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O
In IN TH
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OIL M
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Neeraj Pa
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012
Page | 2
an and dle East support on due
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215
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14
15
16
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Aug
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e storage capantil the third w
e, gas drilling 12 of the last
duction rate. A
Dec F
Dec Fe
3.308 tcf (see mpared to 66 verage respect
bove last year-year averagedegrees warm.9 degrees w
firm, foreto 15 days wigh inventory
prices. Stockacity, the leve
week of Septem
rig count has 13 weeks, an
Associated gas
Feb Apr
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as Inventories
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ct Dec
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nergy (AU)
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um Lt (AU)
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Feb A
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75
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28.9%
26.3%
25.3%
50% 10
012
Page | 3
n offset
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Monitor
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rmed
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e of past costs,p to $50mm.
news reaffirmsctivity, and undework that the Selivered. It
ement’s abilitybetween red
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mendation (BUY)
l earns 60% WI
l will pay its eqpast costs, b0.74mm net to S
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(HOIL LN
been completof birds have bee.
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24 Au
day’s announcevestors of not dertaken in 4Qe quality of theust be remembepraisal asset tes
scovery. The 20nsists of 2 aploration well, wcrease in value rrent valuation eward balance iterating our A$y Recommenda
Appraisal well
Un-risked
• NPV(10%) – $1
• 104mm bo450bcf gas)
Risked
• NPV(10%) – $1
• 33mm boe142bcf gas)
Spud SE-1X by e
• Assignmentthe Hercule
• 35 days to d
• 50 days tsuccessful)
• MEO expeinterest tGurame SE-
• Well cost $2
enel has been inmount over the ould seem thatan, has had aing calm on thing very active u
ven all of theyward has gpearing to be ldden being a m
ugust 20
(MEO
ement serves toonly the well
Q’12 (3 wells), be prospect inveered that Guramsting a gas con
012 drilling proppraisal wells which could seby year end. W
effectively cash,s compelling. $0.60 target pr
ation.
25mm (A$0.24)
oe (25mm bbl
9mm (A$0.04)
e (8mm bbl
early October 2
t Agreement es #208 drilling r
drill
to drill and
ects to retainthrough drilli-1X
25mm
(GEN
n the news a siglast few days
t the Companyll the appearae surface, whileunderneath.
recent activitgone from oackadaisical, to
man in a hurry.
012
Page | 4
O AU)
o remind s being but also
entory. It me is an
ndensate gramme
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With the , the risk We are
rice and
liquids
liquids
2012
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test (if
n 100% ng of
L LN)
gnificant , and it
y, like a ances of e in fact
ty, Tony outwards o all of a
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Oil Mon
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Monitor
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Davies
he Sum of th
erger (to form comed by invesngle largest ement team on.
roceltic, it shoretween its currenrm portfolio, anhe issue of whority of its port
pment.
mbination creates a better b
o and better ble company. Fs a very adroif Robert Adair Resources,tedly been a y’s progress, be declaration ore price (fea
e).
s managemenand one whlders of both
position than the
he Parts…
“NewCo”) shostors as it resolv
issue for earegarding t
es-up the fundnt portfolio andnd for Melrose
hat to do next, tfolio is near-te
es a new compaalance within able to create
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both operationaof a dividend) aars over sell
t will also behich places t
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31p 69.9%
& Fox-Davies
24 Au
Revolution
, unlike Stebbore liquids, up to
hile this is undoaves us with a xatious questione: what will be erating costocessing the voproduce the lble rates? Doe
ven the potentia
hile appraisal wther discoverieances of mmerciality, giv
mes, project comat are being fac
asset that kewalk, we do ning made towathe liquids any t
evertheless, it tlook for the
OGL, which is alising its prepa
e see no comge to alter our rwin, despite sterday. As a terating our 16pcommendation d our FOGL OLD).
67.8m of net pa
Average porosit
123 to 140 stb/M
The recovercondensate to (mid 190mm bb
ugust 20
(BOR
bing, Darwin o ~140bbl/mm
oubtedly better number of incrns, chief among
the developms associated
olumes of gas riquids at comms such a numb
al liquids reserve
ill be required, es could incre
a declaratioven the potentmplexity and diced by Rockhopis by companot see much prds unlocking thtime soon.
does improbasin, espec
now in the tharation of Loligo
pelling reason opinion of the b
the surgingconsequence,
p Target Price aon Borders &SoTarget Price o
y
ty of 22%
MMscf
rable volumbe 130 – 250
bl) (Company est
012
Page | 5
R LN)
contains cfpd.
news, it reasingly gst which
ent and d with required mercially
ber exist, e size?
and any ase the on of tial lead fficulties pper, on rison a progress he value
ove the ially for hroes of o.
at this basin, or g price
we are and SELL outhern, of 100p
me of mm bbl timates)
Oil
Oil Mon
PremUpbe
3m
200
250
300
350
400
450
Last ClChange
Source: B
Monitor
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mier Oil at 1H Result
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Bloomberg & Fox-D
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While supportpurchaseLion in potentia
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We extrajectorRochelleend of 2continueCompanproductexploratdeficienand app12 monprospec~200mm
Howevestrong opositive recommPrice. In
• Produ(2011:half operfoavera
• SignifoperagoverPelikaachievgrowtbusin
• RecorUS$32millio
• Succeand millio
• Cash facilitiDecemJune
374p 5.1%
Davies
Ahead?
the operatioive, the main he of 60% of Rthe Falkland Is
al to double Pre
tinue to believgood move a
ng to run outmove the needHowever, thested the questiolopment.
xpect the rery to continue ae fields come 2012 and as a e to remain comny’s 100m boeion target. tion hopper t, with a mode
praisal wells planths, targeting ctive resourcem boe (P50 basis
er, with a diveoperational cash
on the compamendation and
this news:
uction average: 36,900 boepd
of the year, up rmance in theging 61,000 boe
ficant progressated developmernment approvan, Naga andved, underpinnth in the underess
rd operating 25.5 million n), an increase o
essful completibond funding,n in the period
resources andies at US$1mber 2011: US
(PMO LN
onal update highlight has beRockhopper's Sslands, which h
emier’s reserves
ve that acquisitas company w of projects tdle” in the longse results haon of how to fu
ecent productas Huntington aon-stream by tconsequence,
mfortable with ted medium te
However, tis now look
est 16 exploratanned for the n
an un-risked ne potential, s).
rse portfolio ah flow, we rem
any. Reiterate Bour 485p Targ
d 58,400 boed) during the f
58 per cent, we second quarepd
s made on ent projects, w
val of the Sold Dua projeing the near-te
rlying value of t
cash flow (2011: US$24
of 34 per cent
on of new ba, raising US$5
d undrawn ba1.3 billion $1.1 billion) at
N)
is een Sea has .
ion was hat ger ave und
ion and the we the
erm the ing ion ext net
of
and ain
BUY get
epd first with rter
all with an,
ects erm the
of 42.3
ank 585
ank (31 30
24 Auugust 20012
Page | 6
Oil
Oil Mon
StoCompa
Amine
Border
BowLe
Circle
Desire
Enegi
Falklan
Great
Gulf Ke
Gulfsa
Hardy
Heritag
Jubilan
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Source: B
NOTE: B
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Monitor
nitor
ocks uany
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even
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Petroleum
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Eastern Energ
eystone
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etroleum
se Resources
Australia *
er Oil
Resources *
mperor Resou
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Bloomberg & Fox-D
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Davies Client
r
unde
Petroleum
gy
m
urces*
ation
Davies
search this week
r covTicker
AEX LN
BOR LN
BLVN LN
COP LN
DES LN
ENEG L
FOGL L
GEEC L
GKP LN
GPX LN
HDY LN
HOIL LN
JUB LN
MTA LN
MXP LN
MRS LN
MEO AU
PMO LN
RRL LN
RMP LN
RKH LN
SLE LN
SEY LN
TRP LN
TXO LN
VOG LN
k
erage
N
N
N
LN
LN
LN
N
N
N
N
N
U
N
N
N
N
e Recommend
S
HO
HO
S
HO
ation
BUY No
SELL J
Buy No
BUY Ju
UR M
UR No
OLD J
BUY M
BUY M
OLD A
BUY Au
BUY A
BUY M
BUY A
SELL M
BUY A
BUY Fe
BUY J
BUY M
BUY M
BUY J
BUY Ju
OLD A
BUY J
BUY A
BUY J
Date
ov'11
Jul'12
ov'11
un'12
Mar'11
ov'10
Jul'12
Mar'12
ay'12
Apr'12
ug'11
Apr'12
Mar'12
Apr'12
Mar'11
Apr'12
eb'12 A
Jul'12
Mar'12
ay'12
Jul'12
un'12
Apr'12
Jul'12
Apr'12
Jul'12
24 Au
P
Latest
4p
31p
64p
19p
23p
9p
94p
260p
200p
130p
133p
199p
19p
2p
4p
129p
A$0.22 A
374p
5p
8p
182p
12p
36p
4p
0.28p
3p
ugust 20
rice
Target Dif
13p
16p
250p
95p
40p
25p
100p
440p
350p
200p
250p
315p
55p
4p
10p
175p
A$0.60
485p
25p
52p
350p
60p
35p
5p
0.90p
13p
012
Page | 7
fference
225%
(48%)
291%
400%
74%
178%
6%
69%
75%
54%
88%
58%
189%
95%
150%
36%
173%
30%
400%
550%
92%
400%
(3%)
25%
221%
333%
Oil
Oil Mon
CoExp
Compa
Amade
Beach E
Burleso
Cue En
Hawkle
Metgas
Molopo
Nido Pe
Oil Sea
Oilex
Petsec
Range
Red Fo
Roc Oil
Samson
Santos
Senex E
Sprint E
Tap Oil
Texon P
Woods
Petrone
Maurel
CNOO
Pakista
Afren
Ameris
Aminex
Antrim
Ascent
Bayfield
Cadoga
Coasta
Dragon
Egdon
EnQues
Exillon
Monitor
nitor
ompaploratio
any
us Energy
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on Energy
ergy Resources
y Oil and Gas
sco
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Energy
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rk Energy
n Oil & Gas
Energy
Energy
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ide Petroleum
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x
Energy
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d Energy Holdin
an Petroleum
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Energy
r
rablen & Pro
s
ngs
s oductio
BloombergTicker
AMU AU
BPT AU
BUR AU
CUE AU
HOG AU
MEL AU
MPO AU
NDO AU
OSH AU
OEX AU
PSA AU
RRS AU
RFE AU
ROC AU
SSN AU
STO AU
SXY AU
SPS AU
TAP AU
TXN AU
WPL AU
PTR ID
MAU FP
883 HK
PPL PA
AFR LN
AMER LN
AEX LN
AEY LN
AST LN
BEH LN
CAD LN
CEO LN
DGO LN
EDR LN
ENQ LN
EXI LN
n
g Clo
Loca
Previous osing Price
al Currency
A$0.21
A$1.22
A$0.03
A$0.16
A$0.20
A$0.24
A$0.51
A$0.04
A$7.33
A$0.08
A$0.14
A$0.07
A$0.75
A$0.30
A$0.05
A$11.58
A$0.76
A$0.03
A$0.72
A$0.52
A$35.30
€0.12
€12.37
HK$14.80
PKR219
132p
37p
4p
48p
2p
16p
21p
998p
593p
8p
117p
125p
Local Mark
A$49m
A$1,532m
A$13m
A$108m
A$56m
A$81m
A$124m
A$57m
A$9,759m
A$28m
A$32m
A$155m
A$231m
A$205m
A$89m
A$11,065m
A$865m
A$18m
A$174m
A$127m
A$29,084m
€47m
€1,502m
HK$660,765m
PKR288,199m
£1,436m
£339m
£34m
#VALU
£18m
£34m
£49m
£1,139m
£2,938m
£10m
£936m
£201m
ket
mm $
mm $1,4
mm $
mm $1
mm $
mm $
mm $1
mm $
mm $9,3
mm $
mm $
mm $1
mm $2
mm $1
mm $
mm $10,6
mm $8
mm $
mm $1
mm $1
mm $27,9
mm $
mm $1,1
mm $85,1
mm $3,0
mm $9
mm $2
mm $
E! #V
mm $
mm $
mm $
mm $7
mm $1,8
mm
mm $5
mm $1
24 Au
$ Re
$47mm
473mm
$12mm
104mm
$54mm
$78mm
119mm
$55mm
385mm
$27mm
$31mm
149mm
222mm
197mm
$86mm
642mm
832mm
$17mm
167mm
123mm
971mm
$38mm
199mm
194mm
038mm
906mm
214mm
$21mm
VALUE!
$12mm
$21mm
$31mm
719mm
854mm
$6mm
590mm
127mm
ugust 20
Mar
Per eserves ($/boe)
PPro
(
8.9
12.0
4.1
22.6
6.7
1.2
1.9
3.8
16.3
0.3
11.4
6.8
12.5
13.1
116.0
8.2
41.7
1.4
20.6
19.0
19.0
0.4
6.5
29.8
1.2
4.9
27.8
0.0
-
133.1
1.1
15.9
6.9
1.6
2.9
5.1
0.5
012
Page | 8
rket Cap
Per Daily oduction $/bopd)
25,981
-
-
-
254,978
-
-
-
-
-
-
175,009
-
-
-
-
-
-
-
-
-
72,749
81,026
98,725
349,173
20,827
-
-
-
-
27,174
-
-
25,833
-
-
10,951
Oil
Oil Mon
Compa
GeoPar
GED
Great E
Green D
Gulf Ke
Gulfsan
Hardy O
Heritag
JKX Oil
Max Pe
Medite
Melrose
Northe
Oilex
Petrone
Premie
Range
Resaca
Rockho
ROXI P
RusPetr
Salama
Serica E
Sterling
Tullow
Urals En
Xcite En
Zhaikm
NovaTe
Tatneft
Abraxa
Apco O
Isramco
Magella
PrimeE
Royale
US Ene
CREDO
Crimso
Mid-Co
PostRoc
Monitor
nitor
any
rk Holdings
Eastern Energy
Dragon Gas
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nds Petroleum
Oil & Gas
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Resources *
Exploitation
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nder Energy
Energy
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nergy
nergy
unai
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s Petroleum
Oil and Gas Inte
o
an Petroleum
nergy
Energy
rgy Wyoming
O Petroleum
n Exploration
on Energy Partn
ck Energy
r
Gas
on
rnational
ers
BloombergTicker
GPK LN
GED LN
GEEC LN
GDG LN
GKP LN
GPX LN
HDY LN
HOIL LN
JKX LN
MXP LN
MOG LN
MRS LN
NOP LN
OEX LN
PTR LN
PMO LN
RRL LN
RSOX LN
RKH LN
RXP LN
RPO LN
SMDR LN
SQZ LN
SEY LN
TLW LN
UEN LN
XEL LN
ZKM LI
NVTK RM
TATN RM
AXAS US
APAGF US
ISRL US
MPET US
PNRG US
ROYL US
USEG US
CRED US
CXPO US
MCEP US
PSTR US
g Clo
Loca
Previous osing Price
al Currency
683p
80p
260p
$4.63
200p
130p
133p
199p
86p
4p
14p
129p
67p
5p
8p
374p
5p
39p
182p
3p
145p
203p
28p
36p
1,402p
5p
91p
$9.50
RUB368
RUB204
$2.00
$15.94
$102
$0.96
$26.95
$2.29
$2.14
$14.46
$4.57
$22.85
$1.92
Local Mark
£290m
£29m
£310m
$632m
£1,752m
£159m
£97m
£514m
£148m
£36m
£58m
£148m
£64m
£17m
£34m
£1,977m
£94m
£7m
£517m
£18m
£482m
£520m
£49m
£80m
£12,716m
£12m
£252m
$1,774m
RUB1,117,877m
RUB444,780m
$185m
$469m
$277m
$52m
$71m
$25m
$59m
$145m
$211m
$418m
$24m
ket
mm $1
mm $
mm $1
mm $6
mm $1,1
mm $1
mm $
mm $3
mm $
mm $
mm $
mm $
mm $
mm $
mm $
mm $1,2
mm $1
mm
mm $3
mm $
mm $3
mm $3
mm $
mm $
mm $8,0
mm
mm $1
mm $1,7
mm $35,1
mm $13,9
mm $1
mm $4
mm $2
mm $
mm $
mm $
mm $
mm $1
mm $2
mm $4
mm $
24 Au
$ Re
183mm
$18mm
195mm
632mm
106mm
100mm
$61mm
324mm
$93mm
$23mm
$37mm
$93mm
$41mm
$11mm
$22mm
247mm
149mm
$5mm
326mm
$12mm
304mm
328mm
$31mm
$50mm
022mm
$7mm
159mm
774mm
103mm
967mm
185mm
469mm
277mm
$52mm
$71mm
$25mm
$59mm
145mm
211mm
418mm
$24mm
ugust 20
Mar
Per eserves ($/boe)
PPro
(
3.6
0.2
1.1
13.2
0.8
1.3
29.1
0.8
1.0
2.9
0.9
0.9
0.5
0.1
0.2
4.2
6.8
0.4
0.7
4.6
0.2
4.4
3.7
125.5
26.7
9.7
1.4
3.4
2.4
2.1
6.9
10.4
7.6
5.6
3.9
31.7
18.3
34.6
6.1
41.6
1.1
012
Page | 9
rket Cap
Per Daily oduction $/bopd)
-
16,517
-
-
147,403
11,751
-
394,468
9,818
-
-
2,366
25,003
-
41,887
30,547
175,009
8,669
-
-
66,069
18,205
-
91,607
-
-
-
42,244
35,438
27,261
51,578
31,691
125,455
66,775
17,157
45,906
47,749
171,701
26,883
350,293
2,649
Oil
Oil Mon
Compa
Recove
ZaZa En
Approa
ATP Oi
BreitBu
Carrizo
Clayton
Dorche
Energy
EV Ene
FX Ene
Gulfpor
Legacy
Linn En
Memor
Pioneer
Rex Ene
Rosetta
Warren
Cairn In
Oil & N
Anadar
Apache
Berry P
Bill Bar
Bonanz
BPZ Re
Cabot O
Callon
Chesap
Cimare
Comsto
Concho
Conoco
Contine
Denbur
Devon
Endeav
Energe
Energy
EOG Re
Monitor
nitor
any
ery Energy
nergy
ach Resources
l & Gas /United
urn Energy Partn
Oil & Gas
n Williams Energ
ester Minerals
XXI Bermuda
rgy Partner
rgy
rt Energy
Reserves
nergy
rial Production P
r Drilling Co
ergy
a Resources
Resources
ndia
Natural Gas
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e
etroleum
rett
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sources
Oil & Gas
Petroleum Co
peake Energy
x Energy
ock Resources
o Resources
oPhillips
ental Resources
ry Resources
Energy
vour Internation
n
Partners
esources
r
d States
ners
gy
Partners
y
s
al
BloombergTicker
RECV US
ZAZA US
AREX US
ATPG US
BBEP US
CRZO US
CWEI US
DMLP US
EXXI US
EVEP US
FXEN US
GPOR US
LGCY US
LINE US
MEMP US
PDCE US
REXX US
ROSE US
WRES US
CAIR IN
ONGC IN
APC US
APA US
BRY US
BBG US
BCEI US
BPZ US
COG US
CPE US
CHK US
XEC US
CRK US
CXO US
COP US
CLR US
DNR US
DVN US
END US
EGN US
EPL US
EOG US
g Clo
Loca
Previous osing Price
al Currency
$3.07
$3.49
$27.73
$0.41
$18.87
$25.20
$46.69
$21.91
$33.75
$59.78
$7.75
$24.89
$27.10
$39.00
$17.35
$26.08
$12.75
$41.88
$2.93
INR342
INR288
$68.92
$87.55
$37.77
$21.89
$20.02
$2.32
$40.64
$5.47
$19.30
$58.00
$16.25
$92.95
$56.16
$72.50
$15.37
$60.52
$8.45
$51.21
$17.30
$107
Local Mark
$55m
$354m
$930m
$21m
$1,305m
$1,007m
$568m
$672m
$2,676m
$2,484m
$410m
$1,386m
$1,301m
$7,783m
$294m
$789m
$673m
$2,215m
$210m
INR653,107m
INR2,463,554m
$34,438m
$34,251m
$2,046m
$1,055m
$801m
$270m
$8,534m
$216m
$12,842m
$4,987m
$783m
$9,694m
$68,209m
$13,132m
$6,013m
$24,480m
$394m
$3,694m
$676m
$28,895m
ket
mm $
mm $3
mm $9
mm $
mm $1,3
mm $1,0
mm $5
mm $6
mm $2,6
mm $2,4
mm $4
mm $1,3
mm $1,3
mm $7,7
mm $2
mm $7
mm $6
mm $2,2
mm $2
mm $11,7
mm $44,4
mm $34,4
mm $34,2
mm $2,0
mm $1,0
mm $8
mm $2
mm $8,5
mm $2
mm $12,8
mm $4,9
mm $7
mm $9,6
mm $68,2
mm $13,1
mm $6,0
mm $24,4
mm $3
mm $3,6
mm $6
mm $28,8
24 Au
$ Re
$55mm
354mm
930mm
$21mm
305mm
007mm
568mm
672mm
676mm
484mm
410mm
386mm
301mm
783mm
294mm
789mm
673mm
215mm
210mm
774mm
412mm
438mm
251mm
046mm
055mm
801mm
270mm
534mm
216mm
842mm
987mm
783mm
694mm
209mm
132mm
013mm
480mm
394mm
694mm
676mm
895mm
ugust 20
P
Mar
Per eserves ($/boe)
PPro
(
86.5
61.3
11.9
0.2
8.4
6.2
8.7
44.0
22.0
12.6
44.0
71.1
20.2
13.5
5.2
5.1
10.6
13.5
9.3
35.5
12.0
13.2
11.2
7.3
4.4
18.0
7.8
16.1
13.3
3.9
17.5
3.4
24.6
8.0
25.4
12.9
7.9
16.7
10.5
18.0
13.6
012
Page | 10
rket Cap
Per Daily oduction $/bopd)
196,956
413,603
141,985
855
65,897
46,937
37,648
111,430
59,580
127,589
195,322
216,143
98,021
124,048
40,723
39,117
100,469
179,407
42,929
-
55,494
71,787
44,656
56,479
20,680
180,169
71,592
95,133
41,820
22,601
59,111
17,114
146,873
71,840
209,438
91,230
35,917
111,871
64,060
54,339
65,464
Oil
Oil Mon
Compa
EQT
EXCO R
Forest O
GMX R
Goodri
Halcon
Harvest
Kodiak
Kosmos
Laredo
Lone Pi
LRR Ene
Magnu
Marath
Matado
McMoR
Miller E
Newfie
Noble E
Oasis P
Panhan
Penn V
Petroqu
Pioneer
Pioneer
Plains E
QEP Re
QR Ene
Quicksi
Range
Resolut
Sanche
SandRid
SM Ene
Southw
Stone E
Swift En
Ultra Pe
Vaalco
Vangua
Venoco
Monitor
nitor
any
Resources
Oil
esources
ch Petroleum
Resources
t Natural Resou
Oil & Gas
s Energy
Petroleum Hold
ine Resources
ergy
m Hunter Resou
on Oil
or Resources Co
Ran Exploration
Energy Resource
ld Exploration C
Energy
Petroleum
ndle Oil and Gas
irginia
uest Energy
r Natural Resou
r Southwest Ene
Exploration & Pr
esources
ergy
lver Resources
Resources
te Energy
z Energy
dge Energy
ergy
western Energy
Energy
nergy
etroleum
Energy
ard Natural Reso
o
r
rces
dings
urces
o
Co
es
Co
s
rces
ergy Partners
roduction
ources
BloombergTicker
EQT US
XCO US
FST US
GMXR US
GDP US
HK US
HNR US
KOG US
KOS US
LPI US
LPR US
LRE US
MHR US
MRO US
MTDR US
MMR US
MILL US
NFX US
NBL US
OAS US
PHX US
PVA US
PQ US
PXD US
PSE US
PXP US
QEP US
QRE US
KWK US
RRC US
REN US
SN US
SD US
SM US
SWN US
SGY US
SFY US
UPL US
EGY US
VNR US
VQ US
g Clo
Loca
Previous osing Price
al Currency
$54.44
$7.17
$7.37
$0.82
$13.70
$7.85
$8.94
$8.84
$9.51
$21.70
$1.17
$17.43
$4.17
$27.70
$9.99
$12.96
$4.26
$31.35
$86.60
$28.88
$30.12
$6.47
$6.35
$96.13
$26.40
$39.49
$27.18
$17.75
$3.70
$65.66
$8.51
$17.40
$6.52
$46.18
$30.95
$24.82
$20.89
$21.56
$7.48
$28.28
$10.65
Local Mark
$8,144m
$1,553m
$871m
$62m
$499m
$1,663m
$336m
$2,331m
$3,701m
$2,783m
$100m
$391m
$702m
$19,540m
$554m
$2,098m
$179m
$4,232m
$15,400m
$2,696m
$248m
$297m
$407m
$11,827m
$943m
$5,094m
$4,832m
$792m
$640m
$10,669m
$527m
$583m
$3,202m
$3,009m
$10,805m
$1,229m
$896m
$3,297m
$433m
$1,472m
$655m
ket
mm $8,1
mm $1,5
mm $8
mm $
mm $4
mm $1,6
mm $3
mm $2,3
mm $3,7
mm $2,7
mm $1
mm $3
mm $7
mm $19,5
mm $5
mm $2,0
mm $1
mm $4,2
mm $15,4
mm $2,6
mm $2
mm $2
mm $4
mm $11,8
mm $9
mm $5,0
mm $4,8
mm $7
mm $6
mm $10,6
mm $5
mm $5
mm $3,2
mm $3,0
mm $10,8
mm $1,2
mm $8
mm $3,2
mm $4
mm $1,4
mm $6
24 Au
$ Re
144mm
553mm
871mm
$62mm
499mm
663mm
336mm
331mm
701mm
783mm
100mm
391mm
702mm
540mm
554mm
098mm
179mm
232mm
400mm
696mm
248mm
297mm
407mm
827mm
943mm
094mm
832mm
792mm
640mm
669mm
527mm
583mm
202mm
009mm
805mm
229mm
896mm
297mm
433mm
472mm
655mm
ugust 20
P
Mar
Per eserves ($/boe)
PPro
(
8.7
6.7
2.6
1.2
5.7
77.8
7.7
58.2
72.3
17.2
1.4
11.6
15.2
10.7
16.5
47.8
19.1
6.3
12.3
34.0
13.3
1.9
8.8
10.9
18.4
12.2
7.7
10.3
1.3
12.2
8.9
86.6 1
6.6
14.0
10.5
12.5
5.4
3.8
72.0
18.2
6.7
012
Page | 11
rket Cap
Per Daily oduction $/bopd)
85,460
17,752
15,049
5,500
26,096
397,787
46,925
592,504
212,752
113,896
6,133
58,670
123,815
48,436
75,130
65,192
157,168
29,789
67,076
250,864
58,207
13,481
28,373
86,617
134,755
49,719
36,875
57,901
8,951
111,209
82,985
,214,153
48,779
37,670
45,075
33,630
30,299
28,083
82,573
107,916
36,050
Oil
Oil Mon
Compa
Voc Ene
W&T O
Whiting
WPX En
Barnwe
CAMAC
Contan
Cubic E
Earthsto
Evolutio
FieldPo
Gasco E
Gastar
GeoPet
Gran Ti
Housto
Lucas E
Mexco
Northe
Pyramid
Saratog
Tengas
Triangle
Voyage
Det No
InterOi
Norse E
Norweg
Austral
Blue Do
Central
Daleco
Daybre
Delta P
Eagle F
Far Eas
Glen Ro
La Cort
Oakridg
Reserve
Spindle
Monitor
nitor
any
ergy Trust
Offshore
g Petroleum
nergy
ell Industries
C Energy
ngo Oil & Gas
Energy
one Energy
on Petroleum
oint Petroleum
Energy
Exploration
tro Resources
ierra Energy
n American Ene
Energy
Energy
rn Oil and Gas
d Oil Co
ga Resources
sco
e Petroleum
er Oil & Gas
orske Oljeselska
l E&P
Energy
gian Energy AS
ian Canadian O
olphin Energy
Natural Resour
Resources
ak Oil & Gas
Petroleum
Ford Oil & Gas
t Energy
ose Petroleum
tez Energy
ge Energy
e Petroleum
etop Oil & Gas
r
ergy
p
Oil Royalties
rces
BloombergTicker
VOC US
WTI US
WLL US
WPX US
BRN US
CAK US
MCF US
QBC US
ESTE US
EPM US
FPP US
GSX US
GST US
GPR US
GTE US
HUSA US
LEI US
MXC US
NOG US
PDO US
SARA US
TGC US
TPLM US
VOG US
DETNOR N
IOX NO
NEC NO
NOR NO
AUCAF US
BDCO US
CTNR US
DLOV US
DBRM US
DPTRQ US
ECCE US
FEEC US
GLRP US
LCTZ US
OAKR US
RSRV US
SPND US
g Clo
Loca
NO
Previous osing Price
al Currency
$17.98
$17.69
$43.75
$14.34
$3.16
$0.54
$57.33
$0.33
$14.00
$8.09
$4.21
$0.16
$1.71
$0.15
$4.73
$1.05
$1.79
$6.30
$16.46
$4.50
$5.74
$0.70
$6.55
$1.17
NOK90.50
NOK8.70
NOK2.37
NOK5.28
$0.17
$6.60
$27.40
$0.09
$0.05
$0.08
$0.18
$0.20
$0.15
$0.02
$1.54
$325
$2.09
Local Mark
$306m
$1,316m
$5,146m
$2,854m
$26m
$85m
$880m
$25m
$24m
$225m
$34m
$27m
$112m
$7m
$1,268m
$39m
$45m
$13m
$1,047m
$21m
$177m
$43m
$290m
$82m
NOK11,576m
NOK416m
NOK258m
NOK1,287m
$8m
$70m
$15m
$4m
$2m
$2m
$6m
$69m
$5m
$1m
$6m
$52m
$16m
ket
mm $3
mm $1,3
mm $5,1
mm $2,8
mm $
mm $
mm $8
mm $
mm $
mm $2
mm $
mm $
mm $1
mm
mm $1,2
mm $
mm $
mm $
mm $1,0
mm $
mm $1
mm $
mm $2
mm $
mm $1,9
mm $
mm $
mm $2
mm
mm $
mm $
mm
mm
mm
mm
mm $
mm
mm
mm
mm $
mm $
24 Au
$ Re
306mm
316mm
146mm
854mm
$26mm
$85mm
880mm
$25mm
$24mm
225mm
$34mm
$27mm
112mm
$7mm
268mm
$39mm
$45mm
$13mm
047mm
$21mm
177mm
$43mm
290mm
$82mm
984mm
$71mm
$44mm
221mm
$8mm
$70mm
$15mm
$4mm
$2mm
$2mm
$6mm
$69mm
$5mm
$1mm
$6mm
$52mm
$16mm
ugust 20
P
Mar
Per eserves ($/boe)
PPro
(
22.2
11.0
14.8
3.1
6.9
31.8
17.1
2.5
17.8
16.2
21.1
3.9
6.3
2.1
43.9
337.2 1
6.4
6.0
22.2
38.1
9.1
16.5
195.4 1
23.2
33.0
5236.2 5
4.2
9.8
226.6 1
376.6 2
21.5
47.3
10.5
0.1
0.1
7.2
7.7
10.8
8.8
63.5
36.9
012
Page | 12
rket Cap
Per Daily oduction $/bopd)
119,270
27,603
75,136
11,404
12,459
91,840
53,874
35,494
58,642
693,596
130,390
14,636
31,057
67,418
72,694
,109,007
300,184
53,020
197,831
135,983
67,054
80,530
,112,228
305,066
-
,415,144
51,442
-
,142,969
,055,644
260,990
216,557
67,995
290
-
534,665
114,464
9,696
137,177
128,511
119,666
Oil
Oil Mon
Compa
Sun Riv
Texas V
Americ
Americ
Dune E
Gravis O
JMG Ex
Bashne
Lundin
Inpex
Advant
Anders
Angle E
Antrim
ARC Re
Argosy
Arsenal
Artek E
Bankers
Bengal
Birchcli
BlackPe
Bonavis
Bonterr
C&C En
Canaco
Canadi
Canadi
Candax
Caspian
Celtic E
Cequen
Chinoo
Compto
Corrido
Crescen
Crew E
Crocott
DeeThr
Dejour
Encana
Monitor
nitor
any
ver Energy
Vanguard Oil
an Eagle Energ
an Standard En
Energy
Oil
xploration
eft OAO
Petroleum
age Oil & Gas
on Energy
Energy
Energy
esources
Energy
l Energy
Exploration
s Petroleum
Energy
ff Energy
earl Resources
sta Energy
ra Energy
nergia
ol Energy
an Natural Reso
an Oil nds
x Energy
n Energy
Exploration
nce Energy
ok Energy
on Petroleum
or Resources
nt Point Energy
nergy
ta Energy
ree Exploration
Energy
r
y
ergy
ources
BloombergTicker
SNRV US
TVOC US
AMZG US
ASEN US
DUNR US
GRAVF US
JMGE US
BANE RU
LUPE SS
1605 JP
AAV CN
AXL CN
NGL CN
AEN CN
ARX CN
GSY CN
AEI CN
RTK CN
BNK CN
BNG CN
BIR CN
PXX CN
BNP CN
BNE CN
CZE CN
CNE CN
CNQ CN
COS CN
CAX CN
CEK CN
CLT CN
CQE CN
CKE CN
CMT CN
CDH CN
CPG CN
CR CN
CTA CN
DTX CN
DEJ CN
ECA CN
g Clo
Loca
Previous osing Price
al Currency
$0.12
$10.75
$0.75
$0.85
$2.00
$0.06
$3.07
$51.00
SEK147
¥468,000
C$3.69
C$0.28
C$4.19
C$0.70
C$23.31
C$0.17
C$0.52
C$2.01
C$3.06
C$0.62
C$7.10
C$3.26
C$17.17
C$43.79
C$6.17
C$0.42
C$30.85
C$21.46
C$0.04
C$0.11
C$16.86
C$1.27
C$1.50
C$1.28
C$0.71
C$41.09
C$6.93
C$2.72
C$5.13
C$0.17
C$21.62
Local Mark
$4m
$15m
$34m
$43m
$79m
$1m
$17m
$8,679m
SEK46,733m
¥1,710,919m
C$618m
C$48m
C$375m
C$129m
C$6,795m
C$5m
C$81m
C$87m
C$774m
C$32m
C$1,004m
C$930m
C$2,872m
C$867m
C$394m
C$258m
C$33,841m
C$10,398m
C$43m
C$24m
C$1,778m
C$243m
C$321m
C$34m
C$63m
C$13,574m
C$837m
C$240m
C$344m
C$25m
C$15,900m
ket
mm
mm $
mm $
mm $
mm $
mm
mm $
mm $8,6
mm $7,1
mm $21,7
mm $6
mm $
mm $3
mm $1
mm $6,8
mm
mm $
mm $
mm $7
mm $
mm $1,0
mm $9
mm $2,8
mm $8
mm $3
mm $2
mm $34,0
mm $10,4
mm $
mm $
mm $1,7
mm $2
mm $3
mm $
mm $
mm $13,6
mm $8
mm $2
mm $3
mm $
mm $16,0
24 Au
$ Re
$4mm
$15mm
$34mm
$43mm
$79mm
$1mm
$17mm
679mm
100mm
781mm
623mm
$49mm
377mm
130mm
845mm
$5mm
$82mm
$88mm
780mm
$33mm
011mm
937mm
893mm
873mm
397mm
260mm
086mm
474mm
$43mm
$24mm
790mm
245mm
324mm
$34mm
$63mm
673mm
843mm
241mm
346mm
$25mm
015mm
ugust 20
P
Mar
Per eserves ($/boe)
PPro
(
1.5
18.7
21.7 2
12.4
5.8
1.8
863.5 5
3.5
33.5
9.0
2.3
1.5
5.0
7.2
11.6
1.2
6.5
4.5
2.9
167.0
3.5
26.2
8.2
20.9
21.6
26.2
4.5
6.9
11.4
6.9
12.4
4.0
10.6
0.6
3.4
32.1
6.0
7.9
34.9
1.3
6.7
012
Page | 13
rket Cap
Per Daily oduction $/bopd)
-
56,047
,354,496
79,024
28,918
11,012
,712,863
28,737
-
52,688
21,484
6,117
27,842
79,080
80,393
6,352
35,068
47,060
-
780,117
53,744
122,864
40,874
134,316
34,501
65,313
55,961
98,024
78,958
248,750
107,159
26,036
23,673
2,478
31,205
184,366
36,690
62,043
180,463
55,237
26,379
Oil
Oil Mon
Compa
Enerplu
Equal E
Exall En
Fairbor
Freeho
Guide E
Insignia
Ithaca E
Ivanhoe
Legacy
Longvie
MEG E
Nexen
Niko Re
Pace O
Pacific
Paramo
Pengro
Penn W
Perpetu
Progres
Queste
RMP En
Rock En
Second
Shorelin
Skope E
Sonde
Southe
Sure En
Surge E
Talisma
Terra E
Tethys
TransAt
TransG
Trilogy
Twin Bu
Vermilio
Vero En
Waldro
Monitor
nitor
any
us
Energy
nergy
rne Energy
ld Royalties
Exploration
a Energy
Energy
e Energy
Oil & Gas
ew Oil
nergy
esources
il & Gas
Rubiales Energy
ount Resources
wth Energy
West Petroleum
ual Energy
ss Energy Resou
erre Energy
nergy
nergy
d Wave Petroleu
ne Energy
Energy
Resources
rn Pacific Resou
nergy
Energy
an Energy
nergy
Petroleum
tlantic Petroleum
lobe Energy
Energy
utte Energy
on Energy
nergy
on Energy
r
y
urces
um
urce
m
BloombergTicker
ERF CN
EQU CN
EE CN
FEL CN
FRU CN
GO CN
ISN CN
IAE CN
IE CN
LEG CN
LNV CN
MEG CN
NXY CN
NKO CN
PCE CN
PRE CN
POU CN
PGF CN
PWT CN
PMT CN
PRQ CN
QEC CN
RMP CN
RE CN
SCS CN
SEQ CN
SKL CN
SOQ CN
STP CN
SHR CN
SGY CN
TLM CN
TT CN
TPL CN
TNP CN
TGL CN
TET CN
TBE CN
VET CN
VRO CN
WDN CN
g Clo
Loca
Previous osing Price
al Currency
C$15.74
C$3.74
C$0.74
C$1.56
C$19.28
C$1.72
C$0.67
C$2.15
C$0.73
C$6.73
C$6.53
C$38.39
C$25.54
C$15.85
C$3.03
C$24.98
C$24.44
C$7.01
C$14.59
C$1.26
C$22.10
C$0.65
C$1.90
C$1.13
C$0.78
C$3.11
C$0.18
C$0.95
C$1.50
C$0.63
C$8.07
C$13.27
C$0.27
C$0.58
C$1.05
C$10.48
C$23.35
C$2.64
C$46.94
C$2.08
C$0.58
Local Mark
C$3,157m
C$131m
C$46m
C$160m
C$1,262m
C$176m
C$42m
C$558m
C$251m
C$964m
C$306m
C$7,460m
C$13,519m
C$819m
C$142m
C$7,366m
C$2,091m
C$3,508m
C$6,924m
C$185m
C$5,184m
C$150m
C$195m
C$44m
C$66m
C$18m
C$1m
C$59m
C$512m
C$38m
C$573m
C$13,692m
C$27m
C$166m
C$388m
C$768m
C$2,836m
C$508m
C$4,616m
C$102m
C$23m
ket
mm $3,1
mm $1
mm $
mm $1
mm $1,2
mm $1
mm $
mm $5
mm $2
mm $9
mm $3
mm $7,5
mm $13,6
mm $8
mm $1
mm $7,4
mm $2,1
mm $3,5
mm $6,9
mm $1
mm $5,2
mm $1
mm $1
mm $
mm $
mm $
mm
mm $
mm $5
mm $
mm $5
mm $13,7
mm $
mm $1
mm $3
mm $7
mm $2,8
mm $5
mm $4,6
mm $1
mm $
24 Au
$ Re
180mm
132mm
$46mm
161mm
271mm
177mm
$42mm
562mm
253mm
971mm
308mm
514mm
617mm
824mm
143mm
419mm
107mm
534mm
974mm
187mm
221mm
151mm
196mm
$45mm
$67mm
$18mm
$1mm
$60mm
516mm
$38mm
578mm
792mm
$28mm
167mm
391mm
774mm
856mm
512mm
649mm
103mm
$23mm
ugust 20
P
Mar
Per eserves ($/boe)
PPro
(
9.9
3.4
10.1
2.4
59.4
7.3
1.4
10.3
154.8
11.0
8.1
3.6
15.1
12.8
2.0
15.0
38.3
10.5
9.6
2.2
15.5
58.1
8.4
2.0
8.4
3.3
0.1
6.0
2.8
6.6
17.6
10.8
0.8
11.6
19.0
12.9
31.2
16.4
31.8
2.9
2.0
012
Page | 14
rket Cap
Per Daily oduction $/bopd)
42,294
12,726
42,358
10,535
184,796
14,272
-
126,230
261,646
78,579
47,867
282,346
71,670
22,274
9,932
70,784
116,252
46,920
42,147
7,637
115,457
234,002
54,542
14,746
38,956
30,016
231
20,783
121,256
31,935
93,161
37,476
5,249
34,371
83,627
63,923
98,453
65,933
129,707
10,739
8,332
Oil
Oil Mon
Compa
Westfir
Whiteca
Winstar
Arcan R
Arpetro
BNP Re
Charge
Diaz Re
Donnyb
DualEx
Greenfi
Hawk E
Hemisp
Hyperio
LGX Oi
Magnu
Marque
Montan
Novus
Palliser
Petrodo
Petro-R
Pinecre
Primera
Sea Dra
Sterling
Storm R
Torqua
Tribute
Tuscany
Twoco
Xcite En
Yoho R
Source:
* - Fox-D
Monitor
nitor
any
e Energy
ap Resources
r Resources
Resources
ol
esources
er Energy
esources
brook Energy
Energy Internat
ields Petroleum
Exploration
phere Energy
on Exploration
l & Gas
m Energy
ee Energy
na Exploration
Energy
Oil & Gas
orado Energy
Reef Resources
est Energy
a Energy Resour
agon Energy
g Resources
Resources
y Oil
Resources
y Energy
Petroleums
nergy
esources
Bloomberg & Fo
Davies Client
r
tional
m
rces
ox-Davies
BloombergTicker
WFE CN
WCP CN
WIX CN
ARN CN
RPT CN
BNX/A CN
CHX CN
DZR CN
DEI CN
DXE CN
GNF CN
HWK/A CN
HME CN
HYX CN
OIL CN
MEN CN
MQL CN
MTZ CN
NVS CN
PXL CN
PDQ CN
PER CN
PRY CN
PTT CN
SDX CN
SLG CN
SRX CN
TOC/A CN
TRB CN
TUS CN
TWO CN
XEL CN
YO CN
g Clo
Loca
N
Previous osing Price
al Currency
C$4.05
C$7.31
C$2.70
C$1.30
C$0.04
C$0.05
C$0.58
C$0.04
C$0.14
C$0.24
C$5.80
C$0.25
C$0.60
C$0.57
C$1.03
C$0.08
C$1.16
C$0.38
C$0.72
C$0.64
C$0.18
C$0.16
C$1.88
C$0.15
C$0.05
C$1.30
C$1.60
C$0.16
C$0.05
C$0.10
C$0.10
C$1.45
C$1.90
Local Mark
C$273m
C$929m
C$97m
C$127m
C$23m
C$3m
C$8m
C$3m
C$27m
C$20m
C$90m
C$10m
C$30m
C$31m
C$31m
C$4m
C$61m
C$8m
C$137m
C$35m
C$84m
C$10m
C$403m
C$9m
C$17m
C$290m
C$99m
C$8m
C$3m
C$12m
C$7m
C$404m
C$87m
ket
mm $2
mm $9
mm $
mm $1
mm $
mm
mm
mm
mm $
mm $
mm $
mm $
mm $
mm $
mm $
mm
mm $
mm
mm $1
mm $
mm $
mm $
mm $4
mm
mm $
mm $2
mm $1
mm
mm
mm $
mm
mm $4
mm $
Av
24 Au
$ Re
275mm
936mm
$97mm
128mm
$23mm
$3mm
$8mm
$3mm
$27mm
$20mm
$91mm
$10mm
$30mm
$31mm
$31mm
$4mm
$62mm
$8mm
138mm
$35mm
$85mm
$10mm
406mm
$9mm
$17mm
292mm
100mm
$8mm
$3mm
$12mm
$7mm
406mm
$88mm
Min
verage
Max
ugust 20
P
Mar
Per eserves ($/boe)
PPro
(
9.3
12.6
8.2
3.1
2.8
25.1
0.9
4.1
7.8
854.7
7.3
7.8
38.2
5.5
17.3
7.1
5.5
19.5
9.4
19.7
160.2
10.2
5.0
3.8
2.3
8.8 4
11.5
6.5
92.0
6.8
1.5
3.5
6.1
-
274
63,301 4
012
Page | 15
rket Cap
Per Daily oduction $/bopd)
46,584
160,426
57,863
34,914
69,312
502,745
3,412
8,092
250,574
160,614
81,284
24,540
159,907
30,694
58,469
20,792
36,064
56,215
69,096
25,268
-
14,497
43,685
22,957
15,416
4,112,665
172,873
21,786
-
46,261
16,654
-
35,440
2,477
78,517
4,112,665
Oil
Oil Mon
Inte
Compa
Petrole
Ecopet
Eni SpA
MOL H
Petrobr
YPF
Repsol
Royal D
Total
China P
PetroC
BG Gro
BP
Royal D
Royal D
Gazpro
Gazpro
Lukoil
Rosneft
Chevro
Exxon M
Hess
Murphy
Occide
Statoil
TNK-BP
Cenovu
Connac
Husky E
Imperia
Suncor
OMV A
Polskie
Source:
* - Fox-D
Monitor
nitor
egrated
any Name
o Brasileiro
rol
A
ungarian Oil an
ras Argentina
Dutch Shell "A"
Petroleum & Ch
hina
oup
Dutch Shell "A"
Dutch Shell "B"
om Neft
om
t Oil
n
Mobil
y Oil
ntal Petroleum
P Holding
us Energy
cher Oil and Ga
Energy
al Oil
Energy
AG
Gornictwo Naft
Bloomberg & Fo
Davies Client
r
d Major
nd Gas
emical
s
towe
ox-Davies
s
BloombergTicker
PETR4 BZ
ECOPETL C
ENI IM
MOL HB
PESA AR
YPFD AR
REP SM
RDSA NA
FP FP
386 HK
857 HK
BG/ LN
BP/ LN
RDSA LN
RDSB LN
SIBN RM
GAZP RM
LKOH RM
ROSN RM
CVX US
XOM US
HES US
MUR US
OXY US
STL NO
TNBP RU
CVE CN
CLL CN
HSE CN
IMO CN
SU CN
OMV AV
PGN PW
g Clo
Loca
CB
Previous osing Price
al Currency
BrR21.28
CP5,340 C
€17.44
HUF16,150
ARS5.35
ARS78.50
€14.18
€28.20
€39.41
HK$7.17
HK$9.65
1,302p
444p
2,230p
2,312p
RUB150
RUB157
RUB1,882
RUB201
$111
$87.31
$49.78
$52.64
$87.26
NOK148
$2.36
C$32.37
C$0.40
C$26.22
C$46.06
C$31.25
€26.07
PLN4.01
Local Mark
BrR283,839m
CP219,563,168m
€63,380m
HUF1,687,983m
ARS5,401m
ARS30,875m
€17,813m
€181,760m
€93,210m
HK$633,984m
HK$1,952,327m
£44,230m
£84,549m
£143,701m
£143,701m
RUB711,242m
RUB3,725,028m
RUB1,601,015m
RUB2,128,538m
$218,367m
$403,018m
$17,000m
$10,226m
$70,676m
NOK470,325m
$35,393m
C$24,432m
C$180m
C$25,748m
C$39,040m
C$48,298m
€8,532m
PLN23,659m
ket
mm $140,2
mm $121,3
mm $50,5
mm $7,5
mm $1,
mm $6,6
mm $14,2
mm $145,0
mm $74,3
mm $81,7
mm $251,7
mm $27,9
mm $53,3
mm $90,6
mm $90,6
mm $22,3
mm $116,9
mm $50,2
mm $66,8
mm $218,3
mm $403,0
mm $17,0
mm $10,2
mm $70,6
mm $80,5
mm $35,3
mm $24,6
mm $
mm $25,9
mm $39,3
mm $48,6
mm $6,8
mm $7,2
A
24 Au
$ R
250mm
349mm
575mm
599mm
170mm
688mm
214mm
037mm
378mm
741mm
718mm
903mm
340mm
657mm
657mm
334mm
970mm
274mm
838mm
367mm
018mm
000mm
226mm
676mm
599mm
393mm
610mm
181mm
935mm
324mm
649mm
808mm
224mm
Min
Average
Max
ugust 20
P
Mar
Per eserves ($/boe)
PPro
(
9.2
65.4
6.9
11.2
0.0
6.7
6.6
10.1
7.3
20.3
11.0
3.8
3.0
6.3
6.3
3.2
0.7
1.9
3.8
19.0
15.8
10.7
18.8
22.0
15.3
3.9
9.2
0.4
9.0
12.3
6.8
6.1
10.0
0.0
10.4
65.4
012
Page | 16
rket Cap
Per Daily oduction $/bopd)
57,997
200,068
32,390
50,211
25
13,778
18,088
43,361
32,656
72,509
70,388
41,969
15,105
27,103
27,103
18,549
12,213
22,719
22,306
80,357
84,598
44,418
55,868
95,112
49,951
19,839
101,325
12,549
81,711
162,136
88,525
23,878
87,270
25
53,517
200,068
Oil
Oil Mon
Ref
Compa
Byco Pe
Bharat
Chenna
Hindust
Indian O
Sah Pet
Alon US
CVR En
Delek U
HollyFr
Marath
Sunoco
Tesoro
Valero
Wester
Source:
* - Fox-D
Monitor
nitor
finers
any Name
etroleum Pakist
Petroleum
ai Petroleum
tan Petroleum
Oil
troleums
SA Energy
nergy
US Holdings
ontier
on Petroleum
o
Energy
n Refining
Bloomberg & Fo
Davies Client
r
Bl
an BY
BP
M
HP
IO
SA
AL
CV
DK
HF
M
SU
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VL
W
ox-Davies
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PCL IN
RL IN
PCL IN
OCL IN
AH IN
LJ US
VI US
K US
FC US
PC US
UN US
SO US
LO US
WNR US
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m
16
5
pacity
m bpd Lo
3,479 PK
63,130 INR
216 IN
196 INR
55,621 INR
55 IN
146
109
61
332
1,358
483
579
2,434
142
ocal Market
KR8,146mm
255,972mm
R20,326mm
107,802mm
607,231mm
NR1,126mm
$735mm
$2,479mm
$1,484mm
$7,894mm
$16,590mm
$4,893mm
$5,398mm
$16,112mm
$2,386mm
24 Au
$86m
$4,615m
$366m
$1,943m
$10,947m
$20m
$735m
$2,479m
$1,484m
$7,894m
$16,590m
$4,893m
$5,398m
$16,112m
$2,386m
M
Averag
M
ugust 20
P
Mar
$
mm
mm
mm
mm
mm
mm
mm
mm
mm
mm
mm
mm
mm
mm
mm
Min
ge
ax
012
Page | 17
rket Cap
$/bopd
24.7
28.3
1,695.1
9,919.1
196.8
370.9
5,029.8
22,757.3
24,513.2
23,784.4
12,216.6
10,128.6
9,322.1
6,619.7
16,773.3
24.7
9,558.7
24,513.2
Oil
Oil Mon
Dril
Compa
Eurasia
Hercule
Patterso
Union D
Aban O
Atwood
Diamon
Ensco
Helmer
Nabors
Noble
Parker D
Rowan
Transoc
Vantag
Fred O
Northe
Prospec
Seadrill
Precisio
Xtreme
Source:
* - Fox-D
Monitor
nitor
llers
any Name
Drilling
es Offshore
on-UTI Energy
Drilling
Offshore
d Oceanics
nd Offshore Dri
rich & Payne
s Industries
Drilling
Cos
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lsen Energy
rn Offshore
ctor Offshore D
l
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Bloomberg & Fo
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r
B
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H
PT
U
A
AT
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H
N
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PK
RD
RI
VT
FO
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SD
PD
oil Services XD
ox-Davies
loomberg Ticke
DCL LI
ERO US
TEN US
DRL US
BAN IN
TW US
O US
SV US
P US
BR US
E US
KD US
DC US
IG US
TG US
OE NO
OF NO
ROS NO
DRL NO
D CN
DC CN
er
Previo
Loca
us Closing Price
al Currency
$28.36
$4.25
$15.57
$4.36
INR397
$45.52
$66.48
$57.03
$46.99
$15.61
$38.37
$4.48
$35.60
$48.54
$1.48
NOK236
NOK10.90
NOK11.50
NOK239 N
C$8.34
C$1.55
Market Cap
$4,162mm
$674mm
$2,363mm
$110mm
INR17,267mm
$2,975mm
$9,243mm
$13,230mm
$4,967mm
$4,533mm
$9,692mm
$529mm
$4,421mm
$17,445mm
$433mm
NOK15,706mm
NOK1,749mm
NOK647mm
NOK111,963mm
C$2,304mm
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p E
m $4,406m
m $1,356m
m $2,888m
m $215m
m $133,437m
m $3,551m
m $9,386m
m $17,918m
m $5,168m
m $8,832m
m $14,603m
m $932m
m $5,247m
m $26,306m
m $2,392m
m $20,325m
m $362m
m $79m
m $29,801m
m $3,149m
m $246m
24 Au
EV EB
Local Cur
mm $13
mm $4
mm $23
mm $1
mm $21,07
mm $11
mm $29
mm $51
mm $31
mm $51
mm $46
mm $6
mm $13
mm $94
mm $6
mm $83
mm $2
mm $
mm $64
mm $19
mm $1
Ave
ugust 20
P
BITDA EV/
rrency
39mm
47mm
35mm
12mm
74mm
15mm
95mm
17mm
19mm
14mm
63mm
61mm
39mm
48mm
60mm
33mm
28mm
$-3mm
41mm
90mm
12mm
Min
erage
Max
012
Page | 18
/EBITDA
x
31.7
29.0
12.3
18.0
6.3
30.8
31.9
34.7
16.2
17.2
31.5
15.2
37.8
27.7
39.8
24.4
13.2
(31.8)
46.5
16.6
20.7
(31.8)
25.1
46.5
Oil
Oil Mon
Geo
Compa
Saipem
TEL Off
Fugro
SBM O
CGG
AMEC
Hallibu
Oceane
Schlum
Planet G
Suncor
TGS No
Source:
* - Fox-D
DisclThis docucommunicany prohib This docuany securregard fomarket in based oncompletewithout nwhatsoeveThis repodistributiounincorpoCapital LiNeither thinform thejurisdictioInvestmeninvestors. performancurrency, should beoften restFox-Daviedocumentimmediatoptions, dmaterial mCapital LiFox-Daviesecurities does not Please no
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laimer - Imument is not indepcation and as such habition on dealing ahe
ument has been issity or other financialr the specific investmand/or effect transa
n materials and sourness or reliability of totice and Fox-Davieer for any indirect or rt has been approveon only to persons orated associations, mited (all such persohis report nor any coemselves about, andns.
nts in general involvInvestors should ma
nce is not necessarilmovements in excha
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es Capital Limited ant. Accordingly, informely following its pub
derivatives or other fmay be duplicated inmited is authorised aes Capital Limited mamust be effected thaccept any responsib
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mportant Ipendent and shouldas not been prepareead of dissemination
ued by Fox-Davies instrument, nor sha
ment objectives, finaactions in any investmrces that we believethe information cont
es Capital Limited is consequential loss od in the UK by Fox-Dwho (i) fall within Aetc.) of the Financial
ons together being reopy of part thereof md observe any such r
ve some degree of rake their own investmy a guide to future pange rates will have e the rules for those
nd/or its associated cmation may be availalication. In addition, inancial instrument o
n any form or by any and regulated by theay distribute researcrough a US registerebility. By accepting t
wise stated, the share
loomberg Ticke
PM IM
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BMO NA
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nformatiod not be relied on ad in accordance with
n of this document as
Capital Limited forall it, or the fact of itncial situation or nee
ment or related invese to be reliable, howtained herein. Opiniounder no obligation
or damage arising froDavies Capital LimiteArticle 19(1) (personl Services and Markeeferred to as “relevan
may be distributed in restrictions. Distribut
isk, including the risment decisions basedperformance and anan effect on the val markets are less de
companies may fromable to Fox-Davies LFox-Davies Capital L
of any of the companmeans. Neither shou
e Financial Services Ah in reliance on rule
ed broker-dealer. Anthis document you ag
e price used in this pu
er
Previo
Loca
n as an impartial or obh legal requirements s it would be if it were
r information purpots distribution, form eds of any specific estment mentioned hewever, Fox-Davies C
ons expressed are outo update the infor
om any use of this doed solely for the purpns who have professets Act 2000 (Financint persons”). This reany other jurisdictio
tion of this report in
sk of capital loss. Thd upon their own fina
investor may not geue, either favourable
emanding that the O
m time-to-time providLimited that is not refLimited, the directorsnies referred to in thiuld any of this mater
Authority and is a mem15a-6(a)(2) of the Se
ny failure to comply wgree that you have re
ublication is taken at
us Closing Price
al Currency
€37.69
€16.57
€49.35
€11.29
€23.21
1,109p
$34.15
$55.22
$74.19
NOK87.25 N
NOK134 N
NOK170 N
bjective assessment designed to promote independent inves
ses only and shouldthe basis of, or be r
entity. Fox-Davies Caerein and may providCapital Limited makur current opinions asmation contained he
ocument. poses of section 21 osional experience inal Promotions) Ordeport must not be act
ons where its distribu any such other juris
e services, securitiesncial objectives and et back the amount e or unfavourable. L
Official List of London
de investment adviceflected in this materis and employees theis document and marial be redistributed mber of the London curities and Exchangwith this restriction mead the above disclai
t the close of busines
Market Cap
€16,637mm
€19,561mm
€4,088mm
€1,938mm
€3,525mm
£3,481mm
$31,683mm
$5,958mm
$98,452mm
NOK19,003mm
NOK47,140mm
NOK17,558mm
of its subject mattee the independencetment research.
d not be construed inrelied upon in conneapital Limited and/orde financial services
kes no representatios of the date appearerein. None of Fox-D
of the Financial Servicn matters relating toer 2005 (as amendedted on or relied up oution may be restrictesdictions may constit
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e or other services toal and Fox-Davies C
ereof and/or any conay from time-to-time or disclosed to anyoStock Exchange.
ge Act 1934 to persomay constitute a violaimer and to be boun
ss for the previous da
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€20,781m
€25,232m
€5,640m
€4,462m
€4,861m
£3,192m
$34,352m
$5,998m
$105,590m
NOK3,811m
NOK8,255m
NOK2,787m
er. Given the forego of investment resea
n any circumstances ection with, any contr connected personsto the issuers of sucn or warranty, eitheing on this material o
Davies Capital Limite
ces and Markets Act o investments) or A
d) or (ii) are profession by persons in the Ued by law and persotute a violation of UK
discussed in this docand, if in any doubt, sWhere investment istaxation may changec the risks are highe
o, or solicit such busiCapital Limited may h
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24 Au
EV EB
Local Cur
mm €59
mm €79
mm €41
mm €50
mm €27
mm £20
mm $1,56
mm $16
mm $2,90
mm NOK21
mm NOK32
mm NOK18
Ave
oing this document rch and Fox-Davies C
as an offer to sell ortract relating to suchs may, from time to tch investments. The ier express or implieonly. Any opinions ex
ed, its affiliates or em
2000. In the UK, thisArticle 49(2) (a) to (donal clients or eligiblUK who are not relevns into whose posseK or US securities law
cument may not be ashould seek advice frs made in currenciese. When we comme
er. Furthermore, the
iness from, any of thhave acted upon or uy have an interest in tuch interests. Neither consent of Fox-Dav
S Institutional investocountry’s laws for whimitations/restriction
ugust 20
P
BITDA EV/
rrency
92mm
93mm
17mm
08mm
78mm
04mm
62mm
67mm
06mm
15mm
22mm
82mm
Min
erage
Max
is deemed to be a Capital Limited is not
r solicitation of any oh action. This documtime, have positions information contained, in relation to thexpressed are subject
mployees shall have a
s report is directed ad) (high net worth ce counterparties of ant persons.
ession this report comw, or the law of any
available to nor suitrom an investment ad other than the invent on AIM or OFEX marketability of thes
e companies referreused the informationthe securities, warran
er the whole nor any vies Capital Limited.
rs, however, transacthich Fox-Davies Caps.
012
Page | 19
/EBITDA
x
35.1
31.8
13.5
8.8
17.5
15.6
22.0
35.8
36.3
17.7
25.6
15.3
8.8
22.9
36.3
marketing t subject to
offer to buy ment has no
in, make a ed herein is e accuracy, t to change any liability
at and is for companies, Fox-Davies
mes should such other
able for all dvisor. Past
estor’s base shares you
se shares is
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nts, futures, part of this Fox-Davies
tions in any ital Limited
