Base Business Investment Strategy

• Onshore
  • Reinvest cash flow with objective of maintaining base
  • Exploit existing assets
  • Acquisitions

• Conventional Shelf
  • ST 235 successful - initial production in 4Q
  • Targeted acquisitions of producing properties in
    support of DeepShelf program

• Indonesia - Mudi
  • High cash flow at 20 MBbls per day (10MBbls net)
  • Test Sukawati prospect

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