Impact of Deepwater Discovery

• Assume: 200 mmboe discovery (gross)

• Net impact to EEX @ 30% W.I.
  • Increases reserve base by 50 mmboe
  • $150 mm to $200 mm for F&D costs
  • Peak production rate of ~ 40 mboe/d
  • NPV = $2.00 to $3.00/share

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