by more than 1 Bboe.”

For Uniper, the Yuzhno Russkoye deal marks the final step in an exit from the E&P sector initiated by former parent company E.ON with the sale of its Norwegian and UK North Sea assets in late 2015 and early 2016 for $2.2 billion. Uniper split off from E.ON last September as a standalone conventional power generation and energy trading business. CEO Klaus Schafer said the Russian divestment “will enable us to effectively achieve our deleveraging target well ahead of schedule.” Closing is expected by year’s end with an effective date of Jan. 1, 2017.

OMV buys into key Russian gas field Continued From Pg 1

Gets cash flow to fund Achimov, which will ramp as Yuzhno Russkoye declines.

Deal achieves upstream exit & early deleveraging for E.ON spinoff Uniper.

Yuzhno Russkoye Metrics Vs. Other Recent Russian DealsYuzhno Russkoye versus 2P reserve acquisition multiples in recent Russian asset deals

Yuzhno Russkoye versus production multiples in recent Russian asset deals

0.00.51.01.52.02.53.03.54.0

BP - 20% ofTaas-Yuryakh

ONGC - 15%of Vankor

Silk Road Fund -9.9% of

Yamal LNGOil India, Indian Oil

Corp., Bharat Petro - 29.9% of Taas-Yuryakh

Oil India, Indian OilCorp., Bharat Petro -

23.9% of Vankor

ONGC - 11%of Vankor

Beijing Gas /20% of

VerkhnechonskNG

Yuzhno-Russkoye

Acqu

isiti

on p

rice,

USD/

/boe

of 2

P

05

10152025303540

BP - 20% ofTaas-Yuryakh

ONGC - 15% of Vankor

Oil India, Indian OilCorp., Bharat Petro -

29.9% of Taas-Yuryakh

Oil India, Indian OilCorp., Bharat Petro -

23.% of Vankor

ONGC - 11%of Vankor

Beijing Gas /20% of

VerkhnechonskNG

Yuzhno-Russkoye

Acqu

isiti

on p

rice,

USD

/boe

of p

rodu

ctio

n

Source: OMV March 6 Presentation via PLS docFinder www.plsx.com/finder

Vitol acquires OMV’s Turkish retail business for $1.45B

As part of its strategy to shift its midstream and downstream business toward unregulated assets, OMV struck a deal to sell its Turkish retail business OMV Petrol Ofisi to Vitol Investment

Partnership Ltd., an investment vehicle sponsored by global oil trader Vitol. The

transaction values Petrol Ofisi at €1.37 billion (US$1.45 billion), including €81 billion that OMV will pay prior to closing to carve out the company’s Turkish gas operations. Closing is expected in Q3 pending regulatory approval.

Petrol Ofisi operates Turkey’s largest retail network with 1,709 fuel stations and is a leading commercial and industrial fuel supplier. It sold 10.68 million tons of fuel in 2016. It is also Turkey’s largest lubricants distributor and largest fuel storage and logistics provider with more than 6.0 MMbbl of storage capacity.

Vitol CEO Ian Taylor called Petrol Ofisi “a strong business in a growing market” and praised Turkey’s “strong economic performance and growing demand for energy products.” But for OMV, Turkey has been a challenging place to work due to heavy taxes and regulations.

“The original plan of integrating Petrol Ofisi into the value chain of OMV Group could not be realized,” OMV CEO Rainer Seele said. Based on the sale price, OMV will record a 4Q16 impairment of €186 million for Petrol Ofisi in addition to the €148 million impairment booked at YE16 when the unit was reclassified as

“held for sale.”Petrol Ofisi was established as a state-

owned company in 1941 and privatized in 2000. OMV acquired an initial 34% of Petrol Ofisi’s shares for $1.05 billion in 2006, increased its stake to more than 95% in 2010 for $695 million and delisted the Turkish company in 2014.

Petrol Offisi tops in Turkey in retail net, lubricants distribution & fuel storage.

Last year OMV sold 49% of its regulated pipeline business in Austria for $675MM.

To learn more about PLS, call +1 713-650-1212Find more on the A&D marketplace at

InternatIonalDeals 12 March 13, 2017

Roxi to buy out partner in main Kazakhstan block for $77MMKazakhstan-focused Roxi Petroleum plans to take full ownership of its principal

operating area by acquiring the interests owned by Baverstock, a company controlled by Roxi CEO Kuat Oraziman. Roxi owns 59% and Baverstock owns 41% of Eragon Petroleum, a JV that holds 99% WI in the 420,600-acre BNG contract area (58.41% WI) within western Kazakhstan’s Pre-Caspian Basin. Baverstock’s quotaholders agreed to transfer its Eragon stake to London-listed Roxi in exchange for 651.4 million ordinary shares valued at 9.5 pence/share or £61.9 million (US$77.2 million).

Roxi will also convert a $10.1 million loan to equity by issuing 80.8 million shares to Oraziman. The new shares will represent a 43.86% equity stake in Roxi. The deal will simplify funding for capex on the BNG license, which extends to June 2018 to appraise two shallow and two deep discoveries. Roxi estimates 13 MMbo of contingent resources for the South Yelemes discovery and unrisked resources of 900 MMbo from 37 prospects and leads mapped from the 3D seismic, which was acquired in 2009 and 2010 and covers 80% of the block.

The deal is subject to approval by Roxi shareholders at a general meeting March 24. Shareholders will also vote on a proposed name change to Caspian Sunrise.

Lukoil divests from Ukrainian petrochemical facilityRussia’s No. 2 oil producer Lukoil sold its Karpatneftekhim petrochemical plant in

the Ivano-Frankovsk area of western Ukraine. The plant’s main products are polyvinyl chloride, polyethylene, propylene and caustic soda. It has capacity to produce 250,000 tons of ethylene per year via pyrolysis. The facility was commissioned in the early

1970s and acquired by Lukoil in 2004.The company completed construction of a suspended PVC production

unit in 2011 but idled basic operations at the facility in September 2012 because of unfavorable market conditions. Operations have mostly remained idle since then, although Lukoil says it has maintained the facility in fully operational condition. It undertook operations in 2013 to increase gas stock processing capacity and upgrade the polyethylene packaging line.

FSU & Eastern Europe SOUTHEAST ASIATHAILAND OPPORTUNITY1-Block. 1,782 sq.km.PATTANI BASIN - GULF OF THAILANDPRODUCING ASSET PP4-Oil Discoveries. PATTANIWORKING INTEREST FOR SALECONTACT BLOCK OWNER FOR INFOPP 1801FO

INDONESIA OPPORTUNITY7-Production Sharing Contracts.SUMATRA BASINOpportunity To Create Foothold In On Of- PP--Asia’s Most Significant Provinces.Targeting 20,000 BOPDE By 2018 -----From The Indonesia Portfolio. 9,500SEEKING JV PARTNERS BOPD2016 Peak Production: 9,500 BOPDImmediate Cash Flow W/ 1st Oil In 2016.CONTACT AGENT FOR MORE INFOPP 2859DV

THAILAND PRODUCING PROPERTY1-Block. 1,079 sq km.PATTANI BASIN - GULF OF THAILANDOil & Gas Discoveries. PPSeveral Prospects & Leads Identified. PATTANINONOP WORKING INTEREST AVAILProduction Began July 2015.CONTACT BLOCK OWNER FOR INFOPP 2986FO

WEST ALBERTAWESTERN ALBERTA PROPERTY5-Key Areas.PROGRESS/VALHALLA, SPIRIT RIVER,POUCE COUPE, BONANZA & JOSEPHINE PPDoig, Charlie Lake, Montney, Halfway &Boundary Lake UpsideHorizontal Development 190Varying Working Interest Available BOEDAggregate Production: 190 BOEDExpected 2017 Income: ~$123,167/MonthTotal Proved Reserves: 787 MBOETotal Proved PV10: $6,942,000AGENT WANTS OFFERS APR 6, 2017PP 13658DV

MULTIPLE ALBERTAALBERTA CORPORATE DIVESTITURE3-Producing Wells. 4-NonProducing Wells.HARMATTAN, PEMBINA, LEDUC------ AND RED EARTH AREAS. COCardium, Mannville, Nisku And------Slave Point Formations.OPERATED & NONOP WI FOR SALE ~34Recent Net Production: 34 BOED BOEDDeemed Net Asset Value: $321,137CONTACT AGENT FOR UPDATECO 29901PP

Deal simplifies corporate structure & funding, removes potential CEO conflict.

BNG Development Plan To Benefit From Simpler Structure

Source: Roxi Petroleum Nov. 17 Presentation via PLS docFinder www.plsx.com/finder

DEALS FOR SALE

Access PLS’ archive for previous A&D newsFor general inquiries, email info@plsx.com

Volume 09, No. 04 13 a&D

In a separate transaction, Shell and CNRL will each pay $1.25 billion cash to acquire Marathon Oil’s 20% WI in AOSP on a 50:50 basis. Upon closing, CNRL will own 70% WI and Shell will own 10% in AOSP, with Chevron retaining its current 20%. The AOSP transactions includes the Scotford upgrader, which processes bitumen mined at AOSP into synthetic crude, and the Quest carbon capture and storage facility, which reduces

AOSP’s CO2 emissions by 30%. Shell will remain operator of these sites.CNRL and Shell have also agreed on terms of a potential asset swap,

which would allow Shell to exit the AOSP mining operations and boost its operated stake in the Scotford upgrader and Quest CCS facility to 20%. According to Shell, the AOSP mining operations and Scotford upgrader have gross production capacity of 255,000 bo/d and the Peace River assets produced 14,800 bo/d in 2016. The AOSP sale excludes the Scotford refinery and chemical plants, which Shell will continue to own with 100% WI.

The divested interests had net 2016 production of 160,000 bo/d but lost $22 million before taxes last year. They include YE16 net reserves of 2.0 Bbo. Shell expects to record a $1.3-1.5 billion post-tax impairment in connection to the transactions.

The sale makes a big dent in Shell’s $30 billion divestment goal for 2016-2018. The supermajor completed ~$5.0 billion in divestments last year and announced three asset sales totaling $4.7 billion in January in the UK North Sea ($3.0 billion), Thailand ($900 million) and Saudi Arabia’s downstream sector ($820 million). Last year’s deals included a $1.0 billion divestment of non-core producing properties and undeveloped acreage in Western Canada. Shell is working to pay off debt following its $82.7 billion acquisition of BG, which closed in early 2016.

Marathon explicitly listed improving its cost structure as a reason for its oil sands exit, and this rationale undoubtedly applies to Shell’s decision as well. Pressure from investors to mitigate climate change risks may also be a factor: On the same day that it announced the sale, Shell tied 10% of its directors’ bonuses to greenhouse gas emission reductions.

US & Canada ■ Southeast Asia-focused KrisEnergy

announced the retirement of non-executive chairman Will Honeybourne and named board member Tan Ek Kia

to replace him. Tan, who joined the Kris board in 2013, will remain chairman of the

nominating committee. He has 40 years of oil and gas experience primarily with the Shell group of companies. Honeybourne has served as Kris’ chairman since the company’s startup in 2009.

■ West Africa-focused Lekoil hired Bruce Burrows as CFO. Burrows joins the London-listed company from Seven Energy, a private integrated gas company in southeast Nigeria where he has served as CFO for the last six years. Before that, he spent 14 years as finance director of JKX Oil & Gas, which has E&P assets in Ukraine and central and Eastern Europe.

■ Russia’s Lukoil announced the death of board member Guglielmo Moscato at age 80 following a long illness.

During a 50-year career in the oil and gas industry, Moscato managed major projects in

Italy, Algeria, Egypt, Iran, Kazakhstan, Nigeria, Libya and other countries. He joined the Lukoil board in 2011.

■ Calgary-based Zenith Energy announced the death of board member Francesco Salimbeni, an engineer with more than 50 years of oil and gas experience. As managing director of Snamprogetti with Italy’s AGIP group,

Salimbeni directed the negotiation and acquisition of more than 50 contracts to

build oil refineries worldwide. He later established his own engineering firm, which was responsible for many projects including one of the first underground refineries. In his memory, Zenith will apply with the government of Azerbaijan to change the name of its Zardab field to Salimbeni field.

People & Companies

Shell sells majority of oil sands business Continued From Pg 1

Upgrader & carbon capture plant still Shell-operated, with reduced 10% WI.

All Standard Disclaimers & Seller Rights Apply.

CanadianaCquirerServing the marketplace with news, analysis and business opportunities

EAST ALBERTA PROPERTY10-Wells. 2,048-Gross/Net Acres.WAINWRIGHT FIELD. T45.EDGERTON VILLAGE PPHeavy Oil Prospect With ----- Shallow Gas Production. ~35100% OPERATED WI AVAILABLE BOEDMonthly Cash Flow: ~$17,000/MonthCONTACT SELLER FOR MORE INFOPP 11478

SASKATCHEWAN PROPERTIES9-Oil Producers; 1-SWD; >10-PUDMANOR AREA. IMMEDIATE UPSIDE PPManor Tilston Oil Pool.Frobisher & Midale Oil Wells.100% OPERATED WI FOR SALE ~502Expected Future Production: 600 BOPD BOPDManor Proved Reserves: 445 MBOEManor Net Proved PV10: $23,443,000CONTACT AGENT FOR STATUSPP 13109DV

FEATURED DEALS

Canadian upstream M&A activity quadruples in 2014

Repsol’s $15.2 billion Talisman buy caps a busy 2014 in the Canadian oilpatch with $46.0 billion in upstream deals—roughly quadrupling 2013’s $11.8 billion. Of the previous six years, only 2012 had a higher tally at $54.7 billion and that included CNOOC’s $18.1 billion acquisition of Nexen. By deal count, activity declined 15% YOY to 269 transactions in 2014 from 319 in

2013 although deals with disclosed values actually rose slightly to 213 from 191.

This Canadian M&A analysis includes Repsol/Talisman because Talisman is a flagship Calgary company with a large domestic asset base, despite the fact that it operates globally and produces more oil and gas from the US and Indonesia than it does at home. However, even excluding this transaction Canada racked up $30.9 billion in 2014 deals, up more than 160% YOY.

Veresen & KKR nab Montney midstream for $600 millionEncana and Mitsubishi are selling Montney midstream assets in the Dawson area

of northeast British Columbia for $600 million to a new 50:50 partnership formed by Veresen Inc. and private equity giant KKR. Encana will receive $412 million for interests owned both directly and through its 60% stake in Cutbank Ridge Partnership (CRP),

its JV with Mitsubishi.Veresen Inc.-KKR

venture Veresen Midstream LP will acquire 500 km of gas gathering pipelines and 675 MMcfd of compression capacity. The deal also includes the Saturn compression station currently under construction, which will add 200 MMcfd of compression capacity when completed. The infrastructure gathers gas production from Encana and CRP and delivers it to various processing plants including the nearby Hythe/Steeprock facilities, which Veresen Inc. is contributing to Veresen Midstream.

Encana will continue to operate the assets on a contract basis, while Veresen Midstream will provide gathering and compression services to Encana and CRP under a 30-year fee-for-service arrangement in a 240,000-acre AMI.

Woodside enters shale patch with Kitimat buy from ApacheExecuting on a promise made to investors back in July, Apache agreed to sell

its interests in the Kitimat gas venture in British Columbia and Wheatstone project off Australia to Woodside Petroleum for $4.34 billion (US$3.75 billion). While the Australian project is a natural fit for Woodside’s offshore and LNG operational expertise, Kitimat is uncharted territory—its first

venture into onshore shale gas.Woodside is getting 50%

WI in the proposed ~1.3 Bcfd Kitimat LNG plant (10 million tonnes per annum), 460-km Pacific Trail Pipeline and 322,000 net acres (644,000 gross) of shale gas assets in British Columbia’s Liard and Horn River Basins. The acreage will provide an estimated 15 Tcf of net 2C resources. The entire project is owned in a JV with Chevron, which will operate the pipeline and LNG plant while Woodside takes over the shale acreage from Apache.

Talisman to be acquired by Spain’s Repsol for $15 billionMarking the first multi-billion-dollar foreign acquisition of a Canadian oil and gas

company since 2012, Spain’s Repsol agreed to buy Talisman Energy for $15.2 billion (US$13.0 billion). The price consists of $9.33/share in cash plus Talisman’s $5.4 billion

debt. The companies were able to strike the deal after months of on-again, off-again negotiations largely because falling oil prices cut the value of Talisman’s stock in half in less than five months. Nonetheless this is the largest deal seen

in Canada since China’s CNOOC paid $18.1 billion for Nexen in 2012.

That year saw two other Canadian producers bought up by foreign firms: Progress Energy Resources by Malaysia’s state-owned Petronas for $6.0 billion and Celtic Exploration by ExxonMobil for $3.1 billion. Following the CNOOC deal, Ottawa enacted new limits on oil sands ownership by overseas state-owned companies. These rules have had a chilling effect on foreign investment over the past two years but do not affect Talisman, whose assets in Canada target conventional oil and gas or shale rather than oil sands.

Biggest deal in Canada since CNOOCbought Nexen for $18 billion in 2012.

Continues On Pg 12

Acquires 320,000 net acres with 15 Tcfof 2C gas in Horn River & Liard Basins.

Encana takes in $412 million fromsale with Mitsubishi getting the rest.

Driven by dividend-plus-growth firms, return of foreign buyers & royalty appetite.

US$3.75 billion deal also includesWheatstone in Australia.

InternationalDeals Dec. 18

Continues On Pg 4

Cont'd On Pg 11

Continues On Pg 6

CNRL pays C$12.7B for 70% WI in Athabasca Oil Sands Project.

Next CanadianAcquirer

Shell Retains Downstream-Weighted Exposure To Oil Sands Project

Value Chain

AOSP Mine70% Canadian Natural

JPM MRM280 Mbbl/d Bitumen

Nameplate

Diluted Bitumen~280 Mbbl/d

+ 85 Mbbl/d Diluent

Custom Diluent~85 Mbbl/d

Common Owned Facilities

Refinery & Chemicals

3rd Party Purchased Bitumen (co-pro)

+ Other Feedstock

Custom Make-up Diluent

VGO to RefineryUp to 60 Mbbl/d

Market Sales from UpgraderHeavy Blend (AHS)

Premium SCO (PAS)

Corridor 100% Inter Pipeline

Sulphur, Hydrogen &

Other

Quest

Upgrader

Remaining with Shell

Shell ScotfordRefinery & Chemicals

(100% Shell)

AOSP Scotford Upgrader (70% Canadian Natural)

Source: CNRL March 9 Presentation via PLS docFinder www.plsx.com/finderwww.plsx.com/docFinder

Save time sourcing critical dataplus

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InternatIonalDeals 14 March 13, 2017

SASKATCHEWANSE SASKATCHEWAN ASSETS2-Key Units. ~6,026-Net AcresWEYBURN & MIDALE AREAS.Marly & Vuggy Zones PPPotential Infill Drilling, CO2 & WaterfloodExpansion & Well Optimizations~3-10% NonOperated WI Available ~1,200Net Production: 1,202 BOPD BOPDOperators: Apache & CenovusExp 2017 Net Income: ~$1,191,666/Mn2016 Proven Reserves: 6,058 MBOE2016 2P Reserves: 8,402 MBOENet Proven PV10: $81,776,000AGENT WANTS OFFERS MAR 22, 2017PP 13555DV

BRITISH COLUMBIAALTARES & ATTACHIE AREAS~42-Net Sections. ~26,506-Net Acres.Montney Formation PotentialUpside In Doig & Gething CBM Formations COCOMPANY FOR SALETotal Proved Reserves: 1,764 MBOE STRATEGICTotal Proved PV10: $154,000,000 ALTERNATIVES2 Gas Plants, Transportation & FacilitiesMajority Of Land Expires In 2018.AGENT WANTS OFFERS EARLY MARCHCO 13228L

MULTIPLE AREASWESTERN CANADA ASSETS73,326-Net Acres.ALBERTA & SASKATCHEWANProducing From Mannville Group PPMajority Of Acreage Undeveloped.306 Drilling Locations Identified.400 Recompletion & Ractivation Locations93% OPERATED WORKING INTERESTCurrent Production: 2,063 BOED ~2,000Est 2017 Cash Flow: $1,450,000/Month BOEDTotal Proved Reserves: 5,101 MBOETotal Proved PV10: $80,117,000Storage & Transportation Advantage With100% Interest In Dulwich Facility.AGENT WANTS OFFERS MAR 14, 2017PP 13187DV

WESTERN CANADA PROPERTIES~60-Net Wells. ~153-Sections.ALBERTA & BRITISH COLUMBIASpirit River, Charlie Lake, Wabamun, PPMontney, Halfway, Gething, Paddy &Dunvegan Potential ~8002D & 3D Seismic Data Available BOEDVarying Working Interests & Royalty InterestCurrent Net Production: 814 BOEDConsistent Cash Flow & Low Decline Rates100% Owned & Operated InfrastructureAGENT WANTS OFFERS MAR 22, 2017PP 13304DV

NORTH LOUISIANAOUACHITA PH., LA PROSPECT4-Producing Wells. 3,150-Net Acres.NORTH LOUISIANA TRENDExtension Of HZ Bossier Trend PPBossier A Upper Red At 10,800 Ft.Bossier A Lower Red At 11,050 Ft.30-Potential Wells.2D Seismic & Subsurface Geology BOSSIER100% OPERATED WI; 75-80% NRICurrent Production: 330 MCFDEst Net Reserves: 13 BCF Per WellEst Net Project Reserves: 390 BCFTotal Net PV10: $138,000,000Existing Gathering System.DHC: $1,700,000; Compl: $8,000,000PP 2585DV

RED RIVER PH., LA PROPERTIES55-Producing Wells. 7,886-Net Acres.COTTON VALLEY & HAYNESVILLE36-Operated Wells. 18-NonOperated. PP74 HZ Drilling Locations Identified.Additional Behind Pipe Recompletions ~9.5Operated & NonOperated WI Available MMCFEDEst Mar 2017 Production: 9.4 MMCFEDEst Mar 2017 Cash Flow: $705,000/MnNet Proved Reserves: 412 BCFENet Proved PV10: $225,000,000AGENT WANTS OFFERS MAR 29, 2017PP 2857DV

PERMIAN / WEST TEXASYOAKUM CO., TX PROPERTY3-Total Wells. ~22,291-Net Acres.PERMIAN BASIN - SAN ANDRES PLAY1-Producing Well. 2-TA’d Wells. PPLimited From Surface To 5,981 Ft. Or SANThe Base Of San Andres Formation ANDRES100% OPERATED WI; 75-81.25% NRICurrent Production: 35-40 BOPDAGENT WANTS OFFERS MAR 23, 2017PP 2654DV

MULTISTATE MIDCONTINENTOKLAHOMA & TEXAS PANHANDLE ASSETS830,000-Net Acres. 49,000-NMA.ANADARKO BASIN - HUGOTON FIELD PP1,900 Producing Wells.Acreage Is Held By Production. ~50 Upside Opportunities In Workovers MMCFDOPERATED WI AVAILABLECurrent Production: 48 MMCFD (91% Gas)Compression & Midstream OptimizationCONTACT AGENT FOR MORE INFOPP 2669DV

OKLAHOMASOUTHEAST OKLAHOMA PACKAGE2,000+ Producing Wells. ~226,600-Net Acres.ARKOMA & WOODFORD SHALE~12,900-Net Mineral Acres. PPDrill Depths From 7,000 Ft. To 11,000 Ft.Identified & Quantified Woodford DevelopmentLarge Contiguous Leasehold PositionVarying Operated & NonOperated WI ~35Avg Net Production: ~36 MMCFED MMCFEDDry Gas With Limited Water ProductionMonthly EBITDA: ~$750,000 Per MonthInfrastructure In Place.SELLER WANTS OFFERS MAR 31, 2017PP 2590DV

MULTISTATE ROCKIESWILLISTON BASIN MINERALS FOR LEASE~6,000,000-Mineral Acres.MONTANA, NORTH & SOUTH DAKOTA MMINERALS FOR LEASE ROCKIESCONTACT MINERAL OWNER FOR INFOM 2680

MOSTLY TEXASTEXAS ASSETS FOR SALEMultiple Areas.PERMIAN BASINConventional & Enhanced Oil Recovery PPMidland & Delaware Sub-Basins, CentralBasin Platform & North-West Shelf PERMIANVal Verde & Maverick Basin In West TexasOPERATIONS NEGOTIABLEThis Package Is A Summary.CONTACT SELLER FOR MORE INFOPP 2564

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Volume 09, No. 04 15 a&DNewfield Exploration (NFX:NYSE; US$39.07–Feb. 22; Buy; PT: $62 [from $60])

Multi-year effort to simplify portfolio—selling Bohai Bay. The company sold Eagle Ford assets in South Texas for $380 million and has agreed to sell its Bohai Bay assets, with closing expected in mid-2017. The Bohai Bay divestiture will result in lower operating

costs and a cleaner portfolio. The Bohai asset is valued at about $1/share and the divestiture does not have an material impact on our NAV estimate. NFX reserves grew by 5.5% to 513 mmboe during 2016 despite the Eagle

Ford divestiture. … Netting out ~$1 per share to account for the Bohai Bay divestiture and $9 per share for 2018 debt, our NAV estimate is $62 per share, equivalent to 13.0x our 2018 cash flow estimate of $6.37. —Wunderlich

Cairn Energy (CNE:LN; £2.22–March 7; Buy)Cairn farms-in to material prospects to be drilled this year. Cairn has farmed-

in for a 30% stake in FEL 2/14 in the southern Porcupine Basin from Providence Resources. The partners will drill the Druid (gross 600mmboe or 3.3Tcf given phase

risk) and Drombeg (250mmbbl) prospects in June. Cairn will pay 45% of well costs ($42mm gross cap; 40% on potential subsequent appraisal) and $2.82mm in cash for its share of sunk costs. The frontier play is

analogous to Canada’s Flemish Pass Basin and has already had indications of oil, with the main risk being reservoir quality. Both Druid and Drombeg are part of our 50ish Wells to Watch in 2017. —Tudor, Pickering, Holt & Co.

Kosmos Energy (KOS:NYSE; US$6.14–Feb. 28; Equal Weight; PT: $8.00)KOS Mauritania/Senegal farm-out. We estimate the present value of the

compensation (including the discounted value of future drilling carry) is ~$1.4bn net to KOS. This value compares to our current Mauritania/Senegal NAV of $1.05bn. … At a

rate of three exploration wells per year at ~$80mm/well with (~30% working interest), we expect KOS to spend ~$80mm net per year—implying that it will take the company approximately three years to work through its $221mm

exploration carry. If the Partnership reaches FID by 2018, we expect development spending through 2021/2022. Additionally, we are risking the contingent resource bonus by 40%—meaning we are giving KOS value for 400 mm barrels of liquids at $2/bbl. —Barclays

Noble Energy (NBL:NYSE; US$37.42–Feb. 23; Buy; PT: $49)Raising NAV estimate on Leviathan sanction. Capital expenditures for phase

one of Leviathan development are estimated at $3.75B ($1.5B net to NBL) which includes $100MM spent in 2016 and ~$200MM in pre-investment for future platform expansion. NBL expects to fund phase one with existing Eastern Mediterranean operating cash flow and potential proceeds from future divestitures of interest in Tamar. … While well-telegraphed, the sanction for Leviathan is positive. We look for the stock's 19% discount to our large cap peer group (based on equally weighted price/NAV and EV/2018 EBITDA multiples) to narrow as NBL maintains its track record of beating expectations, derisks the recently acquired CWEI properties in the Delaware Basin, and sells down its interest in the Eastern Mediterranean. —Stifel

Chevron (CVX:NYSE; US$111.02–Feb. 23; Buy)Chevron asset sales gathering pace: should provide fire-power for Permian

investment. There have been a number of press reports and CVX announcements on disposals recently, suggesting that it should achieve the top end of its disposal guidance in 2017 (~$7B). Chevron appears to view SE Asia as non-core: it has already agreed the sale of its geothermal assets in Asia (TPHe ~$3B) and it agreed the sale of its 25% stake in the South Natuna Sea assets in Dec ’16 (~12kboe/d net for TPHe ~$150mm) and press reports this week suggest it has agreed a deal to sell its Bangladesh assets for ~$2B; there have also been reports about Chevron selling its Myanmar, Thai and Chinese assets. —Tudor, Pickering, Holt & Co.

What the Analysts are Saying About A&D ■ Occidental Petroleum named

Richard Jackson as investor relations VP in conjunction with a relocation of its IR

office from New York to its Houston headquarters. Jackson joined Oxy from ExxonMobil

in 2003 and has held leadership roles for the company in Qatar, the Permian Basin, South Texas and worldwide drilling and completions. Oxy also promoted IR director Anthony Cottone to senior director.

■ Private UK-based E&P firm Soma Oil & Gas announced the resignation of Africa executive director Hassan Khaire, who has been appointed prime minister of Somalia. Khaire also resigned from the board and relinquished his shares in Soma, which focuses on oil and gas operations in Somalia. He had worked for the company since its inception in 2013, before which he was director of the Norwegian Refugee Council for Somalia and East Africa.

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InternationalDeals is published every three weeks by PLS Inc.

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