THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the contents of this document or the action you should take, you are recommended to seek your own financial advice immediately from an appropriately authorised stockbroker, bank manager, solicitor, accountant or other independent financial adviser who, if you are taking advice in the United Kingdom, is duly authorised under the Financial Services and Markets Act 2000 ("FSMA") or, if you are not resident in the United Kingdom, from another appropriately authorised independent financial adviser in your own jurisdiction.

This document comprises a prospectus relating to RockRose Energy plc (the "Company" or "RockRose") prepared in accordance with the prospectus rules of the United Kingdom Financial Conduct Authority (the "FCA") made under section 73A of FSMA (the "Prospectus Rules") and approved by the FCA under section 87A of FSMA. This document has been filed with the FCA and made available to the public in accordance with Rule 3.2 of the Prospectus Rules by being made available, free of charge, at www.rockroseenergy.com and at the Company's registered office at c/o Cooley Services Limited, Dashwood, 69 Old Broad Street, London EC2M 1QS, United Kingdom.

The current entire issued ordinary shares of nominal value 20 pence each (the "Ordinary Shares") in the capital of the Company (the "Existing Issued Share Capital") is admitted to listing on the standard segment of the official list ("Standard Listing") maintained by the FCA (the "Official List"), in its capacity as competent authority under FSMA under Chapter 14 of the listing rules published by the FCA under section 73A of FSMA (the "Listing Rules") and to trading on the main market for listed securities (the "Main Market") of London Stock Exchange plc (the "London Stock Exchange").

As the Company's acquisition of (i) the entire membership interest in Marathon Oil U.K. LLC ("MOUK") from Marathon Oil Holdings UK Limited ("MOHL") and (ii) the entire issued share capital of Marathon Oil West of Shetlands Limited ("MOWOS") and, together with MOUK and its subsidiaries, the "Marathon Group") from Marathon International Oil Holdings LLC ("MIOH"), a subsidiary of Marathon Oil Corporation (together with MOHL and MIOH, "Marathon") (the "Marathon Acquisition") together constituted a "reverse takeover" under the Listing Rules ("Reverse Takeover"), upon announcement of the Marathon Acquisition on 25 February 2019, the Standard Listing of the Existing Issued Share Capital was suspended by the FCA. In accordance with the Listing Rules, upon publication of this document the FCA will cancel the Company's existing Standard Listing.

Applications have been made for the admission of the Ordinary Shares to a Standard Listing on the Official List and to trading on the Main Market of the London Stock Exchange (together, "Admission"). It is expected that Admission will become effective, and that unconditional dealings in the Ordinary Shares will commence, at 8:00 a.m. on 24 July 2019.

The whole of the text of this document should be read by prospective investors. Your attention is specifically drawn to the discussion of certain risks and other factors that should be considered in connection with an investment in the Ordinary Shares, as set out in Part II – Risk Factors of this document.

The Company and the directors, whose names appear on page 51 of this document (the "Directors"), accept responsibility for the information contained in this document. To the best of the knowledge of the Company and the Directors (each of whom have taken all reasonable care to ensure that such is the case), the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information.

(Incorporated and registered in England and Wales with registered number 09665181)

Admission to the Official List of 13,090,595 Ordinary Shares of nominal value 20 pence each (by way of a Standard Listing under Chapter 14 of the Listing Rules) and to trading on the Main Market of the London Stock Exchange

Financial Adviser and Joint Broker

H&P Advisory Limited

Joint Broker Joint Broker

Whitman Howard Limited Cantor Fitzgerald Europe

This document does not constitute an offer to sell or an invitation to subscribe for, or the solicitation of an offer or invitation to buy or subscribe for, Ordinary Shares in any jurisdiction.

A Standard Listing will afford investors in the Company a lower level of regulatory protection than that afforded to investors in companies which are admitted to listing on the premium segment of the Official List ("Premium Listing"), which are subject to additional obligations under the Listing Rules.

The Ordinary Shares have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act"), or the securities laws of any state or other jurisdiction of the United States or under applicable securities laws of Australia, Canada or Japan. Subject to certain exceptions, the Ordinary Shares may not be, offered, sold, resold, transferred or distributed, directly or indirectly, within, into or in the United States or to or for the account or benefit of persons in the United States, Australia, Canada, Japan or any other jurisdiction where such offer or sale would violate the relevant securities laws of such jurisdiction.

The Ordinary Shares have not been approved or disapproved by the US Securities and Exchange Commission, any State securities commission in the United States or any other US regulatory authority, nor have any of the foregoing authorities passed comment upon or endorsed the merits of the adequacy of this document. Any representations to the contrary is a criminal offence in the United States.

Apart from the responsibilities and liabilities, if any, which may be imposed on each of H&P Advisory Limited ("Hannam" or "Financial Adviser and Joint Broker") in its capacity as financial adviser and joint broker to the Company, Whitman Howard Limited ("Whitman Howard") and Cantor Fitzgerald Europe ("Cantor Fitzgerald") in their respective capacities as joint brokers to the Company (the "Joint Brokers") by FSMA or the regulatory regime established thereunder, none of Hannam, Whitman Howard or Cantor Fitzgerald accepts any responsibility whatsoever for, or make any representation or warranty, express or implied, as to the contents of this document or for any other statement made or purported to be made by them, or on their behalf, in connection with the Company, the Ordinary Shares and nothing in this document will be relied upon as a promise or representation in this respect, whether or not to the past or future. Each of Hannam, Whitman Howard and Cantor Fitzgerald accordingly disclaims all and any responsibility or liability, whether arising in tort, contract or otherwise (save as referred to above), which it might otherwise have in respect of this document or any such statement.

None of Hannam, Whitman Howard or Cantor Fitzgerald nor any of their respective representatives, are making any representation to any prospective investor of the Ordinary Shares regarding the legality of an investment in the Ordinary Shares by such prospective investor under the laws applicable to such prospective investor. The contents of this document should not be construed as legal, financial or tax advice. Each prospective investor should consult his, her or its own legal, financial or tax adviser for legal, financial or tax advice.

Each of Hannam, Whitman Howard and Cantor Fitzgerald is authorised and regulated by the FCA and is acting exclusively for the Company and for no one else in connection with the production of this document and/or Admission. None of Hannam, Whitman Howard or Cantor Fitzgerald will regard any other person as a client in relation to the production of this document and/or Admission and will not be responsible to anyone (whether or not a recipient of this document) other than the Company for providing the protections afforded to its clients, nor for providing advice in connection with the production of this document and/or Admission or any other matter, transaction or arrangement referred to in this document.

The distribution of this document in or into jurisdictions other than the United Kingdom may be restricted by law and therefore persons into whose possession this document comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of securities laws of any such jurisdiction.

The date of this document is 19 July 2019.

		PAGE
PART I	SUMMARY	4
PART II	RISK FACTORS	27
PART III	IMPORTANT INFORMATION	44
PART IV	EXPECTED TIMETABLE	50
PART V	DIRECTORS, AGENTS AND ADVISERS	51
PART VI	INFORMATION ON THE COMPANY AND THE ENLARGED GROUP	52
PART VII	REGULATORY AND OPERATING ENVIRONMENT	94
PART VIII	THE BOARD, THE SENIOR MANAGERS AND CORPORATE GOVERNANCE	100
PART IX	UNAUDITED PRO FORMA FINANCIAL INFORMATION FOR THE ENLARGED GROUP	104
PART X	SELECTED FINANCIAL INFORMATION ON THE ENLARGED GROUP	111
PART XI	HISTORICAL FINANCIAL INFORMATION OF THE COMPANY	123
PART XII	HISTORICAL FINANCIAL INFORMATION ON MOUK	124
PART XIII	HISTORICAL FINANCIAL INFORMATION ON MOWOS	157
PART XIV	OPERATING AND FINANCIAL REVIEW OF THE GROUP (INCLUDING LIQUIDITY AND CAPITAL RESOURCES AND CAPITALISATION AND INDEBTEDNESS FOR THE ENLARGED GROUP)	184
PART XV	OPERATING AND FINANCIAL REVIEW OF MOUK	191
PART XVI	OPERATING AND FINANCIAL REVIEW OF MOWOS	198
PART XVII	TAXATION	203
	PART XVIII CONSEQUENCES OF A STANDARD LISTING	207
PART XIX	ADDITIONAL INFORMATION	208
PART XX	GLOSSARY	234
PART XXI	DEFINITIONS	236
PART XXII	DOCUMENTS INCORPORATED BY REFERENCE	243
	PART XXIII COMPETENT PERSON'S REPORT	245

PART I

SUMMARY

Summaries are made up of disclosure requirements known as "Elements". These Elements are numbered in Sections A – E (A.1 – E.7).

This summary contains all the Elements required to be included in a summary for this type of securities and issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the Elements.

Even though an Element may be required to be inserted in the summary because of the type of securities and issuer, it is possible that no relevant information can be given regarding the Element. In this case a short description of the Element is included in the summary with the mention of "not applicable".

	Section A – Introduction and warnings
A.1	Warning to investors	This summary should be read as an introduction to this document.
		Any decision to invest in the Ordinary Shares should be based on consideration of this document as a whole by the investor.
		Where a claim relating to the information contained in this document is brought before a court, the plaintiff investor might, under the national legislation of the EEA States, have to bear the costs of translating this document before legal proceedings are initiated.
		Civil liability attaches only to those persons who have tabled this summary including any translation thereof, but only if this summary is misleading, inaccurate or inconsistent when read together with the other parts of this document or it does not provide, when read together with the other parts of this document, key information in order to aid investors when considering whether to invest in such securities.
A.2	Subsequent resale of securities or final placement of securities through financial intermediaries	Not applicable. There will be no sale or placement of securities nor any resale or final placement of securities by financial intermediaries.

		Section B – the Issuer
B.1	Legal and commercial name	The legal and commercial name of the issuer is RockRose Energy plc.
B.2	Domicile and legal form	The Company was incorporated in England and Wales on 1 July 2015 as a public company with limited liability under the Companies Act 2006 (the "Companies Act") with an indefinite life.

B.3	Current operations/	Introduction
	principal activities and
	markets

The Company was formed to make acquisitions of companies or businesses in the oil and gas, exploration and development sector. Following the initial admission of the Ordinary Shares to Standard Listing and to trading on the Main Market of the London Stock Exchange on 13 January 2016 ("Initial Admission"), the Company identified and has subsequently acquired a number of targets.

Acquisition history

On 22 March 2017, the Company entered into an agreement with Arunvill Capital Limited ("Arunvill") and John McKeown (together with Arunvill, "Egerton Sellers") to acquire the entire issued share capital of Egerton Energy Ventures Limited ("Egerton") (the "Egerton Acquisition"). At the same time the Company entered into a subscription agreement with Arunvill pursuant to which it agreed to subscribe in cash in the total amount of £4,000,000 for Ordinary Shares in the Company at a price of £1.50 per Ordinary Share, on the basis that such funds would be sufficient to cover anticipated decommissioning costs of the Egerton Interests. The total consideration for the Egerton Acquisition was £1.00 payable to the Company in cash and deferred consideration payable to the Company of £666,000 over an 18 month period. The Egerton Acquisition was not material in the context of resources, net assets or potential liabilities. The Egerton Acquisition completed on 22 December 2017.

On 2 August 2017, the Company signed an acquisition agreement in the form of a put and call option for the acquisition of the entire issued share capital of Sojitz Energy Project Limited ("Sojitz") with Sojitz Corporation, a Japanese corporate entity, and Sojitz Europe plc, an English company, who together agreed to sell Sojitz to the Company (the "Sojitz Sellers") (the "Sojitz Acquisition"). The total consideration for the acquisition was US\$2,500,000, however US\$1,750,000 was received by the Company at completion. The Sojitz Acquisition completed on 22 December 2017.

On 18 October 2017, the Company signed an agreement (the "Idemitsu UK Acquisition Agreement") with Idemitsu Kosen Co., Limited (the "Idemitsu Group") for the acquisition of the entire issued share capital of Idemitsu Petroleum UK Limited (the "Idemitsu UK") (the "Idemitsu UK Acquisition"). The total consideration was US\$29.7 million (subject to certain adjustments). The Idemitsu UK Acquisition completed on 8 December 2017.

On 24 May 2018, the Company (as a guarantor) signed a sale and purchase agreement with SHV Nederland B.V. (the "Dyas Seller") and RockRose Energy (NL) B.V. (as purchaser) (the "Dyas Acquisition Agreement") to acquire the entire issued and to be issued share capital of Dyas B.V. and its subsidiary Dyas Infrastructure B.V. (together, "Dyas") (the "Dyas Acquisition"), which owned non-operated Netherlands gas and condensate producing assets, for a total consideration of EUR 107 million. The Dyas Acquisition completed on 1 October 2018.

On 8 August 2018, RockRose UKCS4 Limited signed a sale and purchase agreement (the "Arran Acquisition Agreement") to acquire a 20.43% interest in blocks, 23/11a, 23/16b and 23/16c, which contain the Arran field in the UK Central North Sea, from Dana Petroleum (E&P) Limited (the "Arran Seller") (the "Arran Acquisition") for a nominal consideration of US\$1. On 19 September 2018, the Company, further to the Arran Acquisition Agreement, signed an equity realignment letter agreement, which increased the Company's interest in the Arran field to 30.43%. The Arran Acquisition completed on 10 October 2018.

On 25 February 2019, the Company entered into (i) a sale and purchase agreement with MOHL to acquire the entire membership in MOUK (the "MOUK Acquisition Agreement") and (ii) an agreement with MIOH to acquire the entire issued share capital of MOWOS (the "MOWOS Acquisition Agreement") (together with the MOUK Acquisition Agreement, the "Marathon Acquisition Agreements"). The total consideration payable under the Marathon Acquisition was US\$140 million (subject to customary adjustments). As the Marathon Acquisition constituted a Reverse Takeover, the Standard Listing of the Ordinary Shares was suspended by the FCA on 25 February 2019 pending the Company publishing a prospectus in relation to Admission. The Marathon Acquisition completed on 1 July 2019.

Business objective, strategy and execution

The objective of the Company is to operate the Company and its subsidiaries from time to time (the "Group") and implement a strategy with a view to generating value for its shareholders (the "Shareholders") through its acquisition and management of operated and non-operated interests in onshore and offshore oil and gas production and power generation projects.

The strategy is likely to involve the making of further acquisitions. Further acquisitions will need to be assessed under the Listing Rules and depending on the size of further acquisitions the transaction may, if it is a very significant magnitude, be deemed a Reverse Takeover and the Company's Standard Listing may be cancelled in such circumstances. The Company would then intend to seek admission of the new enlarged group to listing on the Official List and trading on the Main Market of the London Stock Exchange by publishing a new prospectus on the then enlarged group but may, in certain circumstances, seek re-admission to trading on AIM, the market of that name operated by the London Stock Exchange ("AIM").

The Company's efforts in identifying further acquisitions in the oil and gas, exploration and development sector will not be limited to a particular geographic region, however the Company's present focus will be the UK and Western Europe.

Unless required by applicable law or other regulatory process, no Shareholder approval will be sought by the Company in relation to any further acquisition(s).

The Directors will draw on their experience, in conjunction with their contacts and advisers, to target suitable further acquisition candidates in the oil and gas, exploration and development sector.

B.4a Significant recent trends The oil and gas, exploration, development and production industry continues to experience volatility, driven by a number of factors including the uncertainties in global economy and geopolitical events and the technical advancements affecting energy consumption and extraction methods. In general, the industry is healthier than it was two years ago as the price of oil has rebounded. After appearing limited to a range between the mid-US\$40s and US\$50 per barrel (bbl), Brent crude is now trading above US\$65. The industry is thus recovering from the brutal last few years of weak prices, enforced capital discipline, portfolio realignments, and productivity efficiencies. Natural gas consumption worldwide grew by an estimated 4.6% in 2018, or 170 bcm, its strongest increase since 2010 when gas demand was rebounding from the 2008 global financial crisis. This second consecutive year of strong growth (after a 3% gain in 2017) was nearly three times the average growth of 1.5% over the previous five years. The switch from coal to gas accounted for over one-fifth of the rise in gas demand, with the United States leading the growth, followed by China.

Global oil demand rose by 1.3% in 2018, led by strong growth in the United States. Oil demand in advanced economies remained relatively robust, but, in emerging markets, oil demand slowed markedly in 2018. Average Brent oil prices were 30% higher in 2018 than in 2017. Oil demand in China was up by 445 kb/d, or 3.5%, with the rate of growth slowing down as the country moved toward a less oil-intensive model of development and curbed vehicle use to improve urban air quality. In particular, environmental policies have reduced diesel demand growth, as provincial governments are keen to develop cleaner transport fuels or electric buses. European oil demand remained stagnant on slowing economic activity and rising prices. Germany saw an important decline in oil demand, falling by 135 kb/d or 5.4% in 2018.

Source: International Energy Agency, Global Energy & CO2 Status Report, 2019

Global upstream capital expenditure, which dropped nearly 45% between 2014 and 2016 is now forecast to rise 6% year-on-year in the medium term. This recovery has been a result of various factors, including the sustained success of the production restraint agreement between OPEC and non-OPEC countries in force since the beginning of 2017, less oil coming to market from challenged producers, and continued strong global oil demand growth (estimated by the Energy Information Administration at about 1.6 million b/d in 2018). In the US, natural gas prices have not seen great movement, as plentiful low-cost US supply continued to meet growing demand in domestic and export markets.

Europe experienced a decline in natural gas consumption in 2018 after two years of growth. This was partly due to the temperature sensitivity of gas demand, with demand for space heating reduced by a mild fourth quarter (in spite of cold snaps over the first quarter). Additionally, the Dutch government has decided first to lower and then stop production of natural gas from the Groningen field as early as possible. The decision implies that the European Union's largest exporter of natural gas will become a large importer of gas within four years.

In the supply side, Nord Stream 2, TurkStream and Southern Gas Corridor pipelines under development will compete with liquefied natural gas ("LNG") and existing production. Bunkering of LNG as a marine transportation fuel will provide a new source of gas demand as new emission rules encourage shipowners to switch away from marine fuels. This could add around 6.5bn m3/yr to European gas demand by 2025 and 18.5bn m3/yr by 2035. Wood Mackenzie estimates gas demand among the current EU-28 will rise to a peak of 460bn m3/yr in around 2025 from some 445bn m3/yr in 2018.

Oil and gas rig activity levels are rising, driven by the North American market, and major projects are being approved. Exploration is on the rise again for the first time since the global recession.

Despite these signs of a renaissance, the sector faces a number of supply-related challenges. First is an ongoing decline in new discoveries. By the end of 2017, the volume of new oil and gas discoveries, was at its lowest since the early 1950s. To put this into perspective, only 3.5 billion barrels of liquids (crude, condensate, and natural gas liquids) were discovered in 2017, which was enough to meet only 10% of demand.

The long decline in new oil and gas discoveries

This contraction was exacerbated by a second challenge: the slowness of the rise in exploration spending since it fell with the price collapse of 2014–16. Globally, spending fell by more than 60%, from a high of US\$153 billion in 2014 to about US\$58 billion in 2017. It is forecast to recover modestly over the near term at a 7% compound annual growth rate. The investment slump in traditional supply sources looks like it will continue to have an effect on new production.

As a result of these two challenges, the market is currently experiencing what the International Energy Agency ("IEA") calls a "two-speed oil market." Although U.S. tight oil, or shale oil, is a dynamic new source of supply, investment in more conventional sources of output has dropped and, as a result, "the world needs to find an additional 2.5 million mb/d of new production each year, just for conventional output to remain flat," according to the IEA World Energy Outlook 2017. Given that it takes about three to six years from project sanctioning to coming onstream, the decline in investment approvals during the price slump could continue

		to hurt the sector if financial investment decisions remain constrained.
		Regulatory developments
		In 2016 the Oil and Gas Authority (the "OGA") replaced the Department of Energy and Climate Change as the entity responsible for petroleum licensing and regulation of the upstream oil and gas sector in the UK. In the same year, the OGA was granted greater regulatory powers through the passing of the Energy Act 2016. These regulatory powers include the ability to participate in meetings with operators, to have access to data, provide dispute resolution and introduce a range of sanctions such as enforcement notices and fines up to £1 million.
		Sources: PwC Oil and Gas Trends 2018–19; Deloitte: 2019 oil, gas and chemicals industry outlook; International Energy Agency, Global Energy & CO2 Status Report, March 2019.
B.5	Group structure	The Company is a public company with limited liability domiciled in England and Wales and is the holding company of the Group. As at the date of this document and Admission, the Company holds the following percentages of the share capital in the Group companies listed below, all of which are incorporated in England and Wales:
		Company's percentage
		ownership in the issued share
		capital of the relevant
			Group company:
		Name of Group company:
		RockRose (UKCS1) Limited(1)(3)	100%
		RockRose (UKCS2) Limited(1)	100%
		RockRose (UKCS3) Limited(1)	100%
		RockRose UKCS4 Limited(1) RockRose UKCS5 Limited(2)(3)	100% 100%
		RockRose UKCS6 Limited(2)(3)	100%
		RockRose UKCS7 Limited(2)(3)	100%
		RockRose UKCS8 LLC(1)	100%
		RockRose UKCS9 Limited(4)	100%
		RockRose UKCS10 Limited(1)	100%
		RockRose UKCS11 Limited(4)	100%
		RockRose UKCS12 Limited(4)	100%
		RockRose UKCS13 LLC(4)	100%
		RockRose Energy (NL) B.V.(1) RockRose (NL) CS1 B.V.(5)	100% 100%
		RockRose (NL) Infrastructure B.V.(5)	100%

		(1) The Company holds a 100% direct ownership interest in this entity.
		(2) The Company holds a 100% direct ownership interest in RockRose UKCS4 Limited, which in turn holds a 100% direct ownership stake in this entity.
		(3) This entity is dormant.
		(4) The Company holds a 100% direct ownership interest in RockRose UKCS8 LLC, which in turn holds a 100% direct ownership stake in this entity.

		(5) in this entity.	The Company holds a 100% direct ownership interest in RockRose Energy (NL) B.V., which in turn holds a 100% direct ownership stake
B.6	Major shareholders	Save for the interests of the Directors, which are set out below, as at the date of this document and Admission the Directors are aware of the following holdings of Ordinary Shares, which will represent 3% or more of the Company's issued share capital or voting rights:
		As at the date of this document and Admission Number of Percentage of Name Ordinary Shares share capital
		Andrew Austin*	3,563,234 27.21%
		Cavendish Asset Management Limited Macquarie Capital	1,816,800 13.87%
		(Europe) Limited	747,588 5.71%
		* administered by Rowanmoor Trustees.	Includes 720,000 Ordinary Shares held in Mr. Austin's SIPP,
		As at the date of this document and Admission, respectively, the interests of the Directors and each of their respective connected persons in the share capital of the Company, all of which are beneficial, are and will be as follows:
			As at the date of this document and Admission Number of Ordinary Shares Beneficially owned, controlled or directed,
			directly or Percentage of
		Name	indirectly share capital
		Andrew Austin Andrew Austin's SIPP*	2,843,234 21.71% 720,000 5.50%
		Richard Benmore John Morrow	320,729 2.45% 212,808 1.62%
		* Administered by Rowanmoor Trustees.
		rights which is notifiable under English law.	Other than those person described above, as at 18 July 2019, the Company had not been notified, nor was it otherwise aware of, any persons who directly or indirectly, have an interest in the Company's share capital or voting

B.7	Selected historical key	The selected financial information set out below has been
	financial information	extracted without material adjustment from the audited
		historical financial information of the Group for the financial

extracted without material adjustment from the audited historical financial information of the Group for the financial years ended 31 December 2018 and 31 December 2017, and for the 18 month period ended 31 December 2016.

Selected Financial Information of the Group:

Consolidated Statement of Comprehensive Income

	Year ended 31 December 2018 US\$000	31 December 31 December 2017** US\$000	Year ended 18 months to 2016* US\$000
Revenue Cost of sales Gross profit/(loss) Change in estimate of	153,072 (105,356) 47,716	7,436 (7,604) (168)	– – –
decommissioning provisions Foreign exchange movements on decommissioning provision	14,302 –	– (223)	– –
Administrative Costs Loss on derivatives Gain on acquisition Impairment of goodwill	(12,649) (6,399) – (18,660)	(5,617) – 87,825 (7,974)	(1,900) – – –
Operating profit/(loss) Finance income Finance costs Foreign exchange (loss)/gain	–––––––– 24,310 51 (14,996) (1,987)	–––––––– 73,843 9 (915) 1,137	–––––––– (1,900) 6 – –
Profit/(loss) before income tax Income tax credit	–––––––– 7,378 31,481 ––––––––	–––––––– 74,074 – ––––––––	–––––––– (1,894) – ––––––––
Profit/(loss) for the year attributable to shareholders	38,859 ––––––––	74,074 ––––––––	(1,894) ––––––––
Comprehensive income to be reclassified to profit or loss in subsequent years when specific conditions are met: Foreign currency translation loss	–	140	(653)
Total comprehensive income for the year	–––––––– 38,859 ––––––––	–––––––– 74,214 ––––––––	–––––––– (2,547) ––––––––
Unadjusted basic earnings/ (loss) per share (cents)	261 ––––––––	651 ––––––––	(34) ––––––––
Unadjusted diluted earnings/ (loss) per share (cents)	242 ––––––––	580 ––––––––	(34) ––––––––

* All balances for the 18 month period ended 31 December 2016 presented throughout these financial statements have been restated in US\$ following the change to the Group's presentational currency in 2017.
** The income statement for the year ended 31 December 2017 has been presented in a format consistent with that adopted in the year ended 31 December 2018 annual report and accounts and therefore some sub-totals are different from those presented in the annual report and accounts for the year ended 31 December 2017. However, no financial information has been restated.


Consolidated Statement of Financial Position
	As at	As at	As at
	31 December	31 December	31 December
	2018	2017	2016*
	US\$000	US\$000	US\$000
Assets
Intangible assets	32,287	1,723	_
Property, plant and equipment	359,293	180,325	_
Deferred tax		36,472
Total non-current assets	391,580	218,520	_
Inventory	5,090	6,005	_
Trade and other receivables	28,147	14,997	313
Cash and cash equivalents	67,944	64,955	2,938
Restricted cash	53,347	55,336
Total current assets	154,528	141,293	3,251
Total assets	546,108	359,813	3,251
Equity
Share capital	3,549	4,269	2,890
Share premium	129	9,902	3,222
Other reserves	11,772	(75)	(558)
Retained earnings/
(Accumulated losses)	58,007	71,228	(2,846)
Total equity	73,457	85,324	2,708
Liabilities
Provisions for liabilities and	004.747	0.17.0.10
other charges	364,717	247,048	_
Deferred tax liability	22,788
Total non-current liabilities	387,505	247,048
Trade and other payables	57,015	21,882	543
Tax payable	23,012	_	_
Provisions for liabilities and
other charges	5,119	5,559
Total current liabilities	85,146	27,441	543
Total liabilities	472,651	274,489	543
Total equity and liabilities	546,108	359,813	3,251

^* All balances for the 18 month period ended 31 December 2016 presented throughout these financial statements have been restated in US\$ following the change to the Group's presentational currency in 2017.

	Year to		Year to 18 months to
	31 December	31 December 31 December
	2018	2017	2016*
	US\$000	US\$000	US\$000
Cash flows from operating
activities
Profit/(loss) before income tax	7,378	74,074	(1,894)

Non-cash adjustments to reconcile
(loss)/profit before tax to
net cash flows:
Foreign exchange loss/(gains)
on operating activities	1,987	(1,136)	–
Finance income	(51)	(9)	(5)
Finance costs	14,996	915**	–
Share based payments	291	242	95
Impairment of goodwill	18,660	7,974	–
Gain on acquisitions	–	(87,825)	–

Depreciation and amortisation	34,222	1,669	–
Change in estimate of
decommissioning provision	(14,302)	–	–
Foreign exchange movement on
decommissioning provision	–	223	–
Increase in provisions	–	749	–
	––––––––	––––––––	––––––––
Operating cash flows before
movements in working capital	63,181	(3,124)	(1,804)
Decrease in inventory	915	895	–
(Increase)/decrease in trade and
other receivables	(13,149)	28,381	(301)
Decrease/(increase) in
restricted cash	1,988	(55,336)	–

Increase in trade and
other payables	35,048	1,710	543
Income tax paid	(4,534)	–	–
Net cash generated from/(used in)	––––––––	––––––––	––––––––

operating activities	83,449	(27,474)	(1,562)
Cash flows from investing activities
Acquisition of subsidiaries net of
cash acquired	(11,773)	82,311	–
Utilisation of decommissioning
liabilities	(2,402)	–	–
Additions of intangible assets	(215)	–	–
Additions of property, plant and

equipment	(10,414) ––––––––	(895) ––––––––	––––––––
Net cash (used in)/generated from
investing activities	(24,804)	81,416
Cash flows from financing activities

Finance income	51	9
Finance costs	(3,711)	–
Share issue costs	–	(2,183)	(1,114)
Shareholders distribution	(30,360)	–
Share buy-back	(22,041)	–
Proceeds from share issue	169	10,343	6,108
	––––––––	––––––––	––––––––
Net cash (used in)/generated
from financing activities	(55,892)	8,169	4,999
	––––––––	––––––––	––––––––
Net increase in cash and
cash equivalents	2,753	62,111	3,437
Cash and cash equivalents at
1 January	64,955	2,938
Effect of foreign exchange	236	(94)	(499)
	––––––––	––––––––	––––––––
Cash and cash equivalents at
31 December	67,944	64,955	2,938
	––––––––	––––––––	––––––––
* All comparative balances presented throughout these financial
statements have been restated in US\$ following the change to the

** Finance costs for the year ended 31 December 2017 has been presented on the same basis as adopted in the year ended 31 December 2018 annual report by combining unwind of discount on decommissioning provision and finance expense.

During the period covered by the audited historical financial information set out above, the significant changes to the Group's financial condition and operating results were:

the receipt of net proceeds from the issue of Ordinary Shares in conjunction with the Initial Admission;
the receipt of net proceeds from the issue of Ordinary Shares in conjunction with the subscription by Arunvill for 2,666,666 Ordinary Shares and the subscription by certain of the Directors, certain of their spouses and certain third parties for 967,074 Ordinary Shares, and placing of 1,699,594 Ordinary Shares, which completed on 6 July 2017;
the completion of the Acquisitions;
the completion of a share buy-back and cancellation of 2,923,240 Ordinary Shares by way of a tender offer at a price of 560 pence per Ordinary Share (the "Tender Offer") for a cash payment of US\$22 million (£16.4 million) on 22 November 2018 (the "Share Buy-back"); and
the completion of a shareholder distribution of £1.50 per B Share on 16 February 2018 following their redemption at the same price on 15 February 2018 (the "Shareholder Distribution").

Since 31 December 2018 (being the end of the last financial period of the Company for which financial information has been published), the significant change to the Group's financial condition and operating results was the completion of the Marathon Acquisition on 1 July 2019.

The selected financial information set out below has been extracted without material adjustment from the audited historical financial information of MOUK for the financial years ended 31 December 2018 and 31 December 2017, and the unaudited historical financial information for the financial year ended 31 December 2016.

Selected Financial Inforn	nation of N	MOUK:
Consolidated Statement			come
	Year ended	Year ended	Year ended
;	31 December		31 December
	2018 Audited	2017 Audited	2016 Unaudited
	US\$000	US\$000	US\$000
Revenue Cost of sales	196,424 (84,656)	209,693 (180,312)	157,851
Gross profit/(loss)	111,768	29,381	(40,053)
Other operating income	125,550	423	281
Administrative costs	(13,345)	(6,546)	350
Operating profit/(loss)	223,973	23,258	(39,422)
Finance income	16,399	11,775	11,011
Finance costs	(7,546)	(7,773)	(8,107)
Profit/(loss) before income tax	232,826	27,260	(36,518)
Income tax (charge)/credit	(98,929)	23,969	21,299
Profit/(loss) for the year	133,897	51,229	(15,219)
Adjusted EBITDA	102,594	89,485	66,912
Comprehensive income to be recla	ssified to profi	t or loss in subs	sequent years
when specific conditions are met: Foreign currency translation (loss)/	gain (7,832)	7,915	(11,313)
, ,	, ,	,	, , ,
Comprehensive income that will be subsequent years when specific co			7
Deferred tax relating to defined benefit pension scheme	(5)	(6,395)	5,459
Actuarial gains on defined benefit	(3)	(0,393)	3,439
pension scheme	11	37,623	(32,109)
Other comprehensive income/
(expense) for the year	6	31,228	(26,650)
Total comprehensive income/
(expense) for the year	126,071	90,372	(53,182)
Consolidated Statement	of Financi	al Position
	As at	As at	As at
;	31 December	31 December	31 December
	2018	2017	2016
	Audited	Audited	Unaudited
•	US\$000	US\$000	US\$000
Assets	60.762	106 022	210 127
Property, plant and equipment Investment property	69,763 1,302	106,033 1,382	218,127 963
Pension asset	82,512	70,993	12,307
Deferred tax asset	368,642	471,525	332,079
Total non-current assets	522,219	649,933	563,476
Inventory	11,360	8,222	9,390
Trade and other receivables	42,737	41,140	54,657
Loans to the group undertakings	162,867	429,503	513,413
Cash and cash equivalents	30,373	62,048	24,246
Total current assets	247,337	540,913	601,706
Total assets	769,556	1,190,846	1,165,182
Equity		-,,,,,,,,,
Capital surplus	31,797	31,797	31,797
Foreign currency translation reserv	e (11,230)	(3,398)
Retained earnings	45,568	251,665	169,208
Total equity	66,135	280,064	189,692
Liabilities	= 40=	- 00-
Accruals and deferred income	5,166	5,032	12,572
Deferred tax liability	38,782	47,671	51,038
Provisions for liabilities and	577 740	777 015	QA0 224
other charges	577,718	777,845	849,221
Total non-current liabilities	621,666	830,548	912,831

		As at	As at	As at
		31 December 2018	31 December 31 December 2017	2016
		Audited	Audited	Unaudited
		US\$000	US\$000	US\$000
Trade and other payables Tax payable		36,574 –	42,324 2,315	28,096 2,335
Provisions for liabilities and
other charges		45,181 ––––––––	35,595 ––––––––	32,228 ––––––––
Total current liabilities		81,755	80,234	62,659
Total liabilities		–––––––– 703,421	–––––––– 910,782	–––––––– 975,490
Total equity and liabilities		–––––––– 769,556	–––––––– 1,190,846	–––––––– 1,165,182
	Consolidated Statement of Cash Flows	––––––––	––––––––	––––––––
		Year ended	Year ended	Year ended
		31 December	31 December 31 December
		2018	2017	2016
		Audited US\$000	Audited US\$000	Unaudited US\$000
	Cash flows from operating activities
Profit/(loss) for the year		133,897	51,229	(15,219)
Non-cash adjustments to
reconcile profit/(loss) for the year to net cash flows:
	Foreign exchange (gain)/loss
on operating activities		(1,673)	1,931	(4,614)
	Revaluation of investment property	–	(212)	–
Finance costs Share based payments		(8,853) (14,436)	(4,002) (16,796)	(2,904) (17,741)
	(Reversal of impairment)/impairment
Tax on profit/(loss) on	of property, plant and equipment	(20)	1,418	–
ordinary activities		98,929	(23,969)	(21,299)
Depreciation		4,171	66,650	105,125
Change in estimate of	Profit on disposal of tangible assets	–	–	(90)
decommissioning provision		(124,674)	–	(14,770)
Increase in provisions		(24,848) ––––––––	(21,909) ––––––––	– ––––––––
Operating cash flows before
	movements in working capital (Increase)/decrease in inventory	62,493 (3,142)	54,340 1,169	28,488 5,514
	(Increase)/decrease in trade and
other receivables		(2,338)	65,773	(27,711)
other payables	(Decrease)/increase in trade and	(5,569)	6,688	(16,492)
Income tax paid		(3,835)	(124,501)	(13,012)
operating activities	Net cash generated from/(used in)	47,609	3,469	(23,213)
	Cash flows from investing activities
Loan repayment receipts		265,000	30,000	–
	Interest receivable and similar income (Additions)/disposals of property,	11,072	11,201	9,611
plant and equipment		(13,917) ––––––––	(5,642) ––––––––	305 ––––––––
Net cash generated from
investing activities		262,155	35,559	9,916
Finance costs	Cash flows from financing activities	(2,559)	(4,228)	(3,841)
Members distribution		(340,000) ––––––––	– ––––––––	– ––––––––
Net cash used in financing activities		(342,559) ––––––––	(4,228) ––––––––	(3,841) ––––––––
and cash equivalents	Net (decrease)/increase in cash	(32,795)	34,800	(17,138)
Cash and cash equivalents at 1 January		62,048	24,246	44,757
Effect of foreign exchange		1,120 ––––––––	3,002 ––––––––	(3,373) ––––––––
Cash and cash equivalents at 31 December		30,373 ––––––––	62,048 ––––––––	24,246 ––––––––

For the years ended 31 December 2016, 31 December 2017 and 31 December 2018, certain significant changes to the financial condition and the operating results of MOUK occurred. These changes are set out below:

revenue increased by 32.84% from US\$157,851,000 for the financial year ended 31 December 2016 to US\$209,693,000 for the financial year ended 31 December 2017 but decreased by 6.32% to US\$196,424,000 for the financial year ended 31 December 2018. The decline was primarily due to the changes in production volumes and price;
cost of sales decreased by 8.88% from US\$197,904,000 for the financial year ended 31 December 2016 to US\$180,312,000 for the financial year ended 31 December 2017, and further decreased by 53% to US\$84,656,000 for the financial year ended 31 December 2018 due to the significant reduction in depreciation charges as the Brae assets move further towards end of life, and one off increase in contractor costs in 2017 resulting from gas bypass works and additional decommissioning spend in respect of Brae Bravo; and
MOUK noted an operating loss of US\$39,422,000 for the financial year ended 31 December 2016. Operating profit increased to US\$23,258,000 for the financial year ended 31 December 2017, and substantially increased by 863% to US\$223,973,000 for the financial year ended 31 December 2018. The 2018 financial year increase was primarily driven by a reduction in the decommissioning provision (a consequence of changes in the key estimates) of US\$125,555,000 in excess of its net book value within fixed assets, recognised in other income. The remainder of the increase is explained by the decrease in costs of sales as mentioned above.

Since 31 December 2018 (being the end of the last financial period of MOUK for which financial information has been published), (i) MOHL entered into the MOUK Acquisition Agreement (as defined below) and completed the Marathon Acquisition and (ii) MOUK's wholly owned subsidiary, Marathon Oil Decommissioning Services LLC, transferred its trade and assets to MOUK.

Save as set out above, there have been no significant changes in the financial condition and operating results of MOUK during or after the period covered by the historical financial information of MOUK set out in this document.

The selected financial information set out below has been extracted without material adjustment from the audited historical financial information of MOWOS for the financial years ended 31 December 2018, 31 December 2017 and 31 December 2016.

Consolidated Statement of Comprehensive Income
	Year ended	Year ended	Year ended
	31 December	31 December 31 December
	2018 Audited	2017 Audited	2016 Audited
	US\$000	US\$000	US\$000
Revenue Cost of sales	176,032 (100,740)	93,981 (71,298)	126,035 (85,947)
Gross profit Administrative costs	–––––––– 75,292 (2,672)	–––––––– 22,683 (3,198)	–––––––– 40,088 (3,129)
Operating profit	–––––––– 72,620	–––––––– 19,485	–––––––– 36,959
Finance income	4,274	2,040	799
Finance costs	(2,444) ––––––––	(1,438) ––––––––	(1,439) ––––––––
Profit before income tax	74,450	20,087	36,319
Income tax (charge)/credit	(29,610) ––––––––	(8,402) ––––––––	(25,279) ––––––––
Profit for the year attributable
to members	44,840 ––––––––	11,685 ––––––––	11,040 ––––––––
Adjusted EBITDA	92,976 ––––––––	39,669 ––––––––	70,617 ––––––––
There were no other comprehensive income 2018, 2017 and 2016, respectively.
Total comprehensive income
for the year	44,840 ––––––––	11,685 ––––––––	11,040 ––––––––
Unadjusted basic earnings per share (in cents)	179,360 ––––––––	47 ––––––––	44 ––––––––
Unadjusted diluted earnings per share (in cents)	179,360 ––––––––	47 ––––––––	44 ––––––––
Consolidated Statement of Financial Position
	As at	As at	As at
	31 December	31 December 31 December

	2018	2017
	Audited US\$000	Audited US\$000
Assets
Property, plant and equipment	45,541	102,511
Deferred tax asset	100,192 ––––––––	113,748 ––––––––
Total non-current assets	145,733	216,259
Inventory	56	458
Trade and other receivables	35	13,951
Loans to group undertakings Cash and cash equivalents	156,545 1,730	143,989 9,194
Total current assets	–––––––– 158,366	–––––––– 167,592
Total assets	–––––––– 304,099	–––––––– 383,851
	––––––––	––––––––
Equity
Share capital Other reserves	25 109,591	25,025 84,591
Accumulated losses	(101,264)	(61,104)
Total equity	–––––––– 8,352	–––––––– 48,512
	––––––––	––––––––	2016 Audited US\$000 111,380 108,636 –––––––– 220,016 4,051 9,063 153,692 7,680 –––––––– 174,486 –––––––– 394,502 –––––––– 25,025 84,591 (47,789) –––––––– 61,827 ––––––––
Liabilities Accruals and deferred income	–	–
Deferred tax liability	18,515	40,329
Provisions for liabilities and
other charges	250,481 ––––––––	284,313 ––––––––
Total non-current liabilities	268,996 ––––––––	324,642 ––––––––
Trade and other payables	10,007	10,056
Tax payable	16,744 ––––––––	641 ––––––––
Total current liabilities	26,751 ––––––––	10,697 ––––––––
Total liabilities Total equity and liabilities	295,747 –––––––– 304,099	335,339 –––––––– 383,851	43,385 271,590 –––––––– 314,975 –––––––– 10,642 7,058 –––––––– 17,700 –––––––– 332,675 –––––––– 394,502

Consolidated Statement of Cash Flows
	Year ended 31 December	Year ended 31 December 31 December	Year ended
	2018	2017	2016
	Audited	Audited	Audited
	US\$000	US\$000	US\$000

Cash flows from operating activities Profit before income tax Non-cash adjustments to reconcile profit before tax to	74,450	20,087	36,319
net cash flows:
Finance income	(4,274)	(2,040)	(799)
Finance costs	4	–	3
Depreciation and amortisation	20,356	20,184	33,658
Finance charge on decommissioning
provisions	2,440	1,438	1,436
Operating cash flows before	––––––––	––––––––	––––––––

movements in working capital	92,976	39,669	70,617
Decrease in inventory	402	3,593	3,368
Decrease/(increase) in trade and
other receivables	13,916	(4,888)	16,020
(Increase)/decrease in amounts
owed by group companies	(12,623)	9,853	(55,748)
Increase/(decrease) in trade and
other payables	18	(736)	(5,018)
Income tax paid	(21,765)	(22,987)	(23,310)
	––––––––	––––––––	––––––––
Net cash generated from/(used in) operating activities Cash flows from investing activities	72,924	24,504	5,929
Payments to acquire property, plant and equipment	–	(30)	(1,430)
Receipts from sales of property,
plant and equipment	342	–	–
Finance income	4,274 ––––––––	2,040 ––––––––	799 ––––––––
Net cash generated from/(used in) investing activities Cash flows from financing activities	4,616	2,010	(631)
Finance costs	(4)	–	(3)
Shareholder distribution	(85,000)	(25,000)	–
	––––––––	––––––––	––––––––
Net cash used in financing activities	(85,004) ––––––––	(25,000) ––––––––	(3) ––––––––
Net (decrease)/increase in cash and cash equivalents	(7,464)	1,514	5,295
	––––––––	––––––––	––––––––
Cash and cash equivalents
at 1 January	9,194 ––––––––	7,680 ––––––––	2,385 ––––––––
Cash and cash equivalents at 31 December	1,730 ––––––––	9,194 ––––––––	7,680 ––––––––

For the years ended 31 December 2016, 31 December 2017 and 31 December 2018, certain significant changes to the financial condition and the operating results of MOWOS occurred. These changes are set out below:

–––––––– –––––––– ––––––––

revenue decreased by 25% from US\$126,035,000 for the financial year ended 31 December 2016 to US\$93,981,000 for the financial year ended 31 December 2017 but increased by 87% to US\$176,032,000 for the financial year ended 31 December 2018. The increase was primarily due to the changes in production volumes and price;
cost of sales decreased by 17% from US\$85,947,000 for the financial year ended 31 December 2016 to US\$71,298,000 for the financial year ended

31 December 2017, and increased by 41% to US\$100,740,000 for the financial year ended 31 December 2018,in line with the fall in production during the same periods and a significant increase in contractor spend in 2018 driven in part from pump and compressor outages; and

• operating profit decreased by 47% from US\$36,959,000 for the financial year ended 31 December 2016 to US\$19,485,000 for the financial year ended 31 December 2017, and substantially increased by 272% to US\$72,620,000 for the financial year ended 31 December 2018.

Since 31 December 2018 (being the end of the last financial period of MOWOS for which financial information has been published), MIOH entered into the MOWOS Acquisition Agreement (as defined below) and completed the Marathon Acquisition.

Save as set out above, there have been no significant changes in the financial condition and operating results of MOWOS during or after the period covered by the historical financial information of MOWOS set out in this document.

Selected key pro forma financial information

B.8 The unaudited consolidated pro forma statement of net assets and income statement of the Enlarged Group have been prepared in accordance with Annex II of the PD Regulation and on a basis consistent with the accounting policies adopted by the Company in preparing the Group's audited consolidated financial statements for the year ended 31 December 2018.

The unaudited pro forma statement of net assets has been prepared based on the net assets of the Group as at 31 December 2018, which includes the consolidated financial position of Dyas, and has been prepared to illustrate the impact of the Marathon Acquisition, which completed on 1 July 2019, on the net assets of the Group as if they had been completed on 31 December 2018.

The unaudited pro forma income statement has been prepared based on the consolidated income statement of the Group for the year ended 31 December 2018, which includes the post-acquisition results (from 1 October 2018 to 31 December 2018) of Dyas. The unaudited pro forma income statement has been prepared to illustrate the impact of the Dyas Acquisition and the Marathon Acquisition, which completed on the 1 October 2018 and 1 July 2019 respectively, on the consolidated income statement of the Group as if they had been completed on 1 January 2018.

Due to their nature, the unaudited pro forma income statement and net assets statement have been prepared for illustrative purposes only and, by its nature, addresses a hypothetical situation. They do not represent the Group's actual results of operations or financial condition or what the Enlarged Group's actual results of operations or financial

		condition would have been if the Dyas Acquisition and Marathon Acquisition had been completed on the dates indicated.
		The unaudited consolidated pro forma profit before tax for the year ended 31 December 2018 is US\$340 million.
		The unaudited consolidated pro forma net assets as at 31 December 2018 is US\$68 million.
B.9	Profit forecast or estimate	Not applicable. The Company has not made any profit forecasts or estimates which remain outstanding as at the date of this document.
B.10	Qualified audit report	Not applicable. There are no qualifications in the accountant's report on the historical financial information.
B.11	Insufficient working capital	Not applicable. The Company is of the opinion that the working capital available to the Enlarged Group (which for the avoidance of doubt includes the Marathon Group) is sufficient for the present requirements of the Enlarged Group, that is, for at least the next 12 months following the date of this document.

		Section C – Securities
C.1	Description of the type and the class of the securities being offered	No new Ordinary Shares are being offered in connection with Admission. Application will be made for the Ordinary Shares to be admitted to the Official List with a Standard Listing and to be admitted to trading on the Main Market of the London Stock Exchange. The Ordinary Shares will be registered with ISIN GB00BYNFCH09, SEDOL BYNFCH0 and have a TIDM RRE.
C.2	Currency of the securities issue	UK Pounds Sterling.
C.3	Issued share capital	13,090,595 Ordinary Shares of a nominal value of 20 pence each in issue and fully paid.
C.4	Rights attached to the securities	Shareholders will have the right to receive notice of and to attend and vote at any meetings of Shareholders. Each Shareholder entitled to attend and being present in person or by proxy at a meeting of Shareholders will, upon a show of hands, have one vote and upon a poll each such Shareholder present in person or by proxy will have one vote for each Ordinary Share held by him.
		In the case of joint holders of an Ordinary Share, if two or more persons hold an Ordinary Share jointly, either of them may be present in person or by proxy at a meeting of Shareholders and may speak on behalf of all joint owners as a Shareholder, and if two or more joint holders are present at a meeting of Shareholders, in person or by proxy, they must vote as one.
		Pre-emption rights were disapplied (in respect of share issues whether for cash or otherwise) in favour of existing Shareholders up to a maximum nominal amount of

		£504,002 at the Company's annual general meeting on
		4 June 2019 for a period of 15 months of that date or the holding of the Company's next annual general meeting, whichever is the earlier.
		Subject to the Companies Act, on a winding-up of the Company the assets of the Company available for distribution shall be distributed, provided there are sufficient assets available, first to the holders of Ordinary Shares in an amount up to 20 pence in respect of each fully paid up Ordinary Share. If, following these distributions to holders of Ordinary Shares there are any assets of the Company still available, they shall be distributed to the holders of Ordinary Shares pro rata to the number of such fully paid up Ordinary Shares held (by each holder as the case may be) relative to the total number of issued and fully paid up Ordinary Shares.
C.5	Restrictions on transferability	The Ordinary Shares are freely transferable and tradable and there are no restrictions on transfer.
		Each member may transfer all or any of his shares which are in certificated form by means of an instrument of transfer in any usual form or in any other form which the Directors may approve. Each member may transfer all or any of his shares which are in uncertificated form by means of a 'relevant system' (i.e., CREST) in such manner provided for, and subject as provided in, the CREST Regulations.
C.6	Application for admission to trading on a regulated market	As the Marathon Acquisition was classified as a Reverse Takeover, upon publication of this document the Standard Listing of all of the Ordinary Shares will be cancelled, and applications have been made for the admission of the Existing Issued Share Capital to Standard Listing and to trading on the Main Market of the London Stock Exchange. It is expected that Admission will become effective and that unconditional dealings will commence on the London Stock Exchange at 8:00 a.m. on 24 July 2019. The Ordinary Shares will not be listed on any other regulated market.
C.7	Dividend policy	On 26 January 2018, the Company announced proposals for a "B Share Scheme" to return £1.50 per Ordinary Share to Shareholders. On 16 February 2018, the Company confirmed that the B Shares had been redeemed by the Company for £1.50 per B Share, following which the Shareholders entitled to receive payments in respect of the proceeds of the redemption of the B Shares received such payments on or around 23 February 2018.
		The Company intends to pay dividends on the Ordinary Shares at such times (if any) and in such amounts (if any) as the board of Directors of the Company (the "Board") determines appropriate. The Company will only pay dividends to the extent that to do so is in accordance with the Companies Act and all other applicable laws, and the Directors will review the Company's dividend policy from time to time.

Section D – Risks

Key information on the key risks that are specific to the issuer or its industry
D.1 The Group has developed its business through the making of acquisitions. The agreements governing those acquisitions, each contain certain indemnities and warranties given by the Company in favour of the sellers and the wider group entities of the sellers. In particular, the agreements contain indemnities in respect of decommissioning liabilities and environmental liabilities.
The Group, through its licence interests, has obligations in respect of the decommissioning of its wells, fields and related infrastructure. These liabilities are derived from legislative and regulatory requirements concerning the decommissioning of wells and production facilities. It is difficult to accurately forecast the ultimate costs that the Group will incur in satisfying its decommissioning obligations. As its decommissioning liabilities become due, the Group is liable either on its own or jointly and severally liable for them with any other former or current partners in the field.
Prevailing oil and gas prices may also have a significant impact on the timing of decommissioning. Whilst UK Government strategy is to maximise economic recovery, clearly this is only achievable in the event that field life extension plans are economically viable, which in turn is almost entirely dependent on the prevailing oil price.
The risk associated with these projects relates to uncertainty in areas that impact the project costs, namely: stakeholder requirements; specific conditions related to individual assets; costs for major contracts; and rig and vessel rates, estimates of costs being insufficient and assumption inaccurate all of which could lead to significant and material unplanned liabilities.
The Marathon Acquisition Agreements contain certain indemnities and warranties given by the Company in favour of the sellers and the wider group entities of the sellers. These indemnities and warranties have the potential to create significant liabilities. Whilst the indemnification of vendors in respect of all decommissioning and environmental liabilities in respect of acquired licence interests is customary in transactions of the nature of those concluded by the Group in the North Sea, these indemnities and the assumption of these liabilities have the potential to expose the Group to significant liabilities which may have arisen historically prior to the Group acquiring the licence interest and in respect of which the Group will have no recourse to the vendor or historic owner.
The Group holds interests of a size in the some of its underlying licence assets which will result in limited influence. Some of the licence interests acquired by the Company are operated by joint venture partners and any further acquisitions of licence interests may also be operated by joint venture partners, and the Group's ability to influence these operating partners may sometimes be limited due to the Group's limited equity in such ventures. The objectives and drivers of joint venture partners may not be aligned with those of the Group and this may lead to operational or production inefficiencies and/or delays, or a disruptive departure by one or more partners from the joint venture. Any mismanagement of these projects by the operator may result in increased costs to the Group which could adversely affect its business, results of operations, cash flow and prospects.
The Company may face substantial competition for additional assets or business acquisitions.
Whilst MOUK is currently the designated operator of certain of the licence interests acquired pursuant to the Marathon Acquisition, on 20 June 2019 MOUK was notified by TAQA Bratani Limited ("TAQA Bratani"), a significant non-operator interest holder in those licences, following the approval of proposals made by TAQA Bratani to the other members of the relevant operating committees on 5 June 2019, that MOUK would be discharged as operator of Blocks 16/7a, Licence no. P.108 (Block 16/3a), Licence no. P313 (Block 16/3b), Licence no. P313 (Block 16/3c) and East Brae and TAQA Bratani appointed in its place. No reasons were given for the changes. A process will follow, involving OGA approval, which could result in the Group losing operatorship of these licences in July 2020. Whilst the Group would not suffer any financial loss as a result of losing its operatorship, any loss of operatorship may make further acquisitions involving the assumption of operatorship more complex and cumbersome from a regulatory compliance perspective should the Group have to formally satisfy the OGA of its capability to assume operatorship absent current designated operator status.
The Company is dependent on the Directors and Senior Managers to identify potential acquisition opportunities and to execute them and the loss unexpected of the services of the Directors could materially adversely affect the ability of the Company to continue its current strategy.

			There are inherent risks associated with participations in defined benefit staff pension schemes. The Group maintains an active dialogue with the trustees of the defined benefit pension scheme which it inherited with the marathon Acquisition and intends, in due course, to move to full buyout proposals. However this course of action is subject to the agreement of the trustees and potentially that of the Pensions Regulator.
		•	A substantial or extended decline in oil, natural gas and power prices or consumption may adversely affect the Group's prospects, business, financial condition and results of operations.
		•	The expense of meeting environmental regulations could cause a significantly negative effect on the Group's long term profitability, as could the failure to obtain certain necessary environmental permits.
D.3	Key information on the key risks that are specific to the securities	•	A Standard Listing affords Shareholders less regulatory protection than a Premium Listing, which may have an adverse effect on the valuation of the Ordinary Shares.
		•	The proposed Standard Listing of the Ordinary Shares may not afford Shareholders the opportunity to vote to approve any further acquisition.

	Section E – Offer
E.1	Total net proceeds/ expenses	Not applicable. There is no offer of the Company's securities.
E.2a	Reasons for the offer and use of proceeds	Not applicable. There is no offer of the Company's securities.
E.3	Terms and conditions of the offer	Not applicable. There is no offer of the Company's securities.
E.4	Material interests	Not applicable.
E.5	Selling Shareholders/ Lock-up agreements	Not applicable. There is no offer of the Company's securities and there are no selling shareholders.
E.6	Dilution	Not applicable. There is no offer of the Company's securities.
E.7	Expenses charged to investors	Not applicable. There are no commissions, fees or expenses to be charged to investors in connection with Admission.
		The costs and expenses of Admission will be borne by the Company and are not expected to exceed an aggregate of £4,000,000, which comprise: pensions advice of £254,000, corporate finance advisory fees of £754,000, specialist accountancy services of £164,000; reporting accountants costs of £500,000, legal fees of £1,130,000, competent persons costs of £330,000, printing and production costs of £120,000 and other third party consultancy fees of £748,000.

PART II

RISK FACTORS

Investment in the Company and the Ordinary Shares carries a significant degree of risk, including risks in relation to the Company's business strategy, risks relating to taxation and risks relating to the Ordinary Shares.

Prospective investors should note that the risks relating to the Group, its industry and the Ordinary Shares summarised in Part I – Summary of this document are the risks that the Directors believe to be the most essential to an assessment by a prospective investor of whether to consider an investment in the Ordinary Shares. However, as the risks which the Group faces relate to events and depend on circumstances that may or may not occur in the future, prospective investors should consider not only the information on the key risks summarised in Part I – Summary of this document but also, inter alia, the risks and uncertainties described below.

The risks referred to below are those risks the Group and the Directors consider to be the material risks relating to the Group. However, there may be additional risks that the Group and the Directors do not currently consider to be material or of which the Group and the Directors are not currently aware that may adversely affect the Group's business, financial condition, results of operations or prospects. Investors should review this document carefully and in its entirety and consult with their professional advisers before acquiring any Ordinary Shares. If any of the risks referred to in this document were to occur, the results of operations, financial condition and prospects of the Group could be materially adversely affected. If that were to be the case, the trading price of the Ordinary Shares and/or the level of dividends or distributions (if any) received from the Ordinary Shares could decline significantly. Further, investors could lose all or part of their investment.

Prospective investors should pay particular attention to the fact that some of the Group's assets are located overseas, which have legal and regulatory regimes that differ from the legal and regulatory regimes of the United Kingdom.

RISKS RELATING TO THE OPERATORSHIP AND ACQUIRED LICENCE INTERESTS Indemnities, warranties and parent company guarantees under acquisition agreements

The Group has developed its business through the making of acquisitions. The agreements governing those acquisitions, each contain certain indemnities and warranties given by the Company in favour of the sellers and the wider group entities of the sellers. In particular, the agreements contain indemnities in respect of decommissioning liabilities and environmental liabilities.

The Group may be subject to unforeseen liabilities and risks arising from the Marathon Acquisition

Whilst the Company has access to information on the underlying licence interests it has acquired and reviewed information disclosed by the respective sellers during the acquisition processes, there can be no assurance that the licence assets are not subject to third party rights and liabilities of which the Company is unaware. Whilst some warranty and other protection is provided for by the sellers under the relevant acquisition agreements, these warranties and protections are subject to financial and other customary limitations and there is no certainty that the Group would be able to enforce its contractual or other rights against the sellers or recover the full amount of any losses suffered by the Group. The effect of these provisions is that the Group has assumed all future responsibility for decommissioning and environmental liabilities regardless of when those liabilities arose. Whilst this reflects market practice with respect to the sale and purchase of interests in licences in the North Sea (or the sale of corporate entities owning licence interests), it substantially increases risks associated with historic liabilities, some of which may be unknown at the time of the acquisition. Whilst decommissioning is a certain future event and decommissioning liabilities are capable of reasonable estimation, environmental liabilities relating to historic acts or omissions may take many years to manifest themselves or even be capable of discovery (particularly at subsea level) at which point they may have become issues of significant magnitude. There is accordingly a significant risk that, particularly in respect of environmental liabilities, an issue wholly unknown or undiscoverable at the time of acquisition may give rise to a material future liability for which the Group will have no recourse to the relevant vendor or historic owner.

The Group cannot predict its future decommissioning liabilities with complete accuracy

The Group, through its licence interests, has assumed certain obligations in respect of the decommissioning of its wells, fields and related infrastructure. These liabilities are derived from legislative and regulatory requirements concerning the decommissioning of wells and production facilities contained in, inter alia, the Petroleum Act 1998, the OSPAR Decision 98/3 and OSPAR Recommendation 2006/5 on a management scheme for offshore cuttings piles and require the Group to make provisions for and/or underwrite the liabilities relating to such decommissioning. It is difficult to accurately forecast the costs that the Group will incur in satisfying its decommissioning obligations. This is largely because the expenditure associated with decommissioning a field will not be incurred until it has ceased production. The economic limit tests conducted by ERC Equipoise for most of the producing fields in which the Company has an interest shows that this date is more than six years in the future; for a significant number of fields, this is more than a decade in the future. When a particular decommissioning liability falls due, the Group will be liable either on its own or jointly and severally liable for it with other former or current partners in the field. In the event that it is jointly and severally liable with other partners and such partners default on their obligations, the Group could remain liable and its decommissioning liability could be magnified significantly through such default. Any significant increase in the actual or estimated decommissioning costs that the Group incurs may adversely affect its financial condition.

Decommissioning planning

The Group is required to contribute potentially substantial sums to fund its share of planned and actual decommissioning costs. Generally, liability for decommissioning costs falls upon the licence holders in proportion to their respective working interests in the relevant licences. However decommissioning costs may also be substantially mitigated by tax relief which is given when decommissioning costs are actually paid.

The current total decommissioning obligations of the Group have been audited by ERC Equipoise and are based on estimates from the relevant appointed operators where available and on RockRose's internal estimates in other cases where the operator is yet to produce an estimate. As of 31 March 2019, these amount to an estimated £456.9 million (US\$567 million) in respect of UK assets and an estimated €115.8 million (US\$129.8 million) in respect of Dutch assets on a "posttax" basis, of which US\$211.8 million has been posted in cash or alternative security under various decommissioning security agreements ("DSAs") or alternative interim arrangements. £37.0 million (US\$50.0 million) plus €0.6 million (US\$0.7 million) of these "post-tax" amounts are expected to be spent between 1 April 2019 and 31 December 2020.

Whilst all actual and estimated decommissioning liabilities have been factored into the Company's financial projections, there can be no assurance that estimates will prove to be accurate either in terms of amount or timing. Where operator plans have been prepared, there can be no guarantee or assurance that circumstances will not materially change, that cost estimates will not become dated, that assumptions will not turn out to be unrealistic and/or unreliable, or that the actual timing of activities or contributions will not materially change in an adverse way.

Whilst the Group will continue to budget conservatively for its ultimate decommissioning liabilities, a lack of detailed plans, budgets and formal decommissioning agreements (where assets are still some way from the formal decommissioning stage) combined with the risk of early decommissioning on certain later stage assets create uncertainties and potentially material financial risks for the Group. The fact that the Group is a minority interest holder in many of the later life field interests creates the additional risk that the Group may have little or no control over the timing of decommissioning nor the ability to exert significant influence over planning and costings for decommissioning, which is generally determined and decided by the operator and the holders of the majority interests in each field interest.

The risk associated with decommissioning projects relates to uncertainty in areas that impact the project costs, including: stakeholder requirements; specific conditions related to individual assets; costs for major contracts; and rig and vessel rates. All of these could lead to significant and material unplanned liabilities. For these reasons initial operator estimates of decommissioning costs may be unreliable and significantly underestimate the eventual liabilities of the parties with interests in the fields to be decommissioned. This risk is however likely to decrease over time as more decommissioning exercises are completed.

Timing of decommissioning

Whilst it is UK Government strategy to maximise economic recovery in the North Sea, the economic viability of field life extension plans, often at lower levels of production and at a marginally greater cost of recovery, will be highly sensitive to commodity price fluctuations. Prolonged periods of low oil prices and/or commodity price fluctuations, may render field life extension plans uneconomic or practicably unachievable and this in turn may lead to an acceleration of decommissioning plans and the payment of the associated costs with such plans. DSAs are designed to ensure that the holders of licence interests post cash or alternative security for their decommissioning liabilities over a period of time, particularly towards the later stage of the producing life of a field, so that all partners in the licence have protection in the event that one of their number was unable to finance a significant sum on cessation of production. However regular postings of cash or equivalent security under the terms of the DSAs are determined by the operator, generally annually. The sums posted are determined on the basis of the then prevailing circumstances, including primarily anticipated decommissioning costs and the estimated net value of the hydrocarbons expected to be recovered during the remaining life of the field. A sudden and sustained drop in oil prices or a technical event or events could cause cessation of production to be brought forward and the licence interest holders having to fund decommissioning costs which they might have expected to have been funded out of future production. In such circumstances the Group may have to use existing cash resources to fund accelerated decommissioning programmes. Whilst the Group has paid all of its actual decommissioning costs on time and decommissioning activities to date have been completed on time and to budget, the Group continues to adopt a prudent and conservative approach to maintaining cash reserves to cover contingencies, it is possible that unexpected or unanticipated accelerated decommissioning costs might have a negative effect on the Group's ability to pursue other acquisitions or development opportunities within its existing portfolio of licence interests.

Joint venture partner alignment and other contractual counterparties

Except in respect of the licence interests owned by the Marathon Group (the "Marathon Interests"), the Group is a holder of certain economic interests in the underlying assets and is not the operator of any of the acquired licence interests. Participation in the licence interests is conducted in a joint venture environment. All of such licence interests are (exclusive of the Marathon Interests) operated by joint venture partners and the Group's ability to influence certain of these operating partners may be limited due to the Group's limited equity in such ventures. There is a risk that joint venture partners are not aligned in their objectives and drivers and this may lead to operational or production inefficiencies and/or delays, or a disruptive departure by one or more partners from the joint venture. Any mismanagement of these projects by the operator may result in increased costs to the Group which could adversely affect its business, results of operations, cash flow and prospects.

Whilst MOUK is currently the designated operator of Blocks 16/7a, Licence no. P.108 (Block 16/3a), Licence no. P.313 (Block 16/3b), Licence no. P.313 (Block 16/3c) and East Brae, on 20 June 2019 MOUK was notified by TAQA Bratani, a significant non-operator interest holder in those licences, following the approval of proposals made by TAQA Bratani to the other members of the relevant operating committees on 5 June 2019, that MOUK would be discharged as operator of Blocks 16/7a, Licence no. P.108 (Block 16/3a), Licence no. P313 (Block 16/3b), Licence no. P313 (Block 16/3c) and East Brae and TAQA Bratani appointed in its place. The situation is considered unusual in that TAQA Bratani did not cite any reasons for its proposals relating to performance (or otherwise). Any change of operatorship is subject to the approval of the OGA and is not expected to occur prior to 1 July 2020 (at the earliest). Whilst the Group should not suffer any financial loss as a result of losing its operatorship, achieving operatorship on a significant asset portfolio was seen as a strategic benefit to the Group going forward with respect to other potential acquisition targets (where assuming operatorship may have been more achievable on a more expedient basis as an entity with a current operatorship designation).

Accordingly, any loss of operatorship may make further acquisitions involving the assumption of operatorship more complex and cumbersome from a regulatory compliance perspective should the Group have to formally satisfy the OGA of its capability to assume operatorship absent current designated operator status.

There can be no assurance that the Company will be able to make returns for Shareholders in a tax-efficient manner

It is intended that the Company will structure and operate the Group, including any company or business acquired, to maximise returns for Shareholders in as fiscally efficient a manner as is practicable. The Company has made certain assumptions regarding taxation of the Group. However, if these assumptions are not correct, taxes may be imposed with respect to the assets of the Group, or the Group may be subject to tax on its income, profits, gains or distributions (either on a liquidation and dissolution or otherwise) in a particular jurisdiction or jurisdictions in excess of taxes that were anticipated. This could alter the post-tax returns for Shareholders (or Shareholders in certain jurisdictions). The level of return for Shareholders may also be adversely affected. Any change in laws or tax authority practices could also adversely affect any post-tax returns of capital to Shareholders or payments of dividends. In addition, the Group may incur costs in taking steps to mitigate any such adverse effect on the post-tax returns for Shareholders.

RISKS RELATING TO OPERATING IN THE OIL AND GAS EXPLORATION, DEVELOPMENT AND PRODUCTION SECTOR

A substantial or extended decline in oil, natural gas and power prices or consumption may adversely affect the prospects, business, financial condition and results of operations of the Group

Historically, hydrocarbon and energy prices have been subject to large fluctuations in response to a variety of factors beyond the control of individual companies, including operation issues, natural disasters, weather, political instability or conflicts, and economic conditions or actions by major oilexporting countries. Price fluctuations can affect business assumptions, investment decisions and financial position of the companies in the upstream oil gas and power sector and therefore prospectively the Group. In particular, a substantial or extended decline in the price or consumption of oil and gas could have a short or long term effect on the Company's strategy and ultimately its business financial condition. Lower hydrocarbon prices or reduced demand for oil and gas or power could reduce the economic viability of the Group's strategy and ultimately its business, result in a reduction in revenues or net income, adversely affect the Group's ability to maintain working capital requirements, impair its ability to make planned expenditures and could materially adversely affect its prospects, financial condition and results of operations.

Oil and natural gas exploration and development are highly speculative activities

Oil and natural gas exploration is a highly speculative activity and there are a number of risks which may impact on the overall investment. There is no certainty that the expenditures the Company makes towards the search and evaluation of oil and gas deposits will result in discoveries of commercial quantities. The Company's longer-term profitability is directly related to the success of the project development and exploration activities. In the event that an exploration project is unsuccessful, the value of the Company's business and any associated exploration licences may be diminished.

The longer-term success of the Group is dependent on accessing oil and natural gas resources

The further appraisal and development of discoveries are uncertain and may involve unprofitable efforts, not only from dry wells, but also from wells that are productive but uneconomic to develop. Appraisal and development activities may be subject to delays in obtaining governmental approvals or consents, shut-ins of connected wells, insufficient storage or transportation capacity or other geological and mechanical conditions all of which may variously increase the Company's costs of operations. Producing natural gas reservoirs are typically characterised by declining production rates that vary depending upon reservoir characteristics and other factors. Producing wells may be enhanced by supplemental work programmes and by the drilling of new wells, however these processes carry an inherent risk of failure. In addition, the Company may not be able to economically develop, find, or acquire future reserves at acceptable costs.

The Group's actual future exploration and production costs may differ materially from its estimates, which may materially and adversely affect its viability in the long term

Exploration and production expenditure estimates are based on certain assumptions with respect to the method and timing of activities. By their nature, these estimates and assumptions are subject to significant uncertainties and, accordingly, the actual costs may materially differ from estimates and assumptions. Additionally, unconventional methods of exploration, recovery and production enhancement (often of particular importance in context of fields in the later stages of their productive life) are required which can be more expensive than conventional exploration methods or production from fields in the initial stages of their productive lives. This could materially and adversely affect the Group's viability and long term prospects.

If the Group is not granted licences or licence extensions, it could have a material adverse effect on its reserves, business, operations and prospects

The Group may be unable or unwilling to comply with the terms or requirements of a licence in circumstances that entitle the relevant authority to refrain from granting, suspend or withdraw the terms of such licence. Moreover, exploration and production licences may expire before the end of what might be the productive life of the licensed fields. There can be no assurance that extensions will be granted and any failure to receive such extensions or any premature termination, suspension or withdrawal of licences may have a material adverse effect on the Group's reserves, business, results of operations and prospects if the terminated licence relates to material assets of the Group, although this risk has not materialised thus far.

The Group may suffer material losses from uninsurable or uninsured risks or insufficient insurance coverage

The Group may be subject to substantial liability claims due to the inherently hazardous nature of the business of the target company or for acts and omissions of subcontractors, operators or joint venture partners. Any contractual indemnities it may receive from such parties may be difficult to enforce if such sub-contractors, operators or joint venture partners lack adequate resources. There can be no assurance that the proceeds of insurance applicable to covered risks will be adequate to cover related losses or liabilities. In addition, the Group may also suffer material losses from uninsurable or uninsured risks. The occurrence of any of these risks could adversely affect the financial performance of the Group.

Estimation of resources, reserves and production profiles are based on judgments and assumptions

In general, there is inherent risk in estimates of oil reserves, gas reserves and power generation, and their anticipated production profiles, because it involves subjective judgments and determinations based on available geological, technical, contractual and economic information. They are not exact determinations and the actual resources, reserves and production may be greater or less than those calculated. In addition, these judgments may change based on new information from production or drilling activities or changes in economic factors, as well as from developments such as acquisitions and disposals, new discoveries and extensions of existing fields and the application of improved recovery techniques. If any estimates of hydrocarbon resources, reserves or production profiles (including any competent person's report ("Competent Person's Report") upon which the Group relies upon in making any operational decision) prove to be substantially incorrect, the Group may be unable to recover and produce the estimated levels or quality of hydrocarbons set out in such estimates and the business, prospects, financial condition or results of operations of the Group could be materially adversely affected.

The Group's operations and assets expose it to significant compliance costs and liabilities in respect of environmental and health and safety ("EHS") matters

The operations and assets in which the Group will be involved are affected by numerous laws and regulations concerning EHS matters including, but not limited to, those relating to discharges of hazardous substances into the environment, the handling and disposal of waste and the health and safety of employees. The technical requirements of these laws and regulations are becoming increasingly complex, stringently enforced and expensive to comply with and this trend is likely to continue. Any failure to comply with EHS laws and regulations may result in regulatory action (which strict, joint and several liability can include statutory orders requiring steps to be taken or prohibiting certain operations), the imposition of fines or the payment of compensation to third parties. For instance, on 20 May 2019 MOUK (now RockRose UKCS8) was fined £1,160,000 after an investigation by the Health & Safety Executive ("HSE") following a release of gas from the Brae Alpha platform on 26 December 2015. All of these liabilities and any other regulatory actions could have a material adverse effect on the Group's business, financial condition, results of operations and prospects.

A violation of EHS requirements and the occurrence of any accidents could disrupt the Group's operations and increase operating costs

EHS authorities such as the UK Department for Business, Energy & Industrial Strategy, HSE and Safety Executive and Offshore Safety Directive Regulator have extensive enforcement powers under EHS laws and regulations. These powers extend to statutory notices to require operational steps and to prohibit certain activities or operations until compliance is achieved. A violation of EHS laws and regulations, or failure to comply with the instructions of the relevant EHS authorities could therefore lead to, inter alia, a temporary shutdown of all, or a portion of, the Group's facilities and the imposition of costly compliance procedures. If EHS authorities shut down all, or a portion of, the Group's facilities or impose costly compliance measures, the Group's business, financial condition, results of operations and prospects would be materially and adversely affected.

The nature of the operations in which the Group will be participating creates a risk of accidents and fatalities among its workforce, and the Group may be required to pay compensation or suspend operations as a result of such accidents or fatalities, which could have a material adverse effect on the Group's business, financial condition, results of operations and prospects.

Changes in global supply and demand owing to an economic downturn may adversely affect the business, results of operations, cash flows and financial condition of the Group

Commodity prices are affected by global supply and demand, as well as widespread trading activities by market participants and others, either seeking to secure access to such commodities or to hedge against commercial risks, or as part of investment portfolio activity. Fluctuations in commodity prices give rise to commodity price risk for the Group. Historically, such prices can be subject to substantial variation which cannot be accurately predicted.

If the global economic environment experiences a substantial downturn or remains relatively weak for the medium to long term, the ability of the Group to grow or maintain revenues in future years may be adversely affected, and at certain long term price levels for a given commodity, extractive operations with respect to that commodity may not be economically viable.

Adverse and volatile economic conditions may also limit the Group's ability to anticipate revenues and costs and can affect the Group's ability to implement planned projects. In addition, industry analysts are likely to take such conditions into account when assessing the prospective business and creditworthiness of the Group and any adverse determinations, may make it more difficult for the Group to raise capital in the future to finance the business.

The oil and gas, exploration, development and production sector is subject to commodity price fluctuations, which may adversely impact the results of operations, financial conditions and prospects of the Group

The Group, through its operations and assets, may be a market participant as seller (and may, in certain situations, be a buyer) in any one or more commodities. Accordingly, the Group's revenue and earnings may depend upon prevailing prices for the commodities it relies on and produces. These commodities are globally traded and as a result, and in common with its competitors, the Group is unable to control the prices it receives for such commodities. However, the Group saw an increase in the average crude oil price US\$72.95 per bbl for the financial year ended 31 December 2018 compared to US\$66.1 per bbl for the financial year ended 31 December 2017. In addition, the range of the commodities which the activities produce may not be sufficiently broad and/or the acquired activities may be concentrated in one or more commodities within the oil and gas, exploration, development and production sector. As a result, the Group may not be able to offset price changes in one commodity with countercyclical changes in another commodity within the Group's range of commodities in an attempt to mitigate the effects of adverse price changes.

Historically, commodity prices have been volatile and subject to wide fluctuations for many reasons. It is impossible to predict accurately future commodities price movements and commodities prices may not remain at their current levels. Any material declines in commodities prices, to the extent they are not addressed by meaningful hedging arrangements, could result in a reduction of the Group's net production revenue.

Political, legal and commercial instability, as well as political and fiscal pressure on governments, in the countries and territories in which the oil and gas, exploration, development and production sector may operate could affect the viability of the Group's operations and assets

The Group may have operations and assets in jurisdictions with varying degrees of political, legal and commercial stability. Political, civil and social pressures may result in administrative change, policy reform, changes in law or governmental regulations, which in turn can result in expropriation or nationalisation of a target's assets. Renegotiation or nullification of pre-existing agreements, concessions, leases and permits held by a target business, changes in fiscal policies (including increased tax or royalty rates) or currency restrictions are all possibilities. Commercial instability caused by bribery may lead to similar consequences, any of which could have a material adverse effect on the profitability, the ability to finance or, in extreme cases, the viability of an operation.

In addition, fiscal constraints or political pressure may also lead governments to impose increased taxation on operations in the oil and gas, exploration, development and production sector within a given jurisdiction. Such taxes or other expropriation of assets could be imposed by any jurisdiction in which the Group operates. If operations are delayed or shut down as a result of political, legal or commercial instability, or if the Group's operations are subjected to increased taxation or other expropriation, the Group's earnings growth may be constrained and the ability of the Group to generate long term value for Shareholders could be adversely impacted.

Inflation and other cost increases may have an adverse effect on the Group's results of operations and cash flows

Significant inflation or other production cost increases in the countries in which the Group may operate could increase operational costs without a corresponding increase in the sales price of the commodities the Group may produce. Alternatively, a lag in the reduction of input costs relative to declining commodity prices will have a similar adverse effect on the Group's operations. Any such increased costs or delays in cost reductions may adversely affect the Group's profitability, cash flows and results of operations.

Existing and proposed legislation and regulation affecting greenhouse gas and other emissions may adversely affect certain of the Group's operations and assets

Many participants in the oil and gas, exploration, development and production sector are subject to current and planned legislation in relation to the emission of carbon dioxide, methane and other so called 'greenhouse gases', together with other pollutants, including nitrous oxide.

Failure to comply with existing legislation or any future legislation could adversely affect the Group's profitability if its business has material greenhouse gas intensive assets. Future legislative initiatives designed to reduce the consumption of hydrocarbons could also have an impact on the ability of the Group to market its commodities and/or the prices which it is able to obtain. These factors could have a material adverse effect on the Group's business, results of operations, financial condition or prospects.

The Group may be unable to obtain or renew required drilling rights or exploration and extraction rights and concessions, licences, permits and other authorisations ("Licences") and/or such Licences may be suspended, terminated or revoked prior to their expiration

An acquired company or business may conduct its operations pursuant to a wide variety of Licences. Any delay in obtaining or renewing any Licence may result in a delay in investment or development of a resource and may have a material adverse effect on the acquired business' results of operations, cash flows and financial condition. There is no guarantee that all required Licences will be granted in accordance with the applications, nor that they will be granted on conditions satisfactory for the Group to operate its business. Such Licences contain conditions and requirements that must be met in order to maintain such Licences. The Licences may be suspended, terminated or revoked if the Group fails to comply with the relevant requirements. Further, there can be no assurance that the relevant authorities will not significantly alter the conditions or area of, or that any third party will not challenge, the Licences held by the Group. There can further not be any assurance that an expired licence will be renewed. In addition, a licence may be revoked, in whole or in part, by the relevant competent authority in the Netherlands in a limited number of circumstances set out in the Mining Act 2003 (the "Mining Act").

If the Group fails to fulfil the specific terms of any of its Licences or if it operates its business in a manner that violates applicable law, government regulators may impose fines or suspend or terminate the Licences, any of which could have a material adverse effect on the Group's results of operations, cash flows and financial condition.

The use of independent contractors in the Group's operations may expose those operations to delays or suspensions of activities

Independent contractors are typically used in operations in the oil and gas, exploration, development and production sector to perform various operational tasks, including carrying out drilling and mining activities and delivering raw commodities to processing or beneficiation plants. In periods of high commodity prices, demand for such contractors may exceed supply resulting in increased costs or lack of availability of key contractors. Disruptions of operations or increased costs also can occur as a result of disputes with contractors or a shortage of contractors with particular capabilities. Additionally, because the Group will not have the same control over independent contractors as it does over its own employees, there is a risk that such contractors will not operate in accordance with the Group's safety standards or other policies. Any of the foregoing circumstances could have a material adverse effect on the Group's operating results and cash flows.

Drilling operations are vulnerable to natural disasters, operating difficulties and damage to or breakdown of a physical asset, any of which could have a material impact on the productivity of the operations and not all of which may be covered by insurance

Drilling operations are vulnerable to natural disasters, including earthquakes, drought, floods, fire, tropical storms and the physical effects of climate change, all of which are outside the Group's control. Operating difficulties, such as unexpected geological variations that could result in significant failure, could affect the costs and viability of its operations for indeterminate periods. In addition, damage to or breakdown of a physical asset, including as a result of fire, explosion or natural catastrophe, can result in a loss of assets and subsequent financial losses. Insurance can provide protection from some, but not all, of the costs that may arise from unforeseen events. Although the Group intends to maintain suitable insurance, the Group's insurance may not cover every potential risk associated with its operations. Adequate coverage at reasonable rates is not always obtainable. In addition, the Group's insurance may not fully cover its liability or the consequences of any business interruptions such as equipment failure or labour dispute. The occurrence of a significant adverse event not fully or partially covered by insurance could have a material adverse effect on the Group's business, results of operations, financial condition and prospects.

Labour disruptions could have an adverse effect on the Group's results of operations, cash flows and financial condition

There is a risk that strikes or other types of conflict with unions or employees may occur at any one of the Group's operations or in any of the geographic regions in which the Group operates. Any labour disruptions could increase operational costs and decrease revenues by delaying the business activities of the Group or increasing the cost of substitute labour, which may not be available. Furthermore, if such disruptions are material, they could adversely affect the Group's results of operations, cash flows and financial condition.

Restrictions on the Group's ability to access necessary infrastructure services, including transportation and utilities, may adversely affect the Group's operations

Inadequate supply of the critical infrastructure elements for drilling activity could result in reduced production or sales volumes, which could have a negative effect on the Group's financial performance. Disruptions in the supply of essential utility services, such as water and electricity, can halt the Group's production for the duration of the disruption and, when unexpected, may cause loss of life or damage to its drilling equipment or facilities, which may in turn affect its ability to recommence operations on a timely basis. Adequate provision of transportation services, such as timely pipeline and port access and rail services, are critical to distributing products and disruptions to such services may affect the Group's operations. The Group may be dependent on third party providers of utility and transportation services. As such, third party provision of services, maintenance of networks and expansion and contingency plans will be outside of the Group's control.

Exploration, development and production activities are capital intensive and inherently uncertain in their outcome. As a result, the Group may not generate a return on its investments or recover its costs and it may not be able to generate cash flows or secure adequate financing for its discretionary capital expenditure plans

Exploration, development and production activities are capital intensive and inherently uncertain in their outcome. The Group's future oil and gas, exploration, development and production projects may involve unprofitable efforts, either from dry wells or from wells that are productive but do not produce sufficient net revenues to return a profit after development, operating and other costs. Furthermore, completion of a well does not guarantee a profit on the investment or recovery of the costs associated with that well. In addition, drilling hazards or environmental damage could significantly affect operating costs, and production from successful wells may be adversely affected by conditions including delays in obtaining governmental approvals or consents, shut-ins of connected wells resulting from extreme weather conditions, aged or defective facility components, insufficient storage or transportation capacity or adverse geological conditions. Production delays and declines, whether or not as a result of the foregoing conditions, may result in lower revenue or cash flows from operating activities until such time, if at all, that the delay or decline is cured or arrested.

Exploration, development and production activities are inherently subject to a number of potential drilling and production risks and hazards which may affect the ability of the Group, if it acquires or establishes any oil and gas, exploration, development and production activities to produce oil and gas at expected levels, increase operating costs and/or expose the Group and/or its directors and officers to legal liability

The production and development operations of the Group will involve risks normally associated with such activities, including blowouts, explosions, fires, equipment damage or failure, geological uncertainties, unusual or unexpected rock formations and abnormal pressures and environmental hazards such as accidental spills, releases or leakages of petroleum liquids, gas leaks, ruptures or discharges of toxic gas. Operations are also subject to hazards inherent in marine operations, which include damage from severe weather conditions, capsizing or sinking, and damage to pipelines and subsea facilities from fishing nets, anchors and vessels. The occurrence of any of these events could result in production delays or the failure to produce oil and gas in commercial quantities from the affected operations. These events could also lead to environmental damage, injury to persons and loss of life or the destruction of property, any of which could expose the Group and/or its directors and officers to the risk of litigation and clean-up or other remedial costs. Damages claimed in connection with any consequent litigation and the costs to the Group in defending itself against such litigation are difficult to predict and may be material. For example, on 20 May 2019 MOUK (now RockRose UKCS8) was fined £1,160,000 after an investigation by the HSE following a release of gas from the Brae Alpha platform on 26 December 2015. In addition, the Group could experience adverse publicity as a result of any such litigation. Any loss of production or adverse legal consequences stemming from production hazards could have a material adverse effect on the Group's business, results of operations, financial condition or prospects.

RISKS RELATING TO THE GROUP'S BUSINESS AND ACQUISITION STRATEGY

The Group's principal source of operating cash will be income received from the sale of petroleum products extracted from the wells on the licence interests

The Group will be dependent on the income generated by its licence interests to meet the expenses and operating cash requirements of the Group in the longer term. The amount of distributions and dividends, if any, which may be paid from any operating subsidiary to the Group will depend on many factors, including such subsidiary's results of operations and financial condition, limits on dividends under applicable law, its constitutional documents, documents governing any indebtedness of the Group, and other factors which may be outside the control of the Group. If the licence interests fail to generate sufficient cash flow in the longer term, the Group may be unable to pay its expenses or make distributions and dividends on the Ordinary Shares.

There is no assurance that any operating improvements will be successful or that they will be effective in increasing the valuation of any business acquired

There can be no assurance that the Group will be able to propose and implement effective operational improvements for any company or business which the Group acquires, particularly if the Group acquires a stake in a licence asset which does not give it operational control or significant influence. In addition, general economic and market conditions or other factors outside the Group's control could make the Group's operating strategies difficult or impossible to implement. Any failure to implement these operational improvements successfully and/or the failure of these operational improvements to deliver the anticipated benefits could have a material adverse effect on the Group's results of operations and financial condition.

The Group may face substantial competition for additional assets or business acquisitions

At the time of the Initial Admission, oil prices were at levels below US\$30 per barrel and the OGA MER strategy had not been formally adopted. As a result many asset owners put portfolios of assets in the North Sea, particularly later stage assets, on the market, looking to raise cash and/or seek to avoid or mitigate decommissioning costs. Oil prices have since recovered and stabilised with the consequence that many parties who might have historically been sellers at low prices (or even for negative consideration) have now revisited their own strategies and might be less willing to sell at prices driven by an ultra-low oil price environment. In addition, several companies have been established with a strategy similar to that of RockRose in the past 36 months, some listed on public markets and others backed by private equity finance, such as Israel's Delek Group and Chrysaor. Increased competition for assets, particularly from private equity backed entities with the ability to rapidly call upon substantial debt financing, may impact the ability of the Group to continue to be able to make future acquisitions on the advantageous terms that it has been able to secure with respect to historic transactions.

The Group is dependent on the Directors and Senior Managers and the unexpected loss of the services of any of the Directors and Senior Managers could materially adversely affect it

The Group remains dependent upon the Directors and Senior Managers. The unexpected loss of the services of any or all of the Directors and Senior Managers could have a material adverse effect on the Group's ability to identify potential additional acquisition opportunities and to execute further acquisitions.

The Group is dependent on Andrew Austin and the Senior Managers (the "Executive Team") to operate the business and may be unable to recruit replacement personnel with the requisite skills

The Group depends on the Executive Team to lead its business effectively. Although it is not anticipated that any Senior Managers will be lost or replaced in the near future, competitors may seek to recruit the Group's key personnel and the loss of the services of any or all of the Executive Team could have a material adverse effect on the Group's business, results of operations and overall financial condition. There may be a limited number of persons with the requisite skills to serve in such positions and the Group cannot be certain that it would be able to locate or employ such qualified personnel on acceptable terms in a timely manner or at all.

The Company may be subject to foreign investment and exchange risks

The Company's presentational currency is US Dollars. As a result, the Company's consolidated financial statements will carry the Company's assets in US Dollars. Any business the Company acquires may denominate its financial information in a currency other than US Dollars, conduct operations or make sales or incur expenditure in currencies other than US Dollars. When consolidating a business that has functional currencies other than US Dollars, the Company will be required to translate, inter alia, the balance sheet and operational results of such business into US Dollars. Due to the foregoing, changes in exchange rates between US Dollars and other currencies could lead to significant changes in the Company's reported financial results from period to period. Among the factors that may affect currency values are trade balances, levels of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political or regulatory developments. Although the Company may seek to manage its foreign exchange exposure, including by active use of hedging and derivative instruments, there is no assurance that such arrangements will be entered into or available at all times when the Company wishes to use them or that they will be sufficient to cover the risk.

The Company may be subject to risks particular to one or more countries in which it ultimately operates, which could negatively impact its operations

The Company's efforts in identifying further prospective target companies or businesses in the oil and gas, exploration and development sector are not limited to a particular geographic region. The Company may acquire further companies or businesses in, or with substantial operations in, a number of jurisdictions, any of which may expose it to considerations or risks associated with companies operating in such jurisdictions, including but not limited to: regulatory and political uncertainty; tariffs, trade barriers and regulations related to customs and import/export matters; international tax issues, such as tax law changes and variations; cultural and language differences; rules and regulations on currency conversion or corporate withholding taxes on individuals; currency fluctuations and exchange controls; employment regulations; crime, strikes, riots, civil disturbances, terrorist attacks and wars; and deterioration of relevant political relations. Any exposure to such risks due to the countries in which the Company operates following a further acquisition could negatively impact the Company's operations.

RIKS RELATED TO THE DEFINED BENEFIT PENSION SCHEME

There are inherent risks associated with participations in defined benefit pension schemes

The Group currently operates a defined benefit pension scheme (the "DB Scheme") and a defined contribution schemes (the "DC Scheme") for employees and former employees of the Marathon Group which it acquired pursuant to the Marathon Acquisition. In March 2010, the DB Scheme was closed to new entrants and the DC Scheme was established on 1 April 2010 for new employees. The DB Scheme was closed to future accrual on a defined benefit basis in December 2015. Employees who were accruing benefits in the DB Scheme at that point transferred to the DC Scheme for future service accrual.

To manage and curtail risks associated with the DB Scheme the Company intends to advance proposals to move the DB Scheme to a full buy-out position in the near term. This involves transferring all of the DB Scheme to an insurance company who will, in return for a lump sum payment, take over the DB Scheme and all of its liabilities to the members. Completing a buy-out process is subject to certain specific risks, primarily the agreement of the cost of such a transfer and determining the agreement to such a process from the transfer of the DB Scheme.

Factors that affect the position of the DB Scheme includes: investment performance of the DB Scheme's assets; contributions; changes to actuarial assumptions; and experience relative to the assumptions. Changes in fixed income, credit, equity, property, derivative and other markets may impact both the value of the DB Scheme assets and the value placed on scheme liabilities. Other changes in market conditions, the economic environment (such as inflation), demographics (including, but not limited to, member longevity) and the choices of the DB Scheme members can also impact the financial position of the DB Scheme. Additionally, the strength and reported position of the DB Scheme could be affected by applicable changes in regulation and legislation and relevant changes in financial reporting standards, guidance and interpretation.

As required by applicable law and regulatory guidance, matters including the funding position of the DB Scheme and the amount of contributions payable are reviewed and agreed with the DB Scheme trustees on a regular basis. Such matters could also be reviewed following any material change to the financial position of the DB Scheme. A deterioration in the funding position may require a revised funding plan to be agreed to make good the deficit over a period of time, and could also include a range of other actions to manage the liabilities. The financial position of the DB Scheme may affect the Group's financial performance and financial statements.

RISKS RELATING TO THE ORDINARY SHARES

Disapplied pre-emption rights and indebtedness related liquidity

The Directors anticipate that the Company may issue a substantial number of additional Ordinary Shares, or incur substantial indebtedness to complete one or more further acquisitions.

Pre-emption rights were disapplied (in respect of future share issues whether for cash or otherwise) in favour of existing Shareholders up to a maximum nominal amount of £504,002 at the Company's annual general meeting on 4 June 2019 for a period of 15 months of that date or the holding of the Company's next annual general meeting, whichever is earlier. In addition, the Company may issue shares or convertible debt securities or incur substantial indebtedness to complete a further acquisition, which may dilute the interests of Shareholders.

Any issue of Ordinary Shares, preferred shares or convertible debt securities may:

significantly dilute the value of the Ordinary Shares held by existing Shareholders;
cause a change of control if a substantial number of Ordinary Shares are issued, which may,
inter alia, result in the resignation or removal of one or more of the Directors;
in certain circumstances, have the effect of delaying or preventing a change of control;
subordinate the rights of holders of Ordinary Shares if preferred shares are issued with rights senior to those of Ordinary Shares; or
adversely affect the market prices of the Ordinary Shares.

If Ordinary Shares, preferred shares or convertible debt securities are issued as consideration for a further acquisition, existing Shareholders will have no pre-emptive rights with regard to the securities that are issued. The issue of such Ordinary Shares, preferred shares or convertible debt securities is likely to materially dilute the value of the Ordinary Shares held by existing Shareholders. Where a target company has an existing large shareholder, an issue of Ordinary Shares, preferred shares or convertible debt securities as consideration may result in such shareholder subsequently holding a significant or majority stake in the Company, which may, in turn, enable it to exert significant influence over the Company (to a greater or lesser extent depending on the size of its holding) and could lead to a change of control.

If the Company were to incur substantial indebtedness in relation to a further acquisition, this could result in:

default and foreclosure on the Company's assets, if its cash flow from operations were insufficient to pay its debt obligations as they become due;
acceleration of its obligation to repay indebtedness, even if it has made all payments when due, if it breaches, without a waiver, covenants that require the maintenance of financial ratios or reserves or impose operating restrictions;
a demand for immediate payment of all principal and accrued interest, if any, if the indebtedness is payable on demand; or

• an inability to obtain additional financing, if any indebtedness incurred contains covenants restricting its ability to incur additional indebtedness.

The occurrence of any or a combination of these factors could decrease an investor's ownership interests in the Company or have a material adverse effect on its financial condition and results of operations.

There may be a limited market for the Ordinary Shares. A market for the Ordinary Shares may not develop, which would adversely affect the liquidity and price of the Ordinary Shares

The price of the Ordinary Shares after Admission can vary due to a number of factors, including but not limited to, general economic conditions and forecasts, the Company's general business condition and the release of its financial reports. Although the Company's current intention is that its Ordinary Shares should continue to trade on the Main Market of the London Stock Exchange, it cannot assure investors that it will always do so. In addition, an active trading market for the Ordinary Shares may not develop or, if developed, may not be maintained. Investors may be unable to sell their Ordinary Shares unless a market can be established and maintained, and if the Company subsequently obtains a listing on an exchange in addition to, or in lieu of, the London Stock Exchange, the level of liquidity of the Ordinary Shares may decline.

Investors may not be able to realise returns on their investment in Ordinary Shares within a period that they would consider to be reasonable

Investments in Ordinary Shares may be relatively illiquid. There may be a limited number of Shareholders and this factor may contribute both to infrequent trading in the Ordinary Shares on the London Stock Exchange and to volatile Ordinary Share price movements. Investors should not expect that they will necessarily be able to realise their investment in Ordinary Shares within a period that they would regard as reasonable. Accordingly, the Ordinary Shares may not be suitable for short-term investment. Admission should not be taken as implying that there will be an active trading market for the Ordinary Shares. Even if an active trading market develops, the market price per Ordinary Share may fall below the market price per Ordinary Share prevailing immediately prior to the suspension of the Company's listing on 25 February 2019.

Dividend payments on the Ordinary Shares are not guaranteed

To the extent the Company intends to pay dividends on the Ordinary Shares, it will pay such dividends at such times (if any) and in such amounts (if any) as the Board determines appropriate and in accordance with applicable law, but expects to be principally reliant upon dividends received on shares held by it in any operating subsidiaries in order to do so. Payments of such dividends will be dependent on the availability of any dividends or other distributions from such subsidiaries. The Company can therefore give no assurance that it will be able to pay dividends going forward or as to the amount of such dividends, if any.

Ordinary Shares in the Company may be subject to market price volatility

The price of the Ordinary Shares could be subject to significant price and volume fluctuations that may be unrelated to the operating performance of the Group. The market price of the Ordinary Shares may, in addition to being affected by the Company's actual or forecast operating results, fluctuate significantly as a result of factors beyond the Company's control, including changes in securities analysts' recommendations or estimates of earnings or financial performance of the Company, its competitors or the industry, or the failure to meet expectations of securities analysts; the occurrence (or lack of occurrence) of events such as natural disasters, fluctuations in stock market prices and volumes; general market volatility; changes in laws, rules, regulations and taxes, applicable to the Group, its operations and operations in which the Group has interests; loss of key personnel, and involvement in litigation. In addition, stock markets have in the recent past experienced significant price and volume fluctuations, which, as well as general economic and political conditions, could adversely affect the market price for the Ordinary Shares.

The price of the Ordinary Shares may also fluctuate significantly as a result of many other factors, including perceived prospects for the Group's business and operations and the oil and gas, exploration, development and production industry in general, announcements by the Group of significant acquisitions, strategic alliances or joint ventures, changes in perceptions on the geographic areas where the Group operates and broad stock market price fluctuations.

The market price of the Ordinary Shares could be negatively affected by sales of substantial amounts of such shares in the public markets

Certain shareholders hold significant shareholdings in the Company. Such shareholders may sell Ordinary Shares in the public or private market. The Company may also (subject to any applicable shareholder approvals) undertake a public or private offering of Ordinary Shares. There can be no assurance as to what effect, if any, future sales of Ordinary Shares will have on the market price of the Ordinary Shares. If such shareholders were to sell Ordinary Shares or the Company were to issue and sell a substantial number of Ordinary Shares in the public market, the market price of the Ordinary Shares could be adversely affected. Sales by such shareholders also could make it more difficult for the Company to sell equity securities in the future at a time and price that it deems appropriate. There can be no assurance that such shareholders will not effect transactions in relation to their shares. The sale of a significant amount of Ordinary Shares in the public market, or the perception that such sales may occur, could materially affect the market price of the Ordinary Shares and could also impede the Company's ability to raise capital through the issue of equity securities in the future.

The proposed Standard Listing of the Ordinary Shares will afford Investors a lower level of regulatory protection than a Premium Listing

Application will be made for the Ordinary Shares to be admitted to a Standard Listing on the Official List. A Standard Listing will afford Investors in the Company a lower level of regulatory protection than that afforded to investors in a company with a Premium Listing, which is subject to additional obligations under the Listing Rules.

While the Company has a Standard Listing, it is not required to comply with the provisions of, inter alia:

Chapter 8 of the Listing Rules regarding the appointment of a sponsor to guide the Company in understanding and meeting its responsibilities under the Listing Rules in connection with certain matters. The Company has not and does not intend to appoint such a sponsor in connection with Admission;
Chapter 9 of the Listing Rules relating to the ongoing obligations for companies admitted to the Premium List and therefore does not apply to the Company;
Chapter 10 of the Listing Rules relating to significant transactions. It should be noted therefore that the Marathon Acquisition did not require Shareholder consent;
Chapter 11 of the Listing Rules regarding related party transactions. Nevertheless, the Company will not enter into any transaction which would constitute a 'related party transaction' as defined in Chapter 11 of the Listing Rules without the specific prior approval of the Directors;
Chapter 12 of the Listing Rules regarding purchases by the Company of its Ordinary Shares; and
Chapter 13 of the Listing Rules regarding the form and content of circulars to be sent to Shareholders.

Transfer restrictions for Shareholders in the United States may make it difficult to resell the Ordinary Shares or may have an adverse impact on the market price of the Ordinary Shares

The Ordinary Shares have not been registered in the United States under the Securities Act or under any other applicable securities laws and are subject to restrictions on transfers contained in such laws. There are additional restrictions on the resale of Ordinary Shares by Shareholders who are in the United States and on the resale of Ordinary Shares by any Shareholders to any person who is in the United States. These restrictions will make it more difficult to resell the Ordinary Shares in many instances and this could have an adverse effect on the market value of the Ordinary Shares. There can be no assurance that Shareholders in the United States will be able to locate acceptable purchasers or obtain the required certifications to effect a sale.

The ability of Overseas Shareholders to bring actions or enforce judgments against the Company or the Directors may be limited

The ability of an Overseas Shareholder to bring an action against the Company may be limited under law. The Company is a public company with limited liability incorporated in England and Wales. The rights of holders of Ordinary Shares are governed by English law and by the Company's articles of association ("Articles"). These rights may differ from the rights of shareholders in non-UK corporations. An Overseas Shareholder may not be able to enforce a judgment against some or all of the Directors and Senior Managers. The Directors are residents of the UK. Consequently, it may not be possible for an Overseas Shareholder to effect service of process upon the Directors and executive officers within the Overseas Shareholder's country of residence or to enforce against the Directors and Senior Managers judgments of courts of the Overseas Shareholder's country of residence based on civil liabilities under that country's securities laws. There can be no assurance that an Overseas Shareholder will be able to enforce any judgments in civil and commercial matters or any judgments under the securities laws of countries other than the UK against the Directors or Senior Managers who are residents of the UK or countries other than those in which judgment is made. In addition, English or other courts may not impose civil liability on the Directors or executive officers in any original action based solely on foreign securities laws brought against the Company or the Directors in a court of competent jurisdiction in England or other countries.

The ability of Shareholders to participate in rights offerings may be limited and Shareholders could therefore experience dilution of their holdings

The Company may, from time to time, distribute rights to its shareholders, including rights to acquire securities. Compliance with securities laws or other regulatory provisions in some jurisdictions may prevent certain purchasers of Ordinary Shares from participating in any rights issuances and thereby result in dilution of their existing shareholdings. The Company is under no obligation to register the shares in any jurisdiction to permit foreign purchasers of Ordinary Shares to participate in any rights offerings the Company may undertake. Accordingly, Shareholders who are based outside of the UK may be unable to participate in rights offerings and may experience dilution of their holdings as well as further dilution in their voting interest following any such offering. In addition, if the rights that are not exercised or not distributed are not sold or if the sale is not lawful or reasonably practicable, the Company may allow the rights to lapse, in which case holders of the Company's shares would receive no value for these rights.

RISKS RELATING TO TAXATION

Taxation of returns from assets located outside of the UK may reduce any net return to investors

To the extent that the assets, company or business which the Company acquires is or are established outside the UK, it is possible that any return the Company receives from it may be reduced by irrecoverable foreign withholding or other local taxes and this may reduce any net return derived by investors from a shareholding in the Company.

Changes in tax law and practice may reduce any net returns for investors

The tax treatment of Shareholders of the Company, any special purpose vehicle that the Company may establish and any company which the Company may acquire are all subject to changes in tax laws or practices in England and Wales or any other relevant jurisdiction. Any change may reduce any net return derived by investors from a shareholding in the Company.

Investors should not rely on the general guide to taxation set out in this document and should seek their own specialist advice. The tax rates referred to in this document are those currently applicable and they are subject to change.

There can be no assurance that the Company will be able to make returns for Shareholders in a tax-efficient manner

The Company acts as the holding company of a trading group to maximise returns for Shareholders in as fiscally efficient a manner as is practicable. The Company has made certain assumptions regarding taxation. However, if these assumptions are not borne out in practice, taxes may be imposed with respect to any of the Group's assets, or the Group may be subject to tax on its income, profits, gains or distributions in a particular jurisdiction or jurisdictions in excess of taxes that were anticipated. This could alter the post-tax returns for Shareholders (or Shareholders in certain jurisdictions). The level of return for Shareholders may also be adversely affected. Any change in laws or tax authority practices could also adversely affect any post-tax returns of capital to Shareholders or payments of dividends (if any, which the Company does not envisage the payment of, at least in the short to medium-term). In addition, the Company may incur costs in taking steps to mitigate any such adverse effect on the post-tax returns for Shareholders.

PART III

IMPORTANT INFORMATION

The distribution of this document may be restricted by law in certain jurisdictions and therefore persons into whose possession this document comes should inform themselves about and observe any restrictions, including those set out below. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

General

No action has been or will be taken in any jurisdiction that would permit a public offering of the Ordinary Shares, or possession or distribution of this document in any other country or jurisdiction where action for that purpose is required. Accordingly, the Ordinary Shares may not be offered or sold, directly or indirectly, and this document may not be distributed or published in or from any country or jurisdiction except under circumstances that will result in compliance with any and all applicable rules and regulations of any such country or jurisdiction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This document does not constitute an offer to subscribe for any of the Ordinary Shares offered hereby to any person in any jurisdiction to whom it is unlawful to make such offer or solicitation in such jurisdiction.

This document has been approved by the FCA as a prospectus, but is not being used by the Company to offer securities to the public for the purposes of section 85 of FSMA and the Prospectus Directive (as defined below). No arrangement has been made with any competent authority in any other EEA State (or any other jurisdiction) for the use of this document as an approved prospectus in such jurisdiction and accordingly no public offer is to be made in any jurisdiction. Issue or circulation of this document may be prohibited in Restricted Jurisdictions and in countries other than those in relation to which notices are given below.

The Company does not accept any responsibility for the accuracy or completeness of any information reported by the press or other media, nor the fairness or appropriateness of any forecasts, views or opinions expressed by the press or other media regarding Admission or the Group. The Company makes no representation as to the appropriateness, accuracy, completeness or reliability of any such information or publication.

None of Hannam, Whitman Howard or Cantor Fitzgerald accept any responsibility or liability whatsoever for the contents of this document, including its accuracy, completeness or verification, or for any other statement made or purported to be made by it, or on its behalf, in connection with the Company, the Ordinary Shares or Admission and nothing in this document will be relied upon as a promise or representation in this respect, whether or not in the past or future. Each of Hannam, Whitman Howard and Cantor Fitzgerald accordingly disclaims all and any liability whether arising in tort, contract or otherwise (save as referred to above) which it might otherwise have in respect of this document or any such statement. No representation or warranty, express or implied, is made by any of Hannam, Whitman Howard or Cantor Fitzgerald as to the accuracy or completeness of information contained in this document and nothing in this document is, or shall be relied upon as, a representation by any of Hannam, Whitman Howard or Cantor Fitzgerald.

This document is not intended to provide the basis of any credit or other evaluation and should not be considered as a recommendation by any of the Company, the Directors, Hannam, Whitman Howard or Cantor Ftizgerald or any of their respective representatives that any recipient of this document should subscribe for any Ordinary Shares. Prior to making any decision as to whether to subscribe for Ordinary Shares, prospective investors should read this document. Investors should ensure that they read the whole of this document carefully and not just rely on key information or information summarised within it.

In making an investment decision, prospective investors must rely upon their own examination, analysis and enquiry of the Company and the terms of this document, including the risks involved. Investors will be deemed to have acknowledged that: (i) they have not relied on any of Hannam, Whitman Howard or Cantor Fitzgerald or any person affiliated with any of them in connection with any investigation of the accuracy of any information contained in this document or their investment decision; and (ii) they have relied on the information contained in this document, and no person has been authorised to give any information or to make any representation concerning the Company or the Ordinary Shares (other than as contained in this document) and, if given or made, any such other information or representation should not be relied upon as having been authorised by the Company, the Directors, or any of Hannam, Whitman Howard or Cantor Fitzgerald.

For the attention of all investors

In making an investment decision, prospective investors must rely on their own examination of the Company, this document and the terms of the Admission, including the merits and risks involved. The contents of this document are not to be construed as advice relating to legal, financial, taxation, accounting, regulatory, investment or any other matter.

Prospective investors must rely upon their own representatives, including their own legal and financial advisers and accountants, as to legal, tax, financial, investment or any other related matters concerning the Company and an investment therein.

The contents of this document are not to be construed as legal, business or tax advice. Each prospective investor should consult their own lawyer, financial adviser or tax adviser for legal, financial or tax advice in relation to any investment in Ordinary Shares. In making an investment decision, each investor must rely on their own examination, analysis and enquiry of the Company, including the merits and risks involved.

An investment in the Company should be regarded as a long-term investment. There can be no assurance that the Company's objectives will be achieved. It should be remembered that the price of the Ordinary Shares, and any income from such Ordinary Shares, can go down as well as up. All Shareholders are entitled to the benefit of, are bound by, and are deemed to have notice of, the provisions of the Articles, which prospective investors should review.

Forward-looking statements

This document includes statements that are, or may be deemed to be, 'forward-looking statements'. In some cases, these forward-looking statements can be identified by the use of forward-looking terminology, including the terms 'targets', 'believes', 'estimates', 'anticipates', 'expects', 'intends', 'may', 'will', 'should' or, in each case, their negative or other variations or comparable terminology. They appear in a number of places throughout the document and include statements regarding the intentions, beliefs or current expectations of the Company and the Board concerning, inter alia: (i) the Company's objectives, acquisition and financing strategies, results of operations, financial condition, capital resources, prospects, capital appreciation of the Ordinary Shares and dividends; and (ii) future deal flow and implementation of active management strategies, including with regard to acquisitions. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. The Company's actual performance, results of operations, financial condition, distributions to shareholders and the development of its financing strategies may differ materially from the forward-looking statements contained in this document. In addition, even if the Company's actual performance, results of operations, financial condition, distributions to shareholders and the development of its financing strategies are consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods.

Prospective investors should carefully review the 'Risk Factors' set out in Part II – Risk Factors of this document for a discussion of additional factors that could cause the Company's actual results to differ materially, before making an investment decision. For the avoidance of doubt, nothing appearing under the heading 'Forward-looking statements' constitutes a qualification of the working capital statement set out in paragraph 7 of Part XIX – Additional Information of this document.

Forward-looking statements contained in this document apply only as at the date of this document. Subject to any obligations under the Listing Rules, the Market Abuse Regulation (EU 596/2014) (the "Market Abuse Regulation"), the Disclosure Guidance and Transparency Rules and the Prospectus Rules, the Company undertakes no obligation publicly to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Presentation of reserves and resources

Unless otherwise stated, statements in this document relating to the Group's reserves and resources have been prepared using the classification system set out in the Petroleum Resources Management System published in June 2018 and jointly sponsored by the Society of Petroleum Engineers, the American Association of Petroleum Geologists, the World Petroleum Council and the Society of Petroleum Evaluation Engineers. All references to "reserves" are to proved and probable.

The accuracy of reserves estimates and associated economic analysis is, in part, a function of the quality and quantity of available data and of engineering and geological interpretation and judgment. This document should be accepted with the understanding that reserves, resources and financial performance subsequent to the date of the estimates may necessitate revision. These revisions may be material. Unless otherwise stated, all information about oil and gas reserves and resources, forward-looking production estimates and other geological information has been extracted without material adjustment from the Competent Person's Report in Part XXIII – Competent Person's Report of this document.

Rounding

Percentages in tables have been rounded and accordingly may not add up to 100%. Certain financial data have also been rounded. As a result of this rounding, the totals of data presented in this document may vary slightly from the actual arithmetic totals of such data.

Data protection

The Company may delegate certain administrative functions to third parties and will require such third parties to comply with data protection and regulatory requirements of any jurisdiction in which data processing occurs. Such information will be held and processed by the Company (or any third party, functionary or agent appointed by the Company) for the following purposes:

(a) verifying the identity of the prospective investor to comply with statutory and regulatory requirements in relation to anti-money laundering procedures;
(b) carrying out the business of the Company and the administering of interests in the Company;
(c) meeting the legal, regulatory, reporting and/or financial obligations of the Company in the United Kingdom or elsewhere; and
(d) disclosing personal data to other functionaries of, or advisers to, the Company to operate and/or administer the Company.

Where appropriate it may be necessary for the Company (or any third party, functionary or agent appointed by the Company) to:

(a) disclose personal data to third party service providers, agents or functionaries appointed by the Company to provide services to prospective investors; and
(b) transfer personal data outside of the EEA to countries or territories which do not offer the same level of protection for the rights and freedoms of prospective investors as the United Kingdom.

If the Company (or any third party, functionary or agent appointed by the Company) discloses personal data to such a third party, agent or functionary and/or makes such a transfer of personal data it will use reasonable endeavours to ensure that any third party, agent or functionary to whom the relevant personal data is disclosed or transferred is contractually bound to provide an adequate level of protection in respect of such personal data.

In providing such personal data, investors will be deemed to have agreed to the processing of such personal data in the manner described above. Prospective investors are responsible for informing any third party individual to whom the personal data relates of the disclosure and use of such data in accordance with these provisions.

Presentation of financial information

Prospective investors should consult their own professional advisers to gain an understanding of the financial information contained in this document. An overview of the basis for presentation of financial information in this document is set out below. Part X – Selected Financial Information on the Group of this document presents selected financial information extracted without material adjustment from the audited historical financial information on the Company for the financial years ended 31 December 2018 and 31 December 2017, and for the 18 month period ended 31 December 2016, which are incorporated by reference in Part XXII – Documents incorporated by reference of this document. Part XII – Historical Financial Information on MOUK of this document presents the audited historical financial information on MOUK for the financial year ended 31 December 2018, 31 December 2017 and unaudited financial information for the financial year ended 31 December 2016. Part XIII – Historical Financial Information on MOWOS of this document presents the audited historical financial information on MOWOS for the financial year ended 31 December 2018, 31 December 2017 and 31 December 2016.

The financial and volume information in the Prospectus, including in a number of tables, has been rounded to the nearest whole number or the nearest decimal place. The sum of the numbers in a column in a table may not conform exactly to the total figure given for that column. In addition, certain percentages presented in the tables in this document reflect calculations based on the underlying information prior to rounding, and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers.

Historical financial information on MOUK ("MOUK HFI")

The MOUK HFI has been prepared in accordance with International Financial Reporting Standards and the IFRS Interpretation Committee (IFRS IC) interpretations as adopted by the European Union ("IFRS"). The principal accounting policies that have been applied to the MOUK HFI are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The MOUK HFI does not constitute statutory accounts and represents the first-time preparation of financial information for MOUK under IFRS reporting standards.

MOUK has previously prepared and reported special purpose, non-statutory financial statements, in accordance with applicable standards in the United Kingdom ("Financial Reporting Standard 102"). Consequently, the opening statement of financial position at the 1 January 2016 has been included in the HFI together with IFRS 1 reconciliations between financial information prepared under Financial Reporting Standard 102 and financial information prepared in accordance with IFRS, as required by IFRS 1 on transition to IFRS. The principle changes to the presentation of the financial information as a result of adopting IFRS as at the 1 January 2016 are sent out in note 2 to this HFI. We have taken the exemption to reset the currency translation account to nil on transition.

The non-statutory financial statements for the years ended 31 December 2018 and 31 December 2017 have been subject to audit. The reports of the auditors for those years were unqualified and did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report. The non-statutory financial statements for the year ended December 2016 are unaudited, however the financial information of MOUK for the year ended December 2016 has been included within the consolidation for Marathon Oil Corporation, ("MOC") a company listed on the New York Stock Exchange and a domestic US Securities and Exchange Commission reporting entity.

The MOUK HFI has been prepared under the historical cost convention except for certain financial instruments which are carried at fair value and is presented in US Dollars, which is the currency of the primary economic environment in which MOUK operates, rounded to the nearest thousand.

Pro forma wording

In this document, any reference to "pro forma" financial information is to information which has been extracted without material adjustment from the unaudited pro forma financial information contained in Part IX – Unaudited Pro Forma Financial Information for the Enlarged Group of this document. The unaudited pro forma statement of net assets and the unaudited pro forma income statement of the Enlarged Group have been prepared for illustrative purposes only in accordance with Annex II of the Prospectus Rules and should be read in conjunction with the notes set out in Part IX – Unaudited Pro Forma Financial Information for the Enlarged Group of this document. The unaudited pro forma financial information has been prepared to illustrate the effect of the Marathon Acquisition as if it had taken place on 1 January 2018. By its nature, the pro forma financial information addresses a hypothetical situation and, therefore, does not represent the Enlarged Group's actual financial position nor is it indicative of the results that may or may not be expected to be achieved in the future.

Market data

Where information contained in this document has been sourced from a third party, the Company and the Directors confirm that such information has been accurately reproduced and, so far as they are aware and have been able to ascertain from information published by that third party, no facts have been omitted which would render the reproduced information inaccurate or misleading.

CREST

CREST is a paperless settlement procedure enabling securities to be evidenced otherwise than by a certificate and transferred otherwise than by written instrument. The Articles permit the holding of Ordinary Shares under the CREST System. The Ordinary Shares are admitted to CREST and accordingly, settlement of transactions in the Ordinary Shares following Admission may take place within the CREST System if any investor so wishes.

CREST is a voluntary system and Shareholders who wish to receive and retain certificates for their Ordinary Shares will be able to do so. Shareholders may elect to receive Ordinary Shares in uncertificated form if such Shareholder is a system-member (as defined in the CREST Regulations) in relation to CREST.

Transferability

The Ordinary Shares are freely transferable and tradable and there are no restrictions on transfer.

International Financial Reporting Standards

As required by the Companies Act and Article 4 of the European Union ("EU") IAS Regulation, the financial statements of the Company are prepared in accordance with International Financial Reporting Standards as adopted by the EU ("IFRS") issued by the International Accounting Standards Board ("IASB") and interpretations issued by the International Financial Reporting Interpretations Committee of the IASB as adopted by the EU.

Parts of this document contain information on the non-IFRS financial measures described below. There are no generally accepted accounting principles governing the calculation of such non-IFRS measures and the criteria upon which they are based can vary from company to company. The Directors consider certain non-IFRS measures to be useful to better understand the trading performance.

Such measures by themselves do not provide a sufficient basis to compare the performance of the Group, MOUK and MOWOS with that of other companies and should not be considered in isolation, or as a substitute for, or as an alternative to, any other measures of performance under IFRS.

EBITDA

EBITDA represents earnings before interest, tax, depreciation and amortisation.

Adjusted EBITDA

Adjusted EBITDA represents EBITDA adjusted for the one-off non-cash adjustments in respect of the Asset Retirement Obligation provision included within other income.

Incorporation of information by reference

The contents of the Company's website (www.rockroseenergy.com), any website mentioned in this document or any website directly or indirectly linked to these websites have not been verified and do not form part of this document, and prospective investors should not rely on them.

Definitions

A list of defined terms used in this document is set out in 'Definitions' at Part XXI – Definitions of this document.

Currency

Unless otherwise indicated, all references in this document to:

"Pounds Sterling", "GBP", "£", "p", "pence" or "pound" are to the lawful currency of the United Kingdom;
"US Dollars", "USD", "US\$" or "\$" are to the lawful currency of the United States; and
"Euro", "EUR", or "€" are to the lawful currency of the Eurozone countries.

PART IV

EXPECTED TIMETABLE

Publication of this document 19 July 2019

Cancellation of trading of Ordinary Shares 7:30 a.m. 24 July 2019

Admission of the Company's share capital effective and commencement of dealings in Ordinary Shares 8:00 a.m. on 24 July 2019

All references to time in this document are to London time, unless otherwise stated.

Any changes to the expected timetable will be notified by the Company through a Regulatory Information Service.

ADMISSION STATISTICS

Total number of Ordinary Shares(1) 13,090,595

Total number of outstanding options 148,005

Market capitalisation at Admission(2) £106.68 million

(1) In accordance with Listing Rule 4.2.2, at Admission at least 25% of the Ordinary Shares of this listed class will be in public hands (as defined in the Listing Rules).
(2) The market capitalisation of the Company at any given time will depend on the market price of the Ordinary Shares at that time. The market price per Ordinary Share may fall below the market price prevailing immediately prior to the suspension of the Company's listing on 25 February 2019.

DEALING CODES

The dealing codes for the Ordinary Shares will be as follows:

ISIN GB00BYNFCH09

SEDOL BYNFCH0

TIDM RRE

PART V

DIRECTORS, AGENTS AND ADVISERS

Directors Andrew Austin (Executive Chairman)

Richard Benmore (Non-Executive Director) John Morrow (Non-Executive Director)

Company Secretary Cooley Services Limited

Dashwood

69 Old Broad Street London EC2M 1QS

Registered Office c/o Cooley Services Limited

Dashwood

69 Old Broad Street London EC2M 1QS

Financial Adviser and Joint Broker H&P Advisory Limited

2 Park Street London W1K 2HK

Joint Brokers Whitman Howard Limited

First Floor

Connaught House Mount Street London W1K 3NB

Cantor Fitzgerald Europe One Churchill Place

Canary Wharf London E14 5RB

PricewaterhouseCoopers LLP Auditors and Reporting

1 Embankment Place Accountants

London WC2N 6HR

Solicitors to the Company Cooley (UK) LLP

Dashwood

69 Old Broad Street London EC2M 1QS

Registrar Link Asset Services Limited

The Registry

34 Beckenham Road

Beckenham Kent BR3 5TU

Competent Person ERC Equipoise Limited

6th Floor Stephenson House 2 Cherry Orchard Road Croydon CR0 6BA

PART VI

INFORMATION ON THE COMPANY AND THE ENLARGED GROUP

Introduction

The Company was incorporated on 1 July 2015 as a public company with limited liability under the Companies Act. In January 2016, the Company raised £4.4m before expenses and was admitted to Standard Listing on the Official List and to trading on the Main Market of the London Stock Exchange.

At the time of the Initial Admission, the Directors stated that they believed an opportunity existed to create a new entity focused on onshore and offshore oil and gas production and power generation projects. It was intended that the Company should pursue an acquisition strategy designed to create an operating company with a diverse portfolio of licence interests focusing on mature assets in the North Sea whilst avoiding significant initial exploration costs.

Since January 2016, the Company has completed a series of transactions that were in line with its strategy and objectives. These have resulted in it holding interests in oil and gas fields in the UK and the Netherlands with net proved and probable reserves, as assessed by ERC Equipoise, of 62.9 MMboe at 31 March 2019.

The Company's strategy will continue to involve making acquisitions as well as reviewing organic growth opportunities and, as was the case with the Marathon Acquisition, one or more of these may be deemed a Reverse Takeover and the Company's Standard Listing may be suspended pending publication of a prospectus in such circumstances.

The Company's issued share capital will, on Admission, consist of Ordinary Shares. It is intended that the Ordinary Shares will be admitted by the FCA to a Standard Listing on the Official List in accordance with Chapter 14 of the Listing Rules and to trading on the Main Market of the London Stock Exchange.

Company objectives

A Rockrose is a plant that grows in harsh environments with minimal external support. Creating an energy company that is equipped to do business in the harsh environment of sub US\$50 oil with a minimal cost base was the objective behind the establishment of RockRose Energy plc in mid-2015. The Directors stated that they will target cash generative production assets where the potential exists to consolidate working interests and operatorship to achieve critical mass.

The Directors remain focused on pursuing these objectives and believe RockRose is now a differentiated and scalable energy business, capable of delivering shareholder returns in a low commodity price environment. The Company has concentrated on opportunities to acquire interests in producing oil and gas fields in circumstances where certain key criteria are met. These include situations where:

the designated operator is experienced and has a history of excellent asset stewardship;
the OGA's maximising economic recovery UK strategy (the "MER Strategy") are likely to result in the increase of economically recoverable reserves and resources and the subsequent extension of field life; and
the existing minority interest holders might regard a mid-life to late-life asset as non-core and hence be prepared to strike a deal on terms that satisfy the commercial objectives of both the vendor and the Company.

The Company will continue to pursue opportunities that meet these criteria. In the meantime, RockRose assumed operatorship of the Brae Complex on completion of the Marathon Acquisition on 1 July 2019. Having done so, the Company will seek to maintain or, where necessary, improve the policies and procedures that the Marathon Group established in relation to these assets and, as part of the Marathon transaction, RockRose has transferred the employment of the key members of Marathon's Brae operational team. In addition, the operatorship will allow the Company to exert significant influence over the planning and execution of capital projects in the Brae Complex and give it the ability to pursue further acquisition opportunities as an operator. RockRose will continue to work with the operators of the fields in which it is a partner to ensure they are working in a safe and environmentally responsible manner.

To maximise returns to shareholders and to ensure it can survive in a low commodity price environment, RockRose is committed to minimising the overheads and administrative costs associated with running its assets. However, other than in respect of the Marathon Interests, the Group is not the designated operator of its licence interests. Typically, the designated operator of a licence manages the activity on behalf of all the interest holders ("partners") pursuant to the terms of a joint operating agreement. The operator produces forward projections of activity and costings both for operating and for capital expenditure and the partners are responsible for that expenditure in proportion to their interest in the licence.

RockRose reviews and evaluates the plans and budgets produced by the operators of the licences in which it has interests. However, the Company has specifically chosen licence interests in part based upon the track record of the operators and their approach to asset stewardship. Therefore, RockRose generally expects to be supportive of economically viable plans advanced to comply with the principals and obligations on all relevant persons under the MER Strategy.

Due to its commitment to minimising overheads and operating costs and because it is not an exploration company focused primarily on making new discoveries, often the Company is able to evaluate marginal projects on a different basis to large oil and gas multinationals, which may have very different priorities in terms of capital allocation. Accordingly, the Directors believe the Company's objectives are aligned both to the MER Strategy and to the OGA's published principal policy objectives on decommissioning.

Business strategy

The Company operates a strategy designed to meet its objectives and generate value for its shareholders through the acquisition and management of operated and non-operated interests in oil and gas production assets. This strategy will involve the pursuit of further acquisition opportunities and will not be limited to a particular geographic region. However, at present the Company's focus remains on the UK and Western Europe. The Directors will draw on their experience, in conjunction with their contacts and advisers, to identify suitable acquisition candidates. Unless required by applicable law or other regulatory process, no Shareholder approval will be sought by the Company in relation to further acquisitions.

Thus far, the Company has selected most of the assets it has acquired on the basis that, whilst they are mid-life or late-life field licences, they remain capable of economic viability even in a low oil price environment. In so doing, the Company also recognised that non-operated interests of this type have been of limited interest to larger oil and gas exploration and production companies. Nonetheless, the Directors believe that the majority of the Company's field licence interests are still capable of producing positive net cash flows in the short-term to medium-term. Dependent on future development plans and enhanced recovery techniques, it is possible some of them will continue to produce beyond the end of the period currently assumed to represent their economic life. For instance, in respect of the Blake Field, the operator is in the process of executing a field life extension ("FLE") project, which will maintain FPSO operability until 2029. These income streams could be material to a company of RockRose's size. Decommissioning has commenced (and in some cases has been completed) with respect to some of the Group's less significant interests. To date, decommissioning activity has occurred on a timely basis and within the budget set aside for the purpose.

The Company has no debt facilities and has financed, and is able continue to finance, its capital and operating expenditure and its decommissioning liabilities through cash generated through historic issues of equity and revenues from its producing assets.

In 2018, the Company acquired an interest in the Shell-operated Arran development project in the UK North Sea. This field represented approximately 15% of the RockRose's reserves at 31 March 2019 (as assessed by ERC Equipoise in the Competent Person's Report reproduced in Part XXIII – Competent Person's Report of this document) and is due onstream in the first half of 2021. The Directors expect to target further projects of this nature, which allow the Company to redeploy surplus cash flow from its existing producing assets into projects that are earlier in their life-cycle. In turn, this will help RockRose to offset future production declines and reduce the overall maturity of the portfolio.

Competition

At the time of the Initial Admission, oil prices were at levels below US\$30 per barrel and the OGA MER strategy had not been formally adopted. As a result many asset owners put portfolios of assets in the North Sea, particularly later stage assets, on the market, looking to raise cash and/or seek to avoid or mitigate decommissioning costs. Oil prices have since recovered and stabilised with the consequence that many parties who might have historically been sellers at low prices (or even for negative consideration) have now revisited their own strategies or might be less willing to sell at prices driven by an ultra-low oil price environment. In addition, several companies have been established with a strategy similar to that of RockRose in the past 36 months, some listed on public markets and others backed by private equity finance, such as Israel's Delek Group and Chrysaor. Increased competition for assets, particularly from private equity backed entities with the ability to rapidly call upon substantial debt financing, may impact the ability of the Group to continue to be able to make future acquisitions on the advantageous terms that it has been able to secure with respect to historic transactions.

Strategy execution

Since the Initial Admission, the Company has completed six acquisitions. All of these transactions were material to the Company at the time they were undertaken. However, owing to the subsequent growth of RockRose, some of the interests acquired no longer reach the Company's materiality threshold. The following table provides an overview of the Company's acquisition history:

Entity/interest acquired	Announcement	Completion	Reserves (31/3/19)*
Egerton Energy Ventures	March 2017	December 2017	0.0 MMboe
Sojitz Energy Project	August 2017	December 2017	0.7 MMboe
Idemitsu Petroleum UK	October 2017	December 2017	12.7 MMboe
Dyas BV	May 2018	October 2018	11.6 MMboe
Arran field Interest	August 2018	October 2018	9.5 MMboe
Marathon Interests	February 2019	July 2019	28.4 MMboe

^* Source: ERC Equipoise Competent Person's Report.

Although the assets acquired with Egerton and Sojitz no longer reach the Company's materiality threshold, these transactions were important at the time they were undertaken. The Directors believe that the Egerton Acquisition and the Sojitz Acquisition had the effect of giving the Company credibility with the vendors of larger asset packages and demonstrating RockRose's ability to execute transactions as well as their good stewardship of assets and liabilities.

In turn, this enabled the Group to cement its position as a participant in the UK North Sea oil and gas industry with the Idemitsu Acquisition, which was a Reverse Takeover and ultimately led to the Company's suspension of listing on 18 October 2017. When the Ordinary Shares were readmitted to the Official List and trading on the Main Market of the London Stock Exchange on 19 February 2018, the competent person's report prepared by ERC Equipoise in the accompanying prospectus published on 14 February 2018 attributed net reserves of 9.7 MMboe to the key producing assets (Nelson, Howe, Blake, and Ross).

In the latest Competent Person's Report, also prepared by ERC Equipoise, the same assets are estimated to contain reserves net to RockRose of 12.5 MMboe. This is despite such assets having continued to produce in the 15 months between the effective dates of the two assessments. The increase is attributable principally to extension of the anticipated cessation of production at the Blake and Ross fields from 2024 to 2029. The Directors believe this is a good example of RockRose's strategy and approach to asset stewardship at work. The Company is working with its partners to achieve similar results elsewhere, both in its operated portfolio and in its non-operated portfolio.

The Dyas Acquisition was consistent with RockRose's strategy and objectives and represented another significant addition to the Group's reserves. Nonetheless, it also represented a diversification of risk both in terms of (i) geography, by taking the Company into the Netherlands, and (ii) hydrocarbon, by providing meaningful exposure to gas.

Also in 2018, the Company completed the Arran Acquisition. This is an example of the Company redeploying surplus cash flow from its existing mid-life to late-life producing assets into less mature projects that will generate future production and cash flow growth to offset declines elsewhere in the portfolio.

The Company's most recent acquisition, the Marathon Acquisition, completed on 1 July 2019. The transaction was funded out of the Company's existing cash resources. This acquisition represents a further step change for the Company in terms of reserves and production. However, this transaction also brought operatorship for the first time in the Group's history, with MOUK operating the Brae Complex in the UK sector of the North Sea. Although this will bring new management challenges, MOUK has its own existing and well established management structure and, historically, has operated largely independently of MOC. The Directors expect MOUK to continue operating autonomously on a day-to-day basis, and believe its operating capability will enable RockRose to target a wider range of acquisition opportunities than has been the case thus far. However, on 20 June 2019, MOUK was notified by TAQA Bratani a significant non-operator interest holder in those licences, that it would be discharged as operator of Blocks 16/7a, Licence no. P.108 (Block 16/3a), Licence no. P.313 (Block 16/3b), Licence no. P.313 (Block 16/3c) and East Brae no earlier than 1 July 2020. Any such discharge and the appointment of a new operator remains subject to OGA approval and is not expected to have a material impact on the Company's financial position. It should be stressed that becoming an operator has been part of the strategy of the Group since completion of the acquisitions in 2018. Operatorship is not, of itself, a profit centre as operations are carried on for the partners on any licence on a recharge basis pro rata their relevant percentage interests and not with a view to profit. However holding operatorship does, in the opinion of the Directors, open up further acquisition opportunities.

Should TAQA Bratani be successful in its proposals to assume the role of operator of Blocks 16/7a, Licence no. P.108 (Block 16/3a), Licence no. P.313 (Block 16/3b), Licence no. P.313 (Block 16/3c) and East Brae, such further change of operatorship would, subject to the approval of the OGA, take place no earlier than 1 July 2020 and RockRose would be fully compensated for all continuing costs associated with operatorship.

From a strategic perspective concerning operatorship, the OGA, in delivering comfort letters in respect of the Marathon Acquisition, raised no objection to the Group acting as operator. Accordingly whilst RockRose sees the potential loss of operatorship of Blocks 16/7a, Licence no. P.108 (Block 16/3a), Licence no. P.313 (Block 16/3b), Licence no. P.313 (Block 16/3c) and East Brae as the possible loss of a strategic advantage, any such loss of operatorship is unlikely to have any material effect on RockRose's financial position in respect of Blocks 16/7a, Licence no. P.108 (Block 16/3a), Licence no. P.313 (Block 16/3b), Licence no. P.313 (Block 16/3c) and East Brae or otherwise.

Decommissioning

The cessation of production dates shown in this section do not necessarily match the expiry dates of the corresponding licences. In the UK, offshore production licences can be extended beyond their original expiry date to allow approved fields to finish their production. An extension is implemented by an amendment that removes all acreage from the licence other than the approved field(s) and continues for as long as the field(s) is in production. In the Netherlands, onshore licences do not have a formal expiry date. Offshore, RockRose's licences expire on various dates between December 2019 and June 2036. Extensions have to be applied for by the operator in good time, but are not to be unreasonably withheld and – as far as RockRose is aware – never have been.

Marathon Interests

The following table details the currently anticipated cessation of production dates for each of the producing fields included in the Marathon Interests plus the estimated, gross pre-tax decommissioning liability (in real terms as at 31 March 2019) and RockRose's estimate of its net post-tax decommissioning liability (in real terms as at 31 March 2019).

	Cessation of	Gross, pre-tax	Net, post-tax
Field	production	decommissioning	decommissioning
Braemar	2021	£39MM	£4MM
Central Brae	2030	£110MM	£18MM
East Brae	2021	£257MM	£38MM
South Brae	2030	£253MM	£40MM
West Brae	2030	£373MM	£60MM
Foinaven	2025	£507MM	£85MM
East Foinaven	2025	£72MM	£20MM
T25	2025	£31MM	£4MM
T35	2025	£20MM	£2MM

Source: ERCE Competent Persons Report Effective 31 March 2019

In addition, £193 million (gross, pre-tax) is expected to be spent decommissioning the Brae Bravo platform and pipelines on block 16/7a between 2019 and 2033. RockRose estimates its net, post-tax share of this sum will be £31 million.

Dyas Interests

The following table details the currently anticipated cessation of production dates for each of the producing fields included in the Dyas Interests plus the estimated, gross and net decommissioning liabilities (in real terms).

	Cessation of	Gross, pre-tax	Net, post-tax
Field	production	decommissioning	decommissioning
A&B Blocks	2028	€94MM	€14MM
Bergen	2029	€39MM	€5MM
Hanze	2039	€92MM	€19MM
K4/K5	2036	€215MM	€25MM
P15/P18 Rijn	2021	€52MM	€24MM
P/Q Blocks	2021	€113MM	€14MM

Source: ERCE Competent Persons Report Effective 31 March 2019

Idemitsu Interests

The following table details the currently anticipated cessation of production dates for each of the producing fields included in the Idemitsu Interests plus the estimated, gross pre-tax decommissioning liability (in real terms) and RockRose's estimate of its net post-tax decommissioning liability (in real terms).

	Cessation of	Gross, pre-tax	Net, post-tax
Field	production	decommissioning	decommissioning
Nelson	2027	£228MM	£10MM
Howe	2022	£30MM	£4MM
Blake & Ross	2029	£415MM	£77MM
Balmoral & Stirling	2019	£320MM	£19MM
Beauly	2019	£20MM	£5MM
Burghley	2019	£23MM	£6MM

Source: ERCE Competent Persons Report Effective 31 March 2019

In addition, RockRose is liable for 17.4% of the costs of decommissioning the Galley field once it ceases production. In real terms, RockRose estimates its net, post-tax share of this will be £10 million.

Working capital

The Company is of the opinion that the working capital available to the Enlarged Group (which for the avoidance of doubt includes the Marathon Group) is sufficient for the present requirements of the Enlarged Group, that is, for at least the next 12 months following the date of this document.

Dividend policy

On 26 January 2018, the Company announced proposals for a "B Share Scheme" to return £1.50 per Ordinary Share to Shareholders which were considered by Shareholders on 14 February 2018 and in respect of which the Company received irrevocable undertakings to vote in favour of the implementing resolutions for a total of 8,226,640 Ordinary Shares representing 56.65% of the issued share capital of the Company.

Going forward, the Company intends to pay dividends on the Ordinary Shares following at such times (if any) and in such amounts (if any) as the Board determines appropriate. The Company will only pay dividends to the extent that to do so is in accordance with the Companies Act and all other applicable laws, and the Directors will review the Company's dividend policy from time to time.

Summary of UK Licence Interest in Fields for which Reserves Have Been Audited

Field	Country	Blocks	Operator	RRE Interest	Partners	Status
Nelson	UK	22/11a, 22/6s, 22/7a, 22/12a	Shell	7.48%	Shell (58.11%), Esso (21.23%), Apache (11.53%), Premier (1.66%)	Prod. Oil
Howe	UK	22/12c	Shell	20.00%	Shell (60%), Bridge (20%)	Prod. Oil
Blake	UK	13/24b, 13/24a, 13/29b	Repsol Sinopec	30.82%	Repsol Sinopec (69.18%)	Prod. Oil
Ross	UK	13/29a, 13/29b, 13/28a, 13/28c	Repsol Sinopec	30.82%	Repsol Sinopec (69.18%)	Prod. Oil
Beauly	UK	16/21c	Repsol Sinopec	40.00%	Repsol Sinopec (60%)	Prod. Oil
Burghley	UK	16/22a	Repsol Sinopec	41.10%	Repsol Sinopec (36.98%), JX Nippon (21.92%)	Prod. Oil
Tors	UK	43/22a, 42/25a, 43/21a	Alpha Petroleum	15.00%	Alpha Petroleum (17%), Edison (68%)	Prod. Gas
Grove	UK	49/10a, 49/9c	Spirit Energy	15.00%	Spirit Energy (85%)	Prod. Gas
Arran	UK	23/11a, 23/11c, 23/16b, 23/16c	Shell	30.43%	Shell (44.57%), ONE-DYAS (25%)	Gas-condensate development
		16/3a, 16/7a, 16/7b, 16/7c	RockRose	40.00%	TAQA (41.7%), Spirit Energy (8%), JX Nippon (6.3%), TAQA LNS (4%)
		16/3b, 16/3c	RockRose	26.00%	TAQA (62%), Spirit Energy (5%), JX Nippon (4%), TAQA LNS (3%)
Greater Brae Area* UK		16/8d	RockRose	30.00%	Shell (41.17%), Esso (28.83%)	Prod Oil, Gas, Condensate NGL
		16/3a, 16/3b	RockRose	36.82%	TAQA (46.30%), Spirit Energy (7.32%), JX Nippon (5.78%), TAQA LNS (3.77%)
		16/8a, 16/8d	Shell	0.90%	Shell (49.74%), Esso (49.37%)
Foinaven	UK	204/19a, 204/20a, 204/24a, 204/25b	ВР	28.00%	BP (72%)	Prod Oil
Foinaven East	UK	204/24a, 204/25b	ВР	47.00%	BP (43%), Faroe (10%)	Prod Oil
Foinaven T25/35	UK	204/24a	ВР	20.00%	BP (80%)	Prod Oil

^*Greater Brae area has commercial arrangements that mean the effective working interest for revenue and cost calculations are not necessarily equal to the license interest.

Summary of Netherland Licence Interests in Fields for which Reserves Have Been Audited

Field	Country	Blocks	Operator	RRE Interest	Partners	Status
Hanze	NL	F2a	Dana Petroleum	20%	Dana (45%), ONE-DYAS (35%)	Prod. Oil
P15/18 Rijn	NL	P15	TAQA	45.69%	TAQA (38.27%), ONE-DYAS (14.19%), Wintershall (1.85%)	Prod. Oil
A/B Blocks excl. A15	NL	A12a, A12d, A18a, A18c, B10a, A12b, B10c, B13a, B16a, B13a	Petrogas	14.63%	Petrogas (34.13%), TAQA (3.87%), EBN (47.38%)	Prod. Gas
Bergen Onshore	NL	NL Bergen Concession TAQA		12%	TAQA (36%), Dana (12%), EBN (40%)	Prod. Gas
K4/K5	NL	K4b, K5a, K5b	Total	6.98-11.66%	Total (36.31 - 41.8%), EBN (50%), Vermillion (1.22 - 2.04%)	Prod. Gas
PQ excl. Q1B	NL	P6-d, P6-a, P6-b, P6-s, P9a, P9b, P9cef, Q4, Q5d, Q8	Wintershall	5.62-30.60%	Wintershall B.V (29.40 - 61.61%), EBN (20 - 50%), Delta Hydrocarbons B.V (10 - 19.80%)	Prod. Gas

Summary Licence Interests for the remaining assets for which decommissioning costs apply

Field	Country	Blocks	Operator	RRE Interest	Partners	Status
Galahad	UK	48/13b, 48/12a	Perenco	27.80%	Perenco (72.2%)	Prod. Gas
Modred	UK	48/12a, 48/12c	Perenco	8.33%	Perenco (91.67%)	Prod. Gas
Seven Seas	UK	48/8a, 48/7c, 48/7g	Spirit	10%	Spirit (90%)	Prod. Gas
Balmoral	UK	16/21a, 16/21b	Premier	6.75%	Premier (78.12%), Repsol Sinopec (15.13%)	Prod. Oil
Stirling	UK	16/21a, 16/21c	Premier	16%	Premier (68.68%), Repsol Sinopec (15.32%)	Prod.Oil
Galley	UK	15/23a	Repsol Sinopec	17.42%	Repsol Sinopec (67.42%), JX Nippon (15.17%)	Shut-in
Hanze Pliocene	UK	F2a	Dana	12%	Dana (27%), ONE-DYAS (21%), EBN (40%)	Prod. Gas
J3C Block	UK	J3b/J6, J3c	Total	1.73%	Total (29.05%), Spirit (4.03%), NAM (15.20%), EBN (50%)	Prod. Gas
Markham	UK	NL: J3b/J6 UK: 49/5a, 49/10b	Spirit	4.43%	Total (22.10%), Spirit Energy (37.53%), INEOS (3.38%), Euroil (3.07%), EBN (29.50%)	Prod. Gas
Q1B	NL	Q4, Q1	Wintershall 2.59%		Wintershall (43.46%), TAQA (9.00%), EBN (40%), Delta Hydrocarbons (4.95%)	Prod. Gas
P15/P18	NL	P15c, P15a, P15b, P18a, P18c	TAQA	0.68-9.71%	TAQA (18.16 - 48.65%), Dana (0.68 - 10.66%), Wintershall (0.65 1.85%), ONE-DYAS (8.38 - 14.19%)	Prod. Gas
F15 AB	NL	F15a, F15d	Total	8.82%	EBN (50%), Total (38.2%), Vermillion (2.97%)	Shut-in
Halfweg	NL	Q1-Q2c	Petrogas	1.14%	Petrogas (45.81%), TAQA (11.45%), EBN (41.6%)	P&A'd. Platform removal complete (GBS remains in place)

RockRose Reserves Summary

				'ƌŽƐƐ&ŝĞůĚKŝůĂŶĚ'ĂƐZĞƐĞƌǀĞƐ ĂƐĂƚϯϭͬϬϯͬϮϬϭϵ				ZŽĐŬZŽƐĞ			EĞƚZŽĐŬZŽƐĞKŝůĂŶĚ'ĂƐZĞƐĞƌǀĞƐ ĂƐĂƚϯϭͬϬϯͬϮϬϭϵ					dŽƚĂů&ŝĞůĚEĞƚZĞƐĞƌǀĞƐ ĂƐĂƚϯϭͬϬϯͬϮϬϭϵ
ŽƵŶƚƌLJ	ƐƐĞƚͬ&ŝĞůĚ	ϭW		ϮW		ϯW		tŽƌŬŝŶŐ	ϭW		ϮW			ϯW	ϭW	ϮW	ϯW
		;DDƐƚďͿ >ŝƋƵŝĚƐ	;ƐĐĨͿ 'ĂƐ	;DDƐƚďͿ >ŝƋƵŝĚƐ	;ƐĐĨͿ 'ĂƐ	;DDƐƚďͿ >ŝƋƵŝĚƐ	;ƐĐĨͿ 'ĂƐ	/ŶƚĞƌĞƐƚ ;йͿ	;DDƐƚďͿ >ŝƋƵŝĚƐ	;ƐĐĨͿ 'ĂƐ	;DDƐƚďͿ >ŝƋƵŝĚƐ	;ƐĐĨͿ 'ĂƐ	;DDƐƚďͿ >ŝƋƵŝĚƐ	;ƐĐĨͿ 'ĂƐ		;DDďŽĞͿ ;DDďŽĞͿ ;DDďŽĞͿ
	'ƌŽǀĞ	Ͳ	ϳ͘ϲ	Ͳ	ϵ͘Ϯ	Ͳ	ϭϯ͘ϳ	ϳ͘ϱ	Ͳ	Ϭ͘ϲ	Ͳ	Ϭ͘ϳ	Ͳ	ϭ͘Ϭ	Ϭ͘ϭ	Ϭ͘ϭ	Ϭ͘Ϯ
	dŽƌƐ	Ͳ	ϭϳ͘ϵ	Ͳ	Ϯϰ͘ϰ	Ͳ	ϯϭ͘Ϭ	ϭϱ͘Ϭ	Ͳ	Ϯ͘ϳ	Ͳ	ϯ͘ϳ	Ͳ	ϰ͘ϲ	Ϭ͘ϱ	Ϭ͘ϲ	Ϭ͘ϴ
	EĞůƐŽŶ	ϭϮ͘Ϯ	Ͳ	ϭϳ͘ϰ	Ͳ	ϮϮ͘Ϯ	Ͳ	ϳ͘ϱ	Ϭ͘ϵ	Ͳ	ϭ͘ϯ	Ͳ	ϭ͘ϳ	Ͳ	Ϭ͘ϵ	ϭ͘ϯ	ϭ͘ϳ
	,ŽǁĞ	Ϭ͘ϲ	Ϯ͘Ϭ	ϭ͘ϲ	ϱ͘ϯ	Ϯ͘ϵ	ϴ͘ϯ	ϮϬ͘Ϭ	Ϭ͘ϭ	Ϭ͘ϰ	Ϭ͘ϯ	ϭ͘ϭ	Ϭ͘ϲ	ϭ͘ϳ	Ϭ͘Ϯ	Ϭ͘ϱ	Ϭ͘ϵ
	ĂůŵŽƌĂů	Ϭ͘Ϭϱ	Ͳ	Ϭ͘Ϭϲ	Ͳ	Ϭ͘Ϭϳ	Ͳ	ϳ͘ϱ	Ϭ͘ϬϬϰ	Ͳ	Ϭ͘ϬϬϰ	Ͳ	Ϭ͘ϬϬϱ	Ͳ	Ϭ͘ϬϬϰ	Ϭ͘ϬϬϰ	Ϭ͘ϬϬϱ
	^ƚŝƌůŝŶŐ	Ϭ͘Ϭϲ	Ͳ	Ϭ͘Ϭϲ	Ͳ	Ϭ͘Ϭϳ	Ͳ	ϭϲ͘Ϭ	Ϭ͘ϬϬϵ	Ͳ	Ϭ͘ϬϭϬ	Ͳ	Ϭ͘Ϭϭϭ	Ͳ	Ϭ͘ϬϬϵ	Ϭ͘ϬϭϬ	Ϭ͘Ϭϭϭ
	ĞĂƵůLJ	Ϭ͘ϭϯ	Ͳ	Ϭ͘ϭϰ	Ͳ	Ϭ͘ϯϭ	Ͳ	ϰϬ͘Ϭ	Ϭ͘Ϭϱ	Ͳ	Ϭ͘Ϭϱ	Ͳ	Ϭ͘ϭϮ	Ͳ	Ϭ͘Ϭϱ	Ϭ͘Ϭϱ	Ϭ͘ϭϮ
	ƵƌŐŚůĞLJ	Ϭ͘Ϯϱ	Ͳ	Ϭ͘Ϯϲ	Ͳ	Ϭ͘Ϯϳ	Ͳ	ϰϭ͘ϭ	Ϭ͘ϭϬ	Ͳ	Ϭ͘ϭϭ	Ͳ	Ϭ͘ϭϭ	Ͳ	Ϭ͘ϭϬ	Ϭ͘ϭϭ	Ϭ͘ϭϭ
h<	ůĂŬĞ	Ϯϰ͘ϳ	Ͳ	ϯϰ͘Ϭ	Ͳ	ϰϲ͘ϯ	Ͳ	ϯϬ͘ϴ	ϳ͘ϲ	Ͳ	ϭϬ͘ϱ	Ͳ	ϭϰ͘ϯ	Ͳ	ϳ͘ϲ	ϭϬ͘ϱ	ϭϰ͘ϯ
	ZŽƐƐ	Ϭ͘ϭ	Ͳ	Ϭ͘ϲ	Ͳ	ϭ͘ϭ	Ͳ	ϯϬ͘ϴ	Ϭ͘Ϭϰ	Ͳ	Ϭ͘Ϯ	Ͳ	Ϭ͘ϯ	Ͳ	Ϭ͘Ϭ	Ϭ͘Ϯ	Ϭ͘ϯ
	ƌƌĂŶ	ϰ͘ϳ	ϲϭ͘ϳ	ϵ͘ϯ	ϭϮϳ͘ϳ	ϭϳ͘ϭ	Ϯϯϱ͘ϳ	ϯϬ͘ϰ	ϭ͘ϰ	ϭϴ͘ϴ	Ϯ͘ϴ	ϯϴ͘ϵ	ϱ͘Ϯ	ϳϭ͘ϳ	ϱ͘ϭ	ϵ͘ϱ	ϭϳ͘ϲ
	&ŽŝŶĂǀĞŶ	Ϯϲ͘Ϭ	ϯ͘ϯ	Ϯϵ͘ϳ	ϯ͘ϱ	ϯϯ͘ϴ	ϯ͘ϳ	Ϯϴ͘Ϭ	ϳ͘ϯ	Ϭ͘ϵ	ϴ͘ϯ	ϭ͘Ϭ	ϵ͘ϱ	ϭ͘Ϭ	ϳ͘ϰ	ϴ͘ϱ	ϵ͘ϲ
	ĂƐƚ&ŽŝŶĂǀĞŶ	Ϯ͘Ϯ	Ͳ	Ϯ͘ϳ	Ͳ	ϯ͘ϭ	Ͳ	ϰϳ͘Ϭ	ϭ͘Ϭ	Ͳ	ϭ͘ϯ	Ͳ	ϭ͘ϱ	Ͳ	ϭ͘Ϭ	ϭ͘ϯ	ϭ͘ϱ
	dϮϱ &ŽŝŶĂǀĞŶ	ϭ͘ϱ	Ͳ	ϭ͘ϳ	Ͳ	Ϯ͘Ϭ	Ͳ	ϮϬ͘Ϭ	Ϭ͘ϯ	Ͳ	Ϭ͘ϯ	Ͳ	Ϭ͘ϰ	Ͳ	Ϭ͘ϯ	Ϭ͘ϯ	Ϭ͘ϰ
	dϯϱ &ŽŝŶĂǀĞŶ	ϭ͘Ϭ	Ͳ	ϭ͘Ϯ	Ͳ	ϭ͘ϯ	Ͳ	ϮϬ͘Ϭ	Ϭ͘Ϯ	Ͳ	Ϭ͘Ϯ	Ͳ	Ϭ͘ϯ	Ͳ	Ϭ͘Ϯ	Ϭ͘Ϯ	Ϭ͘ϯ
	ƌĂĞŽŵƉůĞdž	ϮϬ͘ϰ	Ϯϭ͘ϰ	ϰϬ͘Ϭ	Ϯϰ͘ϰ	ϰϵ͘Ϭ	Ϯϳ͘ϯ	Ϯϳ͘ϴͲϰϮ͘ϰ	ϵ͘Ϯ	ϲ͘ϳ	ϭϲ͘ϴ	ϳ͘ϴ	ϮϬ͘ϲ	ϴ͘ϴ	ϭϬ͘ϰ	ϭϴ͘ϭ	ϮϮ͘ϭ
	Θ ůŽĐŬƐ	Ͳ	ϭϱϱ͘Ϯ	Ͳ	ϮϬϲ͘ϵ	Ͳ	Ϯϲϵ͘ϴ	ϭϰ͘ϲϯ	Ͳ	Ϯϭ͘ϲ	Ͳ	Ϯϵ͘ϲ	Ͳ	ϯϳ͘ϱ	ϯ͘ϴ	ϱ͘ϭ	ϲ͘ϱ
	ĞƌŐĞŶ	Ϭ͘ϬϬϮ	ϳ͘ϵ	Ϭ͘ϬϬϰ	ϭϰ͘ϲ	Ϭ͘ϬϬϱ	ϭϵ͘ϱ	ϭϮ͘Ϭ	Ϭ͘ϬϬϬϯ	Ϭ͘ϵ	Ϭ͘ϬϬϬϱ	ϭ͘ϴ	Ϭ͘ϬϬϬϱ	Ϯ͘ϯ	Ϭ͘Ϯ	Ϭ͘ϯ	Ϭ͘ϰ
EĞƚŚĞƌůĂŶĚƐ	,ĂŶnjĞKŝů	ϲ͘ϵ	Ͳ	ϭϭ͘ϰ	Ͳ	ϭϯ͘ϯ	Ͳ	ϮϬ͘Ϭ	ϭ͘ϰ	Ͳ	Ϯ͘ϯ	Ͳ	Ϯ͘ϳ	Ͳ	ϭ͘ϰ	Ϯ͘ϯ	Ϯ͘ϳ
	<ϰ<ϱ	ϲ͘ϰ	Ϯϯϴ͘ϭ	ϳ͘Ϭ	ϮϲϬ͘ϳ	ϳ͘ϵ	Ϯϵϱ͘ϱ	ϲ͘ϵϴͲϭϭ͘ϲϲ	Ϭ͘ϰ	ϭϲ͘ϳ	Ϭ͘ϱ	ϭϴ͘ϯ	Ϭ͘ϲ	ϮϬ͘ϳ	ϯ͘Ϭ	ϯ͘Ϯ	ϯ ϳ͘
	WϭϱͬWϭϴZŝũŶKŝů	Ϭ͘ϱ	Ͳ	Ϭ͘ϲ	Ͳ	Ϭ͘ϵ	Ͳ	ϰϱ͘ϳ	Ϭ͘Ϯ	Ͳ	Ϭ͘ϯ	Ͳ	Ϭ͘ϰ	Ͳ	Ϭ͘Ϯ	Ϭ͘ϯ	Ϭ͘ϰ
	WY ;ĞdžĐů͘YϭͿ	Ϭ͘Ϯ	ϵ͘Ϯ	Ϭ͘ϯ	ϭϭ͘ϴ	Ϭ͘ϰ	ϭϲ͘ϱ	ϱ͘ϲϮͲϯϬ͘ϲϬ	Ϭ͘Ϭ	ϭ͘ϲ	Ϭ͘ϭ	Ϯ͘Ϭ	Ϭ͘ϭ	Ϯ͘ϴ	Ϭ͘ϯ	Ϭ͘ϯ	Ϭ͘ϱ
h<^ƵďͲdŽƚĂů		ϵϯ͘ϵ	ϭϭϰ͘Ϭ	ϭϯϴ͘ϳ	ϭϵϰ͘ϱ	ϭϳϵ͘ϲ	ϯϭϵ͘ϳ		Ϯϴ͘ϯ	ϯϬ͘ϭ	ϰϮ͘Ϯ	ϱϯ͘Ϭ	ϱϰ͘ϱ	ϴϴ͘ϵ	ϯϯ͘ϵ	ϱϭ͘ϰ	ϲϵ͘ϴ
EĞƚŚĞƌůĂŶĚƐ^ƵďͲdŽƚĂů		ϭϰ͘Ϭ	ϰϭϬ͘ϱ	ϭϵ͘ϯ	ϰϵϰ͘ϭ	ϮϮ͘ϲ	ϲϬϭ͘ϯ		Ϯ͘ϭ	ϰϬ͘ϴ	ϯ͘ϭ	ϱϭ͘ϲ	ϯ͘ϳ	ϲϯ͘ϰ	ϴ͘ϳ	ϭϭ͘ϲ	ϭϰ͘ϭ
dŽƚĂů		ϭϬϳ͘ϵ	ϱϮϰ͘ϰ	ϭϱϴ͘Ϭ	ϲϴϴ͘ϲ	ϮϬϮ͘Ϯ	ϵϮϭ͘Ϭ		ϯϬ͘ϰ	ϳϬ͘ϵ	ϰϱ͘ϯ	ϭϬϰ͘ϳ	ϱϴ͘Ϯ	ϭϱϮ͘ϯ	ϰϮ͘ϲ	ϲϮ͘ϵ	ϴϯ͘ϵ

RockRose UK licence portfolio (excluding the Marathon Interests) and anticipated net costs for the 21 months to 31 December 2020

		_	_	_					_					Seven	_
Field:	Blake	Ross	Nelson	Номе	Balmoral	Stirling	Burghley	Beauly	Galley	Arran	Mordred	Galahad	Tors	Seas	Grove	Totals
Licences	P.729,	P.307,	P.69,	P.77	P.344	P.344	P.240	P.344	P.324	P.359	P.142	P.142	P.1034	P.1354	P.083
	9.101		P.87							P.359 Area B, P.1051,
Working Interest	30.8%	30.8%	7.5%	20.0%	6.8%	16.0%	41.1%	40.0%	17.4%	30.4%	8.3%	27.8%	15.0%	10.0%	7.5%
Operator	Respol	Respol	Shell	Shell	Premier	Premier	Repsol	Repsol	Repsol	Shell	Perenco	Perenco	Alpha	Spirit	Spirit
!	Sinopec	Sinopec			ō	5	Sinopec	Sinopec	Sinopec				Petroleum	Energy	Energy
RockRose	700/1	700/1	700/11	70071	700/1	100711	700/11	700711	700/11	700/1	000/11	COUNT	COUNT	600/11	600/11
1P recerves	450	45050	1000	1000	45050	5050	45050	1000	1000	5000	0000	75040	55020	2000	2020
(Mmboe)	7.6	0.0	6.0	0.2	0.0	0.0	0.1	0.1	0.0	5.1	0.0	0.0	0.5	0.0	0.1	14.6
2P reserves (Mmboe)	10.5	0.2	ن	0.5	0.0	0.0	0.1	0.1	0.0	9.5	0.0	0.0	0.6	0.0	0.1	22.9
Cessation of
production
(2P Case)	2029	2029	2027	2022	2019	2019	2019	2019	n/a	2028	2020	2020	2026	2021	2022
Opex (£MM)	41.0	7.5	6.6	1.6	4.1	1.7	2.2	12.2	A/N	0.0	0.0	1.0	2.0	0.2	1.3	79.5
Capex (£MM)	42.7	0.0	0.8	9.0	0.0	0.0	0.0	0.0	A/A	87.4	0.0	0.0	0.2	0.1	0.0	131.7
Abex (£MM post tax)	0.0	0.0	0.0	0.0	2.2	7.	0.6	1.0	0.2	0.0	0.0	1.0	0.0	0.0	0.0	6.1

Source: ERCE Competent Persons Report Effective 31 March 2019, Company data

The Marathon Interest and anticipated net costs for the 21 months to 31 December 2020

Field:	Central Brae ——————	South Brae ———–——	West Brae —————	Brae Bravo* ———–——	East Brae —————	Braemar —————	Foinaven —————	East Foinaven —————	T25 —————	T35 —————	Totals
Licences Included	P.108, P.340	P.340 P.108,	P.340 P.108,	P.340 P.108,	P.313 P.108,	P.313	P.803 P.556,	P.803 P.558,	P.558	P.558	———
Working Interest Operator	40.0%(1) RockRose	40.0%(1) RockRose	40.0%(1) RockRose	RockRose 40.00%	36.8%(1) RockRose	26.0%(1) RockRose	28.0% BP	47.0% BP	20.0% BP	20.0% BP
RockRose subsidiary 1P reserves (Mmboe)	UKCS8 0.3	UKCS8 3.7	UKCS8 4.8	UKCS8 0.0	UKCS8 0.6	UKCS8 1.1	7.4 UKCS10	1.0 UKCS10	0.3 UKCS10	UKCS10 0.2	19.4
2P reserves (Mmboe) Cessation of	0.4	6.2	9.6	0.0	0.8	1.1	8.5	1.3	0.3	0.2	28.5
production (2P Case)	2030	2030	2030	2018	2020	2021	2025	2025	2025	2025
Capex (£MM) Opex (£MM)	2.0 0.0	28.6 0.0	56.2 34.5	0.0 0.0	3.6 0.0	0.0 3.1	65.6 6.2	10.6 1.0	0.3 3.1	2.0 0.2	174.8 42.1
Abex (£MM post tax)	0.0	0.0	0.0	30.9	0.0	0.0	0.0	0.0	0.0	0.0	30.9

Source: ERCE Competent Persons Report Effective 31 March 2019, Company data

RockRose Netherlands licence portfolio and anticipated net costs for the 21 months to 31 December 2020

	•	-	•		-		-			-		-
			P15	P15 P18	F02a	F02a Pliocene	PQ				Bergen	KIL
Field:	AB Blocks	K4 K5	Rijn Oil	(Gas)	Hanze Oil	Gas	Blocks	Markham	J3-C	F15	Concession	Blocks	Totals
Licences Included	A12a,	K4b,	P15	P15c,	F02a	F02a	P6-d,	J3b, J6	J3C	F15a,	Bergen,	K18-b/
	A12d,	K5a,		P15a,			P6-a,			F15d	Groet Oost,	L16-a, K18
	A18a,	K4K5 Unit,		P15b,			P6-b,				Mideelie	Lambda
	A18c,	K5C-EC2		P18a,			P6-s,				PARA,
	B10a,	Unit		P18c			P9a, P9b,				West
	A12b,	K5-F Unit					P9cef, Q4,				Beemster,
	B10c,						Q5d, Q8,				Alkmaar
	B13a						04 0				P
	B16a						5 5 5				-
Working Interest	14 6%	-%0 2	45 7%	0.7%-	%U UC	12.0%	-%9 C	4 4%	1 7%	%8 8	12 0%	10.0%-
	2	11 7%	:	%2.6		i	30.6%	2	2	)		10.5%
Operator	PetroGas	Total	TAGA	TAGA	Dana	Dana	Wintershall	Spirit	Total	Total	TAGA	Wintershall
			3	3	5	5 5		Energy	5		3
RockRose subsidiary	CS1 B.V.	CS1 B.V.	CS1 B.V.	CS1 B.V.	CS1 B.V.	CS1 B.V.	CS1 B.V.	CS1 B.V.	CS1 B.V.	CS1 B.V.	CS1 B.V.	CS1 B.V.
1P reserves (Mmboe)	3.8	3.0	0.2	0.0	4.1	0.0	0.3	0.0	0.0	0.0	0.2	0.0	8.7
2P reserves (Mmboe)	5.1	3.2	0.3	0.0	2.3	0.0	0.3	0.0	0.0	0.0	0.3	0.0	11.6
Cessation of production	8000	9000	2000	7000	0000	0,000	7000	0,000	3000	9	0000	(
(zr case)	2028	2030	707	707	2038	8107	707	8107	2707		8707	n/a
Opex (£MM)	16.5	8.9	4.7	0.0	9.7	0.0	4.5	0.7	0.1	0.1	1.3	0.0	42.2
Capex (£MM)	0.0	0.7	0.8	0.0	3.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.7
Abex (£MM post tax)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.4	0.0	0.2	0.0	0.0	9.0

Source: ERCE Competent Persons Report Effective 31 March 2019, Company data

*The Brae Bravo platform and associated infrastructure is being decommissioned following cessation of production at North Brae.

The Group's portfolio

The Group's portfolio is summarised in the tables set out on pages 58 to 63 of this document.

The description of the Group's assets described below, the content of which is sourced directly from (where relevant) ERC Equipoise's Competent Person's Report, only focus on those assets the Directors deem to be material to the Group.

(a) The Marathon Interests

(i) Overview

The Company announced on 25 February 2019 that it had signed the Marathon Acquisition Agreements. The Marathon Acquisition involved the purchase of the entire membership interest in MOUK from MOHL and the entire issued share capital of MOWOS from MIOH by the Company. MOUK holds approximately 37%-40% operated interests in fields in the Greater Brae Area (which are unitised fields) and MOWOS holds a 28% interest in the British Petroleum Exploration Operating Company Ltd ("BP") operated Foinaven Field unit and a 47% interest in Foinaven East, respectively. The Marathon Acquisition also includes interests in the SAGE, Brae-Forties and West of Shetland pipeline systems infrastructure providing additional tariff income.

On 20 June 2019, MOUK was notified by TAQA Bratani, a significant non-operator interest holder in those licences, following the approval of proposals made by TAQA Bratani to the other members of the relevant operating committees on 5 June 2019, that MOUK would be discharged as operator of Blocks 16/7a, Licence no. P.108 (Block 16/3a), Licence no. P.313 (Block 16/3b), Licence no. P.313 (Block 16/3c) and East Brae and TAQA Bratani appointed in its place. No reasons were given for these changes. A process will follow, involving OGA approval, which could result in the Group losing operatorship of these licences in July 2020.

On 26 June 2019, the Company received a letter from the OGA confirming that it currently has no objection to the change of control of the Marathon Group, and the Marathon Acquisition completed on 1 July 2019.

(ii) The Marathon Acquisition Agreements

The terms of the Marathon Acquisition Agreements dated 24 February 2018, are detailed in Part XIX – Additional Information of this document.

(iii) Brae Complex Overview

The Brae Complex fields are located some 220km north-east of Aberdeen water depths ranging from 100 to 120 metres. The Brae Complex has 7 main fields spread across six licence blocks and 3 fully integrated platforms operated by RockRose. South Brae, Central Brae and the West Brae field (formerly West Brae & Sedgwick) are black oil fields, whereas North Brae, Beinn, East Brae and Braemar are gas condensate fields.

North Brae and Beinn have now ceased production. Reserves have been assessed for Central, West, East and South Brae, and Braemar.

RockRose is the operator and has an equal working interest in South, Central and West Brae fields.

The Brae Bravo platform, along with the North Brae, Beinn and Kingfisher Fields are being decommissioned. Devenick is a third party producing field, which impacts cost share and fuel gas supplies at the East Brae platform, but in which RockRose does not have a working interest. East Brae and the Braemar sub-sea tieback also flow through the East Brae platform. West Brae and Central Brae are sub-sea tiebacks to the Brae Alpha platform. South Brae is also produced through the Brae Alpha platform. Production in the Brae Complex is limited by facility life. East Brae is scheduled to be shut in at the end of 2020. Braemar forecasts are truncated at the end of 2021. South, Central and West Brae forecasts are truncated at the end of 2030.

Oil production from the platform is transported via the Forties pipeline system to the Kinneil terminal where it is processed. Gas production from the platform travels via the SAGE network to the St Fergus terminal where it is processed, natural gas liquids ("NGLs") are extracted and sales products are distributed.

Current gas export is negligible after fuel and flare are removed at Brae Alpha and no gas or NGL reserves are quoted for Brae Alpha fields.

Figure 10.1: Central Brae Field Location map (Source: RockRose)

The area comprises unitised and non-unitised areas. Additional commercial arrangements have also been reached between the various parties. The results are summarised in Table 10.1. As a result:

• For OPEX spend, Marathon pays 60% of the TAQA Bratani LNS working interest, and receives60% of TAQA LNS production in return.

Table 10.1: RockRose Revenue, OPEX and CAPEX Interest in the Brae Complex (Source: RockRose)

Effective License Revenue Interest

Company RockRose	42.400	North, South and Beinn Central Brae 42.400	West Brae 42.400	Braemar 27.800	East Brae 39.0883	Kingfisher 0.897
Effective License OPEX Interest
Company RockRose	42.400	North, South and Beinn Central Brae 42.400	West Brae 42.400	Braemar 27.800	East Brae 39.0883	Kingfisher 0.897
Effective License CAPEX Interest
Company RockRose	44.000	North, South and Beinn Central Brae 44.000	West Brae 44.000	Braemar 29.000	East Brae 40.5976	Kingfisher 0.897

• For CAPEX spend, Marathon pays 100% of the TAQA Bratani LNS working interest, and receives 60% of TAQA LNS production in return.

ERC Equipoise's audit has determined that the total probabilistic P50 cost of decommissioning from the third quarter of 2018 (£1224.7MM) is reasonable and has been adopted at all reserve levels of confidence. ERC Equipoise has allocated costs for the producing assets (i.e. removing forecast costs for Bravo Fields and spent costs from the first quarter of 2019) within the forecast profiles.

(iv) Central Brae

Oil was discovered in Central Brae in 1976 by well 16/7-3, with first production occurring in 1989 via sub-sea wells to the Brae Alpha platform. After five exploration wells, 13 development wells have been drilled on the Central Brae field, including extended reach wells drilled from Brae Alpha and Bravo platforms as well as the sub-sea wells. Only one sub-sea well, C3, is currently active.

As at 31 March 2019, cumulative oil recovery has reached 61.0 MMstb, with an additional 6.0 MMstb of NGL extracted from the gas stream.

NGL uplift from produced gas has been calculated from historical trends at 24.0%. Historical uptime performance has been analysed and a range of values are used across the forecasts, as presented in the table below. Averages have been calculated using data from the previous 6/12 months well performance. Recent uptime has improved since the Brae Bravo platform wells have been shut in, allowing the C3 well to flow continuously.

Table 10.4: Gross Technical Recoverable Oil 31/03/2019

		1P			2P			3P
	Oil/Cond	NGL	Gas	Oil/Cond	NGL	Gas	Oil/Cond	NGL	Gas
Field	MMSTB	MMSTB	Bscf	MMSTB	MMSTB	Bscf	MMSTB	MMSTB	Bscf
Central Brae	0.803	0.000	0.000	1.052	0.000	0.000	1.263	0.000	0.000

No capital spend is forecast on Central Brae from the second quarter of 2019. Costs included in the budget for 2019 associated with the rig reactivation project which ERC Equipoise understands to have been completed in the first quarter of 2019.

Forecasts for ongoing operational costs have been based on historic, actual costs reported and benchmarked against other North Sea assets of similar size and age. Broadly, forecast costs are deemed appropriate and are aligned to ERC Equipoise's view of production.

ERC Equipoise has included direct, platform specific operational costs for the Alpha platform which are shared, dependent on production between the Central, West and South Brae Fields. These costs include platform specific integrity and maintenance, routine operations and logistics.

Other direct costs include projects, studies associated with the Alpha Platform and SAGE costs which are attributable to the 16/7a block.

Indirect and other costs include primarily onshore support, general and administration and CO2 emissions costs that are allocated to the Alpha platform. In a similar method to the Alpha platform direct costs, these costs are then split dependent on production between the Central, West and South Brae Fields.

Shipping and handling costs for usage of the Forties Pipeline System ("FPS") are included in ERCE's Central Brae profiles.

(v) West Brae

Although West Brae was discovered in 1975, the field was only brought onstream in 1997. To date there have been 12 exploration and appraisal wells and 26 development wells, with production routed via the Brae Alpha platform. Seven production wells are currently active and two additional infill wells have been approved to be drilled in 2019.

The West Brae Field lies in Block 16/7a and is an oil accumulation with primary gas caps, across 2 reservoirs, Balder and Flugga, in Tertiary aged turbidite channels. Initially thought to be a separate accumulation immediately to the west, Sedgewick (Block 16/6) is an extension of the same channel complex and is now believed to be part of the same field at the Balder level. Although RockRose has no license interest in Block 16/6, a joint development Agreement manages the combined production. There is strong aquifer support in the field, with minimal depletion seen.

West Brae reservoirs are stacked turbidite channel systems in the Balder and Flugga sandstone members, deposited in north west–south east trending submarine channels. Separated by the Upper Sele mudstones, these reservoirs have different fluid contacts for both gas and oil legs.

Unlike the rest of the Brae Complex which lie within the South Viking Graben, West Brae is a Tertiary reservoir above the footwall of the bounding fault. Differential compaction over the Flugga sandstone Member creates topography which influences the deposition of the Balder sandstone Member. The main structural trap is later formed during inversion on the margin during the Eocene and the resultant drape of the sandstone channels over a basement high.

Decline curve analysis ("DCA") was performed by ERC Equipoise based on oil rate potentials. Overall these aligned well with the Operator forecasts using water oil ratio ("WOR") trends. Base case operator simulation models were supplied with and without the infill wells so incremental recovery, including impact on existing wells, could be assessed. These forecasts were scaled in the low and high scenarios based on the uncertainty analysis presented by the Operator in combination with ERC Equipoise's independent assessment.

Table 10.7: West Brae YE2018 Technical Recoverable Oil

		1P			2P			3P
	Oil/Cond	NGL	Gas	Oil/Cond	NGL	Gas	Oil/Cond	NGL	Gas
Field	MMSTB	MMSTB	Bscf	MMSTB	MMSTB	Bscf	MMSTB	MMSTB	Bscf
West Brae	13.216	0.000	0.000	22.637	0.000	0.000	26.994	0.000	0.000

ERC Equipoise has included CAPEX for the additional infill well drilling campaign planned for 2019 during which WPGZ and WPOZ will be drilled. Rig arrival has been delayed from May 2019 to August 2019. WPGZ is a sidetrack of the existing West Brae well W7, therefore no additional infrastructure is required. WPOZ is a new well approximately 6km from existing infrastructure, requiring a new production, gas lift and control umbilical. As per the South Brae Field, direct OPEX costs for the Alpha Platform are allocated to the Central, West and South Brae Fields depending on production. These costs include platform specific integrity and maintenance, routine operations and logistics.

Other direct costs allocated to West Brae include an allowance for a Diving Support Vessel campaign during which minor inspection work can be undertaken on subsea wells.

Indirect and other costs include primarily onshore support, general and administration and CO2 emissions costs that are allocated to the Alpha platform. In a similar method to the Alpha Platform direct costs, these costs are then split dependent on production between the Central, West and South Brae Fields.

Shipping and Handling costs for usage of the FPS are included in ERC Equipoise's West Brae profiles.

(vi) South Brae

Oil was discovered in South Brae in 1977 by well 16/07a-8, with first production in 1983 via the Brae Alpha platform. After 11 exploration and appraisal wells, 53 development wells have been drilled on the South Brae field. Currently there are 12 active production wells which are all gas lifted. Initial field rates were over 100,000 bbl/d oil, however as water broke through production declined rapidly due to several factors including oil displacement efficiency, decline in well productivity due to relative permeability effects and significant wellbore scaling problems associated with mixing of formation and injected waters. As of 31 March 2019, cumulative oil recovery has reached 261.5 MMstb, with an additional 35.0 MMstb of NGL extracted from the gas stream.

Reserves have been forecast for South Brae using trends of WOR against cumulative oil on an individual well basis on the following currently producing wells: A1, A2, A16, A18, A24, A36, A37, A40, A45z, A47, A48 and A49. Three activities influence the forecast; one predicted well failure and recompletions of A48 and A49.

A47 was drilled and first began production in October 2014. During completion operations, the permanent production packer was pre-set which exposed sections of the carbon steel liner to corrosive reservoir fluids. This is directly analogous to what happened at A42z which failed after seven years. This activity is expected to take place and cost for this is included in 2021 across the 1P to 3P profiles.

A48 (A3 twin) was brought online in 2015 and produces dry oil from the deeper Cc horizon. Whilst the platform is currently constrained by water handling, it is beneficial to produce from this zone rather than the more productive main target intervals (layers Ba/Bc/Ca). Water handling constraints are planned to be lifted during July 2019. To recomplete to the target horizons will require a plug set and perforation job, and a notional start date for the main horizon is 1 January 2020. Forecast profiles have been generated from historical well performance from the A3 well, which A48 twinned to access volumes left behind.

A49 (re-drill of A42z) was brought online in 2018 and produces low water cut oil from the deeper Ad, Ba and Bc layers. Like A48, whilst water handling restriction apply on the platform it is beneficial to produce these zones as opposed to the main target Aa and Ac layers. Similar to A48, a start date of 1 January 2020 is used to switch the well to the main intervals. Due to scaling tendencies of the formation and injected water mixing, the deeper horizons cannot be commingled with the shallower main targets for both of these wells.

Table 10.9: Gross Technical Recoverable Oil @ 31/03/2019

		1P			2P			3P
	Oil/Cond	NGL	Gas	Oil/Cond	NGL	Gas	Oil/Cond	NGL	Gas
Field	MMSTB	MMSTB	Bscf	MMSTB	MMSTB	Bscf	MMSTB	MMSTB	Bscf
South Brae	12.347	0.000	0.000	14.581	0.000	0.000	18.887	0.000	0.000

No capital spend is forecast on South Brae from the second quarter of 2019. Costs included in the annual budget for 2019 were associated with the Bravo Gas Bypass, which ERC Equipoise understands to have been completed in the first quarter of 2019.

Direct OPEX costs for the South Brae Field are allocated depending on production through the Alpha Platform. These costs include platform specific integrity and maintenance, routine operations, logistics and pipeline maintenance costs.

Other direct costs allocated to South Brae include an annual allowance for remedial work undertaken on the platform wells. Other direct costs include projects, studies associated with the Alpha Platform and SAGE costs which are attributable to the 16/7a block.

Indirect and other costs include, primarily, onshore support, general and administration cost and CO2 emissions costs that are allocated to the Alpha platform. In a similar method to the Alpha Platform direct costs, these costs are then split dependent on production between the Central, West and South Brae Fields.

Shipping and Handling costs for usage of the FPS are included in ERC Equipoise's South Brae profiles

(vii) Braemar

Gas-condensate was discovered in Braemar in 1985 by well 16/03a-8Z. The well was re-entered and deepened in 1995 (designated 16/03a-8Y), with first production in 2003 via the East Brae platform. The exploration well was completed and tied back via a sub-sea pipeline to dedicated production facilities on the platform. The well continues to produce on natural depletion and negligible water production.

Gas production has been steadily declining with a corresponding reduction in produced condensate to gas ratio as the field pressure has gone below the dew point. As of 31 March 2019, cumulative gas recovery has reached 175.2 Bscf, with an additional 10.4 MMstb of condensate and 4.2 MMstb of NGL extracted from the gas stream. Reserves have been forecast for the single Braemar gas producer using a decline curve analysis ("DCA") of gas rate against the cumulative gas production.

Table 10.11: Gross Technical Recoverable Fluids @ 31/03/2019

		1P			2P			3P
	Oil/Cond	NGL	Gas	Oil/Cond	NGL	Gas	Oil/Cond	NGL	Gas
Field	MMSTB	MMSTB	Bscf	MMSTB	MMSTB	Bscf	MMSTB	MMSTB	Bscf
Brarmar	2.075	1.723	48.705	2.343	1.995 56.401		2.638	2.296 64.912

No capital spend is forecast on Braemar from the second quarter of 2019, therefore no costs are included in ERC Equipoise profiles.

ERC Equipoise has assumed that, in line with current operations, Braemar pays a share of the East Brae platform operating costs, split dependent on production.

Indirect and other costs include primarily onshore support, general and administration and CO2 emissions costs that are allocated to the East Brae platform.

Shipping and Handling costs for usage of the FPS are included in ERC Equipoise's Braemar profiles. Gas production from Braemar is also subject to the National Transmission System ("NTS") commodity and capacity charge.

(viii) East Brae

Gas-condensate was discovered in East Brae in 1980 by well 16/03a-8Z. The well was re-entered and deepened in 1995 (designated 16/03a-8Y), with first production in 2003 via the East Brae platform. The exploration well was completed and tied back via a subsea pipeline to dedicated production facilities on the platform. The well continues to produce by natural depletion with negligible water production.

Due to the high liquid yield, a gas cycling scheme was implemented in early development years to attempt to keep reservoir pressure above the dew point and maximise liquid recovery. Problems were encountered with this scheme and yields dropped rapidly from initial values of over 300 bbl/MMscf, with gas injection eventually ceasing in 2006 and the field moving to a blow down strategy. As of 31 March 2019, cumulative gas recovery has reached 2,915 Bscf, with an additional 120 MMstb of condensate and 36 MMstb of NGL extracted from the gas stream on the platform to make up platform liquids export to the Forties pipeline system. NGL's are also extracted and sold separately at the SAGE terminal but historical production of these is not shown here. Gas injection has totalled 1,515 Bscf, giving a net gas production of 1,400 Bscf.

Reserves have been forecast for East Brae on a well-by-well basis using DCA of gas rate against the cumulative gas production.

Historical uptime performance has been analysed and a range of values are used across the wells and confidence levels, as presented in the table below. Averages have been calculated using data from the previous 6/12/24 months well performance for the 3P/2P/1P levels respectively. Well uptime is varied as most are unstable. Due to the nature of E21 production performance, it is assumed to fail to return to production in the low case.

Table 10.13: East Brae Unplanned Uptime

	ERCE	ERCE	ERCE
Well	Reserves 1P	Reserves 2P	Reserves 3P
E01	51%	61%	71%
E03	90%	91%	93%
E12	6%	6%	8%
E14	86%	91%	94%
E21	0%	36%	36%
E25	84%	93%	94%
E28y	4%	14%	15%
E30	86%	92%	94%

Currently E12 is flowing at 0.6 MMscf/d for two days per month which is the justification for setting a minimum technical rate cutoff of 0.5 MMscf/d to the well profiles.

Table 10.14: Gross Technical Recoverable Fluids @ 31/03/2019

		1P			2P			3P
	Oil/Cond	NGL	Gas	Oil/Cond	NGL	Gas	Oil/Cond	NGL	Gas
Field	MMSTB	MMSTB	Bscf	MMSTB	MMSTB	Bscf	MMSTB	MMSTB	Bscf
East Brae	0.314	0.566	15.332	0.486	0.980 26.548		0.699	1.496 40.509

No capital spend is forecast on East Brae from the second quarter of 2019, therefore no costs are included in ERC Equipoise profiles.

Direct OPEX costs for the East Brae platform include platform specific integrity and maintenance, routine operations and logistics. ERC Equipoise has assumed that, in line with current operations, both Braemar and Devenick pay a share of the East Brae platform operating costs, dependent on production share.

Indirect and other costs include primarily onshore support, general and administration, fuel gas and CO2 emissions costs that are allocated to the East Brae platform.

Shipping and Handling costs for usage of the FPS are included in ERC Equipoise's East Brae profiles. Gas production from East Brae is also subject to the NTS commodity and capacity charge.

(ix) Foinaven

Oil was discovered in Foinaven in 1990 by well 204/24-1A, with first production occurring in 1997 via the Foinaven FPSO which is owned and operated by Teekay. After 12 exploration and appraisal wells, 41 development wells have been drilled on the field. Currently there are 16 active producers with two wells shut in due to produced water re-injection restrictions.

Foinaven is located approximately 150km west of the Shetland Islands. The main field production is through two drill centres, with Foinaven East being developed through a 7km sub-sea tieback to the FPSO.

Foinaven is scheduled to have production cease at the end of 2025. All forecasts have been truncated based on this assumption, although the partners are examining ways of recovering post-2025 the material discovered hydrocarbons that will be unproduced at this date.

Figure 11.1 Foinaven Field Location (Source: RockRose)

Reserves have been forecast for Foinaven using trends of WOR against the cumulative oil on an individual basis. The main activity that impacts the forecast is the removal of produced water re-injection constraints that currently impact production. These constraints are scheduled to be lifted following the TAR planned for the third quarter of 2019 which will enable additional wells P24 and P26 to resume production and for wells P15 and P27ST to be flowed harder as they are currently choked back due to them being the largest producers in the field.

Table 11.3: Gross Technical Recoverable Fluids @ 31/03/2019

		1P			2P			3P
	Oil/Cond	NGL	Gas	Oil/Cond	NGL	Gas	Oil/Cond	NGL	Gas
Field	MMSTB	MMSTB	Bscf	MMSTB	MMSTB	Bscf	MMSTB	MMSTB	Bscf
Foinaven	46.473	0.000	5.917	55.357	0.000	6.233	66.208	0.000	6.548
Fonaven Main	39.612	0.000	5.917	46.853	0.000	6.233	55.816	0.000	6.548
Fonaven
East Flank	3.215	0.000	0.000	4.147	0.000	0.000	5.119	0.000	0.000
Foirraven T25	2.161	0.000	0.000	2.584	0.000	0.000	3.167	0.000	0.000
Foinaven T35	1.485	0.000	0.000	1.773	0.000	0.000	2.106	0.000	0.000

Capital costs on Foinaven carried in ERC Equipoise forecasts are aligned to the operator's budgetary information, from the second quarter of 2019. These costs are associated with the maintenance and upgrade of the Foinaven FPSO. The major projects include:

Purchase of critical spares Riser
Thruster upgrade project
Flowline Termination Assembly and jumper change out

OPEX costs forecast by ERC Equipoise are benchmarked with, and based on, previous years' historic costs. Forward annual operating including the maintenance of subsea infrastructure and payment to Teekay for the operation of the FPSO. Teekay owns and operates the Foinaven FPSO, which is then due a tariff payment in accordance with the FPSO Services Agreement. This consists of the following:

Basic day rate
Supplemental Efficiency Payment
Production Tariff
Supplemental Price Tariff based on Brent Price

Field and Direct OPEX over and above the operation of the FPSO includes fuel, ongoing studies, offshore manpower and support to Teekay from the Operator, well maintenance, EU ETS fees and logistics.

Specific subsea OPEX projects include the WP14 jumper replacement planned in 2019 and the Subsea Control Module change out.

The following table details the currently anticipated cessation of production dates for each of the producing fields included in the Marathon Interests plus the estimated, gross pre-tax decommissioning liability (in real terms) and RockRose's estimate of its net post-tax decommissioning liability (in real terms).

Field	Cessation of production	Gross, pre-tax decommissioning	Net, post-tax decommissioning
Braemar	2021	£39MM	£4MM
Central Brae	2030	£110MM	£18MM
East Brae	2021	£257MM	£38MM
South Brae	2030	£253MM	£40MM
West Brae	2030	£373MM	£60MM
Foinaven	2025	£507MM	£85MM
East Foinaven	2025	£72MM	£20MM
T25	2025	£31MM	£4MM
T35	2025	£20MM	£2MM

(x) Rationale for Marathon Acquisition

The Directors believe that the Marathon Acquisition marked a major step change in the Group's reserves and production profile and given the quality of the assets the Board's was of the view that it is this is a good opportunity to make the transition to the role of operator.

(b) The Dyas interests

(i) Overview

The Company announced on 24 May 2018 that it had signed the Dyas Acquisition Agreement. In October 2018, the Company announced the completion of the Dyas Acquisition.

(ii) Dyas Acquisition Agreement

The terms of the Dyas Acquisition Agreement dated 23 May 2018, are detailed in Part XIX – Additional Information of this document.

(iii) A&B Block

The A&B Block asset comprises six fields of varying maturity all operated by Petrogas as follows:

A12 (RockRose 14.63%); startup Dec. 2007
A18 (RockRose 14.63%); startup Dec. 2015
B13 (RockRose 14.63%); startup Dec. 2012

The A&B Fields are low relief, four-way dip closures in stacked Pleistocene marine sands, at shallow depths of less than 3200 ftTVDSS. The reservoirs vary from clean sands of 1-8m thickness, to more laminated intervals. These reservoirs are laterally continuous and in general lack faulting and compartmentalisation.

Collectively, the three fields on production currently produce at the delivery capacity of 3.6 M Nm3/d (c. 135 MMscf/d). The A&B fields have produced 12.0 B Nm3 (447 Bscf) by 31 March 2019.

Figure 14.1: A&B Block Assets, location map (Source: RockRose)

The A&B fields have had numerous drilling campaigns in its development. The most recent is two-well drilling campaign, UDS2. One well, a sidetrack which started up at the beginning of 2019, lies in field A12 and is currently producing at around 150 kNm3/d (c. 5.5 MMscf/d). The other, started up at the end of 2018, lies in the A18 field and is currently producing at around 380 kNm3/d (c.14 MMscf/d). Future drilling campaigns are planned by the operator.

Table 14.2: AB Field Recovery Factors

	GIIP	EUR (nBCM)			Recovery Factor
A12	(nBCM)	Low	Mid	High	Low	Mid	High
Stage 1a Reservoirs	9.21	6.27	6.45	6.58	68%	70%	71%
UDS	2.07	1.13	1.30	1.59	55%	63%	77%
UDS 2	0.23	0.13	0.15	0.18	56%	67%	80%
	GIIP	EUR (nBCM)				Recovery Factor
B13	(nBCM)	Low	Mid	High	Low	Mid	High
Q4A/Q4B reservoirs	5.35	3.76	4.02	4.27	70%	75%	80%
	GIIP	EUR (nBCM)				Recovery Factor
A18	(nBCM)	Low	Mid	High	Low	Mid	High
Stage 1c Reservoirs	5.48	3.57	3.84	4.36	65%	70%	80%
Q7	0.56	0.20	0.25	0.31	36%	45%	55%

No development CAPEX have been included in RockRose's forecasts.

Wells A12-A04-ST and A18-A05 are not included in ERC Equipoise's cost forecast, as they were completed by the effective date of their report. Compression train re-wheeling; 2-6MM Euro based on initial scoping. A capital cost of 4MM Euro has been included in ERC Equipoise forecasts, 2021-2022. RockRose field OPEX, outwith the tariffs, is broadly based on historical costs. This has been accepted by ERC Equipoise.

(iv) Bergen, Groet and Schermer Fields

The Bergen concession, operated by TAQA, is located onshore Netherlands, approximately 25km north-west of Amsterdam, and comprises the Bergen (Rotliegend), Bergermeer, Groet, Schermer (Platten dolomite), Starnmeer, Zuid Schermer fields. The minor part (23.5%) of the West Beemster field also lies in the Bergen Concession, although its gas is evacuated through the NAM operated facilities in Middelie. Gas was discovered in the concession in 1964, with the main reservoir being the Rotliegend.

Figure 15.1: Bergen Concession location map (Source: RockRose)

Gas was discovered in the concession in 1964, with the main reservoir being the Rotliegend. Gas has also been discovered in the Bunter Sandstone and the Zechstein Platten Dolomites.

Production in the Bergen concession is currently from three wells in the Groet, Bergen and Schermer fields. The Groet Oost, Starnmeer, Zuid Schermer fields have ceased production.

ERC Equipoise used DCA to forecast field production. Ber-03 has encountered liquid loading problems reducing production potential, leaving the Bergen field with a single producer, Ber-04. Field production is maintained at rates of around 2 MMscf/d. Schermer-01P is the only producer in the Schermer – Plattendolomite at rates of around 0.5 MMscf/d. The field has an operating efficiency of 50% and is encountering issues with salt precipitation. Schermer-01P is the only producer in the Groet field at rates of around 2.5 MMscf/d.

(v) West Beemster Field

The West Beemster field is located within the Middelie concession and was developed by NAM in 2008. The Bergen joint venture pays its share of costs and receives 23.5% of production under an utilisation agreement.

It is anticipated that a compression project at the field will begin in November 2019, to enable an increase in recoverable volume (0.85 B Nm3). The compression project increases the recovery factor by 23%, from 61% to 84%, which ERC Equipoise considers to be reasonable.

ERC Equipoise was not provided with production rate history data, however based on the limited information available, ERC Equipoise considers the operator's forecast to be reasonable and has been used as the basis for its forecasting.

No forward CAPEX or projects are included in RockRose profiles for either Bergen or Middelie (West Beemster). The CAPEX for the compression project has been fully spent, as of the effective date of ERC Equipoise's report.

Direct production expenses and West Beemster charge is varied with ERC Equipoise production profile. General and Administration and well costs are expected to be fixed throughout asset life.

(vi) Hanze Oil Field

The Hanze Field Licence F02a is located within approximately 212km north of Den Helderand contains the Hanze Oil field and the a Pliocene gas field (shut-in). The Hanze oil field, which started production in 2001, is operated by is Dana Petroleum and RockRose holds a 20% interest in.

Reserves are only assigned to the producing Cretaceous chalk oil reservoir. The oil leg is underlain by a strong and mobile aquifer. Oil production from the Hanze Field started in 2001 and has produced 63 MMbbls to date. There are currently four production wells and one water injection. The field's production and waterflood are now mature and artificial lift is used including gas lift and electric submersible pumps ("ESP"). A significant workover was undertaken early 2019 whereby the artificial lift in place was upgraded or changed. Following this workover, two wells are using ESPs while two others are using continuous gas lift.

The field is now mature, producing at approximately 94% water cut with an established late-field life WOR trend. ERC Equipoise uses DCA to generate production forecasts for the Hanze Oil Field. In the 2P and 3P case, ERC Equipoise used the WOR trend to forecast production assuming a constant liquid production rate in line with recent production. In the 1P case, ERC Equipoise used an exponential decline based upon the decline of the recent oil trend. ERC Equipoise assumes the recent acceleration in production due to production restart following ESP changeout is in the short term and has a negligible effect on long-term reserves recovery. Given the historical performance, we predict the oil production rate will fall back to the general historical trend quickly.

The operator's estimates of CAPEX have been adopted. These include EUR 11.9 MM in 2019 for a variety of necessary facility and well upgrades including ESP change replacements, tanker loading hose reel replacement and water debottlenecking. Future CAPEX is forecast to be spent on periodic ESP replacements.

OPEX for Hanze oil allows for gas import at a cost of 1.9MM Euro per year, as Hanze is anticipated to go gas deficient in 2019. Hanze oil OPEX is set at a fixed cost of EUR 18.5MM per year, with minor variable cost for oil transport.

(vii) K4/K5 Fields

Discovered in 1988, the K4b-K5a blocks contain ten existing gas fields situated on the Cleaver Bank High in the west of the Netherlands Offshore Continental Shelf in the North Sea and proximal to the Dutch and UK median line. Water depths range from 34 to 68 meters with gas produced from the Rotliegend and Westphalian reservoirs. The wells at the K4/K5 fields is operated by Total and the Company's interest in these wells range from 6.98%-11.66%.

Figure 16.1: K4/K5 Fields location map (Source: RockRose)

The ten fields are broken down into associations based on platform, proximity and reservoirs as follows (Association: Fields): K4K5 Unit: K4-A, K4-B, K4-E, K4-N, K5-A, K5-B; K5EC2 Unit: K5-EC2; K4b/K5a: K5-D, K5-E; K5-F Unit: K5-F.

As of 31 March 2019, the asset has produced 49.8 B Nm3 (1.9 Tcf) of sales gas at an asset wide sale gas rate of 3 MM Nm3/d (c.112 MMscf/d).

The K4/K5 area comprise several working interest areas.

For the K4/K5 unit fields, RockRose's effective working interest is equal to the product of the unitisation percentage in the K4b/K5a group (59.883%) and the RockRose working interest in the licence (11.662%), which results in 6.984%.

For the K5-EC2 unit, ERC Equipoise has been informed that RockRose's effective working interest is 11.276% of 68.000%, resulting in 7.668% in the unit.

For the purposes of economic modelling and net reserves assessment, we determined a weighted average Net Entitlement from the production forecasts, resulting in a RockRose working interest of 7.02% to the Total K4/K5 field area.

ERC Equipoise has adopted the provided forecasts of CAPEX and OPEX without modification.

No projects included
Low CAPEX through field life capitalised workovers, studies
100% pre-unitised basis

Table 16.1: K4/K5 OPEX Forecast in €MM (Source: Operator)

NLDA4	Opex	26.737	26.522	25.029
NLDA40	Current	5.935	8.237	7.983
NLDA4000	K4b/K5a Opex Studies	186	436	375
NLDA4010	K4b/K5a Routine Maintenance	11.889	13.339	12.811
NLDA4020	K4b/K5a Gas Treatment	5.845	5.845	5.606
NLDA4021	K4b/K5a Gas Treatment revenues	–12.222	–12.222	–11.052
NLDA4030	K4b/K5a Other Costs (Surface rights)	237	239	243
NLDA41	Non-Current	7.004	6.061	6.176
NLDA4100	K4b/K5a Non-Routine Maintenance	7.004	6.061	5.896
NLDA4110	K4b/K5a Work-Overs			278
NLDA42	Gas Transport	12.529	11.194	10.067
NLDA4200	K4b/K5a Gas Transport	12.498	10.855	10.067
NLDA4205	K4b/K5a Gas Transport (K5F-K6 partners)	25	300
NLDA4210	K4b/K5a Gas Transport (K5F-K5 partners)	6
NLDA4215	K4b/K5a Gas Transport (K5F-100% Dyas)		39
NLDA49	Other Opex cost	1.269	1.031	804
NLDA4908	K4b/K5a Overhead (noc-in)	959	726	509
NLDA4909	K4b/K5a PCO (Noc-out)	310	305	295

(viii) Rijn Oil Field

The Rijn oil field is located within the P15-ab licence block and came on-stream in December 1985 and initially ceased production in 1998. In 2010, following acquisition and significant redevelopment of the area by TAQA, production was restarted.

RockRose owns a 45.69% interest in the field.

The Rijn oil field contains five production wells and six water injectors. By 1998, the field had produced some 24 MMbbls of oil and has produced a further 2.5 MMbbls since 2010.

The Rijn Oil Field produces at a water cut of between 80-90% with a GOR of 400-700 scf/stb. ERC Equipoise was provided with production data following the redevelopment in 2010 only. The field is supported by water injection, most recently at a rate of 4 Mbbls/d.

Following successful ESP replacement, wells A01 and A02z are scheduled for to be brought back online. From the 2017 production performance, an uptime of 85%, including TAR, is assumed (uptime, excluding TAR, is taken as 94%). ERC Equipoise's forecasts assume there are no additional Rijn field production wells, and no significant other activities, however, an increase in production in the operator's forecasts following 2020 suggests an additional well is being planned.

The end of the forecast is taken as the end of 2028 as provided by the operator.

(ix) P Block Fields

The P/Q block is operated by Wintershall and contains producing and non-producing fields. The producing fields are P6-A and P6-B (unitised as P6-AB), P6-D, P9-B (P9-AB), Q4-A and Q4-B. The field P9-AB has not produced since 2017. The non-producing fields are P6-S and P12. P6-S is plugged and abandoned and P12 is discontinued, however, the facilities may be used in the future to re-route gas from nearby producing fields.

All fields are evacuated to the P6-A platform. The platform is expected to reach CoP at the end of 2021 and due to this imminent abandonment has an exemption to reducing NOx emissions. The operator does not currently plan to invest in NOx reduction measures at the P6-A platform (extending field life), however, the operator has provided sales gas forecasts up to 2024. The licence for the P6-A platform through which these fields are produced is due to expire end 2021.

P6-AB fields

P6-AB is a grouping of two fields – P6-A and P6-B and is operated by Wintershall. RockRose holds a 15% working interest in the fields. Production at the P6-AB fields began in January 1983 and has collectively produced around 10.5 B Nm3 to date (c. 393 Bscf).

P6-A contains three producing wells (P6-A1, P6-A3 and P6-A6), which produce from the Bunter Sandstone. Well P6-A3 has been shut-in since February 2017. P6-B contains one production well (P6-B2), which produces from the Platten Dolomite. The operator regularly considers the two fields collectively and as such, ERC Equipoise has evaluated them together.

The licence in respect of these fields expires in August 2033, however P6-A platform operations are expected to cease in 2021. There are no major works to be undertaken until the abandonment of the field in 2022, although the P6-A platform has an exemption to reduce nitrous oxide emissions due to the imminent abandonment.

P6-D field

The P6-D field contains a single well (P6-D1), which produces from Bunter Sandstone and is tied back to the P6-A platform, which will cease operations in 2021 at the latest. Production began in October 2001 and the licence at the oil field is due to expire in April 2022. The Group owns a 30.60% working interest in the field. There are no major works to be undertaken until the abandonment of the field in 2022, although the P6-A platform has an exemption to reduce nitrous oxide emissions due to the imminent abandonment. The field has produced 2.3 B Nm3 to date (c. 84.6 Bscf).

P9-AB field

The P9-AB field consists of two fields, which are tied back to the P6-A platform: (i) P9-A, which began production in September 2009 and (ii) P9-B, which began production in October 2009. The Group owns a 15.58% working interest in the fields.

The licence in respect of the fields expires in August 2033, however the P6-A platform operations are expected to cease in 2021. According to available production data, downtime has been significant since 2013. Production from P9-AB has been suspended since the beginning of 2018 and it is unclear if or when the operator intends to resume production. In addition, two small prospects have been identified to the west of P9-AB, P9 Bravo and P9 Delta but it is unclear whether these prospects will be drilled.

Non-producing fields

The P6-S field discontinued production, with wells and pipelines plugged and abandoned. The P12 field discontinued production but facilities in the area may be used in the future to re-route gas from nearby producing fields.

(x) Q Block Fields

The Q4 Block contains two producing fields: Q4-A and Q4-B. The fields are expected to reach CoP at the end of 2021, due to nitrous oxide emissions.

There is a high probability that the licences will be extended for Q4-A and Q4-B until 31 December 2021. There are no major works to be undertaken until the abandonment of the field in 2021, although the P6-A platform has an exemption to reduce Nitrous oxide emissions due to the imminent abandonment.

Q4-A came on stream in 2001 and has three production wells tied-in to the P6-A facilities, where the gas is compressed. The Group owns a 10.35% working interest in the field. The Q4-A field has produced 2.5 B Nm3 sales gas to date (91 Bscf).

Q4-B began production in 2002 and has one production well tied-in to the P6-A facilities, via the Q4-A platform. The Q4-B Field has produced 2.1 B Nm3 sales gas to date (80 Bscf). The Q4-B Field is located across the Q4 and the Q5d licence boundary and is unitised, with 72.5% of reserves allocated to the Q4 licence and the remaining 27.5% to the Q5d licence. RockRose's effective interest in the Q4-B field is forecast at 10.25%.

(xi) Decommissioning with respect to the Dyas interests

	Cessation of	Gross, pre-tax	Net, post-tax
Field	production	decommissioning	decommissioning
A&B Blocks	2028	€94MM	€14MM
Bergen	2029	€39MM	€5MM
Hanze	2039	€92MM	€19MM
K4/K5	2036	€215MM	€25MM
P15/P18 Rijn	2021	€52MM	€24MM
P/Q Blocks	2021	€113MM	€14MM

The Group's interest in Petrogas operated Halfweg platform (1.14% interest) was successfully and safely decommissioned within budget and in accordance with Dutch regulations in early 2019.

(xii) Rationale for Dyas Acquisition

The Directors believed that the Dyas Acquisition was an excellent opportunity to expand the Group's portfolio in the North Sea to a level of production that is over 10,000 boepd and in addition to providing significant free cash flow diversifies the portfolio and strengthens the Company's position. The Board also saw significant upside in the combined portfolio and the opportunity for the Company to organically maintain or grow profitable production from these levels without necessitating additional funding, with the potential of adding long term value by making a further significant acquisition in a low oil price environment.

(c) The Arran interests

(i) Overview

The Company announced on 9 August 2018 that it had entered the Arran Acquisition Agreement. The Company partnered in the field with Shell UK, Zennor North Sea Ltd and Dyas UK. The Arran Acquisition did not involve operatorship of the development. On 19 September 2018, the Company further to the Arran Acquisition Agreement signed an Equity Realignment Letter Agreement on Arran, which increased the Company's interest to 30.43%. On 10 October 2018, the Company announced the completion of the Arran Acquisition and noted that the final investment decision has been made by the joint venture partners to develop the Arran field and that Shell has become the operator of the Arran project.

(ii) Arran Acquisition Agreement

The terms of the Arran Acquisition Agreement dated 8 August 2018, are detailed in Part XIX – Additional Information of this document.

(iii) Arran Field

The Company owns a 30.43% interest in the Arran field. The interest will continue to be operated by Shell.

The Arran Field lies within Blocks 23/11a, 23/11c, 23/16b and 23/16c at a water depth of 260-360ft, 300ft, with four wells drilled on the field in total. Two wells encountered gas in a low-relief Forties pinch-out closure against the Jaeren High, whilst two targeted a high relief salt-cored closure to the north.

The Arran Field also lies close to the eastern edge of the Forties depositional system, with thin-bedded turbidite sands deposited into a background shale. As such the reservoir is laterally and vertically various, with an effective and base seal. Two wells found gas in Arran North and two in Arran South.

The field development plan submission was made to the OGA in September 2018. The Arran field will be produced by means of natural depletion, assumed to be exported via a 58km pipeline to the Shearwater Host facility, with production of the first gas expected to be delivered in the first quarter of 2021. Reserves have been assigned under the Petroleum Reserves and Resources Classification System and Definitions sub-classification of Approved for Development.

Figure 9.1: Arran Field location map (Source: Dana Petroleum Environmental Statement)

Depending on the performance of the initial development wells, further infill drilling may be required to optimise recovery from the field or fully exploit poorly drained areas of the field. There is a spare well slot on the Arran south tie-in structure and ability to connect a further well to Arran North tie-in structure should additional required targets be identified. ERC Equipoise assumes a facilities level efficiency of 81%, with well uptimes of 96.7%. In addition, a minimum flow rate of 5 MMscf/d is assumed.

Along with the gas, Arran will produce condensate. There is uncertainty in the condensate-gas-ratio that will be realised, as sampling to date has resulted in data ranging from 40 bbl/MMscf to 90 bbl/MMscf depending on the depth of sampling and the vintage of the well. ERC Equipoise has assumed initial CGRs of 40 to 46 bbl/MMscf in the 1P to 3P levels of confidence that are forecast to fall in time, as the field is depleted.

Arran is scheduled to have gas exported via the Shell Esso Gas and Associated Liquids system and condensate via the FPS. NGLs will be extracted for gas transported via the Shell Esso Gas and Associated Liquids. A gas shrinkage of 15% and an NGL yield of 38 bbl/MMscf is forecast. Condensate exported via the FPS will have excess gas extracted. In addition the condensate is expected to receive a small volumetric uplift for sales purposes. A GOR of 223 scf/bbl of condensate exported via the FPS is forecast, with an associated liquid shrinkage of 8.6%.

ERC Equipoise has accepted the operator CAPEX and ABEX forecast for the four well development. The partnership has begun to invest capital in long lead items and £290MM of remaining gross CAPEX is forecast to be spent, as of the effective date of ERC Equipoise's report.

OPEX for the field will be a combination of tariffs and OPEX share. Tariffs have been negotiated with the FPS, SEGAL, NTS and GAEL. ERC Equipoise has been provided with the forecast of tariff costs which we have relied upon in preparing the cost forecast. Until 2025, Arran will pay a tariff to cross the Shearwater facility. From 2025 onward, Arran will enter into an OPEX share with other fields crossing the facility. For the purposes of forecasting the OPEX share, ERC Equipoise has assumed the Shearwater 1P plan for liquids crossing the platform. This scenario was one of a number provided to the Arran joint venture for the basis of project Final Investment and ERC Equipoise has relied upon this forecast when evaluating costs.

(iv) Decommissioning with respect to the Arran interests Given that Arran is yet to enter production, there is no current decommissioning plan.

(v) Rationale for Arran Acquisition

The Directors believed that the Arran Acquisition was an excellent opportunity to expand the Group's portfolio and was a major milestone for the Company as the first development project it had participated in and provided infill drilling opportunities continues as part of our portfolio's evolution.

Summary of existing assets

(d) The Idemitsu interests

(i) Overview

The Company announced on 18 October 2017 that it had signed the Idemitsu UK Acquisition Agreement. On 30 November 2017, the Company received a letter from the OGA confirming that it currently has no objection to the change of control of Idemitsu UK, and the Idemitsu UK Acquisition completed on 8 December 2017. By virtue of the Idemitsu UK Acquisition, the Company acquired interests in a number of producing fields in the North Sea, as follows:

Field	Working Interest	Operator
Ross	30.82%	Repsol
Blake	30.82%	Repsol
Nelson	7.48%	Shell
Howe	20.0%	Shell
Balmoral	7.5%	Premier
Stirling	16.0%	Premier
Beauly	40.0%	Repsol
Burghley	41.1%	Repsol
Galley	17.4%	Repsol

(ii) The Idemitsu UK Acquisition Agreement

The terms of the Idemitsu UK Acquisition Agreement dated 18 October 2017, are detailed in Part XIX – Additional Information of this document.

(iii) The Nelson Field

The Group owns a 7.48% interest in the Nelson Field. The interest will continue to be operated by Shell.

The Nelson Field is located south-east of the Forties Field in the Central North Sea. It is operated by Shell and has been on production for over 25 years. The Nelson structure is a low relief anticline at a depth of some 7,000 ftTVDSS. The quality of the Palaeocene Forties sandstone is very good. Recovery is through a combination of aquifer influx and water injection, as well as gas lift.

The Nelson Field has been developed through several cycles of infill drilling following the initial development of the Nelson Field. A total of 37 production wells and four water injectors have been drilled. The oil production rate peaked at around 185 Mbbl/d in 1994. The Nelson Field is now at a mature stage of production, producing some 9 Mbbl/d of oil and 155 Mbbl/d of water, a water cut of some 94%. The cumulative oil production as at 31/03/2019 is 482 MMbbl pipeline barrels.

Oil from the fixed platform is transported by pipeline to the Forties Field, and then to shore via the Forties pipeline system. Excess gas not used for fuel is exported via a separate pipeline to St Fergus for sale.

As part of the well services campaign for 2019, workovers were planned for Wells N12, N20x and N25z. Well N12 workover commenced in the late first quarter of 2019 and was completed in the early second quarter of 2019. The initial flow tests were used to guide the forecast profiles. Well N20x was restored in September 2017, producing via a de-sander, with sand production being monitored, it was anticipated that a coiled tubing operation to replace the well's sand screens would be undertaken in the fourth quarter of 2018. In May 2018, the well experienced a greater anticipated sand production, raising an imminent risk of failure and was subsequently shut-in. An operation to replace the sand screens is now rescheduled to be carried out in the second quarter of 2019. This well was capable of producing at >1,000 stb/d so is a major potential producer in the field. The N25z well has been shut in since the third quarter of 2016 due to sand issues. A sand clean-out coil tubing operation, which is part of the same campaign as the N20X well, is expected to commence in the second quarter of 2019 and return approximately 150 bbls/d of oil production to Nelson.

The Nelson Field is a mature field with established production trends. For existing wells, reserves have been calculated from production performance assessment using DCA. Initial uptimes of 82% have been assumed in our analysis, based on recent and forecast performance with an increase in uptime of 88% expected from the third quarter of 2020 onwards.

Since March 2018 to January 2019 the well oil production rate has declined from 4.2 Mstb/d to 2.8 Mstb/d while the GOR and watercut have increased. In February 2019 the well was choked back to 1.7 Mstb/d to prevent any kick off issues with the well and to steady the rising GOR and watercut. Howe associated gas production is currently essential to the Nelson platform operations where it is used as fuel gas. In order to ensure both continued production from Howe and to ensure continued production in the mid-term from the Nelson field, a gas lift deepening intervention on Howe has been scheduled to be carried out in the second quarter of 2020.

The Nelson platform requires approximately 6 MMscf/d of fuel gas to enable cold restart to its wells. This fuel gas is currently supplied by both Nelson and Howe associated gas production. In the Howe well 1P case the well can no longer continue to produce at the current operating conditions from October 2019 up until July 2020 when a gas lift deepening intervention is scheduled to have been completed. This means that the Nelson platform is shut in over the same period in the 1P production forecast.

On the basis of past drilling results, and following the operator's intention to put on hold any development projects, ERC Equipoise does not assign any reserves to undeveloped locations. The lack of foreseeable drilling activity in the near future has led the joint venture to cold stack the Nelson platform rig. Current projects still included in the future plans are the fuel gas import project and the Nelson South Umbilical replacement.

The Nelson fuel gas import heater installation and commissioning work is envisaged to be carried out on the platform in the second quarter and third quarter of 2020. The costs for the entire project are spread over both 2019 and 2020. ERC Equipoise's forecast of costs considers a total cost for the work of £9.31 MM including installation.

For the Nelson OPEX forecast during the period 2019-2021, there were few material changes in the operator's 2019 Work Program and Budget from ERC Equipoise's historical assumptions. Therefore, the operator's profile was accepted.

£58-74MM (gross) per year, including tariffs
Transportation tariff to FPS
TAR scheduled every two years, with the next one in 2020 elevating OPEX
ERC Equipoise has assumed that all allocated overheads are included.

(iv) The Howe Field

The Group owns a 20% interest in the Howe Field. The interest will continue to be operated by Shell.

The Howe Field has been developed through a single sub-horizontal well and has been producing since 2004, and lies 14 kilometres east of Nelson. It is operated by Shell and contains 41 degrees of API oil in good quality Fulmar Jurassic sandstone at a depth of ca 10,300ftTVDSS. The Howe Field was appraised by Well 22/12a-8, which encountered an oil water contact in a 160 feet thick reservoir section down dip of crestal Well 21/12a-1. The initial reservoir pressure was a 6,700 psi, some 2,700 psi over-pressured.

The Howe Field well produced through a sub-sea template tied back by pipeline to the Nelson Field.

The Howe Field has been developed through this single sub-horizontal well on production since 2004. The oil production rate peaked at around 11 Mstb/d in 2005. The Howe field is now at a mature stage of production.

Between 2009 and 2018, the single Howe well was choked back due to a constraint on gas production (driven by Nelson TPOSA) which limited the field to 6 MMscf/d. In the first quarter of 2018, this commercial agreement was lifted, and the choke was opened to allow for greater flow rates. The field is now at a mature stage of production.

From March 2018 to January 2019 the well oil production rate declined from 4.2 Mstb/d to 2.8 Mstb/d while the gas oil ratio ("GOR") and water cut have increased. In February 2019 the well was choked back to 1.7 Mstb/d in order to maintain reservoir pressure and to steady the rising GOR and water cut. The associated gas production at the Howe field is currently essential to the Nelson platform operations where it is used as fuel gas. In order to ensure both continued production from the Howe field and to ensure continued production in the mid-term from the Nelson Field, a gas lift deepening intervention on the Howe field has been scheduled to be carried out in the third quarter of 2020. This will safeguard future production in the Howe well until the end of the commercial field life.

At the Howe Field, ERC Equipoise had historically accepted the operator's history-matched material balance model for its forecasts. However, due to a recent change in operating strategy, this model was no longer deemed fit for purpose by the operator. The operator has since developed a 2D simulation model (the "V Model") for its production forecasting. ERC Equipoise reviewed the V Model which was updated in the first quarter of 2019 to significantly improve the history match. The V Model allowed for more reliable forecasts to be generated than could be generated using DCA due to the recent rapid changes in operating strategy combined with GOR and WOR trends. ERC Equipoise has therefore adopted the V Model for use in generating the Howe Field reserves.

There is a gas constraint on Howe production which is limited to 15.8 MMscf/d, as set out by the operator. The 2P CoP is assumed to be the second quarter of 2022, based on the operator's revised operating assumptions.

In the Howe well 1P case the well can no longer continue to produce at the current operating conditions from October 2019 up until July 2020 when a gas lift deepening intervention is scheduled to have been completed. In the 3P case the operating strategy is changed following the gas lift deepening and the operating oil production rate is increased to 2.7 Mstb/d.

The Howe gas lift valve deepening work required to ensure continued mid-term production from both Howe and Nelson is scheduled for the third quarter of 2020. ERC Equipoise has considered a total cost for the work of £3 MM.

Concerning the Howe Operating costs, according to the most recent operator's estimate, £0.96 MM will be spent from the second quarter to the end of 2019 (excluding tariffs). A three year OPEX forecast has been detailed by the operator in the Howe 2018 Work Program and Budget released November 2018. This OPEX captures the well work on both N25z and N20x scheduled to be carried out in the second quarter of 2019.

(v) The Blake Field

The Group owns a 30.82% interest in the Blake Field. The interest will continue to be operated by Repsol.

The Blake field lies some 12km north east of the Ross Field and has been on production since 2001. Repsol Sinopec is the operator of the Blake field. Hydrocarbons are contained in Lower Cretaceous turbiditic sands. The main reservoir is a massive channel sand sequence known as the Blake Channel which has excellent quality reservoir properties. Blake Flank comprises lower quality, thinner Coracle sands located to the north east of Blake Channel.

The two areas of the field have been developed separately. A total of six production wells and two water injectors have been drilled in the Channel, of which five and two respectively were in use in 2018. In the Flank, two production wells and one injection well have been drilled, although the injection well is no longer used. The oil production rate in the Channel peaked at around 61 Mstb/d in 2001 and in the Flank at around 13 Msbt/d in 2004. The field is now at a mature stage of production. The cumulative oil production from the whole field as at 31/03/2019 is 113 MMstb.

The Blake Channel is at a depth of ca 5,200 ftTVDSS and contains a 97 ft thick oil rim overlain by a gas cap. Blake Channel has been developed by six horizontal producers and two deviated water injectors, with both oil production and water injection commencing in June 2001.

In 2016 the partner group developed updated static and dynamic models for the Blake Channel area. These were provided to ERC Equipoise in 2017 and updated with production history to the effective date. ERC Equipoise have audited the construction of the static and dynamic models, evaluated the history match and the applicability of the models for production forecasting. After our review, we have concluded that 2P forecasts compare well to actual production and the model is suitable for 2P Reserves estimation of producing wells in the Blake Channel.

Our review of the model indicated that the forecast oil production from the Blake Channel area has a strong correlation to water injection and field uptime, therefore these are the key uncertainties impacting oil production rates. Over the past 12 months, water injection has averaged approximately 80 Mbbl/d, consistent with volumes achieved in 2017.

In addition to existing production, in the Channel, ERC Equipoise now includes the drilling of two wells in our reserves forecasts, sub-categorised as Justified for Development. These are the 2Z Attic well and the NW1 Infill well. After reviewing operator simulation results and sensitivity studies, ERC Equipoise has assigned 2.1, 4.1 and 5.4 MMstb at the 1P, 2P and 3P levels of confidence for the 2Z Attic well. The NW1 well has been assigned reserves at the 2P and 3P levels of confidence only. Recoveries are forecast at 1.24 and 3.1 MMstb respectively. Recent TCM information indicates that these wells will be onstream in the third quarter of 2020. ERC Equipoise has assumed an onstream date of 1 September 2020 in our forecasts for both wells.

The oil from the Blake Field is produced via a subsea manifold and dual flowlines to the Bleo Holm floating production storage and offloading unit ("FPSO"). In 2015 Ross stopped participating in the cost share for the FPSO. Instead OPEX for Ross was limited to a tariff based on produced oil rate, plus field specific OPEX.

The operator is in the process of executing a FLE project, which will maintain FPSO operability until 2029. With respect to costs, the operator and RockRose continue to execute the FLE work scope and refine costs.

(vi) The Ross Field

The Group owns a 30.82% interest in the Ross Field. The interest will continue to be operated by Repsol Sinopec.

The Ross Field lies approximately 110km north-east of Aberdeen. It has been on production since 1999, producing undersaturated oil from variable quality, relatively thin Ross sands of Upper Jurassic age at a depth from 8,850 to 10,500 ftTVDSS, and also from the underlying Parry sand, Reservoir performance is influenced by faulting, which causes compartmentalisation.

The Ross sand has been developed by six horizontal gas lifted production wells and four water injectors. The oil is produced into the leased into the leased Bleo Holm FPSO where it is processed and then exported via shuttle tanker.

The Ross field has been developed through several cycles of infill drilling following the initial development of the Ross field. The oil production rate peaked briefly at around 39 Mstb/d oil in 1999. The Ross Field is now at a mature stage of production, producing some 0.4 Mstb/d oil and 0.5 Mbbl/d water, a water cut of some 57%. The cumulative oil production as at 31/03/2018 is 33.1 MMstb.

The Ross Field is a mature field with established production trends. The Ross Field has experienced downtime throughout 2018 due to, amongst other factors, high oil in water levels control valve issues and a subsea hydraulic leak. Reserves have therefore been calculated using decline analysis, accounting for well and field uptime.

Reserves have been assigned under the assumption that the Bleo Holm vessel continues to be in operation until 2029, at which point it will be decommissioned. Ross is assumed to be produced by the operator until 2029 under an abandonment deferral process.

(vii) The Balmoral, Stirling, Beauly and Burghley fields (B-Block)

The Group also has interests ranging from 7.48% to 41.1% in the Balmoral, Stirling, Beauly and Burghley fields (together, the "Secondary Field Interests"). The Secondary Field Interests are all late stage assets and are new in the process of having ceased production or being close to cessation of product. Premier operates the Balmoral and Stirling fields and Repsol Sinopec operates the Beauly and Burghley fields.

All B-Block field production is routed through the Balmoral FPV. The B-Block joint venture executed the B-Block Life Extension Project which deferred CoP from 2019 to 2021. There is currently only one producing well per field for all of the B-Block fields in which RockRose has an interest.

In 2017, Balmoral well B3 suffered a leak and was shut-in. All B-Block production was shut-in in September 2018 due to a flare-tip issue at Balmoral. This has since been repaired, with production having recommenced at Stirling, Beauly and Burghley on 1 December 2018. Well B29 on the Balmoral Field is currently planned for reinstatement during the second quarter of 2019. Burghley is currently producing at a rate of 1,450 bbl/d, Stirling is currently producing at 350 bbl/d and Beauly is currently producing at 730 bbl/d.

All ERC Equipoise forecasts are made using WOR trends, apart from Stirling which is based on oil decline due to its variable water-cuts. ERC Equipoise has assumed an OE of 70% for all fields and applied a CoP of 2019 for all forecasts, which is the date in which the commercial arrangement between the operator and RockRose expires.

However, this commercial agreement is subject to negotiation and is re-issued to the JV annually, whilst we note that the operator has committed to continue production until the end of March 2021. Future production is contingent on a new agreement being signed. If so, it is technically feasible for production to continue on the B-Block fields until the Balmoral FPV CoP.

Following a few months shut-in due to issues at the Balmoral hub, Stirling, Beauly and Burghley came back online at full capacity by December 2018. The Balmoral well B29 is planned to be reinstated in May 2019 at full capacity following flowline intervention. ERC Equipoise has assumed an initial rate of 400 bbl/d for Well B29.

(viii) Decommissioning with respect to the Idemitsu Interests

	Cessation of	Gross, pre-tax	Net, post-tax
Field	production	decommissioning	decommissioning
Nelson	2027	£228MM	£10MM
Howe	2022	£30MM	£4MM
Blake & Ross	2029	£415MM	£77MM
Balmoral & Stirling	2019	£320MM	£19MM
Beauly	2019	£20MM	£5MM
Burghley	2019	£23MM	£6MM

(ix) Rationale for the Idemitsu UK Acquisition

The Directors believe that the Idemitsu UK Acquisition was an excellent opportunity to expand the Group's portfolio in the UK North Sea, with the potential of adding long term value by making a further significant acquisition in a low oil price environment.

The Directors believe that the key benefits of the Idemitsu UK Acquisition are:

the acquisition of quality assets, complementary to the focus of the Group's base in the UK North Sea;
a compelling acquisition valuation that is immediately and materially value enhancing; and
a portfolio with limited decommissioning risk and decommissioning provisions estimated and provided for.

Current corporate structure at the date of this document and Admission

Corporate structure at the date of this document and Admission, following completion of the Marathon Acquisition:

RockRose (UKCS1) Limited is a company incorporated in England and Wales. This entity is dormant.

RockRose (UKCS2) Limited is a company incorporated in England and Wales. This entity holds the licence interests in the Galahad and Mordred fields.

RockRose (UKCS3) Limited is a company incorporated in England and Wales. This entity holds the licence interests in the Tors, Grove fields and Seven Seas.

RockRose UKCS4 Limited is a company incorporated in England and Wales. This entity holds the licence interests in the Blake, Ross, Nelson, Howe fields and the remaining licence interests acquired from Idemitsu Group.

RockRose UKCS5 Limited is a company incorporated in England and Wales. This entity is dormant. RockRose UKCS6 Limited is a company incorporated in England and Wales. This entity is dormant. RockRose UKCS7 Limited is a company incorporated in England and Wales. This entity is dormant.

RockRose UKCS8 LLC is a company incorporated in Delaware, United States. This entity holds the licence interests in the Brae, East Brae, Braemar and Kingfisher fields.

RockRose UKCS9 Limited is a company incorporated in the United Kingdom. This entity is the wholly owned subsidiary of RockRose UKCS8 LLC.

RockRose UKCS10 Ltd is a company incorporated in the United Kingdom. This entity holds the licence interests in the Foinaven fields.

RockRose UKCS11 Limited is a company incorporated in the United Kingdom. This entity is the wholly owned subsidiary of RockRose UKCS8 LLC.

RockRose UKCS12 Limited is a company incorporated in the United Kingdom. This entity is the wholly owned subsidiary of RockRose UKCS8 LLC.

RockRose UKCS13 LLC is a company incorporated in Delaware, United States. This entity is the wholly owned subsidiary of RockRose UKCS8 LLC, is dormant and will be dissolved in due course.

RockRose Energy (NL) B.V. is a company incorporated in the Netherlands. This entity is an intermediate holding company which does not directly hold any licence interests.

RockRose Energy (NL) CS1 B.V. is a company incorporated in the Netherlands. This entity holds various licence interests in Dutch oil and gas fields acquired from the Dyas Group.

RockRose Energy Infrastructure B.V. is a company incorporated in the Netherlands. This entity holds various interests in associated infrastructure assets in support of the Group's Dutch oil and gas fields.

Current locations of the Group's licence interests at the date of this document and Admission

Location of the Group's licence interests at the date of this document and Admission, following completion of the Marathon Acquisition:

Significant recent trends1

The oil and gas, exploration, development and production industry continues to experience volatility, driven by a number of factors including the uncertainties in global economy and geopolitical events and the technical advancements affecting energy consumption and extraction methods. In general, the industry is healthier than it was two years ago as the price of oil has rebounded. After appearing limited to a range between the mid-US\$40s and US\$50 per barrel (bbl), Brent crude is now trading above US\$65. The industry is thus recovering from the brutal last few years of weak prices, enforced capital discipline, portfolio realignments, and productivity efficiencies. Natural gas consumption worldwide grew by an estimated 4.6% in 2018, or 170 bcm, its strongest increase since 2010 when gas demand was rebounding from the 2008 global financial crisis. This second consecutive year of strong growth (after a 3% gain in 2017) was nearly three times the average growth of 1.5% over the previous five years. The switch from coal to gas accounted for over one-fifth of the rise in gas demand, with the United States leading the growth, followed by China.

Global oil demand rose by 1.3% in 2018, led by strong growth in the United States. Oil demand in advanced economies remained relatively robust, but, in emerging markets, oil demand slowed markedly in 2018. Average Brent oil prices were 30% higher in 2018 than in 2017. Oil demand in China was up by 445 kb/d, or 3.5%, with the rate of growth slowing down as the country moved toward a less oil-intensive model of development and curbed vehicle use to improve urban air quality. In particular, environmental policies have reduced diesel demand growth, as provincial governments are keen to develop cleaner transport fuels or electric buses. European oil demand remained stagnant on slowing economic activity and rising prices. Germany saw an important decline in oil demand, falling by 135 kb/d or 5.4% in 2018.

Oil demand growth by region (mb/d), 2017-18

Source: International Energy Agency, Global Energy & CO2 Status Report, 2019

¹ Sources: PwC Oil and Gas Trends 2018-19; Deloitte: 2019 oil, gas and chemicals industry outlook; International Energy Agency, Global Energy & CO2 Status Report, March 2019.

seen great movement, as plentiful low-cost US supply continued to meet growing demand in domestic and export markets.

In the supply side, Nord Stream 2, TurkStream and Southern Gas Corridor pipelines under development will compete with LNG and existing production. Bunkering of LNG as a marine transportation fuel will provide a new source of gas demand as new emission rules encourage shipowners to switch away from marine fuels. This could add around 6.5 bn m3/yr to European gas demand by 2025 and 18.5 bn m3/yr by 2035. Wood Mackenzie estimates gas demand among the current EU-28 will rise to a peak of 460bn m3/yr in around 2025 from some 445bn m3/yr in 2018.

Oil and gas rig activity levels are rising, driven by the North American market, and major projects are being approved. Exploration is on the rise again for the first time since the global recession.

Global oil and gas capital expenditures

The long decline in new oil and gas discoveries

Global volumes of new discoveries in oil and gas

As a result of these two challenges, the market is currently experiencing what the IEA calls a "two-speed oil market." Although U.S. tight oil, or shale oil, is a dynamic new source of supply, investment in more conventional sources of output has dropped and, as a result, "the world needs to find an additional 2.5 million mb/d of new production each year, just for conventional output to remain flat," according to the IEA World Energy Outlook 2017. Given that it takes about three to six years from project sanctioning to coming onstream, the decline in investment approvals during the price slump could continue to hurt the sector if financial investment decisions remain constrained.

PART VII

REGULATORY AND OPERATING ENVIRONMENT

United Kingdom

Philip Hammond, UK Chancellor of the Exchequer, said in his March 2017 Budget speech that an expert panel would examine ways of making it easier to buy and sell North Sea oil and gas fields, with the aim of keeping them in production for longer. The announcement reflected HM Treasury's focus on how to extract as much as possible out of the remaining North Sea resources as decommissioning costs become an increasing burden for industry and taxpayers. To determine the best approach, the UK Government published a formal discussion paper on 20 March 2017 alongside the Finance Bill 2017 on the case for allowing transfers of tax history between buyers and sellers, which along with the expert panel review, resulted in legislation in the Finance Act 2019 which operates retroactively to make transferable tax histories available for transfers of fields on or after 1 November 2018. In his October 2018 Budget speech, Philip Hammond said the government would maintain headline tax rates at their current level in order to support the recovering industry.

The UK already has one of the most competitive tax regimes for oil and gas in the world. HM Treasury has recognised that to maximise economic recovery the fiscal regime needs to ensure support for the transfer of late-life assets. There are an estimated 10-20 billion barrels of recoverable oil and oil equivalent remaining beneath the North Sea, compared with 43bn barrels extracted since production started in 1967. However, unlocking those resources will depend on the North Sea staying competitive against lower-cost regions elsewhere. HM Treasury and the energy industry are both counting on new investors – especially smaller companies and private equity funds – to help maximise the potential of the last remaining oil and gas just as many large companies seek to sell older fields.

The OGA was established as an executive agency of the UK Government on 1 April 2015. One of the key roles of the OGA is to engage with oil and gas, exploration, development and production industry to drive down costs and improve efficiencies and to maximise economic recovery of our offshore oil and gas reserves, both for Britain's energy security as well as our long-term economic outlook.

The Petroleum Act 1998, as amended by the Infrastructure Act 2015, places a duty of the Secretary of State to produce one or more strategies for enabling the principal objective of "maximising the economic recovery of UK petroleum to be met".

The first MER UK Strategy was required to be produced within 12 months of the relevant clauses coming into force, therefore by April 2016. It was laid in Parliament for scrutiny on 28 January 2016, and came into force on 18 March 2016.

The OGA became a UK Government company in October 2016, following Parliamentary approval for the Energy Act 2016. The Energy Act 2016 established the OGA as a UK government company and equipped the body with additional powers to maximise economic recovery of oil and gas from beneath UK waters. These powers give the OGA the ability to issue enforcement notices and financial penalties, and to revoke licences for clear or persistent breaches of the MER UK Strategy.

The MER UK Strategy sets out certain principles which "relevant persons" (being the holders of licence interests) must now follow.

In particular:

a. relevant persons must ensure that technologies, including new and emerging technologies, are deployed to their optimum effect (as set out in the OGA's Technology Delivery Programme published in April 2017), in maximising the value of economically recoverable

petroleum that can be recovered from relevant UK waters, including in relation to decommissioning (MER UK Strategy paragraph 18);
b. before commencing the planning of decommissioning of any infrastructure in relevant UK waters, owners of such infrastructure must ensure that all viable options for their continued use have been suitably explored, including those which are not directly relevant to the recovery of petroleum such as the transport and storage of carbon dioxide (MER UK Strategy paragraph 20);
c. relevant persons must allow others to seek to maximise the value of economically recoverable petroleum from their licences or infrastructure including by divesting themselves of such licences or assets to other financially and technically competent persons who are able to recover economically recoverable petroleum (MER UK Strategy paragraph 30);
d. where relevant persons are not able to ensure the recovery of the maximum value of economically recoverable petroleum from their licences or infrastructure for financial reasons they must seek to secure investment from other persons. If they are not able to secure sufficient investment in a reasonable time, the obligation in paragraph 30 applies (MER UK Strategy paragraph 31);
e. the obligation in paragraph 30 applies in all other circumstances where relevant persons decide not to ensure the recovery of the maximum value of economically recoverable petroleum from their licences or infrastructure, including where the reason for the decision not to recover is because recovery generates returns which are unsatisfactory to the relevant persons, they cannot raise suitable finance or there are technical or other non-economic reasons (MER UK Strategy paragraph 32); and
f. where a relevant person is seeking to comply with the obligation in paragraph 30, that person must seek to do so without demanding compensation in excess of a fair market value or unreasonable terms and conditions, in order that other financially and technically competent persons who are able to recover economically recoverable petroleum may do so (MER UK Strategy paragraph 33).

The MER UK Strategy, which also imposes duties of co-operation on relevant persons, is designed to ensure the North Sea resources are effectively exploited to their maximum potential. Clearly envisaged in the MER UK Strategy was the situation where a particular field or licence block was past prime or optimal production and the participants in that field or block concluded that their own capital investment was better deployed on earlier stage assets which would yield greater returns. In many cases, and absent the obligations created by the MER UK Strategy, this would have led to potentially premature decommissioning of that producing field as many licence participants would prefer to decommission a field rather than become involved in a sale process. The position was further complicated by the tax rules relating to decommissioning which are discussed in more detail below.

In this context the Company was able to negotiate the Acquisitions on the terms set out in this document. In particular, the fact that the Company has been able to agree terms of acquisitions where the Company receives a substantial payment rather than itself pays for the assets, is reflective of the different corporate strategies of the Company and the sellers, who are typically multinational diversified industrial groups and seeking to deploy investment capital to seek maximum returns for its shareholders; exiting certain licence interests where those assets are in the later stages of economic life (and where continuing and uncertain liabilities such as decommissioning costs can be closed off) may make commercial sense. By contrast, to the Company, as a smaller focussed entity, this creates an opportunity to acquire these assets at favourable pricing and, when coupled with the objectives of the MER UK Strategy, the Company sees the potential for the asset life to be extended or for alternative utilisation.

OGA approval

The OGA are required to approve all persons who are new holders of licence interests (where direct interests in assets are acquired) and have the ability to object to any change of control of an entity owning licence interests (and accordingly have the ability to object to corporate acquisitions which would constitute an indirect change in ownership of a licence interest).

The OGA approval process involves a rigorous review of the financial and technical ability of new licence holders. This includes a requirement to share with the OGA the long-term development plan (including decommissioning proposals) for activity on a licence interest being acquired, including the operator's plans for operating and capital expenditure. In the case of later life assets, the OGA will not give its approval unless it is satisfied that the new entrant has the financial resources to meet its share of the financial obligations with respect to that licence.

Decommissioning

On 30 June 2016 the OGA published its strategy paper on decommissioning in the UK continental shelf. The strategy paper sets out a number of targets with respect to decommissioning activity, which are also intended to supplement the MER UK Strategy objectives of maximising economic recovery from all oil resources in the North Sea. One of the key strategy objectives is to maximise the efficiency of decommissioning activities through efficiency and industry transformation with a view to achieving a 35% reduction in current decommissioning cost projections. The OGA, in the strategy paper, specifically notes that the impact of a lower oil price has led to considerable uncertainty in the oil and gas, exploration, development and production industry and that whilst many operators are looking at bringing forward cessation of production dates, the desire of the OGA remains to delay decommissioning expenditures when possible and appropriate, and to extend field life.

The OGA also notes in the strategy paper that the large liabilities for decommissioning can also negatively impact the ability to transfer assets to many small to medium size operators, leading to premature cessation of production and a failure to maximise the value of production. RockRose believes that it falls into the category of small operator who may benefit from many of the initiatives set out in the strategy paper.

To manage the costs and liabilities arising from decommissioning the OGA has developed a template for what is known as a DSA. DSAs use a trust structure that allows for parties to a licence to put aside monies so that at the time of decommissioning there is sufficient cash available to the parties to carry out the decommissioning. Parties are generally liable for a share of the total decommissioning costs equivalent to their percentage share in the licence interest but if one party with an interest in the licence were to become insolvent the remaining parties can become liable for the share of the party who is unable to fund.

Parties to the licence can either post cash or letters of credit (provided this is acceptable to the other parties). Each year a calculation is undertaken by the operator to calculate the net present value of the anticipated cost of decommissioning. This is then multiplied by a risk factor, usually between 130% and 150%. From this is then subtracted the net present value of all of the cash flows anticipated from the asset for its remaining life and the amount of security the parties have already provided. If this number is positive, this is the amount that the parties to the licence need to make available to the DSA trust in either cash or letters of credit.

The calculation is repeated each year and additional sums are required to be deposited. The calculation is also independently audited. As the asset approaches cessation of production, funds will have built up in the DSA trust such that the parties should have the liquidity available to meet the cost of decommissioning. In the event of one party going into liquidation, the DSA trust monies are available to the other parties to ensure decommissioning can be completed with no additional liability accruing as a consequence of the party going into liquidation.

Decommissioning Relief Deeds ("DRDs") were introduced on 17 July 2013 through the Finance Act 2013 to allow parties to a DSA who have also entered into a DRD with the UK Government to calculate their annual security contributions on a post-tax basis. They operate by calculating a benchmark amount of tax relief for decommissioning expenditure a participant would be entitled to as determined in accordance with the tax legislation in force on 17 July 2013, and providing a guaranteed payment from the UK Government if the tax relief ultimately obtained at the time of decommissioning is less than the benchmark. The intention is to mitigate uncertainties around the tax relief that may be available in future for decommissioning expenditure. DRDs are in place for the Company and all relevant UK subsidiaries.

The current fiscal regime in the UK continental shelf provides tax relief in relation to decommissioning costs incurred by oil and gas operators. The relief is only available once the decommissioning costs are incurred; ensuring companies pay the full amount of tax (i.e., ignoring relief on decommissioning expenditure) from all profits generated by the field during its life. Relief is limited to the tax that has been paid.

If a tax loss arises on decommissioning, that loss can be carried back and offset against the profits chargeable to the Ring Fence Corporation Tax ("RFCT"), Supplementary Charge ("SC") and Petroleum Revenue Tax ("PRT"). If tax was paid on profits in previous years, the Company will then be entitled to reclaim some of the previously paid tax. Different rules are used to calculate how much relief can be claimed on decommissioning costs, depending on whether the relief is claimed for RFCT/SC or PRT.

Generally (and, in particular, subject to specific rules applicable to PRT), a company owning a licence can only off-set the costs of decommissioning against tax actually paid by that company whilst it owned the relevant licence interest. Legislation enacted in Schedule 15 of the Finance Act 2019 allows the offset of decommissioning costs incurred by the current owners of a licence interest against some of the tax paid by prior owners by enabling companies selling North Sea oil and gas fields to make a joint election to transfer some of their historic profit chargeable to RFCT and SC ("tax history") to the buyers of those fields (where the transfer receives OGA approval on or after November 2018). This is intended to facilitate new entrants into licences with a view to extending their economic life.

The tax history will be transferred on a 'last in, first out' basis, with tax history from more recent years being transferred first. The maximum amount of transferrable tax history is linked to the expected decommissioning costs of the relevant field(s). The transferred tax history will only be available for use against carried back decommissioning losses after the transferred field has permanently ceased production, and only to the extent that losses incurred on decommissioning the transferred field exceed the post-acquisition profits of that field, which may increase or decrease as further decommissioning costs are incurred and further profits or losses are accrued. If the field is transferred again, transferred tax history can generally go with it. Transferable tax history will only be available for intra-group transfers of fields provided a transfer to a third party is completed within certain strict time periods.

The timing and uncertainties surrounding cessation of production dates and the commencement of decommissioning activity are driven by a number of factors, all of which are subject to inherent uncertainty. ERC Equipoise in Part XXIII – Competent Person's Report of this document assesses potential cessation of production dates based on the probabilities of extractable reserves in place, basing these calculations on current producing wells. These assessments and calculations are themselves carried out in accordance with industry accepted standards. The potential exists for these estimates to be inaccurate, with the consequence that economic life is shorter than expected, or potentially longer. The other significant risk is that of oil prices; the lower the oil price the less economically viable it may be to extract small volumes of oil towards the end of the life of a field and the less incentive there may be to incur additional capital expenditure on attempting to recover marginal reserves, which efforts may themselves carry a high risk of failure. Clearly factors such as reserve estimation calculations being overstated and a prevailing low oil price (which may

contribute substantially to economic viability) are matters wholly beyond the control of any individual company. Timing of decommissioning will be driven by the economic viability or otherwise of remaining reserves and accordingly there is potentially little that the Company can do to mitigate against these risks other than to budget prudently for the anticipated costs of decommissioning.

The Company will inherit decommissioning liabilities upon the completion of the Marathon Acquisition. As at 31 December 2018, the Group had approximately US\$53.3 million of cash or alternative security held in DSAs and other interim arrangements.

The operator of each licence typically supplies a financial model which is used to calculate the postings required under the relevant decommissioning arrangements for the licence interest and postings are reviewed annually, typically in December. These additional postings are reflected in the Group's projections and working capital requirements. The Company has carefully reviewed the extent of those obligations and in certain cases, where DSAs already exist, will be required to contribute the DSA on completion of the relevant Acquisition. As decommissioning plans are refined and developed the Company will continue to contribute its share of decommissioning costs via the relevant DSA or alternative funding arrangements. As part of the OGA approval process the OGA has reviewed with the Company the scale of the liabilities identified in the operator plans for decommissioning for the licence interests being acquired pursuant to the Acquisitions in order to assess the ability of RockRose to meet those obligations.

The Company has planned for the full extent of all these liabilities where the same are currently known, but expects that, over time, the MER UK Strategy objectives and the OGA's decommissioning strategy objectives may lead to at least some currently proposed cessation of production and decommissioning plans being delayed as a result of extended field life initiatives.

Netherlands

Legislation and Regulators

The Mining Act provides the legislative framework for the licence regime and state participation in the exploration and production of minerals and geothermic heat, and for underground storage of minerals and CO2 onshore in the Netherlands, and offshore in the Dutch part of the continental shelf underlying the North Sea. The Mining Act applies to minerals to the extent that these occur at a depth of more than 100 metres. In addition, detailed regulations are elaborated in network codes determined by the Dutch regulator (the Authority for Consumers and Markets). These codes provide secondary legislation on tariffs, technical conditions and procedures with respect to, inter alia, system access, system operation and measuring services.

The Mining Act assigns principal regulatory powers in upstream oil and gas, apart from those involving the environment and spatial planning in general2 to the Dutch Ministry of Economic Affairs (the "MEA") and the State Supervision of Mines (the "SSM"). The SSM is a competent authority of the MEA.

Licences

Ownership of the minerals is transferred to the licence holder(s) at the point of production of the minerals under a production licence issued by the MEA. The MEA may grant a licence for exploration, production or storage. Licence requirements for exploration are, inter alia, financial and technical capabilities and the agreement of a development plan satisfactory to the MEA. The holder of an exploration licence that demonstrates the commerciality of a gas reservoir then has priority to apply for a production licence. The holder of the production licence for a reservoir within the licence area is exclusively entitled to the production. The current mining legislation is still based on historic licensing regime and traditional principles. A production licence is granted, provided the licensee enters into an agreement of co-operation, within one year from the issuance of the

² Licence holders are subject to various requirements in respect of, inter alia, waste water discharges. Compliance with these requirements is monitored by the SSM and enforced by the MEA.

licence, with Energie Beheer Nederland, i.e., energy management Netherlands (the "EBN"), which confers on the EBN a 40% financial share in production. The MEA may grant an exemption to this obligation only in circumstances where by the EBN entering into such agreement, the State could reasonably be estimated to suffer financial loss. The co-operation agreement is subject to approval from the MEA.

The EBN thus acts as an independent (non-operating) partner in the majority of Dutch fields. Upon the acquisition of its participating interest, the EBN must reimburse licence holders its percentage share of expenditures incurred in the exploration for and appraisal of the prospect, and any further capital investment in production facilities. The EBN may request the MEA's permission for ancillary activities provided that such activities are closely related to and will not jeopardise the statutory duties and serve the general energy policy interest. For such other activities, the EBN must maintain ring-fenced accounts.

The licence will stipulate the activity, the mineral, the term and the area of land or seabed concerned. The exploration licence contains a certain date prior to which the exploration activities are to be initiated, the MEA may stipulate specific conditions in the licence. The application for a licence is published in the Dutch Government Gazette and in the Official Journal of the European Union. During a period of 13 weeks, other parties are entitled to submit an application for a licence in that same area. If more than one person applies for a licence, they are considered as joint applicants and when the licence is granted, they will jointly hold the licence, and one of the licensees will be designated as the operator.

Apart from corporate income tax, the State charges certain taxes directly to the licence holder, such as surface duties (offshore exploration licence or production licence), royalties relating to the amount of natural gas produced (production licence) and State Profit Share ("SPS"). SPS, at a rate of 50%, is levied from the holder or co-holders of a production licence on profits that can be directly and indirectly attributed to the extraction of hydrocarbons (the ring fence). The allocation principles have been established in practice and case law. SPS is calculated similar to corporate income tax, but with (most) expenses 'uplifted' by an additional 10%. To prevent corporate income tax and SPS from accumulating, a notionally calculated amount (generally referred to as the 'creditable amount') can be credited against SPS.

Ownership and market access restrictions

The Mining Act does not contain (foreign) ownership constraints. Licence applications can only be denied if the applicant fails to demonstrate its technical and financial capabilities. There are no restrictions applicable with respect to ownership of mining works or installations.

Transfers of control and assignments

Transfers of licences require the prior written approval of the MEA. The Mining Act does not require such consent in the event of an indirect transfer through a change of control of the licence holder. However, the MEA may withdraw a licence under certain circumstances, such as incorrect information provided at the application or the licensee being in default under licence obligations. In the event that an operator no longer qualifies (regarding financial or technical capabilities), the MEA may designate another operator. Therefore, the transfer of a licence interest via a change of control of the participating entity is often notified to the MEA, in particular in the case of an operated interest. The transfer of a licence interest is also subject to accession to the agreement of cooperation with the EBN. The disposal of a licence interest is subject to the fulfilment of decommissioning and abandonment obligations. These obligations rest with the last operator and the last co-holders of the licence.

PART VIII

THE BOARD, THE SENIOR MANAGERS AND CORPORATE GOVERNANCE

The Directors

The Board, collectively, has significant experience in the UK oil and gas, exploration, development and production sector. Since 2011 the Directors have consummated at least 12 significant acquisitions and planned and executed three major UK onshore farm-out transactions with energy majors as counterparties.

The Directors are very familiar with the key issues facing both onshore and offshore exploration and development activity. The Board has in aggregate more than 60 years of experience in subsurface engineering and geology and have been responsible for running complex and challenging fields and drilling operations, both onshore and offshore.

In addition the Board has significant expertise and experience of dealing with the political and social issues facing the industry at both the local and national governmental levels, having been actively involved in the governmental consultation program surrounding shale gas exploration and in the challenges of local planning issues in connection with exploration activity and asset development.

Details of the Directors are listed below.

Andrew Austin – Executive Chairman (age 53)

Andrew Austin is one of the founders and the former chief executive officer of IGas Energy. He previously specialised in energy projects in the gas, electricity and renewables sector. Prior to joining IGas Energy, Mr. Austin was involved in ventures as principal and has also raised substantial funds from private and public equity for clients during the course of his career to date. Mr. Austin spent 17 years working in investment banking in the City of London with Merrill Lynch, Nomura, Citibank and Barclays Capital. Latterly he was general manager of Creditanstalt Investment Bank in London. He also has six years of management and consultancy experience with clean tech companies including Generics Group and Whitfield Solar.

Richard Benmore – Non-Executive Director (age 61)

Richard Benmore, B.Sc, M. Sc, Ph.D, has over 35 years of experience in the oil and gas industry with Conoco, Oryx Energy, Nimir Petroleum, Nexen Petroleum and was most recently at IGas Energy. Richard has held a variety of roles starting his career as a petroleum geologist before moving into various commercial, business development and energy and power managerial positions. He recently managed Nexen's unconventional projects in the UK and Poland and was a board member of Nexen Exploration UK.

John Morrow – Non-Executive Director (age 64)

John Morrow is a Chartered Engineer and has over 30 years of experience in the oil and gas industry. John served as head of exploration and production at Glencore plc from 2011 to 2019. John was previously the chief operating officer and on the board of directors of Bowleven plc, having joined that company in 2005. Prior to that he spent 10 years at BG Group, where he was managing director of the joint venture which operated the giant Karachaganak field in Kazakhstan. Following that he was responsible for BG Group's technical effect in the Mediterranean Basin and its African assets and thereafter was project director (Middle East) where he was responsible for the development of new liquefied natural gas projects. Before joining BG Group, John spent the first 15 years of his career at Royal Dutch Shell where he held a variety of operational and commercial roles in the UK, Malaysia and the Netherlands, including as an offshore installation manager in the North Sea.

The Senior Managers

The Company's current senior management team (the "Senior Managers"), in addition to the Directors listed above, is as follows:

Peter Mann – Managing Director (age 38)

Peter Mann joined IGas Energy in 2013 to assist in the implementation of the company's core strategic aims. During his time at IGas Energy he was involved in acquisitions and business development, heading up the restructuring of the company in 2015, asset development and management and working with IGas Energy's joint venture partners including Ineos, Total and Engie. Peter left IGas to join RockRose in 2017. Peter's career prior to IGas Energy has included various strategic management roles. Peter attended the Royal Military Academy Sandhurst, commissioning into the British Army in 2004, where he served for over six years leaving in 2009. Peter subsequently joined Cazenove Capital's asset management team and in 2011 left to implement and run a private family office in London.

Richard Slape – Chief Financial Officer (age 53)

Richard Slape has over three decades' experience working with independent oil and gas exploration and production companies. For much of his career, he worked as an analyst for investment banks. Richard joined Rockhopper Exploration in 2012 as a Business Development Manager. He then moved to Lansdowne Oil & Gas in 2014, where he was an executive director, before joining Zeus Capital Limited as an oil and gas research director. Richard joined RockRose in 2019. In 2017, Richard founded Hopton Petroleum, which provides corporate advisory, valuation and research services to clients in the oil and gas and financial sectors.

Stephen (Steve) Pawson – Finance Director (age 63)

Steve Pawson BA, ACMA, has over 40 years of experience in the oil and gas industry where he has held a variety of financial roles. After a brief stint in the construction industry, Steve joined Phillips Petroleum as an assistant accountant where he rapidly moved through various roles as he gained his accounting qualification leaving as assistant chief accountant after 10 years. He then moved to ARCO where he held a number of roles involving the treasury, commercial, exploration and tax areas of the business and also spent two years in Yemen setting up systems, controls and reporting procedures for a start-up venture. Steve then joined the small start-up onshore producer Star Energy as group financial controller and group finance manager where he was involved in an initial public offering, various fund raises and acquisitions, a gas storage project and acquisition by PETRONAS. Subsequent to the break-up of the Star Energy Group in 2011, Steve remained with the upstream business which was acquired by IGas Energy where he continued to be involved in various refinancing projects, acquisitions and restructurings prior to joining RockRose. Mr Pawson intends to retire as finance director in September 2019.

Strategic decisions

Process and responsibility

The Directors are responsible for carrying out the Company's objectives, implementing its business strategy and conducting its overall supervision, acquisition, divestment and other strategic decisions will all be considered and determined by the Board in conjunction with the Company's external advisers. The Executive Team are charged with day-to-day responsibility for the implementation of the Company's acquisition strategy.

The Board will provide leadership within a framework of prudent and effective controls. The Board will establish the corporate governance values of the Company and will have overall responsibility for setting the Company's strategic aims, defining the business plan and strategy and managing the financial and operational resources of the Company.

Unless required by law or other regulatory process, no Shareholder approval will be sought by the Company in relation to the making of any further acquisition(s).

Frequency of meetings

The Board will schedule quarterly meetings and will hold additional meetings as and when required. The expectation is that this will not result in more than four meetings of the Board each year.

Corporate governance

The Company will observe the requirements of the UK Corporate Governance Code (so far as it is practicable) given the composition of the Board. The Board have resolved not to comply with the provisions relating to the division of responsibilities between the chairman and chief executive and executive compensation.

The Company will hold Board meetings periodically as issues arise which require the attention of the Board. The Board will be responsible for the management of the business of the Company, setting the strategic direction of the Company, establishing the policies of the Company and appraising the making of all material investments. It will be the Board's responsibility to oversee the financial position of the Company and monitor the business and affairs of the Company on behalf of the Shareholders, to whom the Directors are accountable. The primary duty of the Board will be to act in the best interests of the Company at all times. The Board will also address issues relating to internal control and the Company's approach to risk management.
The Company also has a remuneration committee (the "Remuneration Committee"), an audit committee (the "Audit Committee"), a risk and disclosure committee (the "Risk and Disclosure Committee"), a nomination committee (the "Nomination Committee") and a health, safety, security and environmental committee (the "Health, Safety, Security and Environmental Committee"), with formally delegated duties and responsibilities.
The Remuneration Committee comprises only non-executive Directors, being John Morrow as chairman and Richard Benmore, and will meet normally not less than twice each year. The Remuneration Committee will be responsible for the review of and making recommendations to the Board on the scale and structure of remuneration for Directors and Senior Managers, including any bonus arrangements or the award of share options with due regard to the interests of the Shareholders and other stakeholders.
The Audit Committee comprises only non-executive Directors, being Richard Benmore as chairman and John Morrow, and will meet normally not less than twice each year. The Audit Committee will be responsible for making recommendations to the Board on the appointment of auditors and the audit fee and for ensuring that the financial performance of the Company is properly monitored and reported. In addition, the Audit Committee will receive and review reports from management and the auditors relating to the interim report, the annual report and accounts and the internal control systems of the Company.
The Risk and Disclosure Committee will operate as part of the Audit Committee and will review the operational risks that face the business and monitor and report upon the Company's obligations under the Disclosure Guidance and Transparency Rules regarding continuous disclosure.
The Nomination Committee, which will comprise Andrew Austin as chairman and Richard Benmore and will meet as required during the year. The Nomination Committee is

responsible for reviewing succession plans for the Directors, including the Executive Chairman and other senior executives.

The Health, Safety, Security and Environmental Committee is chaired by John Morrow and its other members are Andrew Austin and Richard Benmore. The Health, Safety, Security and Environmental Committee meets as required during the year and is responsible for ensuring that employees are provided with a safe and secure place to work, ensuring that the Group is complying with the latest statutory requirements, ensuring that operators are complying with latest health, safety and environmental directives and ensuring that the Company's IT systems are secure and protected from cyber-attack. The operational head of the Health, Safety, Security and Environmental Committee reports directly to Andrew Austin.
As at the date of this document, the Board has adopted the policies and procedures to comply with applicable market abuse legislation, including a share dealing code ("Share Dealing Code") on the dealing in securities of the Company by Directors, Senior Managers and employees. The Board will be responsible for taking all proper and reasonable steps to ensure compliance with the Share Dealing Code by the Directors, Senior Managers and employees of the Company.

PART IX

UNAUDITED PRO FORMA FINANCIAL INFORMATION FOR THE ENLARGED GROUP

Section A: Unaudited pro forma financial information

The unaudited consolidated pro forma statement of net assets and income statement of the Enlarged Group set out below in this section of this Part IX – Unaudited Pro Forma Financial Information for the Enlarged Group of this document have been prepared in a manner consistent with the accounting policies adopted by the Company in preparing the Group's audited consolidated financial statements for the period ended 31 December 2018 on the basis set out in the notes to the Pro Forma Financial Information and in accordance with Annex II to the Prospectus Directive Regulation. The adjustments in the unaudited pro forma financial information are expected to have a continuing impact on the Enlarged Group, unless stated otherwise.

The unaudited pro forma statement of net assets has been prepared based on the net assets of the Group as at 31 December 2018, which includes the consolidated financial position of Dyas, and has been prepared to illustrate the impact of the Marathon Acquisition, which completed on 1 July 2019 on the net assets of the Group as if it had been completed on 31 December 2018.

The unaudited pro forma income statement has been prepared based on the consolidated income statement of the Group for the year ended 31 December 2018, which includes the post-acquisition results (from 1 October 2018 to 31 December 2018) of Dyas. The unaudited pro forma income statement has been prepared to illustrate the impact of the Dyas Acquisition and Marathon Acquisition, which completed on the 1 October 2018 and 1 July 2019 respectively, on the consolidated income statement of the Group as if they had been completed on 1 January 2018.

The unaudited pro forma financial information has been prepared on the basis that the Marathon Acquisition will be accounted for under the acquisition method pursuant to IFRS 3 "Business Combinations". Under the acquisition method, assets and liabilities are recorded at their fair values on the date of purchase and any excess of the fair value of the total purchase price over the fair values of the tangible and intangible assets acquired and liabilities assumed is recorded as goodwill. As of the date of this document, the valuation studies necessary to finalise the fair values of the purchase price, the assets acquired and the liabilities assumed have not been finalised.

Accordingly, the unaudited pro forma statement of net assets and income statement do not reflect any fair value adjustments to the acquired assets and liabilities of MOUK and MOWOS. A final determination of these fair values will reflect, inter alia, consideration of the final purchase price, as well as the final valuation based on the actual net tangible and intangible assets, if any, that exist as of the closing of the Marathon Acquisition. Any adjustments will change the allocation of the purchase price, which will affect the fair value assigned to the assets and liabilities and could result in a material change to the figures shown in the unaudited pro forma statement of net assets and the unaudited pro forma income statement.

The unaudited pro forma financial information has been prepared for illustrative purposes only and, by its nature, addresses a hypothetical situation and, therefore, does not represent the Group's or the Enlarged Group's actual financial position or results.

The unaudited pro forma financial information does not constitute financial statements within the meaning of Section 434 of the Companies Act. Shareholders should read the whole of this document and not rely solely on the summarised financial information in this Part IX – Unaudited Pro Forma Financial Information for the Enlarged Group of this document. Pricewaterhouse Coopers LLP's report on the unaudited pro forma financial information is set out in Section B of this Part IX – Unaudited Pro Forma Financial Information for the Enlarged Group of this document.

The unaudited pro forma financial information does not purport to represent what the Group's financial position and results of operations actually would have been if the Dyas Acquisition and the Marathon Acquisition had been completed on the dates indicated nor does it purport to represent the results of operations for any future period or the financial condition at any future date.

1. Unaudited pro forma statement of net assets

			Adjustments
	Group at	MOUK at	MOWOS at		Enlarged
	•	31 December		Acquisition	Group at
	2018	2018	2018		31 December
	(note 1)	(note 2)	(note 2)	(note 3)	2018
	US\$m*	US\$m*	US\$m*	US\$m*	US\$m*
ASSETS
Non-current assets
Intangible assets	33	_	_	20	53
Property, plant and
equipment	359	70	46	1	476
Investment property	_	1	_	_	1
Pension asset	_	83	100	_	83
Deferred tax asset		369	100		469
	392	523	146	21	1,082
Current assets
Inventory	5	11	_	_	16
Trade and other
receivables	28	43	_	_	71
Tax receivable	_	_	_
Loan to group		400	457	(000)
undertaking	_	163	157	(320)	_
Cash and cash	68	30	2	169	269
equivalents Restricted cash	53	30	2	50	103
restricted cash			450
	154	247	159	(101)
TOTAL ASSETS	546	770	305	(80)	1,541
LIABILITIES
Current liabilities
Trade and other
payables	(57)		(10)	_	(104)
Tax payable	(23)	_	(17)	_	(40)
Provisions for liabilities		(45)			(50)
and other charges	(5)				(50)
	(85)	(82)	(27)		(194)
Non-current liabilitie	S
Trade and other
payables	_	(5)	_	_	(5)
Provisions for liabilities		(==0)	(0.50)		(4.400)
and other charges	(365)	, ,	· ·	_	(1,193)
Deferred tax liability	(23)	(39)	(19)		(81)
	(388)	(622)	(269)		(1,279)
TOTAL LIABILITIES	(473)	(704)	(296)	_	(1,473)
NET ASSETS/
(LIABILITIES)	73	66	9	(80)	68
-/				(-0)

^*Rounded to nearest US\$m

Notes:

1. The Group financial information as at 31 December 2018, which includes the consolidated financial position of Dyas, has been extracted from the Group's consolidated audited financial statements as at the 31 December 2018.
1. The MOUK and MOWOS financial information as at 31 December 2018 has been extracted from the Historic Financial Information for MOUK and MOWOS as at 31 December 2018 as included in Part XII – Historical Financial Information on MOUK and Part XIII – Historical Financial Information on MOWOS, respectively, of this document.
1. Adjustments attributable to the transaction

3(a): The unaudited pro forma statement of net assets has been prepared on the basis that the Marathon Acquisition will be treated as an acquisition of a business in accordance with IFRS 3 "Business Combinations". The pro forma statement of net assets does not reflect the fair value adjustments to the acquired assets and liabilities of MOUK and MOWOS, as the fair value measurement of these items are still being finalised. For the purposes of the pro forma statement of net assets, the excess purchase consideration over the carrying amount of the net assets acquired, after impairment reversals, has been attributed to intangible assets (goodwill).

	US\$m*
Consideration	96
Less carrying value of net assets/(liabilities) acquired:
– MOUK	(66)
– MOWOS	(9)
Impairment reversal MOUK	1 ––––––––
Goodwill	20
	––––––––

^* Rounded to nearest US\$m

3(b): Repayment of US\$320m funds owed by a Marathon group company to MOUK and MOWOS, which were repaid prior to completion of the Marathon Acquisition in accordance with the terms of the Marathon Acquisition Agreements.

3(c): Total increase in cash of US\$169m arises due to a number of adjustments attributable to the Marathon Acquisition, which consisted of the:

receipt of US\$320m funds previously held as a receivable from a Marathon group company as described in note 3(b);
net payment of cash consideration of US\$96m for the Marathon Acquisition;
payment of US\$50m into trust in relation to a letter of credit to be provided in relation to the Defined Benefit Scheme which is classified and shown separately as 'restricted cash' in the financial statements; and
transaction costs arising from the Marathon Acquisition of US\$5m.

2. Unaudited pro forma income statement

			Adjustments (notes 8 to 9) ––––––––––––––––––––––––––––––––––––––––––––––––
Revenue Other Income Cost of sales Gross profit	Group year ending 2018 US\$m* (note 4) 153 – (105) –––––––– 48	Dyas B.V. 9 months ending 2018 US\$m* (note 5) 78 – (42) –––––––– 36	MOUK year ending 31 December 30 September 31 December 31 December 2018 US\$m* (note 6) 196 – (85) –––––––– 111	MOWOS year ending 2018 US\$m* (note 6) 176 – (101) –––––––– 75	Acquisition US\$m* (note 7) – – – –––––––– –	Enlarged Group year ending adjustments 31 December 2018 US\$m* 603 – (333) –––––––– 270
Change in estimate	––––––––	––––––––	––––––––	––––––––	––––––––	––––––––
of decommissioning provisions Foreign exchange on decommissioning	14	–	126	–	–	140
provision	–	–	–	–	–	–
Administrative costs	(12)	(2)	(13)	(3)	(5)	(35)
Loss on derivatives Gain on acquisition	(6) –	– –	– –	– –	– –	(6) –
Impairment of
goodwill	(19) ––––––––	– ––––––––	– ––––––––	– ––––––––	– ––––––––	(19) ––––––––
Operating profit/
(loss)	25 ––––––––	34 ––––––––	224 ––––––––	72 ––––––––	(5) ––––––––	350 ––––––––
Finance income	–		16	4	–	20
Finance cost Foreign exchange	(15)	(3)	(8)	(2)	–	(28)
gain/(loss) Profit/(loss) before	(2)	–	–	–	–	(2)
income tax	8	31	232	74	(5)	340
Taxation	–––––––– 31	–––––––– (12)	–––––––– (99)	–––––––– (30)	–––––––– –	–––––––– (110)
Profit/(loss) for the	––––––––	––––––––	––––––––	––––––––	––––––––	––––––––
year	39 ––––––––	19 ––––––––	133 ––––––––	44 ––––––––	(5) ––––––––	230 ––––––––
Adjusted EBITDA	77 ––––––––	49 ––––––––	103 ––––––––	93 ––––––––	(5) ––––––––	317 ––––––––

^* Rounded to nearest US\$m

Notes:

1. The Group financial information for the year ended 31 December 2018, which includes the post-acquisition results (from 1 October 2018 to 31 December 2018) of the Dyas Group, has been extracted or derived (for the purposes of calculating the Adjusted EBITDA), from the Group's consolidated audited financial statements for the year ended 31 December 2018.
1. The pre-acquisition Dyas financial information for the nine months ended 30 September 2018 has been extracted from underlying books and records of Dyas which are the financial records that support the full year financial statements of Dyas for the year ended 31 December 2018.
1. The MOUK and MOWOS financial information for the year ended 31 December 2018 has been extracted from the MOUK and MOWOS Historic Financial Information for the year ended 31 December 2018 as included in Part XII – Historical Financial Information on MOUK and Part XIII – Historical Financial Information on MOWOS, respectively, of this document.
1. For the purposes of the unaudited pro forma income statement, transaction costs of US\$5m incurred by the Company in respect of the Marathon Acquisition have been reflected as an expense. These costs are not expected to be incurred on an ongoing basis in the Enlarged Group.

In relation to finance income, there is a net nil adjustment as a result of:

a) the elimination of the interest income recognized by MOUK/MOWOS of US\$20m which arose on the \$320m receivables from a Marathon group company, as set out in note 3(b); and
b) the inclusion of estimated interest income on the net cash funds received as a result of the Marathon Acquisition of £169m as set out in note 3).
1. No additional depreciation and amortisation charge has been applied to reflect the impact of any fair value adjustments that might arise under IFRS 3 "Business Combinations" in relation to intangible assets and property, plant and equipment, for the Marathon Acquisition, as it is considered impractical to do so given the fair value adjustments are still being calculated.
1. No adjustment has been made to reflect the financial results or the net assets of RockRose, Dyas, MOUK or MOWOS since 31 December 2018.

Section B: Accountant's report on the Unaudited Pro Forma Financial Information for the Enlarged Group

The Directors RockRose Energy plc c/o Cooley Services Limited Dashwood 69 Old Broad Street London EC2M 1QS

19 July 2019

Dear Sirs

RockRose Energy plc (the "Company")

We report on the unaudited pro forma financial information (the "Pro Forma Financial Information") set out in Section A of Part IX of the Company's prospectus dated 19 July 2019 (the "Prospectus") which has been prepared on the basis described in the notes to the Pro Forma Financial Information, for illustrative purposes only, to provide information about how the acquisitions of the entire issued share capital of Marathon Oil U.K. LLC, including its subsidiaries, and the entire issued share capital of Marathon Oil West of Shetlands Limited might have affected the financial information presented on the basis of the accounting policies adopted by the Company in preparing the financial statements for the year ended 31 December 2018. This report is required by item 20.2 of Annex I to the PD Regulation and is given for the purpose of complying with that PD Regulation and for no other purpose.

Responsibilities

It is the responsibility of the directors of the Company to prepare the Pro Forma Financial Information in accordance with item 20.2 of Annex I to the PD Regulation.

It is our responsibility to form an opinion, as required by item 20.2 of Annex I to the PD Regulation as to the proper compilation of the Pro Forma Financial Information and to report our opinion to you. In providing this opinion we are not updating or refreshing any reports or opinions previously made by us on any financial information used in the compilation of the Pro Forma Financial Information, nor do we accept responsibility for such reports or opinions beyond that owed to those to whom those reports or opinions were addressed by us at the dates of their issue.

Save for any responsibility which we may have to those persons to whom this report is expressly addressed and for any responsibility arising under item 5.5.3R(2)(f) of the Prospectus Rules to any person as and to the extent there provided, to the fullest extent permitted by law we do not assume any responsibility and will not accept any liability to any other person for any loss suffered by any such other person as a result of, arising out of, or in connection with this report or our statement, required by and given solely for the purposes of complying with item 23.1 of Annex I to the PD Regulation, consenting to its inclusion in the Prospectus.

PricewaterhouseCoopers LLP, 1 Embankment Place, London, WC2N 6RH T: +44 (0) 2075 835 000, F: +44 (0) 2072 124 652, www.pwc.co.uk

PricewaterhouseCoopers LLP is a limited liability partnership registered in England with registered number OC303525. The registered office of PricewaterhouseCoopers LLP is 1 Embankment Place, London WC2N 6RH. PricewaterhouseCoopers LLP is authorised and regulated by the Financial Conduct Authority for designated investment business.

Basis of opinion

We conducted our work in accordance with the Standards for Investment Reporting issued by the Auditing Practices Board in the United Kingdom. The work that we performed for the purpose of making this report, which involved no independent examination of any of the underlying financial information, consisted primarily of comparing the unadjusted financial information with the source documents, considering the evidence supporting the adjustments and discussing the Pro Forma Financial Information with the directors of the Company.

We planned and performed our work so as to obtain the information and explanations we considered necessary in order to provide us with reasonable assurance that the Pro Forma Financial Information has been properly compiled on the basis stated and that such basis is consistent with the accounting policies of the Company.

Opinion

In our opinion:

(a) the Pro Forma Financial Information has been properly compiled on the basis stated; and
(b) such basis is consistent with the accounting policies of the Company.

Declaration

For the purposes of Prospectus Rule 5.5.3 R(2)(f), we are responsible for this report as part of the Prospectus and we declare that we have taken all reasonable care to ensure that the information contained in this report is, to the best of our knowledge, in accordance with the facts and contains no omission likely to affect its import. This declaration is included in the Prospectus in compliance with item 1.2 of Annex I to the PD Regulation.

Yours faithfully

PricewaterhouseCoopers LLP Chartered Accountants

PART X

SELECTED FINANCIAL INFORMATION ON THE ENLARGED GROUP

The selected financial information set out below has been extracted without material adjustment from the audited historical financial information of the Company for the financial years ended 31 December 2018 and 31 December 2017, and the 18 month period ended 31 December 2016, which are incorporated by reference in Part XXII – Documents incorporated by reference of this document.

Selected Financial Information of the Group:

Consolidated Statement of Comprehensive Income

	Year to	Year to	18 months to
	31 December	31 December	31 December
	2018	2017**	2016*
	US\$000	US\$000	US\$000
Revenue	153,072	7,436	_
Cost of sales	(105,356)	(7,604)	_
Gross profit/(loss)	47,716	(168)	_
Change in estimate of decommissioning provisions	14,302	_	_
Foreign exchange movements on decommissioning
provision	_	(223)	_
Administrative Costs	(12,649)	(5,617)	(1,900)
Loss on derivatives	(6,399)	_	_
Gain on acquisition	_	87,825	_
Impairment of goodwill	(18,660)	(7,974)
Operating profit/(loss)	24,310	73,843	(1,900)
Finance income	51	9	6
Finance costs	(14,996)	(915)	_
Foreign exchange (loss)/gain	(1,987)	1,137
Profit/(loss) before income tax	7,378	74,074	(1,894)
Income tax credit	31,481
Profit/(loss) for the year attributable to shareholders Comprehensive income to be reclassified to profit or loss in subsequent years when specific conditions are met:	38,859	74,074	(1,894)
Foreign currency translation loss	_	140	(653)
Total comprehensive income for the year	38,859	74,214	(2,547)
Unadjusted basic earnings/(loss) per share (cents)	261	651	(34)
Unadjusted diluted earnings/(loss) per share (cents)	242	580	(34)

The income statement for the year ended 31 December 2017 has been presented in a format consistent with that adopted in the year ended 31 December 2018 annual report and accounts and therefore some sub-totals are different from those presented in the annual report and accounts for the year ended 31 December 2017. However, no financial information has been restated.

Consolidated Statement of Financial Position

	As at	As at	As at
		31 December
	2018	2017	2016*
	US\$000	US\$000	US\$000
Assets
Intangible assets	32,287	1,723	_
Property, plant and equipment	359,293	180,325	_
Deferred tax		36,472
Total non-current assets	391,580	218,520
Inventory	5,090	6,005	_
Trade and other receivables	28,147	14,997	313
Cash and cash equivalents	67,944	64,955	2,938
Restricted cash	53,347	55,336
Total current assets	154,528	141,293	3,251
Total assets	546,108	359,813	3,251
Equity
Share capital	3,549	4,269	2,890
Share premium	129	9,902	3,222
Other reserves	11,772	(75)	(558)
Retained earnings/(Accumulated losses)	58,007	71,228	(2,846)
Total equity	73,457	85,324	2,708
Liabilities
Provisions for liabilities and other charges	364,717	247,048	_
Deferred tax liability	22,788	_	_
Total non-current liabilities	387,505	247,048
Trade and other payables	57,015	21,882	543
Tax payable	23,012	_	_
Provisions for liabilities and other charges	5,119	5,559
Total current liabilities	85,146	27,441	543
Total liabilities	472,651	274,489	543
Total equity and liabilities	546,108	359,813	3,251

Consolidated Statement of Cash Flows

oniconductor of activitions
	2018	Year to 31 December 2017	2016*
	US\$000	US\$000	US\$000
Cash flows from operating activities
Profit/(loss) before income tax	7,378	74,074	(1,894)
Non-cash adjustment to reconcile (loss)/profit before
tax to net cash flows:
Foreign exchange loss/(gains) on operating activities		(1,136)	_
Finance income	(51)	(9)	(5)
Finance costs	14,996	915*	* _
Share based payments	291	242	95
Impairment of goodwill	18,660	7,974	_
Gain on acquisitions	_	(87,825)	_
Depreciation and amortisation	34,222	1,669	_
Change in estimate of decommissioning provision	(14,302)	_	_
Foreign exchange movement on decommissioning
provision	_	223	_
Increase in provisions		749
Operating cash flows before movements in working
capital	63,181	(3,124)	(1,804)
Decrease in inventory	915	895	_
(Increase)/decrease in trade and other receivables	(13,149)		(301)
Decrease/(increase) in restricted cash	1,988	(55,336)
Increase in trade and other payables	35,048	1,710	543
Income tax paid	(4,534)		_
Net cash generated from/(used in) operating activitie	s 83,449	(27,474)	(1,562)
Cash flows from investing activities
Acquisition of subsidiaries net of cash acquired	(11,773)	82,311	_
Utilisation of decommissioning liabilities	(2,402)	_	_
Additions of intangible assets	(215)	_	_
Additions of property, plant and equipment	(10,414)	(895)
Net cash (used in)/generated from investing activities	(24,804)	81,416	_
Cash flows from financing activities
Finance income	51	9	5
Finance costs	(3,711)	_	_
Share issue costs	_	(2,183)	(1,114)
Shareholders distribution	(30,360)
Share buy-back	(22,041)	_	_
Proceeds from share issue	169	10,343	6,108
Net cash (used in)/generated from financing activities	(55,892)	8,169	4,999
Net increase in cash and cash equivalent	2,753	62,111	3,437
Cash and cash equivalents at 1 January	64,955	2,938	_
Effect of foreign exchange	236	(94)	(499)
Cash and cash equivalents at 31 December	67,944	64,955	2,938
Cash and Cash equivalents at 31 December

^** Finance costs for the year ended 31 December 2017 has been presented on the same basis as adopted in the year ended 31 December 2018 annual report by combining unwind of discount on decommissioning provision and finance expense.

During the period covered by the audited historical financial information set out above, the significant changes to the Company's financial conditions were:
the receipt of net proceeds from the issue of Ordinary Shares in conjunction with the Initial Admission;
the receipt of net proceeds from the issue of Ordinary Shares in conjunction with the subscription by Arunvill for 2,666,666 Ordinary Shares and the subscription by certain of the Directors, certain of their spouses and certain third parties for 967,074 Ordinary Shares, and placing of 1,699,594 Ordinary Shares, which completed on 6 July 2017;
the completion of the Acquisitions;
the completion of the Share Buy-back; and
the completion of the Shareholder Distribution.

Since 31 December 2018 (being the end of the last financial period of the Company for which financial information has been published), the significant change to the Company's financial condition and operating results was the completion of the Marathon Acquisition on 1 July 2019.

Selected Financial Information of MOUK

Consolidated Statement of Comprehensive Income

	Year ended 31 December 2018 Audited US\$000	Year ended 31 December 2017 Audited US\$000	Year ended 31 December 2016 Unaudited US\$000
Revenue Cost of sales	196,424 (84,656)	209,693 (180,312)	157,851 (197,904)
Gross profit/(loss) Other operating income Administrative costs	111,768 125,550 (13,345)	29,381 423 (6,546)	(40,053) 281 350
Operating profit/(loss) Finance income Finance costs	223,973 16,399 (7,546)	23,258 11,775 (7,773)	(39,422) 11,011 (8,107)
Profit/(loss) before income tax Income tax (charge)/credit	232,826 (98,929)	27,260 23,969	(36,518) 21,299
Profit/(loss) for the year	133,897	51,229	(15,219)
Adjusted EBITDA	102,594	89,485	66,912
Comprehensive income to be reclassified to profit or loss in subsequent years when specific conditions are met: Foreign currency translation (loss)/gain Comprehensive income that will not be reclassified to profit or loss in subsequent years when specific conditions are met: Deferred tax relating to defined benefit pension scheme Actuarial gains on defined benefit pension scheme	(7,832) (5)		5,459 (32,109)
·		•
Other comprehensive income/(expense) for the year		31,228	(26,650)
Total comprehensive income/(expense) for the year	126,071	90,372	(53,182)

Consolidated Statement of Financial Position

	As at	As at	As at
		31 December
	2018	2017	2016
	Audited	Audited	Unaudited
	US\$000	US\$000	US\$000
Assets
Property, plant and equipment	69,763	106,033	218,127
Investment property	1,302	1,382	963
Pension asset Deferred tax asset	82,512 368,642	70,993 471,525	12,307 332,079
Deletted tax asset
Total non-current assets	522,219	649,933	563,476
Inventory	11,360	8,222	9,390
Trade and other receivables	42,737	41,140	54,657
Loans to the group undertakings	162,867	429,503	513,413
Cash and cash equivalents	30,373	62,048	24,246
Total current assets	247,337	540,913	601,706
Total assets	769,556	1,190,846	1,165,182
Equity
Capital surplus	31,797	31,797	31,797
Foreign currency translation reserve	(11,230)	(3,398)	(11,313)
Retained earnings	45,568	251,665	169,208
Total equity	66,135	280,064	189,692
Liabilities
Accruals and deferred income	5,166	5,032	12,572
Deferred tax liability	38,782	47,671	51,038
Provisions for liabilities and other charges	577,718	777,845	849,221
Total non-current liabilities	621,666	830,548	912,831
Trade and other payables	36,574	42,324	28,096
Tax payable	_	2,315	2,335
Provisions for liabilities and other charges	45,181	35,595	32,228
Total current liabilities	81,755	80,234	62,659
Total liabilities	703,421	910,782	975,490
Total equity and liabilities	769,556	1,190,846	1,165,182

Consolidated Statement of Cash Flows

	Year ended	Year ended	Year ended
		31 December
	2018	2017	2016
	Audited	Audited	Unaudited
	US\$000	US\$000	US\$000
Cash flows from operating activities	400.007	E4 000	(45.040)
Profit/(loss) for the year	133,897	51,229	(15,219)
Non-cash adjustments to reconcile profit/(loss) for the year to net cash flows:
Foreign exchange (gain)/loss on operating activities	(1,673)	1,931	(4,614)
Revaluation of investment property	(1,010)	(212)	( ', ' ' ' ' '
Finance costs	(8,853)	, ,	(2,904)
Share based payments	(14,436)	(16,796)	(17,741)
(Reversal of impairment)/impairment of property,
plant and equipment	(20)		_
Tax on profit/(loss) on ordinary activities	98,929	(23,969)	(21,299)
Depreciation	4,171	66,650	105,125
Profit on disposal of tangible assets Change in estimate of decommissioning provision	– (124,674)	_	(90) (14,770)
Increase in provisions	(24,848)	(21,909)	(14,770)
·	(24,040)	(21,000)
Operating cash flows before movements in working	60.400	E4 240	20.400
capital (Increase)/decrease in inventory	62,493 (3,142)	54,340 1,169	28,488 5,514
(Increase)/decrease in trade and other receivables	(2,338)		(27,711)
(Decrease)/increase in trade and other payables	(5,569)		(16,492)
Income tax paid	(3,835)	(124,501)	(13,012)
Net cash generated from/(used in) operating
activities	47,609	3,469	(23,213)
Cash flows from investing activities	,555	0,100	(==,=:=)
Loan repayment receipts	265,000	30,000	_
Interest receivable and similar income	11,072	11,201	9,611
(Additions)/disposals of property, plant and
equipment	(13,917)	(5,642)	305
Net cash generated from investing activities	262,155	35,559	9,916
Cash flows from financing activities	(0.550)	(4.000)	(0.044)
Finance costs Members distribution	(2,559)	(4,228)	(3,841)
	(340,000)
Net cash used in financing activities	(342,559)	(4,228)	(3,841)
Net (decrease)/increase in cash and cash
equivalents	(32,795)	34,800	(17,138)
Cash and cash equivalents at 1 January	62,048	24,246	44,757
Effect of foreign exchange	1,120	3,002	(3,373)
Cash and cash equivalents at 31 December	30,373	62,048	24,246

• revenue increased by 32.84% from US\$157,851,000 for the financial year ended 31 December 2016 to US\$209,693,000 for the financial year ended 31 December 2017 but

decreased by 6.32% to US\$196,424,000 for the financial year ended 31 December 2018. The decline was primarily due to the changes in production volumes and price;

cost of sales decreased by 8.88% from US\$197,904,000 for the financial year ended 31 December 2016 to US\$180,312,000 for the financial year ended 31 December 2017, and further decreased by 53% to US\$84,656,000 for the financial year ended 31 December 2018,due to the significant reduction in depreciation charges as the Brae assets move further towards ends of life, and one off increase in contractor costs in 2017 resulting from gas bypass works and additional decommissioning spend in respect of Brae Bravo; and
MOUK noted an operating loss of US\$39,422,000 for the financial year ended 31 December 2016. Operating profit increased to US\$23,258,000 for the financial year ended 31 December 2017, and substantially increased by 863% to US\$223,973,000 for the financial year ended 31 December 2018. The 2018 financial year increase was primarily driven by a reduction in the decommissioning provision (a consequence of changes in key estimates) of US\$125,550,000 (in excess of its net book value) within fixed assets, recognised in other income. The remainder of the increase is explained by the decrease in costs of sales, as mentioned above.

MOUK was notified on 20 June 2019 by TAQA Bratani, a significant non-operator interest holder in those licences, following the approval of the proposals made by TAQA Bratani to other members of the relevant operating committees on 5 June 2019, that it would be discharged as operator of Blocks 16/7a, Licence no. P.108 (Block 16/3a), Licence no. P.313 (Block 16/3b), Licence no. P.313 (Block 16/3c) and TAQA Bratani appointed in its place. No reasons were given for the changes. A process will follow involving OGA approval, which could result in MOUK losing operatorship of these licences in July 2020.

Selected Financial Information of MOWOS:

Consolidated Statement of Comprehensive Income

	Year ended	Year ended	Year ended
	31 December	31 December	31 December
	2018	2017	2016
	Audited	Audited	Audited
	US\$000	US\$000	US\$000
Revenue	176,023	93,981	126,035
Cost of sales	(100,740)	(71,298)	(85,947)
Gross profit	75,292	22,683	40,088
Administrative costs	(2,672)	(3,198)	(3,129)
Operating profit	72,620	19,485	36,959
Finance income	4,274	2,040	799
Finance costs	(2,444)	(1,438)	(1,439)
Profit before income tax	74,450	20,087	36,319
Income tax (charge)/credit	(29,610)	(8,402)	(25,279)
Profit for the year attributable to members	44,840	11,685	11,040
Adjusted EBITDA	92,976	39,669	70,617
There were no other comprehensive income 2018, 2017 and 2016, respectively:
Total comprehensive income for the year	44,840	11,685	11,040
Unadjusted basic earnings per share (in cents)	179,360	47	44
Unadjusted diluted earnings per share (in cents)	179,360	47	44

Consolidated Statement of Financial Position

	As at 31 December 2018 Audited US\$000	As at 31 December 2017 Audited US\$000	As at 31 December 2016 Audited US\$000
Assets Property, plant and equipment Deferred tax asset	45,541 100,192	102,511 113,748	111,380 108,636
Total non-current assets Inventory Trade and other receivables Loans to group undertakings Cash and cash equivalents	145,733 56 35 156,545 1,730	216,259 458 13,951 143,989 9,194	220,016 4,051 9,063 153,692 7,680
Total current assets	158,366	167,592	174,486
Total assets	304,099	383,851	394,502
Equity Share capital Other reserves Accumulated losses Total equity	25 109,591 (101,264) 8,352	25,025 84,591 (61,104) 48,512	25,025 84,591 (47,789) 61,827
Liabilities Accruals and deferred income Deferred tax liability Provisions for liabilities and other charges	18,515 250,481	40,329	43,385
Total non-current liabilities	268,996	324,642	314,975
Trade and other payables Tax payable	10,007 16,744	10,056 641	10,642 7,058
Total current liabilities	26,751	10,697	17,700
Total liabilities	295,747	335,339	332,675
Total equity and liabilities	304,099	383,851	394,502

Consolidated Statement of Cash Flows

	Year ended	Year ended	Year ended
	31 December	31 December	31 December
	2018	2017	2016
	Audited	Audited	Audited
	US\$000	US\$000	US\$000
Cash flows from operating activities
Profit before income tax	74,450	20,087	36,319
Non-cash adjustments to reconcile profit before tax
to net cash flows:
Finance income	(4,274)	(2,040)	(799)
Finance costs	4	_	3
Depreciation and amortisation	20,356	20,184	33,658
Finance charge on decommissioning provisions	2,440	1,438	1,436
Operating cash flows before movements in working
capital	92,976	39,669	70,617
Decrease in inventory	402	3,593	3,368
Decrease/(increase) in trade and other receivables	13,916	(4,888)	16,020
(Increase)/decrease in amounts owed by group
companies	(12,623)		(55,748)
Increase/(decrease) in trade and other payables	18	(736)	(5,018)
Income tax paid	(21,765)	(22,987)	(23,310)
Net cash generated from/(used in) operating activitie Cash flows from investing activities	s 72,924	24,504	5,929
Payments to acquire property, plant and equipment	_	(30)	(1,430)
Receipts from sales of property, plant and equipment	t 342	(00)	(1,100)
Finance income	4,274	2,040	799
Net cash generated from/(used in) investing activities Cash flows from financing activities	4,616	2,010	(631)
Finance costs	(4)	_	(3)
Shareholder distribution	(85,000)		(0)
Net cash used in financing activities	(85,004)		(3)
ŭ			5,295
Net (decrease)/increase in cash and cash equivalent Cash and cash equivalents at 1 January	s (7,464) 9,194	7,680	2,385

Cash and cash equivalents at 31 December	1,730	9,194	7,680

revenue decreased by 25% from US\$126,035,000 for the financial year ended 31 December 2016 to US\$93,981,000 for the financial year ended 31 December 2017 but increased by 87% to US\$176,032,000 for the financial year ended 31 December 2018. The increase was primarily due to the changes in production volumes and price;
cost of sales decreased by 17% from US\$85,947,000 for the financial year ended 31 December 2016 to US\$71,298,000 for the financial year ended 31 December 2017, and increased by 41% to US\$100,740,000 for the financial year ended 31 December 2018, in line with the fall in production during the same periods and a significant increase in contractor spend in 2018 driven in part from pump and compressor outages; and
Operating profit decreased by 47% from US\$36,959,000 for the financial year ended 31 December 2016 to US\$19,485,000 for the financial year ended 31 December 2017, and

substantially increased by 272% to US\$72,620,000 for the financial year ended 31 December 2018.

PART XI

HISTORICAL FINANCIAL INFORMATION OF THE COMPANY

The audited financial statements relating to the Company for the financial years ended 31 December 2018, 31 December 2017 and the 18 month period ended 31 December 2016 are incorporated by reference into this document as described in Part XXII – Documents incorporated by reference of this document.

PART XII

HISTORICAL FINANCIAL INFORMATION ON MOUK

Section A: Accountant's Report on the Historical Financial Information on MOUK

The Directors RockRose Energy plc c/o Cooley Services Limited Dashwood 69 Old Broad Street London EC2M 1QS United Kingdom

19 July 2019

Dear Sirs

Marathon Oil U.K. LLC and its subsidiaries ("MOUK")

We report on the financial information on MOUK for the two years ended 31 December 2018 and 31 December 2017 (the "MOUK HFI"). The MOUK HFI has been prepared for inclusion in the prospectus dated 19 July 2019 (the "Prospectus") of RockRose Energy plc (the "Company") on the basis of the accounting policies set out in note 1 to the MOUK HFI. This report is required by item 20.1 of Annex I to the PD Regulation and is given for the purpose of complying with that item and for no other purpose.

We have not audited or reviewed the financial information for the year ended 31 December 2016 which has been included for comparative purposes only, and accordingly do not express an opinion thereon.

Responsibilities

The Directors of the Company are responsible for preparing the MOUK HFI in accordance with International Financial Reporting Standards as adopted by the European Union.

It is our responsibility to form an opinion as to whether the MOUK HFI gives a true and fair view, for the purposes of the Prospectus and to report our opinion to you.

PricewaterhouseCoopers LLP, 1 Embankment Place, London, WC2N 6RH T: +44 (0) 2075 835 000, F: +44 (0) 2072 124 652, www.pwc.co.uk

Basis of opinion

We conducted our work in accordance with the Standards for Investment Reporting issued by the Auditing Practices Board in the United Kingdom. Our work included an assessment of evidence relevant to the amounts and disclosures in the financial information. It also included an assessment of significant estimates and judgments made by those responsible for the preparation of the financial information and whether the accounting policies are appropriate to the MOUK's circumstances, consistently applied and adequately disclosed.

We planned and performed our work so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial information is free from material misstatement whether caused by fraud or other irregularity or error.

Opinion

In our opinion, the MOUK HFI gives, for the purposes of the Prospectus, a true and fair view of the state of affairs of MOUK as at 31 December 2018 and 31 December 2017 and of its profits, cash flows and changes in equity for the periods then ended in accordance with International Financial Reporting Standards as adopted by the European Union.

Declaration

For the purposes of Prospectus Rule 5.5.3R(2)(f) we are responsible for this report as part of the Prospectus and declare that we have taken all reasonable care to ensure that the information contained in this report is, to the best of our knowledge, in accordance with the facts and contains no omission likely to affect its import. This declaration is included in the Prospectus in compliance with item 1.2 of Annex I to the PD Regulation.

Yours faithfully

PricewaterhouseCoopers LLP

Chartered Accountants

Section B: Historical Financial Information on MOUK Consolidated Statement of Comprehensive Income

		Year ended	Year ended	Year ended
		31 December 2018	31 December 2017	31 December 2016
		Audited	Audited	Unaudited
	Note	US\$000	US\$000	US\$000
Revenue	4	196,424	209,693	157,851
Cost of sales		(84,656)	(180,312)	(197,904)
Gross profit/(loss)		111,768	29,381	(40,053)
Other operating income	5	125,550	423	281
Administrative costs		(13,345)	(6,546)	350
Operating profit/(loss)	6	223,973	23,258	(39,422)
Finance income	8	16,399	11,775	11,011
Finance costs	9	(7,546)	(7,773)	(8,107)
Profit/(loss) before income tax		232,826	27,260	(36,518)
Income tax (charge)/credit	10	(98,929)	23,969	21,299
Profit/(loss) for the year		133,897	51,229	(15,219)
Adjusted EBITDA	25	102,594	89,485	66,912
Comprehensive income to be reclassified to profit or loss in subsequent years when specific conditions are met: Foreign currency translation (loss)/gain		(7,832)	7,915	(11,313)
Comprehensive income that will not be reclassified to profit or loss in subsequent years when specific conditions are met: Deferred tax relating to defined benefit
pension scheme		(5)	(6,395)	5,459
Actuarial gains/(losses) on defined benefit pension scheme		11	37,623	(32,109)
Other comprehensive income/(expense) for the year		6	31,228	(26,650)
Total comprehensive income/(expense)
for the year		126,071	90,372	(53,182)

Consolidated Statement of Financial Position

		As at	As at	As at	As at
		31 December			1 January
		2018	2017	2016	2016
		Audited	Audited	Unaudited	Unaudited
	Note	US\$000	US\$000	US\$000	US\$000
Assets
Property, plant and equipment	11	69,763	106,033	218,127	378,131
Investment property	12	1,302	1,382	963	1,004
Pension asset	24	82,512	70,993	12,307	28,718
Deferred tax asset	13	368,642	471,525	332,079	295,114
Total non-current assets		522,219	649,933	563,476	702,967
Inventory	14	11,360	8,222	9,390	14,904
Trade and other receivables	15	42,737	41,140	54,657	57,121
Loans to group undertakings	15	162,867	429,503	513,413	478,165
Cash and cash equivalents	16	30,373	62,048	24,246	44,757
Total current assets		247,337	540,913	601,706	594,947
Total assets		769,556	1,190,846	1,165,182	1,297,914
Equity
Capital surplus	19	31,797	31,797	31,797	31,797
Foreign currency translation		(44.000)	(0.000)	(44.040)
reserve		(11,230)	, ,	• • •	- 044 077
Retained earnings		45,568	251,665	169,208	211,077
Total equity		66,135	280,064	189,692	242,874
Liabilities
Accruals and deferred income	4.0	5,166	5,032	12,572	-
Deferred tax liability Provisions for liabilities and	13	38,782	47,671	51,038	45,634
other charges	18	577,718	777,845	849,221	928,829
Total non-current liabilities		621,666	830,548	912,831	974.463
Trade and other payables	17	36,574	42,324	28,096	57,168
Tax payable	17	_	2,315	2,335	6,240
Provisions for liabilities and
other charges	18	45,181	35,595	32,228	17,169
Total current liabilities		81,755	80,234	62,659	80,577
Total liabilities		703,421	910,782	975,490	1,055,040
Total equity and liabilities		769,556	1,190,846	1,165,182	1,297,914

Consolidated Statement of Changes in Equity

		Foreign
	Capital	currency translation	Retained
	surplus	reserve	earnings	Total
	US\$000	US\$000	US\$000	US\$000
Balance as at 31 December 2015 as originally presented (unaudited) IFRS transitional adjustments (note 2)	31,797 –		210,391 686	242,188 686
Balance as at 1 January 2016 (unaudited)	31,797		211,077	242,874
Loss for the year	_	_	(15,219)	(15,219)
Other comprehensive expense	_	_	(26,650)	(26,650)
Total currency translation loss		(11,313)		(11,313)
Total comprehensive expense	_	(11,313)	(41,869)	(53,182)
Balance as at 31 December 2016 (unaudited) Profit for the year Other comprehensive income Foreign currency translation gain	31,797	(11,313) - - 7,915	169,208 51,229 31,228	189,692 51,229 31,228 7,915
			92.457	-
Total comprehensive income		7,915	82,457	90,372
Balance as at 31 December 2017	31,797	(3,398)	251,665	280,064
Profit for the year Other comprehensive expense	_	_	133,897 6	133,897 6
Foreign currency translation loss		(7,832)		(7,832)
Total comprehensive income	_	(7,832)	133,903	126,071
Members distribution	_	_	(340,000)	(340,000)
Total transactions with owners	_		(340,000)	(340,000)
Balance as at 31 December 2018	31,797	(11,230)	45,568	66,135

Consolidated Statement of Cash Flows

	Year ended	Year ended	Year ended
		31 December
	2018	2017	2016
	Audited	Audited	Unaudited
	US\$000	US\$000	US\$000
Cash flows from operating activities
Profit/(loss) for the year	133,897	51,229	(15,219)
Non-cash adjustments to reconcile profit/(loss)
for the year to net cash flows:	(4.070)	4.004	(4.04.4)
Foreign exchange (gain)/loss on operating activities	(1,673)		(4,614)
Revaluation of investment property Finance costs	(8,853)	(212) (4,002)	(2,904)
Share based payments	(14,436)	, ,	• • •
(Reversal of impairment)/impairment of property,	(14,400)	(10,700)	(17,741)
plant and equipment	(20)	1,418	_
Tax on profit/(loss) on ordinary activities	98,929	(23,969)	(21,299)
Depreciation	4,171	66,650	105,125
Profit on disposal of tangible assets	_	_	(90)
Change in estimate of decommissioning provision	(124,674)	_	(14,770)
Increase in provisions	(24,848)	(21,909)
Operating cash flows before movements in working
capital	62,493	54,340	28,488
(Increase)/decrease in inventory	(3,142)	1,169	5,514
(Increase)/decrease in trade and other receivables	(2,338)	65,773	(27,711)
(Decrease)/increase in trade and other payables	(5,569)	6,688	(16,492)
Income tax paid	(3,835)	(124,501)	(13,012)
Net cash generated from/(used in) operating
activities	47,609	3,469	(23,213)
Cash flows from investing activities
Loan repayment receipts	265,000	30,000	_
Interest receivable and similar income	11,072	11,201	9,611
(Additions)/disposals of property, plant and	(40.047)	(F.C40)	205
equipment	(13,917)	(5,642)	305
Net cash generated from investing activities	262,155	35,559	9,916
Cash flows from financing activities	(0.550)	(4.000)	(0.044)
Finance costs	(2,559)	(4,228)	(3,841)
Members distribution	(340,000)
Net cash used in financing activities	(342,559)	(4,228)	(3,841)
Net (decrease)/increase in cash and cash
equivalents	(32,795)	34,800	(17,138)
Cash and cash equivalents at 1 January	62,048	24,246	44,757
Effect of foreign exchange	1,120	3,002	(3,373)
Cash and cash equivalents at 31 December	30,373	62,048	24,246
•

Notes

1. Principal accounting policies

General information

On 25 February 2019, RockRose entered into a sale and purchase agreement with Marathon Oil Holdings UK Limited to acquire the entire membership in Marathon Oil U.K. LLC.

Marathon Oil U.K. LLC is a private limited liability company incorporated in Delaware, United States. The address of its registered office is Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801, United States. The group and private limited liability company are domiciled in Aberdeen, Scotland.

MOUK's principal activity is to explore for, develop, produce and market crude oil and natural gas in the United Kingdom, MOUK holds approximately 37% to 40% operated interests in fields in the Greater Brae Area (which are unitised fields).

Basis of preparation

The Historic Financial Information (referred to as the "HFI") presented is a consolidation of Marathon Oil U.K. LLC and its subsidiaries (for the purposes of these notes, together referred to as "MOUK").

The principal activities of MOUK are as follows:

					Ownership of capital
Name of	Principal	Country of	Class or		stock by MOUK
entity	activity	incorporation	shares	2018	2017	2016
Marathon Oil U.K. LLC Marathon Oil	Operating	US*	Ordinary	100%	100%	100%
Decommissioning
Services LLC	Decommissioning services	US*	Ordinary	100%	100%	100%
Marathon Oil North
Sea (G.B.) Limited	Exploration	UK**	Ordinary	100%	100%	100%
Marathon Service (G.B.)
Limited	Management services	UK**	Ordinary	100%	100%	100%
Marathon International
Oil (G.B.) Limited	Management services	UK**	Ordinary	100%	100%	100%

The registered offices of Marathon Oil U.K. LLC and its subsidiaries are as follows:

The MOUK HFI, which has been prepared specifically for the purposes of this document, sets out the balance sheet as at 31 December 2018, 31 December 2017 and 31 December 2016 and the results of operations and cash flows for each of the three years then ended of MOUK and has been prepared in accordance with the requirements of the Prospectus Directive regulations.

The MOUK HFI does not constitute statutory accounts and represents the first-time preparation of financial information for MOUK under IFRS reporting standards.

^* Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801

^{** 91} Wimpole Street, London, England, W1G 0EF

accordance with IFRS, as required by IFRS 1 on transition to IFRS. The principle changes to the presentation of the financial information as a result of adopting IFRS as at the 1 January 2016 are sent out in note 2 to this HFI. We have taken the exemption to reset the currency translation account to nil on transition.

The MOUK HFI has been prepared under the historical cost convention except for certain financial instruments which are carried at fair value and is presented in US Dollars ("US\$"), which is the currency of the primary economic environment in which MOUK operates, rounded to the nearest thousand.

Adoption of new standards and interpretations

New standards, amendments and interpretations

IFRS 1 "First-time adoption of IFRS", requires that entities use the same accounting policies throughout their first IFRS financial statements and in their opening IFRS balance sheet, and that these accounting policies should be those complying with the accounting standards effective at the end of an entity's first IFRS reporting period. As such the HFI has been prepared using the current version of IFRS throughout all the periods presented in the HFI.

New standards, amendments and interpretations not yet adopted

The following new and revised Standards and Interpretations have been published that are not mandatory for 31 December 2018 reporting periods and have not been early adopted by MOUK.

Standards	Effective date	Description
IFRS 16	1 January 2019	Leases
IFRIC Interpretation 23	1 January 2019	Uncertainty over Income Tax Treatments
Amendments to IAS 28	1 January 2019	Long-term interest in Associates and Joint
		Ventures

Other than IFRS 16, there are no other standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future reporting periods. MOUK's assessment of the impact of IFRS 16 is set out below:

Under the new standard all lease contracts, with limited exceptions, are recognised in financial statements by way of right-of-use assets and corresponding lease liabilities. MOUK will apply the modified retrospective approach, which means that the cumulative effect of initially applying the standard is recognised at the date of initial application. The right of use asset is measured at its carrying amount as if IFRS 16 had always been applied from commencement of the lease. Compared with the existing accounting for operating leases, application of the standard will impact on the classification of expenditures with a portion of the lease costs presented as interest and consequently the classification of operating lease cash flows from operating activities to financing activities. It will also impact the timing of expenses recognised in the statement of income. No impact is expected in relation to lease contracts previously classified as finance leases. The adoption of the new standard at January 1, 2019, is expected to have a negligible impact on the profit/(loss) for future years; however, an increase of US\$8.54 million to total assets and US\$8.73 million to total liabilities will occur following the recognition of right of use assets and lease liabilities.

Basis of consolidation

Subsidiaries are all entities over which MOUK has control. MOUK controls an entity when MOUK is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to MOUK. They are deconsolidated from the date on which that control ceases.

MOUK applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree, and the equity interests issued by MOUK. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date. MOUK recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest's proportionate share of the recognised amounts of the acquiree's identifiable net assets.

Acquisition related costs are expensed as incurred.

If the business combination is achieved in stages, the acquisition date carrying value of the acquirer's previously held equity interest in the acquiree is remeasured to fair value at the acquisition date; any gains or losses arising from such remeasurement are recognised in profit or loss.

Any contingent consideration to be transferred by MOUK is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in accordance with IFRS 9, either in profit or loss or as a change to other comprehensive income.

Contingent consideration that is classified as equity is not remeasured, and its subsequent settlement is accounted for within equity.

Inter-company transactions, balances and unrealised gains on transactions between MOUK companies are eliminated. Unrealised losses are also eliminated. Where necessary, amounts reported by subsidiaries have been adjusted to conform to MOUK's accounting policies.

Segmental reporting

IFRS 8 requires operating segments to be identified on the basis of internal reports that are regularly reviewed by the chief operating decision maker, which in the case of MOUK is considered to be the management of MOC Management, which is located in Houston, Texas. Management consider and review operating segments by reference to geographic location.

Revenue and other income

Sale of goods

Revenue from sales of oil, natural gas, and other products is recognised at the transaction price which MOUK is entitled to, after deducting sales taxes, excise duties and similar levies. For contracts that contain separate performance obligations the transaction price is allocated to those separate performance obligations by reference to their relative standalone selling prices.

Revenue is recognised when MOUK has transferred the significant control of ownership of the products to the customer which is when the title passes to the customer. For sales by Integrated Gas and Upstream operations, this generally occurs when the product is physically transferred into a vessel, pipe or other delivery mechanism; and for sales of oil products, it is either at the point of delivery or the point of receipt, depending on contractual conditions.

Revenue resulting from hydrocarbon production from properties in which MOUK has an interest with partners in joint arrangements is recognised on the basis of MOUK's volumes lifted and sold.

Revenue excludes value added tax and represents the sales value of MOUK's share of oil and gas production lifted during the year and includes tariff income.

Sale of transportation and processing services

Transportation and processing services represent a separate performance obligation, and are recognised separately from the sale of oil, natural gas, and other products, when the shipping and processing services have been provided. Shipment and processing revenues are recognised at the contracted price as this reflects the stand-alone selling price.

Sale of services to other group companies

Revenue from the sale of services to other Marathon group companies is recognised as the services are rendered. These are predominantly people costs which are recharged on a regular basis driven by time booked to specific projects.

Financing income and costs

Financing costs comprise interest payable, finance charges on shares classified as liabilities and finance leases, unwinding of the discount on decommissioning provisions, and net foreign exchange losses that are recognised in the statement of comprehensive income (see foreign currency accounting policy). Financing income comprises interest receivable on funds invested, dividend income, and net foreign exchange gains.

Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method. Dividend income is recognised in the statement of comprehensive income on the date the entity's right to receive payments is established.

Leases

Rentals under operating leases are charged to the statement of comprehensive income on a straight-line basis over the lease term.

Foreign currencies

Items included in the financial statements of each of MOUK's entities are measured using the currency of the primary economic environment in which each entity operates (the "functional currency"). Transactions in foreign currencies are translated to the entity's functional currency at the foreign exchange rates at the date of the transactions. Foreign exchange gains and losses resulting from the settlement of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. All UK entities in MOUK have a functional currency of US dollars apart from MSGB and Marathon International Oil G.B Limited which continue to have a GBP functional currency. The presentation currency for the financial statements is US dollars.

The results and financial position of all of MOUK entities (none of which has the currency of a hyper-inflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

a) assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;
b) income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of each transaction); and
c) all resulting exchange differences are recognised in other comprehensive income.

Taxation

Tax on the profit/(loss) for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the statement of financial position date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the statement of financial position date.

A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised.

Exploration, evaluation and producing assets

Pre-licence acquisition costs are recognised in the statement of comprehensive income when incurred. Costs incurred after licences have been obtained, such as geological and geophysical surveys, drilling and commercial appraisal costs are capitalised as Exploration and Evaluation ("E&E") assets as tangible or intangible depending on the nature of the asset. E&E assets within intangible assets are not amortised.

MOUK applies the successful efforts method of accounting for exploration expenditure. E&E assets shall no longer be classified as such when the technical feasibility and commercial viability of extracting oil and gas resources are demonstrable.

Once the technical feasibility and commercial viability has been demonstrated, then the carrying value of the E&E assets is reclassified as a Development and Production ("D&P") asset and classified as 'oil and gas' assets within Property, plant and equipment. The E&E assets shall be assessed annually for impairment using indicators in accordance with IFRS 6 'Exploration for and Evaluation of Mineral Resources'. If technically feasible or commercially viable reserves are not discovered, the impairment is recognised on E&E assets in the statement of comprehensive income.

The assets transferred to D&P assets are depreciated once the asset commences production. D&P assets are depreciated using the unit of production method based on the proved and probable reserves of those fields. Changes in these estimates are dealt with prospectively.

General and administration costs are expensed as incurred.

Depletion and Amortisation on producing oil and gas assets

All expenditure carried within each Oil and Gas ("O&G") asset is amortised from the commencement of production on a unit of production basis, which is the ratio of oil and gas production in the year to the estimated quantities of commercial reserves at the end of the year plus the production in the year, generally on a field-by-field basis. Costs used in the unit of production calculation comprise the net book value of capitalised costs plus the estimated future field development costs, audited in the annual reserves report by ERC Equipoise.

Changes in the estimates of commercial reserves or future field development costs are dealt with prospectively.

Administrative assets

MOUK acquired various administrative assets including fixtures and fittings, computer equipment and leasehold improvements. These assets are recorded in the statement of the financial position at cost less accumulated depreciation. Depreciation is provided to write off the cost less the estimated residual value of the tangible fixed asset.

Depreciation is provided at the following annual rates on a straight-line basis:

Fixtures and fittings 3 to 5 years Computer equipment 3 to 5 years Leasehold improvements Period of lease

Impairments of producing and development assets

The carrying amounts of MOUK's assets are reviewed at each statement of financial position date to determine whether there is any indication of impairment; an asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of that asset. If any such indication exists, the asset's recoverable amount is estimated. An impairment loss is recognised whenever the carrying amounts of an asset or its cash generating unit exceed its recoverable amount. Impairment losses are recognised in the statement of comprehensive income. The recoverable amount of assets is determined by the higher of fair value less cost to dispose and value in use. Fair value less cost to dispose is determined as the amount of estimated risk adjusted and discounted future cash flows. For this purpose, assets are grouped into Cash Generating Units ("CGUs") based on separately identifiable and largely independent cash inflows. Estimates of future cash flows used in the evaluation of impairment of assets are made using management forecasts including assumptions for commodity prices, market supply and demand, and in the case of oil and gas properties, expected production volumes. The latter takes into account assessments of field and reservoir performance and includes expectations about proved and probable volumes, which are risk-weighted utilising geological, production, recovery and economic projections. Cash flow estimates are risk adjusted to reflect market conditions as appropriate and discounted at a rate that reflects a market return and the risks of the cash generating units.

Investment property

Investment property is carried at fair value which is reviewed annually. Changes in fair value are recognised in the statement of comprehensive income.

Crude oil under and over lift

Crude oil under/over lift is classified under debtors or creditors as appropriate and valued at the year-end oil price. Liabilities arising from lifting more than MOUK's share of the joint venture's petroleum production (over lifting) are valued at the market price and booked under 'Current liabilities'. Under lifting is valued at the market price and booked under 'Current assets'.

Inventory

Inventories are stated at the lower of cost and net realisable value. The net realisable value of crude oil is based on the estimated selling price in the ordinary course of business which is spot price on the date of statement of financial position.

Restricted Stock Awards ("RSAs")

Restricted stock award programme

Under this arrangement certain MOUK employees were awarded grants based on their performance within certain guidelines and for retention purposes. Each of these grants vest in onethird increments, contingent on the recipient's continued employment. There are no performance accelerators for early vesting of these awards. Awards under the RSA are classified as an equity award and recorded at the grant date fair value and the compensation expense is recognised over the expected life of the award. A charge is recorded to the statement of comprehensive income as an employee benefit expense, within wages and salaries, for the fair value at grant date of the share awards expected to vest, accrued over the vesting period. The corresponding credit is a MOC group recharge in respect of the share based payment expense.

Cash and cash equivalents

Cash and cash equivalents comprise cash in hand and bank balances. Cash equivalents are shortterm, highly liquid investments that are readily convertible to known amounts of cash, which are subject to an insignificant risk of changes in value and have a maturity of three months or less.

Share capital and capital surplus

MOUK is a limited liability company, and therefore does not issue share capital. MOUK's ownership is represented by a membership interest and is shown as capital surplus on the balance sheet.

Dividends

Dividends and other distributions to MOUK's members are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by MOUK's members. These amounts are recognised in the Statement of changes in equity. Interim dividends are recognised when paid. Dividend income is recognised when the right to receive payment is established.

Non-derivative financial instruments

Financial assets

Financial assets are classified at initial recognition and subsequently measured at amortised cost, fair value through other comprehensive income or fair value through profit or loss. The classification of financial assets is determined by the contractual cash flows and where applicable the business model for managing the financial assets.

A financial asset is measured at amortised cost, if the objective of the business model is to hold the financial asset in order to collect contractual cash flows and the contractual terms give rise to cash flows that are solely payments of principal and interest. It is initially recognised at fair value plus or minus transaction costs that are directly attributable to the acquisition or issue of the financial asset. Subsequently the financial asset is measured using the effective interest method less any impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.

The expected credit loss model is applied for recognition and measurement of impairments in financial assets measured at amortised cost or at fair value through other comprehensive income. The expected credit loss model also is applied for financial guarantee contracts to which IFRS 9 applies and are not accounted for at fair value through profit or loss. The loss allowance for the financial asset is measured at an amount equal to the 12-month expected credit losses. If the credit risk on the financial asset has increased significantly since initial recognition, the loss allowance for the financial asset is measured at an amount equal to the lifetime expected credit losses. Changes in loss allowances are recognised in profit and loss. For trade receivables, a simplified impairment approach is applied recognising expected lifetime losses from initial recognition.

MOUK's financial assets include cash and trade and other receivables.

Trade and other receivables

Trade and other receivables that are created by MOUK by way of providing goods directly to a debtor are carried at the original invoice amount. Trade and other receivables are recognised initially at fair value less any expected credit losses.

MOUK has reviewed its trade receivables at the balance sheet date and considers that the credit risk is not material as all amounts are due within 30 days.

Financial liabilities

Financial liabilities are measured at amortised cost. Debt and trade payables are recognised initially at fair value based on amounts exchanged, net of transaction costs, and subsequently at amortised cost. Interest expense on debt is accounted for using the effective interest method, and is recognised in income.

MOUK determines the classification of its financial liabilities at initial recognition.

MOUK's financial liabilities include trade and other payables and loans and borrowings.

The subsequent measurement of financial liabilities depends on their classification. Trade payables that are created by MOUK are carried at the original invoice amount.

Trade and other payables

Trade and other payables are recognised at fair value and subsequently measured at amortised cost.

Loans and borrowings

Loans and borrowings are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortised cost using the effective interest rate method.

Provisions

Provisions are recognised when MOUK has present obligation (legal and constructive) as a result of a past event, it is probable that MOUK will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the statement of financial position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying values amount is the present value of those cash flows.

Specific provisions recognition policies are listed below:

Decommissioning and restoration provision

Provisions (referred to as "Asset Retirement Obligations" or "ARO") are recognised for the future decommissioning and restoration of hydrocarbon production facilities and pipelines at the end of their economic lives. The estimated cost is recognised initially as part of Property, plant & equipment and depreciated over the life of the proved and probable reserves on a unit-ofproduction basis. Any changes in the estimates of costs to be incurred on proved and probable reserves or in the rate of production will therefore impact net income, over the remaining economic life of the oil and gas assets.

Estimates of the amounts of provisions recognised are based on current legal and constructive requirements, technology and price levels. Because actual outflows can differ from estimates due to changes in laws, regulations, public expectations, technology, prices and conditions, and can take place many years in the future, the carrying amounts of provisions are regularly reviewed and adjusted to take account of such changes.

All decommissioning and restoration provisions are denominated in GBP or EUR which are revalued to USD based on the latest spot rates on an annual basis. Any resulting forex exchange movements are recognised within the related property, plant and equipment decommissioning asset balance, unless the decommissioning assets have previously been impaired and forex exchange movements would therefore be recognised in the statement of comprehensive income.

Significant accounting judgements and key sources of estimation uncertainty

In the application of MOUK's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.

The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an annual basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised. The following are the critical judgements and estimates that the Directors have made in the process of applying MOUK's accounting policies and that have the most effect on the amounts recognised in the HFI.

Impairment of tangible assets

MOUK has significant investments in property, plant and equipment. Long-lived assets in use are assessed for impairment whenever changes in facts and circumstances indicate that the carrying value of the assets may not be recoverable. Changes in the circumstances or expectations of future performance of an asset may not be recoverable. Changes in the circumstances or expectations of future performance of an asset may be an indicator that the asset is impaired, requiring the asset to be written down to its recoverable amount. Evaluating whether an asset is impaired requires a high degree of judgement and may to a large extent depend on often volatile economic factors such as future market prices, proved and probable volume of reserves, currency exchange rates, future output, discount rates and political risk among others.

Provisions

MOUK has legal, regulatory and contractual obligations to remove and dismantle long-lived assets and to restore land or seabed at the end of oil and gas production operations at the end of their economic life, with most of these activities expected to take place many years in the future. Estimates of retirement costs are developed based on numerous factors, such as the scope of the dismantlement, timing of settlement, interpretation of legal, regulatory and contractual requirements, type of production and processing structures, depth of water, reservoir characteristics, market demand for equipment and consultations with construction and engineering professionals.

The decommissioning provisions as at 31 December 2018, 31 December 2017 and 31 December 2016 respectively have been estimated using existing technology, at estimated current prices and discounted to the present values using real rates ranging from: 0.20% to 1.09%, 0.068% to 0.61% and 0% to 0.837% in 2018, 2017 and 2016 respectively over the expected life of expenditure by year. These costs are being incurred at present and are expected to continue until 2034. It is reasonably possible on the basis of existing knowledge that outcomes within the next financial year that are different from the assumptions made could require a material adjustment to the carrying amount

Discount rates applied reflect the real risk free rate of appropriate United States Treasury bonds that match the timing of the expected future cash flows for decommissioning.

Recoverability of deferred tax assets

Deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. In the case of balances related to decommissioning, the probability of recovery is assessed in light of the enacted loss carry-back rules and MOUK's tax history. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

Presumption of going concern

The Directors have a reasonable expectation that MOUK has adequate resources to continue in operational existence for the foreseeable future and, accordingly, have adopted the going concern basis in preparing the HFI.

2. Adoption of IFRS and changes in accounting policies

MOUK has previously prepared and reported special purpose, non-statutory financial statements, in accordance with applicable standards in the United Kingdom (Financial Reporting Standard 102). Consequently, the opening statement of financial position at 1 January 2016 has been included in the HFI together with IFRS 1 reconciliations between financial information prepared under Financial Reporting Standard 102 and financial information prepared in accordance with IFRS, as required by IFRS 1 on transition to IFRS.

Exemptions applied

IFRS 1 First-Time Adoption of International Financial Reporting Standards allows first-time adopters certain exemptions from the retrospective application of certain IFRS.

Estimates

The estimates used as at 31 December 2016, 31 December 2017 and 31 December 2018 are consistent with those made for the same dates in accordance with Financial Reporting Standard 102 (after adjustments to reflect any differences in accounting policies).

Change in accounting policies

In order to align with the policies of RockRose, MOUK has now calculated its crude oil under/over lift debtor or creditor at market price instead of at the lower of cost or net realisable value.

Management have reviewed the impact of this change in accounting policy and have made the following adjustment to the HFI:

	Year ended	Year ended	Year ended
	31 December	31 December	31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
Consolidated statement of comprehensive income
Decrease/(increase) to cost of sales	7,575	(10,503)	578
Decrease/(increase) to income tax charge	(3,030)	4,201	(231)
Increase/(decrease) to total comprehensive income
for the year	4,545	(6,302)	347
Consolidated statement of financial position
(Decrease)/increase to property, plant and equipment	(51)	(1,919)	885
(Decrease)/increase to trade and other receivables	(50)	3,086	148
(Decrease)/increase to total assets	(101)	1,167	1,033
Increase to trade and other payables	623	6,436
(Decrease)/increase to retained earnings at start of
the year	(5,269)	1,033	686
Increase/(decrease) to total comprehensive income
for the year	4,545	(6,302)	347
(Decrease)/increase to total equity and liabilities	(101)	1,167	1,033

3. Operating segments

MOUK's activity consists of one main class of business relating to the acquisition, exploration, development and production of oil and gas reserves and related activities in a single geographical area presently being the UK North Sea. This is considered to be the only reportable segment of MOUK as it makes up more than 90% of MOUK's activities. The majority of revenues, expenses, corporate activities and non-current assets are attributable to the UK North Sea and can be assigned to this reportable segment, accordingly no additional segment analysis is disclosed.

4. Revenue

MOUK derives revenue from the transfer of goods to external customers and the transfer of services to MOC companies. MOUK's product lines are:

	Year ended	Year ended	Year ended
		31 December 31 December 31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
Sale of crude oil	109,408	105,948	64,976
Sale of gas	42,800	54,998	45,615
Transportation and processing services	31,458	34,063	25,932
Provision of services to:
Other Marathon group companies	11,996	13,613	19,337
Third parties	762 ––––––––	1,071 ––––––––	1,991 ––––––––
Total revenues	196,424 ––––––––	209,693 ––––––––	157,851 ––––––––

Analysis of turnover by geography:
	Year ended	Year ended	Year ended
		31 December 31 December 31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
United Kingdom	185,915	198,267	140,655
Rest of World	10,509 ––––––––	11,426 ––––––––	17,196 ––––––––
Total revenues	196,424 ––––––––	209,693 ––––––––	157,851 ––––––––

5. Other Operating Income

Reductions in the decommissioning provision are credited against fixed assets, where the fixed asset net book value is nil, the excess is taken to other operating income. In the financial year ended 31 December 2018 this resulted in a credit to other operating income of US\$125,550,000.

6. Operating profit/(loss)

Included in the statement of comprehensive income are the following:

	Year ended	Year ended	Year ended
		31 December 31 December 31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
Operating profit/(loss) is stated after charging/(crediting):
Depreciation on oil and gas assets	4,013	66,134	104,071
Depreciation on administrative assets	158	516	1,054
Contractor costs	12,212	50,937	19,473
Operating leases	2,007	2,494	4,649
Inventory recognised as an expense	8,542	9,797	9,122
Foreign exchange movement	5,503	(633)	(6,335)
Fees payable to MOUK's auditors:
Audit related assurance services	505	570	80
	––––––––	––––––––	––––––––
7. Directors and employees
	Year ended	Year ended	Year ended
		31 December 31 December 31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
Wages and salaries	51,640	45,717	53,882
Social security costs	5,430	4,952	5,169
Other pension costs	7,983	4,788	6,209
Total employee costs	–––––––– 65,053	–––––––– 55,457	–––––––– 65,260
	––––––––	––––––––	––––––––

The average monthly number of employees employed by MOUK, including directors in the year are as follows:

	Year ended	Year ended	Year ended
		31 December 31 December 31 December
	2018	2017	2016
	No	No	No
Onshore personnel	188	199	213
Offshore personnel	139	130	136
	–––––––– 327 ––––––––	–––––––– 329 ––––––––	–––––––– 349 ––––––––

Directors' remuneration

Total remuneration of US\$1.76 million, US\$2.10 million and US\$1.46 million, in 2018, 2017 and 2016 respectively, relates to three directors who provided qualifying services to MOUK during the year. The highest paid director's remuneration amounts to US\$405,000 in 2018; US\$294,000 in 2017; and US\$294,000 in 2016. See note 23 for the breakdown of compensation of key management personnel.

8. Finance income

	Year ended 31 December 2018 US\$000	Year ended 31 December 2017 US\$000	Year ended 31 December 2016 US\$000
Interest income – bank	28	39	53
Interest income – loans	12,098	9,389	8,900
Other interest receivable	2,300	1,773	658
Net interest income on post-employment benefits	1,973	574	1,400
Total finance income	16,399	11,775	11,011
9. Finance costs
	Year ended	Year ended	Year ended
	31 December	31 December	31 December
	2018	2017	2016

US\$000

(4,987)

(2,559)

(7,546)

US\$000

(3,545)

(4,228)

(7,773)

US\$000

(4,266)

(3,841)

(8,107)

10. Income tax charge/(credit)

Other interest

Total finance costs

Unwind of discount on decommissioning provision

Total tax charge of US\$98.9 million, tax credit of U\$24.0 million and tax credit of US\$21.3 million in 2018, 2017 and 2016 respectively, has been recognised in the consolidated statement of comprehensive income during the year.

	Year ended	Year ended	Year ended
	31 December	31 December	31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
Current tax:
Current tax (credit)/charge	(2,589)	19,610	3,924
Adjustments in respect of prior years	6,716	106,223	(2,657)
Total current tax charge	4,127	125,833	1,267
Deferred tax:
Adjustment in respect of prior years	16,142	(136,819)	36,965
Relating to the origination and reversal of
temporary differences	78,660	(12,983)	(59,531)
Relating to the movement due to the tax rate
changes
Total deferred tax charge/(credit)	94,802	(149,802)	(22,566)
Total tax charge/(credit)	98,929	(23,969)	(21,299)

A reconciliation between tax income and the product of accounting profit multiplied by the combined UK ring fence corporation tax and supplementary charge rate of 40%, 40% and 40% in 2018, 2017 and 2016 respectively and non-ring fence tax rate of 19%, 20% and 20% in 2018, 2017 and 2016 respectively is as follows:

	Year ended	Year ended	Year ended
	31 December	31 December	31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
Accounting profit/(loss)t before income tax A combined UK ring fence corporation tax and supplementary charge rate of 40% in 2018, 2017 and 2016 respectively and non-ring fence	232,826	27,260	(36,518)
tax rate of 19%, 20% and 20% in 2018, 2017
and 2016 respectively	93,130	10,904	(14,607)
Expenses not deductible for tax purposes	(9,841)	(6,675)	1,230
Income taxed at mainstream corporation tax rate	(6,001)	(5,060)	(8,168)
Currency remeasurements	(4,816)	294	1,274
Prior year adjustment	9,689	(13,291)	3,726
Petroleum revenue tax	16,768	(7,491)	(4,754)
Interest		(2,650)
Total tax charge/(credit) for the year	98,929	(23,969)	(21,299)

During 2017, a decision was received from the First-tier Tribunal regarding the timing of deductibility for decommissioning activities which are covered by the agreement mentioned in note 18. The capital allowances claim which MOUK had made in respect of the expenditure in question was rejected.

In the first quarter of 2019 MOUK withdrew its appeal on this matter. The resulting revisions to current and deferred tax liabilities, along with reversal of unrecognised tax benefits, are expected to have no cumulative adverse impact on MOUK's net income

11. Property, plant and equipment

	Oil and gas assets US\$000	Administrative assets US\$000	Total US\$000
Cost
At 1 January 2016	4,526,854	58,932	4,585,786
Transfers	_	(310)	(310)
Disposals	(161)	(32,721)	(32,882)
ARO revisions	(53,920)	_	(53,920)
Foreign exchange translation adjustment		(9,606)	(9,606)
At 31 December 2016	4,472,773	16,295	4,489,068
Additions	5,570	73	5,643
Transfers	_	(963)	(963)
Impairment	(1,418)	_	(1,418)
Disposals	_	(8,167)	(8,167)
ARO revisions	(49,646)	_	(49,646)
Foreign exchange translation adjustment		1,547	1,547

assets US\$000 4,427,279 13,813 20	assets US\$000 8,785 104	Total US\$000 4,436,064 13,917 20 (170,681) 124,674 (507)
4,395,105 4,151,718 - 104,071	8,382 55,937 (32,721) 1,054 (9,118)	4,403,487 4,207,655 (32,721) 105,125 (9,118)
4,255,789 66,134 – –	15,152 516 (8,167) (857) 1,464	4,270,941 66,650 (8,167) (857) 1,464
4,321,923 4,013	8,108 158 (478)	4,330,031 4,171 (478)
4,325,936	7,788	4,333,724
69,169	594	69,763
		106,033
216,984	1,143	218,127
	assets US\$000 4,427,279 13,813 20 (170,681) 124,674 4,395,105 4,151,718 104,071 4,255,789 66,134 4,325,936 4,325,936 69,169 105,356	US\$000 US\$000 4,427,279 8,785 13,813 104 20 - (170,681) - 124,674 - - (507) 4,395,105 8,382 4,151,718 55,937 - (32,721) 104,071 1,054 - (9,118) 4,255,789 15,152 66,134 516 - (8,167) - (857) - 1,464 4,321,923 8,108 4,013 158 - (478) 4,325,936 7,788 69,169 594 105,356 677

The oil and gas assets consist of producing and development assets and decommissioning assets in accordance with IAS 16 'Property, Plant and Equipment'.

The administrative assets consist of freehold property, fixtures and fittings, computer equipment and leasehold improvements.

ARO revisions made as a result of updates to the estimations in respect of abandonment costs.

In assessing whether any impairment is required to the carrying value of assets, their carrying value is compared with their recoverable amount. The CGU assessed for impairment is generally the field, or group of fields where these are economically dependent. The recoverable amount is the higher of the asset's fair value less costs to sell or value in use. See note 1 for further details of the accounting policy on impairment. An impairment to oil and gas assets was required in 2016 with a reversal of the impairment in 2017 due to the oil price in those years.

12. Investment property

	Total US\$000
Valuation At 1 January 2016 Additions at cost Foreign exchange movement	1,004 122 (163)
At 31 December 2016 Additions at cost Foreign exchange movement	–––––––– 963 328 91
At 31 December 2017 Additions at cost Foreign exchange movement	–––––––– 1,382 – (80)
At 31 December 2018	–––––––– 1,302 ––––––––

The fair value of the investment property is based on the valuation performed by a firm of independent registered surveyors, Savills UK Limited. The basis of the valuation is market value as defined by the Royal Institute of Chartered Surveyors.

There are no restrictions on the realisability of investment property or the remittance of income from the current lease which expires on 6 January 2022.

The lessee of the property has contractual obligations for repairs and maintenance throughout the term of the lease.

13. Deferred tax assets and liabilities

	Year ended	Year ended	Year ended
		31 December 31 December 31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
Pension	(14,024)	(12,068)	(2,092)
Accelerated capital allowances – Corporation Tax	(24,758)	(35,603)	(48,946)
Decommissioning provision	367,754	468,875	332,079
Tax losses	888 ––––––––	2,650 ––––––––	– ––––––––
Net deferred tax asset	329,860 ––––––––	423,854 ––––––––	281,041 ––––––––
Deferred tax asset	368,642	471,525	332,079
Deferred tax liability	(38,782) ––––––––	(47,671) ––––––––	(51,038) ––––––––
Net deferred tax asset	329,860 ––––––––	423,854 ––––––––	281,041 ––––––––

Deferred tax assets have been recognised in respect of tax losses and other temporary differences where the Directors believe it is probable that these assets will be recovered in the near future.

The unrecognised losses may affect future tax charges should certain subsidiaries in MOUK produce taxable trading profits in future periods where there is currently uncertainty of the timing of future taxable profits.

Movements in the net deferred tax asset are the result of origination and reversal of timing differences and have been accounted for as follows:

	Pension US\$000	Accelerated capital allowances US\$000	Decommissioning provision US\$000	Tax losses US\$000	Total US\$000
At 1 January 2016	(5,170)	(40,464)	295,114	_	249,480
(Charged)/credited to loss Foreign exchange differences (charged)/	(2,308)	(7,908)	32,782	_	22,566
credited to loss Credited to other comprehensive	(73)	(574)	4,183	_	3,536
expense	5,459	_	_	_	5,459
At 31 December 2016 (Charged)/credited to	(2,092)	(48,946)	332,079	_	281,041
profit Foreign exchange differences (charged)/	(3,586)	13,241	137,491	2,656	149,802
credited to profit Charged to other	5	102	(695)	(6)	(594)
comprehensive income	(6,395)				(6,395)
At 31 December 2017 (Charged)/credited to	(12,068)	(35,603)	468,875	2,650	423,854
profit Foreign exchange differences (charged)/	(1,928)	10,913	(102,020)	(1,767)	(94,802)
credited to profit Charged to other comprehensive	(23)	(68)	899	5	813
expense	(5)	_	_	_	(5)
At 31 December 2018	(14,024)	(24,758)	367,754	888	329,860

14. Inventory

	Year ended	Year ended Year ended
	31 December	31 December	31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
Raw materials and consumables	8,496	5,358	6,526
Linefill	2,864	2,864	2,864
Total inventory	11,360	8,222	9,390

The carrying value of MOUK's inventories as stated above is based on the net realisable value in accordance with the accounting policies.

15. Trade and other receivables

	Year ended	Year ended	Year ended
		31 December 31 December 31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
Trade receivables	28,780	31,945	32,244
Under lift asset	–	–	3,499
Prepayments and accrued income	11,939	4,029	8,410
Corporation tax	1,093	3,421	5,076
Other tax receivable	418	887	670
Other debtors	507 ––––––––	858 ––––––––	4,758 ––––––––
Total current trade and other receivables	42,737 ––––––––	41,140 ––––––––	54,657 ––––––––
Amounts owed from other Marathon group
undertakings	162,867 ––––––––	429,503 ––––––––	513,413 ––––––––

All trade and other receivables are due within one year from the statement of financial position date.

The carrying value of MOUK's trade and other receivables as stated above is considered to be a reasonable approximation of the fair value. None of the above trade receivables were considered past due or impaired as of 31 December 2018, 31 December 2017 or 31 December 2016.

Included in amounts owed by other Marathon group undertakings is US\$60,320,000, US\$314,437,000 and US\$344,473,000 as at 31 December 2018, 31 December 2017 and 31 December 2016 respectively which has been loaned to Marathon Oil Investment LLC. The loan is interest-bearing at 3.7850%, 2.8290% and 2.5767% in 2018, 2017 and 2016 respectively and is repayable on MOUK's demand. Also included in amounts owed by other Marathon group undertakings is US\$90,086,000, US\$80,877,000 and US\$133,762,000 as at 31 December 2018, 2017 and 2016 respectively which has been loaned to Marathon Oil Investment LLC. The loan is interest-bearing at LIBOR +0.1% and is repayable on MOUK's demand. The remainder represents amounts owed by other Marathon group undertakings and these are unsecured, interest-free, repayable on demand and have no set repayment date.

The nature of MOUK's external and intercompany receivables, being a mix of due within 30 days and repayable on demand, means that the credit loss exposure is negligible, and as such no provision for expected credit losses have been made.

16. Cash and cash equivalents

	Year ended	Year ended
		31 December 31 December 31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
Available cash at bank and in hand	30,373 ––––––––	62,048 ––––––––	24,246 ––––––––

The fair values of cash and cash equivalents are the same as the above book values.

17. Trade and other payables

	Year ended	Year ended	Year ended
		31 December 31 December 31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
Trade payables	8,832	5,332	7,778
Over lift liability	1,603	10,841	–
Accruals	24,422	23,291	17,711
Provisions for liabilities and other charges	45,181	35,595	32,228
Other creditors	1,717	1,258	1,412
Tax payable	– ––––––––	2,315 ––––––––	2,335 ––––––––
Total current trade and other payables	81,755	78,632	61,464
Amount owed to other Marathon group	––––––––	––––––––	––––––––
undertakings	– ––––––––	1,602 ––––––––	1,195 ––––––––

All current trade and other payables are due within one year from the statement of financial position date including non-interest bearing intercompany balances. The carrying value of the trade and other payables as stated above is considered to be a reasonable approximation of the fair value. All trade and other payables are settled within three months of invoice date.

18. Provisions for liabilities and other charges

	Decommissioning provision	Other provision	Total Provisions
	US\$000	US\$000	US\$000
At 1 January 2016	944,950	1,048	945,998
Utilisation	(14,301)	(594)	(14,895)
Changes in estimates	(53,920)	–	(53,920)
Finance charge	4,266 ––––––––	– ––––––––	4,266 ––––––––
At 31 December 2016	880,995	454	881,449
Utilisation	(21,454)	(454)	(21,908)
Changes in estimates	(49,646)	–	(49,646)
Finance charge	3,545 ––––––––	– ––––––––	3,54 ––––––––
At 31 December 2017	813,440 ––––––––	– ––––––––	813,440 ––––––––
Utilisation	(24,950)	–	(24,950)
Changes in estimates	(170,681)	103	(170,578)
Finance charge	4,987 ––––––––	– ––––––––	4,987 ––––––––
At 31 December 2018	622,796 ––––––––	103 ––––––––	622,899 ––––––––

Decommissioning provision

Year ended	Year ended	Year ended
31 December	31 December	31 December
2018	2017	2016
US\$000	US\$000	US\$000
45,181	35,595	32,228
577,615	777,845	848,767
622,796	813,440	880,995


103		454
103		454

45,181	35,595	32,228
577,718	777,845	849,221
622,899	813,440	881,449
	31 December 2018 US\$000 ) 45,181 577,615 622,796 103 103 45,181 577,718	31 December 31 December 2018 2017 US\$000 US\$000 US\$000 ) 45,181 35,595 577,615 777,845 622,796 813,440 — — — — — — — — — — — — — — — — — —

The estimated cost of decommissioning at the end of the producing lives of the fields is reviewed annually and engineering estimates and reports are updated periodically. Provision is made for the estimated cost of decommissioning at the statement of financial position date for MOUK's share of the overall costs. Cost estimates have been discounted at an average discount rate of 1.035%, 0.525% and 0.66%, in 2018, 2017 and 2016 respectively.

The timing of spend is based on the economic cut off point for the producing assets. Provisions acquired in business combinations have been calculated based on the latest operator cost estimates. The payment dates are uncertain and are currently anticipated to be between 2019 and 2032 for the relevant producing fields. It is anticipated that MOUK will obtain full tax relief on its decommissioning liabilities in the UK.

The other provision in MOUK balance sheet relates to a dilapidation provision for office premises. The unwind for this provision is immaterial.

The total provision for decommissioning includes: US\$45,181,000, US\$35,595,000 and US\$32,228,000 in 2018, 2017 and 2016 respectively which relate to short term provisions and as such are included in current liabilities in the balance sheet.

19. Capital surplus

MOUK is a limited liability company, and therefore does not issue share capital. MOUK's ownership is represented by a membership interest which is shown as capital surplus on the balance sheet

20. Restricted stock awards

The MOC 2016 Incentive Compensation Plan, which was approved by our stockholders in May 2017 and authorizes the Compensation Committee of the Board of Directors to grant restricted stock awards to employees. Restricted stock awards are granted to certain non-officer employees based on their performance within certain guidelines and for retention purposes. The restricted stock awards to non-officers generally vest ratably over a three-year period, contingent on the recipient's continued employment. Prior to vesting, all restricted stock recipients have the right to vote on such stock and receive dividends thereon. The non-vested shares of restricted stock are not transferable and are held by MOC's transfer agent.

Total stock-based compensation expense – Total employee stock-based compensation expense was US\$7.48 million, US\$7.13 million and US\$7.12 million in 2018, 2017 and 2016 respectively.

Restricted stock awards – The following is a summary of restricted stock award activity:

		Weighted
		average grant
	Awards	date fair value
Unvested at 1 January 2016	392,994	US\$31.28
Granted	601,596	US\$8.67
Vested and exercised	(177,592)	US\$31.66
Cancelled	(56,353) ––––––––	US\$17.10
Unvested at 31 December 2016	760,645	US\$14.36
Granted	383,429	US\$16.22
Vested and exercised	(305,156)	US\$17.48
Cancelled	(46,128) ––––––––	US\$14.34
Unvested at 31 December 2017	792,790	US\$14.06
Granted	485,307	US\$14.53
Vested and exercised	(360,756)	US\$15.09
Cancelled	(62,150) ––––––––	US\$14.64
Unvested at 31 December 2018	855,191	US\$13.87

The vesting date fair value of restricted stock awards which vested during 2018, 2017 and 2016 respectively was US\$5.72 million, US\$4.81 million and US\$2.30 million. The weighted average grant date fair value of restricted stock awards was US\$13.87, US\$12.64 and US\$8.72 for awards unvested at 31 December, 2018, 31 December 2017 and 31 December 2016 respectively.

The total amount of unrecognized compensation cost related to restricted stock awards which is expected to be recognised over a weighted average period of one year was US\$7.48 million, US\$7.13 million and US\$7.12 million at 31 December, 2018, 31 December 2017 and 31 December 2016 respectively.

21. Financial instruments

MOUK's financial instruments comprise trade and other receivables, trade and other payables, and cash and cash equivalents.

Financial risk factors and capital risk management

The fair values of MOUK's financial instruments are materially the same as their carrying amounts. MOUK's financial instruments expose it to a variety of financial risks: market risk, credit risk, interest risk and liquidity risk.

(a) Market risk

Commodity price risk

MOUK held no financial instruments as at 31 December 2018, 31 December 2017 and 31 December 2016 that were affected by commodity price, but MOUK is nonetheless exposed to movements in oil and gas prices.

The table below illustrates the impact on profit before tax of changes of commodity prices. The impact on equity is the same.

	Year ended	Year ended	Year ended
		31 December 31 December 31 December
	2018	2017	2016
Crude oil sales during the year (US\$000s)	109,409	105,948	64,976
Gas sales during the year (US\$000s)	42,799	54,998	45,451
Average crude oil price (US\$) per bbl	71.98	54.52	44.95
Average gas price (US\$) per boe	48.33	36.32	28.72
Impact of decrease of crude oil prices by
US\$1 (US\$000s)	1,479	1,847	1,446
Impact of decrease of crude oil prices by
10% (US\$000s)	10,903	10,506	(13,712)
Impact of decrease of gas prices by
US\$1 (US\$000s)	866	1,514	1,583
Impact of decrease of gas prices by
10% (US\$000s)	4,280	5,500	4,545

Foreign exchange risk

MOUK is exposed to foreign exchange risk arising from currency exposures, primarily with respect to GBP. Foreign exchange risk arises when future commercial transactions or recognised assets or liabilities are denominated in a currency that is not the entity's functional currency.

The following foreign exchange rates were applied:

	2018	2017	2016
As at 31 December (US\$ to GBP)	1.27	1.35	1.23
Average for the year (US\$ to GBP)	1.34	1.29	1.36

As at 31 December 2018, 31 December 2017 and 31 December 2016 various statements of financial position line items were denominated in foreign currencies and the impact due to foreign exchange movement of an increase or decrease in exchange rate is shown below.

MOUK's exposure to foreign currency risk was as follows, based on the following nominal amounts:

		2018			2017			2016
	£000	US\$000	€000	£000	US\$000	€000	£000	US\$000	€000
Cash at bank Working capital	13,872	2	–	19,542	1,291	–	6,013	1,038	–
accruals	4,640	6,080	–	5,247	5,377	19	3,778	4,811	807
Trade receivables	18,114	12,075	–	20,081	8,653	–	24,045	11,747	–
Trade payables	7,219	10,781	–	6,747	183,533	17	7,059	184,361	–

(b) Credit risk

Credit risk arises from cash and cash equivalents, as well as credit exposures on trade and other receivables. The credit risk of MOUK's trade and other receivables is assessed through the credit ratings of relevant customers.

See listing below:

			Recoverable
		Recoverable	period
		period	Within
	2018	0-30 days	one year
Customers	US\$000	US\$000	US\$000
BP Exploration Co. Ltd	354	354	–
BP Oil International Ltd	1,275	1,275	–
CNR International UK Ltd	183	183	–
John Lawrie Group	751	751	–
JX Nippon Expl & Prod (UK) Ltd	1,038	1,038	–
Repsol Sinopec North Sea Ltd	678	678	–
Spirit Energy Resources Ltd	1,320	1,320	–
Suncor Energy Int. Trading Ltd	9,047	9,047	–
TAQA Group	8,825	8,456	369
Others	5,309	5,298	11
Total	–––––––– 28,780 ––––––––	–––––––– 28,400 ––––––––	–––––––– 380 ––––––––

MOUK only trades with recognised creditworthy third parties. The exposure risk arises from default of the counter party, with a maximum exposure equal to the carrying amount as at the statement of financial position date.

(c) Interest rate risk

Liquidity risk is the risk that MOUK will not be able to meet its financial obligations as they fall due.

Management monitors MOUK's liquidity reserve (comprising cash and cash equivalents) through comparison to expected cash flow and budgets.

The following are the contractual maturities of financial liabilities including estimated interest payments for loans from MOC group undertakings:

	2018				2017				2016
	Total US\$000	1 year or less US\$000	1 year <2years US\$000	2 year <5years US\$000	Total US\$000	1 year or less US\$000	1 year <2years US\$000	2 year <5years US\$000	Total US\$000	1 year or less US\$000	1 year <2years US\$000	2 year <5years US\$000
Non-derivative financial liabilities: Trade and other
payables	80,152	80,152	–	–	69,393	69,393	–	–	62,659	62,659	–	–
Over lift liability Total financial	1,603	1,603	–	–	10,841	10,841	–	–	–	–	–	–
liabilities	81,755	81,755 –––––––– –––––––– –––––––– –––––––– –––––––– –––––––– –––––––– –––––––– –––––––– –––––––– –––––––– ––––––––	–	–	80,234	80,234	–	–	62,659	62,659	–	–

Capital risk management

MOUK's objectives when managing capital are to safeguard MOUK's ability to continue as a going concern in order to provide returns for members.

22. Commitments and contingent liabilities

Capital commitments

In respect of its interest in joint operating agreements, MOUK has committed Capital expenditure of US\$46,151,000, US\$47,821,000 and US\$nil as at 31 December 2018, 31 December 2017 and 31 December 2016 respectively.

Operating lease commitments

	Year ended	Year ended	Year ended
		31 December 31 December 31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
Office premise and vessel leases:
Payments under operating leases due within
one-year	1,972	2,082	1,923
Payments under operating leases due between
two to five-years	3,069	4,560	84
Payments under operating leases due later than
five-years	186 ––––––––	992 ––––––––	– ––––––––
Total operating lease commitments	5,227	7,634	2,007
	––––––––	––––––––	––––––––

Lease payments of US\$2,007,000, US\$2,494,000 and US\$4,649,000, in 2018, 2017 and 2016 respectively, were recognised in the statement of comprehensive income.

Contingent liabilities/assets

No contingent liabilities or assets existed as at 31 December 2018, 31 December 2017 and 31 December 2016.

23. Related parties

(a) Controlling Parties

MOUK is controlled by the following entities:

		Principal place		Ownership interest
Name	Type	of business	2018	2017	2016
Marathon International Oil Holdings LLC	Parent	5555 San Felipe Street, Houston, Texas, TX 77056- 2723, USA	100%	100%	100%
Marathon Oil Corporation	Ultimate parent	5555 San Felipe Street, Houston, Texas, TX 77056- 2723, USA	100%	100%	100%

(b) Key management personnel compensation

Key management personnel compensation is set out in the following table.

	2018	2017	2016
	US\$000	US\$000	US\$000
Salary/fees	1,106	1,588	1,079
Taxable benefits	7	12	8
Bonus	589	499	370
Payments in Lieu of Pension	56	–	–
Total	1,758	2,099	1,457

The above amounts have been calculated by translating the GBP amounts to USD at the average rate for the year of US\$1.34, US\$1.29 and US\$1.36, in 2018, 2017 and 2016 respectively.

(c) Directors

The Directors' emoluments are disclosed in note 7.

(d) Transactions with other related parties

The following transactions occurred with related parties:

	2018	2017	2016
	US\$000	US\$000	US\$000
Recharge of services to MOC undertakings	11,996	13,613	19,337
Management service charge from parent	1,438	1,775	810
Interest received from MOC undertakings	12,098	9,389	8,900
Dividend revenue	40,000	_	_

24. Pensions

For certain employees, MOUK operates a defined benefit pension scheme with assets held in a separately administered fund. This scheme was closed to new entrants on 1 April 2010 and was closed to future benefit accrual on 31 December 2015. The scheme provided retirement benefits on the basis of members' final salary. The scheme is administered by trustees, who are responsible for ensuring that the plan is sufficiently funded to meet current and future obligations. MOUK agreed a funding plan with the trustees whereby annual contributions of £13,000,000 will be made until 31 December 2020.

	Present value	Fair value of
	of obligation	plan assets	Net amount
	US\$000	US\$000	US\$000
Present at 1 January 2016	579,565	(608,283)	(28,718)
Interest expense/(income)	19,903	(21,303)	(1,400)
Loss on changes/introductions	879		879
Total amount recognised in profit or loss Remeasurements:	20,782	(21,303)	(521)
Return on plan assets	_	(110,208)	(110,208)
Loss from change in demographic assumptions	142,317		142,317
Total amount recognised in other comprehensive
income	142,317	(110,208)	32,109
Exchange differences	(105,198)	108,641	3,443
Contributions:		(40,000)	(40,000)
Employers	_	(18,620)	(18,620)
Plan participants	(50.070)	-	_
Benefit payments	(52,070)	52,070
At 31 December 2016	_585,396	(597,703)	(12,307)
At 31 December 2016 (from previous table)	585,396	(597,703)	(12,307)
Interest expense/(income)	15,926	(16,500)	(574)
Total amount recognised in profit or loss	15,926	(16,500)	(574)

	Present value of obligation US\$000	Fair value of plan assets US\$000	Net amount US\$000
Remeasurements: Return on plan assets Gain from change in demographic assumptions	– (7,269) ––––––––	(30,354) – ––––––––	(30,354) (7,269) ––––––––
Total amount recognised in other comprehensive income Exchange differences Contributions:	(7,269) 53,927	(30,354) (57,620)	(37,623) (3,693)
Employers Plan participants Benefit payments	– – (46,115) ––––––––	(16,796) – 46,115 ––––––––	(16,796) – – ––––––––
At 31 December 2017 Interest expense/(income)	601,865 14,406	(672,858) (16,379)	(70,993) (1,973)
Total amount recognised in profit or loss Remeasurements:	–––––––– 14,406	–––––––– (16,379)	–––––––– (1,973)
Return on plan assets Gain from change in demographic assumptions	– (34,670) ––––––––	37,598 – ––––––––	37,598 (34,670) ––––––––
Total amount recognised in other comprehensive income Exchange differences Contributions:	(34,670) (32,145)	37,598 37,046	(2,928) 4,901
Employers Plan participants	– –	(17,375) –	(17,375) –
Benefit payments At 31 December 2018	(38,047) –––––––– 511,409 ––––––––	38,047 –––––––– (593,921) ––––––––	– –––––––– (82,512) ––––––––

On 1 April 2010, MOUK established a defined contribution scheme to provide benefits to new employees. On 1 January 2016 all employees were transferred to the defined contribution scheme.

Total contributions to the defined benefit scheme and defined contribution scheme was US\$7.98 million, US\$4.79 million and US\$6.21 million in 2018, 2017 and 2016 respectively.

A comprehensive actuarial valuation of the MOUK pension scheme, using the projected unit basis was carried out at 31 March 2016 by Mercer Limited, independent consulting actuaries. Adjustments to the valuation at that date have been made based on the following assumptions.

Principal actuarial assumptions at the statement of financial position date (expressed as weighted averages):

	2018	2017	2016
Discount rate	2.9%	2.5%	2.7%
Future salary increases	0.0%	0.0%	0.0%
Future pension increases	3.1%	3.0%	3.2%
Inflation assumption	2.2%	2.2%	2.3%
Mortality rates
– for a male aged 65 now	22.4	22.5	22.6
– at 65 for a male aged 45 now	23.7	23.8	24.9
– for a female aged 65 now	24.5	24.6	24.2
– at 65 for a female aged 45 now	26.2	26.3	27.0
	––––––––	––––––––	––––––––

The fair value of the scheme assets for defined benefit scheme were:

	2018	2017	2016
	\$'000	\$'000	\$'000
Cash and cash equivalents	6,198	3,430	6,799
Equity instruments	190,651	266,084	360,529
Debt instruments	306,836	301,932	230,375
Diversified growth funds	90,236	101,412
Total scheme assets	593,921	672,858	597,703

25. Adjusted EBITDA

Presented is the Earnings Before Interest, Tax, Depreciation and Amortisation (referred to as EBITDA) adjusted for the one-off non-cash adjustments in respect of the Asset Retirement Obligation provision included within other income.

	Note	2018 US\$000	2017 US\$000	2016 US\$000
Profit/(loss) before income tax less:		232,826	27,260	(36,518)
Finance costs	9	7,546	7,773	8,107
Finance income	8	(16,399)	(11,775)	(9,611)
Other income	5	(125,550)	(423)	(191)
Depreciation charge	11	4,171	66,650	105,125
Adjusted EBITDA		102,594	89,485	66,912

EBITDA is considered a useful proxy for cash flow.

26. Events after the reporting date

On the 25 February 2019, RockRose entered into a sale and purchase agreement with MOHL to acquire the entire membership in MOUK. The transaction has an effective date of 1 January 2019 and is expected to complete, subject to certain contractual requirements, in the second half of 2019 (which is the IFRS 3 effective date).

As part of the sale and purchase agreement MOHL agreed to repay all intercompany balances receivable by MOUK on the completion date.

Effective 31 March 2019, MOUK's wholly owned subsidiary, Marathon Oil Decommissioning Services LLC, transferred its trade and assets to MOUK. The agreement between the two companies for the provision of decommissioning services ceased to have effect from that date. MOUK expects to record a net gain in its 2019 financial statements in relation to these events. The expected net gain reflects the elimination of Petroleum Revenue Tax temporary differences. There were no adjustments recorded in the 2018 HFI in respect of this as it is a post balance sheet event.

On 20 June 2019 MOUK was notified by TAQA Bratani Limited ("TAQA Bratani"), a significant non-operator interest holder in the Greater Brae Area licences, following the approval of proposals made by TAQA Bratani to the other members of the relevant operating committees on 5 June 2019, that MOUK would be discharged as operator of Blocks 16/7a. Licence no. P.108 (Block 16/3a), Licence no. P313 (Block 16/3b), Licence no. P313 (Block 16/3c) and East Brae and TAQA Bratani appointed in its place. No reasons were given for the changes. A process will follow, involving OGA approval, which could result in MOUK losing operatorship of these licences in July 2020. Should this occur MOUK will no longer be an operator, but will retain its interests in the field.

There were no adjustments recorded in the 2018 HFI in respect of these events as they occurred after the reporting date.

PART XIII

HISTORICAL FINANCIAL INFORMATION ON MOWOS

Section A: Accountant's Report on the Historical Financial Information on MOWOS

The Directors RockRose Energy plc c/o Cooley Services Limited Dashwood 69 Old Broad Street London EC2M 1QS United Kingdom

19 July 2019

Dear Sirs

Marathon Oil West of Shetlands Limited ("MOWOS")

We report on the financial information on MOWOS for the three years ended 31 December 2018, 31 December 2017 and 31 December 2016 (the "MOWOS HFI"). The MOWOS HFI has been prepared for inclusion in the prospectus dated 19 July 2019 (the "Prospectus") of RockRose Energy plc (the "Company") on the basis of the accounting policies set out in note 1 to the MOWOS HFI. This report is required by item 20.1 of Annex I to the PD Regulation and is given for the purpose of complying with that item and for no other purpose.

Responsibilities

The Directors of the Company are responsible for preparing the MOWOS HFI in accordance with International Financial Reporting Standards as adopted by the European Union.

It is our responsibility to form an opinion as to whether the MOWOS HFI gives a true and fair view, for the purposes of the Prospectus and to report our opinion to you.

PricewaterhouseCoopers LLP, 1 Embankment Place, London, WC2N 6RH T: +44 (0) 2075 835 000, F: +44 (0) 2072 124 652, www.pwc.co.uk

Basis of opinion

We conducted our work in accordance with the Standards for Investment Reporting issued by the Auditing Practices Board in the United Kingdom. Our work included an assessment of evidence relevant to the amounts and disclosures in the financial information. It also included an assessment of significant estimates and judgments made by those responsible for the preparation of the financial information and whether the accounting policies are appropriate to the MOWOS's circumstances, consistently applied and adequately disclosed.

Opinion

In our opinion, the MOWOS HFI gives, for the purposes of the Prospectus, a true and fair view of the state of affairs of MOWOS as at the dates stated and of its profits, cash flows and changes in equity for the periods then ended in accordance with International Financial Reporting Standards as adopted by the European Union.

Declaration

Yours faithfully

PricewaterhouseCoopers LLP

Chartered Accountants

Section B: Historical Financial Information on MOWOS Consolidated Statement of Comprehensive Income

		Year ended	Year ended	Year ended
		31 December		31 December
		2018	2017	2016
		Audited	Audited	Audited
	Note	US\$000	US\$000	US\$000
Revenue	4	176,032	93,981	126,035
Cost of sales		(100,740)	(71,298)	(85,947)
Gross profit		75,292	22,683	40,088
Administrative costs		(2,672)	(3,198)	(3,129)
Operating profit	5	72,620	19,485	36,959
Finance income	7	4,274	2,040	799
Finance costs	8	(2,444)	(1,438)	(1,439)
Profit before income tax		74,450	20,087	36,319
Income tax charge	9	(29,610)	(8,402)	(25,279)
Profit for the year		44,840	11,685	11,040
Adjusted EBITDA	24	92,976	39,669	70,617
There was no other comprehensive income 2018, 2017 and 2016 respectively.
Total comprehensive income for the year		44,840	11,685	11,040
Unadjusted basic earnings per share
(in cents)	10	179,360	47	44
Unadjusted diluted earnings per share
(in cents)	10	179,360	47	44

Consolidated Statement of Financial Position

		As at	As at	As at	As at
			31 December		1 January
		2018	2017	2016	2016
		Audited	Audited	Audited	Unaudited
	Note	US\$000	US\$000	US\$000	US\$000
Assets
Property, plant and equipment	11	45,541	102,511	111,380	195,194
Deferred tax asset	12	100,192	113,748	108,636	64,575
Total non-current assets		145,733	216,259	220,016	259,769
Inventory	13	56	458	4,051	7,419
Trade and other receivables	14	35	13,951	9,063	25,082
Loans to group undertakings	14	156,545	143,989	153,692	108,499
Cash and cash equivalents	15	1,730	9,194	7,680	2,385
Total current assets		158,366	167,592	174,486	143,385
Total assets		304,099	383,851	394,502	403,154
Equity
Share capital	18	25	25,025	25,025	25,025
Other reserves	19	109,591	84,591	84,591	84,591
Accumulated losses		(101,264)	(61,104)	(47,789)	(58,829)
Total equity		8,352	48,512	61,827	50,787
Liabilities
Accruals and deferred income		_	_	_	10,388
Deferred tax liability	12	18,515	40,329	43,385	_
Provisions for liabilities and
other charges	17	250,481	284,313	271,590	321,739
Total non-current liabilities		268,996	324,642	314,975	332,127
Trade and other payables	16	10,007	10,056	10,642	15,827
Tax payable	16	16,744	641	7,058	4,413
Total current liabilities		26,751	10,697	17,700	20,240
Total liabilities		295,747	335,339	332,675	352,367
Total equity and liabilities		304,099	383,851	394,502	403,154

Consolidated Statement of Changes in Equity

		Other	Accumulated
S	hare capital	reserves	losses	Total
	US\$000	US\$000	US\$000	US\$000
Balance as at 31 December 2015 as originally presented (unaudited) IFRS transitional adjustments (note 2)	25,025	84,591	(58,983) 154	50,633 154
Balance as at 1 January 2016 (unaudited) Profit for the year Other comprehensive income	25,025 - -	84,591 - -	(58,829) 11,040	50,787 11,040 –
Balance as at 31 December 2016 Profit for the year Other comprehensive income Shareholder distribution	25,025 - - -	84,591 - - -	(47,789) 11,685 - (25,000)	61,827 11,685 – (25,000)
Total transactions with owners	_		(25,000)	(25,000)
Balance as at 31 December 2017 Profit for the year	25,025	84,591	(61,104) 44,840	48,512 44,840
Other comprehensive income Shareholder distribution Capital reduction	- (25,000)	25,000	(85,000) -	(85,000) -
Total transactions with owners	(25,000)	25,000	(85,000)	(85,000)
Balance as at 31 December 2018	25	109,591	(101,264)	8,352

Consolidated Statement of Cash Flows

	Year ended	Year ended	Year ended
		31 December
	2018	2017	2016
	US\$000	\$'000	\$'000
Cash flows from operating activities
Profit before income tax	74,450	20,087	36,319
Non-cash adjustments to reconcile profit before
tax to net cash flows: Finance income	(4,274)	(2,040)	(799)
Finance costs	(4,214)	(2,040)	3
Depreciation and amortisation	20,356	20,184	33,658
Finance charge on decommissioning provision	2,440	1,438	1,436
Operating cash flows before movements in
working capital	92,976	39,669	70,617
Decrease in inventory	402	3,593	3,368
Decrease/(increase) in trade and other receivables	13,916	(4,888)	16,020
(Increase)/decrease in amounts owed by group
companies	(12,623)	9,853	(55,748)
Increase/(decrease) in trade and other payables	(24.765)	(736)	(5,018)
Income tax paid	(21,765)	(22,987)	(23,310)
Net cash generated from operating activities Cash flows from investing activities	72,924	24,504	5,929
Payments to acquire property, plant and equipment	_	(30)	(1,430)
Receipts from sales of property, plant and	242
equipment Finance income	342 4,274	2,040	799
	4,274
Net cash generated from/(used in) investing	4.646	2.010	(624)
activities Cash flows from financing activities	4,616	2,010	(631)
Finance costs	(4)	_	(3)
Shareholder distribution	(85,000)	(25,000)	_
Net cash used in financing activities	(85,004)	(25,000)	(3)
Net (decrease)/increase in cash and cash
equivalents	(7,464)	1,514	5,295
Cash and cash equivalents at 1 January	9,194	7,680	2,385
Cash and cash equivalents at 31 December	1,730	9,194	7,680

Notes

1. Principal accounting policies

General information

On the 25 February 2019, RockRose entered into a sale and purchase agreement with Marathon International Oil Holdings LLC ("MIOH") to acquire the entire issued share capital of Marathon Oil West of Shetlands Limited ("MOWOS").

MOWOS is a company incorporated in England and Wales. The address of its registered office is 91 Wimpole Street, London, England, W1G 0EF. The company is domiciled in Aberdeen, Scotland.

MOWOS's principal activity is the development and production of oil and gas from the Foinaven area in the United Kingdom (UK) Atlantic Margin. MOWOS has a 28% interest in the BP operated Foinaven area complex in UK blocks 204/19 and 204/24a, located directly west of the Shetland Islands.

Basis of preparation

The MOWOS Historical Financial Information (referred to as the "HFI"), which has been prepared specifically for the purposes of this document, sets out the balance sheet as at 31 December 2018, 2017 and 2016 and the results of operations and cash flows for each of the three years then ended of MOWOS and has been prepared in accordance with the requirements of the Prospectus Directive regulations.

The MOWOS HFI has been prepared in accordance with International Financial Reporting Standards and the IFRS Interpretation Committee (IFRS IC) interpretations as adopted by the European Union ("IFRS"). The principal accounting policies that have been applied to the MOWOS HFI are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The MOWOS HFI does not constitute statutory accounts and represents the first-time preparation of financial information for MOWOS under IFRS reporting standards.

MOWOS has previously prepared and reported statutory financial statements, in accordance with applicable standards in the United Kingdom ("Financial Reporting Standard 102"). Consequently, the opening statement of financial position at the 1 January 2016 has been included in the HFI together with IFRS 1 reconciliations between financial information prepared under Financial Reporting Standard 102 and financial information prepared in accordance with IFRS, as required by IFRS 1 on transition to IFRS. The principle changes to the presentation of the financial information as a result of adopting IFRS as at the 1 January 2016 are sent out in note 2 to this HFI.

The statutory accounts for the years ended 31 December 2018, 31 December 2017 and 31 December 2016 were prepared for the purposes of English company law and under Financial Reporting Standard 102. The reports of the auditors for those years were unqualified and did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report. The statutory accounts for the years ended 31 December 2018, 31 December 2017 and 31 December 2016 were filed at Companies House.

The MOWOS HFI has been prepared under the historical cost convention except for certain financial instruments which are carried at fair value and is presented in US Dollars ("US\$"), which is the currency of the primary economic environment in which MOWOS operates, rounded to the nearest thousand.

Adoption of new standards and interpretations

New standards, amendments and interpretations

New standards, amendments and interpretations not yet adopted

The following new and revised Standards and Interpretations have been published that are not mandatory for 31 December 2018 reporting periods and have not been early adopted by MOWOS.

Standards	Effective date	Description
IFRS 16	1 January 2019	Leases
IFRIC Interpretation 23	1 January 2019	Uncertainty over Income Tax Treatments
Amendments to IAS 28	1 January 2019	Long-term interest in Associates and Joint
		Ventures

Other than IFRS 16, there are no other standards that are not yet effective and that would have an impact on the entity in the current or future reporting periods. Adoption of IFRS 16 will not have a material impact as the recharge of costs to MOWOS relating to leases held by the operator are not within the scope of IFRS 16.

Segmental reporting

IFRS 8 requires operating segments to be identified on the basis of internal reports that are regularly reviewed by the chief operating decision maker, which in the case of MOWOS is considered to be management of Marathon Oil Corporation, which is located in Houston, Texas. Management consider and review operating segments by reference to geographic location.

Revenue and other income

Revenue from sales of oil, natural gas, and other products is recognised at the transaction price which MOWOS is entitled to, after deducting sales taxes, excise duties and similar levies. For contracts that contain separate performance obligations the transaction price is allocated to those separate performance obligations by reference to their relative standalone selling prices.

Revenue is recognised when MOWOS has transferred the significant control of ownership of the products to the customer which is when the title passes to the customer. Revenue associated with sales of crude oil and petroleum products including natural gas is recorded when title passes to the customer. Revenue from production of natural gas and oil in which MOWOS has interest with other joint venture parties is recognised based on MOWOS's working interest and the terms of the relevant petroleum production licences. In all cases, this is deemed to be on a lifting basis. All other revenue is recognised when title passes to the customers.

Financing income and costs

Leases

Rentals under operating leases are charged to the statement of comprehensive income on a straight-line basis over the lease term.

Foreign currencies

Items included in the financial statements of MOWOS are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). Transactions in foreign currencies are translated to the entity's functional currency at the foreign exchange rates at the date of the transactions. Foreign exchange gains and losses resulting from the settlement of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. MOWOS has a functional currency of USD. The presentation currency for the financial statements is USD.

Taxation

A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised.

Exploration, evaluation and producing assets

MOWOS applies the successful efforts method of accounting for exploration expenditure. E&E assets shall no longer be classified as such when the technical feasibility and commercial viability of extracting oil and gas resources are demonstrable.

Once the technical feasibility and commercial viability has been demonstrated, then the carrying value of the E&E assets is reclassified as a Development and Production ("D&P") asset and classified as 'oil and gas' assets within property, plant and equipment. The E&E assets shall be assessed annually for impairment using indicators in accordance with IFRS 6 'Exploration for and Evaluation of Mineral Resources'. If technically feasible or commercially viable reserves are not discovered, the impairment is recognised on E&E assets in the statement of comprehensive income.

General and administration costs are expensed as incurred.

Depletion and Amortisation on producing oil and gas assets

All expenditure carried within each O&G asset is amortised from the commencement of production on a unit of production basis, which is the ratio of oil and gas production in the year to the estimated quantities of commercial reserves at the end of the year plus the production in the year, generally on a field-by-field basis. Costs used in the unit of production calculation comprise the net book value of capitalised costs plus the estimated future field development costs, audited in the annual reserves report by ERC Equipoise. Changes in the estimates of commercial reserves or future field development costs are dealt with prospectively.

Impairments of producing and development assets

The carrying amounts of MOWOS's assets are reviewed at each statement of financial position date to determine whether there is any indication of impairment; an asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of that asset. If any such indication exists, the asset's recoverable amount is estimated. An impairment loss is recognised whenever the carrying amounts of an asset or its cash generating unit exceed its recoverable amount. Impairment losses are recognised in the statement of comprehensive income. The recoverable amount of assets is determined by the higher of fair value less cost to dispose and value in use. Fair value less cost to dispose is determined as the amount of estimated risk adjusted and discounted future cash flows. For this purpose, assets are grouped into cash generating units ("CGUs") based on separately identifiable and largely independent cash inflows. Estimates of future cash flows used in the evaluation of impairment of assets are made using management forecasts including assumptions for commodity prices, market supply and demand, and in the case of oil and gas properties, expected production volumes. The latter takes into account assessments of field and reservoir performance and includes expectations about proved and probable volumes, which are risk-weighted utilising geological, production, recovery and economic projections. Cash flow estimates are risk adjusted to reflect market conditions as appropriate and discounted at a rate that reflects a market return and the risks of the cash generating units.

Crude oil under and over lift

Crude oil under/over lift is classified under debtors or creditors as appropriate and valued at the year-end oil price. Liabilities arising from lifting more than MOWOS's share of the joint venture's petroleum production (over lifting) are valued at the market price and booked under 'Current liabilities'. Under lifting is valued at the market price and booked under 'Current assets'.

Restricted Stock Awards ("RSAs")

Restricted stock award programme

Under this arrangement certain MOWOS employees were awarded grants based on their performance within certain guidelines and for retention purposes. Each of these grants vest in onethird increments, contingent on the recipient's continued employment. There are no performance accelerators for early vesting of these awards. Awards under the RSA are classified as an equity award and recorded at the grant date fair value and the compensation expense is recognised over the expected life of the award. A charge is recorded to the statement of comprehensive income as an employee benefit expense, within wages and salaries, for the fair value at grant date of the share awards expected to vest, accrued over the vesting period. The corresponding credit is a Marathon Oil Corporation group recharge in respect of the share based payment expense.

Inventory

Cash and cash equivalents

Share capital

Ordinary shares are classified as equity. MOWOS's share capital currently consists of ordinary shares. Any transaction costs associated with the issuing of shares are deducted from equity to the extent they are incremental costs directly attributable to the equity transaction.

Dividends

Dividends and other distributions to MOWOS's shareholder are recognised as a liability in the financial statements in the year in which the dividends and other distributions are approved by MOWOS's shareholder. These amounts are recognised in the statement of changes in equity. Interim dividends are recognised when paid.

Non-derivative financial instruments

Financial assets (from 1 January 2018)

All equity instruments and other debt instruments are recognised at fair value. For equity instruments, on initial recognition, an irrevocable election (on an instrument-by-instrument basis) can be made to designate these as at fair value through other comprehensive income instead of fair value through profit and loss. Dividends received on equity instruments are recognised as other income in profit or loss when the right of payment has been established, except when MOWOS benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in other comprehensive income.

Financial assets

MOWOS's financial assets include cash and trade and other receivables.

Trade and other receivables

Trade and other receivables that are created by MOWOS by way of providing goods directly to a debtor are carried at the original invoice amount. Trade and other receivables are recognised initially at fair value less any expected credit losses.

MOWOS has reviewed its trade receivables at the balance sheet date and considers that the credit risk is not material as all amounts are due within 30 days.

Financial liabilities

MOWOS determines the classification of its financial liabilities at initial recognition.

MOWOS's financial liabilities include trade and other payables and loans and borrowings.

The subsequent measurement of financial liabilities depends on their classification. Trade payables that are created by MOWOS are carried at the original invoice amount.

MOWOS determines the classification of its financial liabilities at initial recognition.

MOWOS's financial liabilities include trade and other payables and loans and borrowings.

The subsequent measurement of financial liabilities depends on their classification. Trade payables that are created by MOWOS are carried at the original invoice amount.

Trade and other payables

Trade and other payables are recognised at fair value and subsequently measured at amortised cost.

Loans and borrowings

Provisions

Provisions are recognised when MOWOS has present obligation (legal and constructive) as a result of a past event, it is probable that MOWOS will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Specific provisions recognition policies are listed below:

Decommissioning and restoration provision

Provisions (referred to as "Asset Retirement Obligations" or "ARO") are recognised for the future decommissioning and restoration of hydrocarbon production facilities and pipelines at the end of their economic lives. The estimated cost is recognised initially as part of property, plant & equipment and depreciated over the life of the proved and probable reserves on a unit-ofproduction basis. Any changes in the estimates of costs to be incurred on proved and probable reserves or in the rate of production will therefore impact net income, over the remaining economic life of the oil and gas assets.

Significant accounting judgements and key sources of estimation uncertainty

In the application of MOWOS's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.

The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an annual basis. Revisions to accounting estimates are recognised in the year in which the estimate is. The following are the critical judgements and estimates that the Directors have made in the process of applying MOWOS's accounting policies and that have the most effect on the amounts recognised in the financial statements.

Impairment review of carrying value of assets

MOWOS has significant investments in plant, property and equipment. Long-lived assets in use are assessed for impairment whenever changes in facts and circumstances indicate that the carrying value of the assets may not be recoverable. Changes in the circumstances or expectations of future performance of an assets may be an indicator that the asset is impaired, requiring the asset to be written down to its recoverable amount. Evaluating whether an asset is impaired requires a high degree of judgement and may to a large extent depend on often volatile economic factors such as future market prices, proved and probable volumes of reserves, currency exchange rates, future output, discount rates and political risk among others. There was no indication of impairment in each of the years presented.

Decommissioning liability

MOWOS has legal, regulatory and contractual obligations to remove and dismantle long-lived assets and to restore land or seabed at the end of oil and gas production operations at the end of their economic life, with most of these activities expected to take place many years in the future. Estimates of retirement cost are developed based on numerous factors, such as the scope of the dismantlement, timing of settlement, interpretation of legal, regulatory and contractual requirements, type of production and processing structures, depth of water, reservoir characteristics, market demand for equipment and consultations with construction and engineering professionals.

It is reasonably possible on the basis of existing knowledge that outcomes within the next financial year that are different from the assumptions made could require a material adjustment to the carrying amount.

Recoverability of deferred tax assets

Deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. In the case of balances related to decommissioning, the probability of recovery is assessed in light of the enacted loss carry-back rules and MOWOS's tax history. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

Presumption of going concern

The Directors have a reasonable expectation that MOWOS has adequate resources to continue in operational existence for the foreseeable future and, accordingly, have adopted the going concern basis in preparing the HFI.

2. Adoption of IFRS and changes in accounting policies

MOWOS has previously prepared and reported statutory financial statements, in accordance with applicable standards in the United Kingdom (Financial Reporting Standard 102). Consequently, the opening statement of financial position at 1 January 2016 has been included in the HFI together with IFRS 1 reconciliations between financial information prepared under Financial Reporting Standard 102 and financial information prepared in accordance with IFRS, as required by IFRS 1 on transition to IFRS.

Exemptions applied

IFRS 1 First-Time Adoption of International Financial Reporting Standards allows first-time adopters certain exemptions from the retrospective application of certain IFRS.

Estimates

Change in accounting policies

In order to align with the policies of RockRose, MOWOS has now calculated its crude oil under/over lift asset or liability at market price instead of at the lower of cost or net realisable value.

Management have reviewed the impact of this change in accounting policy and have made the following adjustments to the HFI:

Consolidated statement of comprehensive income

	Year ended	Year ended	Year ended
	31 December	31 December	31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
(Increase)/decrease to cost of sales	(8,851)	4,169	3,939
Decrease/(increase) to income tax charge	3,540	(1,667)	(1,576)
Increase/(decrease) to total comprehensive income
for the year	(5,311)	2,502	2,363
Consolidated statement of financial position (Decrease)/increase to property, plant and
equipment	(69)	1,588	1,658
Increase to trade and other receivables		4,072	2,588
(Decrease)/increase to total assets	(69)	5,660	4,246
Increase to trade and other payables	367	_	_
(Decrease)/increase to tax payable	(144)	641	1,729
Decrease to accumulated losses at start of the year	5,019	2,517	154
Increase/(decrease) to total comprehensive income
for the year	(5,311)	2,502	2,363
(Decrease)/increase to total equity and liabilities	(69)	5,660	4,246

3. Operating segments

MOWOS's activity consists of one class of business relating to the acquisition, exploration, development and production of oil and gas reserves and related activities in a single geographical area presently being the UK North Sea. This is considered to be the only reportable segment of MOWOS. All revenues, expenses, corporate activities and non-current assets are attributable to the UK North Sea and can be assigned to this reportable segment, accordingly no additional segment analysis is disclosed.

4. Revenue

MOWOS derives revenue from the transfer of goods to external customers which is recognised at a point in time. MOWOS's product lines are:

	Year ended	Year ended	Year ended
	31 December	31 December	31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
Crude oil	173,221	88,236	117,706
Gas	2,811	5,745	8,329
Total revenues	176,032	93,981	126,035

Analysis of turnover by country of destination:

	2018	2017	2016
	US\$000	US\$000	US\$000
United Kingdom	2,811	34,131	79,602
Rest of Europe	173,221 ––––––––	59,850 ––––––––	46,433 ––––––––
Total revenues	176,032 ––––––––	93,981 ––––––––	126,035 ––––––––

5. Operating profit

Included in the statement of comprehensive income are the following:

	Year ended	Year ended	Year ended
		31 December 31 December 31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
Operating profit is stated after charging/(crediting):
Directors' remuneration	274	96	70
Depreciation charge for oil and gas assets	20,356	20,184	33,658
Contractor costs	81,058	47,957	52,271
Inventory recognised as an expense	317	3,389	3,361
Foreign exchange movement	(991)	(232)	(3,343)
Fees payable to MOWOS's auditors:
Audit related assurance services	85 ––––––––	88 ––––––––	92 ––––––––

6. Directors and employees

MOWOS had no employees in 2018, 2017 or 2016. Directors are employed by other Marathon group companies. Administrative and technical services to support MOWOS's operations are also provided by another Marathon group company.

No directors exercised share options during 2018, 2017 or 2016.

Directors who received shares under a long-term incentive plan were four, three and three during 2018, 2017 and 2016.

The highest paid Director's remuneration amounts to US\$263,000, US\$48,000 and US\$48,000 during 2018, 2017 and 2016 and awards granted to the directors.

7. Finance income

	Year ended	Year ended	Year ended
		31 December 31 December 31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
Interest income – loans	4,274 ––––––––	2,040 ––––––––	799 ––––––––
Total finance income	4,274 ––––––––	2,040 ––––––––	799 ––––––––

8. Finance costs

	Year ended	Year ended	Year ended
	31 December	31 December	31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
Finance charge on provisions	2,440	1,438	1,436
Other interest payable	4		3
Total finance costs	2,444	1,438	1,439

9. Income tax charge

Total tax charge of US\$29.6 million, US\$8.4 million and US\$25.3 million in 2018, 2017 and 2016 respectively has been recognised in the statement of comprehensive income during the year.

	ear ended December 2018 US\$000	Year ended 31 December 2017 US\$000	Year ended 31 December 2016 US\$000
Current tax:
Current tax charge	27,613	12,992	19,941
Supplementary tax charge	10,256	3,578	6,014
Total current tax charge	37,869	16,570	25,955
Deferred tax: Relating to the origination and reversal of temporary
differences	(8,259)	(8,168)	(15,888)
Relating to the movement due to the tax rate changes			15,212
Total deferred tax credit	(8,259)	(8,168)	(676)
Total tax charge	29,610	8,402	25,279

	Year ended	Year ended	Year ended
	31 December	31 December	31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
Accounting profit before income tax	74,450	20,087	36,319
A combined UK ring fence corporation tax and
supplementary charge rate of 40% in 2018,
2017 and 2016 and non-ring fence tax rate of 19%,
20% and 20% in 2018, 2017 and 2016 respectively	29,780	8,034	14,528
Impact of supplementary charge tax rate change	_	_	12,915
Expenses not deductible for tax purposes	(191)	370	(2,071)
Small field and investment allowances	21	(2)	(93)
Total tax charge	29,610	8,402	25,279

10. Earnings per share

Basic earnings per share amounts are calculated by dividing the profit for the year by the weighted average number of shares outstanding during the year. The basic and diluted earnings per share are the same as there are no instruments that have a dilutive effect on earnings. There have been no transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of authorisation of these financial statements other than those detailed in note 25.

	Year ended	Year ended	Year ended
3	31 December	31 December	31 December
	2018	2017	2016
Earnings attributable to the shareholders (in US\$000)	44,840	11,685	11,040
Weighted average basic number of shares	25,000	25,025,000	25,025,000
Weighted average diluted number of shares	25,000	25,025,000	25,025,000
Unadjusted basic earnings per share (in cents)	179,360	47	44
Unadjusted diluted earnings per share (in cents)	179,360	47	44

11. Property, plant and equipment

	Oil and gas assets
	US\$000
Cost At 1 January 2016 Additions ARO revisions	1,072,398 1,430 (51,586)
At 31 December 2016 Additions ARO Revisions	1,022,242 30 11,285
At 31 December 2017 Additions ARO revisions Disposals	1,033,557 - (36,272) (342)
At 31 December 2018 Accumulated depreciation and impairment At 1 January 2016 Depreciation charge	996,943 877,204 33,658
At 31 December 2016 Depreciation charge	910,862 20,184
At 31 December 2017 Depreciation charge	931,046 20,356
At 31 December 2018	951,402
Net book value At 31 December 2018	45,541
At 31 December 2017	102,511
At 31 December 2016	111,380

The oil and gas assets consist of producing and development assets and decommissioning assets in accordance with IAS 16 'Property, Plant and Equipment'.

the higher of the asset's fair value less costs to dispose or value in use. See note 1 for further details of the accounting policy on impairment. No indicators of impairment were identified for the MOWOS's oil & gas assets in each of the years present.

12. Deferred tax assets and liabilities

	Year ended	Year ended	Year ended
	31 December	31 December	31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
Accelerated capital allowances – Corporation Tax	(18,515)	(40,329)	(43,385)
Decommissioning provision	100,192	113,748	108,636
Tax losses
Net deferred tax asset	81,677	73,419	65,251
Deferred tax asset	100,192	113,748	108,636
Deferred tax liability	(18,515)	(40,329)	(43,385)
Net deferred tax asset	81,677	73,419	65,251

Deferred tax assets have been recognised in respect of tax losses and other temporary differences where the Directors believe it is probable that these assets will be recovered in the near future.

13. Inventory

	Year ended	Year ended	Year ended
	31 December	31 December	31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
Raw materials and consumables	56	458	4,051
Total inventory	56	458	4,051

The carrying value of MOWOS's inventories as stated above is based on the net realisable value in accordance with the accounting policies.

14. Trade and other receivables

	Year ended	Year ended	Year ended
	31 December	31 December	31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
Trade receivables	35	932	3,242
Under lift asset	_	13,019	4,825
Prepayments and accrued income			996
Total current trade and other receivables	35	13,951	9,063
Amount owed from other Marathon group
undertakings	156,545	143,989	153,692

All trade and other receivables are due within one year from the statement of financial position date.

The carrying value of MOWOS's trade and other receivables as stated above is considered to be a reasonable approximation of the fair value. None of the above trade receivables were considered past due or impaired as of 31 December 2018, 31 December 2017 or 31 December 2016.

Included in amounts owed by group undertakings at 31 December is US\$156,056,176, US\$143,756,266, and US\$153,582,030 for 2018, 2017 and 2016 which has been loaned to Marathon Oil Investment LLC. The loan is interest-bearing (one-month LIBOR + 0.1%) and is repayable to MOWOS on demand. The remainder of amounts owed from other Marathon group entities are unsecured, interest free and repayable on demand.

The nature of MOWOS's external and internal intercompany receivables, being a mix of due within 30 days and repayable on demand, means that the credit loss exposure is negligible, and as such no provision for expected credit losses have been made.

15. Cash and cash equivalents

	Year ended	Year ended	Year ended
		31 December 31 December 31 December
	2018	2017	2016
	US\$000	US\$'000	US\$000
Available cash at bank and in hand	1,730 ––––––––	9,194 ––––––––	7,680 ––––––––

The fair values of cash and cash equivalents are the same as the above book values.

16. Trade and other payables

	Year ended	Year ended	Year ended
		31 December 31 December 31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
Trade payables	6,817	5,918	7,107
Over lift liability	860	–	–
Accruals	1,999 ––––––––	3,740 ––––––––	3,287 ––––––––
Tax payable	16,744 ––––––––	641 ––––––––	7,058 ––––––––
Total current trade and other payables	26,420 ––––––––	10,299 ––––––––	17,452 ––––––––
Amounts owed to other Marathon group undertakings	331 ––––––––	398 ––––––––	248 ––––––––

17. Provisions for liabilities and other charges

	Decommissioning provision \$'000
At 1 January 2016 Changes in estimates Finance charge	321,739 (51,585) 1,436 ––––––––
At 31 December 2016	271,590 ––––––––
Changes in estimates Finance charge	11,285 1,438 ––––––––
At 31 December 2017	284,313
Changes in estimates Finance charge	–––––––– (36,272) 2,440
At 31 December 2018	–––––––– 250,481 ––––––––

The estimated cost of decommissioning at the end of the producing lives of the fields is reviewed annually and engineering estimates and reports are updated periodically. Provision is made for the estimated cost of decommissioning at the statement of financial position date for MOWOS's share of the overall costs. Cost estimates have been discounted at an average discount rate of 1.31%, 0.51% and 0.53% (Foinaven Complex) and 1.42%, 0.53% and 0.69% (Pipeline) in 2018, 2017 and 2016. These costs are expected to be incurred between 2025 and 2032.

The timing of spend is based on the economic cut off point for the producing assets. Provisions acquired in business combinations have been calculated based on the latest operator cost estimates. The payment dates are uncertain and are currently anticipated to be between 2025 and 2032 for the relevant producing fields. It is anticipated that MOWOS will obtain full tax relief on its decommissioning liabilities in the UK.

The other provision in MOWOS's balance sheet relates to a dilapidation provision for office premises. The unwind for this provision is immaterial

18. Share capital

	Shares	Share capital	Total
Allotted	Number	US\$000	US\$000
Issued at 31 December 2016 and 2017	25,025,000	25,025	25,025
Capital reduction	(25,000,000)	(25,000)	(25,000)
At 31 December 2018	25,000	25	25

In November 2018, MOWOS reduced its share capital by US\$25,000,000 to US\$25,000 in accordance with the solvency statement procedure for private limited companies set out in sections 641 to 644 of the Companies Act 2006.

	Shares	Share capital	Iotal
Authorised	Number	US\$000	US\$000
At 31 December 2016, 2017 and 2018	1,000,000,000	1,000,000	1,000,000

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

19. Reserves

Other reserves

Other reserves were originally created following a capital reduction on 30 November 2000. The net of the other and the accumulated loss reserves are distributable reserves and are considered together for the purposes of dividend distribution.

During 2018, there was an increase in distributable reserves of \$25,000,000 as a result of a capital reduction by MOWOS.

20. Restricted Stock Awards

Restricted stock – The MOC 2016 Incentive Compensation Plan, which was approved by our stockholders in May 2017 and authorizes the Compensation Committee of the Board of Directors to grant restricted stock awards to employees. Restricted stock awards are granted to certain non-officer employees based on their performance within certain guidelines and for retention purposes. The restricted stock awards to non-officers generally vest ratably over a three-year period, contingent on the recipient's continued employment. Prior to vesting, all restricted stock recipients have the right to vote on such stock and receive dividends thereon. The non-vested shares of restricted stock are not transferable and are held by MOC's transfer agent.

Total stock-based compensation expense – Total employee stock-based compensation expense was US\$0.96 million, US\$0.41 million and US\$0.43 million in 2018, 2017 and 2016 respectively.

Restricted stock awards – The following is a summary of restricted stock award activity:

		Weighted
		average grant
	Awards	date fair value
Unvested at 1 January 2016	21,084	\$31.81
Granted	35,946	\$7.96
Vested and exercised	(8,892)	\$32.26
Cancelled	– ––––––––	\$0.00
Unvested at 31 December 2016	48,138	\$13.92
Granted	29,994	\$14.28
Vested and exercised	(15,497)	\$13.69
Cancelled	(25,224) ––––––––	\$14.50
Unvested at 31 December 2017	37,411	\$13.91
Granted	69,101	\$14.53
Vested and exercised	(14,426)	\$14.62
Cancelled	– ––––––––	\$0.00
Unvested at 31 December 2018	92,086	\$14.26

The vesting date fair value of restricted stock awards which vested during 2018, 2017 and 2016 respectively was US\$0.28 million, US\$0.25 million and US\$0.11 million. The weighted average grant date fair value of restricted stock awards was US\$14.26, US\$13.91 and US\$13.92 for awards unvested at 31 December, 2018, 2017 and 2016 respectively.

The total amount of unrecognized compensation cost related to restricted stock awards which is expected to be recognized over a weighted average period of one year was US\$0.96 million, US\$0.41 million and US\$0.43 million at 31 December, 2018, 31 December 2017 and 31 December 2016 respectively.

21. Financial instruments

MOWOS's financial instruments comprise trade and other receivables, trade and other payables, and cash and cash equivalents.

Financial risk factors and capital risk management

The fair values of the MOWOS's financial instruments are materially the same as their carrying amounts.

MOWOS's financial instruments expose it to a variety of financial risks: market risk, credit risk, interest risk and liquidity risk.

(a) Market risk

Commodity price risk

MOWOS held no financial instruments as at 31 December 2018, 31 December 2017 and 31 December 2016 that are affected by commodity price, but the MOWOS is nonetheless exposed to movements in oil and gas prices.

The table below illustrates the impact on profit before tax of changes of commodity prices. The impact on equity is the same.

	Year ended	Year ended	Year ended
		31 December 31 December 31 December
	2018	2017	2016
Crude oil sales during the year (US\$000s)	173,221	88,236	117,716
Gas sales during the year (US\$000s)	2,811	5,745	8,329
Average crude oil price (US\$) per bbl	75.91	54.49	42.65
Average gas price (US\$) per boe	46.32	53.19	29.34
Impact of decrease of crude oil prices by
US\$1 (US\$000s)	2,282	1,619	2,760
Impact of decrease of crude oil prices by
10% (US\$000s)	17,322	8,824	11,772

US\$1 (US\$000s)	61	108	284

(US\$000s)	281	575	833
Impact of decrease of gas prices by Impact of decrease of gas prices by 10%

Foreign exchange risk

MOWOS is exposed to foreign exchange risk arising from currency exposures, primarily with respect to GBP. Foreign exchange risk arises when future commercial transactions or recognised assets or liabilities are denominated in a currency that is not the entity's functional currency.

The following foreign exchange rates were applied:

	Year ended	Year ended	Year ended
		31 December 31 December 31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
As at 31 December (US\$ to GBP)	1.27	1.35	1.23
Average for the year (US\$ to GBP)	1.34	1.29	1.36

MOWOS's exposure to foreign currency risk was as follows based, on the following nominal amounts:

	2018			2017		2016
	£000	US\$000	£000	US\$000	£000	US\$000
Cash at bank Working capital	1,323	45	4,754	2,770	5,854	456
accruals	–	1,831	–	5,097	–	4,644
Trade receivables	28	12	692	6,222	1,341	3,843
Trade payables	6,563	(1,206)	5,125	(688) –––––––– –––––––– –––––––– –––––––– –––––––– ––––––––	6,879	(1,151)

(b) Credit risk

Credit risk arises from cash and cash equivalents, as well as credit exposures on trade and other receivables. The credit risk of MOWOS's trade and other receivables is assessed through the credit ratings of relevant customers. The balances at year end are minimal and therefore MOWOS is not exposed to a high level of credit risk.

MOWOS only trades with recognised creditworthy third parties. The exposure risk arises from default of the counter party, with a maximum exposure equal to the carrying amount as at the statement of financial position date. The maximum exposure to credit risk was US\$35,000, US\$932,000 and US\$3,242,000 as at 31 December 2018, 31 December 2017 and 31 December 2016 respectively.

(c) Interest rate risk

Liquidity risk is the risk that MOWOS will not be able to meet its financial obligations as they fall due.

Management monitors MOWOS's liquidity reserve (comprising cash and cash equivalents) through comparison to expected cash flow and budgets.

The following are the contractual maturities of financial liabilities including estimated interest payments for loans from other Marathon group undertakings:

		2018					2017			2016
	Total US\$000	1 year or less US\$000	1 year <2years US\$000	2 year <5years US\$000	Total US\$000	1 year or less US\$000	1 year <2years US\$000	2 year <5years US\$000	Total US\$000	1 year or less US\$000	1 year <2years US\$000	2 year <5years US\$000
Non-derivative financial liabilities Trade and other
payables	25,894	25,894	–	–	10,697	10,697	–	–	17,700	17,700	–	–
Over lift liability	860	860	–	–	–	– –––––––– –––––––– –––––––– –––––––– –––––––– –––––––– –––––––– –––––––– –––––––– –––––––– –––––––– ––––––––	–	–	–	–	–	–
Total financial liabilities	26,754	26,754	–	–	10,697	10,697 –––––––– –––––––– –––––––– –––––––– –––––––– –––––––– –––––––– –––––––– –––––––– –––––––– –––––––– ––––––––	–	–	17,700	17,700	–	–

Capital risk management

MOWOS's objectives when managing capital are to safeguard MOWOS's ability to continue as a going concern in order to provide returns for shareholders as described in the Strategic Report.

22. Commitments and contingent liabilities Operating lease commitments

	Year ended	Year ended	Year ended
		31 December 31 December 31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
Other leases:
Payments under operating leases due within
one-year	22,410	18,290	18,290
Payments under operating leases due between
two to five-years	10,409 ––––––––	8,547 ––––––––	8,547 ––––––––
Total operating lease commitments	32,819 ––––––––	26,837 ––––––––	26,837 ––––––––

Lease payments of US\$18,290,000, US\$18,290,000 and US\$18,290,000, in 2018, 2017 and 2016 respectively, were recognised in the statement of comprehensive income.

Contingent liabilities/assets

No contingent liabilities and assets existed as at 31 December 2018, 31 December 2017 and 31 December 2016 respectively.

Petrojarl Foinaven FPSO

On 6 December 2018, Golar-Nor (UK) Limited ("Golar") issued proceedings in the Commercial Court against all the joint venture partners in Foinaven (including MOWOS (now RockRose UKCS10)) in connection with the FPSO contract dated 17 November 1994, as amended. The claim alleges that a solids management issue affected the FPSO gas compression system, resulting in shutdowns and a requirement for the replacement of certain parts, and causing a loss of revenue and maintenance costs for the replacement of parts. MOWOS's exposure for the claim is quantified at £78.3 million (plus interest), together with declaratory relief in relation to revenue shortfall and maintenance costs for the period 6 December 2012 to 31 December 2013 and in relation to any future losses or damages relating to the same issue (plus interest).

The risk to MOWOS will be proportional to its 28% working interest. The Foinaven joint venture partners instructed a Queen's Counsel to advise on the claim as they considered it to be spurious due to the exclusion of consequential loss in certain contractual arrangements. A defence was filed on 13 February 2019. The Foinaven joint venture partners have requested further particulars of the claim and reserved their right to plead further to the claim as properly particularised (including the right to submit further defences or a counterclaim). The parties agreed to a stay of proceedings until end of September 2019, with a case management conference to be scheduled no sooner than 25 November 2019. On the basis of the aforementioned spurious nature of the claim, it is management's view that no liability, contingent or otherwise, should be recognised as at the 31 December 2018.

23. Related parties

(a) Controlled parties

MOWOS is controlled by the following entities:

		Principal place	Own	ership int	erest
Name	Туре	of business	2018	2017	2016
Marathon International Oil Holdings LLC	Parent	5555 San Felipe Street, Houston, Texas, TX 77056- 2723, USA	100%	100%	100%
Marathon Oil Corporation	Ultimate parent	5555 San Felipe Street, Houston, Texas, TX 77056- 2723, USA	100%	100%	100%

(b) Key management personnel compensation

Key management personnel compensation is set out in the following table.

	Year ended	Year ended	Year ended
	31 December	31 December	31 December
	2018	2017	2016
	US\$000	US\$000	US\$'000
Salary/fees	162	91	65
Taxable benefits	1	1	1
Bonus	75	36	43
Payments in Lieu of Pension
Total	238	128	109

The above amounts have been calculated by translating the GBP amounts to USD at the average rate for the year of US\$1.34, US\$1.29 and US\$1.36 in 2018, 2017 and 2016.

(c) Directors

The Directors' emoluments are disclosed in note 6.

(d) Transactions with other related parties

The following transactions occurred with related parties:

	Year ended	Year ended	Year ended
	31 December	31 December	31 December
	2018	2017	2016
	US\$000	US\$000	US\$000
Recharge of services from MOC
undertakings	229	230	131
Management service charge from parent	670	674	842
Interest received from MOC undertakings	4,274	2,040	799

24. Adjusted EBITDA

Presented is the Earnings Before Interest, Tax, Depreciation and Amortisation (referred to as EBITDA).

	Year ended	Year ended	Year ended
	31 December	31 December	31 December
	2018	2017	2016
Note	US\$000	US\$000	US\$000
Profit before income tax less:	74,450	20,087	36,319
Finance costs 8	3 2,444	1,438	1,439
Finance income	(4,274)	(2,040)	(799)
Depreciation charge 11	20,356	20,184	33,658
Adjusted EBITDA	92,976	39,669	70,617

EBITDA is considered a useful proxy for cash flow.

25. Events after the reporting date

On the 25 February 2019, RockRose entered into a sale and purchase agreement with MIOH to acquire the entire share capital in MOWOS. The transaction has an effective date of 1 January 2019 and is expected to complete, subject to certain contractual requirements, in the second half of 2019 (which is the IFRS 3 effective date).

As part of the sale and purchase agreement, MIOH agreed to repay all intercompany balances receivable by MOWOS on the completion date.

There were no adjustments recorded in the 2018 HFI in respect of these events as they occurred after the reporting date.

PART XIV

OPERATING AND FINANCIAL REVIEW OF THE GROUP (INCLUDING LIQUIDITY AND CAPITAL RESOURCES AND CAPITALISATION AND INDEBTEDNESS FOR THE ENLARGED GROUP)

The following operating and financial review contains financial information that has been extracted or derived without material adjustment from the Group's financial information for the financial years ended 31 December 2018, 31 December 2017 and the 18 month period ended 31 December 2016, which are incorporated by reference in Part XXII – Documents incorporated by reference of this document prepared in accordance with IFRS.

This discussion contains forward-looking statements, which, although based on assumptions that the Directors consider reasonable, are subject to risks and uncertainties which could cause actual events or conditions to differ materially from those expressed or implied by the forward-looking statements. Investors should read the notice in relation to forward-looking statements contained on pages 45 and 46 of this document.

The key risks and uncertainties, include, but are not limited to those described in Part II – Risk Factors of this document.

Overview

The Company was incorporated on 1 July 2015 as an investment vehicle to identify and complete an acquisition of a company or business in the services sector which requires further funding for expansion in conjunction with a public quotation for its Ordinary Shares which would prove beneficial to the existing Shareholders, management, employees and shareholders of the business being acquired.

The Company completed the Dyas Acquisition on 1 October 2018 for a cash consideration of EUR 107 million. For accounting purposes, the effective date of the transaction was determined as 1 October 2018. Dyas and Dyas Infrastructure B.V. were subsequently renamed RockRose (NL) CS1 B.V. and RockRose (NL) Infrastructure B.V., respectively.

Since the end of that period on 31 December 2018, the Company completed the Marathon Acquisition on 1 July 2019. The Company has no material liabilities other than in respect of the Marathon Acquisition and the Acquisitions.

The Directors are using their experience of actively working on the acquired equity assets to instigate activity and unlock the identified additional value in each prospect.

As at 31 December 2018, the Group had a total committed operating expenditure of £89.2 million (2017: US\$nil million; 2016: US\$nil), committed capital expenditure of US\$83 million (2017: US\$6 million; 2016: US\$nil) and planned decommissioning postings of US\$5 million (2017: US\$7 million; 2016: US\$nil), all of which are included in agreed operator budgets or have been notified to the Group by the relevant field operators. For the assets it evaluated, ERC Equipoise has estimated the Group's net operating expenditure for the 21 months to 31 December 2020 as £254.3 million for the Group's UK assets and EUR 42.2 million for its Dutch assets; its estimated capital expenditure for the same period is £173.8 million for the UK assets and EUR 4.7 million for the Dutch assets. In respect of abandonment and decommissioning costs, ERC Equipoise estimates that for the 21 months to 31 December 2020 such amount will equate to £37 million for the UK assets and EUR 600,000 for the Dutch assets. These ERC Equipoise estimates are not fully committed, but have been included within our working capital models.

Key performance indicators

The Directors are of the opinion that the following constitutes the Company's key performance indicators:

Revenue;
Lifting cost per barrel of oil;
Barrels of oil equivalent produced per day (boepd);
Booked reserves; and
Date and amount of decommissioning.

The lifting cost per barrel includes direct operating costs, tariffs and insurances and excludes depreciation, depletion and amortisation of oil and gas assets. For the financial year ended 31 December 2018, the lifting cost per boe was US\$35 (2017: US\$38; 2016: US\$nil) and the lifting costs per boe for oil were US\$36.43 (2017: US\$38.0; 2016: US\$nil) and gas were US\$21.62 (2017: US\$nil; 2016: US\$nil).

Consolidated Statement of Comprehensive Income

	Year to		Year to 18 months to
		31 December 31 December 31 December
	2018	2017**	2016*
	US\$000	US\$000	US\$000
Revenue	153,072	7,436	–
Cost of sales	(105,356)	(7,604)	–
Gross profit/(loss)	47,716	(168)	–
Change in estimate of decommissioning provisions	14,302	–	–
Foreign exchange movements on decommissioning
provision	–	(223)	–
Administrative Costs	(12,649)	(5,617)	(1,900)
Loss on derivatives	(6,399)	–	–
Gain on acquisition	–	87,825	–
Impairment of goodwill	(18,660) ––––––––	(7,974) ––––––––	– ––––––––
Operating profit/(loss)	24,310	73,843	(1,900)
Finance income	51	9	6
Finance costs	(14,996)	(915)	–
Foreign exchange (loss)/gain	(1,987) ––––––––	1,137 ––––––––	– ––––––––
Profit/(loss) before income tax	7,378	74,074	(1,894)
Income tax credit	31,481 ––––––––	– ––––––––	– ––––––––
Profit/(loss) for the year attributable to shareholders	38,859 ––––––––	74,074 ––––––––	(1,894) ––––––––
Comprehensive income to be reclassified to profit or loss in subsequent years when specific conditions are met:
Foreign currency translation loss	–	140	(653)
Total comprehensive income for the year	–––––––– 38,859 ––––––––	–––––––– 74,214 ––––––––	–––––––– (2,547) ––––––––

^*All balances for the 18 month period ended 31 December 2016 presented throughout these financial statements have been restated in US\$ following the change to the Group's presentational currency in 2017.

^**The income statement for the year ended 31 December 2017 has been presented in a format consistent with that adopted in the year ended 31 December 2018 annual report and accounts and therefore some sub-totals are different from those presented in the annual report and accounts for the year ended 31 December 2017. However, no financial information has been restated.

The Group's revenue increased to US\$7,436,000 in the financial year ended 31 December 2017 from US\$nil for the 18 month period ended 31 December 2016 and subsequently increased to US\$153,072,000 in the financial year ended 31 December 2018. The increase was predominantly due to an increase in the sale combined sale of crude oil and gas of US\$151,499,000 (up from US\$7,436,000 in the financial year ended 31 December 2017 and US\$nil for the 18 month period ended 31 December 2016).

The Group's operating profit decreased by 67% to US\$24,310,000 in the financial year ended 31 December 2018 from US\$73,843,000 for the financial year ended 31 December 2017. This decrease was primarily as a result of increased costs attributed to depreciation, depletion and amortisation of oil and gas assets of US\$33,913,000 for the financial year ended 31 December 2018 compared to US\$1,655,000 for the financial year ended 31 December 2017. For the financial 18 month period ended 31 December 2016, the Group's operating loss was US\$1,900,000 due to administrative costs and no revenue generated.

The Group's sale of crude oil increased substantially to US\$124,866,000 for the financial year ended 31 December 2018 from US\$7,436,000 for the financial year ended 31 December 2017 and US\$nil for the 18 month period ended 31 December 2016, realising and average oil price of US\$72.95, US\$66.1 and US\$nil respectively. The Group's results are sensitive to crude oil and natural gas prices which are dependent on a number of factors including world supply and demand.

Acquisitions

Dyas Acquisition

The Group completed the Dyas Acquisition on 1 October 2018 for a cash consideration of EUR107 million.

	Total fair value US\$000
Intangible assets: exploration costs	30,349
Property, plant and equipment: oil & gas assets	190,606
Property, plant and equipment: decommissioning assets	19,250
Deferred tax liability	(98,831)
Inventory	1,060
Trade and other receivables	33,027
Cash and cash equivalents	90,572
Trade and other payables	(28,049)
Decommissioning provisions	(130,329)
Net identifiable assets acquired at fair value	–––––––– 107,655
Total consideration paid	–––––––– (124,115) ––––––––
Goodwill	16,460 ––––––––
Total cash outflow on the acquisition is as follows:
Cash paid	(102,344)
Net cash acquired with the subsidiary	90,571
Net consolidated cash flow	–––––––– (11,773)
	––––––––

Goodwill arose on the Dyas Acquisition and is the difference between the fair value of the purchase consideration given and the fair value of the net assets acquired, and liabilities assumed. It will not be deductible for tax purposes.

The directors assessed the carrying value of the goodwill and specifically note:

• the acquired business operates in a single country, the Netherlands;

the group's operations relate in whole to exploration for and the appraisal and development of oil and gas assets;
both oil and gas are commodity products that trade in an active market that, particularly in the case of oil, is international;
and oil and gas assets are valued based on the quantity of oil or gas that it is estimated can be economically recovered.

The fair value of the trade receivables is US\$33 million. The gross contractual amount for trade receivables due is US\$33 million, the full value is expected to be collected.

Acquisition-related expenses of US\$1 million are included in administrative expenses in the profit and in the operating cashflow in the statement of cashflow.

The acquired business contributed revenues of US\$23.5 million and profit after tax of US\$8.9 million to the Group for the period 1 October to 31 December 2018.

If the Dyas Acquisition had occurred on 1 January 2018, consolidated pro forma revenue and profit before tax for the year ended 31 December 2018 would have been US\$231 million and US\$39 million respectively.

Arran Acquisition

The Group completed the acquisition of 30.43% stake in the Shell operated Arran field on 10 October 2018 for the nominal consideration of US\$1. This is a development asset.

Provision for liabilities and other charges

	Decommissioning provision US\$000	Other provision US\$000	Total provisions US\$000
Group
At 1 January 2017	–	–	–
Acquired through business combinations	251,943	54	251,997
Utilisation	(398)	–	(398)
Foreign exchange movements	(420)	–	(420)
Changes in estimates	516	–	516
Unwinding of discount	912 ––––––––	– ––––––––	912 ––––––––
At 31 December 2017	252,553 ––––––––	54 ––––––––	252,607 ––––––––
Company
At 1 January 2017 Arising from acquisition of subsidiaries	– –	– 7,173	– 7,173
At 31 December 2017	–––––––– –	–––––––– 7,173	–––––––– 7,173
Group	––––––––	––––––––	––––––––
At 1 January 2018	252,553	54	252,607
Acquired through business combinations	128,689	–	128,689
Utilisation	(2,402)	–	(2,402)
Changes in estimates	(20,343)	–	(20,343)
Unwinding of discount	11,285	–	11,285
At 31 December 2018	–––––––– 369,782	–––––––– 54	–––––––– 369,836
Company	––––––––	––––––––	––––––––
At 1 January 2018	–	7,173	7,173
Change in estimate	–	105	105
At 31 December 2018	–––––––– – ––––––––	–––––––– 7,278 ––––––––	–––––––– 7,278 ––––––––

The estimated cost of decommissioning at the end of the producing lives of the fields is reviewed annually and engineering estimates and reports are updated periodically.

Provision is made for the estimated cost of decommissioning at the statement of financial position date for the Company's share of the overall costs. Cost estimates have been discounted at an average discount rate of 4.0% (2017: 3.9%; 2016: nil).

It is anticipated that the Group will obtain full tax relief on its decommissioning liabilities in the UK. The above decommissioning provision of US\$370 million includes US\$5.1 million classified within current liabilities.

RockRose, as part of its stewardship of its interest in the licence fields, has become party to various decommissioning security agreements, which has resulted in restricted cash balances being placed with the trustees and letter of credit providers under the terms of these agreements. The amounts placed in restricted cash will continue to vary over the time they are in place, which will depend on certain assumptions, for example the oil price and anticipated dates of cessation of production. In the financial year ended 31 December 2018, the Group's restricted cash balance totalled US\$53.3 million and US\$55.3 million for the financial year ended 31 December 2016. The Group did not hold restricted cash in the 18 month period ended 31 December 2016.

Restricted cash balances are amounts deposited with trustees or banks issuing Letters of Credit, under the terms of various decommissioning security agreements in place on certain fields in which the Group has an interest.

Capital resources

The Company's capital resources comprise its share capital and reserves.

In the financial year ended 31 December 2018, being the period covered by the most recently published audited financial information, net cash generated from operating activities totalled US\$83,449,000. For the financial year ended 31 December 2017, the net cash used in operating activities totalled US\$27,474,000 compared to US\$1,562,000 for the 18 month period ended 31 December 2016. The net cash used in investing activities amounted to US\$24,804,000. For the financial year ended 31 December 2017, the net cash generated from investing activities totalled US\$81,416,000 compared to US\$nil for the 18 month period ended 31 December 2016. The net cash used in financing activities amounted to US\$55,892,000. For the financial year ended 31 December 2017, the net cash generated from financing activities totalled US\$8,169,000 compared to US\$4,999,000 for the 18 month period ended 31 December 2016. No dividends on Ordinary Shares or other cash flows arose during the period, however in February 2018 the Company made a shareholder distribution of £1.50 per share via a "B" Share Scheme following the approval at an general meeting of the Shareholders on 14 February 2018. Additionally, the Company made a Share buy-back of just under 20% of issue shared capital for cash of US\$22 million (£16.4 million (£5.60 per Ordinary Share)) in November 2018.

The Company does not forecast any restrictions on its ability to meet financial commitments as they fall due and anticipates that all planned operational costs, capital expenditure and decommissioning obligations will be met out of revenues with respect to all of the licence interests.

Capitalisation and indebtedness

The following tables show the Group's capitalisation as at 31 December 2018 (being the last date in respect of which the Group has published financial information) and the Enlarged Group's indebtedness as at 1 July 2019 (distinguishing between guaranteed and unguaranteed, secured and unsecured indebtedness).

As at

31 December 2018 US\$000 Guaranteed – Secured – Unguaranteed/unsecured – Guarantee –

Total non-current debt (excluding current portion of non-current debt)

Secured – Unguaranteed/unsecured –

Shareholder's equity

Total current debt

Share capital 3,549 Share premium 129 Legal reserve – Other reserves 11,772 –––––––– Total capitalisation 15,450

–––––––– Shareholders' equity does not include the profit and loss account reserve. The information above has been extracted without material adjustment from the audited financial results of the Group for the financial year ended 31 December 2018. There has been no material change in the Group's

capitalisation from 31 December 2018 to the date of this document.

The following table shows the Enlarged Group's net indebtedness as at 1 July 2019:

	As at 1 July 2019
	US\$000
Cash and cash equivalent	373,734
Restricted cash3	(90,867)
Liquidity	282,867
Current financial debt	–
Net current financial indebtedness	282,867 ––––––––
Non-current financial indebtedness	–
Net financial indebtedness	–––––––– 282,867
	––––––––

The Enlarged Group had no indirect or contingent indebtedness as at 1 July 2019.

The cash balance as at 1 July 2019 was US\$282.9 million and there were as at that date no borrowings.

Hedging arrangements and risk management

The Company may use forward contracts, options, swaps, caps, collars and floors or other strategies or forms of derivative instruments to limit its exposure to changes in the relative values of investments that may result from market developments, including changes in prevailing interest

³ Restricted cash balances are amounts deposited with trustees under the terms of various decommissioning security agreements amount to US\$40,527,000 and US\$50,340,000 posted in respect of the letter of credit for the DB Scheme. As these amounts are adjusted for on an annual basis or utilised as decommissioning occurs, they are not readily convertible and are therefore classed as restricted.

rates and currency exchange rates, as previously described. It is expected that the extent of risk management activities by the Company will vary based on the level of exposure and consideration of risk across the business.

The success of any hedging or other derivative transaction generally will depend on the Company's ability to correctly predict market changes. As a result, while the Company may enter into such a transaction to reduce exposure to market risks, unanticipated market changes may result in poorer overall investment performance than if the transaction had not been executed. In addition, the degree of correlation between price movements of the instruments used in connection with hedging activities and price movements in a position being hedged may vary. Moreover, for a variety of reasons, the Company may not seek, or be successful in establishing, an exact correlation between the instruments used in a hedging or other derivative transactions and the position being hedged and could create new risks of loss. In addition, it may not be possible to fully or perfectly limit the Company's exposure against all changes in the values of its assets, because the values of its assets are likely to fluctuate as a result of a number of factors, some of which will be beyond the Company's control. In April 2019 the Company entered into a hedging agreement by hedging 3,000 boepd of its oil production at US\$69 for a period of 13 months effective from May 2019.

PART XV

OPERATING AND FINANCIAL REVIEW OF MOUK

The following operating and financial review contains financial information that has been extracted or derived without material adjustment from MOUK's financial information for the financial years ended 31 December 2018, 31 December 2017 and 31 December 2016, which are detailed in Part XII – Historical Financial Information on MOUK prepared in accordance with IFRS.

The key risks and uncertainties, include, but are not limited to those described in Part II – Risk Factors of this document.

Overview

MOUK is a private limited liability company incorporated in Delaware, United States. The address of its registered office is Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801, United States. MOUK's principal activity is to explore for, develop, produce and market crude oil and natural gas in the United Kingdom. Its subsidiary companies provide employee and other services to MOUK and other Marathon group companies.

For MOUK's assets, ERC Equipoise has estimated the net operating expenditure for the 21 months to 31 December 2020 as £93.5 million; its estimated capital expenditure for the same period is £34.5 million. In respect of abandonment and decommissioning costs, ERC Equipoise estimates that for the 21 months to 31 December 2020 such amount will equate to £30.9 million. These ERC Equipoise estimates are not fully committed, but have been included within our working capital models.

RESULTS OF OPERATIONS FOR THE FINANCIAL YEARS ENDED 31 DECEMBER 2018, 31 DECEMBER 2017 AND 31 DECEMBER 2016

The following table sets forth MOUK's results of operations for the financial year ended 31 December 2018, 31 December 2017 and 31 December 2016.

Revenue Cost of sales	Year ended 21 December 2018 Audited US\$000 196,424 (84,656)	Year ended 31 December 2017 Audited US\$000 209,693 (180,312)	Year ended 31 December 2016 Unaudited US\$000 157,851 (197,904)
Gross profit/(loss) Other operating income Administrative costs	111,768 125,550 (13,345)	29,381 423 (6,546)	(40,053) 281 350
Operating profit Finance income Finance costs	223,973 16,399 (7,546)	23,258 11,775 (7,773)	(39,422) 11,011 (8,107)
Profit before income tax Income tax (charge)/credit	232,826 (98,929)	27,260 23,969	(36,518) 21,299
Profit for the year attributable to members	133,897	51,229	(15,219)
Adjusted EBITDA	102,594	89,485	66,912
Comprehensive income to be reclassified to profit or loss in subsequent years when specific conditions are met: Foreign currency translation (loss)/gain	(7,832)	7,915	(11,313)
Comprehensive income that will not be reclassified to profit or loss in subsequent years when specific conditions are met:
Deferred tax relating to defined benefit pension scheme	, ,	(6,395)	5,459
Actuarial gains on defined benefit pension scheme	11	37,623	(32,109)
Other comprehensive income/(expense) for the year	6	31,228	(26,650)
Total comprehensive income for the year	126,071	90,372	(53,182)

Revenue

MOUK's revenue increased by 32.84% to US\$209,693,000 in the financial year ended 31 December 2017 from US\$157,851,000 for the financial year ended 31 December 2016 but subsequently decreased to US\$196,424,000 in the financial year ended 31 December 2018, representing a decrease of 6.32%. The decrease was predominantly due to a decrease in the combined sale of crude oil and gas of US\$152,208,000 (down from US\$160,946,000 in the financial year ended 31 December 2017 and US\$110,591,000 in the financial year ended 31 December 2016) and representing a decrease of 5.43%, and a decrease in revenue generated from transportation and processing services of US\$31,458,000 (down from US\$34,063,000 in the financial year ended 31 December 2017 and up from US\$25,932,000 in the financial year ended 31 December 2016) and representing a decrease of 7.64% and an increase of 21.3% respectively.

Costs of sales

Cost of sales decreased by 8.88% from US\$197,904,000 for the financial year ended 31 December 2016 to US\$180,312,000 for the financial year ended 31 December 2017, and further decreased by 53% to US\$84,656,000 for the financial year ended 31 December 2018 due

to the significant reduction in depreciation charges as the Brae assets move further towards end of life, and one off increase in contractor costs in 2017 resulting from gas bypass works and additional decommissioning spend in respect of Brae Bravo.

Operating profit/(loss)

MOUK noted an operating loss of US\$39,422,000 for the financial year ended 31 December 2016. Operating profit increased to US\$23,258,000 for the financial year ended 31 December 2017, and substantially increased by US\$200,715,000 to US\$223,973,000 for the financial year ended 31 December 2018. The 2018 financial year increase, was primarily driven by a reduction in the decommissioning provision (a consequence of changes in the key estimates) of US\$125,555,000 in excess of its net book value within fixed assets, recognised in other income. The remainder of the increase is explained by the decrease in costs of sales as mentioned above.

Administrative Costs

MOUK's administrative costs increased to US\$13,345,000 in the financial year ended 31 December 2018 from US\$6,546,000 in the financial year ended 31 December 2017, representing an increase of 103%. MOUK did experience a loss as a result of administrative costs in the financial year ended 31 December 2016.

Taxation

MOUK's tax expense increased to US\$98,929,000 for the financial year ended 31 December 2018 compared to the US\$23,969,000 tax credit for the financial year ended 31 December 2017 and the tax credit of US\$21,299,000 tax credit for the financial year ended 31 December 2016.

The table below sets forth a breakdown of corporate income tax for the financial years ended 31 December 2018, 31 December 2017 and 31 December 2016.

	Year ended	Year ended	Year ended
3	31 December	31 December	31 December
	2018	2017	2016
	Audited	Audited	Unaudited
	US\$000	US\$000	US\$000
Current tax:
Current tax (credit)/charge	(2,589)	19,610	3,924
Adjustments in respect of prior years	6,716	106,223	(2,657)
Total current tax charge	4,127	125,833	1,267
Deferred tax:
Adjustment in respect of prior years Relating to the origination and reversal of	16,142	(136,819)	36,965
temporary differences	78,660	(12,983)	(59,531)
Relating to the movement due to the tax rate changes
Total deferred tax charge/(credit)	94,802	(149,802)	(22,566)
Total tax charge/(credit)	98,929	(23,969)	(21,299)

A reconciliation between tax income and the product of accounting profit multiplied by the combined UK ring fence corporation tax and supplementary charge rate of 40% in 2018, 2017 and 2016 and non-ring fence tax rate of 19%, 20% and 20% in 2018, 2017 and 2016, respectively is as follows:

	Year ended	Year ended	Year ended
		31 December 31 December 31 December
	2018	2017	2016
	Audited	Audited	Unaudited
	US\$000	US\$000	US\$000
Accounting profit before income tax	232,826	27,260	(36,518)
A combined UK ring fence corporation tax and
supplementary charge rate of 40% in 2018,
2017 and 2016 respectively and non-ring fence
tax rate of 19%, 20% and 20% in 2018, 2017
and 2016 respectively	93,130	10,904	(14,607)
Expenses not deductible for tax purposes	(9,841)	(6,675)	1,230
Income taxed at mainstream corporation tax rate	(6,001)	(5,060)	(8,168)
Currency remeasurements	(4,816)	294	1,274
Prior year adjustment	9,689	(13,291)	3,726
Petroleum revenue tax	16,768	(7,491)	(4,754)
Interest	– ––––––––	(2,650) ––––––––	– ––––––––
Total tax charge/(credit) for the year	98,929	(23,969)	(21,299)
	––––––––	––––––––	––––––––

Cash Flow Analysis

The following table presents MOUK's cash flow summary for the financial years ended 31 December 2018, 31 December 2017 and 31 December 2016:

	Year ended	Year ended	Year ended
		31 December 31 December 31 December
	2018	2017	2016
	Audited	Audited	Unaudited
	US\$000	US\$000	US\$000
Cash flows from operating activities
Profit/(loss) for the year	133,897	51,229	(15,219)
Non-cash adjustments to reconcile profit/(loss)
for the year to net cash flows:
Foreign exchange (gain)/loss on operating activities	(1,673)	1,931	(4,614)
Revaluation of investment property	–	(212)	–
Finance costs	(8,853)	(4,002)	(2,904)
Share based payments	(14,436)	(16,796)	(17,741)
(Reversal of impairment)/impairment of property,
plant and equipment	(20)	1,418	–
Tax on profit/(loss) on ordinary activities	98,929	(23,969)	(21,299)
Depreciation	4,171	66,650	105,125
Profit on disposal of tangible assets	–	–	(90)
Change in estimate of decommissioning provision	(124,674)	–	(14,770)
Increase in provisions	(24,848) ––––––––	(21,909) ––––––––	– ––––––––

	Year ended	Year ended	Year ended
3.	1 December	31 December	31 December
	2018	2017	2016
	Audited	Audited	Unaudited
	US\$000	US\$000	US\$000
Operating cash flows before movements in working
capital	62,493	54,340	28,488
(Increase)/decrease in inventory	(3,142)	1,169	5,514
(Increase)/decrease in trade and other receivables	(2,338)	65,773	(27,711)
(Decrease)/increase in trade and other payables	(5,569)	6,688	(16,492)
Income tax paid	(3,835)	(124,501)	(13,012)
Net cash generated from/(used in) operating activities Cash flows from investing activities	47,609	3,469	(23,213)
Loan repayment receipts	265,000	30,000	_
Interest receivable and similar income	11,072	11,201	9,611
(Additions)/disposals of property, plant and equipment	(13,917)	(5,642)	305
Net cash generated from investing activities Cash flows from financing activities	262,155	35,559	9,916
Finance costs	(2,559)	(4,228)	(3,841)
Members distribution	(340,000)
Net cash used in financing activities	(342,559)	(4,228)	(3,841)
Net (decrease)/increase in cash and cash equivalents	(32,795)	34,800	(17,138)
Cash and cash equivalents at 1 January	62,048	24,246	44,757
Effect of foreign exchange	1,120	3,002	(3,373)
Cash and cash equivalents at 31 December	30,373	62,048	24,246

Net cash flows from investing activities

For the financial year ended 31 December 2018, MOUK's net cash generated from investing activities was US\$262,155,000 compared to US\$35,559,000 for the financial year ended 31 December 2017 and US\$9,916,000 for the financial year ended 31 December 2016. The cash used in investing activities is mainly attributable to receipt of loan repayments of US\$265,000,000 in the financial year ended 31 December 2018 (up from US\$30,000,000 in the financial year ended 31 December 2016).

Net cash flows used in financing activities

For the financial year ended 31 December 2018, MOUK's net cash used in financing activities was US\$342,559,000 compared to US\$4,228,000 for the financial year ended 31 December 2017 and US\$3,841,000 for the financial year ended 31 December 2016. Cash was used to make dividend payments of US\$340,000,000 to shareholders and interest payments of US\$2,559,000 for the financial year ended 31 December 2018.

Pension

MOUK's subsidiary, MSGB, operates a DC Scheme for its employees. A DC Scheme is a pension scheme under which a company pays fixed contributions into a separate entity. Once the contributions have been paid, the company has no further payment obligations.

The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability at the balance sheet date. The assets of the scheme are held separately from the company in independently administered funds.

The DC Scheme was closed to future benefit accrual on 31 December 2015. A DB Scheme defines the pension benefit that the employee will receive on retirement, usually dependent upon several

factors including but not limited to age, length of service and remuneration. A DB Scheme is a pension scheme which is not a DC Scheme.

The surplus recognised on the balance sheet in respect of the defined benefit scheme is the present value of the defined benefit obligation at the balance sheet date less the fair value of scheme assets at the balance sheet date out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Triennially MOUK engages independent actuaries to calculate the obligation. The last valuation was carried out as at 31 March 2016.

The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating the estimated period of the future payments.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income.

The cost of the DB Scheme, recognised in the statement of comprehensive income as employee costs, except where included in the cost of an asset, comprises the cost of the scheme introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of the scheme assets. This cost is recognised in the statement of comprehensive income as interest payable.

The scheme is administered by trustees, who are responsible for ensuring that the plan is sufficiently funded to meet current and future obligations. As part of the last full triennial valuation, a funding plan was agreed with the DB Scheme trustees which provides for annual contributions of £13,000,000 until 31 December 2020.

On 1 April 2010, the Group established a DC Scheme to provide benefits to new employees.

On 1 January 2016 all employees were transferred to the DC Scheme.

Total contributions to the DB Scheme and DC Scheme were US\$7.98 million, US\$4.79 million and US\$6.21 million in 2018, 2017 and 2016 respectively.

	Present value of obligation US\$000	Fair value of plan assets US\$000	Net amount US\$000
Present at 1 January 2016 Interest expense/(income) Loss on changes/introductions	579,565 19,903 879 ––––––––	(608,283) (21,303) – ––––––––	(28,718) (1,400) 879 ––––––––
Total amount recognised in profit or loss Remeasurements:	20,782	(21,303)	(521)
Return on plan assets Loss from change in demographic assumptions	– 142,317 ––––––––	(110,208) – ––––––––	(110,208) 142,317 ––––––––
Total amount recognised in other comprehensive income	142,317	(110,208)	32,109
Exchange differences Contributions:	–––––––– (105,198)	–––––––– 108,641	–––––––– 3,443
Employers Plan participants	– –	(18,620) –	(18,620) –
Benefit payments	(52,070)	52,070	–
At 31 December 2016 Interest expense/(income)	–––––––– 585,396 15,926	–––––––– (597,703) (16,500)	–––––––– (12,307) (574)
Total amount recognised in profit or loss	–––––––– 15,926	–––––––– (16,500)	–––––––– (574)

Present value of obligation US\$000		Fair value of plan assets US\$000	Net amount US\$000
Remeasurements:	–	(30,354)	(30,354)
Return on plan assets	(7,269)	–	(7,269)
Gain from change in demographic assumptions	––––––––	––––––––	––––––––
Total amount recognised in other comprehensive	(7,269)	(30,354)	(37,623)
income	––––––––	––––––––	––––––––
Exchange differences	53,927	(57,620)	(3,693)
Contributions: Employers Plan participants Benefit payments	– – (46,115)	(16,796) – 46,115	(16,796) – –
At 31 December 2017 Interest expense/(income)	–––––––– 601,865 14,406	–––––––– (672,858) (16,379)	–––––––– (70,993) (1,973)
Total amount recognised in profit or loss	––––––––	––––––––	––––––––
Remeasurements:	14,406	(16,379)	(1,973)
Return on plan assets	–	37,598	37,598
Gain from change in demographic assumptions	(34,670)	–	(34,670)
Total amount recognised in other comprehensive	––––––––	––––––––	––––––––
income	(34,670)	37,598	(2,928)
Exchange differences	––––––––	––––––––	––––––––
	(32,145)	37,046	4,901
Contributions: Employers Plan participants Benefit payments	– – (38,047)	(17,375) – 38,047	(17,375) – –
At 31 December 2018	––––––––	––––––––	––––––––
	511,409	(593,921)	(82,512)

Foreign currencies

Items included in the financial statements of each of MOUK's entities are measured using the currency of the primary economic environment in which each entity operates ('the functional currency').

–––––––– –––––––– ––––––––

Transactions in foreign currencies are translated to the entity's functional currency at the foreign exchange rates at the date of the transactions. Foreign exchange gains and losses resulting from the settlement of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. All UK entities in MOUK have a functional currency of US dollars apart from MSGB and Marathon International Oil G.B Limited which continue to have a GBP functional currency. The presentation currency for the financial statements is US dollars.

a) assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;
b) income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of each transaction); and
c) all resulting exchange differences are recognised in other comprehensive income.

PART XVI

OPERATING AND FINANCIAL REVIEW OF MOWOS

The following operating and financial review contains financial information that has been extracted or derived without material adjustment from MOWOS's financial information for the financial years ended 31 December 2018, 31 December 2017 and 31 December 2016, which are detailed in Part XIII – Historical Financial Information on MOWOS prepared in accordance with IFRS.

The key risks and uncertainties, include, but are not limited to those described in Part II – Risk Factors of this document.

Overview

MOWOS has a 28% interest in the main Foinaven field, a 47% interest in East Foinaven and a 20% interest in the T25 and T35 accumulations. The Foinaven development utilises an FPSO vessel, linked by flexible production risers to a subsea system and remote wells on the seabed.

The 240m long Petrojarl Foinaven FPSO has an oil storage capacity of approximately 300,000 barrels. Product is normally lifted in approximately 600,000 barrel parcels through dedicated shuttle tanker operations. MOWOS's main source of revenue is the sale of crude oil on the international market from its entitlement at the FPSO.

From 2002, Foinaven gas has been exported via the West of Shetlands gas pipeline system to the Enquest operated (previously BP) Magnus platform for use as an injection gas. Foinaven is primarily an oil field, but the sale of the associated gas provides a useful secondary revenue stream.

MOWOS's net share of sales from the Foinaven fields averaged 6 thousand barrels per day (mbpd) of liquid hydrocarbons and 1 million cubic feet per day (mmcfd) of natural gas in 2018, compared with 5 mbpd and 2 mmcfd in 2017. The Company's revenue and profitability is impacted by changes in the crude oil price.

For MOWOS's assets, ERC Equipoise has estimated the net operating expenditure for the 21 months to 31 December 2020 as £81.3 million; its estimated capital expenditure for the same period is £42.1 million. In respect of abandonment and decommissioning costs, ERC Equipoise estimates that for the 21 months to 31 December 2020 such amount will equate to nil. These ERC Equipoise estimates are not fully committed, but have been included within our working capital models.

RESULTS OF OPERATIONS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018, 31 DECEMBER 2017 and 31 DECEMBER 2016

The following table sets forth the MOWOS' results of operations for the financial year ended 31 December 2018, 31 December 2017 and 31 December 2016.

Revenue	Year ended 31 December 2018 Audited US\$000 176,032	Year ended 31 December 2017 Audited US\$000 93,981	Year ended 31 December 2016 Audited US\$000 126,035
Cost of sales	(100,740)	(71,298)	(85,947)
Gross profit Administrative costs	75,292 (2,672)	22,683 (3,198)	40,088 (3,129)
Operating profit Finance income Finance costs	72,620 4,274 (2,444)	19,485 2,040 (1,438)	36,959 799 (1,439)
Profit before income tax Income tax charge	74,450 (29,610)	20,087 (8,402)	36,319 (25,279)
Profit for the year	44,840	11,685	11,040
Adjusted EBITDA	92,976	39,669	70,617
There was no other comprehensive income in 2018, 2017 and 2016 respectively. Total comprehensive income for the year	44,840	11,685	11,040

Revenue

MOWOS's revenue decreased by 25% to US\$93,981,000 in the financial year ended 31 December 2017 from US\$126,035,000 for the financial year ended 31 December 2016 but subsequently increased to US\$176,032,000 in the financial year ended 31 December 2018, representing an increase of 87.3% from the financial year ended 31 December 2017. The increase was predominantly due to an increase in the sales of crude oil of US\$173,221,000 for the financial year ended 31 December 2018 (up from US\$88,236,000 in the financial year ended 31 December 2017 and US\$117,706,000 for the financial year ended 31 December 2016) and representing an increase of 96.3% and 47.1% respectively.

Costs of Sales

Cost of sales decreased by 17% from US\$85,947,000 for the financial year ended 31 December 2016 to US\$71,298,000 for the financial year ended 31 December 2017, and increased by 41% to US\$100,740,000 for the financial year ended 31 December 2018,in line with the fall in production during the same periods and a significant increase in contractor spend in 2018 driven in part from pump and compressor outages.

Operating profit

Operating profit decreased by 47% from US\$36,959,000 for the financial year ended 31 December 2016 to US\$19,485,000 for the financial year ended 31 December 2017, and substantially increased by 272% to US\$72,620,000 for the financial year ended 31 December 2018, driven by the aforementioned increase in sales and reductions to costs of sales.

Administrative Costs

MOWOS's administrative expenses decreased to US\$2,672,000 in the financial year ended 31 December 2018 from US\$3,198,000 in the financial year ended 31 December 2017, representing a decrease of 16.4%. MOWOS's administrative expenses were marginally lower in the year ended 31 December 2016 at US\$3,129,000 compared to the financial year ended 31 December 2017.

Taxation

MOWOS's tax expense increased to US\$29,610,000 for the financial year ended 31 December 2018 compared to US\$8,402,000 for the financial year ended 31 December 2017 and US\$25,279,000 for the financial year ended 31 December 2016.

The table below sets forth a breakdown of corporate income tax for the financial year ended 31 December 2018, 31 December 2017 and 31 December 2016:

Year ended	Year ended	Year ended
1 December	31 December	31 December
2018	2017	2016
Audited	Audited	Audited
US\$000	US\$000	US\$000

27,613	12,992	19,941
10,256	3,578	6,014
37,869	16,570	25,955

(8,259)	(8,168)	(15,888)
		15,212
(8,259)	(8,168)	(676)
29,610	8,402	25,279
	Audited US\$000 27,613 10,256 37,869 (8,259)	21 December 31 December 2018 2017 Audited Audited US\$000 US\$000 27,613 12,992 10,256 3,578 37,869 16,570 (8,259) (8,168)

	Year ended	Year ended	Year ended
	31 December	31 December	31 December
	2018	2017	2016
	Audited	Audited	Audited
	US\$000	US\$000	US\$000
Accounting profit before income tax	74,450	20,087	36,319
A combined UK ring fence corporation tax and
supplementary charge rate of 40%, 40% and
40% in 2018, 2017 and 2016 respectively and
non-ring fence tax rate of 19%, 20% and 20%
in 2018, 2017 and 2016 respectively	29,780	8,034	14,528
Impact of supplementary charge on tax change	_	_	12,915
Expenses not deductible for tax purposes	(191)	370	(2,071)
Small field and investment allowances	21	(2)	(93)
Total tax credit for the year	29,610	8,402	25,279

Cash Flow Analysis

The following table presents MOWOS's cash flow summary for the financial years ended 31 December 2018, 31 December 2017 and 31 December 2016:

Cash flows from operating activities Profit before income tax 74,450 20,087 36,319 Non-cash adjustments to reconcile profit before tax to net cash flows: 57,4450 (2,040) (799) Finance income (4,274) (2,040) (799) Finance costs 4 - 3 Depreciation and amortisation 20,356 20,184 33,658 Depreciation and damortisation 2,440 1,438 1,436 Operating cash flows before movements in working capital 92,976 39,669 70,617 Decrease in inventory 402 3,593 3,368 Decrease/(increase) in trade and other receivables 13,916 (4,888) 16,020 (Increase)/decrease) in trade and other payables 18 (736) (5,018) Increase/(decrease) in trade and other payables 18 (736) (5,018) Increase/(decrease) in trade and other payables 18 (736) (5,018) Increase/(decrease) in trade and other payables 18 (736) (5,018) Increase/(decrease) in trade and other payables		Year ended 31 December 2018 Audited US\$000	Year ended 31 December 2017 Audited US\$000	Year ended 31 December 2016 Audited US\$000
Finance income (4,274) (2,040) (799) Finance costs 4 - 3 Depreciation and amortisation 20,356 20,184 33,658 Finance charge on decommissioning provision 2,440 1,438 1,436 Operating cash flows before movements in working capital 92,976 39,669 70,617 Decrease in inventory 402 3,593 3,368 Decreasel/(increase) in trade and other receivables (Increase)/decrease in amounts owed by group companies 13,916 (4,888) 16,020 Increase/(decrease) in trade and other payables Increase/(decrease) in trade and other payables Increase/(decrease) in trade and other payables Increase/(decrease) in trade and other payables Increase/(21,765) (22,987) (23,310) Net cash generated from operating activities 72,924 24,504 5,929 Cash flows from investing activities 72,924 24,504 5,929 Cash flows from investing activities 342 - - Payments to acquire property, plant and equipment Payables Increase Increase Increase Increase Increase Increase Increase Increase Increase Increase Increase Increase Increase Increase Increase Increase Increase Increase Increase Increase Increase Increase Increase Increas	Profit before income tax Non-cash adjustments to reconcile profit before	74,450	20,087	36,319
Depreciation and amortisation 20,356 20,184 33,658 Finance charge on decommissioning provision 2,440 1,438 1,436 Operating cash flows before movements in working capital 92,976 39,669 70,617 Decrease in inventory 402 3,593 3,368 Decrease/(increase) in trade and other receivables (Increase)/decrease in amounts owed by group companies (12,623) 9,853 (55,748) Increase/(decrease) in trade and other payables 18 (736) (5,018) Increase/(decrease) in trade and other payables 18 (736) (5,018) Increase/(decrease) in trade and other payables 18 (736) (5,018) Increase/flows from investing activities 72,924 24,504 5,929 Cash flows from investing activities 72,924 24,504 5,929 Cash flows from investing activities 72,924 24,504 5,929 Net cash generated from/(used in) investing activities 4,274 2,040 799 Net cash generated from/(used in) investing activities 4,616 2,010 (631) Cash flows from fin	Finance income	`\| (2,040) \|`
working capital 92,976 39,669 70,617 Decrease in inventory 402 3,593 3,368 Decrease/(increase) in trade and other receivables (Increase)/decrease in amounts owed by group companies (12,623) 9,853 (55,748) Increase/(decrease) in trade and other payables Increase/(decrease) in trade and other payables Income tax paid 18 (736) (5,018) Income tax paid (21,765) (22,987) (23,310) Net cash generated from operating activities 72,924 24,504 5,929 Cash flows from investing activities 72,924 24,504 5,929 Payments to acquire property, plant and equipment - (30) (1,430) Receipts from sales of property, plant and equipment and equipment 342 - - Finance income 4,274 2,040 799 Net cash generated from/(used in) investing activities 4,616 2,010 (631) Cash flows from financing activities (4) - (3) Finance costs (4) - (3) Shareholder distribution (85,004) (25,000) </td	Depreciation and amortisation	20,356		33,658	Depreciation and amortisation	20,356	33,658
Decrease in inventory 402 3,593 3,368 Decrease/(increase) in trade and other receivables (Increase)/decrease in amounts owed by group companies (12,623) 9,853 (55,748) Increase/(decrease) in trade and other payables Increase/(decrease) in trade and other payables Income tax paid 18 (736) (5,018) Income tax paid (21,765) (22,987) (23,310) Net cash generated from operating activities 72,924 24,504 5,929 Cash flows from investing activities 72,924 24,504 5,929 Cash flows from investing activities - (30) (1,430) Receipts from sales of property, plant and equipment - (30) (1,430) Receipts from sales of property, plant and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and eq		02.076	20.660	70.617
Decrease (increase) in trade and other receivables 13,916 (4,888) 16,020 (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase) (Increase			•	•
companies (12,623) 9,853 (55,748) Increase/(decrease) in trade and other payables 18 (736) (5,018) Income tax paid (21,765) (22,987) (23,310) Net cash generated from operating activities 72,924 24,504 5,929 Cash flows from investing activities - (30) (1,430) Receipts from sales of property, plant and equipment - (30) (1,430) Receipts from sales of property, plant and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment and equipment a	Decrease/(increase) in trade and other receivable			•
Net cash generated from operating activities 72,924 24,504 5,929		(12,623)	9,853	(55,748)
Net cash generated from operating activities 72,924 24,504 5,929 Cash flows from investing activities (30) (1,430) Payments to acquire property, plant and equipment – (30) (1,430) Receipts from sales of property, plant and equipment 342 – – Finance income 4,274 2,040 799 Net cash generated from/(used in) investing activities 4,616 2,010 (631) Cash flows from financing activities (4) – (3) Finance costs (4) – (3) Shareholder distribution (85,000) (25,000) – Net cash used in financing activities (85,004) (25,000) (3) Net (decrease)/increase in cash and cash equivalents (7,464) 1,514 5,295 Cash and cash equivalents at 1 January 9,194 7,680 2,385			, ,
Cash flows from investing activities Payments to acquire property, plant and equipment Receipts from sales of property, plant and equipment 342 Finance income 4,274 2,040 799 Net cash generated from/(used in)\ninvesting activities Cash flows from financing activities Finance costs (4) Shareholder distribution (85,000) (25,000) Net cash used in financing activities (85,004) (25,000) (3) Net (decrease)/increase in cash and cash equivalents at 1 January 9,194 7,680 2,385	Income tax paid	(21,765)	(22,987)	(23,310)
Receipts from sales of property, plant and equipment 342 Finance income 4,274 2,040 799 Net cash generated from/(used in)\ninvesting activities 4,616 2,010 (631) Cash flows from financing activities Finance costs (4) - (3) Shareholder distribution (85,000) (25,000) - Net cash used in financing activities (85,004) (25,000) (3) Net (decrease)/increase in cash and cash equivalents (7,464) 1,514 5,295 Cash and cash equivalents at 1 January 9,194 7,680 2,385		72,924	24,504	5,929
Finance income 4,274 2,040 799 Net cash generated from/(used in) investing activities 4,616 2,010 (631) Cash flows from financing activities (4) - (3) Finance costs (4) - (3) Shareholder distribution (85,000) (25,000) - Net cash used in financing activities (85,004) (25,000) (3) Net (decrease)/increase in cash and cash equivalents (7,464) 1,514 5,295 Cash and cash equivalents at 1 January 9,194 7,680 2,385			(30)	(1,430)
Net cash generated from/(used in) investing activities 4,616 2,010 (631) Cash flows from financing activities Finance costs (4) - (3) Shareholder distribution (85,000) (25,000) - Net cash used in financing activities (85,004) (25,000) (3) Net (decrease)/increase in cash and cash equivalents (7,464) 1,514 5,295 Cash and cash equivalents at 1 January 9,194 7,680 2,385			-	_
investing activities 4,616 2,010 (631) Cash flows from financing activities Finance costs (4) - (3) Shareholder distribution (85,000) (25,000) - Net cash used in financing activities (85,004) (25,000) (3) Net (decrease)/increase in cash and cash equivalents (7,464) 1,514 5,295 Cash and cash equivalents at 1 January 9,194 7,680 2,385		4,274	2,040
Finance costs (4) - (3) Shareholder distribution (85,000) (25,000) - Net cash used in financing activities (85,004) (25,000) (3) Net (decrease)/increase in cash and cash equivalents (7,464) 1,514 5,295 Cash and cash equivalents at 1 January 9,194 7,680 2,385	investing activities	4,616	2,010	(631)
Net cash used in financing activities (85,004) (25,000) (3) Net (decrease)/increase in cash and cash equivalents (7,464) 1,514 5,295 Cash and cash equivalents at 1 January 9,194 7,680 2,385	_	(4)	_	(3)
Net (decrease)/increase in cash and cash equivalents (7,464) 1,514 5,295 Cash and cash equivalents at 1 January 9,194 7,680 2,385	Shareholder distribution	(85,000)	(25,000)
cash equivalents (7,464) 1,514 5,295 Cash and cash equivalents at 1 January 9,194 7,680 2,385	Net cash used in financing activities	(85,004)	(25,000)	(3)
Cash and cash equivalents at 1 January 9,194 7,680 2,385	,	(7.464)	1 514	5 295
	·	, ,
	·

Net cash flows from investing activities

For the financial year ended 31 December 2018, MOWOS's net cash generated from investing activities was US\$4,616,000 compared to the financial year ended 31 December 2017 where net cash of US\$2,010,000 was used in investing activities. For the financial year ended 31 December 2016 the net cash MOWOS used US\$631,000 in investing activities The cash generated from investing activities is attributable to receipt of cash from the disposal of certain property, plant and equipment of US\$342,000 in the financial year ended 31 December 2018 (up from US\$nil in the financial year ended 31 December 2016), and finance income of US\$4,274,000 in the financial year ended 31 December 2018 (up from

US\$2,040,000 in the financial year ended 31 December 2017 and US\$799,000 in the financial year ended 31 December 2016).

Net cash flows used in financing activities

For the financial year ended 31 December 2018, MOWOS's net cash used in financing activities was US\$85,004,000 compared to US\$25,000,000 for the financial year ended 31 December 2017 and US\$3,000 for the financial year ended 31 December 2016. Cash was used to make shareholder distributions of US\$85,000,000 to shareholders and pay interest of US\$4,000 for the financial year ended 31 December 2018.

Financial risk management

Price risk

MOWOS is exposed to commodity price risk as a result of its operation. The markets for crude oil and natural gas have been volatile and are likely to continue to be volatile in the future, causing prices to fluctuate widely. No derivative transactions were entered into by MOWOS during the financial year ended 31 December 2018 or the comparative financial year ended 31 December 2017.

Credit risk

Foreign exchange risk

MOWOS's exposure to foreign currency risk was as follows based, on the following nominal amounts:

		2018		2017	2016
	£000	US\$000	£000	US\$000	£000	US\$000
Cash at bank	1,323	45	4,754	2,770	5,854	456
Working capital accruals	–	1,831	–	5,097	–	4,644
Trade receivables	28	12	692	6,222	1,341	3,843
Trade payables	6,563	(1,206)	5,125	(688)	6,879	(1,151)

Liquidity risk

Liquidity risk is the risk that MOWOS will not be able to meet its financial obligations as they fall due.

MOWOS maintains sufficient available funds for operations and has profitable operations which fund their continued investment. Management considers MOWOS's exposure to liquidity risk as minimal.

PART XVII

TAXATION

The following summary is intended only as a general guide and relates solely to UK tax. It is based on current UK law and published practice of HMRC as at the date of this document, each of which may be subject to change, possibly with retrospective effect.

The following paragraphs are not intended to be exhaustive and relate only to certain limited aspects of the UK taxation consequences of acquiring, holding and disposing of the Ordinary Shares and do not constitute legal or tax advice. Except to the extent expressly stated, they apply only to holders of Ordinary Shares who are resident, and in the case of individuals, domiciled, solely in the United Kingdom for UK tax purposes, and who are the absolute beneficial owners of their Ordinary Shares and who do not hold their Ordinary Shares through an individual savings account or a self-invested personal pension ("UK Holders"). The information may not apply to certain classes of UK Holders such as tax exempt entities, collective investment schemes, pension schemes, insurance companies, financial institutions, dealers, professional investors, persons who hold Ordinary Shares in connection with a trade, profession or vocation, persons connected with the company and persons who have acquired (or been deemed to have acquired) their Ordinary Shares by reason of their (or another person's) office or employment, to whom special rules may apply.

IT IS RECOMMENDED THAT ALL PROSPECTIVE HOLDERS OF ORDINARY SHARES OBTAIN ADVICE AS TO THE CONSEQUENCES OF THE ACQUISITION, OWNERSHIP AND DISPOSAL OF THE ORDINARY SHARES IN THEIR OWN SPECIFIC CIRCUMSTANCES FROM THEIR OWN TAX ADVISORS. IN PARTICULAR, PROSPECTIVE SHAREHOLDERS WHO MAY BE SUBJECT TO TAX IN A JURISDICTION OTHER THAN THE UNITED KINGDOM ARE ADVISED TO CONSIDER THE POTENTIAL IMPACT OF ANY RELEVANT DOUBLE TAXATION AGREEMENTS.

Dividends

Withholding Tax

Dividends paid by the company will not be subject to any withholding or deduction for or on account of UK tax, irrespective of the residence or particular circumstances of the holders of Ordinary Shares.

Income Tax

An individual UK Holder may, depending on their particular circumstances, be subject to UK tax on dividends received from the company.

All dividends received by an individual UK Holder from the company (or from other sources, except to the extent within an individual savings account, self-invested pension plan or other regime which exempts dividends from tax) will form part of that UK Holder's total income for income tax purposes and will constitute the top slice of that income. A nil rate of income tax will apply to the first £2,000 of taxable dividend income received by the individual UK Holder in a tax year. Income within this nil-rate band will be taken into account in determining whether income in excess of the £2,000 nilrate band falls within the basic rate, higher rate or additional rate tax bands. Dividend income in excess of the nil-rate band will (subject to the availability of any income tax personal allowance) be taxed at 7.5% to the extent that the excess amount falls within the basic rate tax band, 32.5% to the extent that the excess amount falls within the higher rate tax band and 38.1% to the extent that the excess amount falls within the additional rate tax band.

An individual holder of Ordinary Shares who is not resident for tax purposes in the United Kingdom should not be chargeable to UK income tax on dividends received from the company unless he or she carries on (whether solely or in partnership) a trade, profession or vocation in the United Kingdom through a branch or agency to which the Ordinary Shares are attributable. There are certain exceptions for trading in the United Kingdom through independent agents, such as some brokers and investment managers.

Corporation Tax

Corporate UK Holders should not be subject to UK corporation tax on any dividend received from the company so long as the dividends qualify for exemption, which should generally be the case, provided certain conditions (including under anti-avoidance rules) are met. If the conditions for the exemption are not satisfied, or such UK Holder elects for an otherwise exempt dividend to be taxable, UK corporation tax will be chargeable on the amount of any dividends (currently at the rate of 19%, reducing to 17% from 1 April 2020).

A corporate holder of Ordinary Shares who is not resident for tax purposes in the United Kingdom should not be within the scope of UK corporation tax in respect of dividends received from the company unless it carries on (whether solely or in partnership) a trade in the United Kingdom through a permanent establishment to which the Ordinary Shares are attributable.

Chargeable Gains

If a UK Holder disposes (or is treated as disposing) of some or all of its Ordinary Shares, a liability to tax on chargeable gains may arise, depending on the UK Holder's circumstances and any exemptions or reliefs which may be available.

Individual UK Holders

For an individual UK Holder, a disposal (or deemed disposal) of Ordinary Shares may give rise to a chargeable gain or allowable loss for the purposes of UK capital gains tax. For an individual UK Holder who is subject to UK income tax at either the higher or the additional rate, the current applicable rate of capital gains tax is 20%. For an individual UK Holder who is subject to UK income tax at the basic rate, the current applicable rate would be 10%, save to the extent that any capital gains when aggregated with the UK Holder's other taxable income and gains in the relevant tax year exceed the unused basic rate tax band. In that case, the rate currently applicable to the excess would be 20%. An individual UK Holder is entitled to realise an annual exempt amount of gains (currently £12,000) without being liable to UK capital gains tax.

Corporate UK Holders

For a UK Holder within the charge to UK corporation tax, a disposal (or deemed disposal) of Ordinary Shares may give rise to a chargeable gain or to an allowable loss for the purposes of UK corporation tax. The current rate of UK corporation tax is 19%, and will reduce to 17% from 1 April 2020. Indexation allowance is not available in respect of disposals of Ordinary Shares acquired on or after 1 January 2018 (and only covers the movement in the retail prices index up until 31 December 2017, in respect of assets acquired prior to that date).

Shareholders who are not UK Resident

A holder of Ordinary Shares who is not resident for tax purposes in the United Kingdom should not normally be liable to UK capital gains tax or corporation tax on chargeable gains on a disposal (or deemed disposal) of Ordinary Shares unless (i) the person is carrying on (whether solely or in partnership) a trade, profession or vocation in the United Kingdom through a branch or agency (or, in the case of a corporate holder of Ordinary Shares, through a permanent establishment) to which the Ordinary Shares are attributable or (ii) in respect of disposals made on or after 6 April 2019, the company directly or indirectly derives 75% or more of its qualifying asset value from UK land, in which case a holder may, depending on its circumstances, be liable for non-resident capital gains tax. However, an individual holder of Ordinary Shares who has ceased to be resident for tax purposes in the United Kingdom (including where an individual is treated as resident outside the United Kingdom for the purposes of a double tax treaty) for a period of five years or less and who disposes of Ordinary Shares during that period may be liable on his or her return to the United Kingdom to UK tax on any capital gain realised (subject to any available exemption or relief).

Stamp Duty and Stamp Duty Reserve Tax

The discussion below relates to holders of Ordinary Shares, wherever resident. However, special rules may apply where Ordinary Shares are issued or transferred to, or to a nominee or agent for, a depositary receipt issuer or clearance service provider, which are briefly summarised below, or persons such as market makers, brokers, dealers or intermediaries.

Issue of Shares

No UK stamp duty or stamp duty reserve tax ("SDRT") should ordinarily be payable on an issue of Ordinary Shares.

Transfers of certificated Ordinary Shares

Stamp duty at the rate of 0.5% (rounded up to the next multiple of £5) of the amount or value of the consideration given is generally payable on an instrument transferring Ordinary Shares. An exemption from stamp duty is available on an instrument transferring Ordinary Shares where the amount or value of the consideration is £1,000 or less, and it is certificated on the instrument that the transaction effected by the instrument does not form part of a larger transaction or series of transactions for which the aggregate consideration exceeds £1,000. A charge to SDRT will also arise on an unconditional agreement to transfer Ordinary Shares (at the rate of 0.5% of the amount or value of the consideration payable). However, if within six years of the date of the agreement becoming unconditional an instrument of transfer is executed pursuant to the agreement, and stamp duty is paid on that instrument, or the instrument is otherwise exempt, any SDRT already paid will be refunded (generally, but not necessarily, with interest) provided that a claim for repayment is made, and any outstanding liability to SDRT will be cancelled. The purchaser or transferee of Ordinary Shares will generally be accountable for the SDRT. In the absence of contractual agreement no party is legally responsible for the payment of stamp duty as it is not an assessable tax, however, in practice the purchaser or transferee will usually pay stamp duty to ensure that the company's register of members can be updated by the registrar to show the new ownership.

Ordinary Shares transferred through paperless means including CREST

Paperless transfers of Ordinary Shares, such as those occurring within CREST, are generally liable to SDRT rather than stamp duty, at the rate of 0.5% of the amount or value of the consideration. CREST is obliged to collect SDRT on relevant transactions settled within the system and to pay this to HMRC. The SDRT charge is generally borne by the purchaser. Under the CREST System, no stamp duty or SDRT will arise on a transfer of Ordinary Shares into the CREST System unless such a transfer is made for consideration in money or money's worth, in which case a liability to SDRT (usually at a rate of 0.5%) will arise.

Ordinary Shares held through Clearance Systems or Depositary Receipt Arrangements

Special rules apply where Ordinary Shares are issued or transferred to, or to a nominee or agent for, either a person whose business is or includes issuing depositary receipts within Section 67 or Section 93 of the Finance Act 1986 or a person providing a clearance service within Section 70 or Section 96 of the Finance Act 1986, under which SDRT or stamp duty may be charged at a rate of 1.5% Following litigation, HMRC confirmed that they will no longer seek to apply the 1.5% SDRT charge on an issue of shares into a clearance service or depositary receipt arrangement on the basis that the charge is not compatible with EU law. It was announced on 22 November 2017 that the government will not seek to reintroduce this charge following the departure of the UK from the European Union.

Based on current published HMRC practice and recent case law, no SDRT is generally payable where the transfer of shares to a clearance service or depositary receipt system is an integral part of an issue of share capital. Any liability for stamp duty or SDRT in respect of such a transfer that is not integral to an issue of share capital will generally be accountable by the clearance service or depositary receipt system operator or their nominee, as the case may be, but will, in practice, be payable by the participants in the clearance service or depositary receipt system.

Transfers of Ordinary Shares within a depositary receipt system or a clearance service that has not made and maintained an election under section 97A of the Finance Act 1986 (a "section 97A election") will be exempt from SDRT and, provided no instrument of transfer is entered into, will not be subject to stamp duty.

Where a clearance service has made and maintained a section 97A election the 1.5% charge will not apply. Rather, stamp duty or SDRT will be charged at the normal rate of 0.5% on the transfer of existing shares into and within the clearance service.

Accordingly, specific professional advice should be sought before incurring a 1.5% stamp duty or stamp duty reserve tax charge in any circumstances.

Inheritance tax

The Ordinary Shares will be assets situated in the UK for the purposes of UK inheritance tax. A gift of such assets by, or the death of, an individual holder of such assets may (subject to certain exemptions and reliefs) give rise to a liability to UK inheritance tax even if the holder is neither domiciled in the UK nor deemed to be domiciled there under certain rules relating to long residence or previous domicile. For inheritance tax purposes, a transfer of assets at less than full market value may be treated as a gift and particular rules apply to gifts where the donor reserves or retains some benefit.

Special rules also apply to close companies and to trustees of settlements who hold Ordinary Shares, bringing them within the charge to inheritance tax. Shareholders should consult an appropriate tax adviser if they make a gift or transfer at less than market value or intend to hold any Ordinary Shares through trust arrangements. They should also seek professional advice in a situation where there is potential for a double charge to UK inheritance tax and an equivalent tax in another country or if they are in any doubt about their UK inheritance tax position.

PART XVIII

CONSEQUENCES OF A STANDARD LISTING

As the Marathon Acquisition is classified as a Reverse Takeover, upon completion of the Marathon Acquisition, the Standard Listing of the Ordinary Shares was cancelled and an application will be made for the immediate admission of the Ordinary Shares to Standard Listing (pursuant to Chapter 14 of the Listing Rules) and to trading on the Main Market of the London Stock Exchange. The Company intends to comply with the Listing Principles set out in Chapter 7 of the Listing Rules at Listing Rule 7.2.1 which apply to all companies with their securities admitted to the Official List. In addition, the Company also intends to comply with the Listing Principles at Listing Rule 7.2.1A notwithstanding that they only apply to companies which obtain a Premium Listing. With regard to the Listing Principles at 7.2.1A, the Company is not, however, formally subject to such Listing Principles and will not be required to comply with them by the FCA.

While the Company has a Standard Listing, it is not required to comply with the provisions of, inter alia:

Chapter 8 of the Listing Rules regarding the appointment of a sponsor to guide the Company in understanding and meeting its responsibilities under the Listing Rules in connection with certain matters. The Company has not and does not intend to appoint such a sponsor in connection with Admission;
Chapter 9 of the Listing Rules relating to the ongoing obligations for companies admitted to the Premium List and therefore does not apply to the Company;
Chapter 10 of the Listing Rules relating to significant transactions. It should be noted therefore that the Marathon Acquisition did not require Shareholder consent;
Chapter 11 of the Listing Rules regarding related party transactions. Nevertheless, the Company will not enter into any transaction which would constitute a 'related party transaction' as defined in Chapter 11 of the Listing Rules without the specific prior approval of the Directors;
Chapter 12 of the Listing Rules regarding purchases by the Company of its Ordinary Shares. In particular, the Company has not adopted a policy consistent with the provisions of Listing Rules 12.4.1 and 12.4.2; and
Chapter 13 of the Listing Rules regarding the form and content of circulars to be sent to Shareholders.

It should be noted that the FCA will not have the authority to (and will not) monitor the Company's compliance with any of the Listing Rules which the Company has indicated herein that it intends to comply with on a voluntary basis, nor to impose sanctions in respect of any failure by the Company so to comply. However, the FCA would be able to impose sanctions for non-compliance where the statements regarding compliance in this document are themselves misleading, false or deceptive.

PART XIX

ADDITIONAL INFORMATION

1. Responsibility

The Company and the Directors, whose names appear on page 51 of this document, accept responsibility for the information contained in this document. To the best of the knowledge of the Company and the Directors (each of whom has taken all reasonable care to ensure that such is the case), the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information.

2. The Company

2.1 The Company was incorporated on 1 July 2015 as a public company with limited liability under the Companies Act.
2.2 The Company is not regulated by the FCA or any financial services or other regulator. With effect from Admission, the Company will be subject to the Listing Rules and the Disclosure Guidance and Transparency Rules (and the resulting jurisdiction of the FCA), to the extent such rules apply to companies with a Standard Listing pursuant to Chapter 14 of the Listing Rules.
2.3 The principal legislation under which the Company operates and conforms, and pursuant to which the Ordinary Shares have been created, is the Companies Act and the regulations made thereunder. The Company operates in conformity with its constitution.
2.4 The Company's registered office is at c/o Cooley Services Limited, Dashwood, 69 Old Broad Street, London EC2M 1QS. The Company's telephone number is +44 (0) 20 7556 4261.
2.5 On incorporation of the Company, Andrew Austin subscribed for 1,200,000 ordinary shares of 5 pence in the Company at a price of 12.5 pence each (equivalent to 300,000 shares at a price of 50 pence each on a consolidated basis).
2.6 On 5 August 2015 a special resolution was passed to consolidate every four ordinary shares of 5 pence each into an ordinary share of 20 pence.
2.7 By a special resolution of the founder shareholder passed by a written resolution of the sole shareholder of the Company on 5 November 2015, the Articles were adopted with effect from Admission in substitution for and to the exclusion of the Company's then existing articles of association.
2.8 On 18 December 2015 Andrew Austin subscribed for 900,000 ordinary shares of nominal value 20 pence in the Company at a price of 50 pence each.
2.9 Pursuant to written resolution of the sole shareholder passed on 6 January 2016 the Directors were authorised in accordance with section 551 of the Companies Act to exercise all the powers of the Company to allot up to 29,000,000 Ordinary Shares, provided that such authority, unless renewed, varied or revoked by the Company, shall expire on 28 February 2016, but so that the Company may, before such expiry, make an offer or agreement which would or might require Ordinary Shares to be allotted and the Directors may allot shares in pursuance of such offer of agreement notwithstanding that the authority conferred by this resolution has expired.
2.10 On 12 January 2016, the Company issued 10,000,000 Ordinary Shares, of which 8,800,000 Ordinary Shares were placed with certain investors in connection with a placing at a price of 50 pence per Ordinary Share.
2.11 On 6 July 2017, the Company issued 5,333,334 Ordinary Shares to placees and subscribers in connection with a fundraise at a price of 150 pence per Ordinary Share.
2.12 On 14 February 2018, the Company issued 15,333,334 B Shares at a price of 150 pence per B Share in connection with a share redemption which occurred on the same date.
2.13 On 14 February 2018, Andrew Austin exercised an option to acquire 1,533,333 Ordinary Shares on terms of his option award dated 22 December 2015.
2.14 On 14 February 2018, the Company granted Peter Mann 212,600 options and Steve Pawson 159,450 options, each at an exercise price of 127 pence per Ordinary Share.
2.15 On 20 April 2018, the Company issued 15,941 Ordinary Shares at a price of 352 pence per Ordinary Share.
2.16 On 24 May 2018, the Company issued 1,386 Ordinary Shares at a price of 371 pence per Ordinary Share.
2.17 On 25 May 2018, the Company granted Richard Benmore 107,817 options over Ordinary Shares at an exercise price of 371 pence per Ordinary Share.
2.18 On 21 June 2018, the Company issued 1,419 Ordinary Shares at a price of 355 pence per Ordinary Share.
2.19 On 25 July 2018, the Company issued 1,488 Ordinary Shares at a price of 345 pence per Ordinary Share.
2.20 On 21 August 2018, the Company issued 1,386 Ordinary Shares at a price of 363 pence per Ordinary Share.
2.21 On 21 September 2018, the Company issued 1,356 Ordinary Shares at a price of 409 pence per Ordinary Share.
2.22 On 23 October 2018, the Company issued 1,200 Ordinary Shares at a price of 528 pence per Ordinary Share.
2.23 Pursuant to resolutions of the Shareholders passed on 14 November 2018 the Company was authorised under section 701 of the Companies Act to make one or more market purchases of its Ordinary Shares of a nominal amount of 20 pence each in the capital of the Company, of up to 3,072,062 Ordinary Shares of the Company through the Tender Offer, which represents a 20% premium to the 60-day volume weighted average price (VWAP) per Ordinary Share.
2.24 On 23 November 2018, the Company bought back 2,923,240 Ordinary Shares pursuant to the Tender Offer, which were also cancelled on the same date.
2.25 On 20 February 2019, the Company issued 3,381 Ordinary Shares at a price of 570 pence per Ordinary Share.
2.26 On 2 May 2019, the Company issued 6,288 Ordinary Shares at a price of 633 pence per Ordinary Share.
2.27 Pursuant to resolutions of the Shareholders passed on 4 June 2019:
(a) the Directors were authorised in accordance with section 551 of the Companies Act to exercise all the powers of the Company to allot relevant securities up to an aggregate nominal amount of £1,679,841 representing the aggregate nominal value of two thirds of the Ordinary Shares, provided that in relation to any allotment of relevant securities in excess of £839,920, representing the aggregate nominal value of one third of the Ordinary Shares, such authority shall only be used if the relevant securities are equity securities (as defined in Section 560(1) of the Companies Act) and they are allotted in

connection with a rights issue or other pre-emptive issues of equity shares which satisfies the conditions and may be subject to all or any of the exclusions specified in 2.25(b), provided that the Company may before such expiry, variation or revocation make an offer or agreement which would or might require such relevant or equity securities to be allotted after such expiry, variation or revocation and the directors may allot relevant or equity securities pursuant to such an offer or agreement as if the authority conferred hereby had not expired or been varied or revoked;

(b) the Directors were empowered in accordance with section 570 of the Companies Act to allot equity securities (as defined in section 560 of the Companies Act) of the Company for cash pursuant to the general authorities conferred on them by this resolution as if section 561(1) of the Companies Act did not apply to any such allotment, provided that such power;
(c) shall, subject to the continuance of the authority conferred by 2.25(a), expire 15 months after the passing of this resolution or at the conclusion of the next annual general meeting of the Company following the passing of this resolution, whichever occurs first, but may be previously revoked or varied from time to time by special resolution but so that the Company may before such expiry, revocation or variation make an offer or agreement which would or might require equity securities to be allotted after such expiry, revocation or variation and the directors of the Company may allot equity securities in pursuance of such offer or agreement as if such power had not expired or been revoked or varied; and

(d) shall be limited to:

(i) the allotment of equity securities of up to an aggregate nominal amount of £839,920 pursuant to a rights issue, open offer, scrip dividend scheme or other pre-emptive offer or scheme which is in each case in favour of holders of Ordinary Shares and any other persons who are entitled to participate in such issue, offer or scheme where the equity securities offered to each such holder and other person are proportionate (as nearly as may be) to the respective numbers of Ordinary Shares held or deemed to be held by them for the purposes of their inclusion in such issue, offer or scheme on the record date applicable thereto, but subject to such exclusions or other arrangements as the directors of the Company may deem fit or expedient to deal with fractional entitlements, legal or practical problems under the laws of any overseas territory, the requirements of any regulatory body or stock exchange in any territory, shares being represented by depositary receipts, directions from any holders of shares or other persons to deal in some other manner with their respective entitlements or any other matter whatsoever which the directors of the Company consider to require such exclusions or other arrangements with the ability for the directors of the Company to allot equity securities and sell relevant shares not taken up to any person as they may think fit; and
(ii) the allotment of equity securities for cash otherwise than pursuant to subparagraph (b)(i) up to an aggregate maximum nominal amount of £504,002.
(e) the Directors were authorised for the purposes of section 701 of the Companies Act to make one or more market purchases (as defined in section 693(4) of the Companies Act) of its Ordinary Shares provided that:
(i) the maximum number of Ordinary Shares hereby authorised to be purchased is 1,260,007;
(ii) the minimum price (exclusive of expenses) which may be paid for each Ordinary Share is 20 pence; and
(iii) the maximum price (exclusive of expenses) which may be paid for each Ordinary Share is the highest of:
(iv) an amount equal to 5% above the average market value of an Ordinary Share for the five business days immediately preceding the day on which that Ordinary Share is contracted to be purchased; and
(v) the higher of the price of the last independent trade and the highest current independent bid on the trading venues where the purchase carried out at the relevant,

such authority to apply until the end of next annual general meeting (or, if earlier, 15 months after the passing of this resolution) but during this period the Company may enter into a contract to purchase Ordinary Shares, which would, or might be completed or executed wholly or partly after the authority ends and the Company may purchase Ordinary Shares pursuant to any such contract as if the authority had not ended.

2.28 On 25 June 2019, the Company granted Andrew Austin 73,620 options over Ordinary Shares at an exercise price of 815 pence per Ordinary Share.
2.29 On 25 June 2019, the Company granted Peter Mann 30,675 options over Ordinary Shares at an exercise price of 815 pence per Ordinary Share.
2.30 On 25 June 2019, Richard Benmore, Peter Mann and Steve Pawson exercised their options to acquire 107,817 Ordinary Shares, 212,600 Ordinary Shares and 159,450 Ordinary Shares respectively on terms of their option awards.
2.31 As at 18 July 2019, being the latest practicable date prior to publication of this document, the Company had the following wholly owned subsidiaries all of which are incorporated in England and Wales.

Company's percentage ownership in the issued share capital of the Name of Group company: relevant Group company:

RockRose (UKCS1) Limited(1)(3)	100%
RockRose (UKCS2) Limited(1)	100%
RockRose (UKCS3) Limited(1)	100%
RockRose UKCS4 Limited(1)	100%
RockRose UKCS5 Limited(2)(3)	100%
RockRose UKCS6 Limited(2)(3)	100%
RockRose UKCS7 Limited(2)(3)	100%
RockRose UKCS8 LLC(1)	100%
RockRose UKCS9 Limited(4)	100%
RockRose UKCS10 Limited(1)	100%
RockRose UKCS11 Limited(4)	100%
RockRose UKCS12 Limited(4)	100%
RockRose UKCS13 LLC(4)	100%
RockRose Energy (NL) B.V.(1)	100%
RockRose (NL) CS1 B.V.(5)	100%
RockRose (NL) Infrastructure B.V.(5)	100%

(1) The Company holds a 100% direct ownership interest in this entity.
(2) The Company holds a 100% direct ownership interest in RockRose UKCS4 Limited, which in turn holds a 100% direct ownership stake in this entity.
(3) This entity is dormant.
(4) The Company holds a 100% direct ownership interest in RockRose UKCS8 LLC, which in turn holds a 100% direct ownership stake in this entity.

(5) The Company holds a 100% direct ownership interest in RockRose Energy (NL) B.V., which in turn holds a 100% direct ownership stake in this entity.

3. Share capital

The following table shows the issued and fully paid shares of the Company at the date of this document and Admission:

Class of share Number Amount paid Ordinary 13,090,595 £106,668,349

3.1 Save as disclosed in this document:
(a) no share or loan capital of the Company has been issued or is proposed to be issued;
(b) no person has any preferential subscription rights for any shares of the Company;
(c) no share or loan capital of the Company is unconditionally to be put under option; or
(d) no commissions, discounts, brokerages or other special terms have been granted by the Company since its incorporation in connection with the issue or sale of any share or loan capital of the Company.
3.2 All Ordinary Shares in the capital of the Company are in registered form.
3.3 The Ordinary Shares will have a Standard Listing and be traded on the Main Market of the London Stock Exchange. The Ordinary Shares are not listed or traded on, and no application has been or is being made for the admission of the Ordinary Shares to listing or trading on any other stock exchange or securities market.

4. Articles

4.1 The Articles were adopted (with effect from Initial Admission) by a special resolution of the Founder Shareholder passed at a general meeting of the Company (held on short notice) on 5 November 2015. A summary of the terms of the Articles is set out below. The summary below is not a complete copy of the terms of the Articles.
4.2 The Articles contain no specific restrictions on the Company's objects and therefore, by virtue of section 31(1) of the Companies Act, the Company's objects are unrestricted.
4.3 The Articles contain, inter alia, provisions to the following effect:

(a) Share Capital

The Company's share capital currently consists of Ordinary Shares. The Company may issue shares with such rights or restrictions as may be determined by ordinary resolution, including shares which are to be redeemed, or are liable to be redeemed at the option of the Company or the holder of such shares.

(b) Voting

The Shareholders have the right to receive notice of, and to vote at, general meetings of the Company. Each Shareholder who is present in person (or, being a corporation, by representative) at a general meeting on a show of hands has one vote and, on a poll, every such holder who is present in person (or, being a corporation, by representative) or by proxy has one vote in respect of every share held by him.

(c) Variation of rights

Whenever the share capital of the Company is divided into different classes of shares, the special rights attached to any class may be varied or abrogated either with the consent in writing of the holders of three-fourths in nominal value of the issued shares of that class or with the sanction of a special resolution passed at a general meeting of the holders of the shares of that class and may be so varied and abrogated whilst the Company is a going concern or during or in contemplation of a winding up.

(d) Dividends

The Company may, subject to the provisions of the Companies Act and the Articles, by ordinary resolution from time to time declare dividends to be paid to members not exceeding the amount recommended by the Directors. Subject to the provisions of the Companies Act in so far as, in the Directors' opinions, the Company's profits justify such payments, the Directors may pay interim dividends on any class of shares.

Any dividend unclaimed after a period of 12 years from the date such dividend was declared or became payable shall, if the Directors resolve, be forfeited and shall revert to the Company. No dividend or other moneys payable on or in respect of a share shall bear interest as against the Company.

(e) Transfer of Ordinary Shares

Each member may transfer all or any of his shares which are in certificated form by means of an instrument of transfer in any usual form or in any other form which the Directors may approve. Each member may transfer all or any of his shares which are in uncertificated form by means of a 'relevant system' (i.e., CREST) in such manner provided for, and subject as provided in, the CREST Regulations.

The Board may, in its absolute discretion, refuse to register a transfer of certificated shares unless:

(i) it is for a share which is fully paid up;
(ii) it is for a share upon which the Company has no lien;
(iii) it is only for one class of share;
(iv) it is in favour of a single transferee or no more than four joint transferees;
(v) it is duly stamped or is duly certificated or otherwise shown to the satisfaction of the Board to be exempt from stamp duty; and
(vi) it is delivered for registration to the registered office of the Company (or such other place as the Board may determine), accompanied (except in the case of a transfer by a person to whom the Company is not required by law to issue a certificate and to whom a certificate has not been issued or in the case of a renunciation) by the certificate for the shares to which it relates and such other evidence as the Board may reasonably require to prove the title of the transferor (or person renouncing) and the due execution of the transfer or renunciation by him or, if the transfer or renunciation is executed by some other person on his behalf, the authority of that person to do so.

The Directors may refuse to register a transfer of uncertificated shares in any circumstances that are allowed or required by the CREST Regulations and CREST.

(f) Allotment of shares and pre-emption rights

Subject to the Companies Act and to any rights attached to existing shares, any share may be issued with or have attached to it such rights and restrictions as the Company may by ordinary resolution determine, or if no ordinary resolution has been passed or so far as the resolution does not make specific provision, as the Directors may determine (including shares which are to be redeemed, or are liable to be redeemed at the option of the Company or the holder of such shares).

(g) Alteration of share capital

The Company may by ordinary resolution consolidate or divide all of its share capital into shares of larger nominal value than its existing shares, or cancel any shares which, at the date of the ordinary resolution, have not been taken or agreed to be taken by any person and diminish the amount of its share capital by the nominal amount of shares so cancelled or sub-divide its shares, or any of them, into shares of smaller nominal value.

The Company may, in accordance with the Companies Act, reduce or cancel its share capital or any capital redemption reserve or share premium account in any manner and with and subject to any conditions, authorities and consents required by law.

(h) Directors

Unless otherwise determined by the Company by ordinary resolution, the number of Directors (other than any alternate Directors) shall not be less than two, but there shall be no maximum number of Directors.

Subject to the Articles and the Companies Act, the Company may by ordinary resolution appoint a person who is willing to act as a Director and the Board shall have power at any time to appoint any person who is willing to act as a Director, in both cases either to fill a vacancy or as an addition to the existing Board.

At every annual general meeting any director who:

(i) has been appointed by the Directors since the last annual general meeting; or
(ii) was not appointed or re-appointed at one of the preceding two annual general meetings must retire from office and may offer themselves for reappointment by the Shareholders by ordinary resolution.

Subject to the provisions of the Articles, the Board may regulate their proceedings as they think fit. A Director may, and the secretary at the request of a Director shall, call a meeting of the Directors.

The quorum for a Directors' meeting shall be fixed from time to time by a decision of the Directors, but it must never be less than two and unless otherwise fixed, it is two.

Questions and matters requiring resolution arising at a meeting shall be decided by a majority of votes of the participating Directors, with each director having one vote. In the case of an equality of votes, the chairman will only have a casting vote or second vote when an acquisition has been completed. The entering into any further acquisition requires the consent of 75% of the Directors present and entitled to vote.

The Directors shall be entitled to receive such remuneration as the Directors shall determine for their services to the Company as directors and for any other service which they undertake for the Company provided that the aggregate fees payable to the Directors must not exceed £200,000 per annum. The Directors shall also be entitled to be paid all reasonable expenses properly incurred by them in connection with their attendance at meetings of Shareholders or class meetings, board or committee meetings or otherwise in connection with the exercise of their powers and the discharge of their responsibilities in relation to the Company.

The Board may, in accordance with the requirements in the Articles, authorise any matter proposed to them by any Director which would, if not authorised, involve a Director breaching his duty under the Companies Act to avoid conflicts of interests.

A Director seeking authorisation in respect of such conflict shall declare to the Board the nature and extent of his interest in a conflict as soon as is reasonably practicable. The Director shall provide the Board with such details of the matter as are necessary for the Board to decide how to address the conflict together with such additional information as may be requested by the Board.

Any authorisation by the Board will be effective only if:

(i) to the extent permitted by the Companies Act, the matter in question shall have been proposed by any Director for consideration in the same way that any other matter may be proposed to the Directors under the provisions of the Articles;
(ii) any requirement as to the quorum for consideration of the relevant matter is met without counting the conflicted Director and any other conflicted Director; and
(iii) the matter is agreed to without the conflicted Director voting or would be agreed to if the conflicted Director's and any other interested Director's vote is not counted.

Subject to the provisions of the Companies Act, every Director, secretary or other officer of the Company (other than an auditor) is entitled to be indemnified against all costs, charges, losses, damages and liabilities incurred by him in the actual purported exercise or discharge of his duties or exercise of his powers or otherwise in relation to them.

(i) General Meetings

The Company must convene and hold annual general meetings in accordance with the Companies Act.

No business shall be transacted at any general meeting unless a quorum is present when the meeting proceeds to business, but the absence of a quorum shall not preclude the choice or appointment of a chairman of the meeting which shall not be treated as part of the business of the meeting. Save as otherwise provided by the articles, two Shareholders present in person or by proxy and entitled to vote shall be a quorum for all purposes.

(j) Borrowing Powers

Subject to the Articles and the Companies Act, the Board may exercise all of the powers of the Company to:

(i) borrow money;
(ii) indemnify and guarantee;
(iii) mortgage or charge;
(iv) create and issue debentures and other securities; and
(v) give security either outright or as collateral security for any debt, liability or obligation of the Company or of any third party.

(k) Capitalisation of profits

The Directors may, if they are so authorised by an ordinary resolution of the Shareholders, decide to capitalise any undivided profits of the Company (whether or not they are available for distribution), or any sum standing to the credit of the Company's share premium account or capital redemption reserve. The Directors may also, subject to the aforementioned ordinary resolution, appropriate any sum which they so decide to capitalise to the persons who would have been entitled to it if it were distributed by way of dividend and in the same proportions.

(l) Uncertificated Shares

Subject to the Companies Act, the Directors may permit title to shares of any class to be issued or held otherwise than by a certificate and to be transferred by means of a 'relevant system' (i.e., CREST) without a certificate.

The Directors may take such steps as it sees fit in relation to the evidencing of and transfer of title to uncertificated shares, any records relating to the holding of uncertificated shares and the conversion of uncertificated shares to certificated shares, or vice-versa.

The Company may by notice to the holder of an uncertificated share, require that share to be converted into certificated form.

The Board may take such other action that the Board considers appropriate to achieve the sale, transfer, disposal, forfeiture, re-allotment or surrender of an uncertified share or otherwise to enforce a lien in respect of it.

5. Other Relevant Laws and Regulations

5.1 Mandatory bid

(a) The Takeover Code applies to the Company. Under the Takeover Code, where:
(i) any person acquires, whether by a series of transactions over a period of time or not, an interest in shares which (taken together with shares in which he is already interested, and in which persons acting in concert with him are interested) carry 30% or more of the voting rights of a company; or
(ii) any person who, together with persons acting in concert with him, is interested in shares which in the aggregate carry not less than 30% of the voting rights of a company but does not hold shares carrying more than 50% of such voting rights and such person, or any person acting in concert with him, acquires an interest in any other shares which increases the percentage of shares carrying voting rights in which he is interested;

such person shall, except in limited circumstances, be obliged to extend offers, on the basis set out in Rules 9.3, 9.4 and 9.5 of the Takeover Code, to the holders of any class of equity share capital whether voting or non-voting and also to the holders of any other class of transferable securities carrying voting rights. Offers for different classes of equity share capital must be comparable; the Takeover Panel should be consulted in advance in such cases.

(b) An offer under Rule 9 of the Takeover Code must be in cash and at the highest price paid for any interest in the shares by the person required to make an offer or any person acting in concert with him during the 12 months prior to the announcement of the offer.
(c) Under the Takeover Code, a 'concert party' arises where persons acting together pursuant to an agreement or understanding (whether formal or informal and whether or not in writing) actively co-operate, through the acquisition by them of an interest in shares in a company,

to obtain or consolidate control of the company. 'Control' means holding, or aggregate holdings, of an interest in shares carrying 30% or more of the voting rights of the company, irrespective of whether the holding or holdings give de facto control.

(d) There have been no public takeover bids by third parties in respect of the Company's equity in the current financial year or the previous financial year.

5.2 Squeeze-out

(a) Under sections 979 to 982 of the Companies Act, if an offeror were to acquire 90% of the Ordinary Shares it could then compulsorily acquire the remaining 10%. It would do so by sending a notice to outstanding Shareholders telling them that it will compulsorily acquire their shares, provided that no such notice may be served after the end of: (a) the period of three months beginning with the day after the last day on which the offer can be accepted; or (b) if earlier, and the offer is not one to which section 943(1) of the Companies Act applies, the period of six months beginning with the date of the offer.
(b) Six weeks following service of the notice, the offeror must send a copy of it to the Company together with the consideration for the Ordinary Shares to which the notice relates, and an instrument of transfer executed on behalf of the outstanding Shareholder(s) by a person appointed by the offeror.
(c) The Company will hold the consideration on trust for the outstanding Shareholders.

5.3 Sell-out

(a) Sections 983 to 985 of the Companies Act also give minority Shareholders in the Company a right to be bought out in certain circumstances by an offeror who has made a takeover offer. If a takeover offer relating to all the Ordinary Shares is made at any time before the end of the period within which the offer could be accepted and the offeror held or had agreed to acquire not less than 90% of the Ordinary Shares, any holder of shares to which the offer related who had not accepted the offer could by a written communication to the offeror require it to acquire those shares. The offeror is required to give any Shareholder notice of his right to be bought out within one month of that right arising. The offeror may impose a time limit on the rights of minority Shareholders to be bought out, but that period cannot end less than three months after the end of the acceptance period, or, if longer a period of three months from the date of the notice.
(b) If a Shareholder exercises his/her rights, the offeror is bound to acquire those shares on the terms of the offer or on such other terms as may be agreed.

5.4 Shareholder notification and disclosure requirements

(a) Shareholders are obliged to comply with the shareholding notification and disclosure requirements set out in Chapter 5 of the DTRs. A Shareholder is required pursuant to Rule 5 of the DTRs to notify the Company if, as a result of an acquisition or disposal of shares or financial instruments, the Shareholder's percentage of voting rights of the Company reaches, exceeds or falls below, 3% of the nominal value of the Company's share capital or any 1% threshold above that.
(b) The DTRs can be accessed and downloaded from the FCA's website at http://fshandbook.info/FS/html/FCA/DTR. Shareholders are urged to consider their notification and disclosure obligations carefully as a failure to make a required disclosure to the Company may result in disenfranchisement.

6. Directors' and Senior Managers' and Other Interests

6.1 Save as disclosed below, no Director nor Senior Manager nor any member of their immediate families has at the date of this document or will have on Admission any interests (beneficial or non-beneficial) in the Ordinary Shares of the Company:

Name No. of Ordinary Shares Andrew Austin(1) 3,563,234 Richard Benmore(2) 320,729 John Morrow 212,808 Peter Mann 281,203 Steve Pawson 205,363

(1) Of the 3,563,234 Ordinary Shares held by Mr. Austin, 2,843,234 Ordinary Shares are held by him legally and beneficially, the balance of 720,000 Ordinary Shares are held in his SIPP, administered by Rowanmoor Trustees.
(2) Mr. Benmore's Ordinary Shares are held in the name of his wife, Judith Helen Benmore.
6.2 In addition to their directorships of the Group, the Directors and Senior Managers are, or have been, members of the administrative, management or supervisory bodies or partners of the following companies or partnerships, at any time in the five years prior to the date of this document:

Name Current directorships/partnerships Previous directorships/partnerships

Andrew Austin Artisan Ginyard Ltd IGas Energy plc

IGas Energy Enterprise Limited IGas Energy Production Limited

IGas Exploration UK Limited

IGas Energy Development

Island Gas Limited

Star Energy Group Limited Star

Energy Limited

Star Energy (East Midlands)

Limited

Star Energy Weald Basin Limited

Star Energy Oil & Gas Limited

Star Energy Oil UK Limited

Island Gas (Singleton) Limited

IGas Exploration UK Limited

Island Gas Operations Limited

Dart Energy (Europe) Ltd

Dart Energy (Carbon Storage)

Limited

Dart Energy (East England) Limited

Dart Energy (Lothian) Limited

Dart Energy (West England)

Limited

Greenpark Energy Transportation

Limited

Dart Energy SPV No1 Pty Ltd

Dart Energy SPV No 2 Pty Ltd

Dart Energy (Bruxner) Pty Ltd

Dart Energy (Overseas) Pty Ltd

Dart Energy (China) Pty Ltd

Apollo Gas Limited

Dart Energy (Apollo) Pty Ltd

Name Current directorships/partnerships Previous directorships/partnerships Andrew Austin Artisan Ginyard Ltd Dart Energy Global CBM Pty Ltd Dart Energy (India) Pty Ltd Dart Energy International Ltd Dart Energy Europe Pte Ltd Dart Energy (Vietnam) Holdings Pte. Ltd Dart Energy (Hanoi Basin CBM) Pte. Ltd Dart Energy (China) Holdings Pte. Ltd Dart Energy (Dajing) Pte. Ltd Dart Energy Asia Holdings Pte Ltd Dart Energy (India) Holdings Pte. Ltd Dart Energy (AS) Pte. Ltd Dart Energy (ST) Pte. Ltd Dart Energy India (CMM) Pte. Ltd Dart Energy (CIL) Pte. Ltd Dart Energy (MG) Pte. Ltd Dart Energy (India) Pte. Ltd Dart Energy (Indonesia) Holdings Pte. Ltd Dart Energy (Tanjung Enim) Pte. Ltd Dart Energy (Muralim) Pte. Ltd Dart Energy (Bontang Bengalon) Pte. Ltd Dart Energy (Sangatta West) Pte. Ltd Dart Energy (CBM Power Indonesia) Pte. Ltd. PT Dart Energy Indonesia PT Coal Bed Methane Power Indonesia

Richard – – Benmore

John Morrow JACM Consultants Limited Sand Geophysics Limited

Peter Mann – Mann & Co Ltd Strae Capital Limited

Richard Slape Hopton Petroleum Limited Lansdowne Oil & Gas plc

Lansdowne Celtic Sea Limited

UK Onshore Oil and Gas

Steve Pawson SHP Accounting Ltd –

Lythe Hill Park Management

Company Limited Lythe Hill Park Limited

6.3 At the date of this document, none of the Directors or Senior Managers has at any time within the last five years:
(a) had any convictions in relation to fraudulent offences for at least the previous five years;
(b) been associated with any bankruptcy, receivership or liquidation while acting in the capacity of a member of the administrative, management or supervisory body or of senior manager of any company for at least the previous five years; or
(c) has been subject to any official public incrimination and/or sanction of him by any statutory or regulatory authority (including any designated professional bodies) or has ever been disqualified by a court from acting as a director of a company or from acting as a member of the administrative, management or supervisory bodies of an issuer or from acting in the management or conduct of the affairs of any issuer for at least the previous five years,
6.4 None of the Directors or Senior Managers has any potential conflicts of interest between their duties to the Company and their private interests or other duties they may also have.
6.5 There are no family relationships between any Directors or Senior Managers.
6.6 There are no outstanding loans granted by the Company to the Directors or Senior Managers or any guarantees provided by the Company for the benefit of the Directors or Senior Managers.
6.7 Save as set out in paragraph 11 of this Part XIX Additional Information of this Document, there are no service contracts or consultancy agreements between any of the Directors or Senior Managers and the Company or any of its subsidiaries and no such contract has been entered into or amended or replaced within the six months preceding the date of this document and no such contracts are proposed.
6.8 Save as set out in paragraph 11 of this Part XIX Additional Information of this Document, the Directors and Senior Managers receive no Ordinary Shares or options over Ordinary Shares in lieu of remuneration or as any form of compensation.
6.9 Other than as disclosed in paragraph 11 of this Part XIX Additional Information of this Document, the Company is not party to any service contract with any of the Directors or Senior Managers which provides for benefits on the termination of any such contract.
6.10 No Director or Senior Manager has any accrued pension or retirement benefits, other than statutory pension entitlements.
6.11 There is no arrangement under which any Director or Senior Manager has waived or agreed to waive future emoluments.
6.12 In the year ended 31 December 2018, the total aggregate remuneration paid, and benefitsin- kind granted, to the Directors was US\$1,686,000.

6.13 Save as set out below, the Directors are not aware of any person who, directly or indirectly, had an interest in 3% or more of the voting rights of the Company as at the date of publication of this document and Admission:

		Percentage
		of issued
	No. of Ordinary	Ordinary Share
	Shares at the	capital at the
	date of this	date of this
	document and	document and
Shareholder	Admission	Admission
Andrew Austin(1)	3,563,234	27.21%
Cavendish Asset Management Limited	1,816,800	13.87%
Macquarie Capital (Europe) Limited	747,588	5.71%

(1) Of the 3,563,234 Ordinary Shares held by Mr. Austin, 2,843,234 Ordinary Shares are held by him legally and beneficially, the balance of 720,000 Ordinary Shares are held in his SIPP which is administered by Rowanmoor Trustees.
6.14 As at 18 July 2019 (being the latest practicable date prior to the publication of this document), the Company was not aware of any person or persons who, directly or indirectly, jointly or severally, exercise or could exercise control over the Company nor is it aware of any arrangements, the operation of which may at a subsequent date result in a change in control of the Company.
6.15 There have been no public takeover bids by third parties in respect of the Company's equity in the current financial year or the previous financial year.
6.16 Those interested, directly or indirectly, in 3% or more of the issued Ordinary Shares of the Company (as set out in paragraph 6.13 of this Part XIX – Additional Information of this Document) do not now, and, following Admission, will not, have different voting rights from other holders of Ordinary Shares.

7. Working Capital

8. Significant Change

Since 31 December 2018 (being the end of the last financial period of the entities making up the Enlarged Group for which financial information has been published), the only significant changes in the financial or trading position of the Enlarged Group were:

the completion of the Marathon Acquisition by the Company; and
MOUK (now RockRose UKCS8) being notified on 20 June 2019 by TAQA Bratani, a significant non-operator interest holder in those licences,following the approval of the proposals made by TAQA Bratani to the other members of the relevant operating committees on 5 June 2019, that it would be discharged as operator of Blocks 16/7a, Licence no. P.108 (Block 16/3a), Licence no. P.313 (Block 16/3b), Licence no. P.313 (Block 16/3c) and TAQA Bratani appointed in its place. No reasons were given for the changes. A process will follow involving OGA approval, which could result in the Enlarged Group losing operatorship of these licences in July 2020.

9. Litigation and Disputes

Petrojarl Foinaven FPSO

On 6 December 2018, Golar-Nor (UK) Limited ("Golar") issued proceedings in the Commercial Court against all the joint venture partners in Foinaven (including MOWOS (now RockRose UKCS10)) in connection with the FPSO contract dated 17 November 1994, as amended. The claim alleges that a solids management issue affected the FPSO gas compression system, resulting in shutdowns and a requirement for the replacement of certain parts, and causing a loss of revenue and maintenance costs for the replacement of parts. MOWOS's exposure for the claim is quantified at £78.3 million (plus interest), together with declaratory relief in relation to revenue shortfall and maintenance costs for the period 6 December 2012 to 31 December 2013 and in relation to any future losses or damages relating to the same issue (plus interest).

UK – Brae – Offshore Investigation of Brae A Installation

MOUK (now RockRose UKCS8) was investigated by the HSE for a release of gas from the Brae Alpha platform. The Aberdeen Sherriff Court heard that on 26 December 2015, an eight-inch diameter high pressure pipework in Module 14 of the platform suffered a catastrophic rupture as a result of 'Corrosion under Insulation', allowing over two tonnes of high-pressure methane gas to be released almost instantaneously. The incident did not result in any injuries, only significant damage to the pipework within Module 14. An investigation by HSE found that MOUK had failed to undertake any suitable and sufficient inspection of the pipework that would have allowed the company to identify the risk and prevent the hazard from materialising. MOUK pleaded guilty to breaching regulation 4(1) of the Offshore Installations (Prevention of Fire and Explosion, and Emergency Response) Regulations 1995 and section 33(1) of the Health and Safety at Work Act 1974, at Aberdeen Sheriff Court. On 20 May 2019, MOUK was fined £1,160,000.

Save as set out above, there have been no governmental, legal or arbitration proceedings and the Company is not aware of any governmental legal or arbitration proceedings pending or threatened, nor of any such proceedings having been pending or threatened during the 12 months prior to the date of this document which may have, or have had in the recent past, a significant effect on the financial position or profitability of the Enlarged Group.

10. Material Contracts

The following are all of the contracts (not being contracts entered into in the ordinary course of business) that have been entered into by the Company since the Company's incorporation which; (i) are, or may be, material to the Company or the Group; or (ii) contain obligations or entitlements which are, or may be, material to the Company as at the date of this document.

10.1 Idemitsu UK Acquisition Agreement

The Idemitsu UK Acquisition Agreement was entered into on 17 October 2017 and was conditional upon the OGA confirming that it had no objection to the change of control of Idemitsu UK and the release of Idemitsu Group and its affiliates from any guarantee given to a bank in respect of any DSAs to which Idemitsu UK was a party. As noted above, the Company received a letter from the OGA on 30 November 2017 confirming that it currently has no objection to the change of control of Idemitsu UK and the remaining condition was also satisfied.

The consideration for the Idemitsu UK Acquisition was US\$29.7 million, effective, for economic purposes as at 1 July 2017. The Idemitsu UK Acquisition was subject to certain adjustments recorded in the Idemitsu UK Acquisition Agreement relating to certain tax refunds and proceeds of an insurance claim, the effect of which was to increase the consideration payable to Idemitsu Group by US\$652,000. At completion, the Company acquired Idemitsu UK with cash at bank of US\$139.7million.

The Idemitsu UK Acquisition Agreement contained customary warranties and representations relating to Idemitsu Group's interests in Idemitsu UK, which were given to the Company by Idemitsu Group on the one hand, and by the Company to Idemitsu Group on the other hand, as at the date of signing of the Idemitsu UK Acquisition Agreement; each such representation and warranty was repeated on the date of completion of the Idemitsu UK Acquisition (i.e., 8 December 2017).

Claims under the Idemitsu UK Acquisition Agreement were subject to certain financial, time and other limitations that are customary in agreements of this type. Idemitsu Group will not be liable in respect of a claim under the Idemitsu UK Acquisition Agreement unless the liability under such claim exceeds £10,000. The overall cap and aggregate liability of Idemitsu Group in respect of claims under the Idemitsu UK Acquisition Agreement was £50,000. The limitation period in respect of a claim under the Idemitsu UK Acquisition Agreement expires 12 months following completion of the Idemitsu UK Acquisition (i.e., 8 December 2018). Pursuant to the terms of the Idemitsu UK Acquisition Agreement, the Company agreed to indemnify Idemitsu Group and its affiliates against, and agreed to assume full responsibility for, any and all environmental liabilities (including but not limited to claims, demands, actions, proceedings and costs) in relation to the licences to which Idemitsu UK was a party, provided that the Company shall not be responsible for, and shall not be required to make, any payment in respect of amounts actually paid by Idemitsu Group and its affiliates prior to 1 July 2017.

The Idemitsu UK Acquisition Agreement was governed by the laws of England and Wales and the parties irrevocably agreed to the exclusive jurisdiction of the courts of England and Wales in relation to any action or proceeding arising out of the Idemitsu UK Acquisition Agreement.

10.2 Arran Acquisition Agreement

The Arran Acquisition Agreement was entered into on 8 August 2018. The Company paid nominal consideration of US\$1 in connection with the Arran Acquisition.

The transaction was conditional on, inter alia, consent of the OGA to the transfer by the Arran Seller to RockRose UKCS4 Limited of the licence interests, the receipt of all necessary written consents, approvals or waiver, as the case may be, by the co-venturers in relation to the Arran Acquisition and RockRose UKCS4 Limited being appointed as an appointed operator or licence administrator (subject to the consent of the OGA and any relevant third party) in respect of certain licence interests. The consent from the OGA was granted prior to completion of the Arran Acquisition.

The Arran Acquisition Agreement contained customary warranties, which were given to the Arran Seller by RockRose UKCS4 Limited on the one hand, and by the Arran Seller to RockRose UKCS4 Limited on the other hand, as at the date of signing of the Arran Acquisition Agreement; each warranty was repeated on the date of completion of the Arran Acquisition (i.e., 10 October 2018).

Claims under the Arran Acquisition Agreement were subject to certain financial, time and other limitations that are customary in agreements of this type. The Arran Seller is not be liable in respect of a claim under the Arran Acquisition Agreement unless the liability under such claim exceeds US\$150,000. The overall cap and aggregate liability of Idemitsu Group in respect of claims under the Arran Acquisition Agreement was US\$350,000. The limitation period in respect of a claim under the Arran Acquisition Agreement expires 12 months following completion of the Arran Acquisition (i.e., 9 October 2019). Pursuant to the terms of the Arran Acquisition Agreement, RockRose UKCS4 Limited agreed to indemnify the Arran Seller and its affiliates against, and agreed to assume full responsibility for, any and all decommissioning liabilities, safety liabilities and/or environmental liabilities (including but not limited to claims, demands, actions, proceedings and costs) in relation to the licences whether before or after completion and regardless or who was a licensee under the relevant licence or a party to the joint operating agreements or owned or leased the relevant property and regardless of whether such losses and expenses arise as a consequence of negligence or breach of any environmental law or other applicable law on the part of the Arran Seller or any of its affiliates.

The Arran Acquisition Agreement was governed by the laws of England and Wales and the parties irrevocably agreed to the exclusive jurisdiction of the courts of England and Wales in relation to any action or proceeding arising out of the Arran Acquisition Agreement.

10.3 Dyas Acquisition Agreement

The Dyas Acquisition Agreement was entered into on 23 May 2018. The consideration paid by the Company in connection with the Dyas Acquisition was approximately EUR 107 million (US\$124 million).

The transaction was conditional on, inter alia, obtaining a consent to an indirect change of control and the withdrawal of guarantees issued by Dyas in relation to some of its Danish licences. These conditions were satisfied prior to the completion of the Dyas Acquisition.

Claims under the Dyas Acquisition Agreement were subject to certain financial, time and other limitations that are customary in agreements of this type. The threshold to be exceeded in respect of the aggregate amount of all warranty claims was EUR 2,000,000 in which case the Dyas Seller shall be liable for the whole amount claimed and not only the excess. The limitation period in respect of warranty and indemnity claims under the Dyas Acquisition Agreement expires three years following completion of the Dyas Acquisition in the case of the general warranties and in the case of a claim under the tax warranties or the tax indemnities the earlier of (i) the date of conclusion of any tax audit, enquiry or similar process carried out by a tax authority in respect of the Dutch State profit share returns of Dyas for (or incorporating) the fiscal year 2018 or (ii) 1 January 2021. The overall cap and aggregate liability of the Dyas Seller in respect of claims under the Dyas Acquisition Agreement will not exceed 80% of the purchase price (EUR 86,000,000).

The Dyas Acquisition Agreement was governed by the laws of the Netherlands and the parties irrevocably submitted to the exclusive jurisdiction of the courts of the Netherlands in relation to any action or proceeding arising out of the Dyas Acquisition Agreement.

10.4 Repurchase Agreement with Cantor Fitzgerald

The Company and Cantor Fitzgerald Europe ("Cantor Fitzgerald") entered into a repurchase agreement on 23 October 2018 pursuant to which the Company has agreed to purchase from Cantor Fitzgerald, on market, such number of Ordinary Shares as Cantor Fitzgerald purchased pursuant to the Tender Offer, at an aggregate price equal to the amount paid by Cantor Fitzgerald for the Ordinary Shares (the "Repurchase Agreement").

Under the terms of the Repurchase Agreement, the Company agreed that, immediately following the purchase by Cantor Fitzgerald of all Ordinary Shares which it agreed to purchase under the terms of the Repurchase Agreement, the Company would purchase from Cantor Fitzgerald such Ordinary Shares (less any on-sale Ordinary Shares) at the price of 560 pence.

The Repurchase Agreement contained certain representations, warranties and undertakings from Cantor Fitzgerald in favour of the Company concerning its authority to enter into the Repurchase Agreement and to make the purchase of Ordinary Shares pursuant thereto. The Repurchase Agreement also contained representations and warranties from the Company in favour of Cantor Fitzgerald and incorporated an indemnity in favour of Cantor Fitzgerald in respect of any liability which it suffered in relation to its performance under the Tender Offer. The Company has no continuing unperformed obligations under the Repurchase Agreement.

10.5 Marathon Acquisition Agreements

The Marathon Acquisition Agreements were entered into on 24 February 2019. The consideration payable by the Company in connection with the Marathon Acquisition is circa US\$140 million (subject to adjustments).

MOUK Acquisition Agreement

The transaction was conditional on, inter alia, (1) the receipt by the Company of written confirmation from the Secretary of State for Business, Energy and Industrial Strategy in the United Kingdom that he does not intend, as a consequence of the transaction, to (i) revoke any licences held directly or indirectly by MOHL or any member of its group or (ii) require a change of control of any member of MOHL's group under the terms of the licences held directly or indirectly by the same; (2) the Company providing written evidence that it has procured, at its own cost, pension trustees liability insurance cover for the trustees of the defined benefit pension held by MSGB (now RockRose UKCS9); and (3) the replacement by the Company, from completion, of all insurance required to support the membership of MOUK (now RockRose UKCS8) in the Offshore Pollution Liability Association Ltd scheme, which cover shall be in full force and effect from completion. These conditions were satisfied prior to the completion of the Marathon Acquisition. On 26 June 2019, the Company received a letter from the OGA confirming that it currently has no objection to the change of control of the Marathon Group, and the Marathon Acquisition completed on 1 July 2019.

The MOUK Acquisition Agreement contained customary warranties and certain indemnities, which were given to MOHL by the Company on the one hand, and by MOHL to the Company on the other hand.

Claims under the MOUK Acquisition Agreement were subject to certain financial, time and other limitations that are customary in agreements of this type. MOHL will not be liable in respect of a claim under the MOUK Acquisition Agreement unless the liability under such claim exceeds US\$350,000 in which case MOHL shall be liable for the whole amount claimed and not only the excess. The overall cap and aggregate liability of MOHL in respect of general claims under the MOUK Acquisition Agreement was US\$10,000,000, although this amount rises to US\$150,000,000 in respect of certain accounts date warranties and US\$120,000,000 in respect of certain tax warranties and tax covenants. The limitation period in respect of a claim under the MOUK Acquisition Agreement expires 12 months following completion of the Marathon Acquisition in respect of non-tax claims and five years following the completion of the Marathon Acquisition for certain tax claims. The MOUK Acquisition Agreement also contains customary indemnities in respect of all decommissioning liabilities and/or environmental obligation in relation to the licences resulting from any acts or omissions, negligence or breach of duty, conduct or statements of any indemnified person.

The MOUK Acquisition Agreement was governed by the laws of England and Wales and the parties irrevocably agreed to the exclusive jurisdiction of the London Court of International Arbitration in relation to any action or proceeding arising out of the MOUK Acquisition Agreement.

MOWOS Acquisition Agreement

The transaction was conditional on, inter alia, the receipt by the Company of written confirmation from the Secretary of State for Business, Energy and Industrial Strategy in the United Kingdom that he does not intend, as a consequence of the transaction, to (i) revoke any licences held directly or indirectly by MIOH or any member of its group or (ii) require a change of control of any member of MIOH's group under the terms of the licences held directly or indirectly by the same. These conditions were satisfied/waived prior to the completion of the Marathon Acquisition. On 26 June 2019, the Company received a letter from the OGA confirming that it currently has no objection to the change of control of the Marathon Group, and the Marathon Acquisition completed on 1 July 2019.

The MOWOS Acquisition Agreement contained customary warranties and certain indemnities, which were given to MIOH by the Company on the one hand, and by MIOH to the Company on the other hand.

Claims under the MOWOS Acquisition Agreement were subject to certain financial, time and other limitations that are customary in agreements of this type. MIOH will not be liable in respect of a claim under the MOWOS Acquisition Agreement unless the liability under such claim exceeds US\$3,150,000 in which case MIOH shall be liable for the whole amount claimed and not only the excess. The overall cap and aggregate liability of MIOH in respect of general claims under the MOWOS Acquisition Agreement was US\$90,000,000, although this amount rises to US\$150,000,000 in respect of certain accounts date warranties and US\$30,000,000 in respect of certain tax warranties and tax covenants. The limitation period in respect of a claim under the MOWOS Acquisition Agreement expires 12 months following completion of the Marathon Acquisition in respect of non-tax claims and five years following the completion of the Marathon Acquisition for certain tax claims. The MOWOS Acquisition Agreement also contains customary indemnities in respect of all decommissioning liabilities and/or environmental obligation in relation to the licences resulting from any acts or omissions, negligence or breach of duty, conduct or statements of any indemnified person.

The MOWOS Acquisition Agreement was governed by the laws of England and Wales and the parties irrevocably agreed to the exclusive jurisdiction of the London Court of International Arbitration in relation to any action or proceeding arising out of the MOWOS Acquisition Agreement.

10.6 Registrar Agreement

The Company and the Registrar have entered into the registrar agreement dated 8 January 2016 (the "Registrar Agreement") pursuant to which the Registrar has agreed to act as registrar to the Company and to provide transfer agency services and certain other administrative services to the Company in relation to its business and affairs.

The Registrar is entitled to receive the annual fee for creation and maintenance of the share register will be £1.25 per holder of ordinary shares appearing on the register during the fee year, with a minimum charge per annum of £2,500 for the provision of its services under the Registrar Agreement.

In addition to the annual fee, the Registrar is entitled to reimbursement for all out-of-pocket expenses incurred by it in the performance of its services.

The Registrar Agreement shall continue for an initial period of three years and thereafter will automatically renew for successive periods of 12 months unless and until terminated upon written notice by either party, by giving not less than six months' written notice. In addition, the agreement may be terminated as soon as reasonably practicable if either party (i) commits a material breach of the agreement which has not been remedied within 45 days of a notice requesting the same; (ii) goes into liquidation (except voluntary) or becomes bankrupt or insolvent.

11. Related Party Transactions

11.1 Non-Executive Directors' letters of appointment

Each of Richard Benmore and John Morrow entered into a Director's non-executive letter of appointment dated 22 December 2015 with the Company in respect of his appointment as a Director of the Company.

Under the terms of the appointment letters, Richard Benmore is entitled to a fee of £50,000 per annum and John Morrow is entitled to a fee of £50,000 per annum. Fees will accrue on a daily basis and will be payable in equal monthly instalments in arrears on the last Business Day of each month (or as otherwise agreed).

Each of the Directors appointments as a non-executive director of the Company, shall (subject to limited exceptions) be subject to termination by either party on six months' written notice, under which they are not entitled to any pension, benefits or bonuses. Benefits provided to Richard Benmore are the provision of medical insurance for himself and his wife.

11.2 Service Agreement of Andrew Austin

Andrew Austin entered into a service agreement with the Company dated 22 December 2015 with respect to his appointment as executive chairman of the Company and director responsible for implementation of the acquisition strategy. Mr. Austin's is a full-time employee of the Company. Mr. Austin's service agreement is capable of termination by either party giving 12 months' notice in writing. Mr. Austin is currently entitled to a salary of £475,000 per annum. Benefits provided to Andrew Austin are the provision of medical insurance for himself and his family.

At the discretion of the Remuneration Committee, Andrew Austin was paid a bonus of US\$804,000 in recognition of progress made by the Group during 2018 and the fact that no bonus had been paid for 18 months, representing a bonus of 156% of base salary and 104% of bonus entitlement. Mr. Austin also received US\$34,000 in lieu of pension in 2018.

11.3 Senior Managers' Service Agreements

Each of Peter Mann, Steve Pawson and Richard Slape have entered into Senior Managers' service agreements dated 3 August 2017, 24 July 2017 and 10 April 2019, respectively, with the Company in respect of their roles as managing director, finance director and chief financial officer, respectively. Peter Mann, Stephen Pawson and Richard Slape are entitled to an aggregated fee of £650,000 per annum. Fees will accrue on a daily basis and will be payable in equally monthly instalments in arrears on the last Business Day of each month (or as otherwise agreed). Each of the Senior Managers' appointments as senior managers of the Company, shall (subject to limited exceptions) be subject to termination by either party on three months' written notice.

11.4 Unapproved Share Option Plan

The Company believes that the incentive arrangements for the Directors and the Senior Managers should be focused on significant long-term value creation through the delivery of Shareholder returns in order to closely align the interests of Directors and the Senior Managers with those of Shareholders. Under the terms of the non-tax advantaged share option plan (the "Share Option Plan"), the Board may issue options over shares up to 15% of the issued share capital of the Company from time to time.

To recognise the changing requirements of the business over time and to support growth objectives over the medium to long term, a long-term incentive structure has been put in place for Directors and the Senior Managers in the form of a non-tax advantaged share option plan. The structure of the Share Option Plan is designed such that participants will only benefit if significant value is delivered to Shareholders. Its implementation serves to ensure that:

Directors and Senior Managers, who are critical to executing the business strategy and driving value for shareholders, are appropriately attracted, retained and motivated;
the reward structure supports a growth strategy and is heavily weighted towards shareholder value creation over the longer term;
the interests of Directors and Senior Managers are closely aligned with those of Shareholders; and
Directors and Senior Managers are provided with an appropriate opportunity to earn levels of reward provided significant returns are delivered to Shareholders.

On 14 February 2018, Andrew Austin exercised an option to acquire 1,533,333 Ordinary Shares on terms of his option award dated 22 December 2015.

The Company granted Peter Mann and Steve Pawson 212,600 options and 159,450 options respectively over Ordinary Shares at an exercise price of 127 pence on 14 February 2018. On 25 May 2018, Richard Benmore was also granted 107,817 options over Ordinary Shares. These options were to vest and become exercisable in three equal tranches on the first, second and third anniversaries of the dates of grant. On 25 June 2019, and in accordance with the terms of the Share Option Plan, the Board waived the exercise conditions attaching to the options such that the options vested and became exercisable in full. On 25 June 2019, Mr. Benmore, Mr. Mann and Mr. Pawson exercised their respective options to acquire Ordinary Shares at the exercise price of 371 pence, 127 pence and 127 pence respectively.

On 25 June 2019 the Board, following a recommendation of the Remuneration Committee, made the following awards under the Share Option Plan:

		Exercise	Vesting
	No. of options	Price	Conditions
Andrew Austin	73,620	815 pence	Vests and exercisable
Peter Mann	30,675	815 pence	on completion of
			Marathon
			Acquisition

No payment has been made for the grant of any of the options.

The main features of the Share Option Plan are summarised below.

Eligibility

All executive directors and employees of the Company and any of its subsidiaries are eligible to participate in the Share Option Plan. The Remuneration Committee selects the individuals to whom options are to be granted from time to time.

Grant of options

Options may be granted at such time or times as the Remuneration Committee (or the Board, excluding any interested director, until a Remuneration Committee is formally established) determines.

Exercise price and adjustments to options

While the Ordinary Shares are admitted to trading on the Official List, the exercise price per Ordinary Share may not be less than the average of the middle market quotations for an Ordinary Share for the five dealing days immediately prior to the date of grant. While the Ordinary Shares are not admitted to trading on the Official List, the exercise price will be the amount specified by the Remuneration Committee. If the Ordinary Shares are newly issued the exercise price may not, in any event, be less than the nominal value of an Ordinary Share.

In the event of any variation in the share capital of the Company the exercise price and/or the number of Ordinary Shares comprised in each option may be adjusted as the Remuneration Committee determines. No adjustment may be made which will reduce the exercise price below the nominal value of an Ordinary Share.

Rights and restrictions

An option granted under the Share Option Plan is not transferable. The option certificate will specify when the option will lapse and such date may not be later than the tenth anniversary of its date of grant. Except in the circumstances referred to below, an option will only be exercisable on or after the date which is three years after the date of grant.

If the participant ceases to be employed by the Company by reason of injury, disability, illhealth or redundancy; or because the business or company that employs him is transferred out of the ultimate ownership of the Company, his option may be exercised within 6 months after such cessation or transfer. In the event of the death of a participant, the personal representatives of a participant may exercise his option within 6 months after the date of death. The extent to which an option may be exercised in these circumstances will be determined by reference to any exercise conditions and time vesting provisions set out in the option certificate unless the Remuneration Committee decides otherwise and is satisfied that any waiver of such provisions does not constitute a reward for failure.

On cessation of employment for any other reason (or when a participant serves or has been served with, notice of termination of such employment), the option will lapse unless the Remuneration Committee exercises its discretion to allow the exercise of the option for a period not exceeding six months from the date of such cessation or notice. In such circumstances and where exercise is permitted, the extent to which an option may be exercised will be determined by reference to any exercise conditions and time vesting provisions set out in the option certificate unless the Remuneration Committee decides otherwise and is satisfied that any waiver of such provisions does not constitute a reward for failure.

Corporate events

Options, to the extent not already exercisable, will become exercisable immediately prior to a change in control of the Company, in the event of a takeover of the Company, in the event that an offeror becomes entitled or bound to acquire Ordinary Shares or in the event that the court sanctions a compromise or arrangement for the reconstruction of the Company or its amalgamation with any other company. In such event, all options may be exercised for a limited period and will lapse to the extent not exercised.

Options, to the extent not already exercisable, will become exercisable in the event that the Company is proposed to be voluntarily wound up and all options may be exercised within a limited period in connection with the winding up, failing which they will lapse.

In such circumstances and where exercise is permitted, the extent to which an option may be exercised will be determined by reference to any exercise conditions set out in the option certificate unless the Remuneration Committee decides otherwise and is satisfied that any waiver of such provisions does not constitute a reward for failure.

Performance conditions

The exercise of options may be subject to the satisfaction of such performance conditions, if any, as may be specified and subsequently varied and/or waived by the Remuneration Committee.

Issuance of Ordinary Shares

The Ordinary Shares issued upon the exercise of options granted under the Share Option Plan will rank pari passu with the Company's issued Ordinary Shares on the date of exercise, save as regards any rights arising by reference to a record date prior to the date of such exercise.

Plan limit

Options may not be granted under the Share Option Plan if such grant would result in the total number of "Dilutive Shares" exceeding 15% of the issued share capital of the Company from time to time. "Dilutive Shares" means, on any date, all shares of the Company which (a) have been issued, or transferred out of treasury, on the exercise of options granted, or in satisfaction of any other awards made, under any share incentive scheme (including the Share Option Plan) in the shorter of the five years ending on (and including) that date and the period since Admission; and (b) remain capable of issue, or transfer out of treasury, under any subsisting options granted by the Company.

Alternative settlement on exercise

Instead of delivering the number of Ordinary Shares specified in the exercise notice, the Remuneration Committee may make a cash payment with the option holder's consent or deliver Ordinary Shares equal to the value of the Ordinary Shares over which the option is exercised less the relevant exercise price, or may deliver a combination of the two.

Alteration

The Remuneration Committee may alter the Share Option Plan except that (apart from minor amendments to benefit the administration of the Share Option Plan, to correct typographical or other errors, to take account of a change in legislation or to obtain or maintain favourable tax, exchange control or regulatory treatment for participants or the Company) no alteration to the advantage of participants or to the Share Option Plan limit described above can be made without the prior approval of Shareholders in general meeting.

No amendment may have a materially adverse effect on options granted before the amendment without the relevant optionholder's consent.

Termination and Plan period

The Remuneration Committee may terminate or suspend the operation of the Share Option Plan at any time, whereupon no further options shall be granted but in all other respects the provisions of the Share Option Plan shall remain in force. In any event, no options may be granted after the date which is five years after the date the Share Option Plan is adopted.

11.5 Pensions

The Group currently operates a DB Scheme and DC Scheme. In March 2010, the DB Scheme was closed to new entrants and was further closed to future accrual on a defined benefit basis in December 2015. On 1 April 2010, MOUK established the DC Scheme to provide benefits to new employees and, on 1 January 2016 all former DB Scheme members were transferred to the DC Scheme. The most recent full triennial valuation of the DB Scheme was carried out as at 31 March 2016. As part of that valuation, a funding plan was agreed with the DB Scheme trustees which provides for annual contributions of £13,000,000 until 31 December 2020.

On completion of the Marathon Acquisition on 1 July 2019 RockRose delivered a cashbacked letter of credit to the trustees of the DB Scheme in the sum of £39,000,000 (covering the Group and its partners' anticipated contributions to the DB Scheme for a period of three years). As funding obligations become due under the DB Scheme a significant proportion are recharged to the partners on licences; these payment obligations of the partners were affirmed by the Court of Appeal in a judgment delivered on 17 January 2019 (which was not appealed by the partners). Pursuant to the Marathon Acquisition, RockRose has undertaken to use all reasonable commercial efforts to procure the release of the current MOC parental guarantee in respect of the obligations of the DB Scheme, and to this end has also delivered its own parental guarantee to the trustees of the DB Scheme.

The DB Scheme will shortly commence its next formal triennial review, the statutory deadline for completion of such review being 30 June 2020. RockRose intends tabling proposals for a formal buy-out of the DB Scheme as part of that process, which involve an insurance company assuming all of the obligations and liabilities of the DB Scheme. These costs have been factored into the Enlarged Group's working capital statement and the Company can confirm that the working capital available to the Enlarged Group (which for the avoidance of doubt includes the Marathon Group) is sufficient for the present requirements of the Enlarged Group, that is, for at least 12 months following the date of this document.

RockRose and MOC remain in active discussions with the trustees of the DB Scheme and the Pension Regulator concerning the future funding and current obligations of the DB Scheme.

11.6 Property

The Company has a lease in respect of its London office at 5th floor, Halton House, 20-23 Holborn, London EC1N 2JD, which commenced on 19 July 2018 and has an annual rent of £156,544 (exc. VAT and service charge). MSGB has a lease in respect of its office in Aberdeen at Charter Building, Rubislaw Hill, Anderson Drive, Aberdeen AB15 6FZ, which commenced on 26 March 2017 and has an annual rent of £744,198 (exc. VAT and service charge) and another lease in respect of a facility at the Dales Industrial Estate, Peterhead, Aberdeenshire, AB42 3GZ, which commenced on 26 March 2017 and has an annual rent of £744,198 (excluding VAT and service charge). MSGB also owns the freehold properties located at Peterhead Shore Base, South View, Peterhead, Aberdeenshire AB42 3GZ and 70 Rubislaw Den South, Aberdeen AB15 4AY.

11.7 Related party transactions

Details of related party transactions entered into by members of the Group are set out in the audited financial statements relating to the Group for the financial years ended 31 December 2018, 31 December 2017 and the 18 month period ended 31 December 2016. See also paragraphs 11.1-11.5 of this Part XIX – Additional Information of this document.

Save as set out above, there were no other related parties transactions during the period covered by the audited financial statements relating to the Group for the financial years ended 31 December 2018, 31 December 2017 and the 18 month period ended 31 December 2016 and up to and including the date of this document.

12. Accounts

It is expected that the Company will continue to make public its annual report and accounts within four months of each financial year end (or earlier if possible) and that copies of the annual report and accounts will be sent to Shareholders within six months of each financial year end (or earlier if possible). It is expected that the Company will continue to prepare its unaudited interim report for each six month period ending 30 June thereafter. It is expected that the Company will make public its unaudited interim reports within two months of the end of each interim period.

13. General

13.1 By a resolution of the Shareholders passed on 4 June 2019, PricewaterhouseCoopers LLP whose address is 1 Embankment Place, London WC2N 6RH, were reappointed as the auditor of the Company. PricewaterhouseCoopers LLP is registered to carry out audit work by the Institute of Chartered Accountants in England and Wales and the Financial Reporting Council.
13.2 The Group currently has 309 employees, as at the date of this document.
13.3 The total expenses incurred (or to be incurred) by the Company in connection with the Admission are anticipated to be approximately £4,000,000, which comprise: pensions advice of £254,000, corporate finance advisory fees of £754,000, specialist accountancy services of £164,000; reporting accountants costs of £500,000, legal fees of £1,130,000, competent persons costs of £330,000, printing and production costs of £120,000 and other third party consultancy fees of £748,000.
13.4 The Company is not dependent on patents, industrial, commercial or financial contracts or new manufacturing processes which are material to the Company's business or profitability.
13.5 The information in this document which has sourced from third parties has been accurately reproduced and so far as the Company is aware and is able to ascertain from information published by such third parties, no facts have been omitted which would render the reproduced information inaccurate or misleading.
13.6 There have been no interruptions in the business of the Company, which may have or have had in the 12 months preceding the publication of this document a significant effect on the financial position of the Company or which are likely to have a material effect on the prospects of the Company for the next 12 months.
13.7 The Directors are not aware of any trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on the Company's prospects in the current financial year.
13.8 The Company confirms that the Competent Person's Report is dated within six months of the date of this document and that no material changes have occurred since the date of the Competent Person's Report the omission of which would make the Competent Person's Report misleading.
13.9 The Group confirms that no material changes have occurred since 31 March 2019 being the effective date to which the competent person's reports set out in Part XXIII – Competent Person's Report of this document has been prepared regarding the mineral assets covered by those reports the omission of which would make those competent person's reports misleading.

14. Consents

14.1 ERC Equipoise is responsible for the report contained in Part XXIII – Competent Person's Report of this document and the estimates of mineral reserves and resources contained therein, as well as references to them, and statements and information attributed to them or extracted from the report, which ERC Equipoise has given and not withdrawn consent for inclusion in this document, in the form and context in which they appear for the purposes of Rule 5.5.3R(2)(f) of the Prospectus Rules. To the best of the knowledge of ERC Equipoise (who have taken all reasonable care to ensure that such is the case), the information in the report, estimates of mineral reserves and resources contained therein, as well as references to them, and statements and information attributed to them or extracted from their report are in accordance with the facts and contain no omission likely to affect the import of such information.

14.2 PricewaterhouseCoopers LLP has given and not withdrawn its written consent to the inclusion in this document of its reports set out in Section A of Part XII – Historical Financial Information on MOUK, Section A of Part XIII – Historical Financial Information on MOWOS and Section B of Part IX – Unaudited Pro Forma Financial Information for the Enlarged Group in the form and context in which they appear, and has authorised the contents of its reports for the purpose of Rule 5.5.3R(2)(f) of the Prospectus Rules.
14.3 Hannam has given and not withdrawn its written consent to the issue of this document with the inclusion of the references herein to its name in the form and context in which they appear.
14.4 Cantor Fitzgerald has given and not withdrawn its written consent to the issue of this document with the inclusion of the references herein to its name in the form and context in which they appear.
14.5 Whitman Howard has given and not withdrawn its written consent to the issue of this document with the inclusion of the references herein to its name in the form and context in which they appear.

15. Documents available for inspection

15.1 Copies of the following documents may be inspected at the registered office of the Company at Cooley (UK) LLP, Dashwood, 69 Old Broad Street, London EC2M 1QS during usual business hours on any day (except Saturdays, Sundays and public holidays) for a period of 12 months following Admission:
(a) the Memorandum and Articles of the Company;
(b) the consent letters referred to in "Consents" in paragraph 14 of this Part XIX – Additional Information of this document;
(c) the report of PricewaterhouseCoopers LLP, which is set out in Section B of Part IX – Unaudited Pro Forma Financial Information for the Enlarged Group of this document;
(d) the report of PricewaterhouseCoopers LLP, which is set out in Section A of Part XII – Historical Financial Information on MOUK of this document;
(e) the report of PricewaterhouseCoopers LLP, which is set out in Section A of Part XIII – Historical Financial Information on MOWOS of this document;
(f) the documents referred to in Part XXII Documents incorporated by reference; and
(g) this document.
15.2 In addition, this document will be published in electronic form and be available on the Company's website at www.rockroseenergy.com, subject to certain access restrictions applicable to persons located or resident outside the United Kingdom.

Date: 19 July 2019

PART XX

GLOSSARY

"1P" Proved.

"2P" Proved + Probable.

"3P" Proved + Probable + Possible

"ABEX" abandonment expenditure.

"bbl" when referenced to water = to 1 barrel.

"bbl" per barrel

when referenced to oil in Nelson, this is a pipeline barrel per

day in Nelson assumed at 0.953 stb/pipeline bbl

"bbl/d" when referenced to water = to 1 barrel per day

when referenced to oil in Nelson, this is a pipeline barrel per

day in Nelson assumed at 0.953 stb/pipeline bbl

"bcm" billion cubic meters

"bd" barrel per day

"boe" barrels of oil equivalent

"Bscf" thousands of millions of standard cubic feet

"CAPEX" capital expenditure

"CoP" cessation of production

"CPI" computer processed interpretation log#

"DCA" decline curve analysis

"Eg" gas expansion factor

"ESP" electric submersible pumps

"FDP" field development plan

"FLE" field life extension

"FPS" forties pipeline system

"FPSO" floating production and storage unit

"GIIP" gas initially in place

"GOR" means gas oil ratio

"km" means kilometres

"LNG" liquefied natural gas

"M" or "MM" thousands and millions respectively

"m3/yr" cubic meter per year

"mb/d" million barrels per day

"ftTVDSS" feet subsea

"mTVDSS" metres subsea

"NPV" net present value

"OPEX" operating cost

"rb" reservoir barrels

"rcf" cubic feet at reservoir conditions

"scf" means standard cubic feet measured at 14.7 pounds per

square inch and 60 degrees fahrenheit

"scf/d" standard cubic feet per day

"ss" sub-sea

"stb" 42 US gallons measured at 14.7 pounds per square inch and

60 degrees fahrenheit

"stb/d" stock tank barrels per day

"STOIIP" stock tank oil initially in place

"STOIIP" means stock tank oil initially in place

"TD" total depth

"TVD" true vertical depth

"TVDSS" means true vertical depth sub-sea

"V Model" 2D simulation model

"WGR" water gas ratio

"WOR" water oil ratio

PART XXI

DEFINITIONS

The following definitions apply throughout this document (unless the context requires otherwise):

"Acquisitions" the Sojitz Acquisition, the Egerton Acquisition and the

Idemitsu UK Acquisition.

"Admission" admission of the Ordinary Shares to Standard Listing and to

trading on the Main Market of the London Stock Exchange

becoming effective.

"AIM" AIM, the market of that name operated by the London Stock

Exchange.

"Arran Acquisition" the acquisition of 30.43% of interest in blocks, 23/11a, 23/16b

and 23/16c, which contain the Arran field in the UK Central North Sea, pursuant to the terms of the Arran Acquisition

Agreement.

"Arran Acquisition Agreement" the sale and purchase agreement between RockRose

UKCS4 Limited and the Arran Seller dated 8 August 2018

relating to the Arran Acquisition.

"Arran Seller" Dana Petroleum (E&P) Limited, a company incorporated in

England and Wales with registered number 02294746.

"Arunvill" Arunvill Capital Limited.

"Articles" the articles of association of the Company in force from time

to time.

"Audit Committee" a committee of directors of the Company, details of which

appear in Part VIII – The Board, the Senior Managers and

Corporate Governance of this document.

"Board" the board of directors of the Company.

"BP" British Petroleum Exploration Operating Company Ltd

"Business Day" days (not being a Saturday, Sunday or public holiday) on

which the banks are generally open for business in London,

UK.

"Cantor Fitzgerald" Cantor Fitzgerald Europe.

"certificated" or "in certificated

form"

in relation to a share, warrant or other security, a share, warrant or other security, title to which is recorded in the

relevant register of the share, warrant or other security concerned as being held in certificated form (that is, not in

CREST).

"change of control" the acquisition of Control of the Company by any person or

party (or by any group of persons or parties who are acting in

concert).

"Companies Act" the UK Companies Act 2006.

"Company" or "RockRose" RockRose Energy plc, a company incorporated in England and Wales with registered number 09665181.

"Competent Person's Report" the report prepared by ERC Equipoise.

"Control" (i) the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to: (a) cast, or control the casting of, more than 50%, of the maximum number of votes that might be cast at a general meeting of the Company; or (b) appoint or remove all, or the majority, of the Directors or other equivalent officers of the Company; or (c) give directions with respect to the operating and financial policies of the Company with which the Directors or other equivalent officers of the Company are obliged to comply; and/or (ii) the holding beneficially of more than 50%, of the issued shares of the Company (excluding any issued shares that carry no right to participate beyond a specified amount in a distribution of either profits or capital), but excluding in the case of each of (i) and (ii) above any such power or holding that arises as a result of the issue of Ordinary Shares by the Company in connection with further acquisitions.

"CREST" the paperless settlement system operated by Euroclear enabling securities to be evidenced otherwise than by certificates and transferred otherwise than by written instruments.

"CREST Regulations" the Uncertificated Securities Regulations 2001 (SI 2001

No. 3755).

"DB Scheme" the defined benefit pension scheme operated by the Group for former employees of the Marathon Group.

"DC Scheme" the defined contribution pension scheme operated by the Group for employees and former employees.

"Directors" or "Board" the directors of the Company, whose names appear in Part VIII – The Board, the Senior Managers and Corporate Governance of this document, or the board of directors from time to time of the Company, as the context requires, and "Director" is to be construed accordingly.

"Disclosure Guidance and Transparency Rules" or "DTRs" the disclosure guidance and transparency rules of the FCA made in accordance with section 73A of FSMA.

"DRD" decommissioning relief deeds.

"DSA" decommissioning security agreement.

"Dyas" Dyas B.V., a private limited company duly incorporated and validly existing under the laws of the Netherlands registered in the trade register under number 30108055.

"Dyas Acquisition" the acquisition of the entire issued share capital of the Dyas Group by RockRose Energy (NL) B.V. from the Dyas Seller pursuant to the terms of the Dyas Acquisition Agreement.

"Dyas Acquisition Agreement" the sale and purchase agreement between RockRose

Energy (NL) B.V., the Company and the Dyas Seller dated

24 May 2018 relating to the Dyas Acquisition.

"Dyas Group" Dyas and its subsidiary Dyas Infrastructure B.V.

"Dyas Seller" SHV Nederland B.V., a private limited company duly

incorporated and validly existing under the laws of the Netherlands registered in the trade register under

number 30048815.

"EBN" Energie Beheer Nederland.

"EEA" or "European Economic

Area"

the EU, Iceland, Norway and Liechtenstein.

"EEA States" the member states of the EU and the European Economic

Area, and each, an "EEA State".

"Egerton" Egerton Energy Ventures Limited, a company incorporated in

England and Wales with company number 08724360.

"Egerton Acquisition" the acquisition of the entire issued share capital of Egerton by

the Company from the Egerton Sellers.

"Egerton Sellers" Arunvill and John McKeown.

"EHS" environmental and health and safety.

"Enlarged Group" the enlarged group following the completion of the Marathon

Acquisition, comprising the Group and the Marathon Group.

"ERC Equipoise" or "ERCE" ERC Equipoise Limited.

"EU" the Member States of the European Union.

"Euroclear" Euroclear UK & Ireland Limited.

"Executive Team" Andrew Austin and the Senior Managers.

"Existing Issued Share Capital" the current Ordinary Shares.

"FCA" the United Kingdom Financial Conduct Authority.

"Financial Adviser and Joint

Broker"

Hannam, acting in its capacity as financial adviser and joint

broker to the Company.

"FLE" field life extension.

"FSMA" the UK Financial Services and Markets Act 2000.

"general meeting" a meeting of the Shareholders of the Company or a class of

Shareholders of the Company (as the context requires).

"Golar" Golar-Nor (UK) Limited.

"Group" the Company and its subsidiaries, from time to time.

"Hannam" H&P Advisory Limited.

"Health, Safety, Security and Environmental Committee"

a committee of directors of the Company, details of which appear in Part VIII – The Board, the Senior Managers and

Corporate Governance of this document.

"HSE" the Health & Safety Executive.

"IASB" International Accounting Standards Board.

"Idemitsu Group" Idemitsu Kosen Co., Limited.

"Idemitsu UK" Idemitsu Petroleum UK Limited.

"Idemitsu UK Acquisition" the Company's acquisition of the entire issued share capital

of Idemitsu UK from Idemitsu Group pursuant to the terms of

the Idemitsu UK Acquisition Agreement.

"Idemitsu UK Acquisition

Agreement"

the sale and purchase agreement between the Company, and Idemitsu Group dated 17 October 2017 relating to the

Idemitsu UK Acquisition.

"IEA" International Energy Agency.

"IFRS" International Financial Reporting Standards, as adopted in

the EU.

"Initial Admission" admission of the Ordinary Shares to Standard Listing and to

trading on the Main Market of the London Stock Exchange on

13 January 2016.

"ISA" individual savings account.

"ISIN" International Securities Identification Number.

"Joint Brokers" Whitman Howard and Cantor Fitzgerald, acting in their

respective capacities as joint brokers to the Company.

"Listing Rules" the listing rules made by the FCA under section 73A of FSMA.

"London Stock Exchange" London Stock Exchange plc.

"Main Market" the main market for listed securities for the London Stock

Exchange.

"Marathon" Marathon Oil Corporation, MOHL and MIOH.

"Marathon Acquisition" the Company's acquisition of (i) the entire membership

interest in MOUK from MOHL and (ii) the entire issued share capital of MOWOS from MIOH pursuant to the terms of the MOUK Acquisition Agreement and the MOWOS Acquisition Agreement, respectively, which completed on 1 July 2019.

"Marathon Acquisition

Agreement"

the MOUK Acquisition Agreement and the MOWOS

Acquisition Agreement.

"Marathon Group" MOUK, MOWOS and their respective subsidiaries.

"Market Abuse Regulation" the Market Abuse Regulation (EU 596/2014).

"MEA" the Dutch Ministry of Economic Affairs.

"Memorandum" the memorandum of association of the Company in force

from time to time.

"MER UK Strategy" the UK Government's "Maximising Economic Strategy for the

UK".

"MIOH" Marathon International Oil Holdings LLC, a company

incorporated in Delaware, United States with registered

number 3735610.

"Mining Act" the Mining Act 2003.

"MOHL" Marathon Oil Holdings UK Limited, a company incorporated

in England and Wales with registered number 07450346.

"MOUK" Marathon Oil U.K. LLC, a company incorporated in Delaware,

United States with registered number 0822875 (now

RockRose UKCS8 LLC).

"MOWOS" Marathon Oil West of Shetlands Limited, a company

incorporated in England and Wales with registered number

04105025 (now RockRose UKCS10 Limited).

"MSGB" Marathon Service (G.B.) Limited, a company incorporated in

England and Wales with registered number 1293052 (now

RockRose UKCS9 Limited).

"Nomination Committee" a committee of directors of the Company, details of which

appear in Part VIII – The Board, the Senior Managers and

Corporate Governance of this document.

"NTS" National Transmission System.

"Official List" the official list maintained by the FCA.

"OGA" the UK Oil and Gas Authority.

"Ordinary Shares" the ordinary shares of nominal value of 20 pence each in the

capital of the Company.

"Overseas Shareholders" Shareholders residing in, or subject to, any jurisdiction

outside the UK.

"partners" designated operator on behalf of interest holders.

"Premium Listing" a listing on the premium listing segment of the Official List

under Chapter 6 of the Listing Rules.

"Prospectus Directive" Directive 2003/71/EC of the European Parliament and of the

Council on the prospectus to be published when securities

are offered to the public or admitted to trading.

"Prospectus Directive

Regulation" or "PD Regulation

EU Prospectus Directive Regulation (2004/809/EC).

"Prospectus Rules" the prospectus rules of the FCA made in accordance with

section 73A of FSMA.

"PRT" Petroleum Revenue Tax.

"Registrar" Link Asset Services or any other registrar appointed by the

Company from time to time.

"Registrar Agreement" the registrar agreement dated 8 January 2016 between the

Company and the Registrar details of which are set out in

Part XIX – Additional Information of this document.

"Regulation S" Regulation S promulgated under the US Securities Act.

"Remuneration Committee" a committee of directors of the Company, details of which

appear in Part VIII – The Board, the Senior Managers and

Corporate Governance of this document.

"Repurchase Agreement" the repurchase agreement entered into between the

Company and Cantor Fitzgerald on 23 October 2018 details of which are set out in Part XIX – Additional Information of

this document.

"Reverse Takeover" a reverse takeover as defined in the Listing Rules.

"RFCT" Ring Fence Corporation Tax.

"Risk and Disclosure

Committee"

a committee of directors of the Company, details of which appear in Part VIII – The Board, the Senior Managers and

Corporate Governance of this document.

"RockRose UKCS8" RockRose UKCS8 LLC, a company incorporated in

Delaware, United States with registered number 0822875, which was referred to as MOUK prior to the completion of the

Marathon Acquisition.

"RockRose UKCS9" RockRose UKCS9 Ltd, a company incorporated in England

and Wales with registered number 1293052, which was referred to as MSGB prior to the completion of the Marathon

Acquisition.

"RockRose UKCS10" RockRose UKCS10 Ltd, a company incorporated in England

and Wales with registered number 04105025, which was referred to as MOWOS prior to the completion of the

Marathon Acquisition.

"SC" Supplementary Charge.

"SEGAL" Shell Esso Gas and Associated Liquids.

"SDRT" Stamp Duty Reserve Tax.

"Secondary Field Interests" the Balmoral, Stirling, Beauly and Burghley fields.

"Securities Act" the US Securities Act of 1933.

"SEDOL" Stock Exchange Daily Official List.

"Senior Managers" the senior management team of the Company, whose names

appear in Part VIII – The Board, the Senior Managers and Corporate Governance of this document, and "Senior

Manager" is to be construed accordingly.

"Share Buy-back" the Company's share buy-back of 2,923,240 Ordinary Shares

for a cash payment of US\$22 million (£16.4 million) on

22 November 2018 following the Tender Offer.

"Share Dealing Code" the Company's policy on directors', senior managers' and

employees' dealings in securities.

"Shareholder" a holder of Ordinary Shares.

"Shareholder Distribution" the shareholder distribution of £1.50 per B Share on

16 February 2018 following the redemption of the B Shares at

£1.50 on 15 February 2018.

"Share Option Plan" the Company's non-tax advantaged share option plan.

"SIPP" Self-Invested Personal Pension.

"Sojitz" Sojitz Energy Project Limited, a company incorporated in

England and Wales with company number 04620801.

"Sojitz Acquisition" the acquisition of the entire issued share capital of Sojitz by

the Company.

"Sojitz Sellers" Sojitz Corporation and Sojitz Europe plc.

"SPS" the State Profit Share.

"SSM" the State Supervision of Mines.

"Standard Listing" a standard listing under Chapter 14 of the Listing Rules.

"TAQA Bratani" TAQA Bratani Limited.

"Takeover Code" the City Code on Takeovers and Mergers.

"Takeover Panel" the UK Panel on Takeovers and Mergers.

"Tender Offer" the Company's proposal to purchase up to 3,072,062

Ordinary Shares of the Company through a tender offer at a

price of 560 pence per Ordinary Share.

"TIDM" Tradeable Instrument Display Mnemonic.

"UK Corporate Governance

Code"

the UK Corporate Governance Code issued by the UK

Financial Reporting Council.

"UK Holders" holders of Ordinary Shares who are resident, and in the case

of individuals, domiciled, solely in the United Kingdom for UK

tax purposes.

"uncertificated" or

"uncertificated form"

in relation to a share or other security, a share or other security, title to which is recorded in the relevant register of the share or other security concerned as being held in

uncertificated form (that is, in CREST) and title to which may

be transferred by using CREST.

"United Kingdom" or "UK" the United Kingdom of Great Britain and Northern Ireland.

"United States" or "US" the United States of America.

"Whitman Howard" Whitman Howard Limited.

References to a "company" in this document shall be construed so as to include any company, corporation or other body corporate, wherever and however incorporated or established.

All references to legislation in this document are to the legislation of England and Wales unless the contrary is indicated. Any reference to any provision of any legislation shall include any amendment, modification, re-enactment or extension thereof. Words importing the singular shall include the plural and vice versa, and words importing the masculine gender shall include the feminine or neutral gender.

For the purpose of this document, "subsidiary" and "subsidiary undertaking" have the meanings given by the Companies Act.

PART XXII

DOCUMENTS INCORPORATED BY REFERENCE

The Company's annual report and accounts for the period from financial years ended 31 December 2018, 31 December 2017 and for the 18 month period ended 31 December 2016 and unaudited interim reports for the periods ended 30 June 2018, 30 June 2017 and 30 June 2016 contain information which is relevant to Admission. These documents are available on the Company's website at https://www.rockroseenergy.com/investor-relations/reports/.

The table below sets out the various sections of the documents which are incorporated by reference into this document so as to provide the information required under the Prospectus Rules and to ensure that Shareholders and others are aware of all information which, according to the particular nature of Company and of the Ordinary Shares, is necessary to enable Shareholders and others to make an informed assessment of the assets and liabilities, financial position, profit and losses and prospects of the Company.

Any non-incorporated parts of the documents are either not relevant for the purposes of Admission or the relevant information is included elsewhere in this document. Any documents themselves incorporated by reference or referred or cross-referred to in the documents referred to below shall not form part of this document.

Document	Section	Page	Section in this numbers document
Annual Report for	Strategic Report and Remuneration Report	2-8	Part XI –
the period ended	Directors' Report	9-11	Historical
31 December 2018	Independent Auditors' Report	12-13	Financial
	Consolidated income statement and		Information of
	statement of comprehensive income	14	the Company
	Consolidated statement of financial position	15
	Company statement of financial position	16
	Consolidated statement of changes in equity	17
	Company statement of changes in equity	18
	Consolidated statement of cash flows	19
	Company statement of cash flows	20
	Notes to the financial statements	21-34
Interim Report for	Chairman's statement	1
the six months	Condensed consolidated interim
ended 30 June 2018	statement of comprehensive income	5
	Condensed consolidated interim
	statement of financial position Condensed consolidated interim	6
	statement of changes in equity	7
	Condensed consolidated interim
	statement of cash flows	7-8
	Notes to the condensed consolidated
	interim financial statements	8-13

		Page	Section in this
Document	Section		numbers document
Annual Report for	Strategic Report	3
the period ended	Remuneration Report	6
31 December 2017	Directors' Report	12
	Independent Auditors' Report	19
	Consolidated income statement and
	statement of comprehensive income	25
	Consolidated statement of financial position	26
	Company statement of financial position	27
	Consolidated statement of changes in equity	28
	Company statement of changes in equity	29
	Consolidated statement of cash flows Company statement of cash flows	30 31
	Notes to the financial statements	32
Interim Report for	Chairman's statement	1
the six months	Condensed consolidated interim
ended 30 June 2017	statement of comprehensive income	2
	Condensed consolidated interim
	statement of financial position	3
	Condensed consolidated interim
	statement of changes in equity	4
	Condensed consolidated interim
	statement of cash flows	5
	Notes to the condensed consolidated
	interim financial statements	6-10
Annual Report for	Strategic Report	3
the 18 month period	Remuneration Report	8
ended 31 December	Directors' Report	15
2016	Statement of Directors' Responsibilities
	in respect of the Financial Statements	20
	Independent Auditors' Report	21
	Consolidated income statement and
	statement of comprehensive income	27
	Consolidated statement of financial position	28
	Company statement of financial position	29
	Consolidated statement of changes in equity	30
	Company statement of changes in equity	31
	Consolidated statement of cash flows	32
	Company statement of cash flows	34
Interim Report for	Notes to the financial statements Chairman's statement	35 2
the six months	Condensed interim statement of
ended 30 June 2016	comprehensive income	4
	Condensed interim statement of financial
	position	4-5
	Condensed interim statement of changes
	in equity	5-6
	Condensed interim statement of cash flows	6
	Notes to the consolidated interim
	financial statements	7-12

PART XXIII

COMPETENT PERSON'S REPORT

The Marathon Acquisition constitutes a Reverse Takeover. Consequently, the Company is required to produce a prospectus in connection with Admission and by paragraphs 131 to 133 of the European Securities and Markets Authority (ESMA) update of the Committee of European Securities Regulators (CESR) recommendations in respect of the consistent implementation of Commission Regulation (EC) No 809/2004 implementing the Prospectus Directive to include an independent mineral expert report in this document on the licence interests of the Group along with a glossary of the technical terms used in the mineral expert's report. The Company commissioned ERC Equipoise to prepare the independent expert report (referred to as the Competent Person's Report), which is set out in full below.

	ERC Equipoise report	T-1
--	----------------------	-----	--

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ZĞ͗ǀĂůƵĂƚŝŽŶŽĨ ĞƌƚĂŝŶƐƐĞƚƐ,ĞůĚ ďLJ ZŽĐŬZŽƐĞŶĞƌŐLJƉůĐ

/Ŷ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚ LJŽƵƌ ŝŶƐƚƌƵĐƚŝŽŶƐ͕Z ƋƵŝƉŽŝƐĞ>ƚĚ;͞Z͟ͿŚĂƐ ƉƌĞƉĂƌĞĚ Ă ŽŵƉĞƚĞŶƚWĞƌƐŽŶ͛Ɛ ZĞƉŽƌƚ ;͞WZ͟Ϳ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƵƌŽƉĞĂŶ ^ĞĐƵƌŝƚŝĞƐ ĂŶĚ DĂƌŬĞƚ ƵƚŚŽƌŝƚLJ ;͞^D͟Ϳ ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌKŝů ĂŶĚ'ĂƐ ŽŵƉĂŶŝĞƐ ĂƐ ƐĞƚ ŽƵƚ ŝŶ ƉĂƌĂŐƌĂƉŚƐ ϭϯϭ ƚŽ ϭϯϯĂŶĚƉƉĞŶĚŝdž/ĂŶĚ /// ŽĨƚŚĞ ^D ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐ͘ ĐĐŽƌĚŝŶŐůLJ͕ Z ŚĂƐ ƌĞǀŝĞǁĞĚ ƚŚĞ ZĞƐĞƌǀĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ĐĞƌƚĂŝŶ Žŝů͕ŐĂƐ ĂŶĚ ĐŽŶĚĞŶƐĂƚĞ ĨŝĞůĚƐ͕ŽĨĨƐŚŽƌĞh<ĂŶĚEĞƚŚĞƌůĂŶĚƐ͕ŝŶǁŚŝĐŚ ZŽĐŬZŽƐĞ ŶĞƌŐLJ ƉůĐ ;͞ZŽĐŬZŽƐĞ͟Ϳ ŚĂƐ Ă ǁŽƌŬŝŶŐ ŝŶƚĞƌĞƐƚ͘ dŚĞ ZĞƐĞƌǀĞƐ ŝŶ ƚŚŝƐ ƌĞƉŽƌƚ ŚĂǀĞ ďĞĞŶ ĐĂůĐƵůĂƚĞĚ ƵƐŝŶŐ ĂŶ ĞĨĨĞĐƚŝǀĞ ĚĂƚĞ ŽĨϯϭDĂƌĐŚ ϮϬϭϵĂŶĚ ĂƌĞďĂƐĞĚ ŽŶ ĚĂƚĂŵĂĚĞ ĂǀĂŝůĂďůĞ ƵƉ ƵŶƚŝů ϮϬDĂLJ ϮϬϭϵ͘ Z ŝƐ ŶŽƚ ĂǁĂƌĞ ŽĨĂŶLJŵĂƚĞƌŝĂů ĐŚĂŶŐĞ ŝŶ ƚŚĞ ƐƚĂƚƵƐ ŽĨƚŚĞ ZŽĐŬZŽƐĞ ĂƐƐĞƚƐ ŝŶ ƚŚĞ ƉĞƌŝŽĚďĞƚǁĞĞŶ ƚŚĞ ƌĞĐĞŝƉƚ ŽĨƚŚĞ ĚĂƚĂ ĂŶĚ ϮϬDĂLJ ϮϬϭϵ͘dŚŝƐ ƌĞƉŽƌƚ ƌĞůĂƚĞƐ ƐƉĞĐŝĨŝĐĂůůLJ ĂŶĚ ƐŽůĞůLJ ƚŽ ƚŚĞ ƐƵďũĞĐƚŵĂƚƚĞƌ ĂƐ ĚĞĨŝŶĞĚ ŝŶ ƚŚĞ ƐĐŽƉĞ ŽĨǁŽƌŬ͕ĂƐ ƐĞƚ ŽƵƚ ŚĞƌĞŝŶ͕ĂŶĚ ŝƐ ĐŽŶĚŝƚŝŽŶĂů ƵƉŽŶ ƚŚĞ ƐƉĞĐŝĨŝĞĚ ĂƐƐƵŵƉƚŝŽŶƐ͘ /ƚŵƵƐƚďĞ ĐŽŶƐŝĚĞƌĞĚ ŝŶ ŝƚƐ ĞŶƚŝƌĞƚLJ͘

Z ŚĂƐ ĐĂƌƌŝĞĚ ŽƵƚ ƚŚŝƐ ǁŽƌŬƵƐŝŶŐ ^WͬtWͬW'ͬ^Wͬ^'ͬ^Wt>ͬ' WĞƚƌŽůĞƵŵZĞƐĞƌǀĞƐ ĂŶĚ ZĞƐŽƵƌĐĞƐ ůĂƐƐŝĨŝĐĂƚŝŽŶ^LJƐƚĞŵĂŶĚĞĨŝŶŝƚŝŽŶƐ͕ĂƐƌĞǀŝƐĞĚ ŝŶ:ƵŶĞ ϮϬϭϴ;͞WZD^͟Ϳ͕ĂƐƚŚĞ ƐƚĂŶĚĂƌĚ ĨŽƌ ĐůĂƐƐŝĨŝĐĂƚŝŽŶ ĂŶĚ ƌĞƉŽƌƚŝŶŐ͘dŚĞĨƵůů ƚĞdžƚ ŽĨƚŚĞWZD^ĚŽĐƵŵĞŶƚ ĐĂŶďĞǀŝĞǁĞĚ Ăƚ͗

ŚƚƚƉƐ͗ͬͬƐĞĐƵƌĞ͘ƐƉĞĞ͘ŽƌŐͬƐŝƚĞƐͬƐƉĞĞ͘ŽƌŐͬĨŝůĞƐͬƉƌŵŐŵƚƐLJƐƚĞŵͺĨŝŶĂůͺϮϬϭϴ͘ƉĚĨ

EŽŵĞŶĐůĂƚƵƌĞ ƚŚĂƚŵĂLJďĞ ƵƐĞĚ ŝŶ ƚŚŝƐ ůĞƚƚĞƌ ĂŶĚ ƚŚĞ ĞŶĐůŽƐĞĚ ƌĞƉŽƌƚ ŝƐ ƐƵŵŵĂƌŝƐĞĚ ŝŶ^ĞĐƚŝŽŶ Ϯϯ͘

Z ŚĂƐ ƵƐĞĚ ƐƚĂŶĚĂƌĚ ƉĞƚƌŽůĞƵŵĞǀĂůƵĂƚŝŽŶ ƚĞĐŚŶŝƋƵĞƐŝŶ ƚŚĞ ŐĞŶĞƌĂƚŝŽŶ ŽĨƚŚĞ ĞŶĐůŽƐĞĚ WZ͘dŚĞƐĞ ƚĞĐŚŶŝƋƵĞƐ ĐŽŵďŝŶĞ ŐĞŽƉŚLJƐŝĐĂů ĂŶĚ ŐĞŽůŽŐŝĐĂů ŬŶŽǁůĞĚŐĞ ǁŝƚŚ ĂƐƐĞƐƐŵĞŶƚƐ ŽĨ ƉŽƌŽƐŝƚLJ ĂŶĚ ƉĞƌŵĞĂďŝůŝƚLJ ĚŝƐƚƌŝďƵƚŝŽŶƐ͕ ĨůƵŝĚ ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͕ ƉƌŽĚƵĐƚŝŽŶ ƉĞƌĨŽƌŵĂŶĐĞ ĂŶĚ ƌĞƐĞƌǀŽŝƌ ƉƌĞƐƐƵƌĞ͘ dŚĞƌĞ ŝƐ ƵŶĐĞƌƚĂŝŶƚLJ ŝŶ ƚŚĞŵĞĂƐƵƌĞŵĞŶƚ ĂŶĚ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ŽĨďĂƐŝĐ ĚĂƚĂ͘ Z ŚĂƐ ĞƐƚŝŵĂƚĞĚ ƚŚĞ ĚĞŐƌĞĞ ŽĨƚŚŝƐ ƵŶĐĞƌƚĂŝŶƚLJ ĂŶĚ ĚĞƚĞƌŵŝŶĞĚ ƚŚĞ ƌĂŶŐĞ ŽĨƌĞĐŽǀĞƌĂďůĞ ŚLJĚƌŽĐĂƌďŽŶǀŽůƵŵĞƐ͘

Z ƵŶĚĞƌƐƚĂŶĚƐ ƚŚĂƚ ƚŚŝƐ WZ ŚĂƐďĞĞŶ ƉƌĞƉĂƌĞĚĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞƐ ŽĨďĞŝŶŐ ŝŶĐůƵĚĞĚ͕ŝŶ ŝƚƐ ĞŶƚŝƌĞƚLJ͕ ŝŶ ƚŚĞŽĐƵŵĞŶƚ ƉƌĞƉĂƌĞĚďLJ ZŽĐŬZŽƐĞ ŝŶ ƌĞůĂƚŝŽŶ ƚŽ ƚŚĞ ĂĚŵŝƐƐŝŽŶ ŽĨƚŚĞ ĞŶƚŝƌĞ ŝƐƐƵĞĚ ƐŚĂƌĞ ĐĂƉŝƚĂů ŽĨZŽĐŬZŽƐĞ ƚŽ ƚŚĞ ƐƚĂŶĚĂƌĚ ůŝƐƚŝŶŐ ƐĞŐŵĞŶƚ ŽĨƚŚĞKĨĨŝĐŝĂů>ŝƐƚ ŽĨƚŚĞ&ŝŶĂŶĐŝĂů ŽŶĚƵĐƚƵƚŚŽƌŝƚLJ ĂŶĚ ƚŚĞŵĂŝŶŵĂƌŬĞƚĨŽƌ ůŝƐƚĞĚ ƐĞĐƵƌŝƚŝĞƐ ŽĨƚŚĞ>ŽŶĚŽŶ^ƚŽĐŬdžĐŚĂŶŐĞ ƉůĐ͕ĂŶĚ ŚĞƌĞďLJ ĐŽŶƐĞŶƚƐ ƚŽ ƚŚĞ ŝŶĐůƵƐŝŽŶ ŽĨƚŚŝƐ WZ ŝŶ ƚŚĂƚ ĚŽĐƵŵĞŶƚ ĂŶĚ ĂůƐŽ ƚŽ ƵƐŝŶŐ ƌĞĨĞƌĞŶĐĞƐ ƚŽ ƚŚĞ WZ ŝŶ ĂŶLJ ŽƚŚĞƌ ĂƉƉůŝĐĂďůĞ ĚŝƐĐůŽƐƵƌĞ ĚŽĐƵŵĞŶƚ͘ dŚŝƐ WZ ŵĂLJ ŶŽƚ ďĞ ƵƐĞĚ ĨŽƌ ĂŶLJ ŽƚŚĞƌ ƉƵƌƉŽƐĞ ǁŝƚŚŽƵƚ ƚŚĞ ƉƌŝŽƌ ǁƌŝƚƚĞŶ ĂƉƉƌŽǀĂů ŽĨĂŝƌĞĐƚŽƌ ŽĨZ͘

>ŝĐĞŶĐĞ/ŶƚĞƌĞƐƚƐ

ZŽĐŬZŽƐĞ͛ƐůŝĐĞŶƐĞŝŶƚĞƌĞƐƚƐĨŽƌƚŚĞŝŶĐůƵĚĞĚĨŝĞůĚƐĂƌĞƐƵŵŵĂƌŝƐĞĚŝŶdĂďůĞƐϭĂŶĚϮ͘

dĂďůĞϭ͗^ƵŵŵĂƌLJŽĨ h< >ŝĐĞŶĐĞ/ŶƚĞƌĞƐƚƐŝŶ&ŝĞůĚƐĨŽƌǁŚŝĐŚ ZĞƐĞƌǀĞƐ,ĂǀĞĞĞŶƵĚŝƚĞĚ

&ŝĞůĚ	ŽƵŶƚƌLJ	ůŽĐŬƐ	KƉĞƌĂƚŽƌ	ZZ /ŶƚĞƌĞƐƚ	WĂƌƚŶĞƌƐ	^ƚĂƚƵƐ
EĞůƐŽŶ	h<	ϮϮͬϭϭĂ͕ϮϮͬϲƐ͕ϮϮͬϳĂ͕ϮϮͬϭϮĂ	^ŚĞůů	ϳ͘ϰϴй	^ŚĞůů;ϱϴ͘ϭϭйͿ͕ƐƐŽ;Ϯϭ͘ϮϯйͿ͕ ƉĂĐŚĞ;ϭϭ͘ϱϯйͿ͕WƌĞŵŝĞƌ ;ϭ͘ϲϲйͿ	WƌŽĚ͘Kŝů
,ŽǁĞ	h<	ϮϮͬϭϮĐ	^ŚĞůů	ϮϬ͘ϬϬй	^ŚĞůů;ϲϬйͿ͕ƌŝĚŐĞ;ϮϬйͿ	WƌŽĚ͘Kŝů
ůĂŬĞ	h<	ϭϯͬϮϰď͕ϭϯͬϮϰĂ͕ϭϯͬϮϵď	ZĞƉƐŽů ^ŝŶŽƉĞĐ	ϯϬ͘ϴϮй	ZĞƉƐŽů^ŝŶŽƉĞĐ;ϲϵ͘ϭϴйͿ	WƌŽĚ͘Kŝů
ZŽƐƐ	h<	ϭϯͬϮϵĂ͕ϭϯͬϮϵď͕ϭϯͬϮϴĂ͕ϭϯͬϮϴĐ	ZĞƉƐŽů ^ŝŶŽƉĞĐ	ϯϬ͘ϴϮй	ZĞƉƐŽů^ŝŶŽƉĞĐ;ϲϵ͘ϭϴйͿ	WƌŽĚ͘Kŝů
ĞĂƵůLJ	h<	ϭϲͬϮϭĐ	ZĞƉƐŽů ^ŝŶŽƉĞĐ	ϰϬ͘ϬϬй	ZĞƉƐŽů^ŝŶŽƉĞĐ;ϲϬйͿ	WƌŽĚ͘Kŝů
ƵƌŐŚůĞLJ	h<	ϭϲͬϮϮĂ	ZĞƉƐŽů ^ŝŶŽƉĞĐ	ϰϭ͘ϭϬй	ZĞƉƐŽů^ŝŶŽƉĞĐ;ϯϲ͘ϵϴйͿ͕:y EŝƉƉŽŶ;Ϯϭ͘ϵϮйͿ	WƌŽĚ͘Kŝů
dŽƌƐ	h<	ϰϯͬϮϮĂ͕ ϰϮͬϮϱĂ͕ ϰϯͬϮϭĂ	ůƉŚĂ WĞƚƌŽůĞƵŵ	ϭϱ͘ϬϬй	ůƉŚĂWĞƚƌŽůĞƵŵ;ϭϳйͿ͕ĚŝƐŽŶ ;ϲϴйͿ	WƌŽĚ͘'ĂƐ
'ƌŽǀĞ	h<	ϰϵͬϭϬĂ͕ ϰϵͬϵĐ	^ƉŝƌŝƚŶĞƌŐLJ	ϭϱ͘ϬϬй	^ƉŝƌŝƚŶĞƌŐLJ;ϴϱйͿ	WƌŽĚ͘'ĂƐ
ƌƌĂŶ	h<	ϮϯͬϭϭĂ͕ϮϯͬϭϭĐ͕Ϯϯͬϭϲď͕ϮϯͬϭϲĐ	^ŚĞůů	ϯϬ͘ϰϯй	^ŚĞůů;ϰϰ͘ϱϳйͿ͕ KEͲz^;ϮϱйͿ	'ĂƐͲĐŽŶĚĞŶƐĂƚĞ ĚĞǀĞůŽƉŵĞŶƚ
		ϭϲͬϯĂ͕ϭϲͬϳĂ͕ϭϲͬϳď͕ϭϲͬϳĐ	ZŽĐŬZŽƐĞ	ϰϬ͘ϬϬй	dY ;ϰϭ͘ϳйͿ͕^ƉŝƌŝƚŶĞƌŐLJ;ϴйͿ͕ :yEŝƉƉŽŶ;ϲ͘ϯйͿ͕ dY >E^;ϰйͿ
		ϭϲͬϯď͕ϭϲͬϯĐ	ZŽĐŬZŽƐĞ	Ϯϲ͘ϬϬй	dY ;ϲϮйͿ͕^ƉŝƌŝƚŶĞƌŐLJ;ϱйͿ͕ :yEŝƉƉŽŶ;ϰйͿ͕ dY >E^;ϯйͿ
'ƌĞĂƚĞƌƌĂĞ ƌĞĂΎ	h<	ϭϲͬϴĚ	ZŽĐŬZŽƐĞ	ϯϬ͘ϬϬй	^ŚĞůů;ϰϭ͘ϭϳйͿ͕ƐƐŽ;Ϯϴ͘ϴϯйͿ	WƌŽĚKŝů͕ 'ĂƐ͕ ŽŶĚĞŶƐĂƚĞE'>
		ϭϲͬϯĂ͕ϭϲͬϯď	ZŽĐŬZŽƐĞ	ϯϲ͘ϴϮй	dY ;ϰϲ͘ϯϬйͿ͕^ƉŝƌŝƚŶĞƌŐLJ ;ϳ͘ϯϮйͿ͕:yEŝƉƉŽŶ;ϱ͘ϳϴйͿ͕ dY >E^;ϯ͘ϳϳйͿ
		ϭϲͬϴĂ͕ϭϲͬϴĚ	^ŚĞůů	Ϭ͘ϵϬй	^ŚĞůů;ϰϵ͘ϳϰйͿ͕ƐƐŽ;ϰϵ͘ϯϳйͿ
&ŽŝŶĂǀĞŶ	h<	ϮϬϰͬϭϵĂ͕ϮϬϰͬϮϬĂ͕ϮϬϰͬϮϰĂ͕ ϮϬϰͬϮϱď	W	Ϯϴ͘ϬϬй	W;ϳϮйͿ	WƌŽĚKŝů
&ŽŝŶĂǀĞŶ ĂƐƚ	h<	ϮϬϰͬϮϰĂ͕ϮϬϰͬϮϱď	W	ϰϳ͘ϬϬй	W;ϰϯйͿ͕ &ĂƌŽĞ;ϭϬйͿ	WƌŽĚKŝů
&ŽŝŶĂǀĞŶ dϮϱͬϯϱ	h<	ϮϬϰͬϮϰĂ	W	ϮϬ͘ϬϬй	W;ϴϬйͿ	WƌŽĚKŝů

Ύ'ƌĞĂƚĞƌƌĂĞĂƌĞĂŚĂƐĐŽŵŵĞƌĐŝĂůĂƌƌĂŶŐĞŵĞŶƚƐƚŚĂƚŵĞĂŶƚŚĞĞĨĨĞĐƚŝǀĞǁŽƌŬŝŶŐŝŶƚĞƌĞƐƚĨŽƌƌĞǀĞŶƵĞĂŶĚĐŽƐƚ ĐĂůĐƵůĂƚŝŽŶƐĂƌĞŶŽƚŶĞĐĞƐƐĂƌŝůLJĞƋƵĂůƚŽƚŚĞůŝĐĞŶƐĞŝŶƚĞƌĞƐƚ͘WůĞĂƐĞƐĞĞ^ĞĐƚŝŽŶϭϬ͘ϭĨŽƌŵŽƌĞĚĞƚĂŝůƐ͘

Table 2: Summary of Netherland Licence Interests in Fields for which Reserves Have Been Audited

Field	Country	Blocks	Operator	RRE Interest	Partners	Status
Hanze	NL	F2a	Dana Petroleum	20%	Dana (45%), ONE-DYAS (35%)	Prod. Oil
P15/18 Rijn	NL	P15	TAQA	45.69%	TAQA (38.27%), ONE-DYAS (14.19%), Wintershall (1.85%)	Prod. Oil
A/B Blocks excl. A15	NL	A12a, A12d, A18a, A18c, B10a, A12b, B10c, B13a, B16a, B13a	Petrogas	14.63%	Petrogas (34.13%), TAQA (3.87%), EBN (47.38%)	Prod. Gas
Bergen Onshore	NL	Bergen Concession	TAQA	12%	TAQA (36%), Dana (12%), EBN (40%)	Prod. Gas
K4/K5	NL	K4b, K5a, K5b	Total	6.98-11.66%	Total (36.31 - 41.8%), EBN (50%), Vermillion (1.22 - 2.04%)	Prod. Gas
PQ excl. Q1B	NL	P6-d, P6-a, P6-b, P6-s, P9a, P9b, P9cef, Q4, Q5d, Q8	Wintershall	5.62-30.60%	Wintershall B.V (29.40 - 61.61%), EBN (20 - 50%), Delta Hydrocarbons B.V (10 - 19.80%)	Prod. Gas

Table 3: Summary Licence Interests for the remaining assets for which decommissioning costs apply

Field	Country	Blocks	Operator	RRE Interest	Partners	Status
Galahad	UK	48/13b, 48/12a	Perenco	27.80%	Perenco (72.2%)	Prod. Gas
Modred	UK	48/12a, 48/12c	Perenco	8.33%	Perenco (91.67%)	Prod. Gas
Seven Seas	UK	48/8a, 48/7c, 48/7g	Spirit	10%	Spirit (90%)	Prod. Gas
Balmoral	UK	16/21a, 16/21b	Premier	6.75%	Premier (78.12%), Repsol Sinopec (15.13%)	Prod. Oil
Stirling	UK	16/21a, 16/21c	Premier	16%	Premier (68.68%), Repsol Sinopec (15.32%)	Prod.Oil
Galley	UK	15/23a	Repsol Sinopec	17.42%	Repsol Sinopec (67.42%), JX Nippon (15.17%)	Shut-in
Hanze Pliocene	UK	F2a	Dana	12%	Dana (27%), ONE-DYAS (21%), EBN (40%)	Prod. Gas
J3C Block	UK	J3b/J6, J3c	Total	1.73%	Total (29.05%), Spirit (4.03%), NAM (15.20%), EBN (50%)	Prod. Gas
Markham	UK	NL: J3b/J6 UK: 49/5a, 49/10b	Spirit	4.43%	Total (22.10%), Spirit Energy (37.53%), INEOS (3.38%), Euroil (3.07%), EBN (29.50%)	Prod. Gas
Q1B	NL	Q4, Q1	Wintershall	2.59%	Wintershall (43.46%), TAQA (9.00%), EBN (40%), Delta Hydrocarbons (4.95%)	Prod. Gas
P15/P18	NL	P15c, P15a, P15b, P18a, P18c	TAQA	0.68-9.71%	TAQA (18.16 - 48.65%), Dana (0.68 - 10.66%), Wintershall (0.65 1.85%), ONE-DYAS (8.38 - 14.19%)	Prod. Gas
F15 AB	NL	F15a, F15d	Total	8.82%	EBN (50%), Total (38.2%), Vermillion (2.97%)	Shut-in
Halfweg	NL	Q1-Q2c	Petrogas	1.14%	Petrogas (45.81%), TAQA (11.45%), EBN (41.6%)	P&A'd. Platform removal complete (GBS remains in place)

ZĞƐĞƌǀĞƐĂŶĚZĞƐŽƵƌĐĞƐ

ZŚĂƐ ĞǀĂůƵĂƚĞĚƚŚĞ ĞĐŽŶŽŵŝĐ ZĞƐĞƌǀĞƐĨŽƌ ƚŚĞĨŝĞůĚƐ͕ ĂƐƐƵŵŝŶŐ ĂŶ ĞĨĨĞĐƚŝǀĞ ĚĂƚĞ ĨŽƌ ŽƵƌ ĐĂƐŚͲĨůŽǁŵŽĚĞůůŝŶŐ ŽĨ ϯϭDĂƌĐŚ ϮϬϭϵ͘ KƵƌ ĞƐƚŝŵĂƚĞƐ ŽĨ ZĞƐĞƌǀĞƐ ĂƌĞ ƐƵŵŵĂƌŝƐĞĚ ďĞůŽǁ͘

dĂďůĞϰ͗ZŽĐŬZŽƐĞZĞƐĞƌǀĞƐ^ƵŵŵĂƌLJ

				'ƌŽƐƐ&ŝĞůĚKŝůĂŶĚ'ĂƐZĞƐĞƌǀĞƐ ĂƐĂƚϯϭͬϬϯͬϮϬϭϵ				ZŽĐŬZŽƐĞ			EĞƚZŽĐŬZŽƐĞKŝůĂŶĚ'ĂƐZĞƐĞƌǀĞƐ ĂƐĂƚϯϭͬϬϯͬϮϬϭϵ					dŽƚĂů&ŝĞůĚEĞƚZĞƐĞƌǀĞƐ ĂƐĂƚϯϭͬϬϯͬϮϬϭϵ
ŽƵŶƚƌLJ	ƐƐĞƚͬ&ŝĞůĚ	ϭW		ϮW		ϯW		tŽƌŬŝŶŐ	ϭW		ϮW		ϯW		ϭW	ϮW	ϯW
		;DDƐƚďͿ >ŝƋƵŝĚƐ	;ƐĐĨͿ 'ĂƐ	;DDƐƚďͿ >ŝƋƵŝĚƐ	;ƐĐĨͿ 'ĂƐ	;DDƐƚďͿ >ŝƋƵŝĚƐ	;ƐĐĨͿ 'ĂƐ	/ŶƚĞƌĞƐƚ ;йͿ	;DDƐƚďͿ >ŝƋƵŝĚƐ	;ƐĐĨͿ 'ĂƐ	;DDƐƚďͿ >ŝƋƵŝĚƐ	;ƐĐĨͿ 'ĂƐ	;DDƐƚďͿ >ŝƋƵŝĚƐ	;ƐĐĨͿ 'ĂƐ		;DDďŽĞͿ ;DDďŽĞͿ ;DDďŽĞͿ
	'ƌŽǀĞ	Ͳ	ϳ͘ϲ	Ͳ	ϵ͘Ϯ	Ͳ	ϭϯ͘ϳ	ϳ͘ϱ	Ͳ	Ϭ͘ϲ	Ͳ	Ϭ͘ϳ	Ͳ	ϭ͘Ϭ	Ϭ͘ϭ	Ϭ͘ϭ	Ϭ͘Ϯ
	dŽƌƐ	Ͳ	ϭϳ͘ϵ	Ͳ	Ϯϰ͘ϰ	Ͳ	ϯϭ͘Ϭ	ϭϱ͘Ϭ	Ͳ	Ϯ͘ϳ	Ͳ	ϯ͘ϳ	Ͳ	ϰ͘ϲ	Ϭ͘ϱ	Ϭ͘ϲ	Ϭ͘ϴ
	EĞůƐŽŶ	ϭϮ͘Ϯ	Ͳ	ϭϳ͘ϰ	Ͳ	ϮϮ͘Ϯ	Ͳ	ϳ͘ϱ	Ϭ͘ϵ	Ͳ	ϭ͘ϯ	Ͳ	ϭ͘ϳ	Ͳ	Ϭ͘ϵ	ϭ͘ϯ	ϭ͘ϳ
	,ŽǁĞ	Ϭ͘ϲ	Ϯ͘Ϭ	ϭ͘ϲ	ϱ͘ϯ	Ϯ͘ϵ	ϴ͘ϯ	ϮϬ͘Ϭ	Ϭ͘ϭ	Ϭ͘ϰ	Ϭ͘ϯ	ϭ͘ϭ	Ϭ͘ϲ	ϭ͘ϳ	Ϭ͘Ϯ	Ϭ͘ϱ	Ϭ͘ϵ
	ĂůŵŽƌĂů	Ϭ͘Ϭϱ	Ͳ	Ϭ͘Ϭϲ	Ͳ	Ϭ͘Ϭϳ	Ͳ	ϳ͘ϱ	Ϭ͘ϬϬϰ	Ͳ	Ϭ͘ϬϬϰ	Ͳ	Ϭ͘ϬϬϱ	Ͳ	Ϭ͘ϬϬϰ	Ϭ͘ϬϬϰ	Ϭ͘ϬϬϱ
	^ƚŝƌůŝŶŐ	Ϭ͘Ϭϲ	Ͳ	Ϭ͘Ϭϲ	Ͳ	Ϭ͘Ϭϳ	Ͳ	ϭϲ͘Ϭ	Ϭ͘ϬϬϵ	Ͳ	Ϭ͘ϬϭϬ	Ͳ	Ϭ͘Ϭϭϭ	Ͳ	Ϭ͘ϬϬϵ	Ϭ͘ϬϭϬ	Ϭ͘Ϭϭϭ
	ĞĂƵůLJ	Ϭ͘ϭϯ	Ͳ	Ϭ͘ϭϰ	Ͳ	Ϭ͘ϯϭ	Ͳ	ϰϬ͘Ϭ	Ϭ͘Ϭϱ	Ͳ	Ϭ͘Ϭϱ	Ͳ	Ϭ͘ϭϮ	Ͳ	Ϭ͘Ϭϱ	Ϭ͘Ϭϱ	Ϭ͘ϭϮ
	ƵƌŐŚůĞLJ	Ϭ͘Ϯϱ	Ͳ	Ϭ͘Ϯϲ	Ͳ	Ϭ͘Ϯϳ	Ͳ	ϰϭ͘ϭ	Ϭ͘ϭϬ	Ͳ	Ϭ͘ϭϭ	Ͳ	Ϭ͘ϭϭ	Ͳ	Ϭ͘ϭϬ	Ϭ͘ϭϭ	Ϭ͘ϭϭ
h<	ůĂŬĞ	Ϯϰ͘ϳ	Ͳ	ϯϰ͘Ϭ	Ͳ	ϰϲ͘ϯ	Ͳ	ϯϬ͘ϴ	ϳ͘ϲ	Ͳ	ϭϬ͘ϱ	Ͳ	ϭϰ͘ϯ	Ͳ	ϳ͘ϲ	ϭϬ͘ϱ	ϭϰ͘ϯ
	ZŽƐƐ	Ϭ͘ϭ	Ͳ	Ϭ͘ϲ	Ͳ	ϭ͘ϭ	Ͳ	ϯϬ͘ϴ	Ϭ͘Ϭϰ	Ͳ	Ϭ͘Ϯ	Ͳ	Ϭ͘ϯ	Ͳ	Ϭ͘Ϭ	Ϭ͘Ϯ	Ϭ͘ϯ
	ƌƌĂŶ	ϰ͘ϳ	ϲϭ͘ϳ	ϵ͘ϯ	ϭϮϳ͘ϳ	ϭϳ͘ϭ	Ϯϯϱ͘ϳ	ϯϬ͘ϰ	ϭ͘ϰ	ϭϴ͘ϴ	Ϯ͘ϴ	ϯϴ͘ϵ	ϱ͘Ϯ	ϳϭ͘ϳ	ϱ͘ϭ	ϵ͘ϱ	ϭϳ͘ϲ
	&ŽŝŶĂǀĞŶ	Ϯϲ͘Ϭ	ϯ͘ϯ	Ϯϵ͘ϳ	ϯ͘ϱ	ϯϯ͘ϴ	ϯ͘ϳ	Ϯϴ͘Ϭ	ϳ͘ϯ	Ϭ͘ϵ	ϴ͘ϯ	ϭ͘Ϭ	ϵ͘ϱ	ϭ͘Ϭ	ϳ͘ϰ	ϴ͘ϱ	ϵ͘ϲ
	ĂƐƚ &ŽŝŶĂǀĞŶ	Ϯ͘Ϯ	Ͳ	Ϯ͘ϳ	Ͳ	ϯ͘ϭ	Ͳ	ϰϳ͘Ϭ	ϭ͘Ϭ	Ͳ	ϭ͘ϯ	Ͳ	ϭ͘ϱ	Ͳ	ϭ͘Ϭ	ϭ͘ϯ	ϭ͘ϱ
	dϮϱ &ŽŝŶĂǀĞŶ	ϭ͘ϱ	Ͳ	ϭ͘ϳ	Ͳ	Ϯ͘Ϭ	Ͳ	ϮϬ͘Ϭ	Ϭ͘ϯ	Ͳ	Ϭ͘ϯ	Ͳ	Ϭ͘ϰ	Ͳ	Ϭ͘ϯ	Ϭ͘ϯ	Ϭ͘ϰ
	dϯϱ &ŽŝŶĂǀĞŶ	ϭ͘Ϭ	Ͳ	ϭ͘Ϯ	Ͳ	ϭ͘ϯ	Ͳ	ϮϬ͘Ϭ	Ϭ͘Ϯ	Ͳ	Ϭ͘Ϯ	Ͳ	Ϭ͘ϯ	Ͳ	Ϭ͘Ϯ	Ϭ͘Ϯ	Ϭ͘ϯ
	ƌĂĞ ŽŵƉůĞdž	ϮϬ͘ϰ	Ϯϭ͘ϰ	ϰϬ͘Ϭ	Ϯϰ͘ϰ	ϰϵ͘Ϭ	Ϯϳ͘ϯ	Ϯϳ͘ϴͲϰϮ͘ϰ	ϵ͘Ϯ	ϲ͘ϳ	ϭϲ͘ϴ	ϳ͘ϴ	ϮϬ͘ϲ	ϴ͘ϴ	ϭϬ͘ϰ	ϭϴ͘ϭ	ϮϮ͘ϭ
	Θ ůŽĐŬƐ	Ͳ	ϭϱϱ͘Ϯ	Ͳ	ϮϬϲ͘ϵ	Ͳ	Ϯϲϵ͘ϴ	ϭϰ͘ϲϯ	Ͳ	Ϯϭ͘ϲ	Ͳ	Ϯϵ͘ϲ	Ͳ	ϯϳ͘ϱ	ϯ͘ϴ	ϱ͘ϭ	ϲ͘ϱ
	ĞƌŐĞŶ	Ϭ͘ϬϬϮ	ϳ͘ϵ	Ϭ͘ϬϬϰ	ϭϰ͘ϲ	Ϭ͘ϬϬϱ	ϭϵ͘ϱ	ϭϮ͘Ϭ	Ϭ͘ϬϬϬϯ	Ϭ͘ϵ	Ϭ͘ϬϬϬϱ	ϭ͘ϴ	Ϭ͘ϬϬϬϱ	Ϯ͘ϯ	Ϭ͘Ϯ	Ϭ͘ϯ	Ϭ͘ϰ
EĞƚŚĞƌůĂŶĚƐ	,ĂŶnjĞ Kŝů	ϲ͘ϵ	Ͳ	ϭϭ͘ϰ	Ͳ	ϭϯ͘ϯ	Ͳ	ϮϬ͘Ϭ	ϭ͘ϰ	Ͳ	Ϯ͘ϯ	Ͳ	Ϯ͘ϳ	Ͳ	ϭ͘ϰ	Ϯ͘ϯ	Ϯ͘ϳ
	<ϰ<ϱ	ϲ͘ϰ	Ϯϯϴ͘ϭ	ϳ͘Ϭ	ϮϲϬ͘ϳ	ϳ͘ϵ	Ϯϵϱ͘ϱ	ϲ͘ϵϴͲϭϭ͘ϲϲ	Ϭ͘ϰ	ϭϲ͘ϳ	Ϭ͘ϱ	ϭϴ͘ϯ	Ϭ͘ϲ	ϮϬ͘ϳ	ϯ͘Ϭ	ϯ͘Ϯ	ϯ͘ϳ
	WϭϱͬWϭϴ ZŝũŶ Kŝů	Ϭ͘ϱ	Ͳ	Ϭ͘ϲ	Ͳ	Ϭ͘ϵ	Ͳ	ϰϱ͘ϳ	Ϭ͘Ϯ	Ͳ	Ϭ͘ϯ	Ͳ	Ϭ͘ϰ	Ͳ	Ϭ͘Ϯ	Ϭ͘ϯ	Ϭ͘ϰ
	WY ;ĞdžĐů͘ YϭͿ	Ϭ͘Ϯ	ϵ͘Ϯ	Ϭ͘ϯ	ϭϭ͘ϴ	Ϭ͘ϰ	ϭϲ͘ϱ	ϱ͘ϲϮͲϯϬ͘ϲϬ	Ϭ͘Ϭ	ϭ͘ϲ	Ϭ͘ϭ	Ϯ͘Ϭ	Ϭ͘ϭ	Ϯ͘ϴ	Ϭ͘ϯ	Ϭ͘ϯ	Ϭ͘ϱ
h<^ƵďͲdŽƚĂů		ϵϯ͘ϵ	ϭϭϰ͘Ϭ	ϭϯϴ͘ϳ	ϭϵϰ͘ϱ	ϭϳϵ͘ϲ	ϯϭϵ͘ϳ		Ϯϴ͘ϯ	ϯϬ͘ϭ	ϰϮ͘Ϯ	ϱϯ͘Ϭ	ϱϰ͘ϱ	ϴϴ͘ϵ	ϯϯ͘ϵ	ϱϭ͘ϰ	ϲϵ͘ϴ
EĞƚŚĞƌůĂŶĚƐ^ƵďͲdŽƚĂů		ϭϰ͘Ϭ	ϰϭϬ͘ϱ	ϭϵ͘ϯ	ϰϵϰ͘ϭ	ϮϮ͘ϲ	ϲϬϭ͘ϯ		Ϯ͘ϭ	ϰϬ͘ϴ	ϯ͘ϭ	ϱϭ͘ϲ	ϯ͘ϳ	ϲϯ͘ϰ	ϴ͘ϳ	ϭϭ͘ϲ	ϭϰ͘ϭ
dŽƚĂů		ϭϬϳ͘ϵ	ϱϮϰ͘ϰ	ϭϱϴ͘Ϭ	ϲϴϴ͘ϲ	ϮϬϮ͘Ϯ	ϵϮϭ͘Ϭ		ϯϬ͘ϰ	ϳϬ͘ϵ	ϰϱ͘ϯ	ϭϬϰ͘ϳ	ϱϴ͘Ϯ	ϭϱϮ͘ϯ	ϰϮ͘ϲ	ϲϮ͘ϵ	ϴϯ͘ϵ

DĞƚŚŽĚŽůŽŐLJ͕ŽŶĨŝƌŵĂƚŝŽŶƐĂŶĚ WƌŽĨĞƐƐŝŽŶĂůYƵĂůŝĨŝĐĂƚŝŽŶƐ

Z ŚĂƐ ƚŚĞ ƌĞůĞǀĂŶƚ ĂŶĚ ĂƉƉƌŽƉƌŝĂƚĞ ƋƵĂůŝĨŝĐĂƚŝŽŶƐ͕ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ƚĞĐŚŶŝĐĂů ŬŶŽǁůĞĚŐĞ ƚŽ ƉƌŽĨĞƐƐŝŽŶĂůůLJ ĂŶĚ ŝŶĚĞƉĞŶĚĞŶƚůLJ ĂƉƉƌĂŝƐĞ ƚŚĞ ĂƐƐĞƚƐ͘

dŚĞǁŽƌŬŚĂƐ ďĞĞŶ ƐƵƉĞƌǀŝƐĞĚ ďLJWĂƵů ŚĞƌŶŝŬ͕ ŝƌĞĐƚŽƌ Ăƚ Z͕ ĂŵĞŵďĞƌ ŽĨ ƚŚĞ^ŽĐŝĞƚLJ ŽĨWĞƚƌŽůĞƵŵ ǀĂůƵĂƚŝŽŶ ŶŐŝŶĞĞƌƐ ;EŽ ϳϳϲͿ ĂŶĚ Ă WƌŽĨĞƐƐŝŽŶĂů ŶŐŝŶĞĞƌ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ ƐƐŽĐŝĂƚŝŽŶ ŽĨ WƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌƐĂŶĚ'ĞŽƐĐŝĞŶƚŝƐƚƐŽĨůďĞƌƚĂ;W'Ϳ͘

zŽƵƌƐĨĂŝƚŚĨƵůůLJ

ZƋƵŝƉŽŝƐĞ>ŝŵŝƚĞĚ

WĂƵůŚĞƌŶŝŬ

ŝƌĞĐƚŽƌ͕ZƋƵŝƉŽŝƐĞ>ƚĚ͘

RockRose Energy plc Competent Persons Report Effective 31 March 2019

Prepared For: RockRose Energy plc

By: ERCE

Date: 24 June 2019

Rev: 5

ƉƉƌŽǀĞĚďLJ͗ WĂƵůŚĞƌŶŝŬ

ĂƚĞƌĞůĞĂƐĞĚƚŽĐůŝĞŶƚ͗Ϯϰ:ƵŶĞϮϬϭϵ

Z ƋƵŝƉŽŝƐĞ >ŝŵŝƚĞĚ ;͞Z ƋƵŝƉŽŝƐĞ͟ Žƌ ͞Z͟Ϳ ĂĐĐĞƉƚƐ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ĨŽƌ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐƌĞƉŽƌƚ͘dŽƚŚĞďĞƐƚŬŶŽǁůĞĚŐĞŽĨZ;ǁŚŽŚĂǀĞƚĂŬĞŶĂůů ƌĞĂƐŽŶĂďůĞĐĂƌĞƚŽĞŶƐƵƌĞƚŚŝƐŝƐƚŚĞĐĂƐĞͿ͕ƚŚĞŝŶĨŽƌŵĂƚŝŽŶĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐƌĞƉŽƌƚŝƐŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĨĂĐƚƐĂŶĚĚŽĞƐŶŽƚŽŵŝƚĂŶLJƚŚŝŶŐůŝŬĞůLJƚŽĂĨĨĞĐƚƚŚĞŝŵƉŽƌƚŽĨƐƵĐŚ ŝŶĨŽƌŵĂƚŝŽŶ͘ Z ƋƵŝƉŽŝƐĞ ĚŽĞƐ ŶŽƚ͕ ŚŽǁĞǀĞƌ͕ ŐƵĂƌĂŶƚĞĞ ƚŚĞ ĐŽƌƌĞĐƚŶĞƐƐ ŽĨ ĂŶLJ ƐƵĐŚ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐ ĂŶĚ ƐŚĂůů ŶŽƚ ďĞ ůŝĂďůĞ Žƌ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĂŶLJ ůŽƐƐ͕ ĐŽƐƚƐ͕ ĚĂŵĂŐĞƐ Žƌ ĞdžƉĞŶƐĞƐ ŝŶĐƵƌƌĞĚ Žƌ ƐƵƐƚĂŝŶĞĚ ďLJ ĂŶLJŽŶĞ ƌĞƐƵůƚŝŶŐ ĨƌŽŵ ĂŶLJ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ Žƌ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶ ŵĂĚĞ ďLJ ĂŶLJ ŽĨ ŝƚƐ ŽĨĨŝĐĞƌƐ͕ ĂŐĞŶƚƐ Žƌ ĞŵƉůŽLJĞĞƐ͘ /Ŷ ƚŚĞ ĐĂƐĞ ƚŚĂƚ ŵĂƚĞƌŝĂůŝƐĚĞůŝǀĞƌĞĚŝŶĚŝŐŝƚĂůĨŽƌŵĂƚ͕ZĚŽĞƐŶŽƚĂĐĐĞƉƚĂŶLJƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌĞĚŝƚƐ ĐĂƌƌŝĞĚŽƵƚĂĨƚĞƌƚŚĞƉƌŽĚƵĐƚŚĂƐůĞĨƚƚŚĞŽŵƉĂŶLJ͛ƐƉƌĞŵŝƐĞƐ͘

:ƵŶĞϮϬϭϵ ϳ

1.	Independent Petroleum Consultant's Consent	13
2.	Introduction	14
3.	Nelson & Howe Asset	19
4.	Blake Field	26
5.	Ross Field	32
6.	B-Block: Balmoral, Beauly, Burghley, Stirling Fields	35
7.	Tors: Kilmar & Garrow Fields	38
8.	Grove	41
9.	Arran	45
10.	Brae Complex	50
11.	Foinaven	79
12.	Hanze Oil Field	86
13.	P15/P18 Rijn Field	89
14.	A&B Fields	92
15.	Bergen, Groet & Schermer Fields	99
16.	K4/K5 Fields	103
17.	P/Q Blocks Asset (excluding Q1-B)	107
18.	Abandonment and Decommissioning	114
19.	Economic Assumptions	118
20.	Calculation of Reserves	120
21.	Certificate of Qualification	122
22.	Appendix 1: Summary of the PRMS	124
23.	Appendix 2: Nomenclature	150
24.	Appendix 3: Production and Cost Forecasts	154

>ŝƐƚŽĨ dĂďůĞƐ

dĂďůĞϮ͘Ϯ͗ ^ƵŵŵĂƌLJŽĨ EĞƚŚĞƌůĂŶĚ >ŝĐĞŶĐĞ/ŶƚĞƌĞƐƚƐŝŶ&ŝĞůĚƐĨŽƌǁŚŝĐŚZĞƐĞƌǀĞƐ,ĂǀĞĞĞŶƵĚŝƚĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱ dĂďůĞϮ͘ϯ͗ ^ƵŵŵĂƌLJ>ŝĐĞŶĐĞ/ŶƚĞƌĞƐƚƐĨŽƌƚŚĞƌĞŵĂŝŶŝŶŐĂƐƐĞƚƐĨŽƌǁŚŝĐŚ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐĐŽƐƚƐĂƉƉůLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱ dĂďůĞϮ͘ϰ͗ 'ƌŽƐƐĂŶĚ EĞƚ&ŝĞůĚ Kŝů ĂŶĚ 'ĂƐZĞƐĞƌǀĞƐĨŽƌƚŚĞĞƐŝŐŶĂƚĞĚZŽĐŬZŽƐĞƐƐĞƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴ dĂďůĞϴ͘ϭ͗ZĞĐĞŶƚĞƐƚŝŵĂƚĞƐŽĨ &d,WĂŶĚ ^/d,WĂŐĂŝŶƐƚĨůŽǁƌĂƚĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϯ dĂďůĞϵ͘ϭ͗ ƌƌĂŶ&ŝĞůĚ͕ ŝŶƉƵƚƐƚŽƉƌŽďĂďŝůŝƐƚŝĐ'//WĐĂůĐƵůĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϴ dĂďůĞϵ͘Ϯ͗ ƌƌĂŶ&ŝĞůĚ '//WĂŶĚZĞĐŽǀĞƌĂďůĞ'ĂƐsŽůƵŵĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϴ dĂďůĞϭϬ͘ϭ͗ZŽĐŬZŽƐĞZĞǀĞŶƵĞ͕ KWyĂŶĚWy/ŶƚĞƌĞƐƚŝŶƚŚĞƌĂĞŽŵƉůĞdž ;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϭ dĂďůĞϭϬ͘Ϯ͗ ƌĂĞƌĞĂ ^ŚƌŝŶŬĂŐĞƐĂŶĚ zŝĞůĚƐ;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϭ dĂďůĞϭϬ͘ϯ͗ĞŶƚƌĂů ƌĂĞhŶƉůĂŶŶĞĚhƉƚŝŵĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϱ dĂďůĞϭϬ͘ϰ͗ 'ƌŽƐƐdĞĐŚŶŝĐĂůZĞĐŽǀĞƌĂďůĞKŝůΛϯϭͬϬϯͬϮϬϭϵ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϲ dĂďůĞϭϬ͘ϱ͗ 'ƌŽƐƐƌŽĐŬǀŽůƵŵĞƐĨŽƌ^ĞĚŐĞǁŝĐŬĂŶĚtĞƐƚƌĂĞ&ŝĞůĚ ĂƌĞĂƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϵ dĂďůĞϭϬ͘ϲ͗tĞƐƚƌĂĞ^dK//WƉŽƐƚ,ŝƐƚŽƌLJDĂƚĐŚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϮ dĂďůĞϭϬ͘ϳ͗tĞƐƚƌĂĞzϮϬϭϴ dĞĐŚŶŝĐĂůZĞĐŽǀĞƌĂďůĞKŝů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϰ dĂďůĞϭϬ͘ϴ͗ ^ŽƵƚŚ ƌĂĞhŶƉůĂŶŶĞĚhƉƚŝŵĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϳ dĂďůĞϭϬ͘ϵ͗ 'ƌŽƐƐdĞĐŚŶŝĐĂůZĞĐŽǀĞƌĂďůĞKŝůΛϯϭͬϬϯͬϮϬϭϵ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϵ dĂďůĞϭϬ͘ϭϬ͗ ƌĂĞŵĂƌhŶƉůĂŶŶĞĚhƉƚŝŵĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϯ dĂďůĞϭϬ͘ϭϭ͗ 'ƌŽƐƐdĞĐŚŶŝĐĂůZĞĐŽǀĞƌĂďůĞ&ůƵŝĚƐΛϯϭͬϬϯͬϮϬϭϵ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϯ dĂďůĞϭϬ͘ϭϮ͗ĂƐƚƌĂĞtĞůůƐzŝĞůĚ ǀĞƌĂŐĞĨƌŽŵƉƌŝůϮϬϭϴʹDĂƌĐŚϮϬϭϵ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϲ dĂďůĞϭϬ͘ϭϯ͗ĂƐƚƌĂĞhŶƉůĂŶŶĞĚhƉƚŝŵĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϳ dĂďůĞϭϬ͘ϭϰ͗ 'ƌŽƐƐdĞĐŚŶŝĐĂůZĞĐŽǀĞƌĂďůĞ&ůƵŝĚƐΛϯϭͬϬϯͬϮϬϭϵ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϴ dĂďůĞϭϭ͘ϭ͗ &ŽŝŶĂǀĞŶ&ůƵŝĚ ,ĂŶĚůŝŶŐĨĨŝĐŝĞŶĐLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϮ dĂďůĞϭϭ͘Ϯ͗ 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͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϲϵ dĂďůĞϮϰ͘ϭϲ͗ ůĂŬĞϭW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϳϬ dĂďůĞϮϰ͘ϭϳ͗ ůĂŬĞϮW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϳϭ dĂďůĞϮϰ͘ϭϴ͗ ůĂŬĞϯW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϳϮ dĂďůĞϮϰ͘ϭϵ͗ZŽƐƐϭW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϳϯ dĂďůĞϮϰ͘ϮϬ͗ZŽƐƐϮW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϳϰ dĂďůĞϮϰ͘Ϯϭ͗ZŽƐƐϯW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϳϱ dĂďůĞϮϰ͘ϮϮ͗ EĞůƐŽŶϭW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϳϲ dĂďůĞϮϰ͘Ϯϯ͗ EĞůƐŽŶϮW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϳϳ dĂďůĞϮϰ͘Ϯϰ͗ EĞůƐŽŶϯW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϳϴ dĂďůĞϮϰ͘Ϯϱ͗ ,ŽǁĞϭW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϳϵ dĂďůĞϮϰ͘Ϯϲ͗ ,ŽǁĞϮW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴϬ dĂďůĞϮϰ͘Ϯϳ͗ ,ŽǁĞϯW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴϭ	dĂďůĞϮ͘ϭ͗ ^ƵŵŵĂƌLJŽĨh< >ŝĐĞŶĐĞ/ŶƚĞƌĞƐƚƐŝŶ&ŝĞůĚƐĨŽƌǁŚŝĐŚZĞƐĞƌǀĞƐ,ĂǀĞĞĞŶƵĚŝƚĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϰ




























































	dĂďůĞϮϰ͘Ϯϴ͗ 'ƌŽǀĞϭW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴϮ

dĂďůĞϮϰ͘Ϯϵ͗ 'ƌŽǀĞϮW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴϯ
dĂďůĞϮϰ͘ϯϬ͗ 'ƌŽǀĞϯW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴϰ
dĂďůĞϮϰ͘ϯϭ͗ dŽƌƐϭW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴϱ
dĂďůĞϮϰ͘ϯϮ͗ dŽƌƐϮW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴϲ
dĂďůĞϮϰ͘ϯϯ͗ dŽƌƐϯW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴϳ
dĂďůĞϮϰ͘ϯϰ͗ &ŽŝŶĂǀĞŶDĂŝŶϭW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴϴ
dĂďůĞϮϰ͘ϯϱ͗ &ŽŝŶĂǀĞŶDĂŝŶϮW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴϵ
dĂďůĞϮϰ͘ϯϲ͗ &ŽŝŶĂǀĞŶDĂŝŶϯW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵϬ
dĂďůĞϮϰ͘ϯϳ͗ĂƐƚ&ŽŝŶĂǀĞŶϭW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵϭ
dĂďůĞϮϰ͘ϯϴ͗ĂƐƚ&ŽŝŶĂǀĞŶϮW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵϮ
dĂďůĞϮϰ͘ϯϵ͗ĂƐƚ&ŽŝŶĂǀĞŶϯW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵϯ
dĂďůĞϮϰ͘ϰϬ͗ &ŽŝŶĂǀĞŶdϮϱϭW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵϰ
dĂďůĞϮϰ͘ϰϭ͗ &ŽŝŶĂǀĞŶdϮϱϮW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵϱ
dĂďůĞϮϰ͘ϰϮ͗ &ŽŝŶĂǀĞŶdϮϱ ϯW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵϲ
dĂďůĞϮϰ͘ϰϯ͗ &ŽŝŶĂǀĞŶdϯϱϭW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵϳ
dĂďůĞϮϰ͘ϰϰ͗ &ŽŝŶĂǀĞŶdϯϱϮW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵϴ
dĂďůĞϮϰ͘ϰϱ͗ &ŽŝŶĂǀĞŶdϯϱ ϯW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵϵ
dĂďůĞϮϰ͘ϰϲ͗ĂƐƚƌĂĞϭW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϬϬ
dĂďůĞϮϰ͘ϰϳ͗ĂƐƚƌĂĞϮW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϬϭ
dĂďůĞϮϰ͘ϰϴ͗ĂƐƚƌĂĞϯW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϬϮ
dĂďůĞϮϰ͘ϰϵ͗ ƌĂĞŵĂƌϭW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϬϯ
dĂďůĞϮϰ͘ϱϬ͗ ƌĂĞŵĂƌϮW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϬϰ
dĂďůĞϮϰ͘ϱϭ͗ ƌĂĞŵĂƌϯW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϬϱ
dĂďůĞϮϰ͘ϱϮ͗ ^ŽƵƚŚ ƌĂĞϭW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϬϲ
dĂďůĞϮϰ͘ϱϯ͗ ^ŽƵƚŚ ƌĂĞϮW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϬϳ
dĂďůĞϮϰ͘ϱϰ͗ ^ŽƵƚŚ ƌĂĞϯW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϬϴ
dĂďůĞϮϰ͘ϱϱ͗ĞŶƚƌĂů ƌĂĞϭW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϬϵ
dĂďůĞϮϰ͘ϱϲ͗ĞŶƚƌĂů ƌĂĞϮW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϭϬ
dĂďůĞϮϰ͘ϱϳ͗ĞŶƚƌĂů ƌĂĞϯW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϭϭ

dĂďůĞϮϰ͘ϱϴ͗tĞƐƚƌĂĞϭW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϭϮ
dĂďůĞϮϰ͘ϱϵ͗tĞƐƚƌĂĞϮW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϭϯ
dĂďůĞϮϰ͘ϲϬ͗tĞƐƚƌĂĞϯW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϭϰ
dĂďůĞϮϰ͘ϲϭ͗ Θ ůŽĐŬƐϭW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϭϱ
dĂďůĞϮϰ͘ϲϮ͗ Θ ůŽĐŬƐϮW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϭϲ
dĂďůĞϮϰ͘ϲϯ͗ Θ ůŽĐŬƐϯW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϭϳ
dĂďůĞϮϰ͘ϲϰ͗ ĞƌŐĞŶϭW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϭϴ
dĂďůĞϮϰ͘ϲϱ͗ ĞƌŐĞŶϮW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϭϵ
dĂďůĞϮϰ͘ϲϲ͗ ĞƌŐĞŶϯW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϮϬ
dĂďůĞϮϰ͘ϲϳ͗ ,ĂŶnjĞKŝůϭW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϮϭ
dĂďůĞϮϰ͘ϲϴ͗ ,ĂŶnjĞKŝůϮW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϮϮ
dĂďůĞϮϰ͘ϲϵ͗ ,ĂŶnjĞKŝů ϯW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϮϯ
dĂďůĞϮϰ͘ϳϬ͗ <ϰͬ<ϱϭW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϮϰ
dĂďůĞϮϰ͘ϳϭ͗ <ϰͬ<ϱϮW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϮϱ
dĂďůĞϮϰ͘ϳϮ͗ <ϰͬ<ϱ ϯW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϮϲ
dĂďůĞϮϰ͘ϳϯ͗WϭϱͬWϭϴZŝũŶKŝůϭW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘ϮϮϳ
dĂďůĞϮϰ͘ϳϰ͗WϭϱͬWϭϴZŝũŶKŝůϮW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ ͘͘͘͘͘͘͘͘͘͘ϮϮϴ
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dĂďůĞϮϰ͘ϳϴ͗ dŽƚĂůWYdžĐůƵĚŝŶŐYϭ ϯW'ƌŽƐƐdĞĐŚŶŝĐĂů &ŽƌĞĐĂƐƚŽĨWƌŽĚƵĐƚŝŽŶ͕Wy͕ KWyĂŶĚ yďĞĨŽƌĞĐŽŶŽŵŝĐ>ŝŵŝƚƐƉƉůŝĞĚ
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:ƵŶĞϮϬϭϵ ϭϬ

List of Figures

Figure 3.1: Nelson and Howe assets location map	19
Figure 3.2: Nelson Top Forties Depth Map (Source: RockRose)	20
Figure 3.3: Nelson Field production history	20
Figure 3.4: Howe Top Fulmar Depth Map (Source: RockRose)	21
Figure 3.5: Howe Field production history
Figure 3.6: Nelson Production Forecasts
Figure 3.7: Howe Production Forecasts
Figure 4.1: Blake Field Location Map	26
Figure 4.2: Blake Top Captain Two Way Time Map (Source: RockRose)	27
Figure 4.3: Blake Channel Area Production History
Figure 4.4: Blake Flank Area Production History	28
Figure 4.5: Blake Water Injection History	29
Figure 4.6: Blake Water Injection 2018/2019
Figure 4.7: Blake 1P, 2P and 3P Calendar Rate Production Forecast	31
Figure 5.1: Ross Top Depth Map with Well Locations (Source: Repsol Sinopec)	32
Figure 5.2: Ross and Blake Development Schematic (Source: Repsol Sinopec)	33
Figure 5.3: Ross Field production history	33
Figure 5.4: Ross 1P, 2P and 3P Calendar Rate Production Forecast	34
Figure 6.1: B-Block Fields location schematic (Source: operator)	35
Figure 6.2: B-Block Fields production history	36
Figure 6.3: B-Block Production Forecasts	37
Figure 7.1: Tors: Kilmar and Garrow location map (Source: RockRose)	38
Figure 7.2: Kilmar Field Production Forecast	39
Figure 7.3: Garrow Field Production Forecast	40
igure 8.1: Grove Field location map	41
Figure 8.2: Grove Field Top Reservoir Depth Map depicting the location of the four producing wells (Source: TCM)	42
igure 8.3: Grove Field production history	42
igure 8.4: Grove Field production forecasts
Figure 9.1: Arran Field location map (Source: Dana Petroleum Environmental Statement)	45
igure 9.2: Arran Field wells, petrophysical curves highlighting GWC inputs	47
Figure 9.3: Arran Field Low and High Case GWC and GRVs	47
Figure 10.1: Central Brae Field Location map (Source: RockRose)	50
Figure 10.2: Brae Complex Facilities Schematic (Source: RockRose)	52
Figure 10.3: Central Brae Depth Map (Source: RockRose)	53
Figure 10.4: Central Brae Field Production History	54
Figure 10.5: C03 Decline Analysis	55
igure 10.6: Central Brae Pipeline Liquids Forecast
igure 10.7: Field Production History	57
Figure 10.8: Top Balder Sandstone (left) and Top Flugga Sandstone (right) Depth Maps	58
Figure 10.9: Seismic amplitudes through Sedgewick channel and West Brae	59
igure 10.10: 4D Section XL Through Planned Well WPGZ (purple) into West Brae Crestal Flugga Sandstone	60
igure 10.11: RMS amplitude from 4D comparison 2007-1993, between Balder SM and Flugga SM surfaces	61
igure 10.12: Interpretation view and 4D arbitrary section through planned well WPOZ (pale blue) into Sedgewick Balder feeder chanr	nel
and continuing SE to main West Brae Field	61
igure 10.13: West Brae Aggregated Decline Analysis	63
igure 10.14: West Brae Pipeline Liquids Forecast	64
Figure 10.15: South Brae Top Layer Aa1 Depth Structure Map (Source: RockRose)	65
Figure 10.16: South Brae Field Production History	66
Figure 10.17: South Brae Aggregated Decline Analysis	67
igure 10.18: South Brae Water Production (Source: RockRose)	68
igure 10.19: South Brae Pipeline Liquids Forecast
Figure 10.20: Top A Depth Structure Map (Source: RockRose)	70
Figure 10.21: Braemar Field Production History	71
Figure 10.22: Braemar Decline Analysis	72
Figure 10.23: Braemar Yield vs Time	72
Figure 10.24: Braemar Export Gas Forecast	73
Figure 10.25: Top A Depth Structure Map (Source: RockRose)	74
Figure 10.26: Field Production History	75
Figure 10.27: East Brae Decline Analysis	76
Figure 10.28: East Brae Export Gas Forecast	77
Figure 11.1: Foinaven Field Location (Source: Rockrose)	79
Figure 11.2: Foinaven Facilities Overview (Source: Rockrose)	80

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&ŝŐƵƌĞϭϭ͘ϳ͗ &ŽŝŶĂǀĞŶKŝů &ŽƌĞĐĂƐƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϰ
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&ŝŐƵƌĞϭϮ͘ϰ͗ ,ĂŶnjĞ&ŝĞůĚ ŝŶĐƌĞĂƐŝŶŐtKZĂŶĚ ĚĞĐƌĞĂƐŝŶŐKŝůƵƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϴ
&ŝŐƵƌĞϭϯ͘ϭ͗ZŝũŶKŝů &ŝĞůĚ >ŽĐĂƚŝŽŶDĂƉ;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϵ
&ŝŐƵƌĞϭϯ͘Ϯ͗ZŝũŶ&ŝĞůĚWƌŽĚƵĐƚŝŽŶ,ŝƐƚŽƌLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϬ
&ŝŐƵƌĞϭϯ͘ϯ͗ZŝũŶKŝů &ŝĞůĚWƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϭ
&ŝŐƵƌĞϭϰ͘ϭ͗ Θ ůŽĐŬƐƐĞƚƐ͕ ůŽĐĂƚŝŽŶŵĂƉ;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϮ
&ŝŐƵƌĞϭϰ͘Ϯ͗ Θ ůŽĐŬŐƌŽƐƐŐĂƐƉƌŽĚƵĐƚŝŽŶŚŝƐƚŽƌLJ͘ ;hŶŝƚƐĂƌĞŝŶEŵϯͬĚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϯ
&ŝŐƵƌĞϭϰ͘ϯ͗ &ŝĞůĚ ϭϮ͕ĐŽŵƉĂƌŝƐŽŶŽĨ 'tĂŶĚƐĞŝƐŵŝĐĂŵƉůŝƚƵĚĞĞdžƚĞŶƚƐĨŽƌƌĞƐĞƌǀŽŝƌƐYϭ͘ϭ͕ Yϯ͘ϭ͕ Yϰ͘ϭ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϰ
&ŝŐƵƌĞϭϰ͘ϰ͗ dLJƉĞǁĞůů ϭϮͲϬϯ͘ ůĂĐŬĐƵƌǀĞƐƌĞƉƌĞƐĞŶƚŽƉĞƌĂƚŽƌϮϬϭϳ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ͘ŽůŽƵƌĞĚĐƵƌǀĞƐŝůůƵƐƚƌĂƚĞZŝŶƚĞƌƉƌĞƚĂƚŝŽŶ͘͘͘͘͘͘͘ϵϱ
&ŝŐƵƌĞϭϰ͘ϱ͗ Θ ůŽĐŬƐWŽƌŽƐŝƚLJͲWĞƌŵĞĂďŝůŝƚLJƉůŽƚĨƌŽŵĐŽƌĞĚ ǁĞůůƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϱ
&ŝŐƵƌĞϭϰ͘ϲ͗ ƚŽƚĂů ĂƐƐĞƚƉƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚĐŽŵƉĂƌĞĚƚŽƌĞĐĞŶƚŚŝƐƚŽƌŝĐĂů ĚĂƚĂ͘ ;hŶŝƚƐĂƌĞŝŶEŵϯͬĚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϳ
&ŝŐƵƌĞϭϱ͘ϭ͗ ĞƌŐĞŶŽŶĐĞƐƐŝŽŶ>ŽĐĂƚŝŽŶŵĂƉ;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϵ
&ŝŐƵƌĞϭϱ͘Ϯ͗ ĞƌŐĞŶʹZŽƚůŝĞŐĞŶĚƉƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚĐŽŵƉĂƌĞĚƚŽƌĞĐĞŶƚŚŝƐƚŽƌŝĐĂů ĚĂƚĂ͘ ;hŶŝƚƐĂƌĞŝŶEŵϯͬĚͿ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϬ
&ŝŐƵƌĞϭϱ͘ϯ͗ ^ĐŚĞƌŵĞƌʹWůĂƚƚĞŶĚŽůŽŵŝƚĞƉƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚĐŽŵƉĂƌĞĚƚŽƌĞĐĞŶƚŚŝƐƚŽƌŝĐĂů ĚĂƚĂ͘ ;hŶŝƚƐĂƌĞŝŶEŵϯͬĚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϭ
&ŝŐƵƌĞϭϱ͘ϰ͗ 'ƌŽĞƚƉƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚĐŽŵƉĂƌĞĚƚŽƌĞĐĞŶƚŚŝƐƚŽƌŝĐĂů ĚĂƚĂ͘ ;hŶŝƚƐĂƌĞŝŶEŵϯͬĚͿ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϭ
&ŝŐƵƌĞϭϱ͘ϱ͗tĞƐƚĞĞŵƐƚĞƌ&ŝĞůĚ ĂƐĞĂƐĞƉƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚĐŽŵƉĂƌĞĚƚŽŚŝƐƚŽƌŝĐĚĂƚĂ ;^ŽƵƌĐĞ͗KĐƚŽďĞƌϮϬϭϴ dD͖hŶŝƚƐĂƌĞŝŶ
EŵϯͬĚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϮ
&ŝŐƵƌĞϭϲ͘ϭ͗ <ϰ ͬ <ϱ &ŝĞůĚƐůŽĐĂƚŝŽŶŵĂƉ;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϯ
&ŝŐƵƌĞϭϲ͘Ϯ͗ &ŝĞůĚƐĂůĞƐŐĂƐƉƌŽĚƵĐƚŝŽŶ͘ ;hŶŝƚƐĂƌĞŝŶEŵϯͬĚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϰ
&ŝŐƵƌĞϭϲ͘ϯ͗ <ϰͬ<ϱ ^ĂůĞƐ'ĂƐWƌŽĚƵĐƚŝŽŶ&ŽƌĞĐĂƐƚƐ;hŶŝƚƐĂƌĞŝŶEŵϯͬĚͿ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϱ
&ŝŐƵƌĞϭϲ͘ϰ͗ <ϰͬ<ϱ &ŝĞůĚƐhŶŝƚŝƐĂƚŝŽŶ;^ŽƵƌĐĞ͗ dŽƚĂů͕ <ϰ<ϱhŶŝƚKD ƵƚƵŵŶϮϬϭϴͿ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϲ
&ŝŐƵƌĞϭϳ͘ϭ͗WϲͲ͕ ͕ &ŝĞůĚƐ͕ ůŽĐĂƚŝŽŶŵĂƉ;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϴ
&ŝŐƵƌĞϭϳ͘Ϯ͗WϲͲ &ŝĞůĚWƌŽĚƵĐƚŝŽŶ,ŝƐƚŽƌLJ͘ ;^ŽƵƌĐĞ͗ dD͖hŶŝƚƐŝŶEŵϯͬĚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϵ
&ŝŐƵƌĞϭϳ͘ϯ͗WϲͲ &ŝĞůĚWƌŽĚƵĐƚŝŽŶ,ŝƐƚŽƌLJ͘ ;^ŽƵƌĐĞ͗ dD͖hŶŝƚƐŝŶEŵϯͬĚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϵ
&ŝŐƵƌĞϭϳ͘ϰ͗Y ůŽĐŬ&ŝĞůĚWƌŽĚƵĐƚŝŽŶ ,ŝƐƚŽƌLJ͘ ;^ŽƵƌĐĞ͗ dD͖hŶŝƚƐŝŶEŵϯͬĚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϬ
&ŝŐƵƌĞϭϳ͘ϱ͗WϲͲ ^ĂůĞƐ'ĂƐWƌŽĚƵĐƚŝŽŶ&ŽƌĞĐĂƐƚƐ;hŶŝƚƐĂƌĞŝŶEŵϯͬĚͿ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϭ
&ŝŐƵƌĞϭϳ͘ϲ͗WϲͲ ^ĂůĞƐ'ĂƐWƌŽĚƵĐƚŝŽŶ&ŽƌĞĐĂƐƚƐ;hŶŝƚƐĂƌĞŝŶEŵϯͬĚͿ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϭ
&ŝŐƵƌĞϭϳ͘ϳ͗ YϰͲ ^ĂůĞƐ'ĂƐWƌŽĚƵĐƚŝŽŶ&ŽƌĞĐĂƐƚƐ;hŶŝƚƐĂƌĞŝŶEŵϯͬĚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϮ
&ŝŐƵƌĞϭϳ͘ϴ͗ YϰͲ ^ĂůĞƐ'ĂƐWƌŽĚƵĐƚŝŽŶ&ŽƌĞĐĂƐƚƐ;hŶŝƚƐĂƌĞŝŶEŵϯͬĚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϯ

1. Independent Petroleum Consultant's Consent

ZƋƵŝƉŽŝƐĞ>ŝŵŝƚĞĚ;͞Z͟Ϳ͕ĂŶ/ŶĚĞƉĞŶĚĞŶƚWĞƚƌŽůĞƵŵŽŶƐƵůƚĂŶĐLJďĂƐĞĚŝŶƌŽLJĚŽŶ͕>ŽŶĚŽŶ͕ hŶŝƚĞĚ<ŝŶŐĚŽŵŚĂƐƉƌĞƉĂƌĞĚĂŶĂƵĚŝƚŽĨƚŚĞZĞƐĞƌǀĞƐďĞůŽŶŐŝŶŐƚŽZŽĐŬZŽƐĞŶĞƌŐLJƉůĐ;͞ZŽĐŬZŽƐĞ͟Ϳ ŝŶĐĞƌƚĂŝŶŽĨƚŚĞŝƌh<ĂŶĚEĞƚŚĞƌůĂŶĚƐŽŝůĂŶĚŐĂƐƉƌŽƉĞƌƚŝĞƐĂŶĚŚĞƌĞďLJŐŝǀĞƐĐŽŶƐĞŶƚƚŽƚŚĞƵƐĞŽĨ ŝƚƐŶĂŵĞƚŽƚŚĞƐĂŝĚĞƐƚŝŵĂƚĞƐ͘dŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚŚĞĞǀĂůƵĂƚŝŽŶŝƐϯϭDĂƌĐŚϮϬϭϵ͘

ƐĂĚǀŝƐĞĚďLJZŽĐŬZŽƐĞ͕ĂƐĂƚƚŚĞƉƵďůŝĐĂƚŝŽŶĚĂƚĞŽĨƚŚĞϮϰ:ƵŶĞϮϬϭϵŽĨƚŚŝƐŽŵƉĞƚĞŶƚWĞƌƐŽŶƐ ZĞƉŽƌƚ;͞WZ͟Ϳ͕ŶŽŵĂƚĞƌŝĂůĐŚĂŶŐĞŚĂƐŽĐĐƵƌƌĞĚƐŝŶĐĞƚŚĞĨĨĞĐƚŝǀĞĂƚĞ͕ŽƚŚĞƌƚŚĂŶƉƌŽĚƵĐƚŝŽŶŝŶ ƚŚĞŽƌĚŝŶĂƌLJĐŽƵƌƐĞ͘dŚŝƐŝŶĐůƵĚĞƐ͕ŝŶƚĞƌĂůŝĂ͕ŶŽŵĂƚĞƌŝĂůĐŚĂŶŐĞƚŽƚŚĞZĞƐĞƌǀĞƐƐƚĂƚĞŵĞŶƚƐŽƌƚŚĞ ƚĞĐŚŶŝĐĂůŝŶĨŽƌŵĂƚŝŽŶĂƐƌĞƉŽƌƚĞĚŝŶƚŚŝƐWZ͘

ZĂŶĚŝƚƐĚŝƌĞĐƚŽƌƐ͕ĂŶĚDƌWĂƵůŚĞƌŶŝŬĂƌĞŝŶĚĞƉĞŶĚĞŶƚŽĨ ƚŚĞŽŵƉĂŶLJ͕ŝƚƐĚŝƌĞĐƚŽƌƐ͕ƐĞŶŝŽƌ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ŝƚƐ ŽƚŚĞƌ ĂĚǀŝƐĞƌƐ ĂŶĚ ŚĂǀĞ ŶŽ ĞĐŽŶŽŵŝĐ Žƌ ďĞŶĞĨŝĐŝĂů ŝŶƚĞƌĞƐƚ ;ƉƌĞƐĞŶƚ Žƌ ĐŽŶƚŝŶŐĞŶƚͿŝŶƚŚĞŽŵƉĂŶLJŽƌŝŶĂŶLJŽĨƚŚĞŵŝŶĞƌĂůĂƐƐĞƚƐĞǀĂůƵĂƚĞĚĂŶĚĂƌĞŶŽƚƌĞŵƵŶĞƌĂƚĞĚďLJǁĂLJ ŽĨĂĨĞĞƚŚĂƚŝƐůŝŶŬĞĚƚŽƚŚĞĂĚŵŝƐƐŝŽŶŽƌǀĂůƵĞŽĨƚŚĞŝƐƐƵĞƌ͘

ƵƌŝŶŐ ƚŚĞĐŽƵƌƐĞŽĨ ƚŚĞĂƵĚŝƚ͕ZŽĐŬZŽƐĞƉƌŽǀŝĚĞĚZƉĞƌƐŽŶŶĞůǁŝƚŚŝŶĨŽƌŵĂƚŝŽŶĂƐĚĞƚĂŝůĞĚŝŶ ^ĞĐƚŝŽŶϮ͘ϭ͘KƚŚĞƌĞŶŐŝŶĞĞƌŝŶŐ͕ŐĞŽůŽŐŝĐĂůŽƌĞĐŽŶŽŵŝĐĚĂƚĂƌĞƋƵŝƌĞĚƚŽĐŽŶĚƵĐƚƚŚĞĞǀĂůƵĂƚŝŽŶĂŶĚ ƵƉŽŶǁŚŝĐŚƚŚŝƐƌĞƉŽƌƚŝƐďĂƐĞĚ͕ǁĞƌĞŽďƚĂŝŶĞĚĨƌŽŵƉƵďůŝĐƌĞĐŽƌĚƐĂŶĚĨƌŽŵZŶŽŶͲĐŽŶĨŝĚĞŶƚŝĂů ĨŝůĞƐ͘ZŽĐŬZŽƐĞŚĂƐƉƌŽǀŝĚĞĚĂƌĞƉƌĞƐĞŶƚĂƚŝŽŶůĞƚƚĞƌĐŽŶĨŝƌŵŝŶŐƚŚĂƚĂůůŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚƚŽZ ŝƐĐŽƌƌĞĐƚĂŶĚĐŽŵƉůĞƚĞ ƚŽ ƚŚĞďĞƐƚŽĨŝƚƐŬŶŽǁůĞĚŐĞ͘dŚĞ^WͬtWͬW'ͬ^Wͬ^'ͬ^Wt>ͬ' WĞƚƌŽůĞƵŵ ZĞƐĞƌǀĞƐ ĂŶĚ ZĞƐŽƵƌĐĞƐ ůĂƐƐŝĨŝĐĂƚŝŽŶ ^LJƐƚĞŵ ĂŶĚ ĞĨŝŶŝƚŝŽŶƐ͕ ĂƐ ƌĞǀŝƐĞĚ ŝŶ :ƵŶĞ ϮϬϭϴ ;͞WZD^͟Ϳ͕ ǁĂƐ ƵƐĞĚ ĂƐ ƚŚĞ ƐƚĂŶĚĂƌĚ ĨŽƌ ĐůĂƐƐŝĨŝĐĂƚŝŽŶ ĂŶĚ ƌĞƉŽƌƚŝŶŐ͘ dŚĞ ĨƵůů ƚĞdžƚ ŽĨ ƚŚĞ WZD^ ĚŽĐƵŵĞŶƚĐĂŶďĞǀŝĞǁĞĚĂƚ͗

ŚƚƚƉƐ͗ͬͬƐĞĐƵƌĞ͘ƐƉĞĞ͘ŽƌŐͬƐŝƚĞƐͬƐƉĞĞ͘ŽƌŐͬĨŝůĞƐͬƉƌŵŐŵƚƐLJƐƚĞŵͺĨŝŶĂůͺϮϬϭϴ͘ƉĚĨ

/Ŷ ĂƉƉůLJŝŶŐ ƚŚĞƐĞ ƐƚĂŶĚĂƌĚƐ͕ ŶŽƚŚŝŶŐ ĐĂŵĞ ƚŽ ƚŚĞ ĂƚƚĞŶƚŝŽŶ ŽĨ Z ƚŚĂƚ ǁŽƵůĚ ƐƵŐŐĞƐƚ ƚŚĂƚ ŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚďLJZŽĐŬZŽƐĞǁĂƐŶŽƚĐŽŵƉůĞƚĞĂŶĚĂĐĐƵƌĂƚĞ͘ZZĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽƌĞǀŝĞǁ ĂůůĐĂůĐƵůĂƚŝŽŶƐƌĞĨĞƌƌĞĚƚŽŽƌŝŶĐůƵĚĞĚŝŶƚŚŝƐƌĞƉŽƌƚĂŶĚƚŽƌĞǀŝƐĞƚŚĞĞƐƚŝŵĂƚĞƐŝŶůŝŐŚƚŽĨĞƌƌŽŶĞŽƵƐ ĚĂƚĂƐƵƉƉůŝĞĚŽƌŝŶĨŽƌŵĂƚŝŽŶĞdžŝƐƚŝŶŐďƵƚŶŽƚŵĂĚĞĂǀĂŝůĂďůĞǁŚŝĐŚďĞĐŽŵĞƐŬŶŽǁŶƐƵďƐĞƋƵĞŶƚƚŽ ƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚŝƐƌĞƉŽƌƚ͘

dŚĞĂĐĐƵƌĂĐLJŽĨĂŶLJZĞƐĞƌǀĞƐĂŶĚƉƌŽĚƵĐƚŝŽŶĞƐƚŝŵĂƚĞƐŝƐĂĨƵŶĐƚŝŽŶŽĨƚŚĞƋƵĂůŝƚLJĂŶĚƋƵĂŶƚŝƚLJŽĨ ĂǀĂŝůĂďůĞ ĚĂƚĂĂŶĚ ŽĨĞŶŐŝŶĞĞƌŝŶŐ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶĂŶĚũƵĚŐŵĞŶƚ͘ dŚĞƌĞĂƌĞ ŶƵŵĞƌŽƵƐ ƵŶĐĞƌƚĂŝŶƚŝĞƐ ŝŶŚĞƌĞŶƚ ŝŶ ĞƐƚŝŵĂƚŝŶŐ ƌĞƐĞƌǀĞƐ ĂŶĚ ŝŶ ƉƌŽũĞĐƚŝŶŐ ĨƵƚƵƌĞ ƉƌŽĚƵĐƚŝŽŶ͕ ĚĞǀĞůŽƉŵĞŶƚ ĞdžƉĞŶĚŝƚƵƌĞƐ͕ ŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐĂŶĚĐĂƐŚĨůŽǁƐĂŶĚƚŚĞƌĞŝƐŶŽŐƵĂƌĂŶƚĞĞƚŚĂƚĂĐƚƵĂůĞĐŽŶŽŵŝĐƉĂƌĂŵĞƚĞƌƐǁŝůů ŵĂƚĐŚƚŚĞĂƐƐƵŵĞĚǀĂůƵĞƐ͘tŚŝůĞZĞƐĞƌǀĞƐĂŶĚƉƌŽĚƵĐƚŝŽŶĞƐƚŝŵĂƚĞƐƉƌĞƐĞŶƚĞĚŚĞƌĞŝŶĂƌĞĐŽŶƐŝĚĞƌĞĚ ƌĞĂƐŽŶĂďůĞ͕ ƚŚĞĞƐƚŝŵĂƚĞƐ ƐŚŽƵůĚ ďĞ ĂĐĐĞƉƚĞĚ ǁŝƚŚ ƚŚĞ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ƚŚĂƚ ƌĞƐĞƌǀŽŝƌ ƉĞƌĨŽƌŵĂŶĐĞ ƐƵďƐĞƋƵĞŶƚƚŽƚŚĞĚĂƚĞŽĨƚŚĞĞƐƚŝŵĂƚĞŵĂLJũƵƐƚŝĨLJƌĞǀŝƐŝŽŶ͕ĞŝƚŚĞƌƵƉǁĂƌĚŽƌĚŽǁŶǁĂƌĚ͘

EŽƐŝƚĞǀŝƐŝƚǁĂƐƵŶĚĞƌƚĂŬĞŶŝŶƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚŝƐƌĞƉŽƌƚ͘

2. Introduction

ERCE has completed an audit of certain oil and gas fields in RockRose's portfolio listed in Table 2.1 and Table 2.2.

Decommissioning liabilities for additional fields in RockRose's portfolio were also audited. These additional fields are listed in Table 2.3.

Table 2.1: Summary of UK Licence Interests in Fields for which Reserves Have Been Audited

Field	Country	Blocks	Operator	RRE Interest	Partners	Status
Nelson	UK	22/11a, 22/6s, 22/7a, 22/12a	Shell	7.48%	Shell (58.11%), Esso (21.23%), Apache (11.53%), Premier (1.66%)	Prod. Oil
Howe	UK	22/12c	Shell	20.00%	Shell (60%), Bridge (20%)	Prod. Oil
Blake	UK	13/24b, 13/24a, 13/29b	Repsol Sinopec	30.82%	Repsol Sinopec (69.18%)	Prod. Oil
Ross	UK	13/29a, 13/29b, 13/28a, 13/28c	Repsol Sinopec	30.82%	Repsol Sinopec (69.18%)	Prod. Oil
Beauly	UK	16/21c	Repsol Sinopec	40.00%	Repsol Sinopec (60%)	Prod. Oil
Burghley	UK	16/22a	Repsol Sinopec	41.10%	Repsol Sinopec (36.98%), JX Nippon (21.92%)	Prod. Oil
Tors	UK	43/22a, 42/25a, 43/21a	Alpha Petroleum	15.00%	Alpha Petroleum (17%), Edison (68%)	Prod. Gas
Grove	UK	49/10a, 49/9c	Spirit Energy	15.00%	Spirit Energy (85%)	Prod. Gas
Arran	UK	23/11a, 23/11c, 23/16b, 23/16c	Shell	30.43%	Shell (44.57%), ONE-DYAS (25%)	Gas-condensate development
		16/3a, 16/7a, 16/7b, 16/7c	RockRose	40.00%	TAQA (41.7%), Spirit Energy (8%), JX Nippon (6.3%), TAQA LNS (4%)
Greater Brae Area*		16/3b, 16/3c	RockRose	26.00%	TAQA (62%), Spirit Energy (5%), JX Nippon (4%), TAQA LNS (3%)
	UK	16/8d	RockRose	30.00%	Shell (41.17%), Esso (28.83%)	Prod Oil, Gas, Condensate NGL
		16/3a, 16/3b	RockRose	36.82%	TAQA (46.30%), Spirit Energy (7.32%), JX Nippon (5.78%), TAQA LNS (3.77%)
		16/8a, 16/8d	Shell	0.90%	Shell (49.74%), Esso (49.37%)
Foinaven	UK	204/19a, 204/20a, 204/24a, 204/25b	ВР	28.00%	BP (72%)	Prod Oil
Foinaven East	UK	204/24a, 204/25b	ВР	47.00%	BP (43%), Faroe (10%)	Prod Oil
Foinaven T25/35	UK	204/24a	ВР	20.00%	BP (80%)	Prod Oil

^* Greater Brae area has commercial arrangements that mean the effective working interest for revenue and cost calculations are not necessarily equal to the licence interest. Please see Section 10.1 for more details.

June 2019 14

Table 2.2: Summary of Netherland Licence Interests in Fields for which Reserves Have Been Audited

Field	Country	Blocks	Operator	RRE Interest	Partners	Status
Hanze	NL	F2a	Dana Petroleum	20%	Dana (45%), ONE-DYAS (35%)	Prod. Oil
P15/18 Rijn	NL	P15	TAQA	45.69%	TAQA (38.27%), ONE-DYAS (14.19%), Wintershall (1.85%)	Prod. Oil
A/B Blocks excl. A15	NL	A12a, A12d, A18a, A18c, B10a, A12b, B10c, B13a, B16a, B13a	Petrogas	14.63%	Petrogas (34.13%), TAQA (3.87%), EBN (47.38%)	Prod. Gas
Bergen Onshore	NL	Bergen Concession	TAQA	12%	TAQA (36%), Dana (12%), EBN (40%)	Prod. Gas
K4/K5	NL	K4b, K5a, K5b	Total	6.98-11.66%	Total (36.31 - 41.8%), EBN (50%), Vermillion (1.22 - 2.04%)	Prod. Gas
PQ excl. Q1B	NL	P6-d, P6-a, P6-b, P6-s, P9a, P9b, P9cef, Q4, Q5d, Q8	Wintershall	5.62-30.60%	Wintershall B.V (29.40 - 61.61%), EBN (20 - 50%), Delta Hydrocarbons B.V (10 - 19.80%)	Prod. Gas

Table 2.3: Summary Licence Interests for the remaining assets for which decommissioning costs apply

Field	Country	Blocks	Operator	RRE Interest	Partners	Status
Galahad	UK	48/13b, 48/12a	Perenco	27.80%	Perenco (72.2%)	Prod. Gas
Modred	UK	48/12a, 48/12c	Perenco	8.33%	Perenco (91.67%)	Prod. Gas
Seven Seas	UK	48/8a, 48/7c, 48/7g	Spirit	10%	Spirit (90%)	Prod. Gas
Balmoral	UK	16/21a, 16/21b	Premier	6.75%	Premier (78.12%), Repsol Sinopec (15.13%)	Prod. Oil
Stirling	UK	16/21a, 16/21c	Premier	16%	Premier (68.68%), Repsol Sinopec (15.32%)	Prod.Oil
Galley	UK	15/23a	Repsol Sinopec	17.42%	Repsol Sinopec (67.42%), JX Nippon (15.17%)	Shut-in
Hanze Pliocene	UK	F2a	Dana	12%	Dana (27%), ONE-DYAS (21%), EBN (40%)	Prod. Gas
J3C Block	UK	J3b/J6, J3c	Total	1.73%	Total (29.05%), Spirit (4.03%), NAM (15.20%), EBN (50%)	Prod. Gas
Markham	UK	NL: J3b/J6 UK: 49/5a, 49/10b	Spirit	4.43%	Total (22.10%), Spirit Energy (37.53%), INEOS (3.38%), Euroil (3.07%), EBN (29.50%)	Prod. Gas
Q1B	NL	Q4, Q1	Wintershall	Wintershall (43.46%), TAQA all 2.59% (9.00%), EBN (40%), Delta Hydrocarbons (4.95%)		Prod. Gas
P15/P18	NL	P15c, P15a, P15b, P18a, P18c		0.68-9.71%	TAQA (18.16 - 48.65%), Dana (0.68 - 10.66%), Wintershall (0.65 1.85%), ONE-DYAS (8.38 - 14.19%)	Prod. Gas
F15 AB	NL	F15a, F15d	Total	8.82%	EBN (50%), Total (38.2%), Vermillion (2.97%)	Shut-in
Halfweg	NL	Q1-Q2c	Petrogas	1.14%	Petrogas (45.81%), TAQA (11.45%), EBN (41.6%)	P&A'd. Platform removal complete (GBS remains in place)

June 2019 15

ʹǤͳǤ Data Provided

dŚĞZŽĐŬZŽƐĞƉŽƌƚĨŽůŝŽĐŽŵƉƌŝƐĞƐŽƉĞƌĂƚĞĚĂŶĚŶŽŶͲŽƉĞƌĂƚĞĚĂƐƐĞƚƐ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞǀŽůƵŵĞŽĨĚĂƚĂ ĂǀĂŝůĂďůĞĨŽƌĂƵĚŝƚǀĂƌŝĞƐĨƌŽŵĂƐƐĞƚƚŽĂƐƐĞƚ͘/ŶĂĚĚŝƚŝŽŶƚŽĚĂƚĂƉƌĞǀŝŽƵƐůLJĂƵĚŝƚĞĚĨŽƌƚŚĞLJĞĂƌͲĞŶĚ ϮϬϭϴĂƵĚŝƚĐŽŶĚƵĐƚĞĚŽŶƚŚĞZŽĐŬZŽƐĞĂƐƐĞƚƐ͕ĨŽƌƚŚŝƐƌĞƉŽƌƚZǁĂƐƉƌŽǀŝĚĞĚǁŝƚŚ͗

x WƌŽĚƵĐƚŝŽŶĚĂƚĂ͘&ŽƌĂůůĂƐƐĞƚƐĞdžĐĞƉƚĨŽƌ,ŽǁĞĂŶĚƚŚĞĞƌŐĞŶŽŶĐĞƐƐŝŽŶ͕ǁĞƌĞĐĞŝǀĞĚ ƉƌŽĚƵĐƚŝŽŶĚĂƚĂƚŚƌŽƵŐŚƚŽƚŚĞϯϭƐƚŽĨDĂƌĐŚϮϬϭϵŽŶĂǁĞůůůĞǀĞůĂƚĂŵŽŶƚŚůLJŽƌĚĂŝůLJ ƐĐĂůĞ͘&Žƌ,ŽǁĞ͕ƉƌŽĚƵĐƚŝŽŶĚĂƚĂǁĂƐĂƚĂǁĞůůůĞǀĞůƚŚƌŽƵŐŚƚŽƚŚĞϮϴƚŚ&ĞďƌƵĂƌLJϮϬϭϵ͘&Žƌ ƚŚĞĞƌŐĞŶŽŶĐĞƐƐŝŽŶ͕ŵŽŶƚŚůLJǁĞůůůĞǀĞůƉƌŽĚƵĐƚŝŽŶĚĂƚĂĨƌŽŵƚŚĞƵƚĐŚWĞƚƌŽůĞƵŵ ŝƌĞĐƚŽƌĂƚĞ;^ŽƵƌĐĞ͗ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŶůŽŐ͘ŶůͬĞŶͬĚĂƚĂͿǁĂƐƵƚŝůŝƐĞĚ
x KDĂŶĚdDĚĂƚĂĨŽƌĂůůĂǀĂŝůĂďůĞŵĞĞƚŝŶŐƐƚŚƌŽƵŐŚƚŽϭϱDĂLJϮϬϭϵ
x ^ƚĂƚŝĐĂŶĚĚLJŶĂŵŝĐŵŽĚĞůƐĨŽƌtĞƐƚƌĂĞ͕ŝŶĐůƵĚŝŶŐƐĞŝƐŵŝĐ
x >ŽŐĚĂƚĂĨŽƌƚŚĞ'ƌĞĂƚĞƌƌĂĞĂƌĞĂ
x hƉĚĂƚĞĚďƵĚŐĞƚĂƌLJĚĂƚĂĨŽƌĂůůĨŝĞůĚƐƵƉƚŽϭϱDĂLJϮϬϭϵ
x ĞĐŽŵŵŝƐƐŝŽŶŝŶŐĞƐƚŝŵĂƚĞƐĨŽƌƚŚĞƌĂĞĐŽŵƉůĞdž
x dĂƌŝĨĨĂŶĚƉƌŽĚƵĐƚLJŝĞůĚĚĂƚĂĨŽƌƚŚĞƌƌĂŶĚĞǀĞůŽƉŵĞŶƚ

:ƵŶĞϮϬϭϵ ϭϲ

ʹǤʹǤ Work Completed

ZǁĂƐŝŶƐƚƌƵĐƚĞĚƚŽĂƵĚŝƚƚŚĞZĞƐĞƌǀĞƐĨŽƌĂƐƐĞƚƐůŝƐƚĞĚŝŶdĂďůĞϮ͘ϭĂŶĚdĂďůĞϮ͘Ϯ͘ZŽĐŬZŽƐĞŚĂǀĞ ŝŶĨŽƌŵĞĚZƚŚĞƐĞǁĞƌĞƐĞůĞĐƚĞĚĂƐƚŚĞLJĂƌĞƚŚĞZĞƐĞƌǀĞĂƐƐĞƚƐƚŚĂƚ͕ŝŶĂŐŐƌĞŐĂƚĞ͕ĐŽŵƉƌŝƐĞŽǀĞƌ ϴϱйŽĨƚŚĞŶĞƚǀĂůƵĞŽĨƚŚĞZŽĐŬZŽƐĞZĞƐĞƌǀĞƐƉŽƌƚĨŽůŝŽ͘

ZǁĂƐŝŶƐƚƌƵĐƚĞĚƚŽĂƵĚŝƚĨŽƌƚŚĞĨŝƌƐƚƚŝŵĞƚŚĞZĞƐĞƌǀĞƐĨŽƌƚŚĞƌĂĞŽŵƉůĞdžĂŶĚ&ŽŝŶĂǀĞŶ&ŝĞůĚƐ͕ ǁŚŝĐŚZŽĐŬZŽƐĞĂĐƋƵŝƌĞĚŝŶϮϬϭϵ͘dŚŝƐǁŽƌŬŝŶĐůƵĚĞĚĂŶĂƵĚŝƚŽĨƚŚĞĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐĐŽƐƚƐŽĨƚŚĞƐĞ ĨŝĞůĚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ZǁĂƐŝŶƐƚƌƵĐƚĞĚƚŽĂƵĚŝƚƚŚĞZĞƐĞƌǀĞƐŽĨĐĞƌƚĂŝŶŽŝůĂŶĚŐĂƐĂƐƐĞƚƐƚŚĂƚZŽĐŬZŽƐĞ ŚĂĚƉƌĞǀŝŽƵƐůLJŚĞůĚĂƐĂƚϯϭĞĐĞŵďĞƌϮϬϭϴ͘

ZŚĂƐƵƐĞĚƐƚĂŶĚĂƌĚƉĞƚƌŽůĞƵŵĞǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐŝŶƚŚĞŐĞŶĞƌĂƚŝŽŶŽĨƚŚĞĞŶĐůŽƐĞĚWZ͘dŚĞƐĞ ƚĞĐŚŶŝƋƵĞƐ ĐŽŵďŝŶĞ ŐĞŽƉŚLJƐŝĐĂů ĂŶĚ ŐĞŽůŽŐŝĐĂů ŬŶŽǁůĞĚŐĞ ǁŝƚŚ ĂƐƐĞƐƐŵĞŶƚƐ ŽĨ ƉŽƌŽƐŝƚLJ ĂŶĚ ƉĞƌŵĞĂďŝůŝƚLJ ĚŝƐƚƌŝďƵƚŝŽŶƐ͕ ĨůƵŝĚ ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͕ ƉƌŽĚƵĐƚŝŽŶ ƉĞƌĨŽƌŵĂŶĐĞ ĂŶĚ ƌĞƐĞƌǀŽŝƌ ƉƌĞƐƐƵƌĞ͘ dŚĞƌĞŝƐƵŶĐĞƌƚĂŝŶƚLJŝŶ ƚŚĞŵĞĂƐƵƌĞŵĞŶƚĂŶĚŝŶƚĞƌƉƌĞƚĂƚŝŽŶŽĨďĂƐŝĐĚĂƚĂ͘ZŚĂƐĞƐƚŝŵĂƚĞĚ ƚŚĞ ĚĞŐƌĞĞŽĨƚŚŝƐƵŶĐĞƌƚĂŝŶƚLJĂŶĚĚĞƚĞƌŵŝŶĞĚƚŚĞƌĂŶŐĞŽĨƌĞĐŽǀĞƌĂďůĞŚLJĚƌŽĐĂƌďŽŶǀŽůƵŵĞƐ͘

ZĞƐĞƌǀĞƐƉƌĞƐĞŶƚĞĚŝŶƚŚŝƐƌĞƉŽƌƚĂƌĞďĂƐĞĚŝŶƉĂƌƚŽŶĨŽƌĞĐĂƐƚƐŽĨŵĂƌŬĞƚƉƌŝĐĞƐ͕ĐƵƌƌĞŶĐLJĞdžĐŚĂŶŐĞ ƌĂƚĞƐ͕ŝŶĨůĂƚŝŽŶ͕ŵĂƌŬĞƚĚĞŵĂŶĚĂŶĚŐŽǀĞƌŶŵĞŶƚƉŽůŝĐLJǁŚŝĐŚĂƌĞƐƵďũĞĐƚƚŽŵĂŶLJƵŶĐĞƌƚĂŝŶƚŝĞƐĂŶĚ ŵĂLJ͕ŝŶĨƵƚƵƌĞ͕ĚŝĨĨĞƌŵĂƚĞƌŝĂůůLJĨƌŽŵƚŚĞĨŽƌĞĐĂƐƚƐƵƚŝůŝƐĞĚŚĞƌĞŝŶ͘

&Žƌ ƚŚŝƐ ƌĞƉŽƌƚ͕ZŽĐŬZŽƐĞ ƌĞƋƵĞƐƚĞĚ ƚŚĂƚZƵƐĞĂĐŽŶǀĞƌƐŝŽŶĨĂĐƚŽƌŽĨϭďŽĞсϱ͕ϴϬϬ ƐĐĨ͕ǁŚĞŶ ƌĞƉŽƌƚŝŶŐ ƉĞƚƌŽůĞƵŵ ǀŽůƵŵĞƐ ŝŶ ďĂƌƌĞůƐ ŽĨ Žŝů ĞƋƵŝǀĂůĞŶƚ ;͞ďŽĞ͟Ϳ͕ ŝŶͲůŝŶĞ ǁŝƚŚ ZŽĐŬZŽƐĞ͛Ɛ ŝŶƚĞƌŶĂů ƐƚĂŶĚĂƌĚĨŽƌh<ĂƐƐĞƚƐ

tŚĞŶĚĞƚĞƌŵŝŶŝŶŐďŽĞĨŽƌEĞƚŚĞƌůĂŶĚƐ;͞E>͟ͿĂƐƐĞƚƐ͕ŝŶĚŝǀŝĚƵĂůĨŝĞůĚŐƌŽƐƐŚĞĂƚŝŶŐǀĂůƵĞƐ;͞',sƐ͟Ϳ ǁĞƌĞĞŵƉůŽLJĞĚ͕ĂƐĚĞƐĐƌŝďĞĚŝŶ^ĞĐƚŝŽŶϭϵ͘

ʹǤ͵Ǥ Summary of Results

ʹǤ͵ǤͳǤ Reserves and Resources

Z͛Ɛ ĂƐƐĞƐƐŵĞŶƚ ŽĨ 'ƌŽƐƐ &ŝĞůĚ ZĞƐĞƌǀĞƐ ĂŶĚ EĞƚtŽƌŬŝŶŐ /ŶƚĞƌĞƐƚ ZĞƐĞƌǀĞƐ ĨŽƌ ƚŚĞ ĚĞƐŝŐŶĂƚĞĚ ZŽĐŬZŽƐĞĂƐƐĞƚƐĂƌĞƐŚŽǁŶŝŶdĂďůĞϮ͘ϰ͘

KƵƌĨŽƌĞĐĂƐƚƐŽĨƉƌŽĚƵĐƚŝŽŶĂŶĚĐŽƐƚƐĨŽƌĞĂĐŚĨŝĞůĚƌĞǀŝĞǁĞĚĂƚƚŚĞWƌŽǀĞĚ;ϭWͿ͕WƌŽǀĞĚƉůƵƐWƌŽďĂďůĞ ;ϮWͿĂŶĚWƌŽǀĞĚƉůƵƐWƌŽďĂďůĞƉůƵƐWŽƐƐŝďůĞ;ϯWͿůĞǀĞůƐĂƌĞĚĞƚĂŝůĞĚŝŶĞĂĐŚĨŝĞůĚƐĞĐƚŝŽŶŽĨƚŚŝƐƌĞƉŽƌƚ͘

:ƵŶĞϮϬϭϵ ϭϳ

dĂďůĞϮ͘ϰ͗'ƌŽƐƐĂŶĚEĞƚ&ŝĞůĚKŝůĂŶĚ'ĂƐZĞƐĞƌǀĞƐĨŽƌƚŚĞĞƐŝŐŶĂƚĞĚZŽĐŬZŽƐĞƐƐĞƚƐ

				'ƌŽƐƐ&ŝĞůĚKŝůĂŶĚ'ĂƐZĞƐĞƌǀĞƐ							EĞƚZŽĐŬZŽƐĞKŝůĂŶĚ'ĂƐZĞƐĞƌǀĞƐ					dŽƚĂů&ŝĞůĚEĞƚZĞƐĞƌǀĞƐ
				ĂƐĂƚϯϭͬϬϯͬϮϬϭϵ				ZŽĐŬZŽƐĞ			ĂƐĂƚϯϭͬϬϯͬϮϬϭϵ					ĂƐĂƚϯϭͬϬϯͬϮϬϭϵ
ŽƵŶƚƌLJ	ƐƐĞƚͬ&ŝĞůĚ	ϭW		ϮW		ϯW		tŽƌŬŝŶŐ	ϭW		ϮW		ϯW		ϭW	ϮW	ϯW
		;DDƐƚďͿ >ŝƋƵŝĚƐ	;ƐĐĨͿ 'ĂƐ	;DDƐƚďͿ >ŝƋƵŝĚƐ	;ƐĐĨͿ 'ĂƐ	;DDƐƚďͿ >ŝƋƵŝĚƐ	;ƐĐĨͿ 'ĂƐ	/ŶƚĞƌĞƐƚ ;йͿ	;DDƐƚďͿ >ŝƋƵŝĚƐ	;ƐĐĨͿ 'ĂƐ	;DDƐƚďͿ >ŝƋƵŝĚƐ	;ƐĐĨͿ 'ĂƐ	;DDƐƚďͿ >ŝƋƵŝĚƐ	;ƐĐĨͿ 'ĂƐ		;DDďŽĞͿ ;DDďŽĞͿ ;DDďŽĞͿ
	'ƌŽǀĞ	Ͳ	ϳ͘ϲ	Ͳ	ϵ͘Ϯ	Ͳ	ϭϯ͘ϳ	ϳ͘ϱ	Ͳ	Ϭ͘ϲ	Ͳ	Ϭ͘ϳ	Ͳ	ϭ͘Ϭ	Ϭ͘ϭ	Ϭ͘ϭ	Ϭ͘Ϯ
	dŽƌƐ	Ͳ	ϭϳ͘ϵ	Ͳ	Ϯϰ͘ϰ	Ͳ	ϯϭ͘Ϭ	ϭϱ͘Ϭ	Ͳ	Ϯ͘ϳ	Ͳ	ϯ͘ϳ	Ͳ	ϰ͘ϲ	Ϭ͘ϱ	Ϭ͘ϲ	Ϭ͘ϴ
	EĞůƐŽŶ	ϭϮ͘Ϯ	Ͳ	ϭϳ͘ϰ	Ͳ	ϮϮ͘Ϯ	Ͳ	ϳ͘ϱ	Ϭ͘ϵ	Ͳ	ϭ͘ϯ	Ͳ	ϭ͘ϳ	Ͳ	Ϭ͘ϵ	ϭ͘ϯ	ϭ͘ϳ
	,ŽǁĞ	Ϭ͘ϲ	Ϯ͘Ϭ	ϭ͘ϲ	ϱ͘ϯ	Ϯ͘ϵ	ϴ͘ϯ	ϮϬ͘Ϭ	Ϭ͘ϭ	Ϭ͘ϰ	Ϭ͘ϯ	ϭ͘ϭ	Ϭ͘ϲ	ϭ͘ϳ	Ϭ͘Ϯ	Ϭ͘ϱ	Ϭ͘ϵ
	ĂůŵŽƌĂů	Ϭ͘Ϭϱ	Ͳ	Ϭ͘Ϭϲ	Ͳ	Ϭ͘Ϭϳ	Ͳ	ϳ͘ϱ	Ϭ͘ϬϬϰ	Ͳ	Ϭ͘ϬϬϰ	Ͳ	Ϭ͘ϬϬϱ	Ͳ	Ϭ͘ϬϬϰ	Ϭ͘ϬϬϰ	Ϭ͘ϬϬϱ
	^ƚŝƌůŝŶŐ	Ϭ͘Ϭϲ	Ͳ	Ϭ͘Ϭϲ	Ͳ	Ϭ͘Ϭϳ	Ͳ	ϭϲ͘Ϭ	Ϭ͘ϬϬϵ	Ͳ	Ϭ͘ϬϭϬ	Ͳ	Ϭ͘Ϭϭϭ	Ͳ	Ϭ͘ϬϬϵ	Ϭ͘ϬϭϬ	Ϭ͘Ϭϭϭ
	ĞĂƵůLJ	Ϭ͘ϭϯ	Ͳ	Ϭ͘ϭϰ	Ͳ	Ϭ͘ϯϭ	Ͳ	ϰϬ͘Ϭ	Ϭ͘Ϭϱ	Ͳ	Ϭ͘Ϭϱ	Ͳ	Ϭ͘ϭϮ	Ͳ	Ϭ͘Ϭϱ	Ϭ͘Ϭϱ	Ϭ͘ϭϮ
h<	ƵƌŐŚůĞLJ	Ϭ͘Ϯϱ	Ͳ	Ϭ͘Ϯϲ	Ͳ	Ϭ͘Ϯϳ	Ͳ	ϰϭ͘ϭ	Ϭ͘ϭϬ	Ͳ	Ϭ͘ϭϭ	Ͳ	Ϭ͘ϭϭ	Ͳ	Ϭ͘ϭϬ	Ϭ͘ϭϭ	Ϭ͘ϭϭ
	ůĂŬĞ	Ϯϰ͘ϳ	Ͳ	ϯϰ͘Ϭ	Ͳ	ϰϲ͘ϯ	Ͳ	ϯϬ͘ϴ	ϳ͘ϲ	Ͳ	ϭϬ͘ϱ	Ͳ	ϭϰ͘ϯ	Ͳ	ϳ͘ϲ	ϭϬ͘ϱ	ϭϰ͘ϯ
	ZŽƐƐ	Ϭ͘ϭ	Ͳ	Ϭ͘ϲ	Ͳ	ϭ͘ϭ	Ͳ	ϯϬ͘ϴ	Ϭ͘Ϭϰ	Ͳ	Ϭ͘Ϯ	Ͳ	Ϭ͘ϯ	Ͳ	Ϭ͘Ϭ	Ϭ͘Ϯ	Ϭ͘ϯ
	ƌƌĂŶ	ϰ͘ϳ	ϲϭ͘ϳ	ϵ͘ϯ	ϭϮϳ͘ϳ	ϭϳ͘ϭ	Ϯϯϱ͘ϳ	ϯϬ͘ϰ	ϭ͘ϰ	ϭϴ͘ϴ	Ϯ͘ϴ	ϯϴ͘ϵ	ϱ͘Ϯ	ϳϭ͘ϳ	ϱ͘ϭ	ϵ͘ϱ	ϭϳ͘ϲ
	&ŽŝŶĂǀĞŶ	Ϯϲ͘Ϭ	ϯ͘ϯ	Ϯϵ͘ϳ	ϯ͘ϱ	ϯϯ͘ϴ	ϯ͘ϳ	Ϯϴ͘Ϭ	ϳ͘ϯ	Ϭ͘ϵ	ϴ͘ϯ	ϭ͘Ϭ	ϵ͘ϱ	ϭ͘Ϭ	ϳ͘ϰ	ϴ͘ϱ	ϵ͘ϲ
	ĂƐƚ &ŽŝŶĂǀĞŶ	Ϯ͘Ϯ	Ͳ	Ϯ͘ϳ	Ͳ	ϯ͘ϭ	Ͳ	ϰϳ͘Ϭ	ϭ͘Ϭ	Ͳ	ϭ͘ϯ	Ͳ	ϭ͘ϱ	Ͳ	ϭ͘Ϭ	ϭ͘ϯ	ϭ͘ϱ
	dϮϱ &ŽŝŶĂǀĞŶ	ϭ͘ϱ	Ͳ	ϭ͘ϳ	Ͳ	Ϯ͘Ϭ	Ͳ	ϮϬ͘Ϭ	Ϭ͘ϯ	Ͳ	Ϭ͘ϯ	Ͳ	Ϭ͘ϰ	Ͳ	Ϭ͘ϯ	Ϭ͘ϯ	Ϭ͘ϰ
	dϯϱ &ŽŝŶĂǀĞŶ	ϭ͘Ϭ	Ͳ	ϭ͘Ϯ	Ͳ	ϭ͘ϯ	Ͳ	ϮϬ͘Ϭ	Ϭ͘Ϯ	Ͳ	Ϭ͘Ϯ	Ͳ	Ϭ͘ϯ	Ͳ	Ϭ͘Ϯ	Ϭ͘Ϯ	Ϭ͘ϯ
	ƌĂĞ ŽŵƉůĞdž	ϮϬ͘ϰ	Ϯϭ͘ϰ	ϰϬ͘Ϭ	Ϯϰ͘ϰ	ϰϵ͘Ϭ	Ϯϳ͘ϯ	Ϯϳ͘ϴͲϰϮ͘ϰ	ϵ͘Ϯ	ϲ͘ϳ	ϭϲ͘ϴ	ϳ͘ϴ	ϮϬ͘ϲ	ϴ͘ϴ	ϭϬ͘ϰ	ϭϴ͘ϭ	ϮϮ͘ϭ
	Θ ůŽĐŬƐ	Ͳ	ϭϱϱ͘Ϯ	Ͳ	ϮϬϲ͘ϵ	Ͳ	Ϯϲϵ͘ϴ	ϭϰ͘ϲϯ	Ͳ	Ϯϭ͘ϲ	Ͳ	Ϯϵ͘ϲ	Ͳ	ϯϳ͘ϱ	ϯ͘ϴ	ϱ͘ϭ	ϲ͘ϱ
	ĞƌŐĞŶ	Ϭ͘ϬϬϮ	ϳ͘ϵ	Ϭ͘ϬϬϰ	ϭϰ͘ϲ	Ϭ͘ϬϬϱ	ϭϵ͘ϱ	ϭϮ͘Ϭ	Ϭ͘ϬϬϬϯ	Ϭ͘ϵ	Ϭ͘ϬϬϬϱ	ϭ͘ϴ	Ϭ͘ϬϬϬϱ	Ϯ͘ϯ	Ϭ͘Ϯ	Ϭ͘ϯ	Ϭ͘ϰ
EĞƚŚĞƌůĂŶĚƐ	,ĂŶnjĞ Kŝů	ϲ͘ϵ	Ͳ	ϭϭ͘ϰ	Ͳ	ϭϯ͘ϯ	Ͳ	ϮϬ͘Ϭ	ϭ͘ϰ	Ͳ	Ϯ͘ϯ	Ͳ	Ϯ͘ϳ	Ͳ	ϭ͘ϰ	Ϯ͘ϯ	Ϯ͘ϳ
	<ϰ<ϱ	ϲ͘ϰ	Ϯϯϴ͘ϭ	ϳ͘Ϭ	ϮϲϬ͘ϳ	ϳ͘ϵ	Ϯϵϱ͘ϱ	ϲ͘ϵϴͲϭϭ͘ϲϲ	Ϭ͘ϰ	ϭϲ͘ϳ	Ϭ͘ϱ	ϭϴ͘ϯ	Ϭ͘ϲ	ϮϬ͘ϳ	ϯ͘Ϭ	ϯ͘Ϯ	ϯ͘ϳ
	WϭϱͬWϭϴ ZŝũŶ Kŝů	Ϭ͘ϱ	Ͳ	Ϭ͘ϲ	Ͳ	Ϭ͘ϵ	Ͳ	ϰϱ͘ϳ	Ϭ͘Ϯ	Ͳ	Ϭ͘ϯ	Ͳ	Ϭ͘ϰ	Ͳ	Ϭ͘Ϯ	Ϭ͘ϯ	Ϭ͘ϰ
	WY ;ĞdžĐů͘ YϭͿ	Ϭ͘Ϯ	ϵ͘Ϯ	Ϭ͘ϯ	ϭϭ͘ϴ	Ϭ͘ϰ	ϭϲ͘ϱ	ϱ͘ϲϮͲϯϬ͘ϲϬ	Ϭ͘Ϭ	ϭ͘ϲ	Ϭ͘ϭ	Ϯ͘Ϭ	Ϭ͘ϭ	Ϯ͘ϴ	Ϭ͘ϯ	Ϭ͘ϯ	Ϭ͘ϱ
h<^ƵďͲdŽƚĂů		ϵϯ͘ϵ	ϭϭϰ͘Ϭ	ϭϯϴ͘ϳ	ϭϵϰ͘ϱ	ϭϳϵ͘ϲ	ϯϭϵ͘ϳ		Ϯϴ͘ϯ	ϯϬ͘ϭ	ϰϮ͘Ϯ	ϱϯ͘Ϭ	ϱϰ͘ϱ	ϴϴ͘ϵ	ϯϯ͘ϵ	ϱϭ͘ϰ	ϲϵ͘ϴ
EĞƚŚĞƌůĂŶĚƐ^ƵďͲdŽƚĂů		ϭϰ͘Ϭ	ϰϭϬ͘ϱ	ϭϵ͘ϯ	ϰϵϰ͘ϭ	ϮϮ͘ϲ	ϲϬϭ͘ϯ		Ϯ͘ϭ	ϰϬ͘ϴ	ϯ͘ϭ	ϱϭ͘ϲ	ϯ͘ϳ	ϲϯ͘ϰ	ϴ͘ϳ	ϭϭ͘ϲ	ϭϰ͘ϭ
dŽƚĂů		ϭϬϳ͘ϵ	ϱϮϰ͘ϰ	ϭϱϴ͘Ϭ	ϲϴϴ͘ϲ	ϮϬϮ͘Ϯ	ϵϮϭ͘Ϭ		ϯϬ͘ϰ	ϳϬ͘ϵ	ϰϱ͘ϯ	ϭϬϰ͘ϳ	ϱϴ͘Ϯ	ϭϱϮ͘ϯ	ϰϮ͘ϲ	ϲϮ͘ϵ	ϴϯ͘ϵ

:ƵŶĞϮϬϭϵ ϭϴ

3. Nelson & Howe Asset

͵ǤͳǤ Asset Summaries

dŚĞEĞůƐŽŶ&ŝĞůĚ ŝƐůŽĐĂƚĞĚ ^ŽĨƚŚĞ&ŽƌƚŝĞƐ&ŝĞůĚ ŝŶƚŚĞĞŶƚƌĂů EŽƌƚŚ ^ĞĂ ;&ŝŐƵƌĞϯ͘ϭͿ͕ŝŶůŽĐŬƐϮϮͬϭϭ͕ ϮϮͬϲĂ͕ϮϮͬϳ ĂŶĚϮϮͬϭϮĂ͘ dŚĞŽƉĞƌĂƚŽƌŽĨƚŚĞĨŝĞůĚ ŝƐ^ŚĞůů͕ǁŝƚŚZŽĐŬZŽƐĞŚŽůĚŝŶŐϳ͘ϰϴйĞƋƵŝƚLJ͘ EĞůƐŽŶ ŚĂƐďĞĞŶŽŶƉƌŽĚƵĐƚŝŽŶĨŽƌŽǀĞƌϮϱLJĞĂƌƐ͕ƉƌŽĚƵĐŝŶŐĨƌŽŵŐŽŽĚƋƵĂůŝƚLJ&ŽƌƚŝĞƐƐĂŶĚƐƚŽŶĞƌĞƐĞƌǀŽŝƌ͘ dŚĞEĞůƐŽŶƐƚƌƵĐƚƵƌĞŝƐĂ ůŽǁƌĞůŝĞĨĂŶƚŝĐůŝŶĞĂƚĂ ĚĞƉƚŚŽĨĐĂ͘ ϳ͕ϬϬϬĨƚds^^͘

dŚĞ,ŽǁĞ &ŝĞůĚ ůŝĞƐ ϭϰŬŵĞĂƐƚ ŽĨEĞůƐŽŶ͕ ŝŶůŽĐŬ ϮϮͬϭϮĐ;&ŝŐƵƌĞϯ͘ϭͿ͘/ƚ ŝƐ ŽƉĞƌĂƚĞĚ ďLJ ^ŚĞůů ĂŶĚ ĐŽŶƚĂŝŶƐϰϭĚĞŐƌĞĞƐW/Žŝů ŝŶŐŽŽĚƋƵĂůŝƚLJ&ƵůŵĂƌ:ƵƌĂƐƐŝĐƐĂŶĚƐƚŽŶĞĂƚĂ ĚĞƉƚŚŽĨĐĂ͘ϭϬ͕ϯϬϬĨƚds^^͘ dŚĞĨŝĞůĚ ǁĂƐĂƉƉƌĂŝƐĞĚďLJtĞůůϮϮͬϭϮĂͲϴ͕ǁŚŝĐŚĞŶĐŽƵŶƚĞƌĞĚ ĂŶŽŝů ǁĂƚĞƌĐŽŶƚĂĐƚŝŶĂϭϲϬĨĞĞƚƚŚŝĐŬ ƌĞƐĞƌǀŽŝƌƐĞĐƚŝŽŶĚŽǁŶĚŝƉŽĨĐƌĞƐƚĂůtĞůůϮϭͬϭϮĂͲϭ͘ dŚĞŝŶŝƚŝĂůƌĞƐĞƌǀŽŝƌƉƌĞƐƐƵƌĞǁĂƐϲ͕ϳϬϬƉƐŝ͕ƐŽŵĞ Ϯ͕ϳϬϬƉƐŝŽǀĞƌͲƉƌĞƐƐƵƌĞĚ͘

&ŝŐƵƌĞϯ͘ϭ͗EĞůƐŽŶĂŶĚ,ŽǁĞĂƐƐĞƚƐůŽĐĂƚŝŽŶŵĂƉ

͵ǤͳǤͳǤ Nelson Field Development History

EĞůƐŽŶĐĂŶďĞŐƌŽƵƉĞĚ ŝŶƚŽƐŝdžƉƌŽĚƵĐƚŝŽŶĐŽŵƉĂƌƚŵĞŶƚƐ;&ŝŐƵƌĞϯ͘ϮͿ͕ǁŝƚŚƌĞĐŽǀĞƌLJĂĐŚŝĞǀĞĚƚŚƌŽƵŐŚ ĂĐŽŵďŝŶĂƚŝŽŶŽĨĂƋƵŝĨĞƌŝŶĨůƵdž ĂŶĚ ǁĂƚĞƌŝŶũĞĐƚŝŽŶ͕ĂƐǁĞůů ĂƐŐĂƐůŝĨƚ͘

:ƵŶĞϮϬϭϵ ϭϵ

&ŝŐƵƌĞϯ͘Ϯ͗EĞůƐŽŶdŽƉ&ŽƌƚŝĞƐĞƉƚŚDĂƉ ;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ

dŚĞ EĞůƐŽŶ &ŝĞůĚ ŚĂƐ ďĞĞŶ ĚĞǀĞůŽƉĞĚ ƚŚƌŽƵŐŚ ƐĞǀĞƌĂů ĐLJĐůĞƐ ŽĨ ŝŶĨŝůů ĚƌŝůůŝŶŐ ĨŽůůŽǁŝŶŐ ƚŚĞ ŝŶŝƚŝĂů ĚĞǀĞůŽƉŵĞŶƚ͘ƚŽƚĂůŽĨϯϳƉƌŽĚƵĐƚŝŽŶǁĞůůƐĂŶĚ ϰ ǁĂƚĞƌŝŶũĞĐƚŽƌƐŚĂǀĞďĞĞŶĚƌŝůůĞĚ͕ǁŝƚŚϮϬĐƵƌƌĞŶƚůLJ ĂĐƚŝǀĞƉƌŽĚƵĐĞƌƐ͘ dŚĞŽŝůƉƌŽĚƵĐƚŝŽŶƌĂƚĞƉĞĂŬĞĚ ĂƚĂƌŽƵŶĚϭϴϱDďďůͬĚ ŝŶϭϵϵϰ ;&ŝŐƵƌĞϯ͘ϯͿ͘ dŚĞĨŝĞůĚ ŝƐŶŽǁ ĂƚĂŵĂƚƵƌĞƐƚĂŐĞŽĨƉƌŽĚƵĐƚŝŽŶ͕ƉƌŽĚƵĐŝŶŐƐŽŵĞϵDďďůͬĚŽĨŽŝů ĂŶĚϭϱϱDďďůͬĚŽĨǁĂƚĞƌ͕Ă ǁĂƚĞƌĐƵƚŽĨƐŽŵĞϵϰй͘ dŚĞĐƵŵƵůĂƚŝǀĞŽŝůƉƌŽĚƵĐƚŝŽŶĂƐĂƚϯϭͬϬϯͬϮϬϭϵŝƐϰϴϮDDďďůƉŝƉĞůŝŶĞďĂƌƌĞůƐ͘

&ŝŐƵƌĞϯ͘ϯ͗EĞůƐŽŶ&ŝĞůĚƉƌŽĚƵĐƚŝŽŶŚŝƐƚŽƌLJ

:ƵŶĞϮϬϭϵ ϮϬ

KŝůĨƌŽŵƚŚĞĨŝdžĞĚƉůĂƚĨŽƌŵŝƐƚƌĂŶƐƉŽƌƚĞĚďLJƉŝƉĞůŝŶĞƚŽƚŚĞ&ŽƌƚŝĞƐ&ŝĞůĚ͕ĂŶĚƚŚĞŶƚŽƐŚŽƌĞǀŝĂƚŚĞ &ŽƌƚŝĞƐƉŝƉĞůŝŶĞƐLJƐƚĞŵ͘džĐĞƐƐŐĂƐŶŽƚƵƐĞĚĨŽƌĨƵĞů ŝƐĞdžƉŽƌƚĞĚ ǀŝĂ ĂƐĞƉĂƌĂƚĞƉŝƉĞůŝŶĞƚŽ^ƚ&ĞƌŐƵƐ ĨŽƌƐĂůĞ͘

ƐƉĂƌƚŽĨƚŚĞǁĞůůƐĞƌǀŝĐĞƐĐĂŵƉĂŝŐŶĨŽƌϮϬϭϵ͕ǁŽƌŬŽǀĞƌƐǁĞƌĞƉůĂŶŶĞĚĨŽƌtĞůůƐEϭϮ͕EϮϬdž ĂŶĚ EϮϱnj͘ tĞůů EϭϮǁŽƌŬŽǀĞƌĐŽŵŵĞŶĐĞĚ ůĂƚĞYϭϮϬϭϵĂŶĚ ǁĂƐĐŽŵƉůĞƚĞĚĞĂƌůLJYϮϮϬϭϵ͘ dŚĞŝŶŝƚŝĂůĨůŽǁƚĞƐƚƐ ǁĞƌĞƵƐĞĚƚŽŐƵŝĚĞƚŚĞĨŽƌĞĐĂƐƚƉƌŽĨŝůĞƐ͘tĞůů EϮϬdž ǁĂƐďƌŽƵŐŚƚďĂĐŬŽŶůŝŶĞŝŶ^ĞƉƚϮϬϭϳ͕ƉƌŽĚƵĐŝŶŐ ǀŝĂ Ă ĚĞͲƐĂŶĚĞƌ͕ ǁŝƚŚ ƐĂŶĚ ƉƌŽĚƵĐƚŝŽŶ ďĞŝŶŐ ŵŽŶŝƚŽƌĞĚ͖ ŝƚ ǁĂƐ ĂŶƚŝĐŝƉĂƚĞĚ ƚŚĂƚ Ă ĐŽŝůĞĚ ƚƵďŝŶŐ ŽƉĞƌĂƚŝŽŶƚŽƌĞƉůĂĐĞƚŚĞǁĞůů͛ƐƐĂŶĚƐĐƌĞĞŶƐǁŽƵůĚďĞƵŶĚĞƌƚĂŬĞŶŝŶYϰϮϬϭϴ͘/ŶDĂLJϮϬϭϴ͕ƚŚĞǁĞůů ĞdžƉĞƌŝĞŶĐĞĚ ĂŐƌĞĂƚĞƌƚŚĂŶĂŶƚŝĐŝƉĂƚĞĚƐĂŶĚƉƌŽĚƵĐƚŝŽŶ͕ƌĂŝƐŝŶŐĂŶŝŵŵŝŶĞŶƚƌŝƐŬŽĨĨĂŝůƵƌĞĂŶĚ ǁĂƐ ƐŚƵƚͲŝŶ͘ŶŽƉĞƌĂƚŝŽŶƚŽƌĞƉůĂĐĞƚŚĞƐĂŶĚƐĐƌĞĞŶƐŝƐŶŽǁƌĞƐĐŚĞĚƵůĞĚƚŽďĞĐĂƌƌŝĞĚŽƵƚŝŶYϮϮϬϭϵ͘ dŚŝƐǁĞůů ǁĂƐĐĂƉĂďůĞŽĨƉƌŽĚƵĐŝŶŐĂƚхϭ͕ϬϬϬƐƚďͬĚƐŽŝƐĂŵĂũŽƌƉŽƚĞŶƚŝĂůƉƌŽĚƵĐĞƌŝŶƚŚĞĨŝĞůĚ͘dŚĞ EϮϱnj ǁĞůů ŚĂƐďĞĞŶƐŚƵƚŝŶƐŝŶĐĞYϯϮϬϭϲ ĚƵĞƚŽƐĂŶĚ ŝƐƐƵĞƐ͘ƐĂŶĚĐůĞĂŶͲŽƵƚĐŽŝůƚƵďŝŶŐŽƉĞƌĂƚŝŽŶ ǁŚŝĐŚ ŝƐƉĂƌƚŽĨƚŚĞƐĂŵĞĐĂŵƉĂŝŐŶĂƐƚŚĞEϮϬyǁĞůů ŝƐĞdžƉĞĐƚĞĚƚŽĐŽŵŵĞŶĐĞŝŶYϮϮϬϭϵĂŶĚƌĞƚƵƌŶ ΕϭϱϬďďůƐͬĚŽĨŽŝůƉƌŽĚƵĐƚŝŽŶƚŽEĞůƐŽŶ͘

͵ǤͳǤʹǤ Howe Field Development History

dŚĞ,ŽǁĞ&ŝĞůĚ ŚĂƐďĞĞŶĚĞǀĞůŽƉĞĚƚŚƌŽƵŐŚ ĂƐŝŶŐůĞƐƵďͲŚŽƌŝnjŽŶƚĂů ǁĞůů ;&ŝŐƵƌĞϯ͘ϰͿ ĂŶĚ ŚĂƐďĞĞŶŽŶ ƉƌŽĚƵĐƚŝŽŶ ƐŝŶĐĞ ϮϬϬϰ͘ dŚĞ Žŝů ƉƌŽĚƵĐƚŝŽŶ ƌĂƚĞ ƉĞĂŬĞĚ Ăƚ ĂƌŽƵŶĚ ϭϭDƐƚďͬĚ ŝŶ ϮϬϬϱ ;&ŝŐƵƌĞ ϯ͘ϱͿ͘ WƌŽĚƵĐƚŝŽŶĚĂƚĂĨŽƌ,ŽǁĞŚĂƐďĞĞŶƉƌŽǀŝĚĞĚƵƉƵŶƚŝůƚŚĞĞŶĚŽĨ&ĞďƌƵĂƌLJϮϬϭϵǁŚĞŶƚŚĞĐƵŵƵůĂƚŝǀĞ ŽŝůƉƌŽĚƵĐƚŝŽŶĨŽƌƚŚĞĨŝĞůĚƚŽƚĂůůĞĚϭϳ͘ϱDDƐƚď͘

&ŝŐƵƌĞϯ͘ϰ͗,ŽǁĞdŽƉ&ƵůŵĂƌĞƉƚŚDĂƉ ;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ

:ƵŶĞϮϬϭϵ Ϯϭ

&ŝŐƵƌĞϯ͘ϱ͗,ŽǁĞ&ŝĞůĚƉƌŽĚƵĐƚŝŽŶŚŝƐƚŽƌLJ

ƵƌŝŶŐƚŚĞƉĞƌŝŽĚϮϬϬϵƚŽϮϬϭϴ͕ƚŚĞƐŝŶŐůĞ,ŽǁĞǁĞůů ǁĂƐĐŚŽŬĞĚďĂĐŬĚƵĞƚŽĂĐŽŶƐƚƌĂŝŶƚŽŶŐĂƐ ƉƌŽĚƵĐƚŝŽŶ ;ĚƌŝǀĞŶ ďLJ EĞůƐŽŶ dWK^Ϳ ǁŚŝĐŚ ůŝŵŝƚĞĚ ƚŚĞ ĨŝĞůĚ ƚŽ ϲ DDƐĐĨͬĚ͘ /Ŷ Yϭ ϮϬϭϴ͕ ƚŚŝƐ ĐŽŵŵĞƌĐŝĂů ĂŐƌĞĞŵĞŶƚǁĂƐůŝĨƚĞĚ͕ĂŶĚƚŚĞĐŚŽŬĞǁĂƐŽƉĞŶĞĚƚŽĂůůŽǁĨŽƌŐƌĞĂƚĞƌĨůŽǁƌĂƚĞƐ͘ dŚĞĨŝĞůĚ ŝƐŶŽǁ ĂƚĂŵĂƚƵƌĞƐƚĂŐĞŽĨƉƌŽĚƵĐƚŝŽŶ͘&ƌŽŵDĂƌĐŚϮϬϭϴƚŽ:ĂŶƵĂƌLJϮϬϭϵƚŚĞǁĞůůŽŝůƉƌŽĚƵĐƚŝŽŶ ƌĂƚĞŚĂƐĚĞĐůŝŶĞĚ ĨƌŽŵϰ͘ϮDƐƚďͬĚ ƚŽ Ϯ͘ϴDƐƚďͬĚ ǁŚŝůĞ ƚŚĞ'KZ ĂŶĚ ǁĂƚĞƌĐƵƚŚĂǀĞ ŝŶĐƌĞĂƐĞĚ͘/Ŷ &ĞďƌƵĂƌLJϮϬϭϵƚŚĞǁĞůů ǁĂƐĐŚŽŬĞĚďĂĐŬƚŽϭ͘ϳDƐƚďͬĚ ŝŶŽƌĚĞƌƚŽŵĂŝŶƚĂŝŶƌĞƐĞƌǀŽŝƌƉƌĞƐƐƵƌĞĂŶĚƚŽ ƐƚĞĂĚLJƚŚĞƌŝƐŝŶŐ'KZĂŶĚ ǁĂƚĞƌĐƵƚ͘ ,ŽǁĞ͛ƐĂƐƐŽĐŝĂƚĞĚŐĂƐƉƌŽĚƵĐƚŝŽŶŝƐĐƵƌƌĞŶƚůLJĞƐƐĞŶƚŝĂůƚŽ ƚŚĞ EĞůƐŽŶƉůĂƚĨŽƌŵŽƉĞƌĂƚŝŽŶƐǁŚĞƌĞŝƚŝƐƵƐĞĚ ĂƐĨƵĞůŐĂƐ͘/ŶŽƌĚĞƌƚŽĞŶƐƵƌĞďŽƚŚĐŽŶƚŝŶƵĞĚƉƌŽĚƵĐƚŝŽŶ ĨƌŽŵ,ŽǁĞĂŶĚ͕ŝŶƚŚĞŵŝĚͲƚĞƌŵĨƌŽŵƚŚĞEĞůƐŽŶ&ŝĞůĚ͕ĂŐĂƐůŝĨƚĚĞĞƉĞŶŝŶŐŝŶƚĞƌǀĞŶƚŝŽŶŽŶ,ŽǁĞŚĂƐ ďĞĞŶƐĐŚĞĚƵůĞĚƚŽďĞĐĂƌƌŝĞĚŽƵƚŝŶYϯϮϬϮϬ͘ dŚŝƐǁŝůůƐĂĨĞŐƵĂƌĚĨƵƚƵƌĞƉƌŽĚƵĐƚŝŽŶŝŶƚŚĞ,ŽǁĞǁĞůů ƵŶƚŝůƚŚĞĞŶĚŽĨƚŚĞĐŽŵŵĞƌĐŝĂůĨŝĞůĚ ůŝĨĞ͘

͵ǤʹǤ Reserves Forecasting

͵ǤʹǤͳǤ Nelson Field Reserves Forecasting

dŚĞEĞůƐŽŶ&ŝĞůĚ ŝƐĂŵĂƚƵƌĞĨŝĞůĚ ǁŝƚŚĞƐƚĂďůŝƐŚĞĚƉƌŽĚƵĐƚŝŽŶƚƌĞŶĚƐ͘ &ŽƌĞdžŝƐƚŝŶŐǁĞůůƐ͕ZĞƐĞƌǀĞƐŚĂǀĞ ďĞĞŶĐĂůĐƵůĂƚĞĚĨƌŽŵƉƌŽĚƵĐƚŝŽŶƉĞƌĨŽƌŵĂŶĐĞĂƐƐĞƐƐŵĞŶƚƵƐŝŶŐĚĞĐůŝŶĞĐƵƌǀĞĂŶĂůLJƐŝƐ;Ϳ͘/ŶŝƚŝĂů ƵƉƚŝŵĞƐŽĨϴϮйŚĂǀĞďĞĞŶĂƐƐƵŵĞĚ ŝŶŽƵƌĂŶĂůLJƐŝƐ͕ďĂƐĞĚŽŶƌĞĐĞŶƚĂŶĚĨŽƌĞĐĂƐƚƉĞƌĨŽƌŵĂŶĐĞǁŝƚŚ ĂŶŝŶĐƌĞĂƐĞŝŶƵƉƚŝŵĞŽĨϴϴйĞdžƉĞĐƚĞĚĨƌŽŵYϯϮϬϮϬŽŶǁĂƌĚƐ͘

:ƵŶĞϮϬϭϵ ϮϮ

&ŝŐƵƌĞϯ͘ϲ͗EĞůƐŽŶWƌŽĚƵĐƚŝŽŶ&ŽƌĞĐĂƐƚƐ

EŽŶͲƉƌŽĚƵĐŝŶŐZĞƐĞƌǀĞƐĂƌĞĂƐƐŝŐŶĞĚƚŽƚŚĞEϮϬdž ĂŶĚ EϮϱnj ǁŽƌŬŽǀĞƌƉƌŽŐƌĂŵŵĞƐǁŚŝůĞƉƌŽĚƵĐŝŶŐ ƌĞƐĞƌǀĞƐĂƌĞĂƐƐŝŐŶĞĚƚŽƚŚĞEϭϮǁĞůů͘

/ŶƚŚĞϭWĐĂƐĞ͕ŶŽZĞƐĞƌǀĞƐĂƌĞĂƐƐŝŐŶĞĚƚŽǁĞůůƐEϮϬdž ĂŶĚ EϮϱnj͕ƚŽƌĞĨůĞĐƚƚŚĞƐĐĞŶĂƌŝŽŝŶǁŚŝĐŚ ŝƚŝƐ ŶŽƚƉŽƐƐŝďůĞƚŽƌĞŝŶƐƚĂƚĞƚŚĞǁĞůůƐ͘ ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞƚŝŵŝŶŐŽĨƌĞƐƚŽƌĂƚŝŽŶƐĨŽƌǁĞůůƐEϮϬdž ĂŶĚ EϮϱnj ŚĂǀĞďĞĞŶƐĞƚƚŽƌĞĨůĞĐƚƚŚĞKƉĞƌĂƚŽƌ͛ƐůĂƚĞƐƚĂƐƐƵŵƉƚŝŽŶƐ͘ZĞƐĞƌǀĞƐĂƌĞĂƐƐŝŐŶĞĚƚŽƚŚĞƐĞůŽĐĂƚŝŽŶƐ ŝŶƚŚĞWƌŽďĂďůĞĂŶĚWŽƐƐŝďůĞůĞǀĞůƐŽĨĐŽŶĨŝĚĞŶĐĞ͘

dŚĞEĞůƐŽŶƉůĂƚĨŽƌŵƌĞƋƵŝƌĞƐΕϲDDƐĐĨͬĚŽĨĨƵĞůŐĂƐƚŽĞŶĂďůĞĐŽůĚƌĞƐƚĂƌƚŽĨŝƚƐǁĞůůƐ͘dŚŝƐĨƵĞůŐĂƐŝƐ ĐƵƌƌĞŶƚůLJƐƵƉƉůŝĞĚďLJďŽƚŚ EĞůƐŽŶĂŶĚ ,ŽǁĞĂƐƐŽĐŝĂƚĞĚŐĂƐƉƌŽĚƵĐƚŝŽŶ͘/ŶƚŚĞ,ŽǁĞǁĞůůϭWĐĂƐĞƚŚĞ ǁĞůůĐĂŶŶŽůŽŶŐĞƌĐŽŶƚŝŶƵĞ ƚŽƉƌŽĚƵĐĞĂƚƚŚĞĐƵƌƌĞŶƚŽƉĞƌĂƚŝŶŐĐŽŶĚŝƚŝŽŶƐ ĨƌŽŵKĐƚŽďĞƌϮϬϭϵƵƉ ƵŶƚŝů :ƵůLJϮϬϮϬǁŚĞŶĂŐĂƐůŝĨƚĚĞĞƉĞŶŝŶŐŝŶƚĞƌǀĞŶƚŝŽŶŝƐ ƐĐŚĞĚƵůĞĚ ƚŽŚĂǀĞ ďĞĞŶĐŽŵƉůĞƚĞĚ͘dŚŝƐ ŵĞĂŶƐ ƚŚĂƚ ƚŚĞEĞůƐŽŶ ƉůĂƚĨŽƌŵ ŚĂƐ ƚŚĞ ƉŽƚĞŶƚŝĂů ƚŽ ďĞ ƐŚƵƚ ŝŶ ŽǀĞƌ ƚŚĞ ƐĂŵĞ ƉĞƌŝŽĚ ŝŶ ƚŚĞ ϭW ƉƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚ͘/ŶƚŚŝƐƐĐĞŶĂƌŝŽƚŚĞEĞůƐŽŶĨƵĞůŐĂƐŝŵƉŽƌƚƉƌŽũĞĐƚĨƌŽŵ^'>ǁŝůůďĞĂĐĐĞůĞƌĂƚĞĚ ĨŽƌĐŽŵƉůĞƚŝŽŶďLJDĂƌĐŚϮϬϮϬƚŽĂůůŽǁĨŽƌĐŽŶƚŝŶƵŽƵƐĨƵĞůŐĂƐŝŵƉŽƌƚ͘

/ŶƚŚĞϮWĂŶĚ ϯWĐĂƐĞƐƚŚĞƌĞŝƐƐƵĨĨŝĐŝĞŶƚŐĂƐƉƌŽĚƵĐƚŝŽŶƚŽŶĞŐĂƚĞƚŚĞŶĞĞĚĨŽƌĨƵĞůŐĂƐŝŵƉŽƌƚƵŶƚŝů ƚŚĞ,ŽǁĞŐĂƐůŝĨƚĚĞĞƉĞŶŝŶŐŝŶƚĞƌǀĞŶƚŝŽŶ͘

KŶ ƚŚĞ ďĂƐŝƐ ŽĨ ƉĂƐƚ ĚƌŝůůŝŶŐ ƌĞƐƵůƚƐ ĂŶĚ ĨŽůůŽǁŝŶŐ ƚŚĞ KƉĞƌĂƚŽƌ͛Ɛ ŝŶƚĞŶƚŝŽŶ ƚŽ ƉƵƚ ŽŶ ŚŽůĚ ĂŶLJ ĚĞǀĞůŽƉŵĞŶƚ ƉƌŽũĞĐƚƐ͕ Z ĚŽĞƐ ŶŽƚ ĂƐƐŝŐŶ ĂŶLJ ZĞƐĞƌǀĞƐ ƚŽ ƵŶĚĞǀĞůŽƉĞĚ ůŽĐĂƚŝŽŶƐ͘ dŚĞ ůĂĐŬ ŽĨ ĨŽƌĞƐĞĞĂďůĞ ĚƌŝůůŝŶŐ ĂĐƚŝǀŝƚLJ ŝŶ ƚŚĞ ŶĞĂƌ ĨƵƚƵƌĞ ŚĂƐ ůĞĚ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ƚŽ ĐŽůĚ ƐƚĂĐŬ ƚŚĞEĞůƐŽŶ ƉůĂƚĨŽƌŵƌŝŐ͘

/ŶƚŚĞƉĂƐƚ͕ƚŚĞƌĞǁĂƐĂ ůŝĂďŝůŝƚLJĨŽƌEĞůƐŽŶŽǁŶĞƌƐ͕ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚƉƌŽĚƵĐƚŝŽŶŵŝƐŵĞĂƐƵƌĞŵĞŶƚŝŶ ƚŚĞ&ŽƌƚŝĞƐWŝƉĞůŝŶĞ^LJƐƚĞŵ;͞&W^͟Ϳ͘ZŚĂƐďĞĞŶŝŶĨŽƌŵĞĚďLJZŽĐŬZŽƐĞƚŚĂƚĂƐŽĨƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞ ŽĨƚŚŝƐƌĞƉŽƌƚ͕ƚŚĂƚůŝĂďŝůŝƚLJŚĂƐďĞĞŶƌĞƉĂŝĚ͘

:ƵŶĞϮϬϭϵ Ϯϯ

ƉƉĞŶĚŝdž ϯ ŝŶ ^ĞĐƚŝŽŶ Ϯϰ ĐŽŶƚĂŝŶƐ ƚĂďůĞƐ ŽĨ ĨŽƌĞĐĂƐƚ ƉƌŽĚƵĐƚŝŽŶ Ăƚ ƚŚĞ ϭW͕ ϮW ĂŶĚ ϯW ůĞǀĞůƐ ŽĨ ĐŽŶĨŝĚĞŶĐĞ͕ĂŶĚ ĂĐĐŽƵŶƚƐĨŽƌƚŚĞƉŝƉĞůŝŶĞƐŚƌŝŶŬĂŐĞ͘/ŶƚŚĞϭWĐĂƐĞƚŚĞEĞůƐŽŶƉůĂƚĨŽƌŵŝƐĞdžƉĞĐƚĞĚƚŽ ďĞ ŐĂƐͲĚĞĨŝĐŝĞŶƚ ĨƌŽŵKĐƚŽďĞƌ ϮϬϭϵ ƵŶƚŝůDĂƌĐŚ ϮϬϮϬǁŚĞŶ ƚŚĞ ĨƵĞů ŐĂƐ ŝŵƉŽƌƚ ƉƌŽũĞĐƚǁŽƵůĚ ďĞ ĂĐĐĞůĞƌĂƚĞĚƚŽĐŽŵƉůĞƚŝŽŶ͘

͵ǤʹǤʹǤ Howe Field Reserves Forecasting

ƚƚŚĞ,ŽǁĞ&ŝĞůĚ͕ZŚĂƐŚŝƐƚŽƌŝĐĂůůLJĂĐĐĞƉƚĞĚ ^ŚĞůů͛ƐŚŝƐƚŽƌLJͲŵĂƚĐŚĞĚŵĂƚĞƌŝĂůďĂůĂŶĐĞŵŽĚĞůĨŽƌ ŝƚƐĨŽƌĞĐĂƐƚƐ͘ ,ŽǁĞǀĞƌ͕ĚƵĞƚŽƚŚĞƌĞĐĞŶƚĐŚĂŶŐĞŝŶŽƉĞƌĂƚŝŶŐƐƚƌĂƚĞŐLJƚŚŝƐŵŽĚĞů ŝƐŶŽůŽŶŐĞƌĚĞĞŵĞĚ ĨŝƚĨŽƌƉƵƌƉŽƐĞďLJƚŚĞKƉĞƌĂƚŽƌ͘ ^ŚĞůů ŚĂƐƐŝŶĐĞĚĞǀĞůŽƉĞĚ ĂϮƐŝŵƵůĂƚŝŽŶŵŽĚĞů ;ƚŚĞ͞sŵŽĚĞů͟ͿĨŽƌ ŝƚƐƉƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚŝŶŐ͘

ZŚĂƐƌĞǀŝĞǁĞĚ ^ŚĞůů͛ƐůĂƚĞƐƚ͞sŵŽĚĞů͟ǁŚŝĐŚ ŚĂƐŚĂĚƵƉĚĂƚĞƐŝŶYϭϮϬϭϵƚŽƐŝŐŶŝĨŝĐĂŶƚůLJŝŵƉƌŽǀĞ ƚŚĞŚŝƐƚŽƌLJŵĂƚĐŚ͘dŚĞ͞sŵŽĚĞů͟ŚĂƐĂůůŽǁĞĚĨŽƌŵŽƌĞƌĞůŝĂďůĞĨŽƌĞĐĂƐƚƐƚŽďĞŐĞŶĞƌĂƚĞĚƚŚĂŶĐĂŶ ďĞĂĐŚŝĞǀĞĚƵƐŝŶŐ ĚƵĞƚŽƚŚĞƌĞĐĞŶƚƌĂƉŝĚĐŚĂŶŐĞƐŝŶŽƉĞƌĂƚŝŶŐƐƚƌĂƚĞŐLJĐŽŵďŝŶĞĚ ǁŝƚŚ'KZĂŶĚ tKZƚƌĞŶĚƐ͘ZŚĂƐƚŚĞƌĞĨŽƌĞĂĚŽƉƚĞĚƚŚĞ͞sŵŽĚĞů͟ĨŽƌƵƐĞŝŶŐĞŶĞƌĂƚŝŶŐƚŚĞ,ŽǁĞ&ŝĞůĚƌĞƐĞƌǀĞƐ͘

dŚĞƌĞŝƐĂŐĂƐĐŽŶƐƚƌĂŝŶƚŽŶ,ŽǁĞƉƌŽĚƵĐƚŝŽŶǁŚŝĐŚ ŝƐůŝŵŝƚĞĚ ƚŽϭϱ͘ϴDDƐĐĨͬĚ͕ĂƐƐĞƚŽƵƚďLJ ƚŚĞ KƉĞƌĂƚŽƌ͘ dŚĞ ϮW ŽW ŝƐ ĂƐƐƵŵĞĚ ƚŽ ďĞ YϮ ϮϬϮϮ͕ ďĂƐĞĚ ŽŶ ƚŚĞ KƉĞƌĂƚŽƌ͛Ɛ ƌĞǀŝƐĞĚ ŽƉĞƌĂƚŝŶŐ ĂƐƐƵŵƉƚŝŽŶƐ͘

/Ŷ ƚŚĞ ,ŽǁĞ ǁĞůů ϭW ĐĂƐĞ͕ ƚŚĞ ǁĞůů ĐĂŶ ŶŽ ůŽŶŐĞƌ ĐŽŶƚŝŶƵĞ ƚŽ ƉƌŽĚƵĐĞ Ăƚ ƚŚĞ ĐƵƌƌĞŶƚ ŽƉĞƌĂƚŝŶŐ ĐŽŶĚŝƚŝŽŶƐĨƌŽŵKĐƚŽďĞƌϮϬϭϵƵƉƵŶƚŝů:ƵůLJϮϬϮϬǁŚĞŶĂŐĂƐůŝĨƚĚĞĞƉĞŶŝŶŐŝŶƚĞƌǀĞŶƚŝŽŶŝƐƐĐŚĞĚƵůĞĚ ƚŽ ŚĂǀĞ ďĞĞŶ ĐŽŵƉůĞƚĞĚ͘ /Ŷ ƚŚĞ ϯW ĐĂƐĞ ƚŚĞ ŽƉĞƌĂƚŝŶŐ ƐƚƌĂƚĞŐLJ ŝƐ ĐŚĂŶŐĞĚ ĨŽůůŽǁŝŶŐ ƚŚĞ ŐĂƐ ůŝĨƚ ĚĞĞƉĞŶŝŶŐĂŶĚƚŚĞŽƉĞƌĂƚŝŶŐŽŝůƉƌŽĚƵĐƚŝŽŶƌĂƚĞŝƐŝŶĐƌĞĂƐĞĚƚŽϮ͘ϳDƐƚďͬĚ͘

Z͛ƐKĂŶĚƐŚƵƚĚŽǁŶĂƐƐƵŵƉƚŝŽŶƐĂƌĞĂƐƉĞƌKƉĞƌĂƚŽƌŐƵŝĚĂŶĐĞ͘

&ŝŐƵƌĞϯ͘ϳ͗,ŽǁĞWƌŽĚƵĐƚŝŽŶ&ŽƌĞĐĂƐƚƐ

ϬϭͬϭϬͬϮϬϬϰ ϬϲͬϭϬͬϮϬϬϳ ϭϬͬϭϬͬϮϬϭϬ ϭϰͬϭϬͬϮϬϭϯ ϭϴͬϭϬͬϮϬϭϲ ϮϯͬϭϬͬϮϬϭϵ ϮϳͬϭϬͬϮϬϮϮ

ƉƉĞŶĚŝdž ϯ ĐŽŶƚĂŝŶƐ ƚĂďůĞƐ ŽĨ ĨŽƌĞĐĂƐƚ ƉƌŽĚƵĐƚŝŽŶ Ăƚ ƚŚĞ ϭW͕ ϮW ĂŶĚ ϯW ůĞǀĞůƐ ŽĨ ĐŽŶĨŝĚĞŶĐĞ͕ ĂŶĚ ĂĐĐŽƵŶƚƐĨŽƌƚŚĞƉŝƉĞůŝŶĞƐŚƌŝŶŬĂŐĞ͘

:ƵŶĞϮϬϭϵ Ϯϰ

͵Ǥ͵Ǥ OPEX and CAPEX Forecasts

&ŽƌĞĐĂƐƚƐŽĨKWy͕WyĂŶĚ yĐĂŶďĞĨŽƵŶĚ ŝŶƉƉĞŶĚŝdž ϯ͘

͵Ǥ͵ǤͳǤ CAPEX Assumptions

&ŽƌƚŚĞƉƵƌƉŽƐĞŽĨĐĂƐŚĨůŽǁŵŽĚĞůůŝŶŐ͕ZŝŶĐůƵĚĞƐƚŚĞƌĞŵĂŝŶŝŶŐĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚƚŚĞĨƵĞůŐĂƐŝŵƉŽƌƚƉƌŽũĞĐƚ͘ dŚĞĨƵĞůŐĂƐŝŵƉŽƌƚƉƌŽũĞĐƚĂŝŵƐĂƚĂŶĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞEĞůƐŽŶ ĂŶĚƚŚĞ^ŚĞůůƐƐŽ'ĂƐĂŶĚ ƐƐŽĐŝĂƚĞĚ>ŝƋƵŝĚƐ;^'>ͿƉŝƉĞůŝŶĞŽƉĞƌĂƚŽƌƐĨŽƌĨƵĞůŐĂƐƐƵƉƉůLJƚŽĐŽǀĞƌ ĨƵƚƵƌĞEĞůƐŽŶƉůĂƚĨŽƌŵƐŚŽƌƚĨĂůů͘ dŚĞĨƵĞůŐĂƐŝŵƉŽƌƚŚĞĂƚĞƌŝƐƚŽďĞŝŶƐƚĂůůĞĚ ŝŶ&ĞďƌƵĂƌLJϮϬϮϬǁŝƚŚ ƚŚĞ ƚŝĞͲŝŶĂŶĚ ĐŽŵŵŝƐƐŝŽŶŝŶŐĚƵĞ ƚŽ ŽĐĐƵƌĚƵƌŝŶŐ ƚŚĞ :ƵůLJ ϮϬϮϬdZ͘ dŚĞKƉĞƌĂƚŽƌ͛Ɛ ĐŽƐƚ ĨŽƌ ƚŚĞ ƌĞŵĂŝŶĚĞƌŽĨƚŚŝƐƉƌŽũĞĐƚŚĂƐďĞĞŶĂĚŽƉƚĞĚĨƌŽŵƚŚĞEĞůƐŽŶϮϬϭϴtŽƌŬWƌŽŐƌĂŵĂŶĚ ƵĚŐĞƚƌĞůĞĂƐĞĚ EŽǀĞŵďĞƌϮϬϭϴ͘

dŚĞEĞůƐŽŶĨƵĞůŐĂƐŝŵƉŽƌƚŚĞĂƚĞƌŝŶƐƚĂůůĂƚŝŽŶĂŶĚĐŽŵŵŝƐƐŝŽŶŝŶŐǁŽƌŬŝƐĞŶǀŝƐĂŐĞĚƚŽďĞĐĂƌƌŝĞĚŽƵƚ ŽŶƚŚĞƉůĂƚĨŽƌŵŝŶYϮĂŶĚ YϯϮϬϮϬ͘dŚĞĐŽƐƚƐĨŽƌƚŚĞĞŶƚŝƌĞƉƌŽũĞĐƚĂƌĞƐƉƌĞĂĚŽǀĞƌďŽƚŚϮϬϭϵĂŶĚ ϮϬϮϬ͘/ŶŽƵƌĨŽƌĞĐĂƐƚŽĨĐŽƐƚƐ͕ǁĞŚĂǀĞĐŽŶƐŝĚĞƌĞĚ ĂƚŽƚĂůĐŽƐƚĨŽƌƚŚĞǁŽƌŬŽĨάϵ͘ϯϭDDŝŶĐůƵĚŝŶŐ ŝŶƐƚĂůůĂƚŝŽŶ͘

Ɛ ƉĞƌ ƚŚĞKƉĞƌĂƚŽƌ͛ƐďƵĚŐĞƚĂƐƐƵŵƉƚŝŽŶǁĞĂůƐŽŝŶĐůƵĚĞ άϬ͘ϯDD ŽĨĂŶŶƵĂůĞdžƉĞŶĚŝƚƵƌĞ ĨŽƌ ƚŚĞ ƌĞƉƌŽĐĞƐƐŝŶŐŽĨϰƐĞŝƐŵŝĐǁŚŝĐŚ ǁĂƐĂĐƋƵŝƌĞĚ ŝŶϮϬϭϴ͘

ZŚĂƐĞdžĐůƵĚĞĚƚŚĞĐŽƐƚŽĨĂƉŽƚĞŶƚŝĂůŶĞǁ ϰƐĞŝƐŵŝĐĐĂŵƉĂŝŐŶ͕ƉƌŽƉŽƐĞĚďLJƚŚĞKƉĞƌĂƚŽƌ͕ĚƵĞ ƚŽƚŚĞƚŝŵŝŶŐͬŶĞĞĚĨŽƌƌĞǀŝĞǁŽĨƚŚĞŶĞǁůLJƌĞƉƌŽĐĞƐƐĞĚ ϰƐĞŝƐŵŝĐ͘

&ƵĞůŐĂƐŝŵƉŽƌƚƉƌŽũĞĐƚŝŶĐůƵĚĞĚ ŝŶĨŽƌĞĐĂƐƚʹϮϬϭϵĂŶĚϮϬϮϬ
ϰƐĞŝƐŵŝĐƌĞƉƌŽĐĞƐƐŝŶŐŝŶĐůƵĚĞĚ ŝŶZĨŽƌĞĐĂƐƚŝŶϮϬϭϵ
tĞůů EϭϮ,ĞĂǀLJǁŽƌŬŽǀĞƌŝŶϮϬϭϵ

dŚĞ,ŽǁĞŐĂƐůŝĨƚǀĂůǀĞĚĞĞƉĞŶŝŶŐǁŽƌŬƌĞƋƵŝƌĞĚƚŽĞŶƐƵƌĞĐŽŶƚŝŶƵĞĚŵŝĚͲƚĞƌŵƉƌŽĚƵĐƚŝŽŶĨƌŽŵďŽƚŚ ,ŽǁĞĂŶĚ EĞůƐŽŶŝƐƐĐŚĞĚƵůĞĚĨŽƌYϯϮϬϮϬ͘ZŚĂƐĐŽŶƐŝĚĞƌĞĚ ĂƚŽƚĂůĐŽƐƚĨŽƌƚŚĞǁŽƌŬŽĨάϯDD͘

͵Ǥ͵ǤʹǤ OPEX Assumptions

&ŽƌƚŚĞEĞůƐŽŶKWyĨŽƌĞĐĂƐƚĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚϮϬϭϵͲϮϬϮϭ͕ƚŚĞƌĞǁĞƌĞĨĞǁŵĂƚĞƌŝĂůĐŚĂŶŐĞƐŝŶƚŚĞ KƉĞƌĂƚŽƌ͛Ɛ ϮϬϭϵ tŽƌŬ WƌŽŐƌĂŵ ĂŶĚ ƵĚŐĞƚ ĨƌŽŵ Z͛Ɛ ŚŝƐƚŽƌŝĐĂů ĂƐƐƵŵƉƚŝŽŶƐ͘ dŚĞƌĞĨŽƌĞ͕ ƚŚĞ KƉĞƌĂƚŽƌ͛ƐƉƌŽĨŝůĞǁĂƐĂĐĐĞƉƚĞĚ͘

άϱϴͲϳϰDDƉĞƌLJĞĂƌ͕ŝŶĐůƵĚŝŶŐƚĂƌŝĨĨƐ
dƌĂŶƐƉŽƌƚĂƚŝŽŶƚĂƌŝĨĨƚŽ&W^
dZƐĐŚĞĚƵůĞĚĞǀĞƌLJƚǁŽLJĞĂƌƐ͕ǁŝƚŚƚŚĞŶĞdžƚŽŶĞŝŶϮϬϮϬĞůĞǀĂƚŝŶŐKWy
tĞŚĂǀĞĂƐƐƵŵĞĚƚŚĂƚĂůů ĂůůŽĐĂƚĞĚŽǀĞƌŚĞĂĚƐĂƌĞŝŶĐůƵĚĞĚ

ŽŶĐĞƌŶŝŶŐƚŚĞ,ŽǁĞKƉĞƌĂƚŝŶŐĐŽƐƚƐ͕ĂĐĐŽƌĚŝŶŐƚŽƚŚĞŵŽƐƚƌĞĐĞŶƚKƉĞƌĂƚŽƌ͛ƐĞƐƚŝŵĂƚĞ͕άϬ͘ϵϲDD ǁŝůůďĞƐƉĞŶƚĨƌŽŵYϮƚŽƚŚĞĞŶĚŽĨϮϬϭϵ;ĞdžĐůƵĚŝŶŐƚĂƌŝĨĨƐͿ͘ ϯLJĞĂƌKWyĨŽƌĞĐĂƐƚŚĂƐďĞĞŶĚĞƚĂŝůĞĚ ďLJƚŚĞŽƉĞƌĂƚŽƌŝŶƚŚĞ,ŽǁĞϮϬϭϴtŽƌŬWƌŽŐƌĂŵĂŶĚ ƵĚŐĞƚƌĞůĞĂƐĞĚ EŽǀĞŵďĞƌϮϬϭϴ͘dŚŝƐKWy ĐĂƉƚƵƌĞƐƚŚĞǁĞůů ǁŽƌŬŽŶďŽƚŚ EϮϱnj ĂŶĚ EϮϬdžƐĐŚĞĚƵůĞĚƚŽďĞĐĂƌƌŝĞĚŽƵƚŝŶYϮϮϬϭϵ͘

dŚĞƚĂƌŝĨĨƐĂƉƉůŝĐĂďůĞƚŽ,ŽǁĞŚĂǀĞĂůƐŽďĞĞŶƚĂŬĞŶĨƌŽŵƚŚĞϮϬϭϴǁŽƌŬƉƌŽŐƌĂŵŵĞĂŶĚďƵĚŐĞƚ͕ďƵƚ Z͛ƐĐĂůĐƵůĂƚĞĚĨŽƌĞĐĂƐƚĐŽƐƚƐĚŝĨĨĞƌƚŽƚŚŽƐĞĐĂƌƌŝĞĚ ŝŶƚŚĞϮϬϭϴǁŽƌŬƉƌŽŐƌĂŵŵĞĂŶĚďƵĚŐĞƚĚƵĞ ƚŽƚŚĞƌĞĐĞŶƚĐŚĂŶŐĞŝŶŽƉĞƌĂƚŝŶŐƐƚƌĂƚĞŐLJĂĚŽƉƚĞĚďLJƚŚĞŽƉĞƌĂƚŽƌ͘

ƉƉƌŽdž͘άϱ͘ϳDDĚƵĞƚŽEĞůƐŽŶŝŶƌĞŵĂŝŶĚĞƌŽĨϮϬϭϵŝŶƚŚĞďƵĚŐĞƚʹZĨŽƌĞĐĂƐƚƐάϭ͘ϳDD
ZKWyƉƌŽĨŝůĞŝŶĐůƵĚĞƐĂĨŝdžĞĚĐŽƐƚƉĞƌďĂƌƌĞů dWK^ƚŽEĞůƐŽŶ

dƌĂŶƐƉŽƌƚĂƚŝŽŶƚĂƌŝĨĨƚŽ&W^

tĞ ŚĂǀĞ ƌĞůŝĞĚ ŽŶ ĂŶ ŝŶĚĞƉĞŶĚĞŶƚ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ĂďĂŶĚŽŶŵĞŶƚ ĐŽƐƚƐ ĂŶĚ ůŝĂďŝůŝƚLJ ĨŽƌ,ŽǁĞ ĂŶĚ EĞůƐŽŶďLJWŽŶƐƵůƚĂŶƚƐ;WͿĨŽƌƚŚĞĞĐŽŶŽŵŝĐŵŽĚĞůůŝŶŐ͘

4. Blake Field

ͶǤͳǤ Drilling and Development History

dŚĞůĂŬĞ&ŝĞůĚ ůŝĞƐϭϮŬŵŶŽƌƚŚĞĂƐƚŽĨƚŚĞZŽƐƐ&ŝĞůĚ ;&ŝŐƵƌĞϰ͘ϭͿ ĂŶĚ ŚĂƐďĞĞŶŽŶƉƌŽĚƵĐƚŝŽŶƐŝŶĐĞ ϮϬϬϭ͘ZĞƉƐŽů ^ŝŶŽƉĞĐŝƐƚŚĞKƉĞƌĂƚŽƌŽĨƚŚĞĨŝĞůĚ͘

&ŝŐƵƌĞϰ͘ϭ͗ůĂŬĞ&ŝĞůĚ>ŽĐĂƚŝŽŶDĂƉ

,LJĚƌŽĐĂƌďŽŶƐĂƌĞĐŽŶƚĂŝŶĞĚ ŝŶ>ŽǁĞƌƌĞƚĂĐĞŽƵƐƚƵƌďŝĚŝƚŝĐƐĂŶĚƐ͕ǁŝƚŚƚŚĞŵĂŝŶƌĞƐĞƌǀŽŝƌĂŵĂƐƐŝǀĞ ĐŚĂŶŶĞůƐĂŶĚƐĞƋƵĞŶĐĞŬŶŽǁŶĂƐƚŚĞůĂŬĞŚĂŶŶĞů ǁŚŝĐŚ ŚĂƐĞdžĐĞůůĞŶƚƋƵĂůŝƚLJƌĞƐĞƌǀŽŝƌƉƌŽƉĞƌƚŝĞƐ͘ ůĂŬĞ&ůĂŶŬĐŽŵƉƌŝƐĞƐůŽǁĞƌƋƵĂůŝƚLJ͕ƚŚŝŶŶĞƌŽƌĂĐůĞƐĂŶĚƐĂŶĚ ŝƐůŽĐĂƚĞĚƚŽƚŚĞŶŽƌƚŚĞĂƐƚŽĨůĂŬĞ ŚĂŶŶĞů ;&ŝŐƵƌĞϰ͘ϮͿ

:ƵŶĞϮϬϭϵ Ϯϲ

&ŝŐƵƌĞϰ͘Ϯ͗ůĂŬĞdŽƉ ĂƉƚĂŝŶdǁŽtĂLJdŝŵĞDĂƉ ;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ

dŚĞƚǁŽĂƌĞĂƐŽĨƚŚĞĨŝĞůĚ ŚĂǀĞďĞĞŶĚĞǀĞůŽƉĞĚƐĞƉĂƌĂƚĞůLJ͘ ƚŽƚĂůŽĨƐŝdžƉƌŽĚƵĐƚŝŽŶǁĞůůƐĂŶĚƚǁŽ ǁĂƚĞƌŝŶũĞĐƚŽƌƐŚĂǀĞďĞĞŶĚƌŝůůĞĚ ŝŶƚŚĞŚĂŶŶĞů͕ŽĨǁŚŝĐŚ ĨŝǀĞĂŶĚƚǁŽƌĞƐƉĞĐƚŝǀĞůLJǁĞƌĞŝŶƵƐĞŝŶ ϮϬϭϴ͘ /Ŷ ƚŚĞ &ůĂŶŬ͕ ƚǁŽ ƉƌŽĚƵĐƚŝŽŶ ǁĞůůƐ ĂŶĚ ŽŶĞ ŝŶũĞĐƚŝŽŶ ǁĞůů ŚĂǀĞ ďĞĞŶ ĚƌŝůůĞĚ͕ ĂůƚŚŽƵŐŚ ƚŚĞ ŝŶũĞĐƚŝŽŶǁĞůů ŝƐŶŽůŽŶŐĞƌƵƐĞĚ͘

dŚĞŽŝůƉƌŽĚƵĐƚŝŽŶƌĂƚĞŝŶƚŚĞŚĂŶŶĞů ;&ŝŐƵƌĞϰ͘ϯͿƉĞĂŬĞĚ ĂƚĂƌŽƵŶĚ ϲϭDƐƚďͬĚ ŝŶϮϬϬϭĂŶĚ ŝŶƚŚĞ &ůĂŶŬ;&ŝŐƵƌĞϰ͘ϰͿ ĂƚĂƌŽƵŶĚϭϯDƐƚďͬĚ ŝŶϮϬϬϰ͘ dŚĞĨŝĞůĚ ŝƐŶŽǁ ĂƚĂŵĂƚƵƌĞƐƚĂŐĞŽĨƉƌŽĚƵĐƚŝŽŶ͘ dŚĞ ĐƵŵƵůĂƚŝǀĞŽŝůƉƌŽĚƵĐƚŝŽŶĨƌŽŵƚŚĞǁŚŽůĞĨŝĞůĚ ĂƐĂƚϯϭͬϬϯͬϮϬϭϵŝƐϭϭϯDDƐƚď͘

:ƵŶĞϮϬϭϵ Ϯϳ

Figure 4.3: Blake Channel Area Production History

Figure 4.4: Blake Flank Area Production History

June 2019 28

dŚĞůĂŬĞŚĂŶŶĞů ŝƐĂƚĂ ĚĞƉƚŚŽĨĐĂ͘ ϱ͕ϮϬϬĨƚds^^ ĂŶĚĐŽŶƚĂŝŶƐĂϵϳĨƚƚŚŝĐŬŽŝůƌŝŵŽǀĞƌůĂŝŶďLJĂŐĂƐ ĐĂƉ͕ǁŝƚŚďŽƚŚŽŝůƉƌŽĚƵĐƚŝŽŶĂŶĚ ǁĂƚĞƌŝŶũĞĐƚŝŽŶĐŽŵŵĞŶĐŝŶŐŝŶ:ƵŶĞϮϬϬϭ͘ dŚĞŽŝůĨƌŽŵƚŚĞůĂŬĞ &ŝĞůĚ ŝƐ ƉƌŽĚƵĐĞĚ ǀŝĂ Ă ƐƵďƐĞĂ ŵĂŶŝĨŽůĚ ĂŶĚ ĚƵĂů ĨůŽǁůŝŶĞƐ ƚŽ ƚŚĞ ůĞŽ,Žůŵ &W^K͘ /Ŷ ϮϬϭϱ ZŽƐƐ ƐƚŽƉƉĞĚƉĂƌƚŝĐŝƉĂƚŝŶŐŝŶ ƚŚĞĐŽƐƚƐŚĂƌĞ ĨŽƌ ƚŚĞ&W^K͘/ŶƐƚĞĂĚ͕KWy ĨŽƌZŽƐƐǁĂƐůŝŵŝƚĞĚ ƚŽĂ ƚĂƌŝĨĨ ďĂƐĞĚŽŶƉƌŽĚƵĐĞĚŽŝůƌĂƚĞ͕ƉůƵƐĨŝĞůĚƐƉĞĐŝĨŝĐKWy͘

ͶǤʹǤ Reserves Forecasting

/ŶϮϬϭϲƚŚĞƉĂƌƚŶĞƌŐƌŽƵƉĚĞǀĞůŽƉĞĚƵƉĚĂƚĞĚƐƚĂƚŝĐĂŶĚ ĚLJŶĂŵŝĐŵŽĚĞůƐĨŽƌƚŚĞůĂŬĞŚĂŶŶĞů ĂƌĞĂ͘ dŚĞƐĞǁĞƌĞƉƌŽǀŝĚĞĚƚŽZŝŶϮϬϭϳ ĂŶĚƵƉĚĂƚĞĚ ǁŝƚŚƉƌŽĚƵĐƚŝŽŶŚŝƐƚŽƌLJƚŽƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞ͘tĞ ŚĂǀĞĂƵĚŝƚĞĚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞƐƚĂƚŝĐĂŶĚ ĚLJŶĂŵŝĐŵŽĚĞůƐ͕ĞǀĂůƵĂƚĞĚƚŚĞŚŝƐƚŽƌLJŵĂƚĐŚ ĂŶĚƚŚĞ ĂƉƉůŝĐĂďŝůŝƚLJŽĨƚŚĞŵŽĚĞůƐĨŽƌƉƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚŝŶŐ͘ ĨƚĞƌŽƵƌƌĞǀŝĞǁ͕ǁĞŚĂǀĞĐŽŶĐůƵĚĞĚƚŚĂƚϮW ĨŽƌĞĐĂƐƚƐĐŽŵƉĂƌĞǁĞůůƚŽĂĐƚƵĂůƉƌŽĚƵĐƚŝŽŶĂŶĚƚŚĞŵŽĚĞů ŝƐƐƵŝƚĂďůĞĨŽƌϮWZĞƐĞƌǀĞƐĞƐƚŝŵĂƚŝŽŶŽĨ ƉƌŽĚƵĐŝŶŐǁĞůůƐŝŶƚŚĞůĂŬĞŚĂŶŶĞů͘

KƵƌƌĞǀŝĞǁŽĨƚŚĞŵŽĚĞů ŝŶĚŝĐĂƚĞĚƚŚĂƚƚŚĞĨŽƌĞĐĂƐƚŽŝůƉƌŽĚƵĐƚŝŽŶĨƌŽŵƚŚĞůĂŬĞŚĂŶŶĞů ĂƌĞĂ ŚĂƐĂ ƐƚƌŽŶŐ ĐŽƌƌĞůĂƚŝŽŶ ƚŽ ǁĂƚĞƌ ŝŶũĞĐƚŝŽŶ ;&ŝŐƵƌĞ ϰ͘ϱͿ ĂŶĚ ĨŝĞůĚ ƵƉƚŝŵĞ͕ ƚŚĞƌĞĨŽƌĞ ƚŚĞƐĞ ĂƌĞ ƚŚĞ ŬĞLJ ƵŶĐĞƌƚĂŝŶƚŝĞƐŝŵƉĂĐƚŝŶŐŽŝůƉƌŽĚƵĐƚŝŽŶƌĂƚĞƐ͘ KǀĞƌƚŚĞƉĂƐƚϭϮŵŽŶƚŚƐ͕ǁĂƚĞƌŝŶũĞĐƚŝŽŶŚĂƐĂǀĞƌĂŐĞĚ ĐĂ͘ϴϬDďďůͬĚ ;&ŝŐƵƌĞϰ͘ϲͿ͕ĐŽŶƐŝƐƚĞŶƚǁŝƚŚ ǀŽůƵŵĞƐĂĐŚŝĞǀĞĚ ŝŶϮϬϭϳ͘

&ŝŐƵƌĞϰ͘ϱ͗ůĂŬĞtĂƚĞƌ/ŶũĞĐƚŝŽŶ,ŝƐƚŽƌLJ

:ƵŶĞϮϬϭϵ Ϯϵ

&ŝŐƵƌĞϰ͘ϲ͗ůĂŬĞtĂƚĞƌ/ŶũĞĐƚŝŽŶϮϬϭϴͬϮϬϭϵ

/ŶĂĚĚŝƚŝŽŶƚŽĞdžŝƐƚŝŶŐƉƌŽĚƵĐƚŝŽŶ͕ŝŶƚŚĞŚĂŶŶĞů͕ZŶŽǁ ŝŶĐůƵĚĞƐƚŚĞĚƌŝůůŝŶŐŽĨƚǁŽǁĞůůƐŝŶŽƵƌ ZĞƐĞƌǀĞƐĨŽƌĞĐĂƐƚƐ͕ƐƵďͲĐĂƚĞŐŽƌŝƐĞĚ ĂƐ:ƵƐƚŝĨŝĞĚĨŽƌĞǀĞůŽƉŵĞŶƚ͘ dŚĞƐĞĂƌĞƚŚĞϮƚƚŝĐǁĞůů ĂŶĚƚŚĞ Etϭ/ŶĨŝůů ǁĞůů͘ ĨƚĞƌƌĞǀŝĞǁŝŶŐKƉĞƌĂƚŽƌƐŝŵƵůĂƚŝŽŶƌĞƐƵůƚƐĂŶĚƐĞŶƐŝƚŝǀŝƚLJƐƚƵĚŝĞƐ͕ZŚĂƐĂƐƐŝŐŶĞĚ Ϯ͘ϭ͕ϰ͘ϭĂŶĚ ϱ͘ϰDDƐƚďĂƚƚŚĞϭW͕ϮWĂŶĚ ϯWůĞǀĞůƐŽĨĐŽŶĨŝĚĞŶĐĞĨŽƌƚŚĞϮƚƚŝĐǁĞůů͘ dŚĞEtϭǁĞůů ŚĂƐďĞĞŶĂƐƐŝŐŶĞĚƌĞƐĞƌǀĞƐĂƚƚŚĞϮWĂŶĚ ϯWůĞǀĞůƐŽĨĐŽŶĨŝĚĞŶĐĞŽŶůLJ͘ZĞĐŽǀĞƌŝĞƐĂƌĞĨŽƌĞĐĂƐƚĂƚϭ͘Ϯϰ ĂŶĚ ϯ͘ϭDDƐƚďƌĞƐƉĞĐƚŝǀĞůLJ͘ZĞĐĞŶƚdDŝŶĨŽƌŵĂƚŝŽŶŝŶĚŝĐĂƚĞƐƚŚĂƚƚŚĞƐĞǁĞůůƐǁŝůůďĞŽŶƐƚƌĞĂŵŝŶ YϯϮϬϮϬ͘ZŚĂƐĂƐƐƵŵĞĚ ĂŶŽŶƐƚƌĞĂŵĚĂƚĞŽĨϭ^ĞƉƚĞŵďĞƌϮϬϮϬŝŶŽƵƌĨŽƌĞĐĂƐƚƐĨŽƌďŽƚŚ ǁĞůůƐ͘

dŚĞĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚĨŽƌĨŽƌĞĐĂƐƚŝŶŐŚĂŶŶĞůƉƌŽĚƵĐƚŝŽŶĂƌĞ͗

&ŽƌŝƚƐϭWĐĂƐĞ͕ZŚĂƐĂƉƉůŝĞĚ Ă ůŝƋƵŝĚƌĂƚĞĐŽŶƐƚƌĂŝŶƚŽĨϰϮ͘ϱDƐƚďͬĚ ĂŶĚ ĂŶKŽĨϳϬй
&ŽƌŝƚƐϮWĐĂƐĞ͕ZŚĂƐĂƉƉůŝĞĚ Ă ůŝƋƵŝĚƌĂƚĞĐŽŶƐƚƌĂŝŶƚŽĨϰϱDƐƚďͬĚ ĂŶĚ ĂŶKŽĨϴϬй
&ŽƌŝƚƐϯWĐĂƐĞ͕ZŚĂƐĂƉƉůŝĞĚ Ă ůŝƋƵŝĚƌĂƚĞĐŽŶƐƚƌĂŝŶƚŽĨϲϬDƐƚďͬĚ ĂŶĚ ĂŶKŽĨϴϱй

/ŶƚŚĞ&ůĂŶŬ͕ZŚĂƐƵƐĞĚ ŝŶƚŚĞĂďƐĞŶĐĞŽĨĂƉƌĞĚŝĐƚŝǀĞŶƵŵĞƌŝĐĂůŵŽĚĞů͘

ƵĞƚŽƚŚĞ>ŝĨĞdžƚĞŶƐŝŽŶWƌŽũĞĐƚ͕ŽWŝƐŶŽǁ ĂƐƐƵŵĞĚƚŽďĞŝŶϮϬϮϵ͘

dŚĞƌĞƐƵůƚĂŶƚƚĞĐŚŶŝĐĂůƉƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚƐĨŽƌƚŚĞ/ŶĨŝůůWƌŽũĞĐƚĂŶĚĨŽƌƚŚĞůĂŬĞ&ŝĞůĚŽǀĞƌĂůů ĂƌĞ ƉƌĞƐĞŶƚĞĚ ŝŶ&ŝŐƵƌĞϰ͘ϳ͘

:ƵŶĞϮϬϭϵ ϯϬ

&ŝŐƵƌĞϰ͘ϳ͗ůĂŬĞϭW͕ϮWĂŶĚϯW ĂůĞŶĚĂƌZĂƚĞWƌŽĚƵĐƚŝŽŶ&ŽƌĞĐĂƐƚ

ͶǤ͵Ǥ OPEX and CAPEX Forecasts

&ŽƌĞĐĂƐƚƐŽĨKWy͕WyĂŶĚ yĐĂŶďĞĨŽƵŶĚ ŝŶƉƉĞŶĚŝdž ϯ͘

ͶǤ͵ǤͳǤ DRILLEX Assumptions

ZŚĂƐƌĞǀŝĞǁĞĚƚŚĞŵŽƐƚƌĞĐĞŶƚdDŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵƚŚĞKƉĞƌĂƚŽƌ͘ dŚĞƚǁŽŶĞǁ ǁĞůůƐĂƌĞ ĨŽƌĞĐĂƐƚƚŽĐŽƐƚĂĐŽŵďŝŶĞĚάϳϮ͘ϵDDǁŝƚŚάϭϵDDƚŽďĞƐƉĞŶƚŝŶϮϬϭϵĂŶĚƚŚĞƌĞŵĂŝŶĚĞƌŝŶϮϬϮϬ͘

ͶǤ͵ǤʹǤ CAPEX Assumptions

dŚĞKƉĞƌĂƚŽƌŝƐŝŶƚŚĞƉƌŽĐĞƐƐŽĨĞdžĞĐƵƚŝŶŐĂ &ŝĞůĚ>ŝĨĞdžƚĞŶƐŝŽŶ;&>ͿƉƌŽũĞĐƚ͕ǁŚŝĐŚ ǁŝůůŵĂŝŶƚĂŝŶ &W^KŽƉĞƌĂďŝůŝƚLJƵŶƚŝůϮϬϮϵ͘tŝƚŚƌĞƐƉĞĐƚƚŽĐŽƐƚƐ͕ƚŚĞKƉĞƌĂƚŽƌĂŶĚZŽĐŬZŽƐĞĐŽŶƚŝŶƵĞƚŽĞdžĞĐƵƚĞ ƚŚĞ&>ǁŽƌŬƐĐŽƉĞĂŶĚƌĞĨŝŶĞĐŽƐƚƐ͘

dŚĞ&>ĐŽƐƚƐŚĂǀĞďĞĞŶďƌŽĂĚůLJĂĐĐĞƉƚĞĚ͕ǁŝƚŚƐŽŵĞƌĞͲƉŚĂƐŝŶŐŽĨĐĞƌƚĂŝŶƉƌŽũĞĐƚƐ͘ ǁĂƚĞƌŝŶũĞĐƚŝŽŶ ƐǁŝǀĞůƉƌŽũĞĐƚŝƐĞdžƉĞĐƚĞĚƚŽďĞĐŽŵƉůĞƚĞĚ ŝŶϮϬϮϬ͘

ͶǤ͵Ǥ͵Ǥ OPEX Assumptions

ZďĂƐĞĚ ŝƚƐKWyĨŽƌĞĐĂƐƚŽŶƚŚĞEŽǀĞŵďĞƌϮϬϭϴƌĞǀŝƐŝŽŶƚŽƚŚĞKƉĞƌĂƚŽƌ͛ƐϮϬϭϵtŽƌŬWƌŽŐƌĂŵŵĞ Θ ƵĚŐĞƚ͕ĂĚũƵƐƚĞĚƚŽŵĂƚĐŚZƉƌŽĚƵĐƚŝŽŶĂŶĚ ĂĐƚŝǀŝƚLJĨŽƌĞĐĂƐƚƐ͘

dŚĞKƉĞƌĂƚŽƌƉůĂŶŚĂƐƉƌŽǀŝƐŝŽŶĨŽƌĂƐĐĂůĞƐƋƵĞĞnjĞƉƌŽŐƌĂŵŵĞ͕ĐŽŶƚŝŶŐĞŶƚŽŶĞǀŝĚĞŶĐĞŽĨƐĞĂǁĂƚĞƌ ďƌĞĂŬƚŚƌŽƵŐŚ ĂƚǁĞůůƐ͘ dŚĞƐĞĐŽƐƚƐŚĂǀĞŶŽƚďĞĞŶŝŶĐůƵĚĞĚ ŝŶŽƵƌƉƌŽĨŝůĞĂƐŵŽĚĞůůŝŶŐŝŶĚŝĐĂƚĞƐŶŽƐĞĂ ǁĂƚĞƌƐŚŽƵůĚƌĞĂĐŚƚŚĞǁĞůůƐǁŝƚŚŝŶƚŚĞĨŽƌĞĐĂƐƚĨŝĞůĚ ůŝĨĞ͘

:ƵŶĞϮϬϭϵ ϯϭ

5. Ross Field

ͷǤͳǤ Drilling and Development History

dŚĞZŽƐƐ&ŝĞůĚ ůŝĞƐĂƉƉƌŽdžŝŵĂƚĞůLJϭϭϬŬŵEŽĨďĞƌĚĞĞŶ͘

/ƚŚĂƐďĞĞŶŽŶƉƌŽĚƵĐƚŝŽŶƐŝŶĐĞϭϵϵϵ͕ƉƌŽĚƵĐŝŶŐƵŶĚĞƌƐĂƚƵƌĂƚĞĚŽŝůĨƌŽŵǀĂƌŝĂďůĞƋƵĂůŝƚLJ͕ƌĞůĂƚŝǀĞůLJ ƚŚŝŶZŽƐƐƐĂŶĚƐŽĨhƉƉĞƌ:ƵƌĂƐƐŝĐĂŐĞĂƚĂ ĚĞƉƚŚĨƌŽŵϴϴϱϬƚŽϭϬ͕ϱϬϬĨƚds^^͕ĂŶĚĨƌŽŵƚŚĞƵŶĚĞƌůLJŝŶŐ WĂƌƌLJ ƐĂŶĚ ;&ŝŐƵƌĞ ϱ͘ϭͿ͘ ZĞƐĞƌǀŽŝƌ ƉĞƌĨŽƌŵĂŶĐĞ ŝƐ ŝŶĨůƵĞŶĐĞĚ ďLJ ĨĂƵůƚŝŶŐ͕ ǁŚŝĐŚ ĐĂƵƐĞƐ ĐŽŵƉĂƌƚŵĞŶƚĂůŝƐĂƚŝŽŶ͘

&ŝŐƵƌĞϱ͘ϭ͗ZŽƐƐdŽƉĞƉƚŚDĂƉǁŝƚŚtĞůů>ŽĐĂƚŝŽŶƐ;^ŽƵƌĐĞ͗ZĞƉƐŽů^ŝŶŽƉĞĐͿ

dŚĞZŽƐƐƐĂŶĚ ŚĂƐďĞĞŶĚĞǀĞůŽƉĞĚďLJƐŝdž ŚŽƌŝnjŽŶƚĂůŐĂƐůŝĨƚĞĚƉƌŽĚƵĐƚŝŽŶǁĞůůƐĂŶĚĨŽƵƌǁĂƚĞƌŝŶũĞĐƚŽƌƐ ;&ŝŐƵƌĞ ϱ͘ϮͿ͘ dŚĞ Žŝů ŝƐ ƉƌŽĚƵĐĞĚ ŝŶƚŽ ƚŚĞ ůĞĂƐĞĚ ůĞŽ,Žůŵ &W^K ǁŚĞƌĞ ŝƚ ŝƐ ƉƌŽĐĞƐƐĞĚ ĂŶĚ ƚŚĞŶ ĞdžƉŽƌƚĞĚ ǀŝĂƐŚƵƚƚůĞƚĂŶŬĞƌ͘'ĂƐŶŽƚƵƐĞĚ ĂƐĨƵĞů ŝƐĞdžƉŽƌƚĞĚďLJƉŝƉĞůŝŶĞǀŝĂƚŚĞ&ƌŝŐŐƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ƐLJƐƚĞŵ͘/ŶϮϬϬϭƚŚĞŶĞĂƌďLJůĂŬĞ&ŝĞůĚ ǁĂƐĚĞǀĞůŽƉĞĚ ĂƐĂƐĂƚĞůůŝƚĞƚŽƚŚĞZŽƐƐ&ŝĞůĚ͕ƚŚŝƐŝƐŶŽǁƚŚĞ ŵĂŝŶĐŽŶƚƌŝďƵƚŽƌŽĨƉƌŽĚƵĐƚŝŽŶŽǀĞƌƚŚĞůĞŽ,ŽůŵǀĞƐƐĞů͘

:ƵŶĞϮϬϭϵ ϯϮ T-32

&ŝŐƵƌĞϱ͘Ϯ͗ZŽƐƐĂŶĚůĂŬĞĞǀĞůŽƉŵĞŶƚ^ĐŚĞŵĂƚŝĐ;^ŽƵƌĐĞ͗ZĞƉƐŽů^ŝŶŽƉĞĐͿ

dŚĞĨŝĞůĚ ŚĂƐďĞĞŶĚĞǀĞůŽƉĞĚƚŚƌŽƵŐŚ ;ƐĞǀĞƌĂůͿĐLJĐůĞƐŽĨŝŶĨŝůů ĚƌŝůůŝŶŐĨŽůůŽǁŝŶŐƚŚĞŝŶŝƚŝĂů ĚĞǀĞůŽƉŵĞŶƚ ŽĨƚŚĞĨŝĞůĚ͘ dŚĞŽŝůƉƌŽĚƵĐƚŝŽŶƌĂƚĞƉĞĂŬĞĚďƌŝĞĨůLJĂƚĂƌŽƵŶĚ ϯϵDƐƚďͬĚ ŝŶϭϵϵϵ;&ŝŐƵƌĞϱ͘ϯͿ͘ dŚĞĨŝĞůĚ ŝƐŶŽǁ ĂƚĂŵĂƚƵƌĞƐƚĂŐĞŽĨƉƌŽĚƵĐƚŝŽŶ͘ dŚĞĐƵŵƵůĂƚŝǀĞŽŝůƉƌŽĚƵĐƚŝŽŶĂƐĂƚϯϭͬϬϯͬϮϬϭϵŝƐϯϯ͘ϭDDƐƚď͘

&ŝŐƵƌĞϱ͘ϯ͗ZŽƐƐ&ŝĞůĚƉƌŽĚƵĐƚŝŽŶŚŝƐƚŽƌLJ

ͷǤʹǤ Reserves Forecasting

:ƵŶĞϮϬϭϵ ϯϯ

dŚĞZŽƐƐ&ŝĞůĚ ŝƐĂŵĂƚƵƌĞ ĨŝĞůĚ ǁŝƚŚĞƐƚĂďůŝƐŚĞĚƉƌŽĚƵĐƚŝŽŶ ƚƌĞŶĚƐ͘ZĞƐĞƌǀĞƐŚĂǀĞ ƚŚĞƌĞĨŽƌĞďĞĞŶ ĐĂůĐƵůĂƚĞĚƵƐŝŶŐĚĞĐůŝŶĞĂŶĂůLJƐŝƐ͕ĂĐĐŽƵŶƚŝŶŐĨŽƌǁĞůů ĂŶĚĨŝĞůĚƵƉƚŝŵĞ͘

ZĞƐĞƌǀĞƐŚĂǀĞ ďĞĞŶ ĂƐƐŝŐŶĞĚ ƵŶĚĞƌ ƚŚĞ ĂƐƐƵŵƉƚŝŽŶ ƚŚĂƚ ƚŚĞůĞŽ,Žůŵ ǀĞƐƐĞů ĐŽŶƚŝŶƵĞƐ ƚŽ ďĞ ŝŶ ŽƉĞƌĂƚŝŽŶƵŶƚŝůϮϬϮϵ͕ĂƚǁŚŝĐŚƉŽŝŶƚŝƚǁŝůůďĞĚĞĐŽŵŵŝƐƐŝŽŶĞĚ͘ ZŽƐƐŝƐĂƐƐƵŵĞĚƚŽďĞƉƌŽĚƵĐĞĚďLJ ƚŚĞKƉĞƌĂƚŽƌƵŶƚŝůϮϬϮϵƵŶĚĞƌĂŶĂďĂŶĚŽŶŵĞŶƚĚĞĨĞƌƌĂůƉƌŽĐĞƐƐ͘

Z͛ƐƚĞĐŚŶŝĐĂůĨŽƌĞĐĂƐƚƐĂƌĞƉƌĞƐĞŶƚĞĚ ŝŶ&ŝŐƵƌĞϱ͘ϰ͘

&ŝŐƵƌĞϱ͘ϰ͗ZŽƐƐϭW͕ϮWĂŶĚϯW ĂůĞŶĚĂƌZĂƚĞWƌŽĚƵĐƚŝŽŶ&ŽƌĞĐĂƐƚ

ͷǤ͵Ǥ OPEX, CAPEX and ABEX Forecasts

&ŽƌĞĐĂƐƚƐŽĨKWy͕WyĂŶĚ yĐĂŶďĞĨŽƵŶĚ ŝŶƉƉĞŶĚŝdž ϯ͘

ͷǤ͵ǤͳǤ CAPEX Assumptions

EŽWyĨŽƌĞĐĂƐƚƐĂƌĞƐĐŚĞĚƵůĞĚ͘

ͷǤ͵ǤʹǤ OPEX Assumptions

^ŝŶĐĞϮϬϭϱZŽƐƐƐƚŽƉƉĞĚƉĂƌƚŝĐŝƉĂƚŝŶŐŝŶƚŚĞĐŽƐƚƐŚĂƌĞĨŽƌƚŚĞůĞŽ,Žůŵ&W^K͘/ŶƐƚĞĂĚ͕KWyĨŽƌZŽƐƐ ǁĂƐůŝŵŝƚĞĚƚŽĂƚĂƌŝĨĨďĂƐĞĚŽŶƉƌŽĚƵĐĞĚŽŝůƌĂƚĞ͕ƉůƵƐĨŝĞůĚƐƉĞĐŝĨŝĐKWy͘

:ƵŶĞϮϬϭϵ ϯϰ

6. B-Block: Balmoral, Beauly, Burghley, Stirling Fields

ǤͳǤ Asset Summary

ZŽĐŬZŽƐĞŚĂƐŝŶƚĞƌĞƐƚƐŝŶĨŽƵƌŽĨƚŚĞƐŝdžƉƌŽĚƵĐŝŶŐͲůŽĐŬ&ŝĞůĚƐ͗

ĂůŵŽƌĂů ;ZŽĐŬZŽƐĞϲ͘ϳϱйͿWƌĞŵŝĞƌĂƐKƉĞƌĂƚŽƌ
^ƚŝƌůŝŶŐ;ZŽĐŬZŽƐĞϭϲйͿWƌĞŵŝĞƌĂƐKƉĞƌĂƚŽƌ
ĞĂƵůLJ;ZŽĐŬZŽƐĞϰϬйͿZĞƉƐŽů ^ŝŶŽƉĞĐĂƐKƉĞƌĂƚŽƌ
ƵƌŐŚůĞLJ;ZŽĐŬZŽƐĞϰϭ͘ϭйͿZĞƉƐŽů ^ŝŶŽƉĞĐĂƐKƉĞƌĂƚŽƌ

ůů ͲůŽĐŬƉƌŽĚƵĐƚŝŽŶŝƐƌŽƵƚĞĚƚŚƌŽƵŐŚƚŚĞĂůŵŽƌĂů &Ws͕ĂŶĚƚŚĞͲůŽĐŬ:sŝƐĐƵƌƌĞŶƚůLJĞdžĞĐƵƚŝŶŐ ƚŚĞͲůŽĐŬ>ŝĨĞdžƚĞŶƐŝŽŶWƌŽũĞĐƚƚŽĚĞĨĞƌŽWƵŶƚŝůϮϬϮϭ͘

&ŝŐƵƌĞϲ͘ϭ͗ͲůŽĐŬ&ŝĞůĚƐůŽĐĂƚŝŽŶƐĐŚĞŵĂƚŝĐ;^ŽƵƌĐĞ͗ŽƉĞƌĂƚŽƌͿ

WƌŽĚƵĐƚŝŽŶŚŝƐƚŽƌLJƉůŽƚƐĂƌĞƐŚŽǁŶĨŽƌĞĂĐŚĨŝĞůĚ ŝŶ&ŝŐƵƌĞϲ͘Ϯ͘ƵƌŝŶŐϮϬϭϳ͕ĂůŵŽƌĂů ǁĞůů ϯƐƵĨĨĞƌĞĚ Ă ůĞĂŬĂŶĚ ǁĂƐƐŚƵƚͲŝŶ͘ ĚĚŝƚŝŽŶĂůůLJ͕Ăůů ͲůŽĐŬƉƌŽĚƵĐƚŝŽŶǁĂƐƐŚƵƚͲŝŶĚƵƌŝŶŐ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ĚƵĞ ƚŽĂĨůĂƌĞͲƚŝƉŝƐƐƵĞĂƚĂůŵŽƌĂů͘ dŚŝƐŚĂƐƐŝŶĐĞďĞĞŶŵŝƚŝŐĂƚĞĚďLJƌĞͲƌŽƵƚŝŶŐŐĂƐƚŽƚŚĞĨůĂƌĞƚŝƉ͘ dŽĚĂƚĞ͕ tĞůů ϮϵŽŶ ƚŚĞĂůŵŽƌĂů &ŝĞůĚ ŝƐĐƵƌƌĞŶƚůLJƉůĂŶŶĞĚ ĨŽƌ ƌĞŝŶƐƚĂƚĞŵĞŶƚĚƵƌŝŶŐYϮϮϬϭϵ͘ ƵƌŐŚůĞLJŝƐ ĐƵƌƌĞŶƚůLJƉƌŽĚƵĐŝŶŐĂƚĂƌĂƚĞŽĨϭ͕ϰϱϬďďůͬĚ͕^ƚŝƌůŝŶŐŝƐĐƵƌƌĞŶƚůLJƉƌŽĚƵĐŝŶŐĂƚϯϱϬďďůͬĚ ĂŶĚ ĞĂƵůLJŝƐ ĐƵƌƌĞŶƚůLJƉƌŽĚƵĐŝŶŐĂƚϳϯϬďďůͬĚ͕

:ƵŶĞϮϬϭϵ ϯϱ

&ŝŐƵƌĞϲ͘Ϯ͗ͲůŽĐŬ&ŝĞůĚƐƉƌŽĚƵĐƚŝŽŶŚŝƐƚŽƌLJ

ǤʹǤ Reserves Forecasting

ůůZĨŽƌĞĐĂƐƚƐĂƌĞŵĂĚĞƵƐŝŶŐtKZƚƌĞŶĚƐ͕ĂƉĂƌƚĨƌŽŵ^ƚŝƌůŝŶŐǁŚŝĐŚ ŝƐďĂƐĞĚŽŶŽŝů ĚĞĐůŝŶĞĚƵĞƚŽ ŝƚƐǀĂƌŝĂďůĞǁĂƚĞƌͲĐƵƚƐ͘ZŚĂƐĂƐƐƵŵĞĚ ĂŶKŽĨϳϬйĨŽƌĂůůĨŝĞůĚƐĂŶĚ ĂƉƉůŝĞĚ ĂŽWϮϬϭϵĨŽƌĂůů ĨŽƌĞĐĂƐƚƐ͕ ǁŚŝĐŚ ŝƐ ƚŚĞ ĚĂƚĞ ŝŶ ǁŚŝĐŚ ƚŚĞ ĐŽŵŵĞƌĐŝĂů ĂƌƌĂŶŐĞŵĞŶƚ ďĞƚǁĞĞŶ ƚŚĞ ŽƉĞƌĂƚŽƌ ĂŶĚ ZŽĐŬZŽƐĞĞdžƉŝƌĞƐ͘

,ŽǁĞǀĞƌ͕ ƚŚŝƐĐŽŵŵĞƌĐŝĂů ĂŐƌĞĞŵĞŶƚŝƐ ƐƵďũĞĐƚ ƚŽ ŶĞŐŽƚŝĂƚŝŽŶĂŶĚ ŝƐ ƌĞͲŝƐƐƵĞĚ ƚŽ ƚŚĞ :sĂŶŶƵĂůůLJ͕ ǁŚŝůƐƚǁĞŶŽƚĞƚŚĂƚƚŚĞŽƉĞƌĂƚŽƌŚĂƐĐŽŵŵŝƚƚĞĚƚŽĐŽŶƚŝŶƵĞƉƌŽĚƵĐƚŝŽŶƵŶƚŝůƚŚĞĞŶĚŽĨDĂƌĐŚϮϬϮϭ͘ &ƵƚƵƌĞƉƌŽĚƵĐƚŝŽŶŝƐĐŽŶƚŝŶŐĞŶƚŽŶĂŶĞǁ ĂŐƌĞĞŵĞŶƚďĞŝŶŐƐŝŐŶĞĚ͘/ĨƐŽ͕ŝƚŝƐƚĞĐŚŶŝĐĂůůLJĨĞĂƐŝďůĞĨŽƌ ƉƌŽĚƵĐƚŝŽŶƚŽĐŽŶƚŝŶƵĞŽŶƚŚĞͲůŽĐŬĨŝĞůĚƐƵŶƚŝůƚŚĞĂůŵŽƌĂů &WsŽW͘

&ŽůůŽǁŝŶŐĂĨĞǁŵŽŶƚŚƐƐŚƵƚͲŝŶĚƵĞƚŽŝƐƐƵĞƐĂƚƚŚĞĂůŵŽƌĂů ŚƵď͕^ƚŝƌůŝŶŐ͕ĞĂƵůLJĂŶĚ ƵƌŐŚůĞLJĐĂŵĞ ďĂĐŬŽŶůŝŶĞĂƚĨƵůůĐĂƉĂĐŝƚLJďLJĞĐĞŵďĞƌϮϬϭϴ͘ dŚĞĂůŵŽƌĂů ǁĞůů ϮϵŝƐƉůĂŶŶĞĚƚŽďĞƌĞŝŶƐƚĂƚĞĚ ŝŶ DĂLJϮϬϭϵĂƚĨƵůůĐĂƉĂĐŝƚLJĨŽůůŽǁŝŶŐĨůŽǁůŝŶĞŝŶƚĞƌǀĞŶƚŝŽŶ͘ZŚĂƐĂƐƐƵŵĞĚ ĂŶŝŶŝƚŝĂůƌĂƚĞŽĨϰϬϬďďůͬĚ ĨŽƌtĞůů Ϯϵ͘

Z͛ƐĨŽƌĞĐĂƐƚƐĂƌĞƐŚŽǁŶŝŶ&ŝŐƵƌĞϲ͘ϯ͘

:ƵŶĞϮϬϭϵ ϯϲ T-36

Figure 6.3: B-Block Production Forecasts

6.3. OPEX and CAPEX Forecasts

Forecasts of OPEX, CAPEX and ABEX can be found in Appendix 3.

6.3.1. CAPEX Assumptions

No CAPEX forecast
No incremental projects

6.3.2.OPEX Assumptions

Share of FPV costs for both Balmoral and Stirling
ERCE based its OPEX forecast on the Operator's latest available 2019 Work Programme & Budget

June 2019 37

7. Tors: Kilmar & Garrow Fields

ǤͳǤ Asset Summary

dŚĞdŽƌƐƐƐĞƚĐŽŶƐŝƐƚƐŽĨƚŚĞ<ŝůŵĂƌĂŶĚ'ĂƌƌŽǁŐĂƐĨŝĞůĚƐŝŶ^E^ ůŽĐŬƐϰϯͬϮϮĂ͕ϰϮͬϮϱĂ ĂŶĚ ϰϯͬϮϭĂ͕ ǁŝƚŚďŽƚŚĨŝĞůĚƐŽƉĞƌĂƚĞĚďLJůƉŚĂWĞƚƌŽůĞƵŵĂŶĚZŽĐŬZŽƐĞŚŽůĚŝŶŐĂ ǁŽƌŬŝŶŐŝŶƚĞƌĞƐƚŽĨϭϱй͘

<ŝůŵĂƌĂŶĚ'ĂƌƌŽǁ ĂƌĞƚŝĞĚͲďĂĐŬƚŽƚŚĞdƌĞŶƚƉůĂƚĨŽƌŵ;&ŝŐƵƌĞϳ͘ϭͿ ǁŚŝĐŚ ŝƐŽƉĞƌĂƚĞĚďLJWĞƌĞŶĐŽ͕ǁŝƚŚ ŽĨĨƚĂŬĞƌĂƚĞĂŶĚŽWĚĂƚĞůĂƌŐĞůLJĚƌŝǀĞŶďLJĂǀĂŝůĂďŝůŝƚLJŽĨƚŚĞdƌĞŶƚƉůĂƚĨŽƌŵĨĂĐŝůŝƚŝĞƐ͘ dŚĞ<ŝůŵĂƌ&ŝĞůĚ ǁĂƐ ĚĞǀĞůŽƉĞĚ ŝŶ ϮϬϬϲ͕ ƉƌŽĚƵĐŝŶŐ ĚƌLJ ŐĂƐ ĨƌŽŵ ĂƌďŽŶŝĨĞƌŽƵƐ EĂŵƵƌŝĂŶ ƐĂŶĚƐƚŽŶĞƐ͕ ǁŝƚŚ ƚŚƌĞĞ ƉƌŽĚƵĐƚŝŽŶǁĞůůƐ͘ ƵĞ ƚŽ ĞdžƚĞŶĚĞĚ ĐŽƌƌŽƐŝŽŶ ƌĞƉĂŝƌƐ Ăƚ dƌĞŶƚ͕ ďŽƚŚ ĨŝĞůĚƐ ŚĂǀĞ ďĞĞŶ ŽĨĨůŝŶĞ ƐŝŶĐĞ ^ĞƉƚĞŵďĞƌϮϬϭϲ ĂŶĚƌĞƐƚĂƌƚĞĚĞŶĚŽĨϮϬϭϴ͘ dŚĞ<ŝůŵĂƌ&ŝĞůĚĐĂŵĞďĂĐŬŽŶůŝŶĞǁŝƚŚ ĂĐĂůĞŶĚĂƌŐĂƐ ƌĂƚĞŽĨĂƌŽƵŶĚϭϯDDƐĐĨͬĚ͘ dŚĞ<ŝůŵĂƌ&ŝĞůĚ ŚĂƐƉƌŽĚƵĐĞĚ ϲϴƐĐĨƚŽĚĂƚĞ͘

&ŝŐƵƌĞϳ͘ϭ͗dŽƌƐ͗<ŝůŵĂƌĂŶĚ'ĂƌƌŽǁůŽĐĂƚŝŽŶŵĂƉ ;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ

dŚĞ 'ĂƌƌŽǁ &ŝĞůĚ ǁĂƐ ĂůƐŽ ĚĞǀĞůŽƉĞĚ ŝŶ ϮϬϬϲ ĂƐ Ă ƐŵĂůů ƐĂƚĞůůŝƚĞ͕ ƉƌŽĚƵĐŝŶŐ ĚƌLJ ŐĂƐ ĨƌŽŵ ƚŚĞ ZŽƚůŝĞŐĞŶĚ͕ǁŝƚŚƚǁŽƉƌŽĚƵĐƚŝŽŶǁĞůůƐǁŚŝĐŚ ĂƌĞĐLJĐůĞĚďĞƚǁĞĞŶŽŶĞĂŶŽƚŚĞƌ͘ dŚĞ'ĂƌƌŽǁ &ŝĞůĚĐĂŵĞ ďĂĐŬŽŶůŝŶĞǁŝƚŚ ĂĐĂůĞŶĚĂƌŐĂƐƌĂƚĞŽĨĂƌŽƵŶĚ ϯDDƐĐĨͬĚ͘ dŚĞ'ĂƌƌŽǁ &ŝĞůĚ ŚĂƐƉƌŽĚƵĐĞĚϴƐĐĨ ƚŽ ĚĂƚĞ͘

ǤʹǤ Reserves Forecasting

ƵĞ ƚŽĞdžƚĞŶĚĞĚ ƌĞƉĂŝƌƐĂƚdƌĞŶƚ͕Ăůů ǁĞůůƐ ŝŶ ƚŚĞdŽƌƐĞǀĞůŽƉŵĞŶƚƌĞĂ ŚĂǀĞ ďĞĞŶ ƐŚƵƚͲŝŶ ĨƌŽŵ ƵŐƵƐƚ ϮϬϭϲ ƵŶƚŝů :ƵůLJ ϮϬϭϴǁŝƚŚ Ă ŵŽƌĞ ƉĞƌŵĂŶĞŶƚ ƌĞƐƚĂƌƚ ŝŶKĐƚŽďĞƌ ϮϬϭϴ͘ Z ŚĂƐ ďĂƐĞĚ ŝƚƐ ĨŽƌĞĐĂƐƚƐ ŽŶ ƉƌŽĚƵĐƚŝŽŶ ĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞ ƐŝŶĐĞ ƚŚŝƐ ƐŚƵƚͲŝŶ ƉĞƌŝŽĚ͕ ƚĂŬŝŶŐ ŝŶƚŽ ĂĐĐŽƵŶƚ ŚŝƐƚŽƌŝĐĂů ƉĞƌĨŽƌŵĂŶĐĞ͘

:ƵŶĞϮϬϭϵ ϯϴ

&ŽůůŽǁŝŶŐƚŚĞƌĞƐƚĂƌƚ͕ƚŚĞ<ŝůŵĂƌ&ŝĞůĚŽƉĞƌĂƚŝŶŐĞĨĨŝĐŝĞŶĐLJŚĂƐŝŵƉƌŽǀĞĚĨƌŽŵϲϱйƚŽϴϱй͘ dŚŝƐŚĂƐ ůĞĚƚŽƐŽŵĞŝŵƉƌŽǀĞŵĞŶƚŝŶƚŚĞĐĂůĞŶĚĂƌƉƌŽĚƵĐƚŝŽŶƌĂƚĞ͘ZƵƐĞĚŽŶƚŚĞŽƉĞƌĂƚŝŶŐƌĂƚĞƚŽ ĨŽƌĞĐĂƐƚ ƉƌŽĚƵĐƚŝŽŶ ŽŶ Ă ǁĞůůͲďLJͲǁĞůů ďĂƐŝƐ ĨŽƌ ƚŚĞ <ŝůŵĂƌ &ŝĞůĚ͘ Ŷ ƵƉƚŝŵĞ ŽĨ ϴϬ й ǁĂƐ ĂƉƉůŝĞĚ ĨŽůůŽǁŝŶŐŐƌŽƐƐĨŽƌĞĐĂƐƚŝŶŐ͘

^ŝŶĐĞ ƚŚĞ ƌĞƐƚĂƌƚ͕'ĂƌƌŽǁ &ŝĞůĚƉƌŽĚƵĐƚŝŽŶ ƌĂƚĞŚĂƐŵŽƌĞ ƚŚĂŶĚŽƵďůĞĚ͘WĂƌƚŽĨ ƚŚŝƐŐĂŝŶŝƐĚƵĞ ƚŽ ŝŵƉƌŽǀĞĚŽƉĞƌĂƚŝŶŐĞĨĨŝĐŝĞŶĐLJƚŽĂĨŝĞůĚ ĂǀĞƌĂŐĞŽĨϴϬй;ϰϬйƉĞƌǁĞůůƐŝŶĐĞƌĞƐƚĂƌƚǀƐϯϬйƉƌĞͲƐŚƵƚͲ ŝŶͿ͘ ǁĂƐƵƐĞĚŽŶĂĨŝĞůĚ ůĞǀĞů ĚƵĞƚŽƚŚĞĐLJĐůŝŶŐŽĨƚŚĞ'ϭĂŶĚ'ϮǁĞůůƐ͘ ǁĞůůƵƉƚŝŵĞŽĨϰϬйǁĂƐ ĂƉƉůŝĞĚĨŽůůŽǁŝŶŐŐƌŽƐƐĨŽƌĞĐĂƐƚŝŶŐ͘WƌŽĚƵĐƚŝŽŶŚĂƐŝŵƉƌŽǀĞĚĨƌŽŵďĞĨŽƌĞƚŚĞƐŚƵƚͲŝŶůĞĂĚŝŶŐƚŽZ ƚŽĂƐƐƵŵĞĂŶŝŶĐƌĞĂƐĞŝŶdZZ͘

ZŚĂƐĂƐƐƵŵĞĚŽWĂƚƚŚĞĞŶĚŽĨϮϬϮϲ ĂƐƉĞƌƚŚĞKƉĞƌĂƚŽƌ͛ƐĨŝĞůĚĨŽƌĞĐĂƐƚƐ͘ &ŽƌĞĐĂƐƚƐĨŽƌƚŚĞ<ŝůŵĂƌ ĂŶĚ'ĂƌƌŽǁ &ŝĞůĚƐĂƌĞƐŚŽǁŶŝŶ&ŝŐƵƌĞϳ͘ϮĂŶĚ &ŝŐƵƌĞϳ͘ϯ͘

&ŝŐƵƌĞϳ͘Ϯ͗<ŝůŵĂƌ&ŝĞůĚWƌŽĚƵĐƚŝŽŶ&ŽƌĞĐĂƐƚ

:ƵŶĞϮϬϭϵ ϯϵ

Figure 7.3: Garrow Field Production Forecast

7.3. OPEX and CAPEX Forecasts

Forecasts of OPEX, CAPEX and ABEX can be found in Appendix 3.

7.3.1. CAPEX Assumptions

Well K3 SSV replacement and additional maintenance in 2019 budget is included in ERCE profile.

7.3.2.OPEX Assumptions

ERCE has based our forecast OPEX on RockRose profiles, adjusted for varying production rates at the three levels of confidence.

June 2019 40

8. Grove

ͺǤͳǤ Asset Summary

dŚĞ'ƌŽǀĞ&ŝĞůĚ ŝƐůŽĐĂƚĞĚŶĞĂƌƚŚĞŵĞĚŝĂŶůŝŶĞŝŶ^E^ ůŽĐŬƐϰϵͬϭϬĂ ĂŶĚ ϰϵͬϵĐ;&ŝŐƵƌĞϴ͘ϭͿ͕ĂŶĚ ŝƐ ĚĞǀĞůŽƉĞĚ ǁŝƚŚ Ă EŽƌŵĂůůLJhŶŵĂŶŶĞĚ/ŶƐƚĂůůĂƚŝŽŶ;Eh/Ϳ͕ƚŝĞĚͲďĂĐŬΕϭϯŬŵƚŽDĂƌŬŚĂŵ:ϲͲ͘

&ŝŐƵƌĞϴ͘ϭ͗'ƌŽǀĞ&ŝĞůĚůŽĐĂƚŝŽŶŵĂƉ

'ƌŽǀĞŝƐŽƉĞƌĂƚĞĚďLJ^ƉŝƌŝƚŶĞƌŐLJ͕ǁŝƚŚZŽĐŬZŽƐĞŚŽůĚŝŶŐϳ͘ϱйǁŽƌŬŝŶŐŝŶƚĞƌĞƐƚ͘

dŚĞ ĨŝĞůĚ ƉƌŽĚƵĐĞƐ ĚƌLJ ŐĂƐ ĨƌŽŵ ĂƌďŽŶŝĨĞƌŽƵƐ hƉƉĞƌ tĞƐƚƉŚĂůŝĂŶ ƐĂŶĚƐƚŽŶĞƐ ;&ŝŐƵƌĞ ϴ͘ϮͿ͕ ǁŝƚŚ ƉƌŽĚƵĐƚŝŽŶĐŽŵŵĞŶĐŝŶŐŝŶϮϬϬϳ͘ dŚĞƌĞĂƌĞĐƵƌƌĞŶƚůLJĨŽƵƌƉƌŽĚƵĐŝŶŐǁĞůůƐŽŶƚŚĞ'ƌŽǀĞ&ŝĞůĚ͕'Ϯ͕'ϯy͕ 'ϱ ĂŶĚ 'ϲ ĂƐ ƐŚŽǁŶ ŝŶ &ŝŐƵƌĞ ϯ͘ϭ͘ 'ϱ ŝƐ ĐƵƌƌĞŶƚůLJ ĞdžƉĞƌŝĞŶĐŝŶŐ ƉƌŽĚƵĐƚŝŽŶ ŝƐƐƵĞƐ ĂŶĚ ŚĂƐ ŚĂĚ ŶƵŵĞƌŽƵƐ ĨĂŝůĞĚ ƌĞƐƚĂƌƚƐ ƐŝŶĐĞKĐƚŽďĞƌϮϬϭϴ͘WƌŝŽƌ ƚŽ ƚŚŝƐ͕ ƚŚĞǁĞůů ǁĂƐƉƌŽĚƵĐŝŶŐĂƚĂƌŽƵŶĚϴͲϭϬ DDƐĐĨͬĚ͘ tĞůůƐ 'Ϯ ĂŶĚ 'ϯy ĂƌĞ ĐƵƌƌĞŶƚůLJ ƉƌŽĚƵĐŝŶŐ Ăƚ ĂƌŽƵŶĚ ϭ͘ϱ DDƐĐĨͬĚ͕ ǁŚŝůĞ tĞůů 'ϲnj ŝƐ ĐƵƌƌĞŶƚůLJ ƉƌŽĚƵĐŝŶŐ Ăƚ ĂƌŽƵŶĚ ϰ͘ϱ DDƐĐĨͬĚ͘ ƚ ƉƌĞƐĞŶƚ͕ ƚŚĞ t'Z ŝƐ ŝŶĐƌĞĂƐŝŶŐ ĂŶĚ ŝƐ ĂƌŽƵŶĚ ϯ ďďůͬDDƐĐĨ͘

dŚĞ 'ƌŽǀĞ &ŝĞůĚ ƉƌŽĚƵĐƚŝŽŶ ŚŝƐƚŽƌLJ ŝƐ ƐŚŽǁŶ ŝŶ &ŝŐƵƌĞ ϴ͘ϯ͘ dŚĞ ĨŝĞůĚ ŝƐ ĐƵƌƌĞŶƚůLJ ƉƌŽĚƵĐŝŶŐ Ăƚ ϭϭ DDƐĐĨͬĚ ŝŶϮϬϭϵ͕ĚŽǁŶĨƌŽŵĂƌŽƵŶĚϭϵDDƐĐĨͬĚĨŽůůŽǁŝŶŐƚŚĞůŽƐƐŽĨtĞůů'ϱ͘ dŚĞĨŝĞůĚ ŚĂƐƉƌŽĚƵĐĞĚ ϭϯϭ͘ϱ ƐĐĨƚŽĚĂƚĞ͘

:ƵŶĞϮϬϭϵ ϰϭ T-41

&ŝŐƵƌĞϴ͘Ϯ͗'ƌŽǀĞ&ŝĞůĚdŽƉZĞƐĞƌǀŽŝƌĞƉƚŚDĂƉĚĞƉŝĐƚŝŶŐƚŚĞůŽĐĂƚŝŽŶŽĨƚŚĞĨŽƵƌƉƌŽĚƵĐŝŶŐǁĞůůƐ;^ŽƵƌĐĞ͗ dDͿ

&ŝŐƵƌĞϴ͘ϯ͗'ƌŽǀĞ&ŝĞůĚƉƌŽĚƵĐƚŝŽŶŚŝƐƚŽƌLJ

:ƵŶĞϮϬϭϵ ϰϮ

8.2. Reserves Forecasting

The Operator uses a dynamic model for its forecasts, but this was not available for review. Therefore, ERCE has used DCA for its forecasts and applied an uptime of 75% representative of historical performance. With WGR increasing, there is a risk of future liquid loading in the wells and this is factored into our 1P DCA.

This said, from recent measurements of flowing and shut-in tubing head pressure (FTHP; SITHP) against flow-rate (Table 8.1), whereby SITHP is used as an analogue for reservoir pressure, it suggests that there is enough deliverability to continue to flow the wells and increasing WGR is not likely to imminently terminate production with inflow of significant water.

VA/- II		Last Kno	wn Estimates
Well Name	SITHP	FTHP	Δ ΤΗΡ	Gas Rate
	psia	psia	psia	MMscf/d
G5	1,280	150	1,130	10.5
G2	700	170	530	1.5
G3x	2,200	130	2,070	1.2
G6z	920	150	770	4.5

Table 8.1: Recent estimates of FTHP and SITHP against flow rate.

Well G5 is not included into our reserves forecast because the well has failed to restart and the Operator does not have a planned restart date. The Operator is currently planning interventions to determine the cause of the G5 well production problems. However, as can be seen from Table 8.1, there is enough deliverability in the well with a large $\Delta$ THP and high gas rate to suggests the problems are instead mechanical rather than associated with the reservoir.

ERCE assumes a CoP at the end of 2024 as per the Operator's field forecasts. The forecasts can be seen in Figure 8.4.

Figure 8.4: Grove Field production forecasts

June 2019 43

8.3. OPEX and CAPEX Forecasts

Forecasts of OPEX, CAPEX and ABEX can be found in Appendix 3.

8.3.1. CAPEX Assumptions

No CAPEX forecast
No incremental projects

8.3.2.OPEX Assumptions

The Operator's 5-year OPEX profiles have been reviewed by ERCE and accepted as the basis of cost forecasting.

June 2019 44

9. Arran

ͻǤͳǤ Asset Summary

dŚĞƌƌĂŶ&ŝĞůĚ ůŝĞƐǁŝƚŚŝŶůŽĐŬƐϮϯͬϭϭĂ͕ϮϯͬϭϭĐ͕ϮϯͬϭϲďĂŶĚϮϯͬϭϲĐ;&ŝŐƵƌĞϵ͘ϭͿ ĂƚĂ ǁĂƚĞƌĚĞƉƚŚŽĨ ϮϲϬͲϯϬϬĨƚ͕ǁŝƚŚĨŽƵƌǁĞůůƐĚƌŝůůĞĚŽŶƚŚĞĨŝĞůĚ ŝŶƚŽƚĂů͘ dǁŽǁĞůůƐĞŶĐŽƵŶƚĞƌĞĚŐĂƐŝŶĂ ůŽǁͲƌĞůŝĞĨ &ŽƌƚŝĞƐƉŝŶĐŚͲŽƵƚĐůŽƐƵƌĞĂŐĂŝŶƐƚƚŚĞ:ĂĞƌĞŶ,ŝŐŚ͕ǁŚŝůƐƚƚǁŽƚĂƌŐĞƚĞĚ Ă ŚŝŐŚƌĞůŝĞĨƐĂůƚͲĐŽƌĞĚĐůŽƐƵƌĞ ƚŽƚŚĞŶŽƌƚŚ͘ dŚĞĨŝĞůĚ ŝƐŽƉĞƌĂƚĞĚďLJ^ŚĞůů͕ǁŝƚŚZŽĐŬZŽƐĞŚŽůĚŝŶŐϯϬ͘ϰϯй͘

&WƐƵďŵŝƐƐŝŽŶǁĂƐŵĂĚĞƚŽƚŚĞK' ŝŶ^ĞƉƚĞŵďĞƌϮϬϭϴ͘WƌŽĚƵĐĞĚ ŚLJĚƌŽĐĂƌďŽŶƐĂƌĞĂƐƐƵŵĞĚƚŽ ďĞĞdžƉŽƌƚĞĚ ǀŝĂ Ă ϱϴŬŵƉŝƉĞůŝŶĞƚŽƚŚĞ^ŚĞĂƌǁĂƚĞƌ,ŽƐƚĨĂĐŝůŝƚLJ͕ǁŝƚŚĨŝƌƐƚŐĂƐƐĐŚĞĚƵůĞĚĨŽƌYϭϮϬϮϭ͘ ZĞƐĞƌǀĞƐŚĂǀĞďĞĞŶĂƐƐŝŐŶĞĚƵŶĚĞƌƚŚĞWZD^ƐƵďͲĐůĂƐƐŝĨŝĐĂƚŝŽŶŽĨƉƉƌŽǀĞĚĨŽƌĞǀĞůŽƉŵĞŶƚ͘

&ŝŐƵƌĞϵ͘ϭ͗ƌƌĂŶ&ŝĞůĚůŽĐĂƚŝŽŶŵĂƉ ;^ŽƵƌĐĞ͗ĂŶĂWĞƚƌŽůĞƵŵŶǀŝƌŽŶŵĞŶƚĂů^ƚĂƚĞŵĞŶƚͿ

ͻǤʹǤ Geology and Geophysics

ƌƌĂŶůŝĞƐĐůŽƐĞ ƚŽ ƚŚĞĞĂƐƚĞƌŶĞĚŐĞŽĨ ƚŚĞ&ŽƌƚŝĞƐĚĞƉŽƐŝƚŝŽŶĂůƐLJƐƚĞŵ͕ǁŝƚŚ ƚŚŝŶͲďĞĚĚĞĚ ƚƵƌďŝĚŝƚĞ ƐĂŶĚƐĚĞƉŽƐŝƚĞĚ ŝŶƚŽĂďĂĐŬŐƌŽƵŶĚƐŚĂůĞ͘ ƐƐƵĐŚƚŚĞƌĞƐĞƌǀŽŝƌŝƐůĂƚĞƌĂůůLJĂŶĚ ǀĞƌƚŝĐĂůůLJǀĂƌŝŽƵƐ͕ǁŝƚŚ ĂŶĞĨĨĞĐƚŝǀĞƚŽƉĂŶĚďĂƐĞƐĞĂů͘dǁŽǁĞůůƐĨŽƵŶĚŐĂƐŝŶƌƌĂŶEŽƌƚŚ ĂŶĚƚǁŽŝŶƌƌĂŶ^ŽƵƚŚ͘

dŚĞƌƌĂŶ&ŝĞůĚƐƚƌƵĐƚƵƌĞǁĂƐŝŶƚĞƌƉƌĞƚĞĚŽŶĂ ϯƐĞŝƐŵŝĐǀŽůƵŵĞŝŶdtd͕ǁŝƚŚĐůĞĂƌďŽƵŶĚŝŶŐƐƵƌĨĂĐĞƐ ďƵƚƵŶĐĞƌƚĂŝŶƚLJŝŶƚŚĞŝŶƚĞƌƉƌĞƚĂƚŝŽŶŽĨŝŶƚĞƌŶĂůƐƵďĚŝǀŝƐŝŽŶŽĨƚŚĞƌĞƐĞƌǀŽŝƌ͘ dtdƐƵƌĨĂĐĞƐǁĞƌĞƚŚĞŶ ĐŽŶǀĞƌƚĞĚ ƚŽ ĚĞƉƚŚ ďĞĨŽƌĞ ǀŽůƵŵĞƐ ǁĞƌĞ ĐĂůĐƵůĂƚĞĚ͘ ĞƉƚŚ ĐŽŶǀĞƌƐŝŽŶ ƵŶĐĞƌƚĂŝŶƚLJ ŝƐ ƉĂƌƚŝĐƵůĂƌůLJ

:ƵŶĞϮϬϭϵ ϰϱ

ƌĞůĞǀĂŶƚŽǀĞƌƌƌĂŶ^ŽƵƚŚ͕ǁŝƚŚƚŚĞŝŵƉĂĐƚŽĨƚŚŝƐŵŽĚĞůůĞĚďLJƚŚĞƉƌĞǀŝŽƵƐĨŝĞůĚŽƉĞƌĂƚŽƌ͘ dŽƌĞǀŝĞǁ ƚŚĞƵŶĐĞƌƚĂŝŶƚLJŝŶŬĞLJĚĞƉƚŚƐƵƌĨĂĐĞƐĨƌŽŵƚŚĞW^DƐĞŝƐŵŝĐĚĂƚĂ͕ZŚĂƐĐĂůĐƵůĂƚĞĚƚŚĞƐƚĂŶĚĂƌĚ ĚĞǀŝĂƚŝŽŶŽĨϴϬϬϬĚĞƉƚŚĐŽŶǀĞƌƐŝŽŶƵŶĐĞƌƚĂŝŶƚLJƌƵŶƐĂŶĚ ĂƉƉůŝĞĚƚŚŝƐƚŽƚŚĞƌĞƐĞƌǀŽŝƌƐƚƌƵĐƚƵƌĞĨŽƌŽƵƌ 'ZsĐĂůĐƵůĂƚŝŽŶƐ͘

dŚĞ ĐƵƌƌĞŶƚ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŝƐ ƚŚĂƚ ƚŚĞ ĨŝĞůĚ ŚĂƐ ŵƵůƚŝƉůĞ 'tƐ͕ ĞǀŝĚĞŶĐĞĚ ŝŶ ƉĂƌƚ ďLJ ƐĞŝƐŵŝĐ ĂŵƉůŝƚƵĚĞƐ͕ǁŚŝĐŚ ĂƌĞƵƐĞĚďLJƚŚĞŽƉĞƌĂƚŽƌƚŽĚĞƐĐƌŝďĞƚŚĞĞdžƚĞŶƚŽĨŐĂƐǁŝƚŚŝŶƚŚĞ>ŽǁĞƌ&ŽƌƚŝĞƐ͘/Ŷ ŽƌĚĞƌ ƚŽ ĚĞĨŝŶĞ ĨŝĞůĚ ƐĞŐŵĞŶƚĂƚŝŽŶ͕ Z ŚĂƐ ƌĞǀŝĞǁĞĚ ĨĂƵůƚ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ƚŚƌŽƵŐŚ ĚŝƌĞĐƚ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶĂŶĚ ĂŵƉůŝƚƵĚĞĞdžƚƌĂĐƚŝŽŶƐĨƌŽŵƐƚƌŽŶŐůŽĐĂůƌĞĨůĞĐƚŽƌƐ͘ZĐŽŶƐŝĚĞƌƐƚŚĂƚďŽƵŶĚĂƌŝĞƐ ďĞƚǁĞĞŶ'tĚĞƉƚŚƐůŝĞǁŚĞƌĞĨĂƵůƚŝŶŐĂƉƉĞĂƌƐƚŽŚĂǀĞƐƵĨĨŝĐŝĞŶƚŽĨĨƐĞƚĂŶĚĐŽŶƚŝŶƵŝƚLJ͕ĂŶĚ ĂůƐŽĂƚ ƐƚƌƵĐƚƵƌĂů ƐĂĚĚůĞƐĂŶĚ ƉŽŝŶƚƐ ŽĨ ƉŽƐƐŝďůĞ ƐƚƌĂƚŝŐƌĂƉŚŝĐ ƉŝŶĐŚͲŽƵƚ͘/Ŷ ůŝŐŚƚ ŽĨ ƚŚŝƐ͕ZŚĂƐŵĞƌŐĞĚ ƐĞǀĞƌĂůŽĨƚŚĞƐĞŐŵĞŶƚƐĨƌŽŵƚŚĞŽƉĞƌĂƚŽƌ͛ƐƌƌĂŶĚŝƐĐŽǀĞƌLJŵŽĚĞů͘

WŝŶĐŚͲŽƵƚŽĨƚŚĞWĂůĂĞŽĐĞŶĞŝŶƚĞƌǀĂůŽŶƚŽƚŚĞ:ĂĞƌĞŶ,ŝŐŚ ĚĞĨŝŶĞƐƚŚĞĞĂƐƚĞƌŶĞdžƚĞŶƚŽĨƚŚĞĨŝĞůĚ͘ dŚĞƌĞ ŝƐƵŶĐĞƌƚĂŝŶƚLJŝŶƚŚĞƉŽƐŝƚŝŽŶŽĨƚŚŝƐƉŝŶĐŚͲŽƵƚŽŶƐĞŝƐŵŝĐĚĂƚĂ͕ĂŶĚZƌĞĨůĞĐƚƐƚŚŝƐŝŶŽƵƌĞƐƚŝŵĂƚĞƐ ŽĨ'Zs͘ ^ŝŵŝůĂƌůLJ͕ƌĞƐĞƌǀŽŝƌƉŝŶĐŚͲŽƵƚŽŶƚŽƚŚĞĚŝĂƉŝƌŝŶƌƌĂŶEŽƌƚŚ ŚĂƐďĞĞŶŵŽĚĞůůĞĚ ĂƌŽƵŶĚƚŚĞ ƌĞĨĞƌĞŶĐĞĐĂƐĞƉƌŽǀŝĚĞĚ͘

ͻǤ͵Ǥ Reservoir Modelling, GIIP and Recoverable Gas

EĞƚƉĂLJŝŶƚŚĞ&ŽƌƚŝĞƐƌĞƐĞƌǀŽŝƌŝƐĂƉƉƌŽdžŝŵĂƚĞůLJϳϱĨƚŝŶƌƌĂŶ^ŽƵƚŚ͕ŝŶĐƌĞĂƐŝŶŐƚŽǁĂƌĚƐϭϱϬĨƚ;dsdͿ ĂƌŽƵŶĚƚŚĞƌƌĂŶEŽƌƚŚ ĚŝĂƉŝƌ͘

ƉĞƚƌŽƉŚLJƐŝĐĂůƌĞǀŝĞǁ ǁĂƐĐŽŵƉůĞƚĞĚďLJZŽŶĐƵƌǀĞƐƐƵƉƉůŝĞĚ ǁŝƚŚŝŶƚŚĞŽƉĞƌĂƚŽƌ͛ƐWĞƚƌĞůŵŽĚĞů͘ EŽ ƐŝŐŶŝĨŝĐĂŶƚ ǀĂƌŝĂƚŝŽŶ ǁĂƐ ƐĞĞŶ ŝŶ ĞŝƚŚĞƌ ƉŽƌŽƐŝƚLJ Žƌ ŶĞƚͲƚŽͲŐƌŽƐƐ ďĞƚǁĞĞŶ ŵŽĚĞů ƐĞŐŵĞŶƚƐ Žƌ ƐƚƌĂƚŝŐƌĂƉŚŝĐƵŶŝƚƐ͕ĂŶĚƚŚĞƌĞĨŽƌĞǁĞƚƌĞĂƚƚŚĞ&ŽƌƚŝĞƐŝŶƚĞƌǀĂů ĂƐĂƐŝŶŐůĞƵŶŝƚ͕ƌĂƚŚĞƌƚŚĂŶŵŽĚĞůůŝŶŐ ƐƚĂĐŬĞĚƉĂLJ͘

ZƌĞĐŽŐŶŝƐĞƐƚŚĂƚƚŚĞůŽŐƌĞƐƉŽŶƐĞƐŝŶƚŚĞƌƌĂŶ&ŝĞůĚĐŽƵůĚďĞƐƵďũĞĐƚƚŽƚŚŝŶͲďĞĚĞĨĨĞĐƚƐǁŚŝĐŚ ǁĂƐ ƚĂŬĞŶ ŝŶƚŽ ĂĐĐŽƵŶƚ ǁŚĞŶ ĚĞƚĞƌŵŝŶŝŶŐ ŽƵƌ ƌĂŶŐĞ ŽĨ ƉĞƚƌŽƉŚLJƐŝĐĂů ƉĂƌĂŵĞƚĞƌƐ ĨŽƌ ǀŽůƵŵĞƚƌŝĐ ĞƐƚŝŵĂƚŝŽŶ;ƐĞĞdĂďůĞϵ͘ϭͿ͘

hŶĐĞƌƚĂŝŶƚLJŝŶ ƚŚĞ'tĂĐƌŽƐƐ ƚŚĞ ĨŝĞůĚ ǁĂƐĂůƐŽĂƐƐĞƐƐĞĚ͕ǁŝƚŚ ůŽŐĚĂƚĂ͕DdƉƌĞƐƐƵƌĞƐĂŶĚ^d ƌĞƉŽƌƚƐĂůůŽǁŝŶŐĂŶƵŶĐĞƌƚĂŝŶƚLJƌĂŶŐĞƚŽďĞĚĞĨŝŶĞĚĨŽƌĞĂĐŚƐĞŐŵĞŶƚŽĨƚŚĞƌƌĂŶ&ŝĞůĚ ;&ŝŐƵƌĞϵ͘ϮͿ͘

:ƵŶĞϮϬϭϵ ϰϲ

&ŝŐƵƌĞϵ͘Ϯ͗ƌƌĂŶ&ŝĞůĚǁĞůůƐ͕ƉĞƚƌŽƉŚLJƐŝĐĂůĐƵƌǀĞƐŚŝŐŚůŝŐŚƚŝŶŐ'tŝŶƉƵƚƐ

dŚĞŵĂƉƐďĞůŽǁ ŝŶ&ŝŐƵƌĞϵ͘ϯ ĚĞƐĐƌŝďĞƚŚĞŚŝŐŚ ĂŶĚ ůŽǁĐĂƐĞ'ZsƐĨŽƌƚŚĞhƉƉĞƌĂŶĚ>ŽǁĞƌ&ŽƌƚŝĞƐ͘ ůƚŚŽƵŐŚ ƉƌĞƐƐƵƌĞ ĚĂƚĂ ƐƵƉƉŽƌƚƐ ƚŚĞ ĐŽŶŶĞĐƚŝŽŶ ŽĨ ƚŚĞƐĞ ƐƚƌĂƚŝŐƌĂƉŚŝĐ ƵŶŝƚƐ͕ ƚŚĞƐĞ ĂƌĞ ŵŽĚĞůůĞĚ ŝŶĚĞƉĞŶĚĞŶƚůLJ ďĞĨŽƌĞ ďĞŝŶŐ ƉƌŽďĂďŝůŝƐƚŝĐĂůůLJ ĂŐŐƌĞŐĂƚĞĚ ǁŝƚŚŝŶ ƚŚĞ ǀŽůƵŵĞƚƌŝĐ ĐĂůĐƵůĂƚŝŽŶ ƚŽ ĚĞƚĞƌŵŝŶĞƌĞƐŽƵƌĐĞƐĨŽƌƚŚĞĨŝĞůĚ ĂƐĂ ǁŚŽůĞ͘

&ŝŐƵƌĞϵ͘ϯ͗ƌƌĂŶ&ŝĞůĚ>ŽǁĂŶĚ,ŝŐŚĂƐĞ'tĂŶĚ'ZsƐ

:ƵŶĞϮϬϭϵ ϰϳ

ZĞƐƚŝŵĂƚĞƐ'//WĂŶĚƌĞĐŽǀĞƌĂďůĞŐĂƐǀŽůƵŵĞƐĨŽƌƚŚĞƌƌĂŶĨŝĞůĚƵƐŝŶŐƉƌŽďĂďŝůŝƐƚŝĐŵĞƚŚŽĚƐ͘ dŚĞ ŝŶƉƵƚƐƚŽƚŚŝƐĐĂůĐƵůĂƚŝŽŶĂƌĞƐŚŽǁŶŝŶdĂďůĞϵ͘ϭ͕ǁŝƚŚƚŚĞƌĞƐƵůƚĂŶƚ'//WĂŶĚƌĞĐŽǀĞƌĂďůĞŐĂƐǀŽůƵŵĞƐ ƐŚŽǁŶŝŶdĂďůĞϵ͘Ϯ͘

dĂďůĞϵ͘ϭ͗ƌƌĂŶ&ŝĞůĚ͕ŝŶƉƵƚƐƚŽƉƌŽďĂďŝůŝƐƚŝĐ'//WĐĂůĐƵůĂƚŝŽŶ

	GRV (MMm3)			N/G			Porosity			Sh			GEF			RF
Low	Mid	High	Low	Mid	High	Low	Mid	High	Low	Mid	High	Low	Mid	High	Low	Mid	High
ϱϵϳ		ϭϳϳϲ	ϯϱ	ϰϴ	ϲϱ	ϭϱй	ϭϳй	ϭϵй	ϰϱй	ϱϳй	ϳϬй	ϮϭϬ	ϮϮϬ			ϮϯϬ ϯϭ͘Ϭй ϰϯ͘ϱй ϱϲ͘Ϭй

dĂďůĞϵ͘Ϯ͗ƌƌĂŶ&ŝĞůĚ'//WĂŶĚZĞĐŽǀĞƌĂďůĞ'ĂƐsŽůƵŵĞƐ

	GIIP (Bscf)			EUR (Bscf)
P90	P50	P10	P90	P50	P10
ϭϴϰ͘ϳ	ϯϳϲ͘ϲ	ϳϯϮ	ϳϯ͘ϲ	ϭϱϵ͘ϳ	ϯϮϵ͘ϱ

Z͛ƐǁŝĚĞƌĂŶŐĞŽĨ'ZsŝƐŝŶƉĂƌƚĚƵĞƚŽƵŶĐĞƌƚĂŝŶƚLJŝŶƚŚĞĞdžƚĞŶƚŽĨƚŚĞĞĨĨĞĐƚŝǀĞ&ŽƌƚŝĞƐƌĞƐĞƌǀŽŝƌ͕ ĐŽƵƉůĞĚ ǁŝƚŚĨůƵŝĚĐŽŶƚĂĐƚƵŶĐĞƌƚĂŝŶƚLJ͘ dŚĞĂƌĞĂůĞdžƚĞŶƚŽĨƚŚĞĂĐĐƵŵƵůĂƚŝŽŶŝƐƚŚĞŬĞLJƵŶĐĞƌƚĂŝŶƚLJ ĨŽƌƚŚĞƌƌĂŶ&ŝĞůĚ ǀŽůƵŵĞƚƌŝĐĞƐƚŝŵĂƚĞƐ͘

ͻǤͶǤ Reserves Forecasting

Ŷ&WǁĂƐƐƵďŵŝƚƚĞĚƚŽƚŚĞK' ŝŶ^ĞƉƚĞŵďĞƌϮϬϭϴ͕ĚĞƐĐƌŝďŝŶŐĂƉƌŽĚƵĐƚŝŽŶƐƚĂƌƚĚĂƚĞŽĨ:ĂŶϮϬϮϭ͘

dŚĞƌƌĂŶ&ŝĞůĚ ǁŝůůďĞƉƌŽĚƵĐĞĚďLJŵĞĂŶƐŽĨŶĂƚƵƌĂů ĚĞƉůĞƚŝŽŶ͕ǁŝƚŚĨŽƵƌƐƵďƐĞĂ ǁĞůůƐĨƌŽŵƚǁŽĚƌŝůů ĐĞŶƚƌĞƐ͗ƚǁŽŝŶƚŚĞŶŽƌƚŚŽĨƚŚĞĨŝĞůĚ ;EͲϭĂŶĚ ͲϮͿŽŶƚŚĞĚŝĂƉŝƌƐƚƌƵĐƚƵƌĞĂŶĚƚŚĞŽƚŚĞƌƚǁŽǁĞůůƐ;^Ͳ ϮĂŶĚ ͲϯͿ ŝŶƚŚĞƐŽƵƚŚŽĨƚŚĞĨŝĞůĚ͘tĞůůƐĞĐƚŝŽŶƐĂƌĞƉůĂŶŶĞĚƚŽďĞƐƵďͲŚŽƌŝnjŽŶƚĂůƚŚƌŽƵŐŚƚŚĞƌĞƐĞƌǀŽŝƌ ƚŽĐƌŽƐƐĐƵƚƌĞƐĞƌǀŽŝƌƵŶŝƚƐ͕ŵŝƚŝŐĂƚŝŶŐĂŐĂŝŶƐƚƚŚĞƌŝƐŬŽĨůŽǁ ǀĞƌƚŝĐĂůƚƌĂŶƐŵŝƐƐŝďŝůŝƚLJĂŶĚƚŽŝŵƉƌŽǀĞ ǁĞůůƉƌŽĚƵĐƚŝǀŝƚLJ͘

&ŽůůŽǁŝŶŐƚŚĞƐĂŶĐƚŝŽŶŽĨƚŚĞ^ŚĞĂƌǁĂƚĞƌZĞͲWůƵŵďƉƌŽũĞĐƚ͕ƉůĂŶŶĞĚĨŽƌĞdžĞĐƵƚŝŽŶŝŶϮϬϮϬ͕ƚŚĞƌƌĂŶ ĞdžƉŽƌƚƌŽƵƚĞǁŝůůďĞƚŚƌŽƵŐŚ ĂϭϮͬ͟ϭϴ͟ƉŝƉĞͲŝŶͲƉŝƉĞƐLJƐƚĞŵƚŽƚŚĞ^ŚĞĂƌǁĂƚĞƌƉůĂƚĨŽƌŵ͘/ŶŝƚŝĂů ĂƌƌŝǀĂů ƉƌĞƐƐƵƌĞŽĨϰϭďĂƌŐĂƚ^ŚĞĂƌǁĂƚĞƌǁŚŝĐŚ ĚƌŽƉƐ ƚŽϯϳďĂƌŐŝŶϮϬϮϮĂŶĚ ƚŚĞŶ ƚŽϯϰďĂƌŐŝŶϮϬϮϯ ŝƐ ĂƐƐƵŵĞĚ͘

ĞƉĞŶĚŝŶŐŽŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŝŶŝƚŝĂů ĚĞǀĞůŽƉŵĞŶƚǁĞůůƐ͕ĨƵƌƚŚĞƌŝŶĨŝůů ĚƌŝůůŝŶŐŵĂLJďĞƌĞƋƵŝƌĞĚ ƚŽŽƉƚŝŵŝƐĞƌĞĐŽǀĞƌLJĨƌŽŵƚŚĞĨŝĞůĚŽƌĨƵůůLJĞdžƉůŽŝƚƉŽŽƌůLJĚƌĂŝŶĞĚ ĂƌĞĂƐŽĨƚŚĞĨŝĞůĚ͘ dŚĞƌĞŝƐĂƐƉĂƌĞ ǁĞůůƐůŽƚŽŶƚŚĞƌƌĂŶƐŽƵƚŚƚŝĞͲŝŶƐƚƌƵĐƚƵƌĞĂŶĚ ĂďŝůŝƚLJƚŽĐŽŶŶĞĐƚĂĨƵƌƚŚĞƌǁĞůůƚŽƌƌĂŶŶŽƌƚŚƚŝĞͲŝŶ ƐƚƌƵĐƚƵƌĞƐŚŽƵůĚ ĂĚĚŝƚŝŽŶĂůƌĞƋƵŝƌĞĚƚĂƌŐĞƚƐďĞŝĚĞŶƚŝĨŝĞĚ͘

ZĂƐƐƵŵĞƐĂĨĂĐŝůŝƚŝĞƐůĞǀĞůĞĨĨŝĐŝĞŶĐLJŽĨϴϭй͕ǁŝƚŚ ǁĞůůƵƉƚŝŵĞƐŽĨϵϲ͘ϳй͘/ŶĂĚĚŝƚŝŽŶ͕ĂŵŝŶŝŵƵŵ ĨůŽǁƌĂƚĞŽĨϱDDƐĐĨͬĚ ŝƐĂƐƐƵŵĞĚ͘

ůŽŶŐǁŝƚŚƚŚĞŐĂƐ͕ƌƌĂŶǁŝůůƉƌŽĚƵĐĞĐŽŶĚĞŶƐĂƚĞ͘ dŚĞƌĞŝƐƵŶĐĞƌƚĂŝŶƚLJŝŶƚŚĞĐŽŶĚĞŶƐĂƚĞͲŐĂƐͲƌĂƚŝŽ ƚŚĂƚ ǁŝůů ďĞ ƌĞĂůŝƐĞĚ͕ ĂƐ ƐĂŵƉůŝŶŐ ƚŽ ĚĂƚĞ ŚĂƐ ƌĞƐƵůƚĞĚ ŝŶ ĚĂƚĂ ƌĂŶŐŝŶŐ ĨƌŽŵ ϰϬ ďďůͬDDƐĐĨ ƚŽ ϵϬ ďďůͬDDƐĐĨĚĞƉĞŶĚŝŶŐŽŶƚŚĞĚĞƉƚŚŽĨƐĂŵƉůŝŶŐĂŶĚƚŚĞǀŝŶƚĂŐĞŽĨƚŚĞǁĞůů͘ZŚĂƐĂƐƐƵŵĞĚ ŝŶŝƚŝĂů 'ZƐŽĨϰϬƚŽϰϲďďůͬDDƐĐĨŝŶƚŚĞϭWƚŽϯWůĞǀĞůƐŽĨĐŽŶĨŝĚĞŶĐĞ͕ƚŚĂƚĂƌĞĨŽƌĞĐĂƐƚƚŽĨĂůů ŝŶƚŝŵĞ͕ĂƐ ƚŚĞĨŝĞůĚ ŝƐĚĞƉůĞƚĞĚ͘

ƌƌĂŶŝƐƐĐŚĞĚƵůĞĚƚŽŚĂǀĞŐĂƐĞdžƉŽƌƚĞĚ ǀŝĂƚŚĞ^'>ƐLJƐƚĞŵĂŶĚĐŽŶĚĞŶƐĂƚĞǀŝĂƚŚĞ&ŽƌƚŝĞƐ ƉŝƉĞůŝŶĞƐLJƐƚĞŵ;&W^Ϳ͘ E'>ƐǁŝůůďĞĞdžƚƌĂĐƚĞĚĨŽƌŐĂƐƚƌĂŶƐƉŽƌƚĞĚ ǀŝĂ ^'>͘ ŐĂƐƐŚƌŝŶŬĂŐĞŽĨϭϱй ĂŶĚ ĂŶE'>LJŝĞůĚŽĨϯϴďďůͬDDƐĐĨŝƐĨŽƌĞĐĂƐƚ͘ŽŶĚĞŶƐĂƚĞĞdžƉŽƌƚĞĚ ǀŝĂƚŚĞ&W^ ǁŝůů ŚĂǀĞĞdžĐĞƐƐŐĂƐ ĞdžƚƌĂĐƚĞĚ͘/ŶĂĚĚŝƚŝŽŶƚŚĞĐŽŶĚĞŶƐĂƚĞŝƐĞdžƉĞĐƚĞĚƚŽƌĞĐĞŝǀĞĂƐŵĂůů ǀŽůƵŵĞƚƌŝĐƵƉůŝĨƚĨŽƌƐĂůĞƐ

:ƵŶĞϮϬϭϵ ϰϴ

ƉƵƌƉŽƐĞƐ͘ 'KZŽĨϮϮϯƐĐĨͬďďůŽĨĐŽŶĚĞŶƐĂƚĞĞdžƉŽƌƚĞĚ ǀŝĂƚŚĞ&W^ ŝƐĨŽƌĞĐĂƐƚ͕ǁŝƚŚ ĂŶĂƐƐŽĐŝĂƚĞĚ ůŝƋƵŝĚƐŚƌŝŶŬĂŐĞŽĨϴ͘ϲй͘

dŚĞƐĞ ƐŚƌŝŶŬĂŐĞƐ ĂŶĚ LJŝĞůĚƐ ŚĂǀĞ ďĞĞŶ ĂƉƉůŝĞĚ ŝŶ ĐĂůĐƵůĂƚŝŶŐ ƚŚĞ ƐĂůĞƐ ǀŽůƵŵĞƐ ƉƌĞƐĞŶƚĞĚ ŝŶ ŝŶ ƉƉĞŶĚŝdž ϯ͘

ͻǤͷǤ OPEX and CAPEX Forecasts

ZŚĂƐĂĐĐĞƉƚĞĚƚŚĞŽƉĞƌĂƚŽƌWyĂŶĚ yĨŽƌĞĐĂƐƚĨŽƌƚŚĞϰ ǁĞůů ĚĞǀĞůŽƉŵĞŶƚ͘ dŚĞ ƉĂƌƚŶĞƌƐŚŝƉŚĂƐďĞŐƵŶƚŽŝŶǀĞƐƚĐĂƉŝƚĂů ŝŶůŽŶŐůĞĂĚ ŝƚĞŵƐĂŶĚάϮϵϬDDŽĨƌĞŵĂŝŶŝŶŐŐƌŽƐƐWyŝƐ ĨŽƌĞĐĂƐƚƚŽďĞƐƉĞŶƚ͕ĂƐŽĨƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚŚŝƐƌĞƉŽƌƚ͘

KWyĨŽƌƚŚĞĨŝĞůĚ ǁŝůůďĞĂĐŽŵďŝŶĂƚŝŽŶŽĨƚĂƌŝĨĨƐĂŶĚ KWyƐŚĂƌĞ͘ dĂƌŝĨĨƐŚĂǀĞďĞĞŶŶĞŐŽƚŝĂƚĞĚ ǁŝƚŚ ƚŚĞ&W^͕^'>͕Ed^ ĂŶĚ'>͘ZŚĂƐďĞĞŶƉƌŽǀŝĚĞĚ ǁŝƚŚƚŚĞĨŽƌĞĐĂƐƚŽĨƚĂƌŝĨĨĐŽƐƚƐǁŚŝĐŚ ǁĞ ŚĂǀĞƌĞůŝĞĚƵƉŽŶŝŶƉƌĞƉĂƌŝŶŐƚŚĞĐŽƐƚĨŽƌĞĐĂƐƚ͘

hŶƚŝůϮϬϮϱ͕ƌƌĂŶǁŝůůƉĂLJĂƚĂƌŝĨĨƚŽĐƌŽƐƐƚŚĞ^ŚĞĂƌǁĂƚĞƌĨĂĐŝůŝƚLJ͘ &ƌŽŵϮϬϮϱŽŶǁĂƌĚ͕ƌƌĂŶǁŝůů ĞŶƚĞƌŝŶƚŽĂŶKWyƐŚĂƌĞǁŝƚŚŽƚŚĞƌĨŝĞůĚƐĐƌŽƐƐŝŶŐƚŚĞĨĂĐŝůŝƚLJ͘ &ŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨĨŽƌĞĐĂƐƚŝŶŐƚŚĞ KWyƐŚĂƌĞ͕ZŚĂƐĂƐƐƵŵĞĚƚŚĞ^ŚĞĂƌǁĂƚĞƌϭWƉůĂŶĨŽƌůŝƋƵŝĚƐĐƌŽƐƐŝŶŐƚŚĞƉůĂƚĨŽƌŵ͘ dŚŝƐ ƐĐĞŶĂƌŝŽǁĂƐŽŶĞŽĨĂŶƵŵďĞƌƉƌŽǀŝĚĞĚƚŽƚŚĞƌƌĂŶ:sĨŽƌƚŚĞďĂƐŝƐŽĨƉƌŽũĞĐƚ&ŝŶĂů/ŶǀĞƐƚŵĞŶƚĂŶĚ ZŚĂƐƌĞůŝĞĚƵƉŽŶƚŚŝƐĨŽƌĞĐĂƐƚǁŚĞŶĞǀĂůƵĂƚŝŶŐĐŽƐƚƐ͘

&ŽƌĞĐĂƐƚƐŽĨKWy͕WyĂŶĚ yĐĂŶďĞĨŽƵŶĚ ŝŶƉƉĞŶĚŝdž ϯ͘

:ƵŶĞϮϬϭϵ ϰϵ

10. Brae Complex

ͳͲǤͳǤ Complex Overview

dŚĞƌĂĞŽŵƉůĞdžĨŝĞůĚƐĂƌĞůŽĐĂƚĞĚƐŽŵĞϮϮϬŬŵŶŽƌƚŚͲĞĂƐƚŽĨďĞƌĚĞĞŶŝŶǁĂƚĞƌĚĞƉƚŚƐƌĂŶŐŝŶŐ ĨƌŽŵϭϬϬƚŽϭϮϬŵĞƚƌĞƐ͘ dŚĞƌĂĞŽŵƉůĞdž ŚĂƐϳŵĂŝŶĨŝĞůĚƐƐƉƌĞĂĚ ĂĐƌŽƐƐϲ ůŝĐĞŶĐĞďůŽĐŬƐĂŶĚ ϯ ĨƵůůLJŝŶƚĞŐƌĂƚĞĚƉůĂƚĨŽƌŵƐŽƉĞƌĂƚĞĚďLJZŽĐŬZŽƐĞ;&ŝŐƵƌĞϭϬ͘ϭͿ͘ ^ŽƵƚŚ ƌĂĞ͕ĞŶƚƌĂů ƌĂĞĂŶĚƚŚĞ tĞƐƚƌĂĞ&ŝĞůĚ ;ĨŽƌŵĞƌůLJtĞƐƚƌĂĞΘ ^ĞĚŐǁŝĐŬͿ ĂƌĞďůĂĐŬŽŝůĨŝĞůĚƐ͕ǁŚĞƌĞĂƐEŽƌƚŚ ƌĂĞ͕ĞŝŶŶ͕ ĂƐƚƌĂĞĂŶĚ ƌĂĞŵĂƌĂƌĞŐĂƐĐŽŶĚĞŶƐĂƚĞĨŝĞůĚƐ͘

EŽƌƚŚ ƌĂĞĂŶĚ ĞŝŶŶŚĂǀĞŶŽǁĐĞĂƐĞĚƉƌŽĚƵĐƚŝŽŶ͘ZĞƐĞƌǀĞƐŚĂǀĞďĞĞŶĂƐƐĞƐƐĞĚĨŽƌĞŶƚƌĂů͕tĞƐƚ͕ ĂƐƚĂŶĚ ^ŽƵƚŚ ƌĂĞ͕ĂŶĚ ƌĂĞŵĂƌ͘

&ŝŐƵƌĞϭϬ͘ϭ͗ĞŶƚƌĂůƌĂĞ&ŝĞůĚ>ŽĐĂƚŝŽŶŵĂƉ ;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ

dŚĞĂƌĞĂĐŽŵƉƌŝƐĞƐƵŶŝƚŝƐĞĚ ĂŶĚŶŽŶͲƵŶŝƚŝƐĞĚ ĂƌĞĂƐ͘ ĚĚŝƚŝŽŶĂůĐŽŵŵĞƌĐŝĂů ĂƌƌĂŶŐĞŵĞŶƚƐŚĂǀĞĂůƐŽ ďĞĞŶƌĞĂĐŚĞĚďĞƚǁĞĞŶƚŚĞǀĂƌŝŽƵƐƉĂƌƚŝĞƐ͘ dŚĞƌĞƐƵůƚƐĂƌĞƐƵŵŵĂƌŝƐĞĚ ŝŶdĂďůĞϭϬ͘ϭ͘ ƐĂƌĞƐƵůƚ͗

x &ŽƌKƉĞdžƐƉĞŶĚ͕DĂƌĂƚŚŽŶƉĂLJƐϲϬйŽĨƚŚĞdY ƌĂƚĂŶŝ>E^ ǁŽƌŬŝŶŐŝŶƚĞƌĞƐƚ͕ĂŶĚƌĞĐĞŝǀĞƐ ϲϬйŽĨdY>E^ƉƌŽĚƵĐƚŝŽŶŝŶƌĞƚƵƌŶ͘
x &ŽƌĂƉĞdžƐƉĞŶĚ͕DĂƌĂƚŚŽŶƉĂLJƐϭϬϬйŽĨƚŚĞdY ƌĂƚĂŶŝ>E^ ǁŽƌŬŝŶŐŝŶƚĞƌĞƐƚ͕ĂŶĚ ƌĞĐĞŝǀĞƐϲϬйŽĨdY>E^ƉƌŽĚƵĐƚŝŽŶŝŶƌĞƚƵƌŶ͘

:ƵŶĞϮϬϭϵ ϱϬ

dĂďůĞϭϬ͘ϭ͗ZŽĐŬZŽƐĞZĞǀĞŶƵĞ͕KWyĂŶĚWy/ŶƚĞƌĞƐƚŝŶƚŚĞƌĂĞŽŵƉůĞdž;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ

		ĨĨĞĐƚŝǀĞ>ŝĐĞŶƐĞZĞǀĞŶƵĞ/ŶƚĞƌĞƐƚ
ŽŵƉĂŶLJ	ĞŝŶŶ	EŽƌƚŚ͕^ŽƵƚŚĂŶĚ ĞŶƚƌĂůƌĂĞ	tĞƐƚƌĂĞ	ƌĂĞŵĂƌ	ĂƐƚƌĂĞ	<ŝŶŐĨŝƐŚĞƌ
ZŽĐŬZŽƐĞ	ϰϮ͘ϰϬϬ	ϰϮ͘ϰϬϬ	ϰϮ͘ϰϬϬ	Ϯϳ͘ϴϬϬ	ϯϵ͘Ϭϴϴϯ	Ϭ͘ϴϵϳ

ĨĨĞĐƚŝǀĞ>ŝĐĞŶƐĞKWy/ŶƚĞƌĞƐƚ

ŽŵƉĂŶLJ	ĞŝŶŶ	EŽƌƚŚ͕^ŽƵƚŚĂŶĚ ĞŶƚƌĂůƌĂĞ	tĞƐƚƌĂĞ	ƌĂĞŵĂƌ	ĂƐƚƌĂĞ	<ŝŶŐĨŝƐŚĞƌ
ZŽĐŬZŽƐĞ	ϰϮ͘ϰϬϬ	ϰϮ͘ϰϬϬ	ϰϮ͘ϰϬϬ	Ϯϳ͘ϴϬϬ	ϯϵ͘Ϭϴϴϯ	Ϭ͘ϴϵϳ

ĨĨĞĐƚŝǀĞ>ŝĐĞŶƐĞWy/ŶƚĞƌĞƐƚ

ŽŵƉĂŶLJ	ĞŝŶŶ	EŽƌƚŚ͕^ŽƵƚŚĂŶĚ ĞŶƚƌĂůƌĂĞ	tĞƐƚƌĂĞ	ƌĂĞŵĂƌ	ĂƐƚƌĂĞ	<ŝŶŐĨŝƐŚĞƌ
ZŽĐŬZŽƐĞ	ϰϰ͘ϬϬϬ	ϰϰ͘ϬϬϬ	ϰϰ͘ϬϬϬ	Ϯϵ͘ϬϬϬ	ϰϬ͘ϱϵϳϲ	Ϭ͘ϴϵϳ

&ŝŐƵƌĞϭϬ͘ϮƉƌŽǀŝĚĞƐĂƐĐŚĞŵĂƚŝĐŽĨƚŚĞƌĂĞŽŵƉůĞdž͘ dŚĞƌĂĞƌĂǀŽƉůĂƚĨŽƌŵ͕ĂůŽŶŐǁŝƚŚƚŚĞ EŽƌƚŚ ƌĂĞ͕ĞŝŶŶĂŶĚ <ŝŶŐĨŝƐŚĞƌ&ŝĞůĚƐĂƌĞďĞŝŶŐĚĞĐŽŵŵŝƐƐŝŽŶĞĚ͘ĞǀĞŶŝĐŬŝƐĂ ϯ^ƌ^Ě ƉĂƌƚLJƉƌŽĚƵĐŝŶŐ ĨŝĞůĚ͕ǁŚŝĐŚ ŝŵƉĂĐƚƐĐŽƐƚƐŚĂƌĞĂŶĚĨƵĞůŐĂƐƐƵƉƉůŝĞƐĂƚƚŚĞĂƐƚƌĂĞƉůĂƚĨŽƌŵ͕ďƵƚŝŶǁŚŝĐŚ ZŽĐŬZŽƐĞĚŽĞƐŶŽƚŚĂǀĞĂ ǁŽƌŬŝŶŐŝŶƚĞƌĞƐƚ͘ĂƐƚƌĂĞĂŶĚƚŚĞƌĂĞŵĂƌƐƵďͲƐĞĂƚŝĞďĂĐŬĂůƐŽĨůŽǁ ƚŚƌŽƵŐŚƚŚĞĂƐƚƌĂĞƉůĂƚĨŽƌŵ͘tĞƐƚƌĂĞĂŶĚĞŶƚƌĂů ƌĂĞĂƌĞƐƵďͲƐĞĂƚŝĞďĂĐŬƐƚŽƚŚĞƌĂĞůƉŚĂ ƉůĂƚĨŽƌŵ͘ ^ŽƵƚŚ ƌĂĞŝƐĂůƐŽƉƌŽĚƵĐĞĚƚŚƌŽƵŐŚƚŚĞƌĂĞůƉŚĂƉůĂƚĨŽƌŵ͘

WŝƉĞůŝŶĞƐŚƌŝŶŬĂŐĞƐĂŶĚzŝĞůĚƐĨŽƌƐĂůĞƐƉƌŽĚƵĐƚƐŚĂǀĞďĞĞŶƌĞǀŝĞǁĞĚďLJZĂŶĚ ĂƌĞƉƌĞƐĞŶƚĞĚ ŝŶ dĂďůĞϭϬ͘Ϯ͘

dĂďůĞϭϬ͘Ϯ͗ƌĂĞƌĞĂ^ŚƌŝŶŬĂŐĞƐĂŶĚzŝĞůĚƐ;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ

		<ŝŶŶĞŝůWƌŽĚƵĐƚƐ	^'WƌŽĚƵĐƚƐ
&ŝĞůĚ	WŝƉĞůŝŶĞ ^ŚƌŝŶŬĂŐĞ	tĞƚ'ĂƐ WŝƉĞůŝŶĞ'KZ ^ŚƌŝŶŬĂŐĞ		E'>zŝĞůĚ
	й	DDĐĨͬďďů	й	ďďůͬDDĐĨ
^ŽƵƚŚ	Ͳϭ͘Ϯϲй	ϳϴ͘ϰ	Ϯϭ͘ϬϬй	Ϭ͘ϬϬ
ĞŶƚƌĂů	Ͳϭ͘Ϯϲй	ϳϴ͘ϰ	ϭϳ͘ϬϬй	Ϭ͘ϬϬ
tĞƐƚ	Ϭ͘ϲϵй	Ϭ͘Ϭ	ϳ͘ϬϬй	ϯϰ͘ϱϯ
ƌĂĞŵĂƌ	Ͳϲ͘ϰϳй	ϭϰϮ͘ϴ	ϯ͘ϬϬй	ϯϰ͘ϱϯ
ĂƐƚ	Ͳϲ͘ϰϳй	ϭϰϮ͘ϴ	ϲ͘ϴϭй	ϯϰ͘ϱϯ

:ƵŶĞϮϬϭϵ ϱϭ

&ŝŐƵƌĞϭϬ͘Ϯ͗ƌĂĞŽŵƉůĞdž&ĂĐŝůŝƚŝĞƐ^ĐŚĞŵĂƚŝĐ;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ

WƌŽĚƵĐƚŝŽŶŝŶƚŚĞƌĂĞŽŵƉůĞdž ŝƐůŝŵŝƚĞĚďLJĨĂĐŝůŝƚLJůŝĨĞ͘ĂƐƚƌĂĞŝƐƐĐŚĞĚƵůĞĚƚŽďĞƐŚƵƚŝŶĂƚƚŚĞ ĞŶĚŽĨϮϬϮϬ͘ ƌĂĞŵĂƌĨŽƌĞĐĂƐƚƐĂƌĞƚƌƵŶĐĂƚĞĚ ĂƚƚŚĞĞŶĚŽĨϮϬϮϭ͘ ^ŽƵƚŚ͕ĞŶƚƌĂů ĂŶĚtĞƐƚƌĂĞ ĨŽƌĞĐĂƐƚƐĂƌĞƚƌƵŶĐĂƚĞĚ ĂƚƚŚĞĞŶĚŽĨϮϬϯϬ͘ dŚĞƐĞůŝŵŝƚĂƚŝŽŶƐĂƌĞƌĞĨůĞĐƚĞĚ ŝŶƚŚĞƉƌŽĚƵĐƚŝŽŶƉƌŽĨŝůĞƐ ŝŶƉƉĞŶĚŝdž ϯ͘

ͳͲǤʹǤ Brae Alpha Platform Fields

dŚƌĞĞŽŝůĨŝĞůĚƐƚŚĂƚĨůŽǁƚŚƌŽƵŐŚƚŚĞĨĂĐŝůŝƚLJŚĂǀĞďĞĞŶĂƐƐĞƐƐĞĚ͖^ŽƵƚŚ͕ĞŶƚƌĂů ĂŶĚtĞƐƚƌĂĞ͘ ZŽĐŬZŽƐĞŝƐŽƉĞƌĂƚŽƌĂŶĚ ŚĂƐĂŶĞƋƵĂů ǁŽƌŬŝŶŐŝŶƚĞƌĞƐƚŝŶĂůůƚŚƌĞĞĨŝĞůĚƐ͘

KŝůƉƌŽĚƵĐƚŝŽŶĨƌŽŵƚŚĞƉůĂƚĨŽƌŵŝƐƚƌĂŶƐƉŽƌƚĞĚ ǀŝĂƚŚĞ&ŽƌƚŝĞƐWŝƉĞůŝŶĞ^LJƐƚĞŵ;&W^ͿƚŽƚŚĞ<ŝŶŶĞŝů ƚĞƌŵŝŶĂů ǁŚĞƌĞŝƚŝƐƉƌŽĐĞƐƐĞĚ͘

'ĂƐƉƌŽĚƵĐƚŝŽŶĨƌŽŵƚŚĞƉůĂƚĨŽƌŵƚƌĂǀĞůƐǀŝĂƚŚĞ^'ŶĞƚǁŽƌŬƚŽƚŚĞ^ƚ&ĞƌŐƵƐƚĞƌŵŝŶĂů ǁŚĞƌĞŝƚŝƐ ƉƌŽĐĞƐƐĞĚ͕E'>ƐĂƌĞĞdžƚƌĂĐƚĞĚ ĂŶĚƐĂůĞƐƉƌŽĚƵĐƚƐĂƌĞĚŝƐƚƌŝďƵƚĞĚ͘ƵƌƌĞŶƚŐĂƐĞdžƉŽƌƚŝƐŶĞŐůŝŐŝďůĞ ĂĨƚĞƌĨƵĞů ĂŶĚĨůĂƌĞĂƌĞƌĞŵŽǀĞĚ ĂƚƌĂĞůƉŚĂ ĂŶĚŶŽŐĂƐŶŽƌE'>ƌĞƐĞƌǀĞƐĂƌĞƋƵŽƚĞĚĨŽƌƌĂĞ ůƉŚĂĨŝĞůĚƐ͘

ZŚĂƐĞǀĂůƵĂƚĞĚƚŚĞLJŝĞůĚƐŽĨĐŽŶĚĞŶƐĂƚĞ͕E'>ĂŶĚƐŚƌŝŶŬĂŐĞĨĂĐƚŽƌƐĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚƚŚĞƐĞ ĞdžƉŽƌƚƌŽƵƚĞƐĂŶĚ ĂĐĐŽƵŶƚĞĚĨŽƌƚŚĞŵŝŶŽƵƌZĞƐĞƌǀĞƐĂŶĂůLJƐŝƐ͘ dŚĞE'>LJŝĞůĚ Ăƚ<ŝŶŶĞŝů ŝƐĂĚĚĞĚƚŽ ƚŚĞƐĂůĞƐŽŝů ǀŽůƵŵĞ͕ĨŽƌǁŚŝĐŚZŽĐŬZŽƐĞƌĞĐĞŝǀĞƐĂƉƌĞŵŝƵŵŽǀĞƌ&ŽƌƚŝĞƐĨŽƌƚŽƚĂůƐĂůĞƐŽŝů ƉƌŽĚƵĐĞĚ͘

:ƵŶĞϮϬϭϵ ϱϮ

ͳͲǤʹǤͳǤ Central Brae

ͳͲǤʹǤͳǤͳǤ Asset Summary

Kŝů ǁĂƐĚŝƐĐŽǀĞƌĞĚ ŝŶĞŶƚƌĂů ƌĂĞŝŶϭϵϳϲďLJǁĞůůϭϲͬϳͲϯ͕ǁŝƚŚĨŝƌƐƚƉƌŽĚƵĐƚŝŽŶŝŶϭϵϴϵǀŝĂƐƵďƐĞĂ ǁĞůůƐƚŽƚŚĞƌĂĞůƉŚĂƉůĂƚĨŽƌŵ͘ ĨƚĞƌĨŝǀĞĞdžƉůŽƌĂƚŝŽŶǁĞůůƐ͕ϭϯ ĚĞǀĞůŽƉŵĞŶƚǁĞůůƐŚĂǀĞďĞĞŶ ĚƌŝůůĞĚŽŶƚŚĞĞŶƚƌĂů ƌĂĞ&ŝĞůĚ͕ŝŶĐůƵĚŝŶŐĞdžƚĞŶĚĞĚƌĞĂĐŚ ǁĞůůƐĚƌŝůůĞĚĨƌŽŵƌĂĞůƉŚĂ ĂŶĚ ƌĂǀŽ ƉůĂƚĨŽƌŵƐĂƐǁĞůů ĂƐƚŚĞƐƵďƐĞĂ ǁĞůůƐ;&ŝŐƵƌĞϭϬ͘ϯͿ͘ KŶůLJŽŶĞƐƵďƐĞĂ ǁĞůů͕ϯ͕ŝƐĐƵƌƌĞŶƚůLJĂĐƚŝǀĞ͘

&ŝŐƵƌĞϭϬ͘ϯ͗ĞŶƚƌĂůƌĂĞĞƉƚŚDĂƉ ;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ

ƐŽĨϯϭƐƚDĂƌĐŚϮϬϭϵ͕ĐƵŵƵůĂƚŝǀĞŽŝůƌĞĐŽǀĞƌLJŝƐϲϭ͘ϬDD^d͕ǁŝƚŚ ĂŶĂĚĚŝƚŝŽŶĂů ϲ͘ϬDD^dŽĨE'> ĞdžƚƌĂĐƚĞĚĨƌŽŵƚŚĞŐĂƐƐƚƌĞĂŵ͘ĞŶƚƌĂů ƌĂĞƉƌŽĚƵĐƚŝŽŶŚŝƐƚŽƌLJŝƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϬ͘ϰ͘

:ƵŶĞϮϬϭϵ ϱϯ

&ŝŐƵƌĞϭϬ͘ϰ͗ĞŶƚƌĂůƌĂĞ&ŝĞůĚWƌŽĚƵĐƚŝŽŶ,ŝƐƚŽƌLJ

ͳͲǤʹǤͳǤʹǤ Reserves Forecasting

ZĞƐĞƌǀĞƐŚĂǀĞďĞĞŶĨŽƌĞĐĂƐƚĨŽƌĞŶƚƌĂů ƌĂĞƵƐŝŶŐŽŶƚŚĞůŽŶĞƉƌŽĚƵĐŝŶŐǁĞůů͘ dŚĞĚĞĐůŝŶĞ ĂŶĂůLJƐŝƐĨŽƌƚŚĞǁĞůů ŝƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϬ͘ϱďĞůŽǁ͘

E'>ƵƉůŝĨƚĨƌŽŵƉƌŽĚƵĐĞĚŐĂƐŚĂƐďĞĞŶĐĂůĐƵůĂƚĞĚĨƌŽŵŚŝƐƚŽƌŝĐĂůƚƌĞŶĚƐĂƚϮϰ͘Ϭй͘

,ŝƐƚŽƌŝĐĂůƵƉƚŝŵĞƉĞƌĨŽƌŵĂŶĐĞŚĂƐďĞĞŶĂŶĂůLJƐĞĚ ĂŶĚ ĂƌĂŶŐĞŽĨǀĂůƵĞƐĂƌĞƵƐĞĚ ĂĐƌŽƐƐƚŚĞ ĨŽƌĞĐĂƐƚƐ͕ĂƐƉƌĞƐĞŶƚĞĚ dĂďůĞϭϬ͘ϯďĞůŽǁ͘ ǀĞƌĂŐĞƐŚĂǀĞďĞĞŶĐĂůĐƵůĂƚĞĚƵƐŝŶŐĚĂƚĂĨƌŽŵƚŚĞ ƉƌĞǀŝŽƵƐϭϮΘ ϲŵŽŶƚŚƐǁĞůůƉĞƌĨŽƌŵĂŶĐĞĨŽƌϭWĂŶĚϮWƌĞƐƉĞĐƚŝǀĞůLJ͘ZĞĐĞŶƚƵƉƚŝŵĞŚĂƐŝŵƉƌŽǀĞĚ ƐŝŶĐĞƚŚĞƌĂĞƌĂǀŽƉůĂƚĨŽƌŵǁĞůůƐŚĂǀĞďĞĞŶƐŚƵƚŝŶ͕ĂůůŽǁŝŶŐƚŚĞϯ ǁĞůůƚŽĨůŽǁĐŽŶƚŝŶƵŽƵƐůLJ͘ dŚĞ ϯWƵƉƚŝŵĞŝƐďĂƐĞĚŽŶƚŚĞKƉĞƌĂƚŽƌƐĞĨĨŝĐŝĞŶĐLJƚĂƌŐĞƚ͘

:ƵŶĞϮϬϭϵ ϱϰ T-54

&ŝŐƵƌĞϭϬ͘ϱ͗ϬϯĞĐůŝŶĞŶĂůLJƐŝƐ

dĂďůĞϭϬ͘ϯ͗ĞŶƚƌĂůƌĂĞhŶƉůĂŶŶĞĚhƉƚŝŵĞ

ϭW	ϮW	ϯW
ϳϬй	ϳϴй	ϴϳй

WůĂŶŶĞĚ ĚŽǁŶƚŝŵĞŚĂƐďĞĞŶƚĂŬĞŶĨƌŽŵŝŶĨŽƌŵĂƚŝŽŶƐƵƉƉůŝĞĚďLJZŽĐŬZŽƐĞĂŶĚ ĂĐĐŽƵŶƚĞĚĨŽƌŝŶŽƵƌ ĐĂůĐƵůĂƚŝŽŶƐ͘

dŚĞƌĂŶŐĞŽĨƉƌŽĨŝůĞƐĂĨƚĞƌĚŽǁŶƚŝŵĞĂŶĚĐŽŶƐƚƌĂŝŶƚƐŚĂǀĞďĞĞŶĂƉƉůŝĞĚ ŝƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϬ͘ϲ͘

:ƵŶĞϮϬϭϵ ϱϱ

&ŝŐƵƌĞϭϬ͘ϲ͗ĞŶƚƌĂůƌĂĞWŝƉĞůŝŶĞ>ŝƋƵŝĚƐ&ŽƌĞĐĂƐƚ

dŚĞƌĞƐƵůƚĂŶƚdZZĨŽƌƚŚĞĨŝĞůĚ ŝƐƉƌĞƐĞŶƚĞĚ ŝŶdĂďůĞϭϬ͘ϰƵƐŝŶŐĂĐƵƚͲŽĨĨĚĂƚĞŽĨϯϭͬϭϮͬϮϬϯϬ͘ WƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚƐĐĂŶďĞĨŽƵŶĚ ŝŶƉƉĞŶĚŝdž ϯ͘

dĂďůĞϭϬ͘ϰ͗'ƌŽƐƐdĞĐŚŶŝĐĂůZĞĐŽǀĞƌĂďůĞKŝůΛϯϭͬϬϯͬϮϬϭϵ

		ϭW			ϮW			ϯW
&ŝĞůĚ	Kŝů ͬŽŶĚ	E'>	'ĂƐ	Kŝů ͬŽŶĚ	E'>	'ĂƐ	Kŝů ͬŽŶĚ	E'>	'ĂƐ
	DD^d	DD^d	ƐĐĨ	DD^d	DD^d	ƐĐĨ	DD^d	DD^d	ƐĐĨ
ĞŶƚƌĂů ƌĂĞ	Ϭ͘ϴϬϯ	Ϭ͘ϬϬϬ	Ϭ͘ϬϬϬ	ϭ͘ϬϱϮ	Ϭ͘ϬϬϬ	Ϭ͘ϬϬϬ	ϭ͘Ϯϲϯ	Ϭ͘ϬϬϬ	Ϭ͘ϬϬϬ

ͳͲǤʹǤͳǤ͵Ǥ OPEX and CAPEX Forecasts

10.2.1.3.1. CAPEX Assumptions

EŽĐĂƉŝƚĂůƐƉĞŶĚ ŝƐĨŽƌĞĐĂƐƚŽŶĞŶƚƌĂů ƌĂĞĨƌŽŵYϮϮϬϭϵ͘ŽƐƚƐŝŶĐůƵĚĞĚ ŝŶƚŚĞďƵĚŐĞƚĨŽƌϮϬϭϵ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚƚŚĞƌŝŐƌĞĂĐƚŝǀĂƚŝŽŶƉƌŽũĞĐƚǁŚŝĐŚZƵŶĚĞƌƐƚĂŶĚƐƚŽŚĂǀĞďĞĞŶĐŽŵƉůĞƚĞĚ ŝŶYϭ ϮϬϭϵ͘

10.2.1.3.2. OPEX Assumptions

&ŽƌĞĐĂƐƚƐĨŽƌŽŶŐŽŝŶŐŽƉĞƌĂƚŝŽŶĂůĐŽƐƚƐŚĂǀĞďĞĞŶďĂƐĞĚŽŶŚŝƐƚŽƌŝĐ͕ĂĐƚƵĂůĐŽƐƚƐƌĞƉŽƌƚĞĚ ĂŶĚ ďĞŶĐŚŵĂƌŬĞĚ ĂŐĂŝŶƐƚŽƚŚĞƌEŽƌƚŚ ^ĞĂ ĂƐƐĞƚƐŽĨƐŝŵŝůĂƌƐŝnjĞĂŶĚ ĂŐĞ͘ ƌŽĂĚůLJ͕ĨŽƌĞĐĂƐƚĐŽƐƚƐĂƌĞ ĚĞĞŵĞĚ ĂƉƉƌŽƉƌŝĂƚĞĂŶĚ ĂƌĞĂůŝŐŶĞĚƚŽZ͛ƐǀŝĞǁŽĨƉƌŽĚƵĐƚŝŽŶ͘

ZŚĂƐŝŶĐůƵĚĞĚ ĚŝƌĞĐƚ͕ƉůĂƚĨŽƌŵƐƉĞĐŝĨŝĐŽƉĞƌĂƚŝŽŶĂůĐŽƐƚƐĨŽƌƚŚĞůƉŚĂƉůĂƚĨŽƌŵǁŚŝĐŚ ĂƌĞ ƐŚĂƌĞĚ͕ĚĞƉĞŶĚĞŶƚŽŶƉƌŽĚƵĐƚŝŽŶďĞƚǁĞĞŶƚŚĞĞŶƚƌĂů͕tĞƐƚĂŶĚ ^ŽƵƚŚ ƌĂĞ&ŝĞůĚƐ͘ dŚĞƐĞĐŽƐƚƐ ŝŶĐůƵĚĞƉůĂƚĨŽƌŵƐƉĞĐŝĨŝĐŝŶƚĞŐƌŝƚLJĂŶĚŵĂŝŶƚĞŶĂŶĐĞ͕ƌŽƵƚŝŶĞŽƉĞƌĂƚŝŽŶƐĂŶĚ ůŽŐŝƐƚŝĐƐ͘

KƚŚĞƌĚŝƌĞĐƚĐŽƐƚƐŝŶĐůƵĚĞƉƌŽũĞĐƚƐ͕ƐƚƵĚŝĞƐĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚƚŚĞůƉŚĂWůĂƚĨŽƌŵĂŶĚ ^'ĐŽƐƚƐǁŚŝĐŚ ĂƌĞĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞϭϲͬϳĂďůŽĐŬ͘

:ƵŶĞϮϬϭϵ ϱϲ

/ŶĚŝƌĞĐƚĂŶĚŽƚŚĞƌĐŽƐƚƐŝŶĐůƵĚĞƉƌŝŵĂƌŝůLJŽŶƐŚŽƌĞƐƵƉƉŽƌƚ͕'Θ ĂŶĚKϮĞŵŝƐƐŝŽŶƐ;'ĞŶĞƌĂů ĂŶĚ ĚŵŝŶŝƐƚƌĂƚŝŽŶͿĐŽƐƚƐƚŚĂƚĂƌĞĂůůŽĐĂƚĞĚƚŽƚŚĞůƉŚĂƉůĂƚĨŽƌŵ͘/ŶĂƐŝŵŝůĂƌŵĞƚŚŽĚƚŽƚŚĞůƉŚĂ ƉůĂƚĨŽƌŵĚŝƌĞĐƚĐŽƐƚƐ͕ƚŚĞƐĞĐŽƐƚƐĂƌĞƚŚĞŶƐƉůŝƚĚĞƉĞŶĚĞŶƚŽŶƉƌŽĚƵĐƚŝŽŶďĞƚǁĞĞŶƚŚĞĞŶƚƌĂů͕tĞƐƚ ĂŶĚ ^ŽƵƚŚ ƌĂĞ&ŝĞůĚƐ͘

^ŚŝƉƉŝŶŐĂŶĚ ŚĂŶĚůŝŶŐĐŽƐƚƐĨŽƌƵƐĂŐĞŽĨƚŚĞ&ŽƌƚŝĞƐWŝƉĞůŝŶĞ^LJƐƚĞŵĂƌĞŝŶĐůƵĚĞĚ ŝŶZ͛ƐĞŶƚƌĂů ƌĂĞƉƌŽĨŝůĞƐ͘

ͳͲǤʹǤʹǤ West Brae

ͳͲǤʹǤʹǤͳǤ Asset Summary

ůƚŚŽƵŐŚtĞƐƚƌĂĞǁĂƐĚŝƐĐŽǀĞƌĞĚ ŝŶϭϵϳϱ͕ƚŚĞĨŝĞůĚ ǁĂƐŽŶůLJďƌŽƵŐŚƚŽŶƐƚƌĞĂŵŝŶϭϵϵϳ͘ dŽĚĂƚĞ ƚŚĞƌĞŚĂǀĞďĞĞŶϭϮĞdžƉůŽƌĂƚŝŽŶĂŶĚ ĂƉƉƌĂŝƐĂů ǁĞůůƐĂŶĚϮϲ ĚĞǀĞůŽƉŵĞŶƚǁĞůůƐ͕ǁŝƚŚƉƌŽĚƵĐƚŝŽŶƌŽƵƚĞĚ ǀŝĂƚŚĞƌĂĞůƉŚĂƉůĂƚĨŽƌŵ͘ ^ĞǀĞŶƉƌŽĚƵĐƚŝŽŶǁĞůůƐĂƌĞĐƵƌƌĞŶƚůLJĂĐƚŝǀĞĂŶĚƚǁŽĂĚĚŝƚŝŽŶĂů ŝŶĨŝůů ǁĞůůƐ ŚĂǀĞďĞĞŶĂƉƉƌŽǀĞĚƚŽďĞĚƌŝůůĞĚ ŝŶϮϬϭϵ͘ &ŝŐƵƌĞϭϬ͘ϳ ĚĞƉŝĐƚƐƚŚĞĨŝĞůĚƉƌŽĚƵĐƚŝŽŶŚŝƐƚŽƌLJ͘

dŚĞtĞƐƚƌĂĞ&ŝĞůĚ ůŝĞƐŝŶůŽĐŬϭϲͬϳĂ ĂŶĚ ŝƐĂŶŽŝů ĂĐĐƵŵƵůĂƚŝŽŶǁŝƚŚƉƌŝŵĂƌLJŐĂƐĐĂƉƐ͕ĂĐƌŽƐƐƚǁŽ ƌĞƐĞƌǀŽŝƌƐ͕ƚŚĞĂůĚĞƌĂŶĚ &ůƵŐŐĂ͕ŝŶdĞƌƚŝĂƌLJĂŐĞĚƚƵƌďŝĚŝƚĞĐŚĂŶŶĞůƐ͘/ŶŝƚŝĂůůLJƚŚŽƵŐŚƚƚŽďĞĂƐĞƉĂƌĂƚĞ ĂĐĐƵŵƵůĂƚŝŽŶŝŵŵĞĚŝĂƚĞůLJƚŽƚŚĞǁĞƐƚ͕^ĞĚŐĞǁŝĐŬ;ůŽĐŬϭϲͬϲͿ ŝƐĂŶĞdžƚĞŶƐŝŽŶŽĨƚŚĞƐĂŵĞĐŚĂŶŶĞů ĐŽŵƉůĞdž ĂŶĚ ŝƐŶŽǁďĞůŝĞǀĞĚƚŽďĞƉĂƌƚŽĨƚŚĞƐĂŵĞĨŝĞůĚ ĂƚƚŚĞĂůĚĞƌůĞǀĞů ;&ŝŐƵƌĞϭϬ͘ϴͿ͘ ůƚŚŽƵŐŚ ZŽĐŬZŽƐĞ ŚĂƐ ŶŽ ůŝĐĞŶĐĞ ŝŶƚĞƌĞƐƚ ŝŶ ůŽĐŬ ϭϲͬϲ͕ Ă :ŽŝŶƚ ĞǀĞůŽƉŵĞŶƚ ŐƌĞĞŵĞŶƚ ŵĂŶĂŐĞƐ ƚŚĞ ĐŽŵďŝŶĞĚƉƌŽĚƵĐƚŝŽŶ͘ dŚĞƌĞŝƐƐƚƌŽŶŐĂƋƵŝĨĞƌƐƵƉƉŽƌƚŝŶƚŚĞĨŝĞůĚ͕ǁŝƚŚŵŝŶŝŵĂůƉƌĞƐƐƵƌĞĚĞƉůĞƚŝŽŶ ƐĞĞŶ͘

&ŝŐƵƌĞϭϬ͘ϳ͗&ŝĞůĚWƌŽĚƵĐƚŝŽŶ,ŝƐƚŽƌLJ

:ƵŶĞϮϬϭϵ ϱϳ

ͳͲǤʹǤʹǤʹǤ Geology and Geophysics

tĞƐƚ ƌĂĞ ƌĞƐĞƌǀŽŝƌƐ ĂƌĞ ƐƚĂĐŬĞĚ ƚƵƌďŝĚŝƚĞ ĐŚĂŶŶĞů ƐLJƐƚĞŵƐ ŝŶ ƚŚĞ ĂůĚĞƌ ĂŶĚ &ůƵŐŐĂ ƐĂŶĚƐƚŽŶĞ ŵĞŵďĞƌƐ͕ĚĞƉŽƐŝƚĞĚ ŝŶEtͲ^ƚƌĞŶĚŝŶŐƐƵďŵĂƌŝŶĞĐŚĂŶŶĞůƐ͘ ^ĞƉĂƌĂƚĞĚďLJƚŚĞhƉƉĞƌ^ĞůĞŵƵĚƐƚŽŶĞƐ͕ ƚŚĞƐĞƌĞƐĞƌǀŽŝƌƐŚĂǀĞĚŝĨĨĞƌĞŶƚĨůƵŝĚĐŽŶƚĂĐƚƐĨŽƌďŽƚŚŐĂƐĂŶĚŽŝů ůĞŐƐ͘

hŶůŝŬĞƚŚĞƌĞƐƚŽĨƚŚĞƌĂĞŽŵƉůĞdž ĨŝĞůĚƐǁŚŝĐŚ ůŝĞǁŝƚŚŝŶƚŚĞ^ŽƵƚŚsŝŬŝŶŐ'ƌĂďĞŶ͕tĞƐƚƌĂĞŝƐĂ dĞƌƚŝĂƌLJƌĞƐĞƌǀŽŝƌĂďŽǀĞƚŚĞĨŽŽƚǁĂůůŽĨƚŚĞďŽƵŶĚŝŶŐĨĂƵůƚ͘ŝĨĨĞƌĞŶƚŝĂůĐŽŵƉĂĐƚŝŽŶŽǀĞƌƚŚĞ&ůƵŐŐĂ ƐĂŶĚƐƚŽŶĞ DĞŵďĞƌ ĐƌĞĂƚĞƐ ƚŽƉŽŐƌĂƉŚLJ ǁŚŝĐŚ ŝŶĨůƵĞŶĐĞƐ ƚŚĞ ĚĞƉŽƐŝƚŝŽŶ ŽĨ ƚŚĞ ĂůĚĞƌ ƐĂŶĚƐƚŽŶĞ DĞŵďĞƌ͘ dŚĞŵĂŝŶƐƚƌƵĐƚƵƌĂůƚƌĂƉŝƐůĂƚĞƌĨŽƌŵĞĚ ĚƵƌŝŶŐŝŶǀĞƌƐŝŽŶŽŶƚŚĞŵĂƌŐŝŶĚƵƌŝŶŐƚŚĞŽĐĞŶĞ ĂŶĚƚŚĞƌĞƐƵůƚĂŶƚĚƌĂƉĞŽĨƚŚĞƐĂŶĚƐƚŽŶĞĐŚĂŶŶĞůƐŽǀĞƌĂďĂƐĞŵĞŶƚŚŝŐŚ͘ĞƉƚŚŵĂƉƐĨƌŽŵƚŚĞtĞƐƚ ƌĂĞƐƚĂƚŝĐŵŽĚĞů ĂƌĞƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϬ͘ϴ͘

&ŝŐƵƌĞϭϬ͘ϴ͗dŽƉĂůĚĞƌ^ĂŶĚƐƚŽŶĞ;ůĞĨƚͿĂŶĚdŽƉ&ůƵŐŐĂ^ĂŶĚƐƚŽŶĞ;ƌŝŐŚƚͿĞƉƚŚDĂƉƐ

ͳͲǤʹǤʹǤ͵Ǥ Reservoir Modelling, STOIIP and GIIP

ƐƚĂƚŝĐ ŵŽĚĞů ǁĂƐ ƉƌŽǀŝĚĞĚ ĨŽƌ ^dK//W ĂŶĚ '//W ĐĂůĐƵůĂƚŝŽŶ͕ǁŚŝĐŚ Z ŚĂǀĞ ƌĞǀŝĞǁĞĚ ĨŽƌ ďŽƚŚ ƐƚƌƵĐƚƵƌĂů ĂŶĚƉĞƚƌŽƉŚLJƐŝĐĂů ǀĂůŝĚŝƚLJ͘

ZĞǀŝĞǁŽĨƚŚĞKƉĞƌĂƚŽƌ͛ƐƉĞƚƌŽƉŚLJƐŝĐƐŚĂƐƐŚŽǁŶƚŚĞǁĞůů ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐƚŽďĞƌĞĂƐŽŶĂďůĞ͕ǁŝƚŚďŽƚŚ ĞĨĨĞĐƚŝǀĞĂŶĚƚŽƚĂůĐĂůĐƵůĂƚŝŽŶƐƉĞƌĨŽƌŵĞĚ͘

ZĞƉŽƌƚƐŽŶƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞƐƚĂƚŝĐŵŽĚĞů ĚĞƐĐƌŝďĞƚŚĞĞĨĨĞĐƚŝǀĞƉŽƌŽƐŝƚLJĂƐƐLJƐƚĞŵĂƚŝĐĂůůLJůŽǁĞƌ ƚŚĂŶƚŚĞĐŽƌƌĞĐƚĞĚĐŽƌĞƉůƵŐƉŽƌŽƐŝƚŝĞƐ͘ dŽƚĂůƉŽƌŽƐŝƚLJƉƌŽǀŝĚĞĚ ĂŐŽŽĚŵĂƚĐŚƚŽĐŽƌĞŵĞĂƐƵƌĞŵĞŶƚƐ ĂŶĚ ǁĂƐ ƚŚĞƌĞĨŽƌĞ ƵƐĞĚ ƚŽ ĚŝƐƚƌŝďƵƚĞ ƉŽƌŽƐŝƚLJ ŝŶ ƚŚĞŵŽĚĞů͘ ĨĨĞĐƚŝǀĞ ƉŽƌŽƐŝƚLJǁĂƐ ŚŽǁĞǀĞƌ ƵƐĞĚ ĂůŽŶŐƐŝĚĞƐŚĂůĞǀŽůƵŵĞƚŽĚĞĨŝŶĞĨĂĐŝĞƐĂŶĚƐƵďƐĞƋƵĞŶƚůLJĂƌĞĂƐŽĨŶĞƚƌĞƐĞƌǀŽŝƌ͘

dŚĞƐĂƚƵƌĂƚŝŽŶŚĞŝŐŚƚĨƵŶĐƚŝŽŶǁĂƐĚĞĨŝŶĞĚĨƌŽŵĐŽƌĞĐĂƉŝůůĂƌLJƉƌĞƐƐƵƌĞĚĂƚĂ͘

WƌŽƉĞƌƚŝĞƐǁŝƚŚŝŶƚŚĞƐƚĂƚŝĐŵŽĚĞů ŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůLJŝŶƚĞƌƉƌĞƚĞĚĨƌŽŵƚŚĞǁĞůů ĚĂƚĂ ĂǀĂŝůĂďůĞ͘

dŚĞƐƚƌƵĐƚƵƌĂů ŝŶƚĞƌƉƌĞƚĂƚŝŽŶŽĨƚŚĞƌĞƐĞƌǀŽŝƌƵŶŝƚƐĂƉƉĞĂƌƐƌŽďƵƐƚ͕ƉĂƌƚŝĐƵůĂƌůLJĂƚƚŚĞƚŽƉŽĨƚŚĞĂůĚĞƌ ^ĂŶĚƐƚŽŶĞDĞŵďĞƌǁŚĞƌĞĂ ĚƌŽƉŝŶĂĐŽƵƐƚŝĐŝŵƉĞĚĂŶĐĞŝƐŽďƐĞƌǀĞĚ ĂƐĂĐůĞĂƌƐĞŝƐŵŝĐƚƌŽƵŐŚ ĂĐƌŽƐƐ ƚŚĞĐŚĂŶŶĞů ĂƌĞĂ ;&ŝŐƵƌĞϭϬ͘ϵͿ͘ dŚĞƚŽƉŽĨƚŚĞ&ůƵŐŐĂƌĞƐĞƌǀŽŝƌŝƐĂůƐŽĂƐĞŝƐŵŝĐƚƌŽƵŐŚ͕ďƵƚŚĂƐĂ ůĞƐƐ ĚŝƐƚŝŶĐƚ ƐĞŝƐŵŝĐ ĐŚĂƌĂĐƚĞƌ͘ ŽƚŚ ŚŽǁĞǀĞƌĂƌĞ ĂĚĞƋƵĂƚĞůLJ ĐĂƉƚƵƌĞĚ ďLJ ƚŚĞ ƐƵƌĨĂĐĞƐ ƉƌŽǀŝĚĞĚ ŝŶ ƚŚĞ ŵŽĚĞů͘

&ĂƵůƚŝŶŐŝƐŽďƐĞƌǀĞĚĨŽƌŵŝŶŐƚŚĞĞĂƐƚĞƌŶƐŝĚĞŽĨƚŚĞƐƚƌƵĐƚƵƌĂůĐƌĞƐƚ͕ŚŽǁĞǀĞƌƚŚĞƐĞĨĂƵůƚƐĚŽŶŽƚĨŽƌŵ ĂĐŽŶƚŝŶƵĂůďĂƌƌŝĞƌƚŽĨůŽǁ ĂŶĚ ĚŽŶŽƚƐĞŐŵĞŶƚƚŚĞĨŝĞůĚ ĂƌĞĂƐŝŐŶŝĨŝĐĂŶƚůLJ͘

:ƵŶĞϮϬϭϵ ϱϴ

dŚĞƐĞŝƐŵŝĐǀŽůƵŵĞƐĂŶĚ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶŚĂǀĞďĞĞŶĚĞƉƚŚĐŽŶǀĞƌƚĞĚ ĂŶĚƚŝĞƚŚĞǁĞůů ĚĞƉƚŚƐ͘ ƐƚŚĞƌĞ ŝƐƐƵďƐƚĂŶƚŝĂů ǁĞůůĐŽŶƚƌŽůŽǀĞƌƚŚĞŵĂũŽƌŝƚLJŽĨƚŚĞĨŝĞůĚ͕ďŽƚŚ ŝŶĐƌĞƐƚĂů ĂŶĚĨůĂŶŬůŽĐĂƚŝŽŶƐĂŶĚ ĂǁĂLJ ĨƌŽŵƚŚĞƐƚƌƵĐƚƵƌĞŝŶƚŽĚĞĞƉĞƌĂƌĞĂƐ͕ƵŶĐĞƌƚĂŝŶƚLJŝŶƚŚĞĚĞƉƚŚĐŽŶǀĞƌƐŝŽŶŽĨƚŚĞƐƚƌƵĐƚƵƌĞŝƐůŽǁ͘

&ŝŐƵƌĞϭϬ͘ϵ͗^ĞŝƐŵŝĐĂŵƉůŝƚƵĚĞƐƚŚƌŽƵŐŚ^ĞĚŐĞǁŝĐŬĐŚĂŶŶĞůĂŶĚtĞƐƚƌĂĞ

'ƌŽƐƐƌŽĐŬǀŽůƵŵĞƐ;dĂďůĞϭϬ͘ϱͿ ĂƌĞĚŝǀŝĚĞĚďLJƌĞŐŝŽŶĂŶĚďLJƌĞƐĞƌǀŽŝƌŽǀĞƌƚŚĞĨŝĞůĚ͕ĨƌŽŵƚŚĞŚŝŐŚůLJ ĂƉƉƌĂŝƐĞĚ tĞƐƚ ƌĂĞ ŵĂŝŶ ƐƚƌƵĐƚƵƌĞ ƚŚƌŽƵŐŚ ƚŽ ƚŚĞ ^ĞĚŐĞǁŝĐŬ ĐŚĂŶŶĞů ŝŶ ƚŚĞ ĨĂƌ ŶŽƌƚŚ ŽĨ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚĂƌĞĂ͘ dŚŝƐĂƌĞĂĐƵƌƌĞŶƚůLJŚĂƐŶŽǁĞůůƐ͕ŚŽǁĞǀĞƌ͕ǁĞůůtWKŝƐĚƵĞƚŽďĞĚƌŝůůĞĚ ůĂƚĞƌƚŚŝƐ LJĞĂƌ͘

dĂďůĞϭϬ͘ϱ͗'ƌŽƐƐƌŽĐŬǀŽůƵŵĞƐĨŽƌ^ĞĚŐĞǁŝĐŬĂŶĚtĞƐƚƌĂĞ&ŝĞůĚĂƌĞĂƐ

	Bulk volume (ft³ x10°)
Unused	16.6
Sedgwick Balder Main	2.7
Sedgwick Balder Feeder	3.5
WB Balder Main	5.2
WB Balder East flank	2.1
WB Balder W5	0.6
WB Balder SE	0.4
Flugga	2.5
Flugga other	2.6

:ƵŶĞϮϬϭϵ ϱϵ

/ŶϮϬϬϳ͕ƐĞŝƐŵŝĐǁĂƐĂĐƋƵŝƌĞĚĨŽƌϰĐŽŵƉĂƌŝƐŽŶǁŝƚŚ ĂŶĞĂƌůŝĞƌϭϵϵϯ ĂĐƋƵŝƐŝƚŝŽŶ͘ ĨƵƌƚŚĞƌƐƵƌǀĞLJ ǁĂƐƐŚŽƚŝŶϮϬϭϯďƵƚƚŚŝƐŚĂƐďĞĞŶĚĞƐĐƌŝďĞĚ ŝŶƌĞƉŽƌƚƐĂƐƉŽŽƌĞƌƋƵĂůŝƚLJŝŶĐŽŵƉĂƌŝƐŽŶ͘ dŚĞϮϬϬϳͲ ϭϵϵϯ ϰƐĞŝƐŵŝĐŚĂƐďĞĞŶƵƐĞĚĞĨĨĞĐƚŝǀĞůLJŽǀĞƌtĞƐƚƌĂĞƚŽŐƵŝĚĞŝŶĨŝůů ǁĞůů ůŽĐĂƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐtϭϭ ĂŶĚtϭϮzŝŶϮϬϭϱ͕ĂŶĚ ŝƐƌĞǀŝĞǁĞĚďĞůŽǁĨŽƌƉůĂŶŶĞĚ ǁĞůůƐtWKĂŶĚtW'͘/ƚŝƐŶŽƚĞĚƚŚĂƚƚŚŝƐϰ ĐŽŵƉĂƌŝƐŽŶŝƐŶŽǁϭϮLJĞĂƌƐŽůĚ ĂŶĚƐŝŐŶŝĨŝĐĂŶƚƉƌŽĚƵĐƚŝŽŶŚĂƐƚĂŬĞŶƉůĂĐĞŝŶƚŚĞŝŶƚĞƌǀĞŶŝŶŐƚŝŵĞ͘

tĞůůtW'ƚĂƌŐĞƚƐƚŚĞ&ůƵŐŐĂƌĞƐĞƌǀŽŝƌŝŶĂĐƌĞƐƚĂů ůŽĐĂƚŝŽŶǁŝƚŚŝŶƚŚĞŵĂŝŶtĞƐƚƌĂĞƐƚƌƵĐƚƵƌĞ͘ dŚĞ ĂƌĞĂ ƐŚŽǁƐ Ă ƐƚƌŽŶŐ ϰ ƌĞƐƉŽŶƐĞ ŝŶ ƚŚĞ ϮϬϬϳͲϭϵϵϯ ĐŽŵƉĂƌŝƐŽŶ ǀŽůƵŵĞ ;&ŝŐƵƌĞ ϭϬ͘ϭϬͿ LJĞƚ ƚŚĞ ƌĞƐŽůƵƚŝŽŶŽĨƚŚĞƐĞŝƐŵŝĐŝƐƚŽŽďƌŽĂĚƚŽĚŝƐƚŝŶŐƵŝƐŚ ǁŚĞƚŚĞƌƵŶĚƌĂŝŶĞĚƌĞƐŽƵƌĐĞƌĞŵĂŝŶƐĂƚƚŚĞĐƌĞƐƚĂů ůŽĐĂƚŝŽŶ͘ dŚĞtW'ǁĞůů ŝƐƉůĂŶŶĞĚƚŽďĞĚƌŝůůĞĚ ϱϲͲϳϬĨƚĂďŽǀĞƚŚĞĞdžŝƐƚŝŶŐtϭnj ĂŶĚtϳnj ǁĞůůƐƐŽŝƚŝƐ ƌĞĂƐŽŶĂďůĞƚŽĂƐƐƵŵĞŝƚǁŝůůƌĞĐŽǀĞƌƐŽŵĞĂĚĚŝƚŝŽŶĂůŽŝů͘tW'ŝƐĞdžƉĞĐƚĞĚƚŽďĞƐŝŵŝůĂƌƚŽƚŚĞtϭϭ ǁĞůů ǁŚŝĐŚ ǁĂƐĚƌŝůůĞĚƵƉĚŝƉŽĨtϲnj ŝŶϮϬϭϱ ĂŶĚ ŝƐĐƵƌƌĞŶƚůLJƉƌŽĚƵĐŝŶŐĂƚΕϰϱйǁĂƚĞƌĐƵƚ͘

&ŝŐƵƌĞϭϬ͘ϭϬ͗ϰ^ĞĐƚŝŽŶy>dŚƌŽƵŐŚWůĂŶŶĞĚtĞůůtW';ƉƵƌƉůĞͿŝŶƚŽtĞƐƚƌĂĞƌĞƐƚĂů&ůƵŐŐĂ^ĂŶĚƐƚŽŶĞ

tĞůůtWKƚĂƌŐĞƚƐƚŚĞĂůĚĞƌƌĞƐĞƌǀŽŝƌǁŝƚŚŝŶƚŚĞŶĂƌƌŽǁ ^ĞĚŐĞǁŝĐŬĨĞĞĚĞƌĐŚĂŶŶĞůƚŽƚŚĞŶŽƌƚŚ ǁĞƐƚ ŽĨƚŚĞŵĂŝŶĨŝĞůĚ ĂƌĞĂ͘ dŚŝƐǁĞůů ǁŝůůďĞƚŚĞŵŽƐƚŶŽƌƚŚĞƌůLJŽŶƚŚĞĨŝĞůĚ͘

dŚĞƚŽƉĂůĚĞƌ^DŝŶƚĞƌƉƌĞƚĞĚƐƵƌĨĂĐĞĂƚƚŚĞƉůĂŶŶĞĚ ǁĞůů ůŽĐĂƚŝŽŶĂƉƉĞĂƌƐƌŽďƵƐƚĂŶĚŶŽĚĞĐŝƐŝǀĞ ƐĞŝƐŵŝĐďƌĞĂŬĐĂŶďĞƐĞĞŶďĞƚǁĞĞŶƚŚŝƐƚĂƌŐĞƚĂƌĞĂ ĂŶĚƚŚĞ^ĞĚŐĞǁŝĐŬƐƚƌƵĐƚƵƌĞƉĞŶĞƚƌĂƚĞĚďLJǁĞůů sϭ͘ ^ŽŵĞƋƵĞƐƚŝŽŶŚĂƐďĞĞŶƌĂŝƐĞĚŽǀĞƌǁŚĞƚŚĞƌƉƌŽĚƵĐƚŝŽŶĨƌŽŵƚŚĞ^ĞĚŐĞǁŝĐŬĐŚĂŶŶĞů ŚĂƐŝŶƉĂƌƚ ĚƌĂŝŶĞĚƚŚŝƐĨĞĞĚĞƌĂƌĞĂ͕ǁŝƚŚƚŚĞĚŽĐƵŵĞŶƚĂƚŝŽŶƉƌŽǀŝĚĞĚƐŚŽǁŝŶŐĂŵƉůŝƚƵĚĞĞdžƚƌĂĐƚŝŽŶƐĨƌŽŵƚŚĞ ϰĚĂƚĂƐĞƚƚŽĐŽŶĐůƵĚĞƚŚĂƚŝƚŚĂĚŶŽƚƉƌŝŽƌƚŽϮϬϬϳ͘

ZƌĞǀŝĞǁŽĨƚŚĞϰĚĂƚĂ ǁŽƵůĚƐƵŐŐĞƐƚƚŚĂƚƚŚĞƌĞŝƐĂ ĚŝŵϰƌĞƐƉŽŶƐĞŝŶƚŚŝƐĂƌĞĂ͕ƐŚŽǁŶ&ŝŐƵƌĞ ϭϬ͘ϭϭ ĂŶĚ &ŝŐƵƌĞ ϭϬ͘ϭϮ͘ ůƚŚŽƵŐŚ ƚŚŝƐ ǁŽƵůĚ ƐƵŐŐĞƐƚ ƚŚĂƚ sϭ ƉƌŽĚƵĐƚŝŽŶ ŚĂƐ ƌĞƐƵůƚĞĚ ŝŶ ĨůƵŝĚ ŵŽǀĞŵĞŶƚ ĨƌŽŵ ƚŚĞtWK ĂƌĞĂ ĂŶĚ ƚŚĞƌĞĨŽƌĞ Ă ƌĞĚƵĐĞĚ ƌĞƐĞƌǀĞ ƌĞŵĂŝŶŝŶŐ͕ ƚŚŝƐ ƌĞƐƉŽŶƐĞ ŚĂƐ Ă ƉŽƐŝƚŝǀĞƵƉƐŝĚĞŝŶŝŶĐƌĞĂƐŝŶŐŽƵƌĐŽŶĨŝĚĞŶĐĞŝŶƚŚĞĞdžƚĞŶƐŝŽŶŽĨƚŚĞ^ĞĚŐĞǁŝĐŬŚLJĚƌŽĐĂƌďŽŶƐĞdžƚĞŶĚŝŶŐ ŝŶƚŽƚŚĞŶĂƌƌŽǁ ĨĞĞĚĞƌĐŚĂŶŶĞů͘'ŝǀĞŶƚŚĞϰŝƐŶŽǁϭϮLJĞĂƌƐŽůĚ͕ĂŶĚsϭΘtϭϬzŚĂǀĞƉƌŽĚƵĐĞĚ ƐŝŐŶŝĨŝĐĂŶƚĂĚĚŝƚŝŽŶĂůŽŝů ŝŶƚŚĞ^ĞĚŐǁŝĐŬĂůĚĞƌĚƵƌŝŶŐƚŚŝƐƚŝŵĞ͕ZŚĂǀĞĂƐƐƵŵĞĚ ŝŶƚŚĞůŽǁĐĂƐĞ ƚŚĂƚƚŚĞtWKĂƌĞĂ ŚĂƐĐŽŶƚƌŝďƵƚĞĚƚŽƚŚŝƐ͘

:ƵŶĞϮϬϭϵ ϲϬ

&ŝŐƵƌĞϭϬ͘ϭϭ͗ZD^ĂŵƉůŝƚƵĚĞĨƌŽŵϰĐŽŵƉĂƌŝƐŽŶϮϬϬϳͲϭϵϵϯ͕ďĞƚǁĞĞŶĂůĚĞƌ^DĂŶĚ&ůƵŐŐĂ^DƐƵƌĨĂĐĞƐ

&ŝŐƵƌĞϭϬ͘ϭϮ͗/ŶƚĞƌƉƌĞƚĂƚŝŽŶǀŝĞǁĂŶĚϰĂƌďŝƚƌĂƌLJƐĞĐƚŝŽŶƚŚƌŽƵŐŚƉůĂŶŶĞĚǁĞůůtWK;ƉĂůĞďůƵĞͿŝŶƚŽ ^ĞĚŐĞǁŝĐŬĂůĚĞƌĨĞĞĚĞƌĐŚĂŶŶĞůĂŶĚĐŽŶƚŝŶƵŝŶŐ^ƚŽŵĂŝŶtĞƐƚƌĂĞ&ŝĞůĚ

dŚĞƌĞůĞǀĂŶƚƐĞŝƐŵŝĐĂŶĚ ǁĞůů ĚĂƚĂ ǁĂƐƵƐĞĚƚŽďƵŝůĚ ĂƐƚĂƚŝĐŵŽĚĞů͕ǁŚŝĐŚ ǁĂƐƚŚĞŶŝŵƉŽƌƚĞĚ ŝŶƚŽĂ ĚLJŶĂŵŝĐŵŽĚĞů͘ dŚĞ^dK//WǀĂůƵĞƐŽĨƚŚĞƐƚĂƚŝĐŵŽĚĞů ǁĞƌĞŵŽĚŝĨŝĞĚ ŝŶƚŚĞŚŝƐƚŽƌLJŵĂƚĐŚŝŶŐƉƌŽĐĞƐƐ

:ƵŶĞϮϬϭϵ ϲϭ T-61

ƚŚƌŽƵŐŚƐĞŶƐŝƚŝǀŝƚLJǁŽƌŬĂƌŽƵŶĚƐĂƚƵƌĂƚŝŽŶŚĞŝŐŚƚĨƵŶĐƚŝŽŶĂŶĚƉŽƌŽƐŝƚLJŵŽĚĞůůŝŶŐ͘ dŚĞƌĞƐƵůƚĂŶƚ ^dK//WĨƌŽŵƚŚĞĚLJŶĂŵŝĐŵŽĚĞů ŝƐƉƌĞƐĞŶƚĞĚďĞůŽǁ ŝŶdĂďůĞϭϬ͘ϲ

dĂďůĞϭϬ͘ϲ͗tĞƐƚƌĂĞ^dK//W ƉŽƐƚ,ŝƐƚŽƌLJDĂƚĐŚ

	^ŝŵƵůĂƚŝŽŶDŽĚĞů ^dK//W
	DDƐƚď
^ĞĚŐǁŝĐŬĂůĚĞƌDĂŝŶ	ϲϲ͘ϭ
^ĞĚŐǁŝĐŬĂůĚĞƌ&ĞĞĚĞƌ	ϭϳ͘ϳ
t ĂůĚĞƌDĂŝŶ͕tĂƐƚ&ůĂŶŬΘt ^	ϵϯ͘ϭ
t ĂůĚĞƌtϱ	ϱ͘ϰ
&ůƵŐŐĂ	ϵϬ͘ϰ
&ůƵŐŐĂŽƚŚĞƌ	ϳ͘Ϯ
dŽƚĂů	Ϯϳϵ͘ϵ

ͳͲǤʹǤʹǤͶǤ Reserves Forecasting

ZĞƐĞƌǀĞƐŚĂǀĞďĞĞŶĨŽƌĞĐĂƐƚĨŽƌtĞƐƚƌĂĞƵƐŝŶŐĂĐŽŵďŝŶĂƚŝŽŶŽĨŽŝůƌĂƚĞĚĞĐůŝŶĞĐƵƌǀĞĂŶĂůLJƐŝƐĨŽƌ ĂůůĐƵƌƌĞŶƚůLJƉƌŽĚƵĐŝŶŐǁĞůůƐĂŶĚƐŝŵƵůĂƚŝŽŶĨŽƌƚŚĞϮϬϭϵƉƌŽƉŽƐĞĚ ŝŶĨŝůů ǁĞůůƐ͕tW'ĂŶĚtWK͘

ĞĐůŝŶĞĐƵƌǀĞĂŶĂůLJƐŝƐǁĂƐƉĞƌĨŽƌŵĞĚďLJZďĂƐĞĚŽŶŽŝůƌĂƚĞƉŽƚĞŶƚŝĂůƐ͘ KǀĞƌĂůůƚŚĞƐĞĂůŝŐŶĞĚ ǁĞůů ǁŝƚŚƚŚĞKƉĞƌĂƚŽƌĨŽƌĞĐĂƐƚƐƵƐŝŶŐtKZƚƌĞŶĚƐ͘ ĂƐĞĐĂƐĞKƉĞƌĂƚŽƌƐŝŵƵůĂƚŝŽŶŵŽĚĞůƐǁĞƌĞ ƐƵƉƉůŝĞĚ ǁŝƚŚ ĂŶĚ ǁŝƚŚŽƵƚƚŚĞŝŶĨŝůů ǁĞůůƐƐŽŝŶĐƌĞŵĞŶƚĂůƌĞĐŽǀĞƌLJ͕ŝŶĐůƵĚŝŶŐŝŵƉĂĐƚŽŶĞdžŝƐƚŝŶŐǁĞůůƐ͕ ĐŽƵůĚďĞĂƐƐĞƐƐĞĚ͘ dŚĞƐĞĨŽƌĞĐĂƐƚƐǁĞƌĞƐĐĂůĞĚ ŝŶƚŚĞůŽǁ ĂŶĚ ŚŝŐŚƐĐĞŶĂƌŝŽƐďĂƐĞĚŽŶƚŚĞ ƵŶĐĞƌƚĂŝŶƚLJĂŶĂůLJƐŝƐƉƌĞƐĞŶƚĞĚďLJƚŚĞKƉĞƌĂƚŽƌŝŶĐŽŵďŝŶĂƚŝŽŶǁŝƚŚZ͛ƐŝŶĚĞƉĞŶĚĞŶƚ ĂƐƐĞƐƐŵĞŶƚ͘

ZĂƌĞǁĞůů ĂůŝŐŶĞĚ ǁŝƚŚƚŚĞKƉĞƌĂƚŽƌ͛ƐĨŽƌĞĐĂƐƚƐĨŽƌĞdžŝƐƚŝŶŐĂŶĚ ŝŶĨŝůů ǁĞůůƐŝŶĂϮWĐĂƐĞƐŽƚŚĞ KƉĞƌĂƚŽƌ͛ƐĨŽƌĞĐĂƐƚƐŚĂǀĞďĞĞŶƵƐĞĚ͘ZĚĞǀĞůŽƉĞĚ ŝŶĚĞƉĞŶĚĞŶƚĨŽƌĞĐĂƐƚƐĨŽƌƚŚĞϭWĂŶĚ ϯW ƐĐĞŶĂƌŝŽƐ͘ dŚŝƐŝŶĐůƵĚĞĚ ĂƌĞĚƵĐƚŝŽŶŝŶϭWƌĞƐĞƌǀĞƐĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚƚŚĞtWKǁĞůůƚŽĂĐĐŽƵŶƚĨŽƌ ƉŽƚĞŶƚŝĂůƐǁĞĞƉďLJĞdžŝƐƚŝŶŐǁĞůůƐ͘

dŚĞĂŐŐƌĞŐĂƚĞĚ ĚĞĐůŝŶĞĨŽƌĞĐĂƐƚŝƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϬ͘ϭϯ͘ dŚĞŚŝƐƚŽƌŝĐĂůƌĂƚĞƐƐŚŽǁŶĂƌĞƉƌŽĚƵĐŝŶŐ ;ŝŶƐƚĂŶƚĂŶĞŽƵƐͿƌĂƚĞƐ͕ĂŶĚƚŚĞƉƌŽĨŝůĞŝƐƐŚŽǁŶďĞĨŽƌĞĂƉƉůŝĐĂƚŝŽŶŽĨĐŽŶƐƚƌĂŝŶƚƐĂŶĚ ĚŽǁŶƚŝŵĞ͘

:ƵŶĞϮϬϭϵ ϲϮ

&ŝŐƵƌĞϭϬ͘ϭϯ͗tĞƐƚƌĂĞŐŐƌĞŐĂƚĞĚĞĐůŝŶĞŶĂůLJƐŝƐ

dŚĞKƉĞƌĂƚŽƌĐĂƌƌŝĞƐĂ ŚŝƐƚŽƌŝĐĂůƵƉƚŝŵĞŽĨϴϭйƚŽĂĐĐŽƵŶƚĨŽƌƵŶƉůĂŶŶĞĚ ĚŽǁŶƚŝŵĞĂŶĚ ŝŶ ĂĚĚŝƚŝŽŶĂů ĂĐĐŽƵŶƚƐĨŽƌƐƉĞĐŝĨŝĐƉůĂŶŶĞĚƐŚƵƚĚŽǁŶƐ͘ZƌĞǀŝĞǁĞĚƚŚŝƐĚŽǁŶƚŝŵĞĂƐƐƵŵƉƚŝŽŶĂŶĚ ĂƐƐƵŵĞĚ ŝƚƚŽďĞƌĞĂƐŽŶĂďůĞƐŽŚĂƐĂůƐŽĐĂƌƌŝĞĚϴϭйƵŶƉůĂŶŶĞĚƵƉƚŝŵĞĂŶĚƉůĂŶŶĞĚ ĚŽǁŶƚŝŵĞĂƐ ƐƵƉƉůŝĞĚďLJƚŚĞŽƉĞƌĂƚŽƌ͘ dŚŝƐŝŶĐůƵĚĞƐĂϮϴĚĂLJƌĂĞůƉŚĂ dZŝŶϮϬϮϬ͘DĂƌĂƚŚŽŶŚĂǀĞĂŶŽƚŝŽŶĂů ƵƉůŝĨƚĂƚϮWůĞǀĞůƚŽŝŶĐƌĞĂƐĞƵŶƉůĂŶŶĞĚƵƉƚŝŵĞƚŽϴϳйǁŚŝĐŚ ǁĞĐĂƌƌLJŝŶŽƵƌϯWǀŽůƵŵĞƐ͘

tĞƐƚƌĂĞŚĂƐĂŶĂƐƐƵŵĞĚƉůĂƚĨŽƌŵǁĂƚĞƌŚĂŶĚůŝŶŐĐĂƉĂĐŝƚLJŽĨϯϲ͕ϬϬϬďƉĚ͘ dŚĞZĨŽƌĞĐĂƐƚƐǁĞƌĞ ĐŚĞĐŬĞĚ ĂŐĂŝŶƐƚƚŚŝƐ͕ƵƐŝŶŐtKZƚƌĞŶĚƐ͕ĂŶĚ ǁĞƌĞĨŽƵŶĚŶŽƚƚŽŚŝƚƚŚŝƐĐŽŶƐƚƌĂŝŶƚ͘

KŝůƐŚƌŝŶŬĂŐĞŽĨϵϵ͘ϯйŚĂƐďĞĞŶĂƉƉůŝĞĚƚŽƚŚĞĨŽƌĞĐĂƐƚƐďĂƐĞĚŽŶŝŶĨŽƌŵĂƚŝŽŶƐƵƉƉůŝĞĚďLJƚŚĞ KƉĞƌĂƚŽƌ͘

dŚĞƌĂŶŐĞŽĨƉƌŽĨŝůĞƐĂĨƚĞƌĚŽǁŶƚŝŵĞĂŶĚŽŝůƐŚƌŝŶŬĂŐĞŚĂǀĞďĞĞŶĂƉƉůŝĞĚ ŝƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϬ͘ϭϰ

:ƵŶĞϮϬϭϵ ϲϯ

&ŝŐƵƌĞϭϬ͘ϭϰ͗tĞƐƚƌĂĞWŝƉĞůŝŶĞ>ŝƋƵŝĚƐ&ŽƌĞĐĂƐƚ

dŚĞƌĞƐƵůƚĂŶƚdZZĨŽƌƚŚĞĨŝĞůĚ͕ŝŶĐůƵĚŝŶŐŝŶĨŝůů ǁĞůůƐ͕ŝƐƉƌĞƐĞŶƚĞĚ ŝŶdĂďůĞϭϬ͘ϳƵƐŝŶŐĂĐƵƚͲŽĨĨĚĂƚĞŽĨ ϯϭͬϭϮͬϮϬϯϬ͘WƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚƐĐĂŶďĞĨŽƵŶĚ ŝŶƉƉĞŶĚŝdž ϯ͘

dĂďůĞϭϬ͘ϳ͗tĞƐƚƌĂĞzϮϬϭϴdĞĐŚŶŝĐĂůZĞĐŽǀĞƌĂďůĞKŝů

		ϭW			ϮW			ϯW
&ŝĞůĚ	Kŝů ͬŽŶĚ	E'>	'ĂƐ	Kŝů ͬŽŶĚ	E'>	'ĂƐ	Kŝů ͬŽŶĚ	E'>	'ĂƐ
	DD^d	DD^d	ƐĐĨ	DD^d	DD^d	ƐĐĨ	DD^d	DD^d	ƐĐĨ
tĞƐƚƌĂĞ	ϭϯ͘Ϯϭϲ	Ϭ͘ϬϬϬ	Ϭ͘ϬϬϬ	ϮϮ͘ϲϯϳ	Ϭ͘ϬϬϬ	Ϭ͘ϬϬϬ	Ϯϲ͘ϵϵϰ	Ϭ͘ϬϬϬ	Ϭ͘ϬϬϬ

ͳͲǤʹǤʹǤͷǤ OPEX and CAPEX Forecasts

10.2.2.5.1. CAPEX Assumptions

ZŚĂƐŝŶĐůƵĚĞĚWyĨŽƌƚŚĞĂĚĚŝƚŝŽŶĂů ŝŶĨŝůů ǁĞůů ĚƌŝůůŝŶŐĐĂŵƉĂŝŐŶƉůĂŶŶĞĚĨŽƌϮϬϭϵĚƵƌŝŶŐ ǁŚŝĐŚtW'ĂŶĚtWKǁŝůůďĞĚƌŝůůĞĚ͘ZŝŐĂƌƌŝǀĂů ŚĂƐďĞĞŶĚĞůĂLJĞĚĨƌŽŵDĂLJϮϬϭϵƚŽƵŐƵƐƚϮϬϭϵ͘ tW'ŝƐĂƐŝĚĞƚƌĂĐŬŽĨƚŚĞĞdžŝƐƚŝŶŐtĞƐƚƌĂĞǁĞůůtϳ͕ƚŚĞƌĞĨŽƌĞŶŽĂĚĚŝƚŝŽŶĂů ŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝƐ ƌĞƋƵŝƌĞĚ͘tWKŝƐĂŶĞǁ ǁĞůů ĂƉƉƌŽdžŝŵĂƚĞůLJϲŬŵĨƌŽŵĞdžŝƐƚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ƌĞƋƵŝƌŝŶŐĂŶĞǁ ƉƌŽĚƵĐƚŝŽŶ͕ŐĂƐůŝĨƚĂŶĚĐŽŶƚƌŽůƵŵďŝůŝĐĂů͘

10.2.2.5.2. OPEX Assumptions

ƐƉĞƌƚŚĞ^ŽƵƚŚ ƌĂĞ&ŝĞůĚ͕ĚŝƌĞĐƚKWyĐŽƐƚƐĨŽƌƚŚĞůƉŚĂWůĂƚĨŽƌŵĂƌĞĂůůŽĐĂƚĞĚƚŽƚŚĞĞŶƚƌĂů͕ tĞƐƚĂŶĚ ^ŽƵƚŚ ƌĂĞ&ŝĞůĚƐĚĞƉĞŶĚŝŶŐŽŶƉƌŽĚƵĐƚŝŽŶ͘ dŚĞƐĞĐŽƐƚƐŝŶĐůƵĚĞƉůĂƚĨŽƌŵƐƉĞĐŝĨŝĐŝŶƚĞŐƌŝƚLJ ĂŶĚŵĂŝŶƚĞŶĂŶĐĞ͕ƌŽƵƚŝŶĞŽƉĞƌĂƚŝŽŶƐĂŶĚ ůŽŐŝƐƚŝĐƐ͘

KƚŚĞƌĚŝƌĞĐƚĐŽƐƚƐĂůůŽĐĂƚĞĚƚŽtĞƐƚƌĂĞŝŶĐůƵĚĞĂŶĂůůŽǁĂŶĐĞĨŽƌĂ^s;ŝǀŝŶŐ^ƵƉƉŽƌƚsĞƐƐĞůͿ ĐĂŵƉĂŝŐŶĚƵƌŝŶŐǁŚŝĐŚŵŝŶŽƌŝŶƐƉĞĐƚŝŽŶǁŽƌŬĐĂŶďĞƵŶĚĞƌƚĂŬĞŶŽŶƐƵďƐĞĂ ǁĞůůƐ͘

:ƵŶĞϮϬϭϵ ϲϰ

/ŶĚŝƌĞĐƚĂŶĚ KƚŚĞƌĐŽƐƚƐŝŶĐůƵĚĞƉƌŝŵĂƌŝůLJŽŶƐŚŽƌĞƐƵƉƉŽƌƚ͕'Θ ĂŶĚKϮĞŵŝƐƐŝŽŶƐ;'ĞŶĞƌĂů ĂŶĚ ĚŵŝŶŝƐƚƌĂƚŝŽŶͿĐŽƐƚƐƚŚĂƚĂƌĞĂůůŽĐĂƚĞĚƚŽƚŚĞůƉŚĂƉůĂƚĨŽƌŵ͘/ŶĂƐŝŵŝůĂƌŵĞƚŚŽĚƚŽƚŚĞůƉŚĂ WůĂƚĨŽƌŵĚŝƌĞĐƚĐŽƐƚƐ͕ƚŚĞƐĞĐŽƐƚƐĂƌĞƚŚĞŶƐƉůŝƚĚĞƉĞŶĚĞŶƚŽŶƉƌŽĚƵĐƚŝŽŶďĞƚǁĞĞŶƚŚĞĞŶƚƌĂů͕tĞƐƚ ĂŶĚ ^ŽƵƚŚ ƌĂĞ&ŝĞůĚƐ͘

^ŚŝƉƉŝŶŐĂŶĚ ,ĂŶĚůŝŶŐĐŽƐƚƐĨŽƌƵƐĂŐĞŽĨƚŚĞ&ŽƌƚŝĞƐWŝƉĞůŝŶĞ^LJƐƚĞŵĂƌĞŝŶĐůƵĚĞĚ ŝŶZ͛ƐtĞƐƚ ƌĂĞƉƌŽĨŝůĞƐ͘

ͳͲǤʹǤ͵Ǥ South Brae

ͳͲǤʹǤ͵ǤͳǤ Asset Summary

Kŝů ǁĂƐĚŝƐĐŽǀĞƌĞĚ ŝŶ^ŽƵƚŚ ƌĂĞŝŶϭϵϳϳďLJǁĞůůϭϲͬϬϳĂͲϴ͕ǁŝƚŚĨŝƌƐƚƉƌŽĚƵĐƚŝŽŶŝŶϭϵϴϯ ǀŝĂƚŚĞƌĂĞ ůƉŚĂƉůĂƚĨŽƌŵ͘ ĨƚĞƌϭϭĞdžƉůŽƌĂƚŝŽŶĂŶĚ ĂƉƉƌĂŝƐĂů ǁĞůůƐ͕ϱϯ ĚĞǀĞůŽƉŵĞŶƚǁĞůůƐŚĂǀĞďĞĞŶĚƌŝůůĞĚŽŶ ƚŚĞ^ŽƵƚŚ ƌĂĞ&ŝĞůĚ͘ƵƌƌĞŶƚůLJƚŚĞƌĞĂƌĞϭϮĂĐƚŝǀĞƉƌŽĚƵĐƚŝŽŶǁĞůůƐǁŚŝĐŚ ĂƌĞĂůůŐĂƐůŝĨƚĞĚ ;&ŝŐƵƌĞ ϭϬ͘ϭϱͿ͘

&ŝŐƵƌĞϭϬ͘ϭϱ͗^ŽƵƚŚƌĂĞdŽƉ>ĂLJĞƌĂϭĞƉƚŚ^ƚƌƵĐƚƵƌĞDĂƉ ;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ

dŚĞĨŝĞůĚƉƌŽĚƵĐƚŝŽŶŚŝƐƚŽƌLJŝƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϬ͘ϭϲ͘/ŶŝƚŝĂůĨŝĞůĚƌĂƚĞƐǁĞƌĞŽǀĞƌϭϬϬ͕ϬϬϬďďůͬĚŽŝů͕ ŚŽǁĞǀĞƌĂƐǁĂƚĞƌďƌŽŬĞƚŚƌŽƵŐŚƉƌŽĚƵĐƚŝŽŶĚĞĐůŝŶĞĚƌĂƉŝĚůLJĚƵĞƚŽƐĞǀĞƌĂůĨĂĐƚŽƌƐŝŶĐůƵĚŝŶŐŽŝů ĚŝƐƉůĂĐĞŵĞŶƚĞĨĨŝĐŝĞŶĐLJ͕ĚĞĐůŝŶĞŝŶǁĞůůƉƌŽĚƵĐƚŝǀŝƚLJĚƵĞƚŽƌĞůĂƚŝǀĞƉĞƌŵĞĂďŝůŝƚLJĞĨĨĞĐƚƐĂŶĚ ƐŝŐŶŝĨŝĐĂŶƚǁĞůůďŽƌĞƐĐĂůŝŶŐƉƌŽďůĞŵƐĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚŵŝdžŝŶŐŽĨĨŽƌŵĂƚŝŽŶĂŶĚ ŝŶũĞĐƚĞĚ ǁĂƚĞƌƐ͘ ƐŽĨ

:ƵŶĞϮϬϭϵ ϲϱ

ϯϭƐƚDĂƌĐŚϮϬϭϵ͕ĐƵŵƵůĂƚŝǀĞŽŝůƌĞĐŽǀĞƌLJŚĂƐƌĞĂĐŚĞĚϮϲϭ͘ϱDD^d͕ǁŝƚŚ ĂŶĂĚĚŝƚŝŽŶĂů ϯϱ͘ϬDD^d ŽĨE'>ĞdžƚƌĂĐƚĞĚĨƌŽŵƚŚĞŐĂƐƐƚƌĞĂŵ͘

&ŝŐƵƌĞϭϬ͘ϭϲ͗^ŽƵƚŚƌĂĞ&ŝĞůĚWƌŽĚƵĐƚŝŽŶ,ŝƐƚŽƌLJ

ͳͲǤʹǤ͵ǤʹǤ Reserves Forecasting

ZĞƐĞƌǀĞƐŚĂǀĞďĞĞŶĨŽƌĞĐĂƐƚĨŽƌ^ŽƵƚŚ ƌĂĞƵƐŝŶŐƚƌĞŶĚƐŽĨtKZǀƐĐƵŵŽŝůŽŶĂŶŝŶĚŝǀŝĚƵĂů ǁĞůů ďĂƐŝƐŽŶƚŚĞĨŽůůŽǁŝŶŐĐƵƌƌĞŶƚůLJƉƌŽĚƵĐŝŶŐǁĞůůƐ͗ϭ͕Ϯ͕ϭϲ͕ϭϴ͕Ϯϰ͕ϯϲ͕ϯϳ͕ϰϬ͕ϰϱnj͕ϰϳ͕ ϰϴĂŶĚ ϰϵ͘ dŚƌĞĞĂĐƚŝǀŝƚŝĞƐŝŶĨůƵĞŶĐĞƚŚĞĨŽƌĞĐĂƐƚ͖ŽŶĞƉƌĞĚŝĐƚĞĚ ǁĞůůĨĂŝůƵƌĞĂŶĚƌĞĐŽŵƉůĞƚŝŽŶƐŽĨ ϰϴĂŶĚ ϰϵ͘

ϰϳ ǁĂƐĚƌŝůůĞĚ ĂŶĚĨŝƌƐƚƉƌŽĚƵĐĞĚ ŝŶKĐƚϮϬϭϰ͘ƵƌŝŶŐĐŽŵƉůĞƚŝŽŶŽƉĞƌĂƚŝŽŶƐ͕ƚŚĞƉĞƌŵĂŶĞŶƚ ƉƌŽĚƵĐƚŝŽŶƉĂĐŬĞƌǁĂƐƉƌĞͲƐĞƚǁŚŝĐŚĞdžƉŽƐĞĚƐĞĐƚŝŽŶƐŽĨƚŚĞĐĂƌďŽŶƐƚĞĞů ůŝŶĞƌƚŽĐŽƌƌŽƐŝǀĞ ƌĞƐĞƌǀŽŝƌĨůƵŝĚƐ͘ dŚŝƐŝƐĚŝƌĞĐƚůLJĂŶĂůŽŐŽƵƐƚŽǁŚĂƚŚĂƉƉĞŶĞĚ ĂƚϰϮnj ǁŚŝĐŚĨĂŝůĞĚ ĂĨƚĞƌϳLJĞĂƌƐ͘ dŚŝƐ ĂĐƚŝǀŝƚLJŝƐĞdžƉĞĐƚĞĚƚŽƚĂŬĞƉůĂĐĞĂŶĚƚŚĞWyĨŽƌƚŚŝƐŝƐŝŶĐůƵĚĞĚ ŝŶϮϬϮϭĂĐƌŽƐƐƚŚĞϭWƚŽϯW ƉƌŽĨŝůĞƐ͘

ϰϴ;ϯƚǁŝŶͿ ǁĂƐďƌŽƵŐŚƚŽŶůŝŶĞŝŶϮϬϭϱ ĂŶĚƉƌŽĚƵĐĞƐĚƌLJŽŝůĨƌŽŵƚŚĞĚĞĞƉĞƌĐŚŽƌŝnjŽŶ͘tŚŝůƐƚ ƚŚĞƉůĂƚĨŽƌŵŝƐĐƵƌƌĞŶƚůLJĐŽŶƐƚƌĂŝŶĞĚďLJǁĂƚĞƌŚĂŶĚůŝŶŐ͕ŝƚŝƐďĞŶĞĨŝĐŝĂůƚŽƉƌŽĚƵĐĞĨƌŽŵƚŚŝƐnjŽŶĞ ƌĂƚŚĞƌƚŚĂŶƚŚĞŵŽƌĞƉƌŽĚƵĐƚŝǀĞŵĂŝŶƚĂƌŐĞƚŝŶƚĞƌǀĂůƐ;ůĂLJĞƌƐĂ ͬ ĐͬĂͿ͘tĂƚĞƌŚĂŶĚůŝŶŐ ĐŽŶƐƚƌĂŝŶƚƐĂƌĞƉůĂŶŶĞĚƚŽďĞůŝĨƚĞĚ ĚƵƌŝŶŐ:ƵůLJϮϬϭϵ͘ dŽƌĞĐŽŵƉůĞƚĞƚŽƚŚĞƚĂƌŐĞƚŚŽƌŝnjŽŶƐǁŝůů ƌĞƋƵŝƌĞĂƉůƵŐƐĞƚĂŶĚƉĞƌĨŽƌĂƚŝŽŶũŽď͕ǁŝƚŚ ĂƐƚĂƌƚĚĂƚĞĨŽƌƚŚĞŵĂŝŶŚŽƌŝnjŽŶŽĨϭƐƚ:ĂŶϮϬϮϬ͘ &ŽƌĞĐĂƐƚ ƉƌŽĨŝůĞƐŚĂǀĞďĞĞŶŐĞŶĞƌĂƚĞĚĨƌŽŵŚŝƐƚŽƌŝĐĂů ǁĞůůƉĞƌĨŽƌŵĂŶĐĞĨƌŽŵƚŚĞϯ ǁĞůů͕ǁŚŝĐŚ ϰϴƚǁŝŶŶĞĚ ƚŽĂĐĐĞƐƐǀŽůƵŵĞƐůĞĨƚďĞŚŝŶĚ͘

ϰϵ;ƌĞͲĚƌŝůůŽĨϰϮnjͿ ǁĂƐďƌŽƵŐŚƚŽŶůŝŶĞŝŶϮϬϭϴĂŶĚƉƌŽĚƵĐĞƐůŽǁ ǁĂƚĞƌĐƵƚŽŝůĨƌŽŵƚŚĞĚĞĞƉĞƌĚ͕ Ă ĂŶĚ ĐůĂLJĞƌƐ͘>ŝŬĞϰϴ͕ǁŚŝůƐƚǁĂƚĞƌŚĂŶĚůŝŶŐƌĞƐƚƌŝĐƚŝŽŶĂƉƉůLJŽŶƚŚĞƉůĂƚĨŽƌŵŝƚŝƐďĞŶĞĨŝĐŝĂůƚŽ ƉƌŽĚƵĐĞƚŚĞƐĞnjŽŶĞƐĂƐŽƉƉŽƐĞĚƚŽƚŚĞŵĂŝŶƚĂƌŐĞƚĂ ĂŶĚ ĐůĂLJĞƌƐ͘ ^ŝŵŝůĂƌƚŽϰϴ͕ĂƐƚĂƌƚĚĂƚĞŽĨ ϭƐƚ:ĂŶϮϬϮϬŝƐƵƐĞĚƚŽƐǁŝƚĐŚƚŚĞǁĞůůƚŽƚŚĞŵĂŝŶŝŶƚĞƌǀĂůƐ͘

:ƵŶĞϮϬϭϵ ϲϲ

ƵĞƚŽƐĐĂůŝŶŐƚĞŶĚĞŶĐŝĞƐŽĨƚŚĞĨŽƌŵĂƚŝŽŶĂŶĚ ŝŶũĞĐƚĞĚ ǁĂƚĞƌŵŝdžŝŶŐ͕ƚŚĞĚĞĞƉĞƌŚŽƌŝnjŽŶƐĐĂŶŶŽƚďĞ ĐŽŵŵŝŶŐůĞĚ ǁŝƚŚƚŚĞƐŚĂůůŽǁĞƌŵĂŝŶƚĂƌŐĞƚƐĨŽƌďŽƚŚŽĨƚŚĞƐĞǁĞůůƐ͘

dŚĞĂŐŐƌĞŐĂƚĞĚ ĚĞĐůŝŶĞĨŽƌĞĐĂƐƚŝƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϬ͘ϭϳ͘ dŚĞŚŝƐƚŽƌŝĐĂůƌĂƚĞƐƐŚŽǁŶĂƌĞƉƌŽĚƵĐŝŶŐ ;ŝŶƐƚĂŶƚĂŶĞŽƵƐͿƌĂƚĞƐ͕ĂŶĚƚŚĞƉƌŽĨŝůĞŝƐƐŚŽǁŶďĞĨŽƌĞĂƉƉůŝĐĂƚŝŽŶŽĨĐŽŶƐƚƌĂŝŶƚƐĂŶĚ ĚŽǁŶƚŝŵĞ͘

&ŝŐƵƌĞϭϬ͘ϭϳ͗^ŽƵƚŚƌĂĞŐŐƌĞŐĂƚĞĚĞĐůŝŶĞŶĂůLJƐŝƐ

E'>ƵƉůŝĨƚĨƌŽŵƉƌŽĚƵĐĞĚŐĂƐŚĂƐďĞĞŶĐĂůĐƵůĂƚĞĚĨƌŽŵŚŝƐƚŽƌŝĐĂůƚƌĞŶĚƐĂƚϮϰ͘ϳй͘

,ŝƐƚŽƌŝĐĂůƵƉƚŝŵĞƉĞƌĨŽƌŵĂŶĐĞŚĂƐďĞĞŶĂŶĂůLJƐĞĚ ĂŶĚ ĂƌĂŶŐĞŽĨǀĂůƵĞƐĂƌĞƵƐĞĚ ĂĐƌŽƐƐƚŚĞ ĨŽƌĞĐĂƐƚƐ͕ĂƐƉƌĞƐĞŶƚĞĚ ŝŶƚŚĞƚĂďůĞďĞůŽǁ͘ ǀĞƌĂŐĞƐŚĂǀĞďĞĞŶĐĂůĐƵůĂƚĞĚƵƐŝŶŐĚĂƚĂĨƌŽŵƚŚĞ ƉƌĞǀŝŽƵƐϭϮΘ ϲŵŽŶƚŚƐǁĞůůƉĞƌĨŽƌŵĂŶĐĞĨŽƌϭWĂŶĚϮWƌĞƐƉĞĐƚŝǀĞůLJ͘ dŚĞϯWƵƉƚŝŵĞŝƐďĂƐĞĚŽŶƚŚĞ ŽƉĞƌĂƚŽƌ͛ƐĞĨĨŝĐŝĞŶĐLJƚĂƌŐĞƚ͘

dĂďůĞϭϬ͘ϴ͗^ŽƵƚŚƌĂĞhŶƉůĂŶŶĞĚhƉƚŝŵĞ

ϭW	ϮW	ϯW
ϲϱй	ϳϮй	ϴϳй

WůĂŶŶĞĚ ĚŽǁŶƚŝŵĞŚĂƐďĞĞŶƚĂŬĞŶĨƌŽŵŝŶĨŽƌŵĂƚŝŽŶƐƵƉƉůŝĞĚďLJƚŚĞŽƉĞƌĂƚŽƌĂŶĚ ĂĐĐŽƵŶƚĞĚĨŽƌŝŶ ŽƵƌĐĂůĐƵůĂƚŝŽŶƐ͘

tĂƚĞƌŚĂŶĚůŝŶŐĐŽŶƐƚƌĂŝŶƚƐĐƵƌƌĞŶƚůLJĂĨĨĞĐƚƉƌŽĚƵĐƚŝŽŶŽĨ^ŽƵƚŚ ƌĂĞǁĞůůƐ͘ ĂƐĞĚŽŶŝŶĨŽƌŵĂƚŝŽŶ ƐƵƉƉůŝĞĚ ;&ŝŐƵƌĞϭϬ͘ϭϴͿ͕ƚŚĞĐƵƌƌĞŶƚǁĂƚĞƌŚĂŶĚůŝŶŐĐĂƉĂĐŝƚLJŝƐĐĂůĐƵůĂƚĞĚƚŽďĞϭϱDďͬĚ͘tŽƌŬŽŶ ƚŚĞƉůĂƚĨŽƌŵƚŽůŝĨƚƚŚĞĐŽŶƐƚƌĂŝŶƚƚŽϮϲDďͬĚ ŝƐƉůĂŶŶĞĚƚŽďĞƵŶĚĞƌƚĂŬĞŶĚƵƌŝŶŐ:ƵůLJϮϬϭϵ͘tĞƵƐĞ ϭƐƚ ƵŐƵƐƚϮϬϭϵĂƐƚŚĞĚĂƚĞĨŽƌŝŵƉĂĐƚŽĨƚŚŝƐǁŽƌŬ͘ ϱͲĚĂLJƐŚƵƚĚŽǁŶŽĨ^ŽƵƚŚ ĂŶĚĞŶƚƌĂů ƌĂĞŝƐ ŝŶĐůƵĚĞĚ ŝŶƚŚĞƉůĂŶŶĞĚ ĚŽǁŶƚŝŵĞ͘

:ƵŶĞϮϬϭϵ ϲϳ

&ŝŐƵƌĞϭϬ͘ϭϴ͗^ŽƵƚŚƌĂĞtĂƚĞƌWƌŽĚƵĐƚŝŽŶ;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ

dŚĞƌĂŶŐĞŽĨƉƌŽĨŝůĞƐĂĨƚĞƌĚŽǁŶƚŝŵĞĂŶĚĐŽŶƐƚƌĂŝŶƚƐŚĂǀĞďĞĞŶĂƉƉůŝĞĚ ŝƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϬ͘ϭϵ͘

&ŝŐƵƌĞϭϬ͘ϭϵ͗^ŽƵƚŚƌĂĞWŝƉĞůŝŶĞ>ŝƋƵŝĚƐ&ŽƌĞĐĂƐƚ

dŚĞƌĞƐƵůƚĂŶƚdZZĨŽƌƚŚĞĨŝĞůĚ ŝƐƐŚŽǁŶŝŶdĂďůĞϭϬ͘ϵƵƐŝŶŐĂĐƵƚͲŽĨĨĚĂƚĞŽĨϯϭͬϭϮͬϮϬϯϬ͘WƌŽĚƵĐƚŝŽŶ ĨŽƌĞĐĂƐƚƐĐĂŶďĞĨŽƵŶĚ ŝŶƉƉĞŶĚŝdž ϯ͘

:ƵŶĞϮϬϭϵ ϲϴ

dĂďůĞϭϬ͘ϵ͗'ƌŽƐƐdĞĐŚŶŝĐĂůZĞĐŽǀĞƌĂďůĞKŝůΛϯϭͬϬϯͬϮϬϭϵ

		ϭW			ϮW			ϯW
&ŝĞůĚ	Kŝů ͬŽŶĚ	E'>	'ĂƐ	Kŝů ͬŽŶĚ	E'>	'ĂƐ	Kŝů ͬŽŶĚ	E'>	'ĂƐ
	DD^d	DD^d	ƐĐĨ	DD^d	DD^d	ƐĐĨ	DD^d	DD^d	ƐĐĨ
^ŽƵƚŚ ƌĂĞ	ϭϮ͘ϯϰϳ	Ϭ͘ϬϬϬ	Ϭ͘ϬϬϬ	ϭϰ͘ϱϴϭ	Ϭ͘ϬϬϬ	Ϭ͘ϬϬϬ	ϭϴ͘ϴϴϳ	Ϭ͘ϬϬϬ	Ϭ͘ϬϬϬ

ͳͲǤʹǤ͵Ǥ͵Ǥ OPEX and CAPEX Forecasts

10.2.3.3.1. CAPEX Assumptions

EŽĐĂƉŝƚĂůƐƉĞŶĚ ŝƐĨŽƌĞĐĂƐƚŽŶ^ŽƵƚŚ ƌĂĞĨƌŽŵYϮϮϬϭϵ͘ŽƐƚƐŝŶĐůƵĚĞĚ ŝŶƚŚĞĂŶŶƵĂůďƵĚŐĞƚĨŽƌ ϮϬϭϵǁĞƌĞĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚƚŚĞƌĂǀŽ'ĂƐLJƉĂƐƐ͕ǁŚŝĐŚZƵŶĚĞƌƐƚĂŶĚƐƚŽŚĂǀĞďĞĞŶĐŽŵƉůĞƚĞĚ ŝŶYϭϮϬϭϵ͘

10.2.3.3.2. OPEX Assumptions

ŝƌĞĐƚKWyĐŽƐƚƐĨŽƌƚŚĞ^ŽƵƚŚ ƌĂĞ&ŝĞůĚ ĂƌĞĂůůŽĐĂƚĞĚ ĚĞƉĞŶĚŝŶŐŽŶƉƌŽĚƵĐƚŝŽŶƚŚƌŽƵŐŚƚŚĞůƉŚĂ WůĂƚĨŽƌŵ͘ dŚĞƐĞĐŽƐƚƐŝŶĐůƵĚĞƉůĂƚĨŽƌŵƐƉĞĐŝĨŝĐŝŶƚĞŐƌŝƚLJĂŶĚŵĂŝŶƚĞŶĂŶĐĞ͕ƌŽƵƚŝŶĞŽƉĞƌĂƚŝŽŶƐ͕ ůŽŐŝƐƚŝĐƐĂŶĚƉŝƉĞůŝŶĞŵĂŝŶƚĞŶĂŶĐĞĐŽƐƚƐ͘

KƚŚĞƌĚŝƌĞĐƚĐŽƐƚƐĂůůŽĐĂƚĞĚƚŽ^ŽƵƚŚ ƌĂĞŝŶĐůƵĚĞĂŶĂŶŶƵĂů ĂůůŽǁĂŶĐĞĨŽƌƌĞŵĞĚŝĂů ǁŽƌŬ ƵŶĚĞƌƚĂŬĞŶŽŶƚŚĞƉůĂƚĨŽƌŵǁĞůůƐ͘

/ŶĚŝƌĞĐƚĂŶĚ KƚŚĞƌĐŽƐƚƐŝŶĐůƵĚĞ͕ƉƌŝŵĂƌŝůLJ͕ŽŶƐŚŽƌĞƐƵƉƉŽƌƚ͕'Θ ĂŶĚKϮĞŵŝƐƐŝŽŶƐ;'ĞŶĞƌĂů ĂŶĚ ĚŵŝŶŝƐƚƌĂƚŝŽŶͿĐŽƐƚƐƚŚĂƚĂƌĞĂůůŽĐĂƚĞĚƚŽƚŚĞůƉŚĂƉůĂƚĨŽƌŵ͘/ŶĂƐŝŵŝůĂƌŵĞƚŚŽĚƚŽƚŚĞůƉŚĂ WůĂƚĨŽƌŵĚŝƌĞĐƚĐŽƐƚƐ͕ƚŚĞƐĞĐŽƐƚƐĂƌĞƚŚĞŶƐƉůŝƚĚĞƉĞŶĚĞŶƚŽŶƉƌŽĚƵĐƚŝŽŶďĞƚǁĞĞŶƚŚĞĞŶƚƌĂů͕tĞƐƚ ĂŶĚ ^ŽƵƚŚ ƌĂĞ&ŝĞůĚƐ͘

^ŚŝƉƉŝŶŐĂŶĚ ,ĂŶĚůŝŶŐĐŽƐƚƐĨŽƌƵƐĂŐĞŽĨƚŚĞ&ŽƌƚŝĞƐWŝƉĞůŝŶĞ^LJƐƚĞŵĂƌĞŝŶĐůƵĚĞĚ ŝŶZ͛Ɛ^ŽƵƚŚ ƌĂĞƉƌŽĨŝůĞƐ

:ƵŶĞϮϬϭϵ ϲϵ

ͳͲǤ͵Ǥ East Brae Platform Fields

ͳͲǤ͵ǤͳǤ Braemar

ͳͲǤ͵ǤͳǤͳǤ Asset Summary

'ĂƐͲĐŽŶĚĞŶƐĂƚĞǁĂƐĚŝƐĐŽǀĞƌĞĚ ŝŶƌĂĞŵĂƌŝŶϭϵϴϱďLJǁĞůůϭϲͬϬϯĂͲϴ;&ŝŐƵƌĞϭϬ͘ϮϬͿ͘ dŚĞǁĞůů ǁĂƐ ƌĞͲĞŶƚĞƌĞĚ ĂŶĚ ĚĞĞƉĞŶĞĚ ŝŶϭϵϵϱ ;ĚĞƐŝŐŶĂƚĞĚϭϲͬϬϯĂͲϴzͿ͕ǁŝƚŚĨŝƌƐƚƉƌŽĚƵĐƚŝŽŶŝŶϮϬϬϯ ǀŝĂƚŚĞĂƐƚ ƌĂĞƉůĂƚĨŽƌŵ͘ dŚĞĞdžƉůŽƌĂƚŝŽŶǁĞůů ǁĂƐĐŽŵƉůĞƚĞĚ ĂŶĚƚŝĞĚďĂĐŬǀŝĂ ĂƐƵďƐĞĂƉŝƉĞůŝŶĞƚŽĚĞĚŝĐĂƚĞĚ ƉƌŽĚƵĐƚŝŽŶĨĂĐŝůŝƚŝĞƐŽŶƚŚĞƉůĂƚĨŽƌŵ͘ dŚĞǁĞůůĐŽŶƚŝŶƵĞƐƚŽƉƌŽĚƵĐĞďLJŶĂƚƵƌĂů ĚĞƉůĞƚŝŽŶǁŝƚŚ ŶĞŐůŝŐŝďůĞǁĂƚĞƌƉƌŽĚƵĐƚŝŽŶ͘

&ŝŐƵƌĞϭϬ͘ϮϬ͗dŽƉĞƉƚŚ^ƚƌƵĐƚƵƌĞDĂƉ ;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ

:ƵŶĞϮϬϭϵ ϳϬ

dŚĞĨŝĞůĚƉƌŽĚƵĐƚŝŽŶŚŝƐƚŽƌLJŝƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϬ͘Ϯϭ͘'ĂƐƉƌŽĚƵĐƚŝŽŶŚĂƐďĞĞŶƐƚĞĂĚŝůLJĚĞĐůŝŶŝŶŐ ǁŝƚŚ ĂĐŽƌƌĞƐƉŽŶĚŝŶŐƌĞĚƵĐƚŝŽŶŝŶƉƌŽĚƵĐĞĚ'ZĂƐƚŚĞĨŝĞůĚƉƌĞƐƐƵƌĞŚĂƐŐŽŶĞďĞůŽǁƚŚĞĚĞǁƉŽŝŶƚ͘ ƐŽĨϯϭƐƚDĂƌĐŚϮϬϭϵ͕ĐƵŵƵůĂƚŝǀĞŐĂƐƌĞĐŽǀĞƌLJŚĂƐƌĞĂĐŚĞĚϭϳϱ͘ϮƐĐĨ͕ǁŝƚŚ ĂŶĂĚĚŝƚŝŽŶĂůϭϬ͘ϰ DD^dŽĨĐŽŶĚĞŶƐĂƚĞĂŶĚ ϰ͘ϮDD^dŽĨE'>ĞdžƚƌĂĐƚĞĚĨƌŽŵƚŚĞŐĂƐƐƚƌĞĂŵ͘

&ŝŐƵƌĞϭϬ͘Ϯϭ͗ƌĂĞŵĂƌ&ŝĞůĚWƌŽĚƵĐƚŝŽŶ,ŝƐƚŽƌLJ

ͳͲǤ͵ǤͳǤʹǤ Reserves Forecasting

ZĞƐĞƌǀĞƐŚĂǀĞďĞĞŶĨŽƌĞĐĂƐƚĨŽƌƚŚĞƐŝŶŐůĞƌĂĞŵĂƌŐĂƐƉƌŽĚƵĐĞƌƵƐŝŶŐŽĨŐĂƐƌĂƚĞǀƐĐƵŵƵůĂƚŝǀĞ ŐĂƐƉƌŽĚƵĐƚŝŽŶ͘ dŚĞĚĞĐůŝŶĞĂŶĂůLJƐŝƐŝƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϬ͘ϮϮďĞůŽǁ ĂŶĚ ŝƐďĂƐĞĚŽŶƉƌŽĚƵĐŝŶŐƌĂƚĞƐ ďĞĨŽƌĞĂƉƉůŝĐĂƚŝŽŶŽĨĚŽǁŶƚŝŵĞ͘

:ƵŶĞϮϬϭϵ ϳϭ

&ŝŐƵƌĞϭϬ͘ϮϮ͗ƌĂĞŵĂƌĞĐůŝŶĞŶĂůLJƐŝƐ

'ZLJŝĞůĚ ŚĂƐďĞĞŶĞƐƚŝŵĂƚĞĚĨƌŽŵŚŝƐƚŽƌŝĐĂůƚƌĞŶĚƐ͕ĂƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϬ͘Ϯϯ͘ ĚĞĐůŝŶĞŽĨϮ ďďůͬDDƐĐĨƉĞƌLJĞĂƌŚĂƐďĞĞŶƵƐĞĚƵŶƚŝůƚŚĞƌĂƚŝŽƌĞĂĐŚĞƐϯϬďďůͬDDƐĐĨĂŶĚ ŝƐƚŚĞŶŚĞůĚĐŽŶƐƚĂŶƚƚŽ ƌĞƉƌĞƐĞŶƚƌĞĂĐŚŝŶŐƚŚĞƉŽŝŶƚŽĨŵĂdžŝŵƵŵƌĞƚƌŽŐƌĂĚĞĐŽŶĚĞŶƐĂƚŝŽŶ͘

&ŝŐƵƌĞϭϬ͘Ϯϯ͗ƌĂĞŵĂƌzŝĞůĚǀƐdŝŵĞ

:ƵŶĞϮϬϭϵ ϳϮ

,ŝƐƚŽƌŝĐĂůƵƉƚŝŵĞƉĞƌĨŽƌŵĂŶĐĞŚĂƐďĞĞŶĂŶĂůLJƐĞĚ ĂŶĚ ĂƌĂŶŐĞŽĨǀĂůƵĞƐĂƌĞƵƐĞĚ ĂĐƌŽƐƐƚŚĞ ĨŽƌĞĐĂƐƚƐ͕ĂƐƉƌĞƐĞŶƚĞĚ ŝŶƚŚĞƚĂďůĞďĞůŽǁ͘ ǀĞƌĂŐĞƐŚĂǀĞďĞĞŶĐĂůĐƵůĂƚĞĚƵƐŝŶŐĚĂƚĂĨƌŽŵƚŚĞ ƉƌĞǀŝŽƵƐϮϰ ͬϭϮͬ ϲŵŽŶƚŚƐǁĞůůƉĞƌĨŽƌŵĂŶĐĞĨŽƌƚŚĞϭWͬϮWͬ ϯWůĞǀĞůƐƌĞƐƉĞĐƚŝǀĞůLJ͘

dĂďůĞϭϬ͘ϭϬ͗ƌĂĞŵĂƌhŶƉůĂŶŶĞĚhƉƚŝŵĞ

ϭW	ϮW	ϯW
ϵϱй	ϵϲй	ϵϳй

WůĂŶŶĞĚ ĚŽǁŶƚŝŵĞŚĂƐďĞĞŶƚĂŬĞŶĨƌŽŵŝŶĨŽƌŵĂƚŝŽŶƐƵƉƉůŝĞĚďLJƚŚĞKƉĞƌĂƚŽƌĂŶĚ ĂĐĐŽƵŶƚĞĚĨŽƌŝŶ ŽƵƌĐĂůĐƵůĂƚŝŽŶƐ͘ dŚĞƌĂŶŐĞŽĨƉƌŽĨŝůĞƐĂĨƚĞƌĚŽǁŶƚŝŵĞŝƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϬ͘Ϯϰ͘

&ŝŐƵƌĞϭϬ͘Ϯϰ͗ƌĂĞŵĂƌdžƉŽƌƚ'ĂƐ&ŽƌĞĐĂƐƚ

dŚĞƌĞƐƵůƚĂŶƚdZZĨŽƌƚŚĞĨŝĞůĚ ŝƐƐŚŽǁŶŝŶdĂďůĞϭϬ͘ϭϭƵƐŝŶŐĂĐƵƚͲŽĨĨĚĂƚĞŽĨϯϭͬϭϮͬϮϬϯϬ͘ ,ŽǁĞǀĞƌ͕ ĨŝĞůĚĨŽƌĞĐĂƐƚƐŚĂǀĞďĞĞŶƚƌƵŶĐĂƚĞĚ ĂƚƚŚĞĞŶĚŽĨϮϬϮϭ͕ĂƐĚĞƐĐƌŝďĞĚ ŝŶ^ĞĐƚŝŽŶϭϬ͘ϭ͘WƌŽĚƵĐƚŝŽŶ ĨŽƌĞĐĂƐƚƐĐĂŶďĞĨŽƵŶĚ ŝŶƉƉĞŶĚŝdž ϯ͘

dĂďůĞϭϬ͘ϭϭ͗'ƌŽƐƐdĞĐŚŶŝĐĂůZĞĐŽǀĞƌĂďůĞ&ůƵŝĚƐΛϯϭͬϬϯͬϮϬϭϵ

		ϭW			ϮW			ϯW
&ŝĞůĚ	Kŝů ͬŽŶĚ	E'>	'ĂƐ	Kŝů ͬŽŶĚ	E'>	'ĂƐ	Kŝů ͬŽŶĚ	E'>	'ĂƐ
	DD^d	DD^d	ƐĐĨ	DD^d	DD^d	ƐĐĨ	DD^d	DD^d	ƐĐĨ
ƌĂĞŵĂƌ	Ϯ͘Ϭϳϱ	ϭ͘ϳϮϯ	ϰϴ͘ϳϬϱ	Ϯ͘ϯϰϯ	ϭ͘ϵϵϱ	ϱϲ͘ϰϬϭ	Ϯ͘ϲϯϴ	Ϯ͘Ϯϵϲ	ϲϰ͘ϵϭϮ

ͳͲǤ͵ǤͳǤ͵Ǥ OPEX and CAPEX Forecasts

10.3.1.3.1. CAPEX Assumptions

EŽĐĂƉŝƚĂůƐƉĞŶĚ ŝƐĨŽƌĞĐĂƐƚŽŶƌĂĞŵĂƌĨƌŽŵYϮϮϬϭϵ͕ƚŚĞƌĞĨŽƌĞŶŽĐŽƐƚƐĂƌĞŝŶĐůƵĚĞĚ ŝŶZ ƉƌŽĨŝůĞƐ͘

:ƵŶĞϮϬϭϵ ϳϯ

10.3.1.3.2. OPEX Assumptions

ZŚĂƐĂƐƐƵŵĞĚ͕ŝŶůŝŶĞǁŝƚŚĐƵƌƌĞŶƚŽƉĞƌĂƚŝŽŶƐ͕ƚŚĂƚƌĂĞŵĂƌƉĂLJƐĂƐŚĂƌĞŽĨƚŚĞĂƐƚƌĂĞ ƉůĂƚĨŽƌŵŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͕ƐƉůŝƚĚĞƉĞŶĚĞŶƚŽŶƉƌŽĚƵĐƚŝŽŶ͘

/ŶĚŝƌĞĐƚĂŶĚ KƚŚĞƌĐŽƐƚƐŝŶĐůƵĚĞƉƌŝŵĂƌŝůLJŽŶƐŚŽƌĞƐƵƉƉŽƌƚ͕'Θ ĂŶĚKϮĞŵŝƐƐŝŽŶƐ;'ĞŶĞƌĂů ĂŶĚ ĚŵŝŶŝƐƚƌĂƚŝŽŶͿĐŽƐƚƐƚŚĂƚĂƌĞĂůůŽĐĂƚĞĚƚŽƚŚĞĂƐƚƌĂĞƉůĂƚĨŽƌŵ͘

^ŚŝƉƉŝŶŐĂŶĚ ,ĂŶĚůŝŶŐĐŽƐƚƐĨŽƌƵƐĂŐĞŽĨƚŚĞ&ŽƌƚŝĞƐWŝƉĞůŝŶĞ^LJƐƚĞŵĂƌĞŝŶĐůƵĚĞĚ ŝŶZ͛ƐƌĂĞŵĂƌ ƉƌŽĨŝůĞƐ͘'ĂƐƉƌŽĚƵĐƚŝŽŶĨƌŽŵƌĂĞŵĂƌŝƐĂůƐŽƐƵďũĞĐƚƚŽƚŚĞEd^ ;EĂƚŝŽŶĂů dƌĂŶƐŵŝƐƐŝŽŶ^LJƐƚĞŵͿ ĐŽŵŵŽĚŝƚLJĂŶĚĐĂƉĂĐŝƚLJĐŚĂƌŐĞ͘

ͳͲǤ͵ǤʹǤ East Brae

ͳͲǤ͵ǤʹǤͳǤ Asset Summary

'ĂƐͲĐŽŶĚĞŶƐĂƚĞǁĂƐĚŝƐĐŽǀĞƌĞĚ ŝŶĂƐƚƌĂĞŝŶϭϵϴϬďLJǁĞůůϭϲͬϬϯĂͲϭ͕ǁŝƚŚĨŝƌƐƚƉƌŽĚƵĐƚŝŽŶŝŶϭϵϵϯ ǀŝĂƚŚĞĂƐƚƌĂĞƉůĂƚĨŽƌŵ͘ ĨƚĞƌϳĞdžƉůŽƌĂƚŝŽŶĂŶĚ ĂƉƉƌĂŝƐĂů ǁĞůůƐ͕ϯϱ ĚĞǀĞůŽƉŵĞŶƚǁĞůůƐŚĂǀĞďĞĞŶ ĚƌŝůůĞĚŽŶƚŚĞĨŝĞůĚ͘ƵƌƌĞŶƚůLJƚŚĞƌĞĂƌĞϴĂĐƚŝǀĞƉƌŽĚƵĐĞƌƐ;&ŝŐƵƌĞϭϬ͘ϮϱͿ͘

&ŝŐƵƌĞϭϬ͘Ϯϱ͗dŽƉĞƉƚŚ^ƚƌƵĐƚƵƌĞDĂƉ ;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ

dŚĞĨŝĞůĚƉƌŽĚƵĐƚŝŽŶŚŝƐƚŽƌLJŝƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϬ͘Ϯϲ͘ƵĞƚŽƚŚĞŚŝŐŚ ůŝƋƵŝĚLJŝĞůĚ͕ĂŐĂƐĐLJĐůŝŶŐ ƐĐŚĞŵĞǁĂƐŝŵƉůĞŵĞŶƚĞĚ ŝŶĞĂƌůLJĚĞǀĞůŽƉŵĞŶƚLJĞĂƌƐƚŽĂƚƚĞŵƉƚƚŽŬĞĞƉƌĞƐĞƌǀŽŝƌƉƌĞƐƐƵƌĞĂďŽǀĞ ƚŚĞĚĞǁƉŽŝŶƚĂŶĚŵĂdžŝŵŝƐĞůŝƋƵŝĚƌĞĐŽǀĞƌLJ͘WƌŽďůĞŵƐǁĞƌĞĞŶĐŽƵŶƚĞƌĞĚ ǁŝƚŚƚŚŝƐƐĐŚĞŵĞĂŶĚ LJŝĞůĚƐĚƌŽƉƉĞĚƌĂƉŝĚůLJĨƌŽŵŝŶŝƚŝĂů ǀĂůƵĞƐŽĨŽǀĞƌϯϬϬďďůͬDDƐĐĨ͕ǁŝƚŚŐĂƐŝŶũĞĐƚŝŽŶĞǀĞŶƚƵĂůůLJ ĐĞĂƐŝŶŐŝŶϮϬϬϲ ĂŶĚƚŚĞĨŝĞůĚŵŽǀŝŶŐƚŽĂďůŽǁ ĚŽǁŶƐƚƌĂƚĞŐLJ͘ ƐŽĨϯϭƐƚDĂƌĐŚϮϬϭϵ͕ĐƵŵƵůĂƚŝǀĞŐĂƐ

:ƵŶĞϮϬϭϵ ϳϰ

ƌĞĐŽǀĞƌLJŚĂƐƌĞĂĐŚĞĚϮ͕ϵϭϱ ƐĐĨ͕ǁŝƚŚ ĂŶĂĚĚŝƚŝŽŶĂůϭϮϬDD^dŽĨĐŽŶĚĞŶƐĂƚĞĂŶĚ ϯϲDD^dŽĨ E'>ĞdžƚƌĂĐƚĞĚĨƌŽŵƚŚĞŐĂƐƐƚƌĞĂŵŽŶƚŚĞƉůĂƚĨŽƌŵƚŽŵĂŬĞƵƉƉůĂƚĨŽƌŵůŝƋƵŝĚƐĞdžƉŽƌƚƚŽƚŚĞ&ŽƌƚŝĞƐ WŝƉĞůŝŶĞ^LJƐƚĞŵ͘ E'>͛ƐĂƌĞĂůƐŽĞdžƚƌĂĐƚĞĚ ĂŶĚƐŽůĚƐĞƉĂƌĂƚĞůLJĂƚƚŚĞ^'^ƚ&ĞƌŐƵƐƚĞƌŵŝŶĂůďƵƚ ŚŝƐƚŽƌŝĐĂůƉƌŽĚƵĐƚŝŽŶŽĨƚŚĞƐĞŝƐŶŽƚƐŚŽǁŶŚĞƌĞ͘'ĂƐŝŶũĞĐƚŝŽŶŚĂƐƚŽƚĂůůĞĚϭ͕ϱϭϱ ƐĐĨ͕ŐŝǀŝŶŐĂŶĞƚ ŐĂƐƉƌŽĚƵĐƚŝŽŶŽĨϭ͕ϰϬϬƐĐĨ͘

&ŝŐƵƌĞϭϬ͘Ϯϲ͗&ŝĞůĚWƌŽĚƵĐƚŝŽŶ,ŝƐƚŽƌLJ

ͳͲǤ͵ǤʹǤʹǤ Reserves Forecasting

ZĞƐĞƌǀĞƐŚĂǀĞďĞĞŶĨŽƌĞĐĂƐƚĨŽƌĂƐƚƌĂĞŽŶĂ ǁĞůůͲďLJͲǁĞůůďĂƐŝƐƵƐŝŶŐŽĨŐĂƐƌĂƚĞǀƐ ĐƵŵƵůĂƚŝǀĞŐĂƐƉƌŽĚƵĐƚŝŽŶ͘ dŚĞĂŐŐƌĞŐĂƚĞĚ ĚĞĐůŝŶĞĂŶĂůLJƐŝƐŝƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϬ͘ϮϳďĞůŽǁ ĂŶĚ ŝƐ ďĂƐĞĚŽŶƉƌŽĚƵĐŝŶŐƌĂƚĞƐďĞĨŽƌĞĂƉƉůŝĐĂƚŝŽŶŽĨĚŽǁŶƚŝŵĞ͘

:ƵŶĞϮϬϭϵ ϳϱ T-75

&ŝŐƵƌĞϭϬ͘Ϯϳ͗ĂƐƚƌĂĞĞĐůŝŶĞŶĂůLJƐŝƐ

'ZLJŝĞůĚ ŚĂƐďĞĞŶĞƐƚŝŵĂƚĞĚĨƌŽŵŚŝƐƚŽƌŝĐĂůƚƌĞŶĚƐŽŶĂ ǁĞůůͲďLJͲǁĞůůďĂƐŝƐ͕ĂƐƐŚŽǁŶŝŶdĂďůĞϭϬ͘ϭϮ͘ dŚĞƐĞĂƌĞĐŽŶƐƚĂŶƚĨŽƌƚŚĞůŝĨĞŽĨƚŚĞĨŽƌĞĐĂƐƚ͘ ,ŝƐƚŽƌŝĐĂůLJŝĞůĚƐŚĂǀĞƐŚŽǁŶůŝƚƚůĞǀĂƌŝĂƚŝŽŶŽǀĞƌƚŚĞ ůĂƐƚϯLJĞĂƌƐ͘

dĂďůĞϭϬ͘ϭϮ͗ĂƐƚƌĂĞtĞůůƐzŝĞůĚǀĞƌĂŐĞĨƌŽŵƉƌŝůϮϬϭϴʹDĂƌĐŚϮϬϭϵ

	ŽŶĚĞŶƐĂƚĞн E'> zŝĞůĚ
tĞůů	ďďůͬDDƐĐĨ
Ϭϭ	ϭϯ͘ϭ
Ϭϯ	ϭϯ͘ϲ
ϭϮ	ϭϮ͘ϰ
ϭϰ	ϭϯ͘ϰ
Ϯϭ	ϭϮ͘ϳ
Ϯϱ	ϭϯ͘ϲ
ϮϴLJ	ϭϮ͘ϱ
ϯϬ	ϭϯ͘ϰ

,ŝƐƚŽƌŝĐĂůƵƉƚŝŵĞƉĞƌĨŽƌŵĂŶĐĞŚĂƐďĞĞŶĂŶĂůLJƐĞĚ ĂŶĚ ĂƌĂŶŐĞŽĨǀĂůƵĞƐĂƌĞƵƐĞĚ ĂĐƌŽƐƐƚŚĞǁĞůůƐ ĂŶĚĐŽŶĨŝĚĞŶĐĞůĞǀĞůƐ͕ĂƐƉƌĞƐĞŶƚĞĚ ŝŶƚŚĞƚĂďůĞďĞůŽǁ͘ ǀĞƌĂŐĞƐŚĂǀĞďĞĞŶĐĂůĐƵůĂƚĞĚƵƐŝŶŐĚĂƚĂ ĨƌŽŵƚŚĞƉƌĞǀŝŽƵƐϮϰ ͬϭϮͬ ϲŵŽŶƚŚƐǁĞůůƉĞƌĨŽƌŵĂŶĐĞĨŽƌƚŚĞϭWͬϮWͬ ϯWůĞǀĞůƐƌĞƐƉĞĐƚŝǀĞůLJ͘tĞůů ƵƉƚŝŵĞŝƐǀĂƌŝĞĚ ĂƐŵŽƐƚĂƌĞƵŶƐƚĂďůĞ͘ƵĞƚŽƚŚĞŶĂƚƵƌĞŽĨϮϭƉƌŽĚƵĐƚŝŽŶƉĞƌĨŽƌŵĂŶĐĞ͕ŝƚŝƐ ĂƐƐƵŵĞĚƚŽĨĂŝůƚŽƌĞƚƵƌŶƚŽƉƌŽĚƵĐƚŝŽŶŝŶƚŚĞůŽǁĐĂƐĞ͘

:ƵŶĞϮϬϭϵ ϳϲ

dĂďůĞϭϬ͘ϭϯ͗ĂƐƚƌĂĞhŶƉůĂŶŶĞĚhƉƚŝŵĞ

tĞůů	Z ZĞƐĞƌǀĞƐϭW	Z ZĞƐĞƌǀĞƐϮW	Z ZĞƐĞƌǀĞƐϯW
Ϭϭ	ϱϭй	ϲϭй	ϳϭй
Ϭϯ	ϵϬй	ϵϭй	ϵϯй
ϭϮ	ϲй	ϲй	ϴй
ϭϰ	ϴϲй	ϵϭй	ϵϰй
Ϯϭ	Ϭй	ϯϲй	ϯϲй
Ϯϱ	ϴϰй	ϵϯй	ϵϰй
ϮϴLJ	ϰй	ϭϰй	ϭϱй
ϯϬ	ϴϲй	ϵϮй	ϵϰй

WůĂŶŶĞĚ ĚŽǁŶƚŝŵĞŚĂƐďĞĞŶƚĂŬĞŶĨƌŽŵŝŶĨŽƌŵĂƚŝŽŶƐƵƉƉůŝĞĚďLJƚŚĞKƉĞƌĂƚŽƌĂŶĚ ĂĐĐŽƵŶƚĞĚĨŽƌŝŶ ŽƵƌĐĂůĐƵůĂƚŝŽŶƐ͘

ƵƌƌĞŶƚůLJϭϮŝƐĨůŽǁŝŶŐĂƚϬ͘ϲDDƐĐĨͬĚĨŽƌϮĚĂLJƐƉĞƌŵŽŶƚŚ ǁŚŝĐŚ ŝƐƚŚĞũƵƐƚŝĨŝĐĂƚŝŽŶĨŽƌƐĞƚƚŝŶŐĂ ŵŝŶŝŵƵŵƚĞĐŚŶŝĐĂůƌĂƚĞĐƵƚͲŽĨĨŽĨϬ͘ϱDDƐĐĨͬĚƚŽƚŚĞǁĞůůƉƌŽĨŝůĞƐ͘

dŚĞƌĂŶŐĞŽĨƉƌŽĨŝůĞƐĂĨƚĞƌĚŽǁŶƚŝŵĞĂŶĚŵŝŶŝŵƵŵǁĞůůƌĂƚĞĐƵƚͲŽĨĨƐŝƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϬ͘Ϯϴ͘

&ŝŐƵƌĞϭϬ͘Ϯϴ͗ĂƐƚƌĂĞdžƉŽƌƚ'ĂƐ&ŽƌĞĐĂƐƚ

dŚĞƌĞƐƵůƚĂŶƚdZZĨŽƌƚŚĞĨŝĞůĚ ŝƐƐŚŽǁŶŝŶdĂďůĞϭϬ͘ϭϰƵƐŝŶŐĂĐƵƚͲŽĨĨĚĂƚĞŽĨϯϭͬϭϮͬϮϬϯϬ͘ ,ŽǁĞǀĞƌ͕ ĨŽƌĞĐĂƐƚƐŚĂǀĞďĞĞŶƚƌƵŶĐĂƚĞĚ ĂƚƚŚĞĞŶĚŽĨϮϬϮϬ͕ĂƐĚĞƐĐƌŝďĞĚ ŝŶ^ĞĐƚŝŽŶϭϬ͘ϭ͘WƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚƐ ĐĂŶďĞĨŽƵŶĚ ŝŶƉƉĞŶĚŝdž ϯ͘

:ƵŶĞϮϬϭϵ ϳϳ

dĂďůĞϭϬ͘ϭϰ͗'ƌŽƐƐdĞĐŚŶŝĐĂůZĞĐŽǀĞƌĂďůĞ&ůƵŝĚƐΛϯϭͬϬϯͬϮϬϭϵ

	ϭW				ϮW		ϯW
&ŝĞůĚ	Kŝů ͬŽŶĚ	E'>	'ĂƐ	Kŝů ͬŽŶĚ	E'>	'ĂƐ	Kŝů ͬŽŶĚ	E'>	'ĂƐ
	DD^d	DD^d	ƐĐĨ	DD^d	DD^d	ƐĐĨ	DD^d	DD^d	ƐĐĨ
ĂƐƚƌĂĞ	Ϭ͘ϯϭϰ	Ϭ͘ϱϲϲ	ϭϱ͘ϯϯϮ	Ϭ͘ϰϴϲ	Ϭ͘ϵϴϬ	Ϯϲ͘ϱϰϴ	Ϭ͘ϲϵϵ	ϭ͘ϰϵϲ	ϰϬ͘ϱϬϵ

ͳͲǤ͵ǤʹǤ͵Ǥ OPEX and CAPEX Forecasts

10.3.2.3.1. CAPEX Assumptions

EŽĐĂƉŝƚĂůƐƉĞŶĚ ŝƐĨŽƌĞĐĂƐƚŽŶĂƐƚƌĂĞĨƌŽŵYϮϮϬϭϵ͕ƚŚĞƌĞĨŽƌĞŶŽĐŽƐƚƐĂƌĞŝŶĐůƵĚĞĚ ŝŶZ ƉƌŽĨŝůĞƐ͘

10.3.2.3.2. OPEX Assumptions

ŝƌĞĐƚKWyĐŽƐƚƐĨŽƌƚŚĞĂƐƚƌĂĞƉůĂƚĨŽƌŵŝŶĐůƵĚĞƉůĂƚĨŽƌŵƐƉĞĐŝĨŝĐŝŶƚĞŐƌŝƚLJĂŶĚŵĂŝŶƚĞŶĂŶĐĞ͕ ƌŽƵƚŝŶĞŽƉĞƌĂƚŝŽŶƐĂŶĚ ůŽŐŝƐƚŝĐƐ͘ZŚĂƐĂƐƐƵŵĞĚ͕ŝŶůŝŶĞǁŝƚŚĐƵƌƌĞŶƚŽƉĞƌĂƚŝŽŶƐ͕ƚŚĂƚďŽƚŚ ƌĂĞŵĂƌĂŶĚĞǀĞŶŝĐŬƉĂLJĂƐŚĂƌĞŽĨƚŚĞĂƐƚƌĂĞƉůĂƚĨŽƌŵŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͕ĚĞƉĞŶĚĞŶƚŽŶ ƉƌŽĚƵĐƚŝŽŶƐŚĂƌĞ͘ ƐĚĞƐĐƌŝďĞĚ ŝŶ^ĞĐƚŝŽŶϭϬ͘ϭ͕ĨŽƌĞĐĂƐƚƐŚĂǀĞďĞĞŶƚƌƵŶĐĂƚĞĚ ĂƚƚŚĞĞŶĚŽĨϮϬϮϭ͕Ăƚ ƚŚĞĚŝƌĞĐƚŝŽŶŽĨZŽĐŬZŽƐĞ͘

/ŶĚŝƌĞĐƚĂŶĚ KƚŚĞƌĐŽƐƚƐŝŶĐůƵĚĞƉƌŝŵĂƌŝůLJŽŶƐŚŽƌĞƐƵƉƉŽƌƚ͕'Θ͕&ƵĞů'ĂƐĂŶĚKϮĞŵŝƐƐŝŽŶƐ ;'ĞŶĞƌĂů ĂŶĚ ĚŵŝŶŝƐƚƌĂƚŝŽŶͿĐŽƐƚƐƚŚĂƚĂƌĞĂůůŽĐĂƚĞĚƚŽƚŚĞĂƐƚƌĂĞƉůĂƚĨŽƌŵ͘

^ŚŝƉƉŝŶŐĂŶĚ ,ĂŶĚůŝŶŐĐŽƐƚƐĨŽƌƵƐĂŐĞŽĨƚŚĞ&ŽƌƚŝĞƐWŝƉĞůŝŶĞ^LJƐƚĞŵĂƌĞŝŶĐůƵĚĞĚ ŝŶZ͛ƐĂƐƚƌĂĞ ƉƌŽĨŝůĞƐ͘'ĂƐƉƌŽĚƵĐƚŝŽŶĨƌŽŵĂƐƚƌĂĞŝƐĂůƐŽƐƵďũĞĐƚƚŽƚŚĞEd^ ;EĂƚŝŽŶĂů dƌĂŶƐŵŝƐƐŝŽŶ^LJƐƚĞŵͿ ĐŽŵŵŽĚŝƚLJĂŶĚĐĂƉĂĐŝƚLJĐŚĂƌŐĞ͘

:ƵŶĞϮϬϭϵ ϳϴ

11. Foinaven

ͳͳǤͳǤ Asset Summary

Kŝů ǁĂƐĚŝƐĐŽǀĞƌĞĚ ŝŶ&ŽŝŶĂǀĞŶŝŶϭϵϵϬďLJǁĞůůϮϬϰͬϮϰͲϭ͕ǁŝƚŚĨŝƌƐƚƉƌŽĚƵĐƚŝŽŶŝŶϭϵϵϳ ǀŝĂƚŚĞ &ŽŝŶĂǀĞŶ&W^K ǁŚŝĐŚ ŝƐŽǁŶĞĚ ĂŶĚŽƉĞƌĂƚĞĚďLJdĞĞŬĂLJ;d<Ϳ͘ ĨƚĞƌϭϮĞdžƉůŽƌĂƚŝŽŶĂŶĚ ĂƉƉƌĂŝƐĂů ǁĞůůƐ͕ϰϭĚĞǀĞůŽƉŵĞŶƚǁĞůůƐŚĂǀĞďĞĞŶĚƌŝůůĞĚŽŶƚŚĞĨŝĞůĚ͘ƵƌƌĞŶƚůLJƚŚĞƌĞĂƌĞϭϲ ĂĐƚŝǀĞƉƌŽĚƵĐĞƌƐ ǁŝƚŚƚǁŽǁĞůůƐƐŚƵƚŝŶĚƵĞƚŽƉƌŽĚƵĐĞĚ ǁĂƚĞƌƌĞͲŝŶũĞĐƚŝŽŶƌĞƐƚƌŝĐƚŝŽŶƐ͘

&ŽŝŶĂǀĞŶŝƐůŽĐĂƚĞĚ ĂƉƉƌŽdžŝŵĂƚĞůLJϭϱϬŬŵǁĞƐƚŽĨƚŚĞ^ŚĞƚůĂŶĚ/ƐůĂŶĚƐ;&ŝŐƵƌĞϭϭ͘ϭͿ͘ dŚĞŵĂŝŶĨŝĞůĚ ƉƌŽĚƵĐƚŝŽŶŝƐƚŚƌŽƵŐŚƚǁŽĚƌŝůůĐĞŶƚƌĞƐ͕ǁŝƚŚ &ŽŝŶĂǀĞŶĂƐƚďĞŝŶŐĚĞǀĞůŽƉĞĚƚŚƌŽƵŐŚ Ă ϳŬŵƐƵďƐĞĂ ƚŝĞďĂĐŬƚŽƚŚĞ&W^K ;&ŝŐƵƌĞϭϭ͘ϮͿ͘

&ŽŝŶĂǀĞŶŝƐƐĐŚĞĚƵůĞĚƚŽŚĂǀĞƉƌŽĚƵĐƚŝŽŶĐĞĂƐĞĂƚƚŚĞĞŶĚŽĨϮϬϮϱ͘ ůůĨŽƌĞĐĂƐƚƐŚĂǀĞďĞĞŶ ƚƌƵŶĐĂƚĞĚďĂƐĞĚŽŶƚŚŝƐĂƐƐƵŵƉƚŝŽŶ͘

&ŝŐƵƌĞϭϭ͘ϭ͗&ŽŝŶĂǀĞŶ&ŝĞůĚ>ŽĐĂƚŝŽŶ;^ŽƵƌĐĞ͗ZŽĐŬƌŽƐĞͿ

:ƵŶĞϮϬϭϵ ϳϵ

Figure 11.2: Foinaven Facilities Overview (Source: Rockrose)

Production history for the field is shown in Figure 11.3. As of 31^st March 2019, cumulative oil production has reached 385.4 MMSTB.

Figure 11.3: Foinaven Production History

11.2. Reserves Forecasting

Reserves have been forecast for Foinaven using trends of WOR vs cum oil on an individual well basis on the following currently producing wells:

June 2019 80

x &ŽŝŶĂǀĞŶDĂŝŶ&ŝĞůĚ͗Wϭϭ͕Wϭϯ͕Wϭϱ͕Wϭϲnj͕Wϭϳ͕Wϭϴ͕Wϭϵ͕WϮϭ͕WϮϱ͕WϮϳ^d͕Wϭϭϭ͕WϮϭϭĂŶĚ WϮϭϮ

x ĂƐƚ&ŽŝŶĂǀĞŶ͗WϰϮ x &ŽŝŶĂǀĞŶdϮϱ͗WϭϭϬ x &ŽŝŶĂǀĞŶdϯϱ͗WϭϮ

dŚĞƌĞƐĞƌǀŽŝƌƐƉůŝƚĂĐƌŽƐƐ&ŽŝŶĂǀĞŶĚĞƚĂŝůĞĚ ĂďŽǀĞƌĞƐƵůƚƐĨƌŽŵĚŝĨĨĞƌĞŶƚǁŽƌŬŝŶŐŝŶƚĞƌĞƐƚƐŝŶ ĚŝĨĨĞƌĞŶƚƉĂƌƚƐŽĨƚŚĞŽǀĞƌĂůůĨŝĞůĚ ĂƌĞĂ͘

dŚĞĂŐŐƌĞŐĂƚĞĚ ĚĞĐůŝŶĞĨŽƌĞĐĂƐƚŝƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϭ͘ϰ͘ dŚĞŚŝƐƚŽƌŝĐĂůƌĂƚĞƐƐŚŽǁŶĂƌĞƉƌŽĚƵĐŝŶŐ ;ŝŶƐƚĂŶƚĂŶĞŽƵƐͿƌĂƚĞƐ͕ĂŶĚƚŚĞƉƌŽĨŝůĞŝƐƐŚŽǁŶďĞĨŽƌĞĂƉƉůŝĐĂƚŝŽŶŽĨĐŽŶƐƚƌĂŝŶƚƐĂŶĚ ĚŽǁŶƚŝŵĞ͘

dŚĞŵĂŝŶĂĐƚŝǀŝƚLJƚŚĂƚŝŵƉĂĐƚƐƚŚĞĨŽƌĞĐĂƐƚŝƐƚŚĞƌĞŵŽǀĂůŽĨƉƌŽĚƵĐĞĚ ǁĂƚĞƌƌĞͲŝŶũĞĐƚŝŽŶ;WtZ/Ϳ ĐŽŶƐƚƌĂŝŶƚƐƚŚĂƚĐƵƌƌĞŶƚůLJŝŵƉĂĐƚƉƌŽĚƵĐƚŝŽŶ͘ dŚĞƐĞĐŽŶƐƚƌĂŝŶƚƐĂƌĞƐĐŚĞĚƵůĞĚƚŽďĞůŝĨƚĞĚĨŽůůŽǁŝŶŐ ƚŚĞdZƉůĂŶŶĞĚĨŽƌYϯϮϬϭϵǁŚŝĐŚ ǁŝůůĞŶĂďůĞĂĚĚŝƚŝŽŶĂů ǁĞůůƐWϮϰ ĂŶĚWϮϲƚŽƌĞƐƵŵĞƉƌŽĚƵĐƚŝŽŶ ĂŶĚĨŽƌǁĞůůƐWϭϱ ĂŶĚWϮϳ^dƚŽďĞĨůŽǁĞĚ ŚĂƌĚĞƌĂƐƚŚĞLJĂƌĞĐƵƌƌĞŶƚůLJĐŚŽŬĞĚďĂĐŬĚƵĞƚŽƚŚĞŵ ďĞŝŶŐƚŚĞŚŝŐŚĞƐƚůŝƋƵŝĚƉƌŽĚƵĐĞƌƐŝŶƚŚĞĨŝĞůĚ͘

&ŝŐƵƌĞϭϭ͘ϰ͗&ŽŝŶĂǀĞŶĞĐůŝŶĞŶĂůLJƐŝƐ

,ŝƐƚŽƌŝĐĂůƵƉƚŝŵĞƉĞƌĨŽƌŵĂŶĐĞŚĂƐďĞĞŶĂŶĂůLJƐĞĚ ĂŶĚ ĂƌĂŶŐĞŽĨǀĂůƵĞƐĂƌĞƵƐĞĚ ĂĐƌŽƐƐƚŚĞ ĨŽƌĞĐĂƐƚƐ͕ĂƐƉƌĞƐĞŶƚĞĚ ŝŶdĂďůĞϭϭ͘ϮďĞůŽǁ͘ ǀĂŝůĂďŝůŝƚLJŽĨǁĂƚĞƌĂŶĚŐĂƐŚĂŶĚůŝŶŐŝƐŽŶĞŽĨƚŚĞŬĞLJ ŝƐƐƵĞƐƚŚĂƚŝŶĨůƵĞŶĐĞƐŽŝůƉƌŽĚƵĐƚŝŽŶĐĂƉĂĐŝƚLJ͘ &ŝŐƵƌĞϭϭ͘ϱƐŚŽǁƐƚŚĞŐĂƐĂŶĚ ǁĂƚĞƌƉƌŽĚƵĐƚŝŽŶŽǀĞƌ ƚŚĞƉƌĞǀŝŽƵƐϮLJĞĂƌƐ͕ĂŶĚ dĂďůĞϭϭ͘ϭůŝƐƚƐƚŚĞĞƋƵŝǀĂůĞŶƚĞĨĨŝĐŝĞŶĐLJŽĨƚŚĞĨůƵŝĚ ŚĂŶĚůŝŶŐ͘ &ŝŐƵƌĞϭϭ͘ϲ ƐŚŽǁƐƚŚĞŶŽŶͲůŝŶĞĂƌƌĞůĂƚŝŽŶƐŚŝƉďĞƚǁĞĞŶŐĂƐŚĂŶĚůŝŶŐĂŶĚŽŝůƉƌŽĚƵĐƚŝŽŶ͘ ƚƚŚĞĂǀĞƌĂŐĞŐĂƐ ŚĂŶĚůŝŶŐŽĨϮϮDDƐĐĨͬĚ ĂŶĞƋƵŝǀĂůĞŶƚŽŝůƉƌŽĚƵĐƚŝŽŶŽĨϮϭ͕ϬϬϬďďůͬĚ ŝƐĐĂůĐƵůĂƚĞĚ͕ǁŚŝĐŚ ŝƐϳϱйŽĨ ƚŚĞŵĂdžŝŵƵŵŽŝůƉƌŽĚƵĐƚŝŽŶ;Ϯϴ͕ϬϬϬďďůͬĚͿ͘ dŚŝƐŝƐƚĂŬĞŶĂƐƚŚĞϭWƵƉƚŝŵĞ͘

:ƵŶĞϮϬϭϵ ϴϭ T-81

dŚĞϮWǀĂůƵĞŝƐďĂƐĞĚŽŶĂĐƚƵĂů ǁĞůůƵƉƚŝŵĞĨŽůůŽǁŝŶŐƚŚĞdZŝŶϮϬϭϳ ǁŚŝĐŚƌĞƉƌĞƐĞŶƚƐĂƉĞƌŝŽĚ ǁŚĞŶƚŚĞ&W^K ŝƐŽƉĞƌĂƚŝŶŐĞĨĨĞĐƚŝǀĞůLJĂƐŵĂũŽƌĞƋƵŝƉŵĞŶƚŝƐƌƵŶŶŝŶŐĂŶĚŵĂŝŶƚĞŶĂŶĐĞŝƐƐƵĞƐĂƌĞ ĨŝdžĞĚ͘ dŚĞϯWǀĂůƵĞŝƐďĂƐĞĚŽŶƚŚĞKƉĞƌĂƚŽƌƐďĂƐĞǀŝĞǁŽĨĞĨĨŝĐŝĞŶĐLJǁŚŝĐŚZŶŽƚĞŚĂƐŶŽƚďĞĞŶ ĂĐŚŝĞǀĞĚ ŝŶƚŚĞůĂƐƚϮLJĞĂƌƐĂŶĚƐŽƌĞƉƌĞƐĞŶƚƐĂƐƚƌĞƚĐŚƚĂƌŐĞƚ͘

&ŝŐƵƌĞϭϭ͘ϱ͗&ŽŝŶĂǀĞŶ&ůƵŝĚ,ĂŶĚůŝŶŐ

dĂďůĞϭϭ͘ϭ͗&ŽŝŶĂǀĞŶ&ůƵŝĚ,ĂŶĚůŝŶŐĨĨŝĐŝĞŶĐLJ

	ǀĞƌĂŐĞ	ϵϵƚŚ WĞƌĐĞŶƚŝůĞ	ĨĨŝĐŝĞŶĐLJ
'ĂƐ;DDƐĐĨͬĚͿ	ϮϮ	ϰϰ	ϱϭй
tĂƚĞƌ;ďďůͬĚͿ	ϲϲϱϳϲ	ϵϮϱϱϮ	ϳϮй

:ƵŶĞϮϬϭϵ ϴϮ

&ŝŐƵƌĞϭϭ͘ϲ͗&ŽŝŶĂǀĞŶKŝůĂƉĂĐŝƚLJ;^ŽƵƌĐĞ͗ZŽĐŬƌŽƐĞͿ

dĂďůĞϭϭ͘Ϯ͗&ŽŝŶĂǀĞŶhŶƉůĂŶŶĞĚhƉƚŝŵĞ

ϭW	ϮW	ϯW
ϳϱй	ϳϵй	ϴϯй

WůĂŶŶĞĚ ĚŽǁŶƚŝŵĞŚĂƐďĞĞŶƚĂŬĞŶĨƌŽŵƚŚĞKƉĞƌĂƚŽƌ͛ƐŝŶĨŽƌŵĂƚŝŽŶĂŶĚ ĂĐĐŽƵŶƚĞĚĨŽƌŝŶŽƵƌ ĐĂůĐƵůĂƚŝŽŶƐ͘ dŚĞƌĂŶŐĞŽĨƉƌŽĨŝůĞƐĂĨƚĞƌĚŽǁŶƚŝŵĞĂŶĚŵŝŶŝŵƵŵǁĞůůƌĂƚĞĐƵƚͲŽĨĨƐŝƐƐŚŽǁŶŝŶ&ŝŐƵƌĞ ϭϭ͘ϳ͘

:ƵŶĞϮϬϭϵ ϴϯ

&ŝŐƵƌĞϭϭ͘ϳ͗&ŽŝŶĂǀĞŶKŝů&ŽƌĞĐĂƐƚ

dŚĞƌĞƐƵůƚĂŶƚdZZĨŽƌƚŚĞĨŝĞůĚ ŝƐƉƌĞƐĞŶƚĞĚďĞůŽǁ ŝŶdĂďůĞϭϭ͘ϯƵƐŝŶŐĂĐƵƚͲŽĨĨĚĂƚĞŽĨϯϭͬϭϮͬϮϬϯϬ͘ WƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚƐĐĂŶďĞĨŽƵŶĚ ŝŶƉƉĞŶĚŝdž ϯ͘

&ŝĞůĚ Kŝů ͬŽŶĚ E'> 'ĂƐ Kŝů ͬŽŶĚ E'> 'ĂƐ Kŝů ͬŽŶĚ E'> 'ĂƐ DD^d DD^d ƐĐĨ DD^d DD^d ƐĐĨ DD^d DD^d ƐĐĨ &ŽŝŶĂǀĞŶ ϰϲ͘ϰϳϯ Ϭ͘ϬϬϬ ϱ͘ϵϭϳ ϱϱ͘ϯϱϳ Ϭ͘ϬϬϬ ϲ͘Ϯϯϯ ϲϲ͘ϮϬϴ Ϭ͘ϬϬϬ ϲ͘ϱϰϴ &ŽŝŶĂǀĞŶDĂŝŶ ϯϵ͘ϲϭϮ Ϭ͘ϬϬϬ ϱ͘ϵϭϳ ϰϲ͘ϴϱϯ Ϭ͘ϬϬϬ ϲ͘Ϯϯϯ ϱϱ͘ϴϭϲ Ϭ͘ϬϬϬ ϲ͘ϱϰϴ &ŽŝŶĂǀĞŶ ĂƐƚ&ůĂŶŬ ϯ͘Ϯϭϱ Ϭ͘ϬϬϬ Ϭ͘ϬϬϬ ϰ͘ϭϰϳ Ϭ͘ϬϬϬ Ϭ͘ϬϬϬ ϱ͘ϭϭϵ Ϭ͘ϬϬϬ Ϭ͘ϬϬϬ &ŽŝŶĂǀĞŶ dϮϱ Ϯ͘ϭϲϭ Ϭ͘ϬϬϬ Ϭ͘ϬϬϬ Ϯ͘ϱϴϰ Ϭ͘ϬϬϬ Ϭ͘ϬϬϬ ϯ͘ϭϲϳ Ϭ͘ϬϬϬ Ϭ͘ϬϬϬ &ŽŝŶĂǀĞŶ dϯϱ ϭ͘ϰϴϱ Ϭ͘ϬϬϬ Ϭ͘ϬϬϬ ϭ͘ϳϳϯ Ϭ͘ϬϬϬ Ϭ͘ϬϬϬ Ϯ͘ϭϬϲ Ϭ͘ϬϬϬ Ϭ͘ϬϬϬ ϭW ϮW ϯW

dĂďůĞϭϭ͘ϯ͗'ƌŽƐƐdĞĐŚŶŝĐĂůZĞĐŽǀĞƌĂďůĞ&ůƵŝĚƐΛϯϭͬϬϯͬϮϬϭϵ

ͳͳǤ͵Ǥ OPEX and CAPEX Forecasts

ͳͳǤ͵ǤͳǤ CAPEX Assumptions

ĂƉŝƚĂůĐŽƐƚƐŽŶ&ŽŝŶĂǀĞŶĐĂƌƌŝĞĚ ŝŶZĨŽƌĞĐĂƐƚƐĂƌĞĂůŝŐŶĞĚƚŽƚŚĞKƉĞƌĂƚŽƌ͛ƐďƵĚŐĞƚĂƌLJ ŝŶĨŽƌŵĂƚŝŽŶ͕ĨƌŽŵYϮϮϬϭϵ͘ dŚĞƐĞĐŽƐƚƐĂƌĞĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚƚŚĞŵĂŝŶƚĞŶĂŶĐĞĂŶĚƵƉŐƌĂĚĞŽĨƚŚĞ &ŽŝŶĂǀĞŶ&W^K͘ dŚĞŵĂũŽƌƉƌŽũĞĐƚƐŝŶĐůƵĚĞ͗

x WƵƌĐŚĂƐĞŽĨĐƌŝƚŝĐĂůƐƉĂƌĞƐʹZŝƐĞƌ
x dŚƌƵƐƚĞƌƵƉŐƌĂĚĞƉƌŽũĞĐƚ
x &ůŽǁůŝŶĞdĞƌŵŝŶĂƚŝŽŶƐƐĞŵďůLJ;&dͿ ĂŶĚ ũƵŵƉĞƌĐŚĂŶŐĞŽƵƚ

:ƵŶĞϮϬϭϵ ϴϰ

ͳͳǤ͵ǤʹǤ OPEX Assumptions

KWyĐŽƐƚƐĨŽƌĞĐĂƐƚďLJZĂƌĞďĞŶĐŚŵĂƌŬĞĚ ǁŝƚŚ͕ĂŶĚďĂƐĞĚŽŶ͕ƉƌĞǀŝŽƵƐLJĞĂƌƐ͛ŚŝƐƚŽƌŝĐĐŽƐƚƐ͘ &ŽƌǁĂƌĚ ĂŶŶƵĂůŽƉĞƌĂƚŝŶŐŝŶĐůƵĚŝŶŐƚŚĞŵĂŝŶƚĞŶĂŶĐĞŽĨƐƵďƐĞĂ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚƉĂLJŵĞŶƚƚŽ dĞĞŬĂLJĨŽƌƚŚĞŽƉĞƌĂƚŝŽŶŽĨƚŚĞ&W^K͘

dĞĞŬĂLJŽǁŶĂŶĚŽƉĞƌĂƚĞƚŚĞ&ŽŝŶĂǀĞŶ&W^K͕ǁŚŝĐŚ ŝƐƚŚĞŶĚƵĞĂƚĂƌŝĨĨƉĂLJŵĞŶƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ƚŚĞ&W^K ^ĞƌǀŝĐĞƐŐƌĞĞŵĞŶƚ͘ dŚŝƐĐŽŶƐŝƐƚƐŽĨƚŚĞĨŽůůŽǁŝŶŐ͗

x ĂƐŝĐĚĂLJƌĂƚĞ
x ^ƵƉƉůĞŵĞŶƚĂůĨĨŝĐŝĞŶĐLJWĂLJŵĞŶƚ
x WƌŽĚƵĐƚŝŽŶdĂƌŝĨĨ
x ^ƵƉƉůĞŵĞŶƚĂůWƌŝĐĞdĂƌŝĨĨďĂƐĞĚŽŶƌĞŶƚWƌŝĐĞ

&ŝĞůĚ ĂŶĚŝƌĞĐƚKWyŽǀĞƌĂŶĚ ĂďŽǀĞƚŚĞŽƉĞƌĂƚŝŽŶŽĨƚŚĞ&W^K ŝŶĐůƵĚĞƐĨƵĞů͕ŽŶŐŽŝŶŐƐƚƵĚŝĞƐ͕ ŽĨĨƐŚŽƌĞŵĂŶƉŽǁĞƌĂŶĚƐƵƉƉŽƌƚƚŽdĞĞŬĂLJĨƌŽŵƚŚĞKƉĞƌĂƚŽƌ͕ǁĞůůŵĂŝŶƚĞŶĂŶĐĞ͕hd^ĨĞĞƐĂŶĚ ůŽŐŝƐƚŝĐƐ͘

^ƉĞĐŝĨŝĐƐƵďƐĞĂ KWyƉƌŽũĞĐƚƐŝŶĐůƵĚĞƚŚĞtWϭϰ ũƵŵƉĞƌƌĞƉůĂĐĞŵĞŶƚƉůĂŶŶĞĚ ŝŶϮϬϭϵĂŶĚƚŚĞ ^ƵďƐĞĂŽŶƚƌŽůDŽĚƵůĞ;^DͿĐŚĂŶŐĞŽƵƚ͘

:ƵŶĞϮϬϭϵ ϴϱ

12. Hanze Oil Field

ͳʹǤͳǤ Asset Summary

dŚĞ,ĂŶnjĞ&ŝĞůĚ ŝŶ>ŝĐĞŶĐĞ&ϬϮĂ ;&ŝŐƵƌĞϭϮ͘ϭͿ͕ŝƐůŽĐĂƚĞĚΕϮϭϮŬŵŶŽƌƚŚŽĨĞŶ,ĞůĚĞƌ͕EĞƚŚĞƌůĂŶĚƐ͘ ZŽĐŬZŽƐĞŚŽůĚƐĂϮϬйǁŽƌŬŝŶŐŝŶƚĞƌĞƐƚŝŶƚŚĞĂĐƌĞĂŐĞ͕ǁŝƚŚĂŶĂWĞƚƌŽůĞƵŵĂƐŽƉĞƌĂƚŽƌ͘

&ŝŐƵƌĞϭϮ͘ϭ͗,ĂŶnjĞKŝů&ŝĞůĚ>ŽĐĂƚŝŽŶŵĂƉ ;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ

ZĞƐĞƌǀĞƐĂƌĞŽŶůLJĂƐƐŝŐŶĞĚƚŽƚŚĞƉƌŽĚƵĐŝŶŐƌĞƚĂĐĞŽƵƐĐŚĂůŬŽŝůƌĞƐĞƌǀŽŝƌ͘ dŚĞŽŝů ůĞŐŝƐƵŶĚĞƌůĂŝŶďLJ ĂƐƚƌŽŶŐĂŶĚŵŽďŝůĞĂƋƵŝĨĞƌ͘ KŝůƉƌŽĚƵĐƚŝŽŶĨƌŽŵƚŚĞ,ĂŶnjĞ&ŝĞůĚƐƚĂƌƚĞĚ ŝŶϮϬϬϭĂŶĚ ŚĂƐƉƌŽĚƵĐĞĚ ϲϯ DDďďůƐƚŽĚĂƚĞ͘ dŚĞƌĞĂƌĞĐƵƌƌĞŶƚůLJĨŽƵƌƉƌŽĚƵĐƚŝŽŶǁĞůůƐĂŶĚŽŶĞǁĂƚĞƌŝŶũĞĐƚŽƌ;&ŝŐƵƌĞϭϮ͘ϮͿ͘ dŚĞ ĨŝĞůĚ ŝƐŶŽǁ ŝŶĂŵĂƚƵƌĞƉŚĂƐĞŽĨƉƌŽĚƵĐƚŝŽŶĂŶĚ ĂƌƚŝĨŝĐŝĂů ůŝĨƚ͕ŝŶĐůƵĚŝŶŐŐĂƐůŝĨƚĂŶĚĞůĞĐƚƌŝĐƐƵďŵĞƌƐŝďůĞ ƉƵŵƉƐ;^W͛ƐͿ ĂƌĞƵƐĞĚ͘ ƐŝŐŶŝĨŝĐĂŶƚǁŽƌŬŽǀĞƌĐĂŵƉĂŝŐŶǁĂƐƵŶĚĞƌƚĂŬĞŶŝŶĞĂƌůLJϮϬϭϵǁŚĞƌĞďLJƚŚĞ ĂƌƚŝĨŝĐŝĂů ůŝĨƚŝŶƉůĂĐĞǁĂƐƵƉŐƌĂĚĞĚŽƌĐŚĂŶŐĞĚ͘ &ŽůůŽǁŝŶŐƚŚĞƐĞǁŽƌŬŽǀĞƌƐ͕ƚǁŽǁĞůůƐĂƌĞƵƐŝŶŐ^WƐ ǁŚŝůƐƚƚŚĞƌĞŵĂŝŶŝŶŐƚǁŽǁĞůůƐĂƌĞƵƐŝŶŐĐŽŶƚŝŶƵŽƵƐŐĂƐůŝĨƚ͘

:ƵŶĞϮϬϭϵ ϴϲ T-86

Figure 12.2: Hanze Ekofisk Chalk Top Structure Map with Well Locations (Source: Operator)

Figure 12.3: Hanze Field production history

June 2019 87

ͳʹǤʹǤ Reserves Forecasting

dŚĞĨŝĞůĚ ŝƐŶŽǁŵĂƚƵƌĞ͕ƉƌŽĚƵĐŝŶŐĂƚĐĂ͘ϵϰйǁĂƚĞƌĐƵƚǁŝƚŚ ĂŶĞƐƚĂďůŝƐŚĞĚ ůĂƚĞͲĨŝĞůĚ ůŝĨĞtKZƚƌĞŶĚ͕ ĂƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϮ͘ϰ͘ZƵƐĞƐƚŽŐĞŶĞƌĂƚĞƉƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚƐĨŽƌƚŚĞ,ĂŶnjĞKŝů &ŝĞůĚ͘/Ŷ ƚŚĞ ϮW ĂŶĚ ϯW ĐĂƐĞ͕ Z ƵƐĞĚ ƚŚĞtKZ ƚƌĞŶĚ ƚŽ ĨŽƌĞĐĂƐƚ ƉƌŽĚƵĐƚŝŽŶ ĂƐƐƵŵŝŶŐ Ă ĐŽŶƐƚĂŶƚ ůŝƋƵŝĚ ƉƌŽĚƵĐƚŝŽŶƌĂƚĞŝŶůŝŶĞǁŝƚŚƌĞĐĞŶƚƉƌŽĚƵĐƚŝŽŶ͘/ŶƚŚĞϭWĐĂƐĞ͕ZƵƐĞĚ ĂŶĞdžƉŽŶĞŶƚŝĂů ĚĞĐůŝŶĞďĂƐĞĚ ƵƉŽŶƚŚĞĚĞĐůŝŶĞŽĨƚŚĞƌĞĐĞŶƚŽŝůƚƌĞŶĚ͘ZĂƐƐƵŵĞƐƚŚĞƌĞĐĞŶƚĂĐĐĞůĞƌĂƚŝŽŶŝŶƉƌŽĚƵĐƚŝŽŶĚƵĞƚŽ ƉƌŽĚƵĐƚŝŽŶƌĞƐƚĂƌƚĨŽůůŽǁŝŶŐ^WĐŚĂŶŐĞŽƵƚŝƐŝŶƚŚĞƐŚŽƌƚƚĞƌŵĂŶĚ ŚĂƐĂŶĞŐůŝŐŝďůĞĞĨĨĞĐƚŽŶůŽŶŐͲ ƚĞƌŵƌĞƐĞƌǀĞƐƌĞĐŽǀĞƌLJ͘'ŝǀĞŶƚŚĞŚŝƐƚŽƌŝĐĂůƉĞƌĨŽƌŵĂŶĐĞ͕ǁĞƉƌĞĚŝĐƚƚŚĞŽŝůƉƌŽĚƵĐƚŝŽŶƌĂƚĞǁŝůůĨĂůů ďĂĐŬƚŽƚŚĞŐĞŶĞƌĂů ŚŝƐƚŽƌŝĐĂůƚƌĞŶĚƋƵŝĐŬůLJ͘

&ŝŐƵƌĞϭϮ͘ϰ͗,ĂŶnjĞ&ŝĞůĚŝŶĐƌĞĂƐŝŶŐtKZĂŶĚĚĞĐƌĞĂƐŝŶŐKŝůƵƚ

ͳʹǤ͵Ǥ OPEX and CAPEX Forecasts

&ŽƌĞĐĂƐƚƐŽĨKWy͕WyĂŶĚ yĐĂŶďĞĨŽƵŶĚ ŝŶƉƉĞŶĚŝdž ϯ͘

ͳʹǤ͵ǤͳǤ CAPEX Assumptions

KƉĞƌĂƚŽƌĞƐƚŝŵĂƚĞƐŽĨWyŚĂǀĞďĞĞŶĂĚŽƉƚĞĚ͘ dŚĞƐĞŝŶĐůƵĚĞϭϭ͘ϵDDƵƌŽŝŶϮϬϭϵĨŽƌĂ ǀĂƌŝĞƚLJ ŽĨŶĞĐĞƐƐĂƌLJĨĂĐŝůŝƚLJĂŶĚ ǁĞůůƵƉŐƌĂĚĞƐŝŶĐůƵĚŝŶŐ^WĐŚĂŶŐĞƌĞƉůĂĐĞŵĞŶƚƐ͕ƚĂŶŬĞƌůŽĂĚŝŶŐŚŽƐĞƌĞĞů ƌĞƉůĂĐĞŵĞŶƚ ĂŶĚ ǁĂƚĞƌ ĚĞďŽƚƚůĞŶĞĐŬŝŶŐ͘ &ƵƚƵƌĞ Wy ŝƐ ĨŽƌĞĐĂƐƚ ƚŽ ďĞ ƐƉĞŶƚ ŽŶ ƉĞƌŝŽĚŝĐ ^W ƌĞƉůĂĐĞŵĞŶƚƐ͘

ͳʹǤ͵ǤʹǤ OPEX Assumptions

KWyĨŽƌ,ĂŶnjĞŽŝů ĂůůŽǁƐĨŽƌŐĂƐŝŵƉŽƌƚĂƚĂĐŽƐƚŽĨϭ͘ϵDDƵƌŽƉĞƌLJĞĂƌ͕ĂƐ,ĂŶnjĞŝƐĂŶƚŝĐŝƉĂƚĞĚƚŽ ŐŽŐĂƐĚĞĨŝĐŝĞŶƚŝŶϮϬϭϵ͘

,ĂŶnjĞŽŝů KWyŝƐƐĞƚĂƚĂĨŝdžĞĚĐŽƐƚŽĨϭϴ͘ϱDDƵƌŽͬLJĞĂƌ͕ǁŝƚŚŵŝŶŽƌǀĂƌŝĂďůĞĐŽƐƚĨŽƌŽŝůƚƌĂŶƐƉŽƌƚ͘

:ƵŶĞϮϬϭϵ ϴϴ

13. P15/P18 Rijn Field

ͳ͵ǤͳǤ Asset Summary

dŚĞZŝũŶ&ŝĞůĚ ŝƐůŽĐĂƚĞĚ ǁŝƚŚŝŶƚŚĞWϭϱͲĂďůŝĐĞŶĐĞ;&ŝŐƵƌĞϭϯ͘ϭͿ ĂŶĚĐĂŵĞŽŶͲƐƚƌĞĂŵŝŶĞĐĞŵďĞƌϭϵϴϱ ĂŶĚ ŝŶŝƚŝĂůůLJĐĞĂƐĞĚƉƌŽĚƵĐƚŝŽŶŝŶϭϵϵϴ͘/ŶϮϬϭϬ͕ĨŽůůŽǁŝŶŐĂĐƋƵŝƐŝƚŝŽŶĂŶĚƐŝŐŶŝĨŝĐĂŶƚƌĞĚĞǀĞůŽƉŵĞŶƚ ŽĨƚŚĞĂƌĞĂďLJdY͕ƉƌŽĚƵĐƚŝŽŶǁĂƐƌĞƐƚĂƌƚĞĚ͘ZŽĐŬZŽƐĞŚŽůĚƐϰϱ͘ϲϵйǁŽƌŬŝŶŐŝŶƚĞƌĞƐƚ͕ǁŝƚŚ dY ĂƐŽƉĞƌĂƚŽƌ͘

&ŝŐƵƌĞϭϯ͘ϭ͗ZŝũŶKŝů&ŝĞůĚ>ŽĐĂƚŝŽŶDĂƉ ;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ

dŚĞZŝũŶŽŝůĨŝĞůĚĐŽŶƚĂŝŶƐĨŝǀĞƉƌŽĚƵĐƚŝŽŶǁĞůůƐĂŶĚƐŝdž ǁĂƚĞƌŝŶũĞĐƚŽƌƐ͘ LJϭϵϵϴ͕ƚŚĞĨŝĞůĚ ŚĂĚƉƌŽĚƵĐĞĚ ƐŽŵĞϮϰDDďďůƐŽĨŽŝů ĂŶĚ ŚĂƐƉƌŽĚƵĐĞĚ ĂĨƵƌƚŚĞƌϮ͘ϱDDďďůƐƐŝŶĐĞϮϬϭϬ͘

dŚĞZŝũŶKŝů &ŝĞůĚƉƌŽĚƵĐĞƐĂƚĂ ǁĂƚĞƌĐƵƚŽĨďĞƚǁĞĞŶϴϬͲϵϬйǁŝƚŚ Ă'KZŽĨϰϬϬͲϳϬϬƐĐĨͬƐƚď;&ŝŐƵƌĞ ϭϯ͘ϮͿ͘ZǁĂƐƉƌŽǀŝĚĞĚ ǁŝƚŚƉƌŽĚƵĐƚŝŽŶĚĂƚĂĨŽůůŽǁŝŶŐƚŚĞƌĞĚĞǀĞůŽƉŵĞŶƚŝŶϮϬϭϬŽŶůLJ͘ dŚĞĨŝĞůĚ ŝƐ ƐƵƉƉŽƌƚĞĚďLJǁĂƚĞƌŝŶũĞĐƚŝŽŶ͕ŵŽƐƚƌĞĐĞŶƚůLJĂƚĂƌĂƚĞŽĨϰDďďůƐͬĚ͘

:ƵŶĞϮϬϭϵ ϴϵ T-89

&ŝŐƵƌĞϭϯ͘Ϯ͗ZŝũŶ&ŝĞůĚWƌŽĚƵĐƚŝŽŶ,ŝƐƚŽƌLJ

ͳ͵ǤʹǤ Reserves Forecasting

ZǁĂƐƉƌŽǀŝĚĞĚ ǁŝƚŚƚŚĞŵŽƐƚƌĞĐĞŶƚdDĂŶĚ ǁĞůůďLJǁĞůů ůĞǀĞůƉƌŽĚƵĐƚŝŽŶĚĂƚĂƚŽĞŶĚDĂƌĐŚ ϮϬϭϵ͘ ZĞƐĞƌǀĞƐ ĂƌĞ ĨŽƌĞĐĂƐƚ ƵƐŝŶŐ ĂŶĂůLJƐŝƐ͘ ĂƐĞĚ ŽŶ ƉĂƐƚ ƉĞƌĨŽƌŵĂŶĐĞ͕ ĂŶ ƵƉƚŝŵĞ ŽĨ ϴϱй ŝŶĐůƵĚŝŶŐdZƐŝƐĂƐƐƵŵĞĚ͕ǁŝƚŚƵƉƚŝŵĞĞdžĐůƵĚŝŶŐdZƐƚĂŬĞŶĂƐϵϰй͘

tĞůůƐϬϴĂŶĚ ϭϯŚĂǀĞƌĞĐĞŶƚůLJƉƌŽĚƵĐĞĚ ǁŚŝůĞϬϭĂŶĚ ϬϮĂƌĞŶŽǁƌĞĂĚLJƚŽďĞďƌŽƵŐŚƚďĂĐŬ ŽŶůŝŶĞ ĨŽůůŽǁŝŶŐ ƐƵĐĐĞƐƐĨƵů ^W ƌĞƉůĂĐĞŵĞŶƚ͘ Ɛ Ăůů ǁĞůůƐ ĂƌĞ ĐƵƌƌĞŶƚůLJ ŽĨĨůŝŶĞ ĚƵĞ ƚŽ ĞƐƐĞŶƚŝĂů ŵĂŝŶƚĞŶĂŶĐĞ ǁŽƌŬ ĂŶĚ Ă dZ ŝƐ ƉůĂŶŶĞĚ ĨŽƌ ^ĞƉƚĞŵďĞƌ ϮϬϭϵ͕ Ă ƌĂŶŐĞ ŽĨ ƐƚĂƌƚ ĚĂƚĞƐ ŚĂƐ ďĞĞŶ ŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶƚŽƚŚĞ>Žǁ͕ĞƐƚĂŶĚ ,ŝŐŚĐĂƐĞƉƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚƐĨŽƌƚŚĞƐĞǁĞůůƐ͕ǁŚŝĐŚ ŚĂǀĞďĞĞŶ ĐĂůĐƵůĂƚĞĚƐĞƉĂƌĂƚĞůLJďĞĨŽƌĞĂŐŐƌĞŐĂƚŝŶŐŝŶƚŽƚŽƚĂůZŝũŶ&ŝĞůĚƉƌŽĚƵĐƚŝŽŶ;&ŝŐƵƌĞϭϯ͘ϯͿ͘

KƵƌ ĨŽƌĞĐĂƐƚƐĂƐƐƵŵĞ ƚŚĞƌĞĂƌĞ ŶŽĂĚĚŝƚŝŽŶĂů ZŝũŶ &ŝĞůĚ ƉƌŽĚƵĐƚŝŽŶǁĞůůƐ͕ĂŶĚ ŶŽ ƐŝŐŶŝĨŝĐĂŶƚ ŽƚŚĞƌ ĂĐƚŝǀŝƚŝĞƐƉůĂŶŶĞĚ͕ŚŽǁĞǀĞƌ͕ĂŶŝŶĐƌĞĂƐĞŝŶƉƌŽĚƵĐƚŝŽŶŝŶƚŚĞŽƉĞƌĂƚŽƌ͛ƐĨŽƌĞĐĂƐƚƐĨŽůůŽǁŝŶŐϮϬϮϬŵĂLJ ƐƵŐŐĞƐƚĂŶĂĚĚŝƚŝŽŶĂů ǁĞůů ŝƐďĞŝŶŐƉůĂŶŶĞĚ͘

dŚĞĞŶĚŽĨƚŚĞĨŽƌĞĐĂƐƚŝƐƚĂŬĞŶĂƐƚŚĞĞŶĚŽĨϮϬϮϴĂƐƉƌŽǀŝĚĞĚďLJƚŚĞKƉĞƌĂƚŽƌ͘

:ƵŶĞϮϬϭϵ ϵϬ

Figure 13.3: Rijn Oil Field Production forecasts

13.3. OPEX and CAPEX Forecasts

ERCE has reviewed and accepted the Operator's FDP CAPEX and OPEX forecasts. Forecasts of OPEX, CAPEX and ABEX can be found in Appendix 3. Future ESP replacements are included in the CAPEX as per budget and forward plan.

June 2019 91

14. A&B Fields

ͳͶǤͳǤ Asset Summary

dŚĞΘ ůŽĐŬƐƐĞƚĐŽŵƉƌŝƐĞƐƐŝdžĨŝĞůĚƐŽĨǀĂƌLJŝŶŐŵĂƚƵƌŝƚLJ͕KƉĞƌĂƚĞĚďLJWĞƚƌŽŐĂƐ;&ŝŐƵƌĞϭϰ͘ϭͿ͘ dŚĞ ƚŚƌĞĞĐƵƌƌĞŶƚůLJƉƌŽĚƵĐŝŶŐĨŝĞůĚƐĂƌĞůŝƐƚĞĚďĞůŽǁ͗

ϭϮ;ZŽĐŬZŽƐĞϭϰ͘ϲϯйͿ͖ƐƚĂƌƚƵƉĞĐ͘ϮϬϬϳ
ϭϴ;ZŽĐŬZŽƐĞϭϰ͘ϲϯйͿ͖ƐƚĂƌƚƵƉĞĐ͘ϮϬϭϱ
ϭϯ ;ZŽĐŬZŽƐĞϭϰ͘ϲϯйͿ͖ƐƚĂƌƚƵƉĞĐ͘ϮϬϭϮ

&ŝŐƵƌĞϭϰ͘ϭ͗ΘůŽĐŬƐƐĞƚƐ͕ůŽĐĂƚŝŽŶŵĂƉ ;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ

dŚĞΘ &ŝĞůĚƐĂƌĞůŽǁƌĞůŝĞĨ͕ĨŽƵƌͲǁĂLJĚŝƉĐůŽƐƵƌĞƐŝŶƐƚĂĐŬĞĚWůĞŝƐƚŽĐĞŶĞŵĂƌŝŶĞƐĂŶĚƐ͕ĂƚƐŚĂůůŽǁ ĚĞƉƚŚƐŽĨůĞƐƐƚŚĂŶϯϮϬϬĨƚds^^͘ dŚĞƌĞƐĞƌǀŽŝƌƐǀĂƌLJĨƌŽŵĐůĞĂŶƐĂŶĚƐŽĨϭͲϴŵƚŚŝĐŬŶĞƐƐ͕ƚŽŵŽƌĞ ůĂŵŝŶĂƚĞĚ ŝŶƚĞƌǀĂůƐ͘ dŚĞƐĞ ƌĞƐĞƌǀŽŝƌƐ ĂƌĞ ůĂƚĞƌĂůůLJ ĐŽŶƚŝŶƵŽƵƐ ĂŶĚ ŝŶ ŐĞŶĞƌĂů ůĂĐŬ ĨĂƵůƚŝŶŐ ĂŶĚ ĐŽŵƉĂƌƚŵĞŶƚĂůŝƐĂƚŝŽŶ͘

ŽůůĞĐƚŝǀĞůLJ͕ƚŚĞƚŚƌĞĞĨŝĞůĚƐŽŶƉƌŽĚƵĐƚŝŽŶĐƵƌƌĞŶƚůLJƉƌŽĚƵĐĞĂƚƚŚĞĚĞůŝǀĞƌLJĐĂƉĂĐŝƚLJŽĨϯ͘ϲDEŵϯͬĚ ;Đ͘ϭϯϱDDƐĐĨͬĚͿ͘ dŚĞΘ &ŝĞůĚƐŚĂǀĞƉƌŽĚƵĐĞĚϭϮ͘Ϭ Eŵϯ ;ϰϰϳ ƐĐĨͿďLJƚŚĞϯϭƐƚDĂƌĐŚϮϬϭϵ͘ dŚĞ ŚŝƐƚŽƌŝĐĂůƉƌŽĚƵĐƚŝŽŶĚĂƚĂ ŝƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϰ͘Ϯ͘

dŚĞΘ &ŝĞůĚƐŚĂǀĞŚĂĚŶƵŵĞƌŽƵƐĚƌŝůůŝŶŐĐĂŵƉĂŝŐŶƐŝŶƚŚĞŝƌĚĞǀĞůŽƉŵĞŶƚ͘ dŚĞŵŽƐƚƌĞĐĞŶƚŝƐĂƚǁŽͲ ǁĞůů ĚƌŝůůŝŶŐĐĂŵƉĂŝŐŶ͖hŶĚƌĂŝŶĞĚ ^ĂŶĚƐWƌŽũĞĐƚϮ;h^ϮͿ͘ KŶĞǁĞůů͕ĂƐŝĚĞƚƌĂĐŬǁŚŝĐŚƐƚĂƌƚĞĚƵƉĂƚ ƚŚĞ ďĞŐŝŶŶŝŶŐ ŽĨ ϮϬϭϵ͕ ůŝĞƐ ŝŶ ĨŝĞůĚ ϭϮ ĂŶĚ ŝƐ ĐƵƌƌĞŶƚůLJ ƉƌŽĚƵĐŝŶŐ Ăƚ ĂƌŽƵŶĚ ϭϱϬ ŬEŵϯͬĚ ;Đ͘ ϱ͘ϱ DDƐĐĨͬĚͿ͘ dŚĞŽƚŚĞƌ͕ƐƚĂƌƚĞĚƵƉĂƚƚŚĞĞŶĚŽĨϮϬϭϴŝŶƚŚĞϭϴ&ŝĞůĚ͕ŝƐĐƵƌƌĞŶƚůLJƉƌŽĚƵĐŝŶŐĂƚĂƌŽƵŶĚ ϯϴϬŬEŵϯͬĚ ;Đ͘ϭϰDDƐĐĨͬĚͿ͘ &ƵƚƵƌĞĚƌŝůůŝŶŐĐĂŵƉĂŝŐŶƐĂƌĞƉůĂŶŶĞĚďLJƚŚĞŽƉĞƌĂƚŽƌ͘

:ƵŶĞϮϬϭϵ ϵϮ

&ŝŐƵƌĞϭϰ͘Ϯ͗ΘůŽĐŬŐƌŽƐƐŐĂƐƉƌŽĚƵĐƚŝŽŶŚŝƐƚŽƌLJ͘;hŶŝƚƐĂƌĞŝŶEŵϯͬĚͿ

ͳͶǤʹǤ Geology and Geophysics

dŚĞƌĞŝƐŽǀĞƌϱϬϬϬŬŵŽĨĐŽŶǀĞŶƚŝŽŶĂůϮƐĞŝƐŵŝĐŝŶƚŚĞΘ ůŽĐŬƐĂƌĞĂ͕ƌĂŶŐŝŶŐŝŶĂŐĞĨƌŽŵϭϵϳϭƚŽ ϭϵϵϭ͕ŽŶǁŚŝĐŚŵŽƐƚŽĨƚŚĞĨŝĞůĚƐŚĂǀĞďĞĞŶĚĞǀĞůŽƉĞĚ͘ dŚŝƐĚĂƚĂƐĞƚǁĂƐƉƌŽǀŝĚĞĚƚŽZ͘

ůƚŚŽƵŐŚ ϯƐĞŝƐŵŝĐĚĂƚĂ ŚĂƐďĞĞŶƌĞĐĞŶƚůLJĂĐƋƵŝƌĞĚŽǀĞƌƚŚĞĂƐƐĞƚƐ͕ƚŚŝƐĚĂƚĂƐĞƚǁĂƐƵŶĂǀĂŝůĂďůĞĨŽƌ ƚŚĞƚŝŵŝŶŐŽĨƚŚŝƐƌĞƐĞƌǀĞƐĂƵĚŝƚ͘

dƌĂƉƉŝŶŐĐŽŶĨŝŐƵƌĂƚŝŽŶĐĂŶďĞŵĂƉƉĞĚƵƐŝŶŐƐĞŝƐŵŝĐĂŵƉůŝƚƵĚĞĂŶŽŵĂůŝĞƐ͕ĂŶĚZŚĂƐƌĞǀŝĞǁĞĚƚŚĞ ĂƌĞĂůĞdžƚĞŶƚŽĨĞĂĐŚĨŝĞůĚƵƐŝŶŐƚŚĞĂǀĂŝůĂďůĞϮƐĞŝƐŵŝĐĚĂƚĂ͘ZĞĂƐŽŶĂďůĞĂŐƌĞĞŵĞŶƚŚĂƐďĞĞŶĨŽƵŶĚ ǁŝƚŚƚŚĞŽƉĞƌĂƚŽƌ͛Ɛ'tĚĞƉƚŚƐ͘ ŶĞdžĂŵƉůĞŝƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϰ͘ϯĨŽƌĨŝĞůĚ ϭϮ͘

:ƵŶĞϮϬϭϵ ϵϯ

&ŝŐƵƌĞϭϰ͘ϯ͗&ŝĞůĚϭϮ͕ĐŽŵƉĂƌŝƐŽŶŽĨ'tĂŶĚƐĞŝƐŵŝĐĂŵƉůŝƚƵĚĞĞdžƚĞŶƚƐĨŽƌƌĞƐĞƌǀŽŝƌƐYϭ͘ϭ͕Yϯ͘ϭ͕Yϰ͘ϭ

ͳͶǤ͵Ǥ Petrophysics and Gas Water Contacts

džƚĞŶƐŝǀĞƌĞǀŝĞǁ ĂŶĚƐƚĂŶĚĂƌĚŝƐĂƚŝŽŶŽĨYͲƐĂŶĚƐĨŽƌĂůů Θ ůŽĐŬǁĞůůƐǁĂƐĐĂƌƌŝĞĚŽƵƚŝŶEŽǀĞŵďĞƌ ϮϬϭϳďLJŽƌƌŝŐĂŶWĞƚƌŽƉŚLJƐŝĐƐ͘ dŚŝƐǁŽƌŬĐĂůĐƵůĂƚĞĚ ĂƌĂŶŐĞŽĨs^,͕W,/ĂŶĚ ^tĐƵƌǀĞƐďĂƐĞĚŽŶƚŚĞ ƵŶĐĞƌƚĂŝŶƚLJƐƵƌƌŽƵŶĚŝŶŐŝŶƉƵƚƐĂŶĚ ĚĂƚĂƋƵĂůŝƚLJ͘

^ŚĂůĞǀŽůƵŵĞĚĞƚĞƌŵŝŶĞĚďLJĂĐŽŵďŝŶĂƚŝŽŶŽĨŐĂŵŵĂ ĂŶĚŶĞƵƚƌŽŶͬĚĞŶƐŝƚLJ
WŽƌŽƐŝƚLJĚĞƚĞƌŵŝŶĞĚďLJŶĞƵƚƌŽŶͬĚĞŶƐŝƚLJŽƌƐŽŶŝĐŝĨĚĞŶƐŝƚLJůŽŐŝƐǁĂƐŚĞĚŽƵƚŽƌƵŶĂǀĂŝůĂďůĞ
tĂƚĞƌƐĂƚƵƌĂƚŝŽŶĐĂůĐƵůĂƚĞĚĨƌŽŵƌĞƐŝƐƚŝǀŝƚLJĐƵƌǀĞƵƐŝŶŐƚŚĞ/ŶĚŽŶĞƐŝĂƋƵĂƚŝŽŶ

ZŚĂƐĐĂƌƌŝĞĚŽƵƚĂŶŝŶĚĞƉĞŶĚĞŶƚƌĞǀŝĞǁŽĨƚŚĞƉĞƚƌŽƉŚLJƐŝĐƐĂŶĚĨŽƵŶĚƚŚĞƌĞƐƵůƚƐŽĨƚŚĞŽƌƌŝŐĂŶ ĂŶĂůLJƐŝƐ ƚŽ ďĞ ƌĞĂƐŽŶĂďůĞ͘ Z ŚĂƐ ƚŚĞƌĞĨŽƌĞ ĂĚŽƉƚĞĚ ƚŚĞ ƌĞƐƵůƚƐ ŽĨ ƚŚĞ ŽƌƌŝŐĂŶ ƉĞƚƌŽƉŚLJƐŝĐĂů ĂŶĂůLJƐŝƐǁŝƚŚŽƵƚŵŽĚŝĨŝĐĂƚŝŽŶ͘

:ƵŶĞϮϬϭϵ ϵϰ T-94

&ŝŐƵƌĞϭϰ͘ϰ͗dLJƉĞǁĞůůϭϮͲϬϯ͘ůĂĐŬĐƵƌǀĞƐƌĞƉƌĞƐĞŶƚ ŽƉĞƌĂƚŽƌϮϬϭϳŝŶƚĞƌƉƌĞƚĂƚŝŽŶ͘ŽůŽƵƌĞĚĐƵƌǀĞƐ ŝůůƵƐƚƌĂƚĞZŝŶƚĞƌƉƌĞƚĂƚŝŽŶ

dŚĞWŽƌŽƐŝƚLJͲWĞƌŵĞĂďŝůŝƚLJƉůŽƚ;&ŝŐƵƌĞϭϰ͘ϱͿĨƌŽŵƚŚĞĨŝǀĞĐŽƌĞĚ ǁĞůůƐŝŶƚŚĞĂƌĞĂƐŚŽǁƐůŝƚƚůĞǀĂƌŝĂƚŝŽŶ ďĞƚǁĞĞŶ ƉŽƌŽƐŝƚLJ ĂŶĚ ƉĞƌŵĞĂďŝůŝƚLJ͕ ŵĂŬŝŶŐ ƉŽƌŽƐŝƚLJ Ă ƉŽŽƌ ƉƌĞĚŝĐƚŽƌ ŽĨ ƉĞƌŵĞĂďŝůŝƚLJ͘ ƉƌĞǀŝŽƵƐ yKh^ ƐƚƵĚLJ ŚĂƐ ĚĞŵŽŶƐƚƌĂƚĞĚ ƚŚĂƚ ƚŚĞƌĞ ŝƐ Ă ŐŽŽĚ ƌĞůĂƚŝŽŶƐŚŝƉ ďĞƚǁĞĞŶ ƐŚĂůĞ ǀŽůƵŵĞ ĂŶĚ ƉĞƌŵĞĂďŝůŝƚLJ͘

&ŝŐƵƌĞϭϰ͘ϱ͗ΘůŽĐŬƐWŽƌŽƐŝƚLJͲWĞƌŵĞĂďŝůŝƚLJƉůŽƚĨƌŽŵĐŽƌĞĚǁĞůůƐ

:ƵŶĞϮϬϭϵ ϵϱ

ͳͶǤͶǤ GIIP and EUR

ZĂƵĚŝƚĞĚƚŚĞKƉĞƌĂƚŽƌ'//WĨŽƌƚŚĞϭϮ͕ϭϴĂŶĚ ϭϯ &ŝĞůĚƐ͘ dŚĞĞƐƚĞƐƚŝŵĂƚĞ'//WŵĂĚĞďLJƚŚĞ ŽƉĞƌĂƚŽƌǁĂƐĚĞĞŵĞĚƌĞĂƐŽŶĂďůĞĨŽƌZĞƐĞƌǀĞƐĂƐƐĞƐƐŵĞŶƚĂƐŝƐƉƌĞƐĞŶƚĞĚĨŽƌƚŚĞĨŝĞůĚƐŝŶdĂďůĞϭϰ͘ϭ͘

dĂďůĞϭϰ͘ϭ͗&ŝĞůĚ'//W ƐƚŝŵĂƚĞƐ;^ŽƵƌĐĞ͗KƉĞƌĂƚŽƌͿ

Field	GIIP Sub-Unit	Operator GIIP Estimate (nBCM)	Total GIIP (nBCM)
	^ƚĂŐĞϭĂZĞƐĞƌǀŽŝƌƐ	ϵ͘Ϯϭ
ϭϮ	h^	Ϯ͘Ϭϳ	ϭϭ͘ϱϭ
	h^Ϯ	Ϭ͘Ϯϯ
	ϰͬYϰ	ϱ͘ϯϱ
ϭϯ	Yϴ	ϭ͘Ϯϭ	ϲ͘ϱϲ
	^ƚĂŐĞϭĐZĞƐĞƌǀŽŝƌƐ	ϱ͘ϰϴ
ϭϴ	Yϳ	Ϭ͘ϱϲ	ϲ͘ϵϱ
	h^Ϯ	Ϭ͘ϵϭ

ͳͶǤͶǤͳǤ AB Fields EUR and Recovery Factors

ĂƐĞĚŽŶĨŽƌĞĐĂƐƚĚĞǀĞůŽƉŵĞŶƚƉůĂŶƐĂŶĚ ĂĨƚĞƌĂŶĂƐƐĞƐƐŵĞŶƚŽĨǀĂƌLJŝŶŐƌĞƐĞƌǀŽŝƌƋƵĂůŝƚLJ͕ZŚĂƐ ĚĞƚĞƌŵŝŶĞĚ ĂƌĂŶŐĞŽĨƌĞĐŽǀĞƌLJĨĂĐƚŽƌƐĂŶĚƌĞƐƵůƚĂŶƚhZĨŽƌƚŚĞǀĂƌŝŽƵƐĨŝĞůĚƐ;dĂďůĞϭϰ͘ϮͿ͘ ŐƌŽƐƐ ƉƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚĨŽƌĂůůĨŝĞůĚƐĐŽŵďŝŶĞĚ ŝƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϰ͘ϲ͘ dŚĞƐĞhZƐƐĞƌǀĞĂƐƚŚĞďĂƐŝƐĨŽƌ ƚŚĞƉƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚƐƉƌĞƐĞŶƚĞĚ ŝŶƉƉĞŶĚŝdž ϯ͘

dĂďůĞϭϰ͘Ϯ͗&ŝĞůĚZĞĐŽǀĞƌLJ&ĂĐƚŽƌƐ

	GIIP		EUR (nBCM)		Recovery Factor
A12	(nBCM)	Low	Mid	High	Low	Mid	High
^ƚĂŐĞϭĂZĞƐĞƌǀŽŝƌƐ	ϵ͘Ϯϭ	ϲ͘Ϯϳ	ϲ͘ϰϱ	ϲ͘ϱϴ	ϲϴй	ϳϬй	ϳϭй
h^	Ϯ͘Ϭϳ	ϭ͘ϭϯ	ϭ͘ϯϬ	ϭ͘ϱϵ	ϱϱй	ϲϯй	ϳϳй
h^Ϯ	Ϭ͘Ϯϯ	Ϭ͘ϭϯ	Ϭ͘ϭϱ	Ϭ͘ϭϴ	ϱϲй	ϲϳй	ϴϬй

B13	GIIP		EUR (nBCM)		Recovery Factor
	(nBCM)	Low	Mid	High	Low	Mid	High
YϰͬYϰƌĞƐĞƌǀŽŝƌƐ	ϱ͘ϯϱ	ϯ͘ϳϲ	ϰ͘ϬϮ	ϰ͘Ϯϳ	ϳϬй	ϳϱй	ϴϬй

	GIIP		EUR (nBCM)		Recovery Factor
A18	(nBCM)	Low	Mid	High	Low	Mid	High
^ƚĂŐĞϭĐZĞƐĞƌǀŽŝƌƐ	ϱ͘ϰϴ	ϯ͘ϱϳ	ϯ͘ϴϰ	ϰ͘ϯϲ	ϲϱй	ϳϬй	ϴϬй
Yϳ	Ϭ͘ϱϲ	Ϭ͘ϮϬ	Ϭ͘Ϯϱ	Ϭ͘ϯϭ	ϯϲй	ϰϱй	ϱϱй

:ƵŶĞϮϬϭϵ ϵϲ

&ŝŐƵƌĞϭϰ͘ϲ͗ƚŽƚĂůĂƐƐĞƚƉƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚĐŽŵƉĂƌĞĚƚŽƌĞĐĞŶƚŚŝƐƚŽƌŝĐĂůĚĂƚĂ͘;hŶŝƚƐĂƌĞŝŶEŵϯͬĚͿ

ͳͶǤͷǤ OPEX and CAPEX Forecasts

&ŽƌĞĐĂƐƚƐŽĨKWy͕WyĂŶĚ yĐĂŶďĞĨŽƵŶĚ ŝŶƉƉĞŶĚŝdž ϯ͘

ͳͶǤͷǤͳǤ CAPEX Assumptions

EŽĚĞǀĞůŽƉŵĞŶƚWyŝŶĐůƵĚĞĚ ŝŶZŽĐŬZŽƐĞĨŽƌĞĐĂƐƚƐ͘

tĞůůƐϭϮͲϬϰͲ^d ĂŶĚ ϭϴͲϬϱ ĂƌĞŶŽƚŝŶĐůƵĚĞĚ ŝŶŽƵƌĐŽƐƚĨŽƌĞĐĂƐƚ͕ĂƐƚŚĞLJǁĞƌĞĐŽŵƉůĞƚĞĚďLJƚŚĞ ĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚŚŝƐƌĞƉŽƌƚ͘

ŽŵƉƌĞƐƐŝŽŶƚƌĂŝŶƌĞͲǁŚĞĞůŝŶŐ͖ϮͲϲDDƵƌŽďĂƐĞĚŽŶŝŶŝƚŝĂůƐĐŽƉŝŶŐ͘ ĐĂƉŝƚĂůĐŽƐƚŽĨϰDDƵƌŽŚĂƐ ďĞĞŶŝŶĐůƵĚĞĚ ŝŶZĨŽƌĞĐĂƐƚƐ͕ϮϬϮϭͲϮϬϮϮ͘

:ƵŶĞϮϬϭϵ ϵϳ

ͳͶǤͷǤʹǤ OPEX Assumptions

dŚĞƉƌŽũĞĐƚ͕ĂƐĚĞĨŝŶĞĚďLJWZD^͕ŝŶĐůƵĚĞƐƚŚĞĨŝĞůĚƐƉůƵƐĞdžƉŽƌƚƉŝƉĞůŝŶĞ͘ dŚĞĞdžƉŽƌƚƉŝƉĞůŝŶĞŝƐ ŚĞůĚƵŶĚĞƌĂƐĞƉĂƌĂƚĞƵƚĐŚ s͕ďƵƚŽǁŶĞĚďLJ ƚŚĞ ƐĂŵĞĐŽŵƉĂŶŝĞƐĂƐ ƚŚĞ ĨŝĞůĚƐ͕Ăƚ ƚŚĞƐĂŵĞ ƉĂƌƚŝĐŝƉĂƚŝŶŐǁŽƌŬŝŶŐ ŝŶƚĞƌĞƐƚ͘ dŚĞ ĨŝĞůĚ ŽǁŶĞƌƐ ƉĂLJ Ă ƉŝƉĞůŝŶĞ ƚĂƌŝĨĨ ƚŽ ƚŚĞ ƉŝƉĞůŝŶĞ ĐŽŵƉĂŶLJ ĂŶĚ ƌĞĐĞŝǀĞĂŶŝŶĐŽŵĞ ĨƌŽŵƚŚĞƉŝƉĞůŝŶĞĐŽŵƉĂŶLJ͘ZŚĂƐďĞĞŶƉƌŽǀŝĚĞĚ ǁŝƚŚ Ă ĨŽƌĞĐĂƐƚŽĨƉŝƉĞůŝŶĞ ƚĂƌŝĨĨ ƉĂLJŵĞŶƚƐ ĂŶĚ ŝŶĐŽŵĞ ĨŽƌ ƚŚĞ ĨŝĞůĚƐ ĨƌŽŵ ZŽĐŬZŽƐĞ͕ ĂŶĚ ŚĂǀĞ ƌĞůŝĞĚ ƵƉŽŶ ƚŚĞƐĞ ŝŶ ŽƵƌ ĨŽƌĞĐĂƐƚŝŶŐŽĨKWyĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚƚŚŝƐƉƌŽũĞĐƚ͘

ZŽĐŬZŽƐĞĨŝĞůĚ KWy͕ŽƵƚǁŝƚŚƚŚĞƚĂƌŝĨĨƐ͕ŝƐďƌŽĂĚůLJďĂƐĞĚŽŶŚŝƐƚŽƌŝĐĂůĐŽƐƚƐ͘ dŚŝƐŚĂƐďĞĞŶĂĐĐĞƉƚĞĚ ďLJZ͘

:ƵŶĞϮϬϭϵ ϵϴ

15. Bergen, Groet & Schermer Fields

ͳͷǤͳǤ Asset Summary

dŚĞ ĞƌŐĞŶ ŽŶĐĞƐƐŝŽŶ͕ ŽƉĞƌĂƚĞĚ ďLJ dY͕ ŝƐ ůŽĐĂƚĞĚ ŽŶƐŚŽƌĞEĞƚŚĞƌůĂŶĚƐ͕ ΕϮϱŬŵ ŶŽƌƚŚǁĞƐƚ ŽĨ ŵƐƚĞƌĚĂŵ͕ĂŶĚĐŽŵƉƌŝƐĞƐƚŚĞĞƌŐĞŶ;ZŽƚůŝĞŐĞŶĚͿ͕ĞƌŐĞƌŵĞĞƌ͕'ƌŽĞƚ͕^ĐŚĞƌŵĞƌ;WůĂƚƚĞŶĚŽůŽŵŝƚĞͿ͕ ^ƚĂƌŶŵĞĞƌĂŶĚƵŝĚ ^ĐŚĞƌŵĞƌ&ŝĞůĚƐ;&ŝŐƵƌĞϭϱ͘ϭͿ͘ dŚĞŵŝŶŽƌƉĂƌƚ;Ϯϯ͘ϱйͿŽĨƚŚĞtĞƐƚĞĞŵƐƚĞƌ&ŝĞůĚ ĂůƐŽůŝĞƐŝŶƚŚĞĞƌŐĞŶŽŶĐĞƐƐŝŽŶ͕ĂůƚŚŽƵŐŚ ŝƚƐŐĂƐŝƐĞǀĂĐƵĂƚĞĚƚŚƌŽƵŐŚƚŚĞEDŽƉĞƌĂƚĞĚĨĂĐŝůŝƚŝĞƐ ŝŶDŝĚĚĞůŝĞ͘

ZŽĐŬZŽƐĞŚŽůĚƐϭϮйĞƋƵŝƚLJŝŶƚŚŝƐĐŽŶĐĞƐƐŝŽŶ͘

'ĂƐǁĂƐĚŝƐĐŽǀĞƌĞĚ ŝŶƚŚĞĐŽŶĐĞƐƐŝŽŶŝŶϭϵϲϰ͕ǁŝƚŚƚŚĞŵĂŝŶƌĞƐĞƌǀŽŝƌďĞŝŶŐƚŚĞZŽƚůŝĞŐĞŶĚ͘'ĂƐŚĂƐ ĂůƐŽďĞĞŶĚŝƐĐŽǀĞƌĞĚ ŝŶƚŚĞƵŶƚĞƌ^ĂŶĚƐƚŽŶĞĂŶĚƚŚĞĞĐŚƐƚĞŝŶWůĂƚƚĞŶŽůŽŵŝƚĞƐ͘

WƌŽĚƵĐƚŝŽŶ ŝŶ ƚŚĞĞƌŐĞŶ ĐŽŶĐĞƐƐŝŽŶ ŝƐ ĐƵƌƌĞŶƚůLJ ĨƌŽŵϯ ǁĞůůƐ ŝŶ ƚŚĞ'ƌŽĞƚ͕ĞƌŐĞŶĂŶĚ ^ĐŚĞƌŵĞƌ &ŝĞůĚƐ͘ dŚĞ'ƌŽĞƚKŽƐƚ͕^ƚĂƌŶŵĞĞƌ͕ƵŝĚ ^ĐŚĞƌŵĞƌ&ŝĞůĚƐŚĂǀĞĐĞĂƐĞĚƉƌŽĚƵĐƚŝŽŶ͘

&ŝŐƵƌĞϭϱ͘ϭ͗ĞƌŐĞŶŽŶĐĞƐƐŝŽŶ>ŽĐĂƚŝŽŶŵĂƉ ;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ

ͳͷǤʹǤ Reserves Forecasting

ZǁĞƌĞƉƌŽǀŝĚĞĚ ǁŝƚŚŵŝŶŝŵĂů ĚĂƚĂƚŽĞǀĂůƵĂƚĞƚŚĞĞƌŐĞŶŽŶĐĞƐƐŝŽŶĂŶĚƚŚĞƌĞĨŽƌĞƵƐĞĚƚŚĞ ŐƌŽƐƐŐĂƐƉƌŽĚƵĐƚŝŽŶĚĂƚĂ ŝƐƐƵĞĚŽŶƚŚĞƵƚĐŚƉĞƚƌŽůĞƵŵĚŝƌĞĐƚŽƌĂƚĞ;E>K'͗ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŶůŽŐ͘ŶůͬĞŶͬĚĂƚĂͿ ĂŶĚƌĞĐĞŶƚdDƐƚŽŝŶĨŽƌŵŽƵƌǀŝĞǁ͘ZǁĂƐƉƌŽǀŝĚĞĚ ǁŝƚŚ Ă ^ƉƌŝŶŐ

:ƵŶĞϮϬϭϵ ϵϵ

ϮϬϭϵdDĐŽǀĞƌŝŶŐĞƌŐĞŶʹZŽƚůŝĞŐĞŶĚ͕^ĐŚĞƌŵĞƌʹWůĂƚƚĞŶĚŽůŽŵŝƚĞĂŶĚ'ƌŽĞƚ͘ZǁĂƐŶŽƚ ƉƌŽǀŝĚĞĚ ǁŝƚŚ ĂŶLJŶĞǁŵĂƚĞƌŝĂůĨŽƌƚŚĞtĞƐƚĞĞŵƐƚĞƌ&ŝĞůĚ͘

ͳͷǤʹǤͳǤ Bergen - Rotliegend

Z ŚĂƐ ƵƐĞĚ ƚŽ ĨŽƌĞĐĂƐƚ ĨŝĞůĚ ƉƌŽĚƵĐƚŝŽŶ͘ ĞƌͲϬϯ ŚĂƐ ĞŶĐŽƵŶƚĞƌĞĚ ůŝƋƵŝĚ ůŽĂĚŝŶŐ ƉƌŽďůĞŵƐ ƌĞĚƵĐŝŶŐ ƉƌŽĚƵĐƚŝŽŶ ƉŽƚĞŶƚŝĂů͕ ůĞĂǀŝŶŐ ƚŚĞ ĞƌŐĞŶ &ŝĞůĚ ǁŝƚŚ Ă ƐŝŶŐůĞ ƉƌŽĚƵĐĞƌ͕ ĞƌͲϬϰ͘ &ŝĞůĚ ƉƌŽĚƵĐƚŝŽŶŝƐŵĂŝŶƚĂŝŶĞĚ ĂƚƌĂƚĞƐŽĨĂƌŽƵŶĚϮDDƐĐĨͬĚ͘

&ŝŐƵƌĞϭϱ͘Ϯ͗ĞƌŐĞŶʹZŽƚůŝĞŐĞŶĚƉƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚĐŽŵƉĂƌĞĚƚŽƌĞĐĞŶƚŚŝƐƚŽƌŝĐĂůĚĂƚĂ͘;hŶŝƚƐĂƌĞŝŶ EŵϯͬĚͿ

ͳͷǤʹǤʹǤ Schermer – Platten dolomite

ZƵƐĞĚƚŽĨŽƌĞĐĂƐƚĨŝĞůĚƉƌŽĚƵĐƚŝŽŶ͘ ^ĐŚĞƌŵĞƌͲϬϭWŝƐƚŚĞŽŶůLJƉƌŽĚƵĐĞƌŝŶƚŚĞ^ĐŚĞƌŵĞƌʹ WůĂƚƚĞŶĚŽůŽŵŝƚĞĂƚƌĂƚĞƐŽĨĂƌŽƵŶĚϬ͘ϱDDƐĐĨͬĚ͘ dŚĞĨŝĞůĚ ŚĂƐĂŶŽƉĞƌĂƚŝŶŐĞĨĨŝĐŝĞŶĐLJŽĨϱϬйĂŶĚ ŝƐ ĞŶĐŽƵŶƚĞƌŝŶŐŝƐƐƵĞƐǁŝƚŚƐĂůƚƉƌĞĐŝƉŝƚĂƚŝŽŶ͘

:ƵŶĞϮϬϭϵ ϭϬϬ T-100

Figure 15.3: Schermer – Platten dolomite production forecast compared to recent historical data. (Units are in Nm3/d)

15.2.3. Groet

ERCE used DCA to forecast field production. Groet-01 is the only producer in the Groet field at rates of around 2.5 MMscf/d.

Figure 15.4: Groet production forecast compared to recent historical data. (Units are in Nm3/d)

June 2019 101

ͳͷǤʹǤͶǤ West Beemster

ZƌĞǀŝĞǁĞĚƉƌŽĚƵĐƚŝŽŶŚŝƐƚŽƌLJĨƌŽŵE>K'ĂŐĂŝŶƐƚĨŽƌĞĐĂƐƚƐƉƌŽǀŝĚĞĚďLJƚŚĞŽƉĞƌĂƚŽƌĂůŽŶŐƐŝĚĞ ƚŚĞdDŵĂƚĞƌŝĂůŵĂĚĞĂǀĂŝůĂďůĞĂƚƚŚĞĞŶĚŽĨϮϬϭϴĂŶĚ ĚĞƉŝĐƚĞĚ ŝŶ&ŝŐƵƌĞϭϱ͘ϱ͘

dŚĞŽƉĞƌĂƚŽƌ͛Ɛ ĨŽƌĞĐĂƐƚƐŝŶĐůƵĚĞĂŽŵƉƌĞƐƐŝŽŶWƌŽũĞĐƚƚŚĂƚŝƐƉůĂŶŶĞĚƚŽƐƚĂƌƚŝŶEŽǀĞŵďĞƌϮϬϭϵ͘ ĂŝŵĞĚ ĂƚŝŶĐƌĞĂƐŝŶŐƚŚĞƌĞĐŽǀĞƌĂďůĞǀŽůƵŵĞďLJϬ͘ϴϱ Eŵ^ϯ ͘ dŚŝƐŽŵƉƌĞƐƐŝŽŶWƌŽũĞĐƚŝƐƉƌŽũĞĐƚĞĚƚŽ ŝŶĐƌĞĂƐĞƚŚĞƌĞĐŽǀĞƌLJĨĂĐƚŽƌďLJϮϯй͕ĨƌŽŵϲϭйƚŽϴϰй͕ǁŚŝĐŚZĐŽŶƐŝĚĞƌƐƚŽďĞƌĞĂƐŽŶĂďůĞ͘

ĂƐĞĚŽŶƚŚŝƐĚĂƚĂ͕ZŚĂƐĂĚŽƉƚĞĚƚŚĞŽƉĞƌĂƚŽƌ͛ƐĨŽƌĞĐĂƐƚƐŐŽŝŶŐĨŽƌǁĂƌĚ͘

&ŝŐƵƌĞϭϱ͘ϱ͗tĞƐƚĞĞŵƐƚĞƌ&ŝĞůĚĂƐĞĂƐĞƉƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚĐŽŵƉĂƌĞĚƚŽŚŝƐƚŽƌŝĐĚĂƚĂ;^ŽƵƌĐĞ͗KĐƚŽďĞƌ ϮϬϭϴdD͖hŶŝƚƐĂƌĞŝŶEŵϯͬĚͿ

,ŝŐŚ ĂŶĚ>ŽǁĐĂƐĞĨŽƌĞĐĂƐƚƐǁĞƌĞĚĞǀĞůŽƉĞĚďLJZƚŽĐĂƉƚƵƌĞƵŶĐĞƌƚĂŝŶƚLJ͘

&ŽƌĞĐĂƐƚƐĂƌĞƉƌĞƐĞŶƚĞĚ ŝŶƉƉĞŶĚŝdž ϯ͘

ͳͷǤ͵Ǥ OPEX and CAPEX Forecasts

&ŽƌĞĐĂƐƚƐŽĨKWy͕WyĂŶĚ yĐĂŶďĞĨŽƵŶĚ ŝŶƉƉĞŶĚŝdž ϯ͘

ͳͷǤ͵ǤͳǤ CAPEX Assumptions

EŽ ĨŽƌǁĂƌĚ Wy Žƌ ƉƌŽũĞĐƚƐ ŝŶĐůƵĚĞĚ ŝŶ ZŽĐŬZŽƐĞ ƉƌŽĨŝůĞƐ ĨŽƌ ĞŝƚŚĞƌ ĞƌŐĞŶ Žƌ DŝĚĚĞůŝĞ;tĞƐƚ ĞĞŵƐƚĞƌͿ͘ dŚĞWyĨŽƌƚŚĞĐŽŵƉƌĞƐƐŝŽŶƉƌŽũĞĐƚŚĂƐďĞĞŶĨƵůůLJƐƉĞŶƚ͕ĂƐŽĨƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚŚŝƐ ƌĞƉŽƌƚ͘

ͳͷǤ͵ǤʹǤ OPEX Assumptions

ŝƌĞĐƚƉƌŽĚƵĐƚŝŽŶĞdžƉĞŶƐĞƐĂŶĚtĞƐƚĞĞŵƐƚĞƌĐŚĂƌŐĞŝƐǀĂƌŝĞĚ ǁŝƚŚZƉƌŽĚƵĐƚŝŽŶƉƌŽĨŝůĞ͘

'Θ ĂŶĚ ǁĞůůĐŽƐƚƐĂƌĞĞdžƉĞĐƚĞĚƚŽďĞĨŝdžĞĚƚŚƌŽƵŐŚŽƵƚĂƐƐĞƚůŝĨĞ͘

:ƵŶĞϮϬϭϵ ϭϬϮ

16. K4/K5 Fields

ͳǤͳǤ Asset Summary

ŝƐĐŽǀĞƌĞĚ ŝŶϭϵϴϴďLJůĨ͕ƚŚĞ<ϰďͲ<ϱĂďůŽĐŬƐĐŽŶƚĂŝŶƚĞŶĞdžŝƐƚŝŶŐŐĂƐĨŝĞůĚƐ͕ƐŝƚƵĂƚĞĚŽŶƚŚĞůĞĂǀĞƌ ĂŶŬ,ŝŐŚ ŝŶƚŚĞǁĞƐƚŽĨƚŚĞEĞƚŚĞƌůĂŶĚƐKĨĨƐŚŽƌĞŽŶƚŝŶĞŶƚĂů ^ŚĞůĨŝŶƚŚĞEŽƌƚŚ ^ĞĂ͕ƉƌŽdžŝŵĂůƚŽƚŚĞ ƵƚĐŚ ĂŶĚ h< DĞĚŝĂŶ >ŝŶĞ͘ tĂƚĞƌ ĚĞƉƚŚƐ ƌĂŶŐĞ ĨƌŽŵ ϯϰ ƚŽ ϲϴ ŵ ǁŝƚŚ ŐĂƐ ƉƌŽĚƵĐĞĚ ĨƌŽŵ ƚŚĞ ZŽƚůŝĞŐĞŶĚ ĂŶĚtĞƐƚƉŚĂůŝĂŶƌĞƐĞƌǀŽŝƌƐ͘

ZŽĐŬZŽƐĞ ƌĞĐĞŶƚůLJĂĐƋƵŝƌĞĚ ƚŚĞ<ϰͬ<ϱ ƉƌŽƉĞƌƚŝĞƐ ĨƌŽŵLJĂƐ͕ǁŝƚŚ ϭϭ͘ϲϲϮйŝŶƚĞƌĞƐƚŝŶ ƚŚĞ<ϰ<ϱĂ ůŝĐĞŶĐĞ͘ dŚĞKƉĞƌĂƚŽƌŽĨƚŚĞĂƌĞĂ ŝƐdŽƚĂů͘

&ŝŐƵƌĞϭϲ͘ϭ͗<ϰͬ <ϱ&ŝĞůĚƐůŽĐĂƚŝŽŶŵĂƉ ;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ

dŚĞƚĞŶĨŝĞůĚƐĂƌĞďƌŽŬĞŶĚŽǁŶŝŶƚŽĂƐƐŽĐŝĂƚŝŽŶƐďĂƐĞĚŽŶƉůĂƚĨŽƌŵ͕ƉƌŽdžŝŵŝƚLJĂŶĚƌĞƐĞƌǀŽŝƌƐĂƐ ĨŽůůŽǁƐ;ƐƐŽĐŝĂƚŝŽŶ͗&ŝĞůĚƐͿ͗<ϰ<ϱ hŶŝƚ͗<ϰͲ͕<ϰͲ͕<ϰͲ͕<ϰͲE͕<ϱͲ͕<ϱͲ͖<ϱϮhŶŝƚ͗<ϱͲϮ͖ <ϰďͬ<ϱĂ͗<ϱͲ͕<ϱͲ͖<ϱͲ& hŶŝƚ͗<ϱͲ&͘

ƐŽĨϯϭƐƚDĂƌĐŚϮϬϭϵ͕ƚŚĞĂƐƐĞƚŚĂƐƉƌŽĚƵĐĞĚ ϰϵ͘ϴ Eŵϯ ;ϭ͘ϵdĐĨͿŽĨƐĂůĞƐŐĂƐǁŝƚŚ ĂĐƵƌƌĞŶƚĂƐƐĞƚ ǁŝĚĞƐĂůĞƐŐĂƐƌĂƚĞŽĨϯDDEŵϯͬĚ ;Đ͘ϭϭϮDDƐĐĨͬĚͿ͘

:ƵŶĞϮϬϭϵ ϭϬϯ T-103

&ŝŐƵƌĞϭϲ͘Ϯ͗&ŝĞůĚƐĂůĞƐŐĂƐƉƌŽĚƵĐƚŝŽŶ͘;hŶŝƚƐĂƌĞŝŶEŵϯͬĚͿ

ͳǤʹǤ Reserves Forecasting

ZǁĂƐƉƌŽǀŝĚĞĚ ǁŝƚŚƐĂůĞƐŐĂƐƉƌŽĚƵĐƚŝŽŶĚĂƚĂ ĂŶĚƚŚĞŵŽƐƚƌĞĐĞŶƚdDƐ͘ dŚĞŽƉĞƌĂƚŽƌ͛ƐĨŽƌĞĐĂƐƚƐ ĨƌŽŵ ƚŚĞĞŶĚŽĨϮϬϭϴĂƌĞďĂƐĞĚŽŶŝŶƚĞŐƌĂƚĞĚƉƌŽĚƵĐƚŝŽŶŵŽĚĞůůŝŶŐ͕ǁŚŝĐŚZǁĂƐŶŽƚŐƌĂŶƚĞĚ ĂĐĐĞƐƐƚŽ͘ZƵƐĞĚƚŽĂƐƐĞƐƐƚŚĞǀŽůƵŵĞƚƌŝĐĚĞƉůĞƚŝŽŶŽĨƚŚĞ<ϰͬ<ϱ &ŝĞůĚƐĂŐĂŝŶƐƚƚŚĞŽƉĞƌĂƚŽƌ͛Ɛ ĨŽƌĞĐĂƐƚƐĂŶĚĐŽŶƐŝĚĞƌƐƚŚĞŐĞŶĞƌĂůƉƌŽũĞĐƚŝŽŶĂŶĚƐŚĂƉĞŽĨƚŚĞKƉĞƌĂƚŽƌ͛ƐĨŽƌĞĐĂƐƚƚŽďĞƌĞĂƐŽŶĂďůĞ͘

,ŽǁĞǀĞƌ͕ ƚŚĞ ĂƐƐƵŵƉƚŝŽŶƐ ƐƵƉƉŽƌƚŝŶŐ ƚŚŝƐ ĨŽƌĞĐĂƐƚ ĂƌĞ ŶŽƚ ĂŶ ĂĐĐƵƌĂƚĞ ƌĞĨůĞĐƚŝŽŶ ŽĨ ƚŚĞ ĨŝĞůĚ ĚĞǀĞůŽƉŵĞŶƚĂƚƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚŚŝƐƌĞƉŽƌƚ͕ϯϭͬϬϯͬϭϵ͘ dŚĞŽƉĞƌĂƚŽƌĚŝĚŶŽƚĂƚƚƌŝďƵƚĞƌĞĐŽǀĞƌĂďůĞ ǀŽůƵŵĞƐĨŽƌƚŚĞǁŽƌŬŽǀĞƌŽŶtĞůů <ϱͲϯ͘ dŚŝƐǁŽƌŬŽǀĞƌǁĂƐƵŶĚĞƌƚĂŬĞŶĂƚƚŚĞĞŶĚŽĨϮϬϭϴƚŽĞŶůĂƌŐĞ ƚŚĞƚƵďŝŶŐƐŝnjĞĨƌŽŵĂ ϯ͘ϱ͟ƚŽϰ͘ϱ͟ĚŝĂŵĞƚĞƌĂŶĚ ĂĚĚĞĚ ĂŶĂĚĚŝƚŝŽŶĂůĐ͘ϮϱϬŬEŵϯͬĚ ;Đ͘ϵ͘ϱDDƐĐĨͬĚͿ ŽĨƉƌŽĚƵĐƚŝŽŶ͘

^ƵďƐĞƋƵĞŶƚůLJ͕ZƌĞǀŝƐĞĚƚŚĞŽƉĞƌĂƚŽƌ͛ƐĨŽƌĞĐĂƐƚƵƉǁĂƌĚƐƚŽŝŶĐůƵĚĞƚŚŝƐŝŶĐƌĞĂƐĞŝŶhZĂƚƚŚĞϮW ůĞǀĞů͘ ƚƚŚĞϭWĂŶĚ ϯWůĞǀĞů͕ZĂƐƐƵŵĞĚ ͲͬнϭϬйƵŶĐĞƌƚĂŝŶƚLJŝŶƚŚĞhZŽĨƚŚĞϮWĂŶĚƵƐĞĚ ƚŽŐĞŶĞƌĂƚĞƚŚĞĨŽƌĞĐĂƐƚ͘ dŚĞƌĞƐƵůƚŝŶŐĨŽƌĞĐĂƐƚƐĨŽƌƚŚĞ<ϰͬ<ϱ ĂƌĞĂ ĂƌĞƉƌĞƐĞŶƚĞĚ ŝŶ&ŝŐƵƌĞϭϲ͘ϯ͘

:ƵŶĞϮϬϭϵ ϭϬϰ

&ŝŐƵƌĞϭϲ͘ϯ͗<ϰͬ<ϱ^ĂůĞƐ'ĂƐWƌŽĚƵĐƚŝŽŶ&ŽƌĞĐĂƐƚƐ;hŶŝƚƐĂƌĞŝŶEŵϯͬĚͿ

ͳǤ͵Ǥ Working Interest, OPEX and CAPEX Forecasts

ͳǤ͵ǤͳǤ Area Working Interest Determination

dŚĞ<ϰͬ<ϱ ĂƌĞĂĐŽŵƉƌŝƐĞƐĞǀĞƌĂů ǁŽƌŬŝŶŐŝŶƚĞƌĞƐƚĂƌĞĂƐ͘

&ŽƌƚŚĞ<ϰ<ϱƵŶŝƚĨŝĞůĚƐ͕ZŽĐŬZŽƐĞ͛ƐĞĨĨĞĐƚŝǀĞǁŽƌŬŝŶŐŝŶƚĞƌĞƐƚŝƐĞƋƵĂůƚŽƚŚĞƉƌŽĚƵĐƚŽĨƚŚĞƵŶŝƚŝƐĂƚŝŽŶ ƉĞƌĐĞŶƚĂŐĞ ŝŶ ƚŚĞ <ϰď<ϱĂ ŐƌŽƵƉ ;ϱϵ͘ϴϴϯйͿ ĂŶĚ ƚŚĞ ZŽĐŬZŽƐĞ ǁŽƌŬŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ ƚŚĞ ůŝĐĞŶĐĞ ;ϭϭ͘ϲϲϮйͿ͕ǁŚŝĐŚƌĞƐƵůƚƐŝŶϲ͘ϵϴϰй;&ŝŐƵƌĞϭϲ͘ϰͿ͘

&ŽƌƚŚĞ<ϱͲϮƵŶŝƚ͕ZŚĂƐďĞĞŶŝŶĨŽƌŵĞĚƚŚĂƚZŽĐŬZŽƐĞ͛ƐĞĨĨĞĐƚŝǀĞǁŽƌŬŝŶŐŝŶƚĞƌĞƐƚŝƐϭϭ͘ϮϳϲйŽĨ ϲϴ͘ϬϬϬй͕ƌĞƐƵůƚŝŶŐŝŶϳ͘ϲϲϴйŝŶƚŚĞƵŶŝƚ͘

&Žƌ ƚŚĞƉƵƌƉŽƐĞƐŽĨĞĐŽŶŽŵŝĐŵŽĚĞůůŝŶŐĂŶĚ ŶĞƚ ƌĞƐĞƌǀĞƐĂƐƐĞƐƐŵĞŶƚ͕ǁĞĚĞƚĞƌŵŝŶĞĚ Ă ǁĞŝŐŚƚĞĚ ĂǀĞƌĂŐĞEĞƚŶƚŝƚůĞŵĞŶƚĨƌŽŵƚŚĞƉƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚƐ͕ƌĞƐƵůƚŝŶŐŝŶĂZŽĐŬZŽƐĞǁŽƌŬŝŶŐŝŶƚĞƌĞƐƚŽĨ ϳ͘ϬϮйƚŽƚŚĞdŽƚĂů <ϰͬ<ϱĨŝĞůĚ ĂƌĞĂ͘

:ƵŶĞϮϬϭϵ ϭϬϱ

&ŝŐƵƌĞϭϲ͘ϰ͗<ϰͬ<ϱ&ŝĞůĚƐhŶŝƚŝƐĂƚŝŽŶ;^ŽƵƌĐĞ͗dŽƚĂů͕<ϰ<ϱ hŶŝƚKDƵƚƵŵŶϮϬϭϴͿ

ͳǤ͵ǤʹǤ CAPEX Assumptions

ZŚĂƐĂĚŽƉƚĞĚƚŚĞƉƌŽǀŝĚĞĚĨŽƌĞĐĂƐƚƐŽĨWyĂŶĚ KWyǁŝƚŚŽƵƚŵŽĚŝĨŝĐĂƚŝŽŶ͘

EŽƉƌŽũĞĐƚƐŝŶĐůƵĚĞĚ
ŽǁWyƚŚƌŽƵŐŚĨŝĞůĚ ůŝĨĞʹĐĂƉŝƚĂůŝƐĞĚ ǁŽƌŬŽǀĞƌƐ͕ƐƚƵĚŝĞƐ
ϭϬϬйƉƌĞͲƵŶŝƚŝƐĞĚďĂƐŝƐ

ͳǤ͵Ǥ͵Ǥ OPEX Assumptions

ZŚĂƐĂĚŽƉƚĞĚ ƚŚĞƉƌŽǀŝĚĞĚ ĨŽƌĞĐĂƐƚƐŽĨWyĂŶĚ KWyǁŝƚŚŽƵƚŵŽĚŝĨŝĐĂƚŝŽŶ͘ ƐƵŵŵĂƌLJŽĨ ĐŽƐƚƐŝƐŝŶĐůƵĚĞĚ ŝŶdĂďůĞϭϲ͘ϭ͘

ϭϬϬйƉƌĞͲƵŶŝƚŝƐĞĚďĂƐŝƐ
ĂƐĞĚŽŶϮϬϭϵďƵĚŐĞƚǁŝƚŚLJĂƐůŽŶŐƚĞƌŵĂƐƐƵŵƉƚŝŽŶƐ͖ϱйĨŝdžĞĚĐŽƐƚĚĞĐůŝŶĞĂŶĚ E'dƚĂƌŝĨĨ
/ŶĐůƵĚĞƐƚĂƌŝĨĨƌĞĐĞŝƉƚƐʹ<ϰď<ϱĂ

&ŽƌĞĐĂƐƚƐŽĨKWy͕WyĂŶĚ yĐĂŶďĞĨŽƵŶĚ ŝŶƉƉĞŶĚŝdž ϯ͘

:ƵŶĞϮϬϭϵ ϭϬϲ

dĂďůĞϭϲ͘ϭ͗<ϰͬ<ϱ KWy&ŽƌĞĐĂƐƚŝŶΦDD ;^ŽƵƌĐĞ͗KƉĞƌĂƚŽƌͿ

17. P/Q Blocks Asset (excluding Q1-B)

ͳǤͳǤ Asset Summary

dŚĞWͬYďůŽĐŬŝƐŽƉĞƌĂƚĞĚďLJtŝŶƚĞƌƐŚĂůů ĂŶĚĐŽŶƚĂŝŶƐƉƌŽĚƵĐŝŶŐĂŶĚŶŽŶͲƉƌŽĚƵĐŝŶŐĨŝĞůĚƐ͘ dŚĞ ƉƌŽĚƵĐŝŶŐĨŝĞůĚƐĂƌĞWϲͲ ĂŶĚWϲͲ ;ƵŶŝƚŝƐĞĚ ĂƐWϲͲͿ͕WϲͲ͕WϵͲ ;WϵͲͿ͕YϰͲ ĂŶĚ YϰͲ͘ dŚĞĨŝĞůĚ WϵͲ ŚĂƐŶŽƚƉƌŽĚƵĐĞĚƐŝŶĐĞϮϬϭϳ͘ dŚĞŶŽŶͲƉƌŽĚƵĐŝŶŐĨŝĞůĚƐĂƌĞWϲͲ^ ĂŶĚWϭϮ͘WϲͲ^ ŝƐƉůƵŐŐĞĚ ĂŶĚ ĂďĂŶĚŽŶĞĚ ĂŶĚWϭϮŝƐĚŝƐĐŽŶƚŝŶƵĞĚ͕ŚŽǁĞǀĞƌ͕ƚŚĞĨĂĐŝůŝƚŝĞƐŵĂLJďĞƵƐĞĚ ŝŶƚŚĞĨƵƚƵƌĞƚŽƌĞͲƌŽƵƚĞŐĂƐ ĨƌŽŵŶĞĂƌďLJƉƌŽĚƵĐŝŶŐĨŝĞůĚƐ͘

ůůĨŝĞůĚƐĂƌĞĞǀĂĐƵĂƚĞĚƚŽƚŚĞWϲͲƉůĂƚĨŽƌŵ͘ dŚĞƉůĂƚĨŽƌŵŝƐĞdžƉĞĐƚĞĚƚŽƌĞĂĐŚŽWĂƚĞŶĚͲϮϬϮϭĂŶĚ ĚƵĞƚŽƚŚŝƐŝŵŵŝŶĞŶƚĂďĂŶĚŽŶŵĞŶƚŚĂƐĂŶĞdžĞŵƉƚŝŽŶƚŽƌĞĚƵĐŝŶŐEKdžĞŵŝƐƐŝŽŶƐ͘ dŚĞŽƉĞƌĂƚŽƌĚŽĞƐ ŶŽƚĐƵƌƌĞŶƚůLJƉůĂŶ ƚŽŝŶǀĞƐƚŝŶEKdž ƌĞĚƵĐƚŝŽŶŵĞĂƐƵƌĞƐĂƚ ƚŚĞ WϲͲƉůĂƚĨŽƌŵ;ĞdžƚĞŶĚŝŶŐ ĨŝĞůĚ ůŝĨĞͿ͕ ŚŽǁĞǀĞƌ͕ƚŚĞŽƉĞƌĂƚŽƌŚĂƐƉƌŽǀŝĚĞĚƐĂůĞƐŐĂƐĨŽƌĞĐĂƐƚƐƵƉƚŽϮϬϮϰ͘

ͳǤͳǤͳǤ P Block Asset Summary

dŚĞůŝĐĞŶĐĞĨŽƌƚŚĞWϲͲƉůĂƚĨŽƌŵƚŚƌŽƵŐŚ ǁŚŝĐŚƚŚĞƐĞĨŝĞůĚƐĂƌĞƉƌŽĚƵĐĞĚ ŝƐĚƵĞƚŽĞdžƉŝƌĞĞŶĚϮϬϮϭ͘

WϲͲ ŝƐĂŐƌŽƵƉŝŶŐŽĨƚǁŽĨŝĞůĚƐ͕WϲͲ ĂŶĚWϲͲ͕ŽƉĞƌĂƚĞĚďLJtŝŶƚĞƌƐŚĂůů͕ǁŝƚŚZŽĐŬZŽƐĞŚŽůĚŝŶŐĂ ϭϱйǁŽƌŬŝŶŐŝŶƚĞƌĞƐƚ͘WƌŽĚƵĐƚŝŽŶĨƌŽŵƚŚĞĂƌĞĂĐŽŵŵĞŶĐĞĚ ŝŶ:ĂŶƵĂƌLJϭϵϴϯ ĂŶĚĐŽůůĞĐƚŝǀĞůLJĂƌŽƵŶĚ ϭϬ͘ϱ Eŵϯ ;Đ͘ ϯϵϯ ƐĐĨͿ ŚĂƐďĞĞŶƉƌŽĚƵĐĞĚƚŽĚĂƚĞ͘

WϲͲ &ŝĞůĚĐŽŶƚĂŝŶƐƚŚƌĞĞǁĞůůƐƉƌŽĚƵĐŝŶŐŐĂƐĨƌŽŵƚŚĞƵŶƚĞƌ^ĂŶĚƐƚŽŶĞ͗WϲͲϭ͕WϲͲϯ ĂŶĚWϲͲϲ͕ ĂůƚŚŽƵŐŚtĞůůWϲͲϯ ŚĂƐďĞĞŶƐŚƵƚŝŶƐŝŶĐĞ&ĞďƌƵĂƌLJϮϬϭϳ͘WϲͲ &ŝĞůĚĐŽŶƚĂŝŶƐŽŶĞƉƌŽĚƵĐƚŝŽŶǁĞůů͗ WϲͲϮ͕ǁŚŝĐŚ ƉƌŽĚƵĐĞƐ ĨƌŽŵ ƚŚĞWůĂƚƚĞŶŽůŽŵŝƚĞ͘ dŚĞŽƉĞƌĂƚŽƌ ƌĞŐƵůĂƌůLJĐŽŶƐŝĚĞƌƐ ƚŚĞ ƚǁŽ ĨŝĞůĚƐ ĐŽůůĞĐƚŝǀĞůLJĂŶĚ ĂƐƐƵĐŚ͕ZŚĂƐĞǀĂůƵĂƚĞĚƚŚĞŵƚŽŐĞƚŚĞƌ͘ ŶŽǀĞƌǀŝĞǁŽĨƉƌŽĚƵĐƚŝŽŶĨƌŽŵϮϬϬϱƚŽ ϮϬϭϵŝƐƐŚŽǁ ŝŶ&ŝŐƵƌĞϭϳ͘Ϯ͘

WϲͲ&ŝĞůĚĐĂŵĞŽŶƐƚƌĞĂŵŝŶKĐƚŽďĞƌϮϬϬϭĂŶĚĐŽŶƚĂŝŶƐĂƐŝŶŐůĞƉƌŽĚƵĐƚŝŽŶǁĞůů͗WϲͲϭ͕ƉƌŽĚƵĐŝŶŐ ĨƌŽŵƚŚĞƵŶƚĞƌ^ĂŶĚƐƚŽŶĞĂŶĚƚŝĞĚďĂĐŬƚŽƚŚĞWϲͲƉůĂƚĨŽƌŵ͘ZŽĐŬZŽƐĞŚŽůĚƐϯϬ͘ϲйǁŽƌŬŝŶŐŝŶƚĞƌĞƐƚ ŝŶ ƚŚŝƐ ĨŝĞůĚ͘ dŚĞ ĨŝĞůĚ ŚĂƐ ƉƌŽĚƵĐĞĚ Ϯ͘ϯ Eŵϯ ƚŽ ĚĂƚĞ ;Đ͘ ϴϰ͘ϲ ƐĐĨͿ͘ Ŷ ŽǀĞƌǀŝĞǁ ŽĨ ŚŝƐƚŽƌŝĐĂů ƉƌŽĚƵĐƚŝŽŶƚŽϮϬϭϵŝƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϳ͘ϯ͘

:ƵŶĞϮϬϭϵ ϭϬϳ

&ŝŐƵƌĞϭϳ͘ϭ͗WϲͲ͕͕&ŝĞůĚƐ͕ůŽĐĂƚŝŽŶŵĂƉ ;^ŽƵƌĐĞ͗ZŽĐŬZŽƐĞͿ

:ƵŶĞϮϬϭϵ ϭϬϴ

&ŝŐƵƌĞϭϳ͘Ϯ͗WϲͲ&ŝĞůĚWƌŽĚƵĐƚŝŽŶ,ŝƐƚŽƌLJ͘;^ŽƵƌĐĞ͗dD͖hŶŝƚƐŝŶEŵϯͬĚͿ

&ŝŐƵƌĞϭϳ͘ϯ͗WϲͲ&ŝĞůĚWƌŽĚƵĐƚŝŽŶ,ŝƐƚŽƌLJ͘;^ŽƵƌĐĞ͗dD͖hŶŝƚƐŝŶEŵϯͬĚͿ

WϵͲ ŝƐĂŐƌŽƵƉŝŶŐŽĨƚǁŽĨŝĞůĚƐ͕WϵͲ ĂŶĚWϵͲ͘WϵͲĐĂŵĞŽŶͲƐƚƌĞĂŵŝŶ^ĞƉƚĞŵďĞƌϮϬϬϵĂŶĚWϵͲ ŝŶKĐƚŽďĞƌϮϬϬϵĂŶĚƚŚĞůŝĐĞŶĐĞĞdžƉŝƌĞƐŝŶƵŐƵƐƚϮϬϯϯ͘ZŽĐŬZŽƐĞŚĂƐĂϭϱ͘ϱϴйǁŽƌŬŝŶŐŝŶƚĞƌĞƐƚŝŶ ƚŚĞƐĞĨŝĞůĚƐ͘

&ƌŽŵ ƚŚĞ ƉƌŽĚƵĐƚŝŽŶ ĚĂƚĂ ĂǀĂŝůĂďůĞ͕ ǁĞ ŶŽƚĞ ƚŚĂƚ ĚŽǁŶƚŝŵĞ ŚĂƐ ďĞĞŶ ƐŝŐŶŝĨŝĐĂŶƚ ƐŝŶĐĞ ϮϬϭϯ ĂŶĚ ƉƌŽĚƵĐƚŝŽŶŚĂƐďĞĞŶƐƵƐƉĞŶĚĞĚƐŝŶĐĞƚŚĞďĞŐŝŶŶŝŶŐŽĨϮϬϭϴ͘/ƚŝƐŶŽƚŬŶŽǁŶŝĨŽƌǁŚĞŶƚŚĞŽƉĞƌĂƚŽƌ ǁŝůůƌĞƐƚĂƌƚƉƌŽĚƵĐƚŝŽŶĨƌŽŵƚŚĞWϵͲ &ŝĞůĚƐ͘

ͳǤͳǤͳǤ Q Block Asset Summary

dŚĞY ůŽĐŬĐŽŶƚĂŝŶƐƚǁŽƉƌŽĚƵĐŝŶŐŐĂƐĨŝĞůĚƐ͕YϰͲ ĂŶĚ YϰͲ͘

dŚĞYϰͲ &ŝĞůĚĐĂŵĞŽŶͲƐƚƌĞĂŵŝŶϮϬϬϭĂŶĚ ŚĂƐƚŚƌĞĞƉƌŽĚƵĐƚŝŽŶǁĞůůƐ͕ƚŝĞĚͲŝŶƚŽƚŚĞWϲͲĨĂĐŝůŝƚŝĞƐŝŶ WůŽĐŬ͕ǁŚĞƌĞƚŚĞŐĂƐŝƐĐŽŵƉƌĞƐƐĞĚ͘ZZŚŽůĚƐϭϬ͘ϯϱйǁŽƌŬŝŶŐŝŶƚĞƌĞƐƚŝŶƚŚĞYϰͲ &ŝĞůĚ͘ dŚĞYϰͲ &ŝĞůĚ ŚĂƐƉƌŽĚƵĐĞĚϮ͘ϱ EŵϯƐĂůĞƐŐĂƐƚŽĚĂƚĞ;ϵϭƐĐĨͿ͘

dŚĞYϰͲ &ŝĞůĚĐĂŵĞŽŶͲƐƚƌĞĂŵŝŶϮϬϬϮĂŶĚ ŚĂƐŽŶĞƉƌŽĚƵĐƚŝŽŶǁĞůů͕ƚŝĞĚͲŝŶƚŽƚŚĞWϲͲĨĂĐŝůŝƚŝĞƐǀŝĂ ƚŚĞYϰͲƉůĂƚĨŽƌŵ͘ dŚĞYϰͲ &ŝĞůĚ ŚĂƐƉƌŽĚƵĐĞĚϮ͘ϭ EŵϯƐĂůĞƐŐĂƐƚŽĚĂƚĞ;ϴϬƐĐĨͿ͘ dŚĞYϰͲ &ŝĞůĚ ŝƐůŽĐĂƚĞĚ ĂĐƌŽƐƐĂĐƌŽƐƐƚŚĞYϰ ĂŶĚƚŚĞYϱĚ ůŝĐĞŶĐĞďŽƵŶĚĂƌLJĂŶĚ ŝƐƵŶŝƚŝƐĞĚ͕ǁŝƚŚ ϳϮ͘ϱйŽĨƌĞƐĞƌǀĞƐ ĂůůŽĐĂƚĞĚƚŽƚŚĞYϰ ůŝĐĞŶĐĞĂŶĚƚŚĞƌĞŵĂŝŶŝŶŐϮϳ͘ϱйƚŽƚŚĞYϱĚ ůŝĐĞŶĐĞ͘ZŽĐŬZŽƐĞ͛ƐĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚ ŝŶƚŚĞYϰͲĨŝĞůĚ ŝƐĨŽƌĞĐĂƐƚĂƚϭϬ͘Ϯϱй͘

dŚĞY ůŽĐŬƉƌŽĚƵĐƚŝŽŶŚŝƐƚŽƌLJŝƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϳ͘ϰ͘

:ƵŶĞϮϬϭϵ ϭϬϵ

&ŝŐƵƌĞϭϳ͘ϰ͗YůŽĐŬ&ŝĞůĚWƌŽĚƵĐƚŝŽŶ,ŝƐƚŽƌLJ͘;^ŽƵƌĐĞ͗dD͖hŶŝƚƐŝŶEŵϯͬĚͿ

ͳǤʹǤ Reserves Forecasting

ZǁĂƐƉƌŽǀŝĚĞĚ ǁŝƚŚ ǁĞůů ůĞǀĞů ĚĂŝůLJƐĂůĞƐŐĂƐƉƌŽĚƵĐƚŝŽŶĚĂƚĂƚŽĞŶĚDĂƌĐŚϮϬϭϵĂŶĚƚŚĞŵŽƐƚ ƌĞĐĞŶƚdDƐ͘ EŽŵĂũŽƌǁŽƌŬƐĂƌĞƉůĂŶŶĞĚĨŽƌƉůĂƚĨŽƌŵWϲͲŽƌYϰͲ͘ZŚĂƐĂĚŽƉƚĞĚƚŚĞŽƉĞƌĂƚŽƌ ŵĞƚŚŽĚŽůŽŐLJŽĨĨŽƌĞĐĂƐƚŝŶŐƚŚƌŽƵŐŚƚŽƚŚĞĞŶĚŽĨϮϬϮϰ͘ZŚĂƐĂůƐŽĂĐĐĞƉƚĞĚŽƉĞƌĂƚŽƌĨƵĞů ůŽƐƐĞƐ ŽĨϲй͘

Z ŚĂƐ ĐŽŵƉůĞƚĞĚ ƌĞƐĞƌǀĞƐ ĨŽƌĞĐĂƐƚŝŶŐ ǀŝĂ ͕ ƚĂŬŝŶŐ ŝŶƚŽ ĂĐĐŽƵŶƚ ƚŚĞ ŽƉĞƌĂƚŽƌ͛Ɛ ŽƉĞƌĂƚŝŶŐ ƉƌĂĐƚŝĐĞƐĂŶĚĨŽƌĞĐĂƐƚƐƉƌŽǀŝĚĞĚ ŝŶdDĚŽĐƵŵĞŶƚĂƚŝŽŶ͘

ͳǤʹǤͳǤ P6-AB Fields Forecasting

/Ŷ ϮϬϭϵ͕tĞůů WϲͲϳ ǁĂƐ ƌĞĐŽŵƉůĞƚĞĚ ŝŶ ƚŚĞ WůĂƚƚĞŶ ĚŽůŽŵŝƚĞ ƌĞƐĞƌǀŽŝƌ ĂŶĚ ǁĂƐ ƚĞƐƚĞĚ͘ dŚĞ ƚĞƐƚ ƐŚŽǁĞĚƚŚĞǁĞůůƚŽďĞǁĂƚĞƌǁĞƚĂŶĚ ǁĂƐƐƵďƐĞƋƵĞŶƚůLJĚƌŽƉƉĞĚ͘ZŽĐŬZŽƐĞĚŝĚŶŽƚƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞ ƌĞĐŽŵƉůĞƚŝŽŶŽĨtĞůůWϲͲϳ͕ĂŶĚZŚĂƐĞdžĐůƵĚĞĚƚŚŝƐĨƌŽŵŽƵƌZĞƐĞƌǀĞƐĂƐƐĞƐƐŵĞŶƚ͘

dŚĞŽƉĞƌĂƚŽƌĂƐƐƵŵĞƐϭϰ ĚĂLJƐĂŶŶƵĂůƐŚƵƚĚŽǁŶ͕ĂŶĚ Ă ŚĂůĨͲĚĂLJƉĞƌŵŽŶƚŚ ĚŽǁŶƚŝŵĞ͖ŝŶĐŽŵƉĂƌŝƐŽŶ ĨŽƌ ϮϬϭϳ ƚŚĞ ĂŶŶƵĂů ƐŚƵƚĚŽǁŶ ǁĂƐ ϲϬ ĚĂLJƐ ĂŶĚ ĚŽǁŶƚŝŵĞ ĨŽƌ ϮϬϭϳͲϮϬϭϴ ĂǀĞƌĂŐĞƐ ĂƌŽƵŶĚ ϭ ĚĂLJͬŵŽŶƚŚ͘

WƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚƐĨŽƌWϲͲ ĂƌĞƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϳ͘ϳ&ŝŐƵƌĞϭϳ͘ϱ͘

:ƵŶĞϮϬϭϵ ϭϭϬ

&ŝŐƵƌĞϭϳ͘ϱ͗WϲͲ^ĂůĞƐ'ĂƐWƌŽĚƵĐƚŝŽŶ&ŽƌĞĐĂƐƚƐ;hŶŝƚƐĂƌĞŝŶEŵϯͬĚͿ

ͳǤʹǤͳǤ P6-D Field Forecasting

dŚĞŽƉĞƌĂƚŽƌĂƐƐƵŵĞƐƚŚĞƐĂŵĞĂŶŶƵĂůƐŚƵƚĚŽǁŶĚƵƌĂƚŝŽŶĂŶĚƉƌŽĚƵĐŝŶŐĚŽǁŶƚŝŵĞĨŽƌWϲͲĂƐƐĞƚ ŽƵƚĨŽƌWϲͲ͘

WƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚƐĨŽƌWϲͲĂƌĞƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϳ͘ϳ&ŝŐƵƌĞϭϳ͘ϲ͘

&ŝŐƵƌĞϭϳ͘ϲ͗WϲͲ^ĂůĞƐ'ĂƐWƌŽĚƵĐƚŝŽŶ&ŽƌĞĐĂƐƚƐ;hŶŝƚƐĂƌĞŝŶEŵϯͬĚͿ

ͳǤʹǤͳǤ P9-AB, P6-S, P12 Fields Forecasting

:ƵŶĞϮϬϭϵ ϭϭϭ T-111

ƵĞƚŽŝŶƐƵĨĨŝĐŝĞŶƚĚĂƚĂ͕ZǁĂƐƵŶĂďůĞƚŽĞǀĂůƵĂƚĞƚŚĞƐĂůĞƐĨŽƌĞĐĂƐƚƐĨŽƌWϵͲ͘ dŚĞƌĞŝƐŶŽĨŽƌĞĐĂƐƚ ĨŽƌWϲͲ^ ĂŶĚWϭϮ͘

ͳǤʹǤͳǤ Q4-A Field Forecasting

/ŶůŝŶĞǁŝƚŚƚŚĞWϲͲ &ŝĞůĚƉůĂƚĨŽƌŵƚŚƌŽƵŐŚ ǁŚŝĐŚƚŚĞYϰͲ ĂŶĚ YϰͲƉƌŽĚƵĐƚŝŽŶŝƐƌŽƵƚĞĚ͕ŶŽŵĂũŽƌ ǁŽƌŬƐǁŝůůďĞƵŶĚĞƌƚĂŬĞŶƚŽƚŚŝƐĂƌĞĂďĞĨŽƌĞĂďĂŶĚŽŶŵĞŶƚ͘

Ɛ ĨŽƌ &ŝĞůĚ WϲͲ͕ ƚŚĞ ŽƉĞƌĂƚŽƌ ĂƐƐƵŵĞƐ ϭϰ ĚĂLJƐ ĂŶŶƵĂů ƐŚƵƚĚŽǁŶ͕ ĂŶĚ Ă ŚĂůĨͲĚĂLJ ƉĞƌ ŵŽŶƚŚ ĚŽǁŶƚŝŵĞ͘

WƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚƐĨŽƌYϰͲ ĂƌĞƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϳ͘ϳ͘

&ŝŐƵƌĞϭϳ͘ϳ͗YϰͲ^ĂůĞƐ'ĂƐWƌŽĚƵĐƚŝŽŶ&ŽƌĞĐĂƐƚƐ;hŶŝƚƐĂƌĞŝŶEŵϯͬĚͿ

ͳǤʹǤʹǤ Q4-B Field Forecasting

Ɛ ĨŽƌ &ŝĞůĚ WϲͲ͕ ƚŚĞ ŽƉĞƌĂƚŽƌ ĂƐƐƵŵĞƐ ϭϰ ĚĂLJƐ ĂŶŶƵĂů ƐŚƵƚĚŽǁŶ͕ ĂŶĚ Ă ŚĂůĨͲĚĂLJ ƉĞƌ ŵŽŶƚŚ ĚŽǁŶƚŝŵĞ͘

WƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚƐĨŽƌYϰͲ ĂƌĞƐŚŽǁŶŝŶ&ŝŐƵƌĞϭϳ͘ϳ&ŝŐƵƌĞϭϳ͘ϴ͘

:ƵŶĞϮϬϭϵ ϭϭϮ

Figure 17.8: Q4-B Sales Gas Production Forecasts (Units are in Nm3/d)

17.3. OPEX and CAPEX Forecasts

No capital expenditure has been forecast. The OPEX profile is based on operator forecasts. Forecasts of OPEX, CAPEX and ABEX can be found in Appendix 3.

June 2019 113 T-113

18. Abandonment and Decommissioning

ͳͺǤͳǤ Methodology

ZĐĂƌƌŝĞĚŽƵƚĂŶĂƵĚŝƚŽĨƚŚĞďĂŶĚŽŶŵĞŶƚĂŶĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐĐŽƐƚůŝĂďŝůŝƚŝĞƐĨŽƌZŽĐŬZŽƐĞ͛Ɛ EŽƌƚŚ ^ĞĂŽŝů ĂŶĚŐĂƐĨŝĞůĚƐ

ͳͺǤʹǤ All Assets Excluding the Brae Complex and Foinaven

dŚĞƌĞǀŝĞǁŽĨƚŚĞƐĞĂƐƐĞƚƐŝŶĐůƵĚĞĚ ĂŶĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞƋƵĂůŝƚLJĂŶĚ ĚĞƚĂŝůŽĨƚŚĞĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ĚĂƚĂ ĂŶĚ Ă ŚŝŐŚͲůĞǀĞůĐŚĞĐŬŽĨƚŚĞĞĐŽŵŵŝƐƐŝŽŶŝŶŐŽƐƚƐƚŝŵĂƚĞƐ;ƐͿ ĂƐƉƌŽǀŝĚĞĚďLJZŽĐŬZŽƐĞ ĂŶĚƚŚĞƌĞůĞǀĂŶƚ&ŝĞůĚ KƉĞƌĂƚŽƌƐ͘Z͛ƐŚŝŐŚͲůĞǀĞůĐŽƐƚĂƵĚŝƚƐǁĞƌĞĐŽŶĚƵĐƚĞĚŽŶƚŚĞ ĞƐƚŝŵĂƚĞĚƚŝŵĞͲƌĞƐŽƵƌĐĞŽƌŽŶĂƵŶŝƚĐŽƐƚďĂƐŝƐ͕ĨŽƌƚŚĞĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐŽĨĞĂĐŚŽĨƚŚĞĨŽůůŽǁŝŶŐ ĨŝĞůĚĨĂĐŝůŝƚŝĞƐĞůĞŵĞŶƚƐ͗

tĞůůƐ
&ŝdžĞĚ &ĂĐŝůŝƚŝĞƐ
&ůŽĂƚŝŶŐWƌŽĚƵĐƚŝŽŶ^LJƐƚĞŵƐ͕ŝŶĐůƵĚŝŶŐŵŽŽƌŝŶŐƐLJƐƚĞŵƐ
&ůĞdžŝďůĞƌŝƐĞƌƐ͕ƵŵďŝůŝĐĂůƌŝƐĞƌƐ͕ŝŶĐůƵĚŝŶŐŵŝĚͲǁĂƚĞƌĂƌĐŚĞƐ
WŝƉĞůŝŶĞƐ
hŵďŝůŝĐĂůƐ
ĂƌŐĞƐƵďƐĞĂƐƚƌƵĐƚƵƌĞƐ;ƚLJƉ͘хϭϬϬdŽŶŶĞƐͿ
^ŵĂůůƐƵďƐĞĂƐƚƌƵĐƚƵƌĞƐ;ƚLJƉ͘фϭϬϬdŽŶŶĞƐͿ
&ůŽǁůŝŶĞƐ͕ŽŶƚƌŽůƐůŝŶĞƐ͕ũƵŵƉĞƌƐĞƚĐ͘
^ƚĂďŝůŝƐĂƚŝŽŶŵĂƚƚƌĞƐƐĞƐͬŐƌŽƵƚďĂŐƐͬƌŽĐŬĚƵŵƉ

&ŽƌǁĞůůWΘ ĂŶĚƚŚĞƌĞŵŽǀĂůŽĨĨŝdžĞĚƉůĂƚĨŽƌŵƐ͕ĂǀĞƌĂŐĞƵŶŝƚƌĂƚĞƐǁĞƌĞƵƐĞĚ͕ĂƐƌĞƉŽƌƚĞĚ ŝŶƚŚĞh< KΘ'ĞĐŽŵŵŝƐƐŝŽŶŝŶŐ/ŶƐŝŐŚƚƐϮϬϭϴƌĞƉŽƌƚ͘

ĂƵĚŝƚƐĨŽƌŽƚŚĞƌĨĂĐŝůŝƚŝĞƐĞůĞŵĞŶƚƐǁĞƌĞďĂƐĞĚŽŶŝŶͲŚŽƵƐĞĐŽƐƚĚĂƚĂďĂƐĞ͕ŝŶĐůƵĚŝŶŐŵŽďͬĚĞŵŽď͕ ĚĞůŝǀĞƌLJƚŽƐŚŽƌĞĞƚĐ͘

dŚĞĨŽůůŽǁŝŶŐĐŽƐƚĞůĞŵĞŶƚƐǁĞƌĞŶŽƚŝŶĐůƵĚĞĚ ͬĐŽŶƐŝĚĞƌĞĚ ŝŶƚŚĞ͗

&ĂĐŝůŝƚLJZƵŶŶŝŶŐͬ KǁŶĞƌƐŽƐƚƐ͗ĨĂĐŝůŝƚLJKWyĨŽƌƚŚĞƉĞƌŝŽĚĨƌŽŵŽWƵŶƚŝůĨĂĐŝůŝƚŝĞƐŚLJĚƌŽĐĂƌďŽŶ ĨƌĞĞ͘DĂŶLJŽƉĞƌĂƚŽƌƐĚŽŶŽƚĐŽŶƐŝĚĞƌƚŚŝƐƉĂƌƚŽĨƚŚĞĂďĂŶĚŽŶŵĞŶƚĐŽƐƚďƵƚƌĞŐƵůĂƌKWy
&ĂĐŝůŝƚŝĞƐͬWŝƉĞůŝŶĞƐDĂŬŝŶŐ^ĂĨĞ͗WƌŽĐĞƐƐƐŚƵƚĚŽǁŶ͕ĨůƵƐŚŝŶŐ͕ƉƵƌŐŝŶŐ͕ƉŚLJƐŝĐĂů ŝƐŽůĂƚŝŽŶ͕ĐůĞĂŶŝŶŐ͕ ĚĞĐŽŶƚĂŵŝŶĂƚŝŽŶ͕ƉŝƉĞůŝŶĞƉŝŐŐŝŶŐĂŶĚ ǁĂƐƚĞŵĂŶĂŐĞŵĞŶƚ
dŽƉƐŝĚĞWƌĞƉĂƌĂƚŝŽŶ͗ŝŶĐůƵĚĞĚ ŝŶƵŶŝƚĐŽƐƚĨŽƌƚŽƉƐŝĚĞƌĞŵŽǀĂů
DŽŶŝƚŽƌŝŶŐ͗ ƉŽƐƚĚĞĐŽŵ ƐƵƌǀĞLJƐ͕ ƉƌŽǀŝƐŝŽŶ ŽĨ ŶĂǀ ĂŝĚƐ ĨŽƌ ĨĂĐŝůŝƚŝĞƐ ůĞĨƚ ŝŶ ƉůĂĐĞ;Ğ͘Ő͘ ƉŝƉĞůŝŶĞƐ͕ ƵŵďŝůŝĐĂůƐ͕ĨĂĐŝůŝƚŝĞƐǁŝƚŚ ĚĞƌŽŐĂƚŝŽŶͿ
sĂůƵĞ;ƉŽƐŝƚŝǀĞŽƌŶĞŐĂƚŝǀĞͿŽĨƌĞͲƵƐĞ͕ƌĞĐLJĐůŝŶŐĂŶĚ ĚŝƐƉŽƐĂů
ŽƐƚĨŽƌŚĂŶĚůŝŶŐΘ ĚŝƐƉŽƐĂůŽĨŚĂnjĂƌĚŽƵƐǁĂƐƚĞ;EKZD͕DĞƌĐƵƌLJ͕ĂƐďĞƐƚŽƐĞƚĐ͘Ϳ ĂŶĚ ŝƚƐŶĞŐĂƚŝǀĞ ĞĨĨĞĐƚƐĂƐŝƚĚŝƐƌƵƉƚƐƚŚĞǁŽƌŬƉƌŽĐĞƐƐĞƐ
tĂŝƚŝŶŐŽŶǁĞĂƚŚĞƌ;tKtͿ
ŽŶƚŝŶŐĞŶĐŝĞƐ͕ƵŶůĞƐƐƐƉĞĐŝĨŝĞĚ ŝŶKƉĞƌĂƚŽƌ͛Ɛ

/ŶŽƌĚĞƌƚŽĐŽŵƉĂƌĞƉƌĞͲϮϬϭϵƐǁŝƚŚŝŶZ͛ƐĂƵĚŝƚƉƌŽĐĞƐƐ͕ĐŽƐƚƐŚĂǀĞďĞĞŶŝŶĚĞdžĞĚƵƐŝŶŐƚŚĞ hƉƐƚƌĞĂŵĂƉŝƚĂůŽƐƚ/ŶĚĞdž ;h/Ϳ͘ dŚŝƐŝŶĚĞdžƚƌĂĐŬƐƚŚĞĐŽƐƚƐŽĨĞƋƵŝƉŵĞŶƚ͕ĨĂĐŝůŝƚŝĞƐ͕ŵĂƚĞƌŝĂůƐĂŶĚ ƉĞƌƐŽŶŶĞůƵƐĞĚ ŝŶƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂŐĞŽŐƌĂƉŚŝĐĂůůLJĚŝǀĞƌƐŝĨŝĞĚƉŽƌƚĨŽůŝŽŽĨϮϴŽŶƐŚŽƌĞ͕ŽĨĨƐŚŽƌĞ͕ ƉŝƉĞůŝŶĞĂŶĚ>E'ƉƌŽũĞĐƚƐ͘ EŽƚĞƚŚĂƚĂůů ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐĚĂƚĂƌĞĐĞŝǀĞĚĨŽƌƚŚĞƐĞĂƐƐĞƚƐĂƚƚŚŝƐƐƚĂŐĞ ŝƐĂƐƐƵŵĞĚƚŽďĞĐůĂƐƐŝĨŝĐĂƚŝŽŶϱŽƌϰ͕ǁŝƚŚ ĂƚLJƉŝĐĂů ĂĐĐƵƌĂĐLJŽĨцϰϬйŽƌůŽǁĞƌ͘

ƐĂ ƌĞƐƵůƚŽĨ ƚŚŝƐĂƵĚŝƚƉƌŽĐĞƐƐ͕ZŽĐŬZŽƐĞĞƐƚŝŵĂƚĞƐŽĨůŝĂďŝůŝƚŝĞƐǁĞƌĞĂĐĐĞƉƚĞĚ ĨŽƌĂůů ĨŝĞůĚƐ͕ ĞdžĐĞƉƚEĞůƐŽŶ͕ZŽƐƐĂŶĚ ůĂŬĞ͘ &ŽƌƚŚĞƐĞĨŝĞůĚƐ͕ZƌĞƉŽƌƚƐŝŶĚĞƉĞŶĚĞŶƚĞƐƚŝŵĂƚĞƐ͘/ŶĂĚĚŝƚŝŽŶ͕ ŶŽ ǁĂƐ ƉƌĞƐĞŶƚĞĚ ĨŽƌ ƚŚĞDŝĚĚĞůŝĞ ĨŝĞůĚ ŝŶ ƚŚĞEĞƚŚĞƌůĂŶĚƐ͘ ZŚĂƐ ƚŚĞƌĞĨŽƌĞ ƉƌĞƉĂƌĞĚ ĂŶ ŝŶĚĞƉĞŶĚĞŶƚĐŽƐƚĞƐƚŝŵĂƚĞ͘

ƐĞƉĂƌĂƚĞĐŽƐƚĞƐƚŝŵĂƚĞƌĞǀŝĞǁŽĨƚŚĞƌĂĞĂŶĚ &ŽŝŶĂǀĞŶĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐĞƐƚŝŵĂƚĞƐŚĂƐĂůƐŽďĞĞŶ ĐĂƌƌŝĞĚŽƵƚ͘

ͳͺǤʹǤͳǤ Brae Decommissioning

ZŽĐŬƌŽƐĞŶĞƌŐLJŚĂƐŵĂĚĞĂǀĂŝůĂďůĞ͕ĐŽƉŝĞƐŽĨƌĞůĞǀĂŶƚĚŽĐƵŵĞŶƚĂƚŝŽŶĂŶĚĐŽƐƚĞƐƚŝŵĂƚĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚƚŚĞĨƵƚƵƌĞĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐŽĨƚŚĞƌĂĞŽŵƉůĞdž͗

x ^ĂůĞŽĨDĂƌĂƚŚŽŶKŝů h͘<͘ Ͳ/ŶĨŽƌŵĂƚŝŽŶDĞŵŽƌĂŶĚƵŵ͕ƉƌĞƉĂƌĞĚďLJ͚:ĞĨĨĞƌŝĞƐ/ŶƚĞƌŶĂƚŝŽŶĂů͛
x ƌĂĞůƉŚĂ͕ƌĂǀŽ͕ĞŶƚƌĂů ƌĂĞ͕tĞƐƚƌĂĞĂŶĚ ^ĞĚŐǁŝĐŬŽŵďŝŶĞĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐ WƌŽŐƌĂŵŵĞƐ͕ŽŶƐƵůƚĂƚŝŽŶƌĂĨƚ͕ƉƌĞƉĂƌĞĚďLJDĂƌĂƚŚŽŶKŝů ŝŶ:ƵŶĞϮϬϭϳ
x ĂƐƚƌĂĞĂŶĚ ƌĂĞŵĂƌŽŵďŝŶĞĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐWƌŽŐƌĂŵŵĞ͕ŽŶƐƵůƚĂƚŝŽŶƌĂĨƚ͕ ƉƌĞƉĂƌĞĚďLJDĂƌĂƚŚŽŶKŝů ŝŶ:ƵŶĞϮϬϭϳ
x ƌĂĞƌĂǀŽtĞůůWΘ ĐƚƵĂůƐʹŽƐƚZĞƉŽƌƚ͕ƉƌĞƉĂƌĞĚďLJDĂƌĂƚŚŽŶKŝů ŝŶ:ƵůLJϮϬϭϴ

dŚĞƚǁŽĞĐŽŵŵŝƐƐŝŽŶŝŶŐWƌŽŐƌĂŵŵĞƐ;WƐͿ ǁĞƌĞƐƵďŵŝƚƚĞĚƚŽƚŚĞƌĞƐƉĞĐƚŝǀĞĨŝĞůĚƉĂƌƚŶĞƌƐ͕ƚŚĞ ĞƉĂƌƚŵĞŶƚŽĨƵƐŝŶĞƐƐ͕ŶĞƌŐLJĂŶĚ/ŶĚƵƐƚƌŝĂů ^ƚƌĂƚĞŐLJ;/^Ϳ ĂŶĚƚŚĞKĨĨƐŚŽƌĞWĞƚƌŽůĞƵŵZĞŐƵůĂƚŽƌ ĨŽƌŶǀŝƌŽŶŵĞŶƚΘĞĐŽŵŵŝƐƐŝŽŶŝŶŐ;KWZͿ ŝŶ:ƵŶĞϮϬϭϳĨŽƌĐŽŶƐƵůƚĂƚŝŽŶƉƵƌƉŽƐĞƐ͘ŽƉŝĞƐĂƌĞ ĂůƐŽĂǀĂŝůĂďůĞŝŶƚŚĞƉƵďůŝĐĚŽŵĂŝŶ͘dŚĞƌĂĞŽŵƉůĞdžWƐĂƌĞƐƵƉƉŽƌƚĞĚďLJĂŶƵŵďĞƌŽĨ ŽŵƉĂƌĂƚŝǀĞƐƐĞƐƐŵĞŶƚƐĂŶĚŶǀŝƌŽŶŵĞŶƚĂů ^ƚĂƚĞŵĞŶƚƐ͘

dŚĞWƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚ ŝŶůŝŶĞǁŝƚŚƚŚĞƌĞůĞǀĂŶƚ/^ĞĐŽŵŵŝƐƐŝŽŶŝŶŐ'ƵŝĚĞůŝŶĞƐ͘DĂƌĂƚŚŽŶ KŝůĞŶŐĂŐĞĚ ĂŐƌŽƵƉŽĨŝŶĚĞƉĞŶĚĞŶƚĐŽŶƐƵůƚĂŶƚƐƚŽĐŽŶĨŝƌŵƚŚĂƚƚŚĞŽŵƉĂƌĂƚŝǀĞƐƐĞƐƐŵĞŶƚ ƉƌŽĐĞƐƐǁĂƐƌĞůŝĂďůĞ͚͘^ĐŽƉŝŶŐZĞƉŽƌƚ͛ĨŽƌƚŚĞŶǀŝƌŽŶŵĞŶƚĂů/ŵƉĂĐƚƐƐĞƐƐŵĞŶƚƉƌŽĐĞƐƐǁĂƐ ƌĞǀŝĞǁĞĚ ĂŶĚ ĂŐƌĞĞĚďLJƐĞǀĞƌĂůŬĞLJƐƚĂŬĞŚŽůĚĞƌƐ;͕:E͕DĂƌŝŶĞ^ĐŽƚůĂŶĚ ĂŶĚ ^WͿ͘

/ŶŐĞŶĞƌĂů͕ƚŚĞĞĐŽŵŵŝƐƐŝŽŶŝŶŐWƌŽŐƌĂŵŵĞƐ͕ŽŵƉĂƌĂƚŝǀĞƐƐĞƐƐŵĞŶƚƐĂŶĚŶǀŝƌŽŶŵĞŶƚĂů ^ƚĂƚĞŵĞŶƚƐĂƌĞŝŶůŝŶĞǁŝƚŚŽƚŚĞƌƐƉƌĞƉĂƌĞĚĨŽƌƚŚĞĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐŽĨƐŝŵŝůĂƌEŽƌƚŚ ^ĞĂ ĂƐƐĞƚƐ͘

Z͛ƐĂƵĚŝƚŚĂƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚƚŚĞƚŽƚĂůƉƌŽďĂďŝůŝƐƚŝĐWϱϬĐŽƐƚŽĨĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐĨƌŽŵYϯϮϬϭϴ ;άϭϮϮϰ͘ϳDDͿ ŝƐƌĞĂƐŽŶĂďůĞĂŶĚ ŚĂƐďĞĞŶĂĚŽƉƚĞĚ ĂƚĂůůƌĞƐĞƌǀĞůĞǀĞůƐŽĨĐŽŶĨŝĚĞŶĐĞ͘ZŚĂƐ ĂůůŽĐĂƚĞĚĐŽƐƚƐĨŽƌƚŚĞƉƌŽĚƵĐŝŶŐĂƐƐĞƚƐ;ŝ͘Ğ͘ƌĞŵŽǀŝŶŐĨŽƌĞĐĂƐƚĐŽƐƚƐĨŽƌƌĂǀŽ&ŝĞůĚƐĂŶĚƐƉĞŶƚĐŽƐƚƐ ĨƌŽŵYϭϮϬϭϵͿ ǁŝƚŚŝŶƚŚĞĨŽƌĞĐĂƐƚƉƌŽĨŝůĞƐ͘

ͳͺǤʹǤʹǤ Foinaven Decommissioning

dŚĞKƉĞƌĂƚŽƌŚĂƐƵŶĚĞƌƚĂŬĞŶĂ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐĞƐƚŝŵĂƚĞŝŶϮϬϭϴĨŽƌƚŚĞ&ŽŝŶĂǀĞŶĚĞǀĞůŽƉŵĞŶƚ͘

dŚĞƌĞĨĞƌĞŶĐĞĐĂƐĞƐĨŽƌĂďĂŶĚŽŶŵĞŶƚŽĨƚŚĞ&ŽŝŶĂǀĞŶ&W^K ĂŶĚ ĂƐƐŽĐŝĂƚĞĚĨĂĐŝůŝƚŝĞƐĂƌĞƌŽďƵƐƚĂŶĚ ĐŽǀĞƌĂ ǁŝĚĞƌĂŶŐĞŽĨƐƵďƐĞĂ ŝƚĞŵƐ͕ŝŶĐůƵĚŝŶŐ͗

x ϭϯZŝƐĞƌƐ
x Ϯϴ&ůŽǁůŝŶĞƐ

x ϳ hŵďŝůŝĐĂůƐ
x Ϯϱ &ůŽǁůŝŶĞ:ƵŵƉĞƌƐ
x ϵϬhŵďŝůŝĐĂů:ƵŵƉĞƌƐ
x ϰϮtĞůůŚĞĂĚ:ƵŵƉĞƌƐ
x ϰϯ ^ƵďƐĞĂtĞůůƐ
x ϰϳ ^ƵďƐĞĂ ^ƚƌƵĐƚƵƌĞƐ

dŚĞƚŽƚĂů ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐĐŽƐƚŽĨάϲϮϵDDƉƌĞƐĞŶƚĞĚďLJZŽĐŬZŽƐĞĨŽƌĂƵĚŝƚĂƉƉĞĂƌƐƚŽďĞ ƌĞĂƐŽŶĂďůĞ͕ĂŶĚ ĂĐĐŽƵŶƚƐĨŽƌƚŚĞĂĚĚŝƚŝŽŶĂů ůŝĂďŝůŝƚLJĨŽƌtK^W^͘ EŽƚĞƚŚĂƚĂůů ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐĚĂƚĂ ƌĞĐĞŝǀĞĚĨŽƌƚŚĞƐĞĂƐƐĞƚƐĂƚƚŚŝƐƐƚĂŐĞŝƐĂƐƐƵŵĞĚƚŽďĞĐůĂƐƐŝĨŝĐĂƚŝŽŶϰ ǁŝƚŚ ĂƚLJƉŝĐĂů ĂĐĐƵƌĂĐLJ ŽĨцϰϬй͘

ͳͺǤ͵Ǥ Results

ZŽĐŬZŽƐĞŚĂƐŝŶĨŽƌŵĞĚZƚŚĂƚƚŚĞŝƌh< ĂƐƐĞƚƐĂƌĞƐƵďũĞĐƚƚŽƚĂdžƌĞůŝĞĨĨƌŽŵƚŚĞh<ŐŽǀĞƌŶŵĞŶƚ͘ Z͛ƐĂƐƐĞƐƐŵĞŶƚŽĨĞĐŽŵŵŝƐƐŝŽŶŝŶŐŽƐƚƐƚŝŵĂƚĞƐĨŽƌZŽĐŬZŽƐĞ͛Ɛ'ƌŽƐƐĂŶĚ EĞƚtŽƌŬŝŶŐ/ŶƚĞƌĞƐƚ ŝŶƚŚĞh< ĂƐƐĞƚƐŝƐĂƉƌĞͲƚĂdžƌĞůŝĞĨĞƐƚŝŵĂƚĞ͘

ZŽĐŬZŽƐĞ ŚĂƐ ƉƌŽǀŝĚĞĚ ƉŽƐƚͲƚĂdž ƌĞůŝĞĨ ŶĞƚ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐ ůŝĂďŝůŝƚŝĞƐ͘ Z ŚĂƐ ŶŽƚ ĂƵĚŝƚĞĚ ƚŚĞ ĂĚũƵƐƚŵĞŶƚƚŽƉŽƐƚͲƚĂdžƌĞůŝĞĨǀĂůƵĞƐĂŶĚ ŚĂƐƌĞůŝĞĚƵƉŽŶZŽĐŬZŽƐĞĨŽƌƚŚĞĂĐĐƵƌĂĐLJŽĨƚŚĞƐĞǀĂůƵĞƐ͘ dŚĞƉƌĞͲ ĂŶĚƉŽƐƚͲƚĂdžƌĞůŝĞĨůŝĂďŝůŝƚŝĞƐĂƌĞƉƌĞƐĞŶƚĞĚ ŝŶdĂďůĞϭϴ͘ϭ͘

dĂďůĞϭϴ͘ϭ͗ĞĐŽŵŵŝƐƐŝŽŶŝŶŐŽƐƚƐĨŽƌZŽĐŬZŽƐĞEĞƚtŽƌŬŝŶŐ/ŶƚĞƌĞƐƚŝŶƚŚĞh<

</džƚăů<>

		'ƌŽƐƐ WƌĞͲ dĂdžZĞůŝĞĨ	EĞƚ WƌĞͲdĂdž ZĞůŝĞĨ	EĞƚ WŽƐƚͲdĂdž ZĞůŝĞĨ
ƐƐĞƚͬ &ŝĞůĚ	dLJƉĞ	;άDDZĞĂůͿ	;άDDZĞĂůͿ	;άDDZĞĂůͿ
EĞůƐŽŶΎ	&ŝdžĞĚƉůĂƚĨŽƌŵ	ϮϮϳ͘ϱ	ϭϳ͘Ϭ	ϭϬ͘Ϯ
,ŽǁĞ	^^ƚŝĞͲďĂĐŬƚŽEĞůƐŽŶ	Ϯϵ͘ϱ	ϱ͘ϵ	ϯ͘ϱ
ZŽƐƐΘ ůĂŬĞΎ	&W^K н ϱ dž ^^ ǁĞůůĐůƵƐƚĞƌ	ϰϭϱ͘Ϯ	ϭϮϴ͘Ϭ	ϳϲ͘ϴ
ĂůŵŽƌĂů Θ ^ƚŝƌůŝŶŐ	&Wh н ϱ dž ^^ĨŝĞůĚƚŝĞďĂĐŬ	ϯϭϵ͘ϳ	ϯϭ͘ϴ	ϭϵ͘ϭ
ĞĂƵůLJ	^^ƚŝĞͲďĂĐŬƚŽĂůŵŽƌĂů	ϭϵ͘ϴ	ϳ͘ϵ	ϰ͘ϳ
ƵƌŐŚůĞLJ	^^ƚŝĞͲďĂĐŬƚŽĂůŵŽƌĂů	ϮϮ͘ϵ	ϵ͘ϰ	ϱ͘ϳ
ƌƌĂŶ	ϰ dž ^^ ǁĞůů ;ϮĐůƵƐƚĞƌƐͿ	ϰϲ͘ϴ	ϭϰ͘Ϯ	ϴ͘ϱ
'ƌŽǀĞ	&ŝdžĞĚƉůĂƚĨŽƌŵ	ϰϵ͘ϵ	ϯ͘ϳ	Ϯ͘Ϯ
dŽƌƐ	&ŝdžĞĚƉůĂƚĨŽƌŵ	ϯϮ͘ϴ	ϰ͘ϵ	ϯ͘Ϭ
&ŽŝŶĂǀĞŶ	&W^K н ^^ ĚĞǀĞůŽƉŵĞŶƚ	ϲϮϵ͘Ϭ	ϭϴϮ͘ϰ	ϭϬϵ͘ϰ
ƌĂĞŽŵƉůĞdž	ƌĂĞůƉŚĂ͕ƌĂĞĂƐƚн ^^ƚŝĞͲ ďĂĐŬƐ	ϭ͕ϮϮϰ͘ϳ	ϰϵϴ͘ϱ	ϭϵϵ͘ϰ
'ĂůĂŚĂĚ	&ŝdžĞĚƉůĂƚĨŽƌŵ;ŵŽŶŽƉŽĚͿ	ϭϴ͘ϭ	ϱ͘Ϭ	ϯ͘Ϭ
'ĂůůĞLJ	^^ƚŝĞďĂĐŬƚŽdĂƌƚĂŶ	ϵϱ͘ϱ	ϭϲ͘ϲ	ϭϬ͘Ϭ
DŽƌĚƌĞĚ	ZǁĞůů &ƌŽŵ'ĂůĂŚĂĚ	ϱ͘ϱ	Ϭ͘ϱ	Ϭ͘ϯ
^ĞǀĞŶ^ĞĂƐ	^^ƚŝĞͲďĂĐŬƚŽtĞƐƚ^ŽůĞͲ	ϭϳ͘ϯ	ϭ͘ϳ	ϭ͘Ϭ
h <džƚăů< td="">		ϯ͕ϭϱϰ͘ϯ	ϵϮϳ͘ϳ	ϰϱϲ͘ϵ	ϯ͕ϭϱϰ͘ϯ	ϵϮϳ͘ϳ	ϰϱϲ͘ϵ

ΎEŽƚĞƚŚĂƚĨŽƌEĞůƐŽŶĂŶĚZŽƐƐΘ ůĂŬĞŵĂĚĞďLJZ͘

EŽƚĞƚŚĂƚƚŚĞKƉĞƌĂƚŽƌĂƐĞĨŽƌĂůŵŽƌĂů Θ ^ƚŝƌůŝŶŐ͕ŝƐĚĞƌŝǀĞĚĨƌŽŵƚŚĞKƉĞƌĂƚŽƌ͛ƐƚŽƚĂů ͲůŽĐŬ ĂƐĞ͕ǁŚŝĐŚ ĂůƐŽŝŶĐůƵĚĞĚ ǁŽƌŬƉƌŽŐƌĂŵŵĞĐŽƐƚƐĨŽƌƌĞŶĚĂ͕EŝĐŽů Θ'ůĂŵŝƐ͘

tŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƌĂĞŽŵƉůĞdž͕ZŚĂƐĂƵĚŝƚĞĚƚŚĞƚŽƚĂůŝƚLJŽĨƚŚĞĐŽƐƚƐ͘tŚĞŶĂůůŽĐĂƚŝŶŐĐŽƐƚƐƚŽ ƚŚĞĨŝĞůĚ ůĞǀĞů ŝŶƉƉĞŶĚŝdž ϯ͕ZŚĂƐĂƐƐƵŵĞĚĐŽƐƚƐǁŝůůďĞƐƉůŝƚƉƌŽͲƌĂƚĂŽŶĂĐƵŵƵůĂƚŝǀĞhZďĂƐŝƐ͘ dŚĞƐƉůŝƚŵĂLJďĞƐƵďũĞĐƚƚŽĐŚĂŶŐĞŝŶƚŚĞĨƵƚƵƌĞ͘

:ƵŶĞϮϬϭϵ ϭϭϲ

ERCE's assessment of Decommissioning Cost Estimates for RockRose's Net Working Interest in the Netherlands assets is as follows in Table 18.2.

Table 18.2: Decommissioning Costs for RockRose Net Working Interest in the Netherlands

	51 1 /51 11		Gross DCE	Net DCE
Asset	Block / Field	Туре	(€MM Real)	(€MM Real)
	A18	Fixed platform
A&B Blocks	A12	Fixed platform	94.3	13.8
	B13	Fixed platform
	K4-A	Fixed platform
	K4-BE	Fixed platform
	K-4D	SS tie-back
	K4-Z	SS tie-back	7
	K5-A	Fixed platform
V 4 /VE	K5-P	Fixed platform	2140	25.0
K4/K5	K5-K	Fixed platform	214.9	25.0
	K5-B	Fixed platform
	K5-D	Fixed platform	7
	K5-EN/C	Fixed platform
	K5-F	SS tie-back
	K5-CU	Fixed platform	7
Hanze Oil	Hanze	Fixed platform (GBS)	92.3	18.5
	P6-A	Fixed platform
P/Q (excl. Q1-B)	P6-B	Fixed platform	113.2	14.4
	P6-D	Fixed platform
Rijn Oil	P15-A (oil)	Fixed platform	51.5	23.5
KIJII OII	P15-C (oil)	Fixed platform	51.5	23.5
Bergen	Bergen	Onshore facilities	38.9	4.7
F15-AB	F15-AB	Fixed Platform	59.4	5.2
Markham	J3-C (Markham)	ER well from Markham	7.7	0.13
ividikijaiji	J6-A Markham	Fixed platform	70.6	3.1
P15 - P18 (gas)	P15 - P18 (gas)	Fixed Platforms + SS	120.8	7.1
Middelie	West Beemster*	Onshore gas field	13.0	0.4
Netherlands Tot	al		876.6	115.8

^* Note Middelie gross DCE made by ERCE.

June 2019 117

19. Economic Assumptions

ĐŽŶŽŵŝĐƐǁĞƌĞƌƵŶĂƚƚŚĞϭW͕ϮWĂŶĚ ϯWůĞǀĞůƐŽĨĐŽŶĨŝĚĞŶĐĞ͕ƵƐŝŶŐƚŚĞƉƌŽĚƵĐƚŝŽŶĂŶĚĐŽƐƚĨŽƌĞĐĂƐƚƐ ƉƌĞƐĞŶƚĞĚ ŝŶ ƉƉĞŶĚŝdž ϯ͘ ĐŽŶŽŵŝĐ ĐƵƚͲŽĨĨƐ ǁĞƌĞ ĐĂůĐƵůĂƚĞĚ Ăƚ ĞŝƚŚĞƌ ƚŚĞ ŝŶĚŝǀŝĚƵĂů ĨŝĞůĚ͕ Žƌ ĂŐŐƌĞŐĂƚĞĚ ďůŽĐŬ ůĞǀĞůƐ͕ ĂƐ ĂƉƉƌŽƉƌŝĂƚĞ͘ ZĞƐĞƌǀĞƐ ƉƌĞƐĞŶƚĞĚ ŝŶ ^ĞĐƚŝŽŶ ϮϬ ĂƌĞ ƚŚĞ ƐƵŵ ŽĨ ƚŚĞ ƉƌŽĚƵĐƚŝŽŶďĞƚǁĞĞŶƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞĂŶĚƚŚĞĞĐŽŶŽŵŝĐůŝŵŝƚ͘

ďĂŶĚŽŶŵĞŶƚĐŽƐƚĞƐƚŝŵĂƚĞƐǁĞƌĞŶŽƚĂƉƉůŝĞĚ ŝŶƚŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞĞĐŽŶŽŵŝĐůŝŵŝƚ͘ dŚĞĞdžĂĐƚ ƚŝŵŝŶŐŽĨĂďĂŶĚŽŶŵĞŶƚĞdžƉĞŶƐĞƐǁŝůů ĚĞƉĞŶĚŽŶƚŚĞ>d ĂŶĚƚŚĞKƉĞƌĂƚŽƌǁŽƌŬŝŶŐǁŝƚŚƉĂƌƚŶĞƌƐƚŽ ĨŝŶĂůŝƐĞĂ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐƐĐŚĞĚƵůĞ͘

ͳͻǤͳǤͳǤ Assumed Oil and Gas Price

dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐƐĞƚŽƵƚƚŚĞh< ĂŶĚ EĞƚŚĞƌůĂŶĚƐĐŽŵŵŽĚŝƚLJƉƌŝĐĞƐĂƐƐƵŵĞĚ ĂŶĚ ĂƉƉůŝĞĚ ŝŶƚŚŝƐ ĞǀĂůƵĂƚŝŽŶ͘

dĂďůĞϭϵ͘ϭ͗h<ĂŶĚEĞƚŚĞƌůĂŶĚƐKŝůWƌŝĐĞĞĐŬ

Base Case ERCE Brent Assumptions (\$/bbl Full Year Average)	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2028E+
Real (Constant \$, 2019)	68	68	68	69	71	71	71	71	71	71	71
Nominal (\$ of the day)	69	70	71	74	77	79	81	82	84	85	+2.0% pa

dĂďůĞϭϵ͘Ϯ͗EĞƚŚĞƌůĂŶĚƐ'ĂƐWƌŝĐĞĞĐŬ

ERCE Dutch TTF Base Case	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2028E+
Real (Constant EUR/MW, 2019)	21	22	22	22	22	22	22	22	22	22	22
Nominal (EUR of the day)	21	22	23	23	24	24	25	25	26	26	+2.0% pa

dĂďůĞϭϵ͘ϯ͗h<'ĂƐWƌŝĐĞĞĐŬ

ERCE UK NBP Gas Price	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028E+
Real (Constant p/therm, 2019)	45	44	46	51	53	53	53	53	53	53
Nominal (p/therm of the day)	45	45	48	54	57	58	60	61	62	2% p.a.

'ĂƐƉƌŝĐĞĞƐƚŝŵĂƚĞƐŝŶƚŚĞh< ĂŶĚ EĞƚŚĞƌůĂŶĚƐĂƌĞŵĂĚĞďLJtŽŽĚDĂĐŬĞŶnjŝĞĂŶĚƉƌŽǀŝĚĞĚďLJ ZŽĐŬZŽƐĞ͘ŽŶĚĞŶƐĂƚĞŝƐƉƌŝĐĞĚ ĂƚϭϬйĚŝƐĐŽƵŶƚƚŽƌĞŶƚ͘ dŚĞůĂŬĞĂŶĚZŽƐƐ&ŝĞůĚƐŚĂǀĞĂ нΨϮͬďďů ƉƌĞŵŝƵŵĂƉƉůŝĞĚƚŽƚŚĞŽŝůƉƌŝĐĞ͘

&ŽƌƚŚĞEĞƚŚĞƌůĂŶĚƐĂƐƐĞƚƐ͕ŶŽƉƌŝĐĞĂĚũƵƐƚŵĞŶƚƐŚĂǀĞďĞĞŶŵĂĚĞĨŽƌĂŶLJĨŝĞůĚƐĨŽƌŽŝůŽƌŐĂƐ͘ ůů ƌĞǀĞŶƵĞĐĂůĐƵůĂƚŝŽŶƐǁĞƌĞĐŽŵƉůĞƚĞĚƵƐŝŶŐƚŚĞŶĂƚŝǀĞEĞƚŚĞƌůĂŶĚƐƵŶŝƚƐŽĨEŵ^ϯ ͕ǁŚŝĐŚ ǁĞƌĞƚŚĞŶ ĐŽŶǀĞƌƚĞĚ ŝŶƚŽƵŶŝƚƐŽĨĞŶĞƌŐLJƚŽĚĞƚĞƌŵŝŶĞƐĂůĞƐƌĞǀĞŶƵĞ͘ dŚĞĨŽůůŽǁŝŶŐ'ƌŽƐƐ,ĞĂƚŝŶŐsĂůƵĞƐ ;',sƐͿ ǁĞƌĞĂƉƉůŝĞĚ͕ĂƐƐŚŽǁŶŝŶdĂďůĞϭϵ͘ϰ͘ dŚĞƐĞǀĂůƵĞƐǁĞƌĞƉƌŽǀŝĚĞĚďLJZŽĐŬZŽƐĞĂŶĚZŚĂƐ ƌĞůŝĞĚƵƉŽŶƚŚĞŵ͘

dĂďůĞϭϵ͘ϰ͗',sĨŽƌEĞƚŚĞƌůĂŶĚƐƐƐĞƚƐ

Asset	GHV (MJ/Nm3 )
A&B Blocks	39.7
Bergen	39.9
Hanze Oil	50.5
K4/K5	40.3
P15/P18 Rijn Oil	38.9
PQ (excl. Q1B)	40.1

/ŶĂĚĚŝƚŝŽŶ͕ŝŶƚŚĞĐŽŶǀĞƌƐŝŽŶĨƌŽŵŶŽƌŵĂůŵĞƚƌĞƐĐƵďĞĚ ;Eŵ^ϯ ͿƚŽďĂƌƌĞůƐŽĨŽŝůĞƋƵŝǀĂůĞŶƚĂŶĞŶĞƌŐĞƚŝĐ ĐŽŶǀĞƌƐŝŽŶǁĂƐĂƉƉůŝĞĚ ĂƐϭďŽĞсϲϭϭϵD:͘

:ƵŶĞϮϬϭϵ ϭϭϴ

EŽƚĞ ƚŚĂƚ ŝŶ ƐƵŵŵĂƌLJ ĚŽĐƵŵĞŶƚƐ ŝŶ ƚŚŝƐ ƌĞƉŽƌƚ͕ ǁŚĞŶ ĐŽŶǀĞƌƚŝŶŐ ĨƌŽŵ Eŵ^ϯ ƚŽ ƐĐĨ͕ Ă ƵŶŝǀĞƌƐĂů ĐŽŶǀĞƌƐŝŽŶ ĨĂĐƚŽƌǁĂƐ ĂƉƉůŝĞĚ ĂƐ ϭEŵ^ϯ с ϯϳ͘ϯ ƐĐĨ͘ ,ŽǁĞǀĞƌ͕ǁŚĞŶ ĐŽŶǀĞƌƚŝŶŐ ƚŽ ďŽĞ͕ ƚŚĞ ĂďŽǀĞ ŵĞƚŚŽĚŽůŽŐLJǁĂƐĞŵƉůŽLJĞĚƵƐŝŶŐƚŚĞ',sƐ͘

ͳͻǤͳǤʹǤ Inflation and Cost Escalation

WƌŝĐĞĂŶĚĐŽƐƚŝŶĨůĂƚŝŽŶŚĂǀĞďĞĞŶƐĞƚĂƚϮйƉĞƌĂŶŶƵŵĨŽƌďŽƚŚ h< ĂŶĚ EĞƚŚĞƌůĂŶĚ ĂƐƐĞƚƐ͘

ͳͻǤͳǤ͵Ǥ Exchange Rates and other assumptions

dŚĞĨŽůůŽǁŝŶŐĞdžĐŚĂŶŐĞƌĂƚĞƐŚĂǀĞďĞĞŶĂƉƉůŝĞĚĨůĂƚƚŚƌŽƵŐŚŽƵƚƉƌŽũĞĐƚůŝĨĞĨŽƌďŽƚŚ h< ĂŶĚ EĞƚŚĞƌůĂŶĚ ĂƐƐĞƚƐ͗

h^ͬ'Wϭ͘ϯϱ
h^ͬhZϭ͘ϭϱ

ͳͻǤͳǤͶǤ Fiscal Terms

Z ŚĂƐ ĂƐƐƵŵĞĚ ĨŝƐĐĂů ƚĞƌŵƐ ĨŽƌ ƚŚĞ EĞƚŚĞƌůĂŶĚƐ ĂŶĚ ƚŚĞ h< ĂƐ ƉƵďůŝĐůLJ ŝƐƐƵĞĚ ďLJ ƌĞůĞǀĂŶƚ ĂƵƚŚŽƌŝƚŝĞƐ ĂƐ Ăƚ ƚŚĞ ĞĨĨĞĐƚŝǀĞ ĚĂƚĞ ŽĨ ƚŚŝƐ ƌĞƉŽƌƚ͘ &Žƌ ƐŽŵĞEĞƚŚĞƌůĂŶĚ ĂƐƐĞƚƐ͕ǁŚĞƌĞ ĂƉƉůŝĐĂďůĞ͕ ZŽLJĂůƚLJǁĂƐĚĞĚƵĐƚĞĚĨƌŽŵƚŚĞZĞǀĞŶƵĞƐƚƌĞĂŵ͘ dŚĞĨŽůůŽǁŝŶŐƌĂƚĞƐǁĞƌĞĂƉƉůŝĞĚ͗

x &ŽƌΘ ůŽĐŬƐ͗ZŽLJĂůƚLJŽǀĞƌĂŐĞZĂƚĞŽĨϭϬϬйĂŶĚZŽLJĂůƚLJZĂƚĞŽĨϱй
x &ŽƌWϭϱͬWϭϴZŝũŶKŝů͗ZŽLJĂůƚLJŽǀĞƌĂŐĞZĂƚĞŽĨϭϲ͘ϳϳйĂŶĚZŽLJĂůƚLJZĂƚĞŽĨϮϬй͘

:ƵŶĞϮϬϭϵ ϭϭϵ

20. Calculation of Reserves

ZĞƐĞƌǀĞƐŚĂǀĞďĞĞŶĞƐƚŝŵĂƚĞĚƵƐŝŶŐƚŚĞdZZĨŽƌĞĐĂƐƚƐŽĨƉƌŽĚƵĐƚŝŽŶĂŶĚĐŽƐƚƐƉƌĞƐĞŶƚĞĚ ŝŶ ƉƉĞŶĚŝdž ϯ͕ƚƌƵŶĐĂƚĞĚƚŽƚŚĞĞĐŽŶŽŵŝĐůŝŵŝƚ͘ZŚĂƐĞƐƚŝŵĂƚĞĚZĞƐĞƌǀĞƐĂƚƚŚĞϭW͕ϮWĂŶĚ ϯW ůĞǀĞůƐŽĨƵŶĐĞƌƚĂŝŶƚLJ͘ dŚĞZĞƐĞƌǀĞƐƌĞƐƵůƚƐĂƌĞƐƵŵŵĂƌŝƐĞĚ ŝŶdĂďůĞϮϬ͘ϯ͘

dŚĞLJĞĂƌƚŚĂƚĞĐŽŶŽŵŝĐůŝŵŝƚƐĂƌĞƌĞĂĐŚĞĚĨŽƌEĞƚŚĞƌůĂŶĚƐĂƐƐĞƚƐŝƐƉƌĞƐĞŶƚĞĚ ŝŶdĂďůĞϮϬ͘ϭ͘

dĂďůĞϮϬ͘ϭ͗>dĨŽƌEĞƚŚĞƌůĂŶĚƐƐƐĞƚƐ

		ELT Year
Asset	1P	2P	3P
A&B Blocks	2027	2028	2030
Bergen	2026	2029	2030
Hanze Oil	2031	2039	2039
K4K5	2036	2036	2040
P15 P18 Rijn Oil	2021	2021	2022
Total PQ Exlcuding Q1B	2021	2021	2022

dŚĞLJĞĂƌƚŚĂƚĞĐŽŶŽŵŝĐůŝŵŝƚƐĂƌĞƌĞĂĐŚĞĚĨŽƌh< ĂƐƐĞƚƐŝƐƉƌĞƐĞŶƚĞĚ ŝŶdĂďůĞϮϬ͘Ϯ͘

dĂďůĞϮϬ͘Ϯ͗>dĨŽƌh<ƐƐĞƚƐ

		ELT Year
Asset	1P	2P	3P
ƌƌĂŶ	2025	2028	2033
ĂůŵŽƌĂů	2019	2019	2019
ĞĂƵůLJ	2019	2019	2020
ƵƌŐŚůĞLJ	2019	2019	2019
^ƚŝƌůŝŶŐ	2019	2019	2019
ůĂŬĞ	2029	2029	2029
ZŽƐƐ	ϮϬϮϬ	ϮϬϮϱ	ϮϬϮϵ
EĞůƐŽŶ	ϮϬϮϱ	ϮϬϮϳ	ϮϬϮϵ
,ŽǁĞ	ϮϬϮϭ	ϮϬϮϮ	ϮϬϮϯ
'ƌŽǀĞ	ϮϬϮϮ	ϮϬϮϮ	ϮϬϮϰ
dŽƌƐ	ϮϬϮϲ	ϮϬϮϲ	ϮϬϮϲ
&ŽŝŶĂǀĞŶDĂŝŶ	ϮϬϮϱ	ϮϬϮϱ	ϮϬϮϱ
ĂƐƚ&ŽŝŶĂǀĞŶ	ϮϬϮϱ	ϮϬϮϱ	ϮϬϮϱ
dϮϱ &ŽŝŶĂǀĞŶ	ϮϬϮϱ	ϮϬϮϱ	ϮϬϮϱ
dϯϱ &ŽŝŶĂǀĞŶ	ϮϬϮϱ	ϮϬϮϱ	ϮϬϮϱ
ĂƐƚƌĂĞ	ϮϬϮϬ	ϮϬϮϬ	ϮϬϮϬ
ƌĂĞŵĂƌ	ϮϬϮϭ	ϮϬϮϭ	ϮϬϮϭ
ƌĂĞůƉŚĂWůĂƚĨŽƌŵ&ŝĞůĚƐ	ϮϬϮϲ	ϮϬϯϬ	ϮϬϯϬ

:ƵŶĞϮϬϭϵ ϭϮϬ

dĂďůĞϮϬ͘ϯ͗'ƌŽƐƐĂŶĚEĞƚ&ŝĞůĚKŝůĂŶĚ'ĂƐZĞƐĞƌǀĞƐĨŽƌƚŚĞĚĞƐŝŐŶĂƚĞĚZŽĐŬZŽƐĞĂƐƐĞƚƐ

				'ƌŽƐƐ&ŝĞůĚKŝůĂŶĚ'ĂƐZĞƐĞƌǀĞƐ							EĞƚZŽĐŬZŽƐĞKŝůĂŶĚ'ĂƐZĞƐĞƌǀĞƐ					dŽƚĂů&ŝĞůĚEĞƚZĞƐĞƌǀĞƐ
				ĂƐĂƚϯϭͬϬϯͬϮϬϭϵ				ZŽĐŬZŽƐĞ			ĂƐĂƚϯϭͬϬϯͬϮϬϭϵ					ĂƐĂƚϯϭͬϬϯͬϮϬϭϵ
ŽƵŶƚƌLJ	ƐƐĞƚͬ&ŝĞůĚ	ϭW		ϮW		ϯW		tŽƌŬŝŶŐ		ϭW	ϮW			ϯW	ϭW	ϮW	ϯW
		;DDƐƚďͿ >ŝƋƵŝĚƐ	;ƐĐĨͿ 'ĂƐ	;DDƐƚďͿ >ŝƋƵŝĚƐ	;ƐĐĨͿ 'ĂƐ	;DDƐƚďͿ >ŝƋƵŝĚƐ	;ƐĐĨͿ 'ĂƐ	/ŶƚĞƌĞƐƚ ;йͿ	;DDƐƚďͿ >ŝƋƵŝĚƐ	;ƐĐĨͿ 'ĂƐ	;DDƐƚďͿ >ŝƋƵŝĚƐ	;ƐĐĨͿ 'ĂƐ	;DDƐƚďͿ >ŝƋƵŝĚƐ	;ƐĐĨͿ 'ĂƐ		;DDďŽĞͿ ;DDďŽĞͿ ;DDďŽĞͿ
	'ƌŽǀĞ	Ͳ	ϳ͘ϲ	Ͳ	ϵ͘Ϯ	Ͳ	ϭϯ͘ϳ	ϳ͘ϱ	Ͳ	Ϭ͘ϲ	Ͳ	Ϭ͘ϳ	Ͳ	ϭ͘Ϭ	Ϭ͘ϭ	Ϭ͘ϭ	Ϭ͘Ϯ
	dŽƌƐ	Ͳ	ϭϳ͘ϵ	Ͳ	Ϯϰ͘ϰ	Ͳ	ϯϭ͘Ϭ	ϭϱ͘Ϭ	Ͳ	Ϯ͘ϳ	Ͳ	ϯ͘ϳ	Ͳ	ϰ͘ϲ	Ϭ͘ϱ	Ϭ͘ϲ	Ϭ͘ϴ
	EĞůƐŽŶ	ϭϮ͘Ϯ	Ͳ	ϭϳ͘ϰ	Ͳ	ϮϮ͘Ϯ	Ͳ	ϳ͘ϱ	Ϭ͘ϵ	Ͳ	ϭ͘ϯ	Ͳ	ϭ͘ϳ	Ͳ	Ϭ͘ϵ	ϭ͘ϯ	ϭ͘ϳ
	,ŽǁĞ	Ϭ͘ϲ	Ϯ͘Ϭ	ϭ͘ϲ	ϱ͘ϯ	Ϯ͘ϵ	ϴ͘ϯ	ϮϬ͘Ϭ	Ϭ͘ϭ	Ϭ͘ϰ	Ϭ͘ϯ	ϭ͘ϭ	Ϭ͘ϲ	ϭ͘ϳ	Ϭ͘Ϯ	Ϭ͘ϱ	Ϭ͘ϵ
	ĂůŵŽƌĂů	Ϭ͘Ϭϱ	Ͳ	Ϭ͘Ϭϲ	Ͳ	Ϭ͘Ϭϳ	Ͳ	ϳ͘ϱ	Ϭ͘ϬϬϰ	Ͳ	Ϭ͘ϬϬϰ	Ͳ	Ϭ͘ϬϬϱ	Ͳ	Ϭ͘ϬϬϰ	Ϭ͘ϬϬϰ	Ϭ͘ϬϬϱ
	^ƚŝƌůŝŶŐ	Ϭ͘Ϭϲ	Ͳ	Ϭ͘Ϭϲ	Ͳ	Ϭ͘Ϭϳ	Ͳ	ϭϲ͘Ϭ	Ϭ͘ϬϬϵ	Ͳ	Ϭ͘ϬϭϬ	Ͳ	Ϭ͘Ϭϭϭ	Ͳ	Ϭ͘ϬϬϵ	Ϭ͘ϬϭϬ	Ϭ͘Ϭϭϭ
	ĞĂƵůLJ	Ϭ͘ϭϯ	Ͳ	Ϭ͘ϭϰ	Ͳ	Ϭ͘ϯϭ	Ͳ	ϰϬ͘Ϭ	Ϭ͘Ϭϱ	Ͳ	Ϭ͘Ϭϱ	Ͳ	Ϭ͘ϭϮ	Ͳ	Ϭ͘Ϭϱ	Ϭ͘Ϭϱ	Ϭ͘ϭϮ
h<	ƵƌŐŚůĞLJ	Ϭ͘Ϯϱ	Ͳ	Ϭ͘Ϯϲ	Ͳ	Ϭ͘Ϯϳ	Ͳ	ϰϭ͘ϭ	Ϭ͘ϭϬ	Ͳ	Ϭ͘ϭϭ	Ͳ	Ϭ͘ϭϭ	Ͳ	Ϭ͘ϭϬ	Ϭ͘ϭϭ	Ϭ͘ϭϭ
	ůĂŬĞ	Ϯϰ͘ϳ	Ͳ	ϯϰ͘Ϭ	Ͳ	ϰϲ͘ϯ	Ͳ	ϯϬ͘ϴ	ϳ͘ϲ	Ͳ	ϭϬ͘ϱ	Ͳ	ϭϰ͘ϯ	Ͳ	ϳ͘ϲ	ϭϬ͘ϱ	ϭϰ͘ϯ
	ZŽƐƐ	Ϭ͘ϭ	Ͳ	Ϭ͘ϲ	Ͳ	ϭ͘ϭ	Ͳ	ϯϬ͘ϴ	Ϭ͘Ϭϰ	Ͳ	Ϭ͘Ϯ	Ͳ	Ϭ͘ϯ	Ͳ	Ϭ͘Ϭ	Ϭ͘Ϯ	Ϭ͘ϯ
	ƌƌĂŶ	ϰ͘ϳ	ϲϭ͘ϳ	ϵ͘ϯ	ϭϮϳ͘ϳ	ϭϳ͘ϭ	Ϯϯϱ͘ϳ	ϯϬ͘ϰ	ϭ͘ϰ	ϭϴ͘ϴ	Ϯ͘ϴ	ϯϴ͘ϵ	ϱ͘Ϯ	ϳϭ͘ϳ	ϱ͘ϭ	ϵ͘ϱ	ϭϳ͘ϲ
	&ŽŝŶĂǀĞŶ	Ϯϲ͘Ϭ	ϯ͘ϯ	Ϯϵ͘ϳ	ϯ͘ϱ	ϯϯ͘ϴ	ϯ͘ϳ	Ϯϴ͘Ϭ	ϳ͘ϯ	Ϭ͘ϵ	ϴ͘ϯ	ϭ͘Ϭ	ϵ͘ϱ	ϭ͘Ϭ	ϳ͘ϰ	ϴ͘ϱ	ϵ͘ϲ
	ĂƐƚ&ŽŝŶĂǀĞŶ	Ϯ͘Ϯ	Ͳ	Ϯ͘ϳ	Ͳ	ϯ͘ϭ	Ͳ	ϰϳ͘Ϭ	ϭ͘Ϭ	Ͳ	ϭ͘ϯ	Ͳ	ϭ͘ϱ	Ͳ	ϭ͘Ϭ	ϭ͘ϯ	ϭ͘ϱ
	dϮϱ&ŽŝŶĂǀĞŶ	ϭ͘ϱ	Ͳ	ϭ͘ϳ	Ͳ	Ϯ͘Ϭ	Ͳ	ϮϬ͘Ϭ	Ϭ͘ϯ	Ͳ	Ϭ͘ϯ	Ͳ	Ϭ͘ϰ	Ͳ	Ϭ͘ϯ	Ϭ͘ϯ	Ϭ͘ϰ
	dϯϱ&ŽŝŶĂǀĞŶ	ϭ͘Ϭ	Ͳ	ϭ͘Ϯ	Ͳ	ϭ͘ϯ	Ͳ	ϮϬ͘Ϭ	Ϭ͘Ϯ	Ͳ	Ϭ͘Ϯ	Ͳ	Ϭ͘ϯ	Ͳ	Ϭ͘Ϯ	Ϭ͘Ϯ	Ϭ͘ϯ
	ƌĂĞŽŵƉůĞdž	ϮϬ͘ϰ	Ϯϭ͘ϰ	ϰϬ͘Ϭ	Ϯϰ͘ϰ	ϰϵ͘Ϭ	Ϯϳ͘ϯ	Ϯϳ͘ϴͲϰϮ͘ϰ	ϵ͘Ϯ	ϲ͘ϳ	ϭϲ͘ϴ	ϳ͘ϴ	ϮϬ͘ϲ	ϴ͘ϴ	ϭϬ͘ϰ	ϭϴ͘ϭ	ϮϮ͘ϭ
	ΘůŽĐŬƐ	Ͳ	ϭϱϱ͘Ϯ	Ͳ	ϮϬϲ͘ϵ	Ͳ	Ϯϲϵ͘ϴ	ϭϰ͘ϲϯ	Ͳ	Ϯϭ͘ϲ	Ͳ	Ϯϵ͘ϲ	Ͳ	ϯϳ͘ϱ	ϯ͘ϴ	ϱ͘ϭ	ϲ͘ϱ
	ĞƌŐĞŶ	Ϭ͘ϬϬϮ	ϳ͘ϵ	Ϭ͘ϬϬϰ	ϭϰ͘ϲ	Ϭ͘ϬϬϱ	ϭϵ͘ϱ	ϭϮ͘Ϭ	Ϭ͘ϬϬϬϯ	Ϭ͘ϵ	Ϭ͘ϬϬϬϱ	ϭ͘ϴ	Ϭ͘ϬϬϬϱ	Ϯ͘ϯ	Ϭ͘Ϯ	Ϭ͘ϯ	Ϭ͘ϰ
EĞƚŚĞƌůĂŶĚƐ	,ĂŶnjĞKŝů	ϲ͘ϵ	Ͳ	ϭϭ͘ϰ	Ͳ	ϭϯ͘ϯ	Ͳ	ϮϬ͘Ϭ	ϭ͘ϰ	Ͳ	Ϯ͘ϯ	Ͳ	Ϯ͘ϳ	Ͳ	ϭ͘ϰ	Ϯ͘ϯ	Ϯ͘ϳ
	<ϰ<ϱ	ϲ͘ϰ	Ϯϯϴ͘ϭ	ϳ͘Ϭ	ϮϲϬ͘ϳ	ϳ͘ϵ	Ϯϵϱ͘ϱ	ϲ͘ϵϴͲϭϭ͘ϲϲ	Ϭ͘ϰ	ϭϲ͘ϳ	Ϭ͘ϱ	ϭϴ͘ϯ	Ϭ͘ϲ	ϮϬ͘ϳ	ϯ͘Ϭ	ϯ͘Ϯ	ϯ͘ϳ
	WϭϱͬWϭϴZŝũŶKŝů	Ϭ͘ϱ	Ͳ	Ϭ͘ϲ	Ͳ	Ϭ͘ϵ	Ͳ	ϰϱ͘ϳ	Ϭ͘Ϯ	Ͳ	Ϭ͘ϯ	Ͳ	Ϭ͘ϰ	Ͳ	Ϭ͘Ϯ	Ϭ͘ϯ	Ϭ͘ϰ
	WY;ĞdžĐů͘YϭͿ	Ϭ͘Ϯ	ϵ͘Ϯ	Ϭ͘ϯ	ϭϭ͘ϴ	Ϭ͘ϰ	ϭϲ͘ϱ	ϱ͘ϲϮͲϯϬ͘ϲϬ	Ϭ͘Ϭ	ϭ͘ϲ	Ϭ͘ϭ	Ϯ͘Ϭ	Ϭ͘ϭ	Ϯ͘ϴ	Ϭ͘ϯ	Ϭ͘ϯ	Ϭ͘ϱ
h<^ƵďͲdŽƚĂů		ϵϯ͘ϵ	ϭϭϰ͘Ϭ	ϭϯϴ͘ϳ	ϭϵϰ͘ϱ	ϭϳϵ͘ϲ	ϯϭϵ͘ϳ		Ϯϴ͘ϯ	ϯϬ͘ϭ	ϰϮ͘Ϯ	ϱϯ͘Ϭ	ϱϰ͘ϱ	ϴϴ͘ϵ	ϯϯ͘ϵ	ϱϭ͘ϰ	ϲϵ͘ϴ
EĞƚŚĞƌůĂŶĚƐ^ƵďͲdŽƚĂů		ϭϰ͘Ϭ	ϰϭϬ͘ϱ	ϭϵ͘ϯ	ϰϵϰ͘ϭ	ϮϮ͘ϲ	ϲϬϭ͘ϯ		Ϯ͘ϭ	ϰϬ͘ϴ	ϯ͘ϭ	ϱϭ͘ϲ	ϯ͘ϳ	ϲϯ͘ϰ	ϴ͘ϳ	ϭϭ͘ϲ	ϭϰ͘ϭ
dŽƚĂů		ϭϬϳ͘ϵ	ϱϮϰ͘ϰ	ϭϱϴ͘Ϭ	ϲϴϴ͘ϲ	ϮϬϮ͘Ϯ	ϵϮϭ͘Ϭ		ϯϬ͘ϰ	ϳϬ͘ϵ	ϰϱ͘ϯ	ϭϬϰ͘ϳ	ϱϴ͘Ϯ	ϭϱϮ͘ϯ	ϰϮ͘ϲ	ϲϮ͘ϵ	ϴϯ͘ϵ

21. Certificate of Qualification

dŚŝƐƐĞĐƚŝŽŶĐŽŶƚĂŝŶƐƚŚĞĞƌƚŝĨŝĐĂƚĞƐŽĨYƵĂůŝĨŝĐĂƚŝŽŶĨŽƌ͗

ϭ͘ WĂƵůŚĞƌŶŝŬ͕WƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚƚŚĞƐƐŽĐŝĂƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌƐ ĂŶĚ'ĞŽƐĐŝĞŶƚŝƐƚƐŽĨůďĞƌƚĂ ;W'Ϳ͕DĞŵďĞƌŽĨƚŚĞ^ŽĐŝĞƚLJŽĨWĞƚƌŽůĞƵŵǀĂůƵĂƚŝŽŶŶŐŝŶĞĞƌƐ ;^WͿ

ĞƌƚŝĨŝĐĂƚĞ ŽĨ YƵĂůŝĨŝĐĂƚŝŽŶ

/͕WĂƵů ^ƚĞƉŚĞŶŚĞƌŶŝŬ͕WƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌ͕ŝŶƚŚĞWƌŽǀŝŶĐĞŽĨůďĞƌƚĂ͕ĂŶĂĚĂ ,ZzZd/&z͗

dŚĂƚ/ĂŵĂƌĞŐŝƐƚĞƌĞĚWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌŝŶƚŚĞWƌŽǀŝŶĐĞŽĨůďĞƌƚĂ͕ĂŶĂĚĂ͕ĂŶĚƉƌĂĐƚŝĐĞŝŶƚŚĞ ĚŝƐƚƌŝĐƚŽĨƌŽLJĚŽŶ͕>ŽŶĚŽŶ͕hŶŝƚĞĚ <ŝŶŐĚŽŵ͘

ϭ͘ dŚĂƚ/ĂŵĂŶĞŵƉůŽLJĞĞŽĨZƋƵŝƉŽŝƐĞ>ŝŵŝƚĞĚ͕ǁŚŝĐŚĐŽŵƉĂŶLJĚŝĚƉƌĞƉĂƌĞĂ ĚĞƚĂŝůĞĚ ĂŶĂůLJƐŝƐŽĨƚŚĞŝŶƚĞƌŶĂƚŝŽŶĂůŽŝů ĂŶĚŐĂƐƉƌŽƉĞƌƚŝĞƐŽĨZŽĐŬZŽƐĞŶĞƌŐLJƉůĐ͘ dŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞ ŽĨƚŚŝƐĞǀĂůƵĂƚŝŽŶŝƐDĂƌĐŚ ϯϭ͕ϮϬϭϵ͘
Ϯ͘ dŚĂƚ/ĚŽŶŽƚŚĂǀĞ͕ŶŽƌĚŽ/ĞdžƉĞĐƚƚŽƌĞĐĞŝǀĞĂŶLJĚŝƌĞĐƚŽƌŝŶĚŝƌĞĐƚŝŶƚĞƌĞƐƚŝŶƚŚĞƐĞĐƵƌŝƚŝĞƐ ŽĨZŽĐŬZŽƐĞŶĞƌŐLJƉůĐŽƌŝƚƐĂĨĨŝůŝĂƚĞĚĐŽŵƉĂŶŝĞƐ͘
ϯ͘ dŚĂƚ/ĂƚƚĞŶĚĞĚƚŚĞhŶŝǀĞƌƐŝƚLJŽĨĂůŐĂƌLJĂŶĚƚŚĂƚ/ŐƌĂĚƵĂƚĞĚ ǁŝƚŚ Ă ĂĐŚĞůŽƌŽĨ^ĐŝĞŶĐĞ ĞŐƌĞĞŝŶŚĞŵŝĐĂůŶŐŝŶĞĞƌŝŶŐŝŶϮϬϬϯ͖ƚŚĂƚ/ĂƚƚĞŶĚĞĚƚŚĞhŶŝǀĞƌƐŝƚLJŽĨůďĞƌƚĂ ĂŶĚ ŐƌĂĚƵĂƚĞĚ ǁŝƚŚ ĂDĂƐƚĞƌ͛ƐŽĨ^ĐŝĞŶĐĞĞŐƌĞĞŝŶŚĞŵŝĐĂůŶŐŝŶĞĞƌŝŶŐŝŶϮϬϬϱ͖ƚŚĂƚ/ĂŵĂ ZĞŐŝƐƚĞƌĞĚWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌŝŶƚŚĞWƌŽǀŝŶĐĞŽĨůďĞƌƚĂ͕ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚƚŚĞƐƐŽĐŝĂƚŝŽŶ ŽĨWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌƐĂŶĚ'ĞŽƐĐŝĞŶƚŝƐƚƐŽĨůďĞƌƚĂ ;W'Ϳ͖ƚŚĂƚ/ĂŵĂƌĞŐŝƐƚĞƌĞĚ DĞŵďĞƌŽĨƚŚĞ^ŽĐŝĞƚLJŽĨWĞƚƌŽůĞƵŵǀĂůƵĂƚŝŽŶŶŐŝŶĞĞƌƐ;^WͿ͖ĂŶĚ͕ƚŚĂƚ/ŚĂǀĞŝŶĞdžĐĞƐƐ ŽĨϭϱLJĞĂƌƐ͛ĞdžƉĞƌŝĞŶĐĞŝŶĞŶŐŝŶĞĞƌŝŶŐƐƚƵĚŝĞƐƌĞůĂƚŝŶŐƚŽ/ŶƚĞƌŶĂƚŝŽŶĂůŽŝů ĂŶĚŐĂƐĨŝĞůĚƐ͘
ϰ͘ dŚĂƚĂƉĞƌƐŽŶĂůĨŝĞůĚ ŝŶƐƉĞĐƚŝŽŶŽĨƚŚĞƉƌŽƉĞƌƚŝĞƐǁĂƐŶŽƚŵĂĚĞ͖ŚŽǁĞǀĞƌ͕ƐƵĐŚ ĂŶ ŝŶƐƉĞĐƚŝŽŶǁĂƐŶŽƚĐŽŶƐŝĚĞƌĞĚŶĞĐĞƐƐĂƌLJŝŶǀŝĞǁŽĨƚŚĞŝŶĨŽƌŵĂƚŝŽŶĂǀĂŝůĂďůĞĨƌŽŵƉƵďůŝĐ ŝŶĨŽƌŵĂƚŝŽŶĂŶĚƌĞĐŽƌĚƐĂŶĚƚŚĞĨŝůĞƐŽĨZŽĐŬZŽƐĞŶĞƌŐLJƉůĐ͘

WĂƵů ^͘ŚĞƌŶŝŬ͕W͘ŶŐ

W'DĞŵďĞƌƐŚŝƉEƵŵďĞƌ͗ηϲϲϵϯϴ

^WDĞŵďĞƌƐŚŝƉEƵŵďĞƌ͗ηϳϳϲ

:ƵŶĞϮϬϭϵ ϭϮϯ

22. Appendix 1: Summary of the PRMS

dŚŝƐƌĞƉŽƌƚƌĞĨĞƌĞŶĐĞƐƚŚĞ^WͬtWͬW'ͬ^Wͬ^'ͬ^Wt>ͬ'WĞƚƌŽůĞƵŵZĞƐĞƌǀĞƐĂŶĚ ZĞƐŽƵƌĐĞƐůĂƐƐŝĨŝĐĂƚŝŽŶ^LJƐƚĞŵĂŶĚĞĨŝŶŝƚŝŽŶƐ͕ĂƐƌĞǀŝƐĞĚ ŝŶ:ƵŶĞϮϬϭϴ;WZD^Ϳ͘dŚĞĨƵůůƚĞdžƚŽĨƚŚĞ WZD^ ĚŽĐƵŵĞŶƚĐĂŶďĞǀŝĞǁĞĚ Ăƚ͗

ŚƚƚƉƐ͗ͬͬƐĞĐƵƌĞ͘ƐƉĞĞ͘ŽƌŐͬƐŝƚĞƐͬƐƉĞĞ͘ŽƌŐͬĨŝůĞƐͬƉƌŵŐŵƚƐLJƐƚĞŵͺĨŝŶĂůͺϮϬϭϴ͘ƉĚĨ͘

ĞĨŝŶŝƚŝŽŶƐŽĨƚŚĞŬĞLJWZD^ZĞƐĞƌǀĞƐĂŶĚZĞƐŽƵƌĐĞĐůĂƐƐĞƐ͕ĐĂƚĞŐŽƌŝĞƐĂŶĚ ĂŐůŽƐƐĂƌLJŽĨƌĞůĂƚĞĚ ƚĞƌŵƐĐĂŶďĞĨŽƵŶĚ ĂƚƚŚĞĂďŽǀĞĂĚĚƌĞƐƐ͘

&ŝŐƵƌĞ͗WZD^ZĞƐŽƵƌĐĞƐĐůĂƐƐŝĨŝĐĂƚŝŽŶĨƌĂŵĞǁŽƌŬ

;DŽĚŝĨŝĞĚĨƌŽŵWĞƚƌŽůĞƵŵZĞƐŽƵƌĐĞƐDĂŶĂŐĞŵĞŶƚ^LJƐƚĞŵ;WZD^ͿZĞǀŝƐĞĚ:ƵŶĞϮϬϭϴ͕ƉĂŐĞϴ͕&ŝŐƵƌĞϭ͘ϭͿ

:ƵŶĞϮϬϭϵ ϭϮϰ

Figure B: PRMS Resources sub-classes

(Modified from Petroleum Resources Management System (PRMS) Revised June 2018, page 8, Figure 2.1)

June 2019 125 T-125

dĂďůĞ ϭ͗ WZD^ ZĞĐŽǀĞƌĂďůĞ ZĞƐŽƵƌĐĞƐ ůĂƐƐĞƐ ĂŶĚ ^ƵďͲůĂƐƐĞƐ

ůĂƐƐĞƐͬ^ƵďͲ ĐůĂƐƐĞƐ	ĞĨŝŶŝƚŝŽŶ	'ƵŝĚĞůŝŶĞƐ
ZĞƐĞƌǀĞƐ	ZĞƐĞƌǀĞƐĂƌĞƚŚŽƐĞƋƵĂŶƚŝƚŝĞƐ ŽĨƉĞƚƌŽůĞƵŵĂŶƚŝĐŝƉĂƚĞĚƚŽ ďĞ ĐŽŵŵĞƌĐŝĂůůLJƌĞĐŽǀĞƌĂďůĞ ďLJ ĂƉƉůŝĐĂƚŝŽŶŽĨ ĚĞǀĞůŽƉŵĞŶƚ ƉƌŽũĞĐƚƐƚŽ ŬŶŽǁŶĂĐĐƵŵƵůĂƚŝŽŶƐĨƌŽŵĂ ŐŝǀĞŶĚĂƚĞĨŽƌǁĂƌĚƵŶĚĞƌ ĚĞĨŝŶĞĚ ĐŽŶĚŝƚŝŽŶƐ͘	ZĞƐĞƌǀĞƐŵƵƐƚƐĂƚŝƐĨLJĨŽƵƌĐƌŝƚĞƌŝĂ͗ ĚŝƐĐŽǀĞƌĞĚ͕ ƌĞĐŽǀĞƌĂďůĞ͕ĐŽŵŵĞƌĐŝĂů͕ ĂŶĚƌĞŵĂŝŶŝŶŐ ďĂƐĞĚŽŶƚŚĞĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚ;ƐͿ ĂƉƉůŝĞĚ͘ ZĞƐĞƌǀĞƐĂƌĞ ĨƵƌƚŚĞƌĐĂƚĞŐŽƌŝnjĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĞǀĞůŽĨĐĞƌƚĂŝŶƚLJ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞĞƐƚŝŵĂƚĞƐĂŶĚŵĂLJďĞ ƐƵďͲĐůĂƐƐŝĨŝĞĚ ďĂƐĞĚŽŶƉƌŽũĞĐƚŵĂƚƵƌŝƚLJ ĂŶĚͬŽƌ ĐŚĂƌĂĐƚĞƌŝnjĞĚ ďLJƚŚĞĚĞǀĞůŽƉŵĞŶƚ ĂŶĚƉƌŽĚƵĐƚŝŽŶƐƚĂƚƵƐ͘
		dŽďĞŝŶĐůƵĚĞĚ ŝŶƚŚĞZĞƐĞƌǀĞƐĐůĂƐƐ͕ ĂƉƌŽũĞĐƚ ŵƵƐƚďĞƐƵĨĨŝĐŝĞŶƚůLJĚĞĨŝŶĞĚ ƚŽĞƐƚĂďůŝƐŚ ŝƚƐ ĐŽŵŵĞƌĐŝĂů ǀŝĂďŝůŝƚLJ;ƐĞĞ^ĞĐƚŝŽŶϮ͘ϭ͘Ϯ͕ ĞƚĞƌŵŝŶĂƚŝŽŶŽĨ ŽŵŵĞƌĐŝĂůŝƚLJͿ͘ dŚŝƐ ŝŶĐůƵĚĞƐƚŚĞƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞƌĞŝƐ ĞǀŝĚĞŶĐĞŽĨ Ĩŝƌŵ ŝŶƚĞŶƚŝŽŶƚŽƉƌŽĐĞĞĚ ǁŝƚŚ ĚĞǀĞůŽƉŵĞŶƚǁŝƚŚŝŶĂƌĞĂƐŽŶĂďůĞƚŝŵĞͲĨƌĂŵĞ͘
		ƌĞĂƐŽŶĂďůĞƚŝŵĞͲĨƌĂŵĞ ĨŽƌƚŚĞŝŶŝƚŝĂƚŝŽŶŽĨ ĚĞǀĞůŽƉŵĞŶƚĚĞƉĞŶĚƐŽŶƚŚĞ ƐƉĞĐŝĨŝĐ ĐŝƌĐƵŵƐƚĂŶĐĞƐĂŶĚ ǀĂƌŝĞƐĂĐĐŽƌĚŝŶŐƚŽƚŚĞ ƐĐŽƉĞŽĨƚŚĞƉƌŽũĞĐƚ͘ tŚŝůĞĨŝǀĞLJĞĂƌƐŝƐ ƌĞĐŽŵŵĞŶĚĞĚ ĂƐĂ ďĞŶĐŚŵĂƌŬ͕ Ă ůŽŶŐĞƌ ƚŝŵĞͲĨƌĂŵĞ ĐŽƵůĚ ďĞĂƉƉůŝĞĚ ǁŚĞƌĞ͕ ĨŽƌ ĞdžĂŵƉůĞ͕ ĚĞǀĞůŽƉŵĞŶƚŽĨ ĂŶĞĐŽŶŽŵŝĐ ƉƌŽũĞĐƚ ŝƐĚĞĨĞƌƌĞĚ ĂƚƚŚĞŽƉƚŝŽŶŽĨƚŚĞ ƉƌŽĚƵĐĞƌĨŽƌ͕ ĂŵŽŶŐŽƚŚĞƌƚŚŝŶŐƐ͕ŵĂƌŬĞƚͲ ƌĞůĂƚĞĚƌĞĂƐŽŶƐŽƌƚŽŵĞĞƚĐŽŶƚƌĂĐƚƵĂůŽƌ ƐƚƌĂƚĞŐŝĐŽďũĞĐƚŝǀĞƐ͘ /ŶĂůůĐĂƐĞƐ͕ ƚŚĞ ũƵƐƚŝĨŝĐĂƚŝŽŶĨŽƌĐůĂƐƐŝĨŝĐĂƚŝŽŶĂƐZĞƐĞƌǀĞƐ ƐŚŽƵůĚ ďĞĐůĞĂƌůLJ ĚŽĐƵŵĞŶƚĞĚ͘
		dŽďĞŝŶĐůƵĚĞĚ ŝŶƚŚĞZĞƐĞƌǀĞƐĐůĂƐƐ͕ƚŚĞƌĞ ŵƵƐƚďĞĂ ŚŝŐŚĐŽŶĨŝĚĞŶĐĞŝŶ ƚŚĞ ĐŽŵŵĞƌĐŝĂůŵĂƚƵƌŝƚLJĂŶĚĞĐŽŶŽŵŝĐ ƉƌŽĚƵĐŝďŝůŝƚLJŽĨƚŚĞƌĞƐĞƌǀŽŝƌĂƐ ƐƵƉƉŽƌƚĞĚ ďLJĂĐƚƵĂůƉƌŽĚƵĐƚŝŽŶŽƌĨŽƌŵĂƚŝŽŶƚĞƐƚƐ͘ /Ŷ ĐĞƌƚĂŝŶĐĂƐĞƐ͕ ZĞƐĞƌǀĞƐŵĂLJďĞĂƐƐŝŐŶĞĚŽŶ ƚŚĞďĂƐŝƐŽĨ ǁĞůů ůŽŐƐĂŶĚͬŽƌĐŽƌĞĂŶĂůLJƐŝƐ ƚŚĂƚŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞƐƵďũĞĐƚƌĞƐĞƌǀŽŝƌŝƐ ŚLJĚƌŽĐĂƌďŽŶͲďĞĂƌŝŶŐĂŶĚ ŝƐ ĂŶĂůŽŐŽƵƐƚŽ ƌĞƐĞƌǀŽŝƌƐŝŶƚŚĞƐĂŵĞĂƌĞĂƚŚĂƚĂƌĞ ƉƌŽĚƵĐŝŶŐŽƌŚĂǀĞ ĚĞŵŽŶƐƚƌĂƚĞĚƚŚĞĂďŝůŝƚLJ ƚŽƉƌŽĚƵĐĞŽŶĨŽƌŵĂƚŝŽŶƚĞƐƚƐ͘
KŶ WƌŽĚƵĐƚŝŽŶ	dŚĞĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚŝƐ ĐƵƌƌĞŶƚůLJƉƌŽĚƵĐŝŶŐŽƌ ĐĂƉĂďůĞ ŽĨƉƌŽĚƵĐŝŶŐĂŶĚ ƐĞůůŝŶŐ ƉĞƚƌŽůĞƵŵƚŽŵĂƌŬĞƚ͘	dŚĞŬĞLJĐƌŝƚĞƌŝŽŶŝƐƚŚĂƚƚŚĞƉƌŽũĞĐƚŝƐ ƌĞĐĞŝǀŝŶŐŝŶĐŽŵĞĨƌŽŵƐĂůĞƐ͕ƌĂƚŚĞƌ ƚŚĂŶ ƚŚĂƚƚŚĞĂƉƉƌŽǀĞĚ ĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚŝƐ ŶĞĐĞƐƐĂƌŝůLJĐŽŵƉůĞƚĞ͘ /ŶĐůƵĚĞƐĞǀĞůŽƉĞĚ WƌŽĚƵĐŝŶŐZĞƐĞƌǀĞƐ͘
		dŚĞƉƌŽũĞĐƚĚĞĐŝƐŝŽŶŐĂƚĞŝƐƚŚĞĚĞĐŝƐŝŽŶƚŽ ŝŶŝƚŝĂƚĞŽƌĐŽŶƚŝŶƵĞĞĐŽŶŽŵŝĐ ƉƌŽĚƵĐƚŝŽŶ ĨƌŽŵƚŚĞƉƌŽũĞĐƚ͘

:ƵŶĞϮϬϭϵ ϭϮϲ T-126

ůĂƐƐĞƐͬ^ƵďͲ ĐůĂƐƐĞƐ	ĞĨŝŶŝƚŝŽŶ	'ƵŝĚĞůŝŶĞƐ
ƉƉƌŽǀĞĚĨŽƌ ĞǀĞůŽƉŵĞŶƚ	ůůŶĞĐĞƐƐĂƌLJĂƉƉƌŽǀĂůƐŚĂǀĞ ďĞĞŶŽďƚĂŝŶĞĚ͕ĐĂƉŝƚĂů ĨƵŶĚƐ ŚĂǀĞďĞĞŶĐŽŵŵŝƚƚĞĚ͕ ĂŶĚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞ ĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚŝƐƌĞĂĚLJ ƚŽďĞŐŝŶŽƌŝƐƵŶĚĞƌǁĂLJ͘	ƚƚŚŝƐƉŽŝŶƚ͕ ŝƚŵƵƐƚďĞĐĞƌƚĂŝŶƚŚĂƚƚŚĞ ĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚŝƐŐŽŝŶŐĂŚĞĂĚ͘ dŚĞ ƉƌŽũĞĐƚŵƵƐƚŶŽƚďĞƐƵďũĞĐƚƚŽĂŶLJ ĐŽŶƚŝŶŐĞŶĐŝĞƐ͕ƐƵĐŚ ĂƐŽƵƚƐƚĂŶĚŝŶŐ ƌĞŐƵůĂƚŽƌLJ ĂƉƉƌŽǀĂůƐŽƌƐĂůĞƐĐŽŶƚƌĂĐƚƐ͘ &ŽƌĞĐĂƐƚĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐ ƐŚŽƵůĚ ďĞŝŶĐůƵĚĞĚ ŝŶƚŚĞ ƌĞƉŽƌƚŝŶŐĞŶƚŝƚLJ͛ƐĐƵƌƌĞŶƚŽƌĨŽůůŽǁŝŶŐLJĞĂƌ͛Ɛ ĂƉƉƌŽǀĞĚ ďƵĚŐĞƚ͘
		dŚĞƉƌŽũĞĐƚĚĞĐŝƐŝŽŶŐĂƚĞŝƐƚŚĞĚĞĐŝƐŝŽŶ ƚŽƐƚĂƌƚŝŶǀĞƐƚŝŶŐĐĂƉŝƚĂů ŝŶƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶŽĨƉƌŽĚƵĐƚŝŽŶĨĂĐŝůŝƚŝĞƐ ĂŶĚͬŽƌĚƌŝůůŝŶŐĚĞǀĞůŽƉŵĞŶƚǁĞůůƐ͘
:ƵƐƚŝĨŝĞĚĨŽƌ ĞǀĞůŽƉŵĞŶƚ	/ŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞ ĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚŝƐ ũƵƐƚŝĨŝĞĚŽŶƚŚĞďĂƐŝƐŽĨ ƌĞĂƐŽŶĂďůĞĨŽƌĞĐĂƐƚ ĐŽŵŵĞƌĐŝĂůĐŽŶĚŝƚŝŽŶƐĂƚ ƚŚĞƚŝŵĞŽĨƌĞƉŽƌƚŝŶŐ͕ ĂŶĚ ƚŚĞƌĞĂƌĞƌĞĂƐŽŶĂďůĞ ĞdžƉĞĐƚĂƚŝŽŶƐƚŚĂƚĂůů ŶĞĐĞƐƐĂƌLJ ĂƉƉƌŽǀĂůƐͬĐŽŶƚƌĂĐƚƐǁŝůů ďĞ ŽďƚĂŝŶĞĚ͘	dŽŵŽǀĞƚŽƚŚŝƐůĞǀĞůŽĨƉƌŽũĞĐƚŵĂƚƵƌŝƚLJ͕ ĂŶĚ ŚĞŶĐĞŚĂǀĞZĞƐĞƌǀĞƐĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ŝƚ͕ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚŵƵƐƚďĞĐŽŵŵĞƌĐŝĂůůLJ ǀŝĂďůĞĂƚƚŚĞƚŝŵĞŽĨƌĞƉŽƌƚŝŶŐ;ƐĞĞ^ĞĐƚŝŽŶ Ϯ͘ϭ͘Ϯ͕ ĞƚĞƌŵŝŶĂƚŝŽŶŽĨŽŵŵĞƌĐŝĂůŝƚLJͿ ĂŶĚ ƚŚĞƐƉĞĐŝĨŝĐĐŝƌĐƵŵƐƚĂŶĐĞƐŽĨƚŚĞƉƌŽũĞĐƚ͘ ůů ƉĂƌƚŝĐŝƉĂƚŝŶŐĞŶƚŝƚŝĞƐŚĂǀĞĂŐƌĞĞĚ ĂŶĚƚŚĞƌĞŝƐ ĞǀŝĚĞŶĐĞŽĨ ĂĐŽŵŵŝƚƚĞĚƉƌŽũĞĐƚ;Ĩŝƌŵ ŝŶƚĞŶƚŝŽŶƚŽƉƌŽĐĞĞĚ ǁŝƚŚ ĚĞǀĞůŽƉŵĞŶƚǁŝƚŚŝŶ ĂƌĞĂƐŽŶĂďůĞƚŝŵĞͲĨƌĂŵĞ΃Ϳ dŚĞƌĞŵƵƐƚďĞŶŽ ŬŶŽǁŶĐŽŶƚŝŶŐĞŶĐŝĞƐƚŚĂƚĐŽƵůĚƉƌĞĐůƵĚĞƚŚĞ ĚĞǀĞůŽƉŵĞŶƚĨƌŽŵƉƌŽĐĞĞĚŝŶŐ;ƐĞĞZĞƐĞƌǀĞƐ ĐůĂƐƐͿ͘
		dŚĞƉƌŽũĞĐƚĚĞĐŝƐŝŽŶŐĂƚĞŝƐƚŚĞĚĞĐŝƐŝŽŶďLJƚŚĞ ƌĞƉŽƌƚŝŶŐĞŶƚŝƚLJĂŶĚ ŝƚƐƉĂƌƚŶĞƌƐ͕ ŝĨ ĂŶLJ͕ƚŚĂƚ ƚŚĞƉƌŽũĞĐƚŚĂƐƌĞĂĐŚĞĚ Ă ůĞǀĞůŽĨƚĞĐŚŶŝĐĂů ĂŶĚĐŽŵŵĞƌĐŝĂůŵĂƚƵƌŝƚLJƐƵĨĨŝĐŝĞŶƚƚŽũƵƐƚŝĨLJ ƉƌŽĐĞĞĚŝŶŐǁŝƚŚ ĚĞǀĞůŽƉŵĞŶƚĂƚƚŚĂƚƉŽŝŶƚŝŶ ƚŝŵĞ͘
ŽŶƚŝŶŐĞŶƚ ZĞƐŽƵƌĐĞƐ	dŚŽƐĞƋƵĂŶƚŝƚŝĞƐŽĨ ƉĞƚƌŽůĞƵŵĞƐƚŝŵĂƚĞĚ͕ ĂƐŽĨ Ă ŐŝǀĞŶĚĂƚĞ͕ƚŽďĞƉŽƚĞŶƚŝĂůůLJ ƌĞĐŽǀĞƌĂďůĞĨƌŽŵŬŶŽǁŶ ĂĐĐƵŵƵůĂƚŝŽŶƐďLJ ĂƉƉůŝĐĂƚŝŽŶŽĨ ĚĞǀĞůŽƉŵĞŶƚ ƉƌŽũĞĐƚƐ͕ ďƵƚǁŚŝĐŚ ĂƌĞŶŽƚ ĐƵƌƌĞŶƚůLJĐŽŶƐŝĚĞƌĞĚƚŽďĞ ĐŽŵŵĞƌĐŝĂůůLJƌĞĐŽǀĞƌĂďůĞ ŽǁŝŶŐƚŽŽŶĞŽƌŵŽƌĞ	ŽŶƚŝŶŐĞŶƚZĞƐŽƵƌĐĞƐŵĂLJŝŶĐůƵĚĞ͕ ĨŽƌ ĞdžĂŵƉůĞ͕ƉƌŽũĞĐƚƐĨŽƌǁŚŝĐŚƚŚĞƌĞĂƌĞ ĐƵƌƌĞŶƚůLJŶŽǀŝĂďůĞŵĂƌŬĞƚƐ͕ ǁŚĞƌĞ ĐŽŵŵĞƌĐŝĂůƌĞĐŽǀĞƌLJŝƐĚĞƉĞŶĚĞŶƚŽŶ ƚĞĐŚŶŽůŽŐLJƵŶĚĞƌĚĞǀĞůŽƉŵĞŶƚ͕ ǁŚĞƌĞ ĞǀĂůƵĂƚŝŽŶŽĨƚŚĞĂĐĐƵŵƵůĂƚŝŽŶŝƐŝŶƐƵĨĨŝĐŝĞŶƚ ƚŽĐůĞĂƌůLJĂƐƐĞƐƐĐŽŵŵĞƌĐŝĂůŝƚLJ͕ ǁŚĞƌĞƚŚĞ ĚĞǀĞůŽƉŵĞŶƚƉůĂŶŝƐŶŽƚLJĞƚĂƉƉƌŽǀĞĚ͕Žƌ ǁŚĞƌĞƌĞŐƵůĂƚŽƌLJŽƌƐŽĐŝĂů ĂĐĐĞƉƚĂŶĐĞ ŝƐƐƵĞƐ ŵĂLJĞdžŝƐƚ͘
	ĐŽŶƚŝŶŐĞŶĐŝĞƐ͘	ŽŶƚŝŶŐĞŶƚZĞƐŽƵƌĐĞƐĂƌĞĨƵƌƚŚĞƌĐĂƚĞŐŽƌŝnjĞĚ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĞǀĞůŽĨĐĞƌƚĂŝŶƚLJ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚƚŚĞĞƐƚŝŵĂƚĞƐĂŶĚŵĂLJďĞƐƵďͲ ĐůĂƐƐŝĨŝĞĚ ďĂƐĞĚŽŶƉƌŽũĞĐƚŵĂƚƵƌŝƚLJĂŶĚͬŽƌ ĐŚĂƌĂĐƚĞƌŝnjĞĚ ďLJƚŚĞĞĐŽŶŽŵŝĐƐƚĂƚƵƐ͘

:ƵŶĞϮϬϭϵ ϭϮϳ T-127

ůĂƐƐĞƐͬ^ƵďͲ ĐůĂƐƐĞƐ	ĞĨŝŶŝƚŝŽŶ	'ƵŝĚĞůŝŶĞƐ
ĞǀĞůŽƉŵĞŶƚ WĞŶĚŝŶŐ	ĚŝƐĐŽǀĞƌĞĚ ĂĐĐƵŵƵůĂƚŝŽŶ ǁŚĞƌĞƉƌŽũĞĐƚĂĐƚŝǀŝƚŝĞƐĂƌĞ ŽŶŐŽŝŶŐƚŽũƵƐƚŝĨLJ ĐŽŵŵĞƌĐŝĂů ĚĞǀĞůŽƉŵĞŶƚŝŶ ƚŚĞĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞ͘	dŚĞƉƌŽũĞĐƚŝƐƐĞĞŶƚŽŚĂǀĞƌĞĂƐŽŶĂďůĞ ƉŽƚĞŶƚŝĂů ĨŽƌĞǀĞŶƚƵĂůĐŽŵŵĞƌĐŝĂů ĚĞǀĞůŽƉŵĞŶƚ͕ƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚĨƵƌƚŚĞƌĚĂƚĂ ĂĐƋƵŝƐŝƚŝŽŶ;Ğ͘Ő͕͘ ĚƌŝůůŝŶŐ͕ƐĞŝƐŵŝĐĚĂƚĂͿ ĂŶĚͬŽƌ ĞǀĂůƵĂƚŝŽŶƐĂƌĞĐƵƌƌĞŶƚůLJŽŶŐŽŝŶŐǁŝƚŚ Ă ǀŝĞǁ ƚŽĐŽŶĨŝƌŵŝŶŐƚŚĂƚƚŚĞƉƌŽũĞĐƚŝƐĐŽŵŵĞƌĐŝĂůůLJ ǀŝĂďůĞĂŶĚƉƌŽǀŝĚŝŶŐƚŚĞďĂƐŝƐĨŽƌƐĞůĞĐƚŝŽŶŽĨ ĂŶĂƉƉƌŽƉƌŝĂƚĞĚĞǀĞůŽƉŵĞŶƚƉůĂŶ͘ dŚĞĐƌŝƚŝĐĂů ĐŽŶƚŝŶŐĞŶĐŝĞƐŚĂǀĞďĞĞŶŝĚĞŶƚŝĨŝĞĚ ĂŶĚ ĂƌĞ ƌĞĂƐŽŶĂďůLJĞdžƉĞĐƚĞĚƚŽďĞƌĞƐŽůǀĞĚ ǁŝƚŚŝŶĂ ƌĞĂƐŽŶĂďůĞƚŝŵĞͲĨƌĂŵĞ͘EŽƚĞƚŚĂƚ ĚŝƐĂƉƉŽŝŶƚŝŶŐĂƉƉƌĂŝƐĂůͬĞǀĂůƵĂƚŝŽŶƌĞƐƵůƚƐ ĐŽƵůĚ ůĞĂĚƚŽĂƌĞĐůĂƐƐŝĨŝĐĂƚŝŽŶŽĨƚŚĞƉƌŽũĞĐƚ ƚŽKŶ,ŽůĚŽƌEŽƚsŝĂďůĞƐƚĂƚƵƐ͘
		dŚĞƉƌŽũĞĐƚĚĞĐŝƐŝŽŶŐĂƚĞŝƐƚŚĞĚĞĐŝƐŝŽŶƚŽ ƵŶĚĞƌƚĂŬĞĨƵƌƚŚĞƌĚĂƚĂ ĂĐƋƵŝƐŝƚŝŽŶĂŶĚͬŽƌ ƐƚƵĚŝĞƐĚĞƐŝŐŶĞĚƚŽŵŽǀĞƚŚĞƉƌŽũĞĐƚƚŽĂ ůĞǀĞů ŽĨƚĞĐŚŶŝĐĂů ĂŶĚĐŽŵŵĞƌĐŝĂůŵĂƚƵƌŝƚLJĂƚǁŚŝĐŚ Ă ĚĞĐŝƐŝŽŶĐĂŶďĞŵĂĚĞƚŽƉƌŽĐĞĞĚ ǁŝƚŚ ĚĞǀĞůŽƉŵĞŶƚĂŶĚƉƌŽĚƵĐƚŝŽŶ͘
ĞǀĞůŽƉŵĞŶƚ ŽŶ,ŽůĚ	ĚŝƐĐŽǀĞƌĞĚ ĂĐĐƵŵƵůĂƚŝŽŶ ǁŚĞƌĞƉƌŽũĞĐƚĂĐƚŝǀŝƚŝĞƐĂƌĞ ŽŶŚŽůĚ ĂŶĚͬŽƌǁŚĞƌĞ ũƵƐƚŝĨŝĐĂƚŝŽŶĂƐĂĐŽŵŵĞƌĐŝĂů ĚĞǀĞůŽƉŵĞŶƚŵĂLJďĞƐƵďũĞĐƚ ƚŽƐŝŐŶŝĨŝĐĂŶƚĚĞůĂLJ͘	dŚĞƉƌŽũĞĐƚŝƐƐĞĞŶƚŽŚĂǀĞƉŽƚĞŶƚŝĂů ĨŽƌ ĐŽŵŵĞƌĐŝĂů ĚĞǀĞůŽƉŵĞŶƚ͘ ĞǀĞůŽƉŵĞŶƚŵĂLJ ďĞƐƵďũĞĐƚƚŽĂƐŝŐŶŝĨŝĐĂŶƚƚŝŵĞĚĞůĂLJ͘EŽƚĞ ƚŚĂƚĂĐŚĂŶŐĞŝŶĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ƐƵĐŚƚŚĂƚ ƚŚĞƌĞŝƐŶŽůŽŶŐĞƌĂƉƌŽďĂďůĞĐŚĂŶĐĞƚŚĂƚĂ ĐƌŝƚŝĐĂůĐŽŶƚŝŶŐĞŶĐLJĐĂŶďĞƌĞŵŽǀĞĚ ŝŶƚŚĞ ĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞ͕ĐŽƵůĚ ůĞĂĚƚŽĂ ƌĞĐůĂƐƐŝĨŝĐĂƚŝŽŶŽĨƚŚĞƉƌŽũĞĐƚƚŽEŽƚsŝĂďůĞ ƐƚĂƚƵƐ͘
		dŚĞƉƌŽũĞĐƚĚĞĐŝƐŝŽŶŐĂƚĞŝƐƚŚĞĚĞĐŝƐŝŽŶƚŽ ĞŝƚŚĞƌƉƌŽĐĞĞĚ ǁŝƚŚ ĂĚĚŝƚŝŽŶĂůĞǀĂůƵĂƚŝŽŶ ĚĞƐŝŐŶĞĚƚŽĐůĂƌŝĨLJƚŚĞƉŽƚĞŶƚŝĂů ĨŽƌĞǀĞŶƚƵĂů ĐŽŵŵĞƌĐŝĂů ĚĞǀĞůŽƉŵĞŶƚŽƌƚŽƚĞŵƉŽƌĂƌŝůLJ ƐƵƐƉĞŶĚŽƌĚĞůĂLJĨƵƌƚŚĞƌĂĐƚŝǀŝƚŝĞƐƉĞŶĚŝŶŐ ƌĞƐŽůƵƚŝŽŶŽĨĞdžƚĞƌŶĂůĐŽŶƚŝŶŐĞŶĐŝĞƐ͘
ĞǀĞůŽƉŵĞŶƚ hŶĐůĂƌŝĨŝĞĚ	ĚŝƐĐŽǀĞƌĞĚ ĂĐĐƵŵƵůĂƚŝŽŶ ǁŚĞƌĞƉƌŽũĞĐƚĂĐƚŝǀŝƚŝĞƐĂƌĞ ƵŶĚĞƌĞǀĂůƵĂƚŝŽŶĂŶĚ ǁŚĞƌĞ ũƵƐƚŝĨŝĐĂƚŝŽŶĂƐĂĐŽŵŵĞƌĐŝĂů ĚĞǀĞůŽƉŵĞŶƚŝƐƵŶŬŶŽǁŶ	dŚĞƉƌŽũĞĐƚŝƐƐĞĞŶƚŽŚĂǀĞƉŽƚĞŶƚŝĂů ĨŽƌ ĞǀĞŶƚƵĂůĐŽŵŵĞƌĐŝĂů ĚĞǀĞůŽƉŵĞŶƚ͕ ďƵƚ ĨƵƌƚŚĞƌĂƉƉƌĂŝƐĂůͬĞǀĂůƵĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐĂƌĞ ŽŶŐŽŝŶŐƚŽĐůĂƌŝĨLJƚŚĞƉŽƚĞŶƚŝĂů ĨŽƌĞǀĞŶƚƵĂů ĐŽŵŵĞƌĐŝĂů ĚĞǀĞůŽƉŵĞŶƚ͘
	ďĂƐĞĚŽŶĂǀĂŝůĂďůĞ ŝŶĨŽƌŵĂƚŝŽŶ͘	dŚŝƐƐƵďͲĐůĂƐƐƌĞƋƵŝƌĞƐĂĐƚŝǀĞĂƉƉƌĂŝƐĂůŽƌ ĞǀĂůƵĂƚŝŽŶĂŶĚƐŚŽƵůĚŶŽƚďĞŵĂŝŶƚĂŝŶĞĚ ǁŝƚŚŽƵƚĂƉůĂŶĨŽƌĨƵƚƵƌĞĞǀĂůƵĂƚŝŽŶ͘ dŚĞƐƵďͲ ĐůĂƐƐƐŚŽƵůĚƌĞĨůĞĐƚƚŚĞĂĐƚŝŽŶƐƌĞƋƵŝƌĞĚƚŽ ŵŽǀĞĂƉƌŽũĞĐƚƚŽǁĂƌĚĐŽŵŵĞƌĐŝĂůŵĂƚƵƌŝƚLJ ĂŶĚĞĐŽŶŽŵŝĐƉƌŽĚƵĐƚŝŽŶ͘

:ƵŶĞϮϬϭϵ ϭϮϴ

ůĂƐƐĞƐͬ^ƵďͲ ĐůĂƐƐĞƐ	ĞĨŝŶŝƚŝŽŶ	'ƵŝĚĞůŝŶĞƐ
ĞǀĞůŽƉŵĞŶƚ EŽƚsŝĂďůĞ	ĚŝƐĐŽǀĞƌĞĚ ĂĐĐƵŵƵůĂƚŝŽŶ ĨŽƌǁŚŝĐŚƚŚĞƌĞĂƌĞŶŽ ĐƵƌƌĞŶƚƉůĂŶƐƚŽĚĞǀĞůŽƉŽƌ ƚŽĂĐƋƵŝƌĞĂĚĚŝƚŝŽŶĂů ĚĂƚĂ Ăƚ ƚŚĞƚŝŵĞďĞĐĂƵƐĞŽĨ ůŝŵŝƚĞĚ ƉƌŽĚƵĐƚŝŽŶƉŽƚĞŶƚŝĂů͘	dŚĞƉƌŽũĞĐƚŝƐŶŽƚƐĞĞŶƚŽŚĂǀĞƉŽƚĞŶƚŝĂů ĨŽƌ ĞǀĞŶƚƵĂůĐŽŵŵĞƌĐŝĂů ĚĞǀĞůŽƉŵĞŶƚĂƚƚŚĞƚŝŵĞ ŽĨƌĞƉŽƌƚŝŶŐ͕ ďƵƚƚŚĞƚŚĞŽƌĞƚŝĐĂůůLJƌĞĐŽǀĞƌĂďůĞ ƋƵĂŶƚŝƚŝĞƐĂƌĞƌĞĐŽƌĚĞĚƐŽƚŚĂƚƚŚĞƉŽƚĞŶƚŝĂů ŽƉƉŽƌƚƵŶŝƚLJǁŝůů ďĞƌĞĐŽŐŶŝnjĞĚ ŝŶƚŚĞĞǀĞŶƚŽĨ ĂŵĂũŽƌĐŚĂŶŐĞŝŶƚĞĐŚŶŽůŽŐLJŽƌĐŽŵŵĞƌĐŝĂů ĐŽŶĚŝƚŝŽŶƐ͘
		dŚĞƉƌŽũĞĐƚĚĞĐŝƐŝŽŶŐĂƚĞŝƐƚŚĞĚĞĐŝƐŝŽŶŶŽƚƚŽ ƵŶĚĞƌƚĂŬĞĨƵƌƚŚĞƌĚĂƚĂ ĂĐƋƵŝƐŝƚŝŽŶŽƌƐƚƵĚŝĞƐ ŽŶƚŚĞƉƌŽũĞĐƚĨŽƌƚŚĞĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞ͘
WƌŽƐƉĞĐƚŝǀĞ ZĞƐŽƵƌĐĞƐ	dŚŽƐĞƋƵĂŶƚŝƚŝĞƐŽĨ ƉĞƚƌŽůĞƵŵƚŚĂƚĂƌĞ ĞƐƚŝŵĂƚĞĚ͕ ĂƐŽĨ ĂŐŝǀĞŶ ĚĂƚĞ͕ƚŽďĞƉŽƚĞŶƚŝĂůůLJ ƌĞĐŽǀĞƌĂďůĞĨƌŽŵ ƵŶĚŝƐĐŽǀĞƌĞĚ ĂĐĐƵŵƵůĂƚŝŽŶƐ͘	WŽƚĞŶƚŝĂů ĂĐĐƵŵƵůĂƚŝŽŶƐĂƌĞĞǀĂůƵĂƚĞĚ ĂĐĐŽƌĚŝŶŐƚŽƚŚĞĐŚĂŶĐĞŽĨŐĞŽůŽŐŝĐĚŝƐĐŽǀĞƌLJ ĂŶĚ͕ ĂƐƐƵŵŝŶŐĂ ĚŝƐĐŽǀĞƌLJ͕ƚŚĞĞƐƚŝŵĂƚĞĚ ƋƵĂŶƚŝƚŝĞƐƚŚĂƚǁŽƵůĚ ďĞƌĞĐŽǀĞƌĂďůĞƵŶĚĞƌ ĚĞĨŝŶĞĚ ĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐ͘ /ƚŝƐƌĞĐŽŐŶŝnjĞĚ ƚŚĂƚƚŚĞĚĞǀĞůŽƉŵĞŶƚƉƌŽŐƌĂŵƐǁŝůů ďĞŽĨ ƐŝŐŶŝĨŝĐĂŶƚůLJůĞƐƐĚĞƚĂŝů ĂŶĚ ĚĞƉĞŶĚŵŽƌĞ ŚĞĂǀŝůLJŽŶĂŶĂůŽŐĚĞǀĞůŽƉŵĞŶƚƐŝŶƚŚĞĞĂƌůŝĞƌ ƉŚĂƐĞƐŽĨĞdžƉůŽƌĂƚŝŽŶ͘
WƌŽƐƉĞĐƚ	ƉƌŽũĞĐƚĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ Ă ƉŽƚĞŶƚŝĂů ĂĐĐƵŵƵůĂƚŝŽŶƚŚĂƚ ŝƐƐƵĨĨŝĐŝĞŶƚůLJǁĞůů ĚĞĨŝŶĞĚƚŽ ƌĞƉƌĞƐĞŶƚĂ ǀŝĂďůĞĚƌŝůůŝŶŐ ƚĂƌŐĞƚ͘	WƌŽũĞĐƚĂĐƚŝǀŝƚŝĞƐĂƌĞĨŽĐƵƐĞĚŽŶĂƐƐĞƐƐŝŶŐƚŚĞ ĐŚĂŶĐĞŽĨŐĞŽůŽŐŝĐĚŝƐĐŽǀĞƌLJĂŶĚ͕ ĂƐƐƵŵŝŶŐ ĚŝƐĐŽǀĞƌLJ͕ƚŚĞƌĂŶŐĞŽĨƉŽƚĞŶƚŝĂůƌĞĐŽǀĞƌĂďůĞ ƋƵĂŶƚŝƚŝĞƐƵŶĚĞƌĂĐŽŵŵĞƌĐŝĂů ĚĞǀĞůŽƉŵĞŶƚ ƉƌŽŐƌĂŵ͘
>ĞĂĚ	ƉƌŽũĞĐƚĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ Ă ƉŽƚĞŶƚŝĂů ĂĐĐƵŵƵůĂƚŝŽŶƚŚĂƚ ŝƐĐƵƌƌĞŶƚůLJƉŽŽƌůLJĚĞĨŝŶĞĚ ĂŶĚƌĞƋƵŝƌĞƐŵŽƌĞĚĂƚĂ ĂĐƋƵŝƐŝƚŝŽŶĂŶĚͬŽƌ ĞǀĂůƵĂƚŝŽŶƚŽďĞĐůĂƐƐŝĨŝĞĚ ĂƐ ĂWƌŽƐƉĞĐƚ͘	WƌŽũĞĐƚĂĐƚŝǀŝƚŝĞƐĂƌĞĨŽĐƵƐĞĚŽŶĂĐƋƵŝƌŝŶŐ ĂĚĚŝƚŝŽŶĂů ĚĂƚĂ ĂŶĚͬŽƌƵŶĚĞƌƚĂŬŝŶŐĨƵƌƚŚĞƌ ĞǀĂůƵĂƚŝŽŶĚĞƐŝŐŶĞĚƚŽĐŽŶĨŝƌŵǁŚĞƚŚĞƌŽƌ ŶŽƚƚŚĞ>ĞĂĚĐĂŶďĞŵĂƚƵƌĞĚ ŝŶƚŽĂWƌŽƐƉĞĐƚ͘ ^ƵĐŚĞǀĂůƵĂƚŝŽŶŝŶĐůƵĚĞƐƚŚĞĂƐƐĞƐƐŵĞŶƚŽĨ ƚŚĞĐŚĂŶĐĞŽĨŐĞŽůŽŐŝĐĚŝƐĐŽǀĞƌLJĂŶĚ͕ ĂƐƐƵŵŝŶŐĚŝƐĐŽǀĞƌLJ͕ƚŚĞƌĂŶŐĞŽĨƉŽƚĞŶƚŝĂů ƌĞĐŽǀĞƌLJƵŶĚĞƌĨĞĂƐŝďůĞĚĞǀĞůŽƉŵĞŶƚ ƐĐĞŶĂƌŝŽƐ͘
WůĂLJ	ƉƌŽũĞĐƚĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ Ă ƉƌŽƐƉĞĐƚŝǀĞƚƌĞŶĚŽĨ ƉŽƚĞŶƚŝĂůƉƌŽƐƉĞĐƚƐ͕ ďƵƚƚŚĂƚ ƌĞƋƵŝƌĞƐŵŽƌĞĚĂƚĂ ĂĐƋƵŝƐŝƚŝŽŶĂŶĚͬŽƌ ĞǀĂůƵĂƚŝŽŶƚŽĚĞĨŝŶĞƐƉĞĐŝĨŝĐ >ĞĂĚƐŽƌWƌŽƐƉĞĐƚƐ͘	WƌŽũĞĐƚĂĐƚŝǀŝƚŝĞƐĂƌĞĨŽĐƵƐĞĚŽŶĂĐƋƵŝƌŝŶŐ ĂĚĚŝƚŝŽŶĂů ĚĂƚĂ ĂŶĚͬŽƌƵŶĚĞƌƚĂŬŝŶŐĨƵƌƚŚĞƌ ĞǀĂůƵĂƚŝŽŶĚĞƐŝŐŶĞĚƚŽĚĞĨŝŶĞƐƉĞĐŝĨŝĐ>ĞĂĚƐŽƌ WƌŽƐƉĞĐƚƐĨŽƌŵŽƌĞĚĞƚĂŝůĞĚ ĂŶĂůLJƐŝƐŽĨƚŚĞŝƌ ĐŚĂŶĐĞŽĨŐĞŽůŽŐŝĐĚŝƐĐŽǀĞƌLJĂŶĚ͕ ĂƐƐƵŵŝŶŐ ĚŝƐĐŽǀĞƌLJ͕ƚŚĞƌĂŶŐĞŽĨƉŽƚĞŶƚŝĂůƌĞĐŽǀĞƌLJ ƵŶĚĞƌŚLJƉŽƚŚĞƚŝĐĂů ĚĞǀĞůŽƉŵĞŶƚƐĐĞŶĂƌŝŽƐ͘

:ƵŶĞϮϬϭϵ ϭϮϵ

dĂďůĞ Ϯ͗ WZD^ ZĞƐĞƌǀĞƐ ^ƚĂƚƵƐ ĞĨŝŶŝƚŝŽŶƐ ĂŶĚ 'ƵŝĚĞůŝŶĞƐ

^ƚĂƚƵƐ	ĞĨŝŶŝƚŝŽŶ	'ƵŝĚĞůŝŶĞƐ
ĞǀĞůŽƉĞĚ ZĞƐĞƌǀĞƐ	džƉĞĐƚĞĚ ƋƵĂŶƚŝƚŝĞƐƚŽďĞ ƌĞĐŽǀĞƌĞĚ ĨƌŽŵĞdžŝƐƚŝŶŐ ǁĞůůƐ ĂŶĚ ĨĂĐŝůŝƚŝĞƐ͘	ZĞƐĞƌǀĞƐĂƌĞĐŽŶƐŝĚĞƌĞĚ ĚĞǀĞůŽƉĞĚŽŶůLJĂĨƚĞƌ ƚŚĞŶĞĐĞƐƐĂƌLJ ĞƋƵŝƉŵĞŶƚŚĂƐďĞĞŶŝŶƐƚĂůůĞĚ͕ ŽƌǁŚĞŶƚŚĞĐŽƐƚƐƚŽĚŽƐŽĂƌĞ ƌĞůĂƚŝǀĞůLJŵŝŶŽƌ ĐŽŵƉĂƌĞĚƚŽƚŚĞĐŽƐƚŽĨ Ă ǁĞůů͘ tŚĞƌĞ ƌĞƋƵŝƌĞĚ ĨĂĐŝůŝƚŝĞƐďĞĐŽŵĞƵŶĂǀĂŝůĂďůĞ͕ ŝƚŵĂLJ ďĞŶĞĐĞƐƐĂƌLJ ƚŽƌĞĐůĂƐƐŝĨLJĞǀĞůŽƉĞĚZĞƐĞƌǀĞƐ ĂƐhŶĚĞǀĞůŽƉĞĚ͘ ĞǀĞůŽƉĞĚZĞƐĞƌǀĞƐŵĂLJďĞ ĨƵƌƚŚĞƌƐƵďͲĐůĂƐƐŝĨŝĞĚ ĂƐ WƌŽĚƵĐŝŶŐŽƌEŽŶͲ ƉƌŽĚƵĐŝŶŐ͘
ĞǀĞůŽƉĞĚ WƌŽĚƵĐŝŶŐ ZĞƐĞƌǀĞƐ	džƉĞĐƚĞĚ ƋƵĂŶƚŝƚŝĞƐƚŽďĞ ƌĞĐŽǀĞƌĞĚ ĨƌŽŵĐŽŵƉůĞƚŝŽŶ ŝŶƚĞƌǀĂůƐƚŚĂƚĂƌĞŽƉĞŶĂŶĚ ƉƌŽĚƵĐŝŶŐĂƚƚŚĞĞĨĨĞĐƚŝǀĞ ĚĂƚĞ ŽĨƚŚĞĞƐƚŝŵĂƚĞ͘	/ŵƉƌŽǀĞĚƌĞĐŽǀĞƌLJZĞƐĞƌǀĞƐĂƌĞĐŽŶƐŝĚĞƌĞĚ ƉƌŽĚƵĐŝŶŐŽŶůLJ ĂĨƚĞƌƚŚĞŝŵƉƌŽǀĞĚƌĞĐŽǀĞƌLJ ƉƌŽũĞĐƚŝƐŝŶŽƉĞƌĂƚŝŽŶ͘
ĞǀĞůŽƉĞĚ EŽŶͲ WƌŽĚƵĐŝŶŐ ZĞƐĞƌǀĞƐ	^ŚƵƚͲŝŶĂŶĚ ďĞŚŝŶĚͲƉŝƉĞ ZĞƐĞƌǀĞƐ͘	^ŚƵƚͲŝŶZĞƐĞƌǀĞƐĂƌĞĞdžƉĞĐƚĞĚƚŽďĞƌĞĐŽǀĞƌĞĚ ĨƌŽŵ;ϭͿ ĐŽŵƉůĞƚŝŽŶŝŶƚĞƌǀĂůƐƚŚĂƚĂƌĞŽƉĞŶĂƚ ƚŚĞƚŝŵĞŽĨƚŚĞĞƐƚŝŵĂƚĞ ďƵƚǁŚŝĐŚ ŚĂǀĞŶŽƚ LJĞƚƐƚĂƌƚĞĚƉƌŽĚƵĐŝŶŐ͕ ;ϮͿ ǁĞůůƐǁŚŝĐŚ ǁĞƌĞ ƐŚƵƚͲŝŶĨŽƌŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐŽƌƉŝƉĞůŝŶĞ ĐŽŶŶĞĐƚŝŽŶƐ͕Žƌ;ϯͿ ǁĞůůƐŶŽƚĐĂƉĂďůĞŽĨ ƉƌŽĚƵĐƚŝŽŶĨŽƌŵĞĐŚĂŶŝĐĂůƌĞĂƐŽŶƐ͘ ĞŚŝŶĚͲ ƉŝƉĞZĞƐĞƌǀĞƐĂƌĞĞdžƉĞĐƚĞĚƚŽďĞƌĞĐŽǀĞƌĞĚ ĨƌŽŵ njŽŶĞƐŝŶĞdžŝƐƚŝŶŐǁĞůůƐƚŚĂƚǁŝůůƌĞƋƵŝƌĞ ĂĚĚŝƚŝŽŶĂůĐŽŵƉůĞƚŝŽŶ ǁŽƌŬŽƌĨƵƚƵƌĞƌĞͲ ĐŽŵƉůĞƚŝŽŶďĞĨŽƌĞƐƚĂƌƚŽĨƉƌŽĚƵĐƚŝŽŶǁŝƚŚ ŵŝŶŽƌĐŽƐƚƚŽĂĐĐĞƐƐƚŚĞƐĞƌĞƐĞƌǀĞƐ͘
		/ŶĂůůĐĂƐĞƐ͕ƉƌŽĚƵĐƚŝŽŶĐĂŶďĞŝŶŝƚŝĂƚĞĚŽƌ ƌĞƐƚŽƌĞĚ ǁŝƚŚ ƌĞůĂƚŝǀĞůLJůŽǁĞdžƉĞŶĚŝƚƵƌĞ ĐŽŵƉĂƌĞĚƚŽƚŚĞĐŽƐƚŽĨ ĚƌŝůůŝŶŐĂ ŶĞǁ ǁĞůů͘
hŶĚĞǀĞůŽƉĞĚ ZĞƐĞƌǀĞƐ	YƵĂŶƚŝƚŝĞƐĞdžƉĞĐƚĞĚƚŽďĞ ƌĞĐŽǀĞƌĞĚƚŚƌŽƵŐŚ ĨƵƚƵƌĞ ƐŝŐŶŝĨŝĐĂŶƚŝŶǀĞƐƚŵĞŶƚƐ͘	hŶĚĞǀĞůŽƉĞĚZĞƐĞƌǀĞƐĂƌĞƚŽďĞƉƌŽĚƵĐĞĚ ;ϭͿ ĨƌŽŵŶĞǁ ǁĞůůƐŽŶƵŶĚƌŝůůĞĚ ĂĐƌĞĂŐĞŝŶŬŶŽǁŶ ĂĐĐƵŵƵůĂƚŝŽŶƐ͕ ;ϮͿ ĨƌŽŵ ĚĞĞƉĞŶŝŶŐĞdžŝƐƚŝŶŐ ǁĞůůƐƚŽĂ ĚŝĨĨĞƌĞŶƚ;ďƵƚŬŶŽǁŶͿƌĞƐĞƌǀŽŝƌ͕ ;ϯͿ ĨƌŽŵŝŶĨŝůů ǁĞůůƐƚŚĂƚǁŝůů ŝŶĐƌĞĂƐĞƌĞĐŽǀĞƌLJ͕Žƌ ;ϰͿ ǁŚĞƌĞĂ ƌĞůĂƚŝǀĞůLJůĂƌŐĞĞdžƉĞŶĚŝƚƵƌĞ;Ğ͘Ő͕͘ ǁŚĞŶĐŽŵƉĂƌĞĚƚŽƚŚĞĐŽƐƚ ŽĨ ĚƌŝůůŝŶŐĂŶĞǁ ǁĞůůͿ ŝƐƌĞƋƵŝƌĞĚƚŽ;ĂͿƌĞĐŽŵƉůĞƚĞĂŶ ĞdžŝƐƚŝŶŐ ǁĞůůŽƌ;ďͿ ŝŶƐƚĂůůƉƌŽĚƵĐƚŝŽŶŽƌƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ĨĂĐŝůŝƚŝĞƐĨŽƌƉƌŝŵĂƌLJŽƌŝŵƉƌŽǀĞĚƌĞĐŽǀĞƌLJ ƉƌŽũĞĐƚƐ͘

:ƵŶĞϮϬϭϵ ϭϯϬ T-130

dĂďůĞ ϯ͗ WZD^ ZĞƐĞƌǀĞƐ ĂƚĞŐŽƌLJ ĞĨŝŶŝƚŝŽŶƐ ĂŶĚ 'ƵŝĚĞůŝŶĞƐ

ĂƚĞŐŽƌLJ	ĞĨŝŶŝƚŝŽŶ	'ƵŝĚĞůŝŶĞƐ
WƌŽǀĞĚ ZĞƐĞƌǀĞƐ	dŚŽƐĞƋƵĂŶƚŝƚŝĞƐŽĨ ƉĞƚƌŽůĞƵŵƚŚĂƚ͕ ďLJ ĂŶĂůLJƐŝƐ ŽĨ ŐĞŽƐĐŝĞŶĐĞĂŶĚ ĞŶŐŝŶĞĞƌŝŶŐĚĂƚĂ͕ ĐĂŶďĞ ĞƐƚŝŵĂƚĞĚ ǁŝƚŚƌĞĂƐŽŶĂďůĞ ĐĞƌƚĂŝŶƚLJƚŽďĞ ĐŽŵŵĞƌĐŝĂůůLJ ƌĞĐŽǀĞƌĂďůĞĨƌŽŵĂ ŐŝǀĞŶ ĚĂƚĞĨŽƌǁĂƌĚ ĨƌŽŵŬŶŽǁŶ ƌĞƐĞƌǀŽŝƌƐĂŶĚ ƵŶĚĞƌ ĚĞĨŝŶĞĚ ĞĐŽŶŽŵŝĐ ĐŽŶĚŝƚŝŽŶƐ͕ ŽƉĞƌĂƚŝŶŐ ŵĞƚŚŽĚƐ͕ ĂŶĚ ŐŽǀĞƌŶŵĞŶƚ ƌĞŐƵůĂƚŝŽŶƐ͘	/Ĩ ĚĞƚĞƌŵŝŶŝƐƚŝĐŵĞƚŚŽĚƐĂƌĞƵƐĞĚ͕ƚŚĞƚĞƌŵ͞ƌĞĂƐŽŶĂďůĞ ĐĞƌƚĂŝŶƚLJ͟ ŝƐŝŶƚĞŶĚĞĚƚŽĞdžƉƌĞƐƐĂ ŚŝŐŚ ĚĞŐƌĞĞŽĨĐŽŶĨŝĚĞŶĐĞ ƚŚĂƚƚŚĞƋƵĂŶƚŝƚŝĞƐǁŝůů ďĞƌĞĐŽǀĞƌĞĚ͘ /ĨƉƌŽďĂďŝůŝƐƚŝĐŵĞƚŚŽĚƐ ĂƌĞƵƐĞĚ͕ƚŚĞƌĞƐŚŽƵůĚ ďĞĂƚůĞĂƐƚĂϵϬйƉƌŽďĂďŝůŝƚLJ;WϵϬͿƚŚĂƚ ƚŚĞƋƵĂŶƚŝƚŝĞƐĂĐƚƵĂůůLJƌĞĐŽǀĞƌĞĚ ǁŝůůĞƋƵĂůŽƌĞdžĐĞĞĚƚŚĞ ĞƐƚŝŵĂƚĞ͘ dŚĞĂƌĞĂŽĨƚŚĞƌĞƐĞƌǀŽŝƌĐŽŶƐŝĚĞƌĞĚ ĂƐWƌŽǀĞĚ ŝŶĐůƵĚĞƐ;ϭͿƚŚĞ ĂƌĞĂ ĚĞůŝŶĞĂƚĞĚ ďLJĚƌŝůůŝŶŐĂŶĚ ĚĞĨŝŶĞĚ ďLJĨůƵŝĚĐŽŶƚĂĐƚƐ͕ ŝĨ ĂŶLJ͕ ĂŶĚ 2) ĂĚũĂĐĞŶƚƵŶĚƌŝůůĞĚƉŽƌƚŝŽŶƐŽĨƚŚĞƌĞƐĞƌǀŽŝƌƚŚĂƚĐĂŶƌĞĂƐŽŶĂďůLJ ďĞũƵĚŐĞĚ ĂƐĐŽŶƚŝŶƵŽƵƐǁŝƚŚ ŝƚĂŶĚĐŽŵŵĞƌĐŝĂůůLJƉƌŽĚƵĐƚŝǀĞŽŶ ƚŚĞďĂƐŝƐŽĨ ĂǀĂŝůĂďůĞŐĞŽƐĐŝĞŶĐĞĂŶĚĞŶŐŝŶĞĞƌŝŶŐĚĂƚĂ͘ /ŶƚŚĞĂďƐĞŶĐĞŽĨ ĚĂƚĂŽŶĨůƵŝĚĐŽŶƚĂĐƚƐ͕WƌŽǀĞĚ ƋƵĂŶƚŝƚŝĞƐŝŶĂ ƌĞƐĞƌǀŽŝƌĂƌĞůŝŵŝƚĞĚ ďLJƚŚĞ><, ĂƐƐĞĞŶŝŶĂ ǁĞůůƉĞŶĞƚƌĂƚŝŽŶ ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŝŶĚŝĐĂƚĞĚ ďLJĚĞĨŝŶŝƚŝǀĞŐĞŽƐĐŝĞŶĐĞ͕ ĞŶŐŝŶĞĞƌŝŶŐ͕ŽƌƉĞƌĨŽƌŵĂŶĐĞĚĂƚĂ͘ ^ƵĐŚ ĚĞĨŝŶŝƚŝǀĞŝŶĨŽƌŵĂƚŝŽŶ ŵĂLJŝŶĐůƵĚĞƉƌĞƐƐƵƌĞ ŐƌĂĚŝĞŶƚĂŶĂůLJƐŝƐĂŶĚƐĞŝƐŵŝĐŝŶĚŝĐĂƚŽƌƐ͘ ^ĞŝƐŵŝĐĚĂƚĂ ĂůŽŶĞŵĂLJ ŶŽƚďĞƐƵĨĨŝĐŝĞŶƚƚŽĚĞĨŝŶĞĨůƵŝĚĐŽŶƚĂĐƚƐ ĨŽƌWƌŽǀĞĚ͘ ZĞƐĞƌǀĞƐŝŶƵŶĚĞǀĞůŽƉĞĚ ůŽĐĂƚŝŽŶƐŵĂLJďĞĐůĂƐƐŝĨŝĞĚ ĂƐWƌŽǀĞĚ ƉƌŽǀŝĚĞĚƚŚĂƚ͗ dŚĞůŽĐĂƚŝŽŶƐĂƌĞŝŶƵŶĚƌŝůůĞĚ ĂƌĞĂƐŽĨƚŚĞƌĞƐĞƌǀŽŝƌ A. ƚŚĂƚ ĐĂŶďĞũƵĚŐĞĚ ǁŝƚŚƌĞĂƐŽŶĂďůĞĐĞƌƚĂŝŶƚLJƚŽďĞ ĐŽŵŵĞƌĐŝĂůůLJŵĂƚƵƌĞĂŶĚĞĐŽŶŽŵŝĐĂůůLJƉƌŽĚƵĐƚŝǀĞ͘ /ŶƚĞƌƉƌĞƚĂƚŝŽŶƐŽĨ ĂǀĂŝůĂďůĞŐĞŽƐĐŝĞŶĐĞĂŶĚĞŶŐŝŶĞĞƌŝŶŐ B. ĚĂƚĂ ŝŶĚŝĐĂƚĞǁŝƚŚƌĞĂƐŽŶĂďůĞĐĞƌƚĂŝŶƚLJƚŚĂƚƚŚĞ ŽďũĞĐƚŝǀĞ ĨŽƌŵĂƚŝŽŶŝƐůĂƚĞƌĂůůLJĐŽŶƚŝŶƵŽƵƐǁŝƚŚ ĚƌŝůůĞĚ WƌŽǀĞĚ ůŽĐĂƚŝŽŶƐ͘ &ŽƌWƌŽǀĞĚZĞƐĞƌǀĞƐ͕ƚŚĞƌĞĐŽǀĞƌLJĞĨĨŝĐŝĞŶĐLJĂƉƉůŝĞĚƚŽƚŚĞƐĞ ƌĞƐĞƌǀŽŝƌƐƐŚŽƵůĚ ďĞĚĞĨŝŶĞĚ ďĂƐĞĚŽŶĂƌĂŶŐĞŽĨƉŽƐƐŝďŝůŝƚŝĞƐ ƐƵƉƉŽƌƚĞĚ ďLJĂŶĂůŽŐƵĞƐĂŶĚƐŽƵŶĚĞŶŐŝŶĞĞƌŝŶŐũƵĚŐŵĞŶƚ
WƌŽďĂďůĞ ZĞƐĞƌǀĞƐ	dŚŽƐĞĂĚĚŝƚŝŽŶĂů ZĞƐĞƌǀĞƐ ƚŚĂƚ ĂŶĂůLJƐŝƐŽĨ ŐĞŽƐĐŝĞŶĐĞ ĂŶĚ ĞŶŐŝŶĞĞƌŝŶŐĚĂƚĂ ŝŶĚŝĐĂƚĞƐĂƌĞůĞƐƐ ůŝŬĞůLJƚŽ ďĞ ƌĞĐŽǀĞƌĞĚƚŚĂŶ WƌŽǀĞĚ ZĞƐĞƌǀĞƐ ďƵƚŵŽƌĞĐĞƌƚĂŝŶ ƚŽ ďĞƌĞĐŽǀĞƌĞĚƚŚĂŶ WŽƐƐŝďůĞZĞƐĞƌǀĞƐ͘	ĂƉƉůŝĞĚ ĚĞǀĞůŽƉŵĞŶƚ ƉƌŽŐƌĂŵ͘ /ƚŝƐĞƋƵĂůůLJůŝŬĞůLJƚŚĂƚĂĐƚƵĂůƌĞŵĂŝŶŝŶŐƋƵĂŶƚŝƚŝĞƐƌĞĐŽǀĞƌĞĚ ǁŝůů ďĞ ŐƌĞĂƚĞƌƚŚĂŶŽƌůĞƐƐƚŚĂŶƚŚĞƐƵŵŽĨƚŚĞĞƐƚŝŵĂƚĞĚWƌŽǀĞĚ ƉůƵƐ WƌŽďĂďůĞZĞƐĞƌǀĞƐ;ϮWͿ͘ /ŶƚŚŝƐĐŽŶƚĞdžƚ͕ ǁŚĞŶƉƌŽďĂďŝůŝƐƚŝĐ ŵĞƚŚŽĚƐ ĂƌĞƵƐĞĚ͕ƚŚĞƌĞƐŚŽƵůĚ ďĞĂƚůĞĂƐƚĂ ϱϬйƉƌŽďĂďŝůŝƚLJ ƚŚĂƚƚŚĞĂĐƚƵĂů ƋƵĂŶƚŝƚŝĞƐƌĞĐŽǀĞƌĞĚ ǁŝůůĞƋƵĂůŽƌĞdžĐĞĞĚƚŚĞϮW ĞƐƚŝŵĂƚĞ͘ WƌŽďĂďůĞZĞƐĞƌǀĞƐŵĂLJďĞĂƐƐŝŐŶĞĚƚŽĂƌĞĂƐŽĨ ĂƌĞƐĞƌǀŽŝƌ ĂĚũĂĐĞŶƚƚŽWƌŽǀĞĚ ǁŚĞƌĞĚĂƚĂĐŽŶƚƌŽůŽƌŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐŽĨ ĂǀĂŝůĂďůĞ ĚĂƚĂ ĂƌĞůĞƐƐĐĞƌƚĂŝŶ͘ dŚĞŝŶƚĞƌƉƌĞƚĞĚƌĞƐĞƌǀŽŝƌ ĐŽŶƚŝŶƵŝƚLJŵĂLJŶŽƚ ŵĞĞƚƚŚĞƌĞĂƐŽŶĂďůĞĐĞƌƚĂŝŶƚLJĐƌŝƚĞƌŝĂ͘ WƌŽďĂďůĞĞƐƚŝŵĂƚĞƐĂůƐŽŝŶĐůƵĚĞŝŶĐƌĞŵĞŶƚĂůƌĞĐŽǀĞƌŝĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚƉƌŽũĞĐƚƌĞĐŽǀĞƌLJĞĨĨŝĐŝĞŶĐŝĞƐ ďĞLJŽŶĚƚŚĂƚ ĂƐƐƵŵĞĚ ĨŽƌWƌŽǀĞĚ͘

:ƵŶĞϮϬϭϵ ϭϯϭ

WŽƐƐŝďůĞ ZĞƐĞƌǀĞƐ

dŚŽƐĞĂĚĚŝƚŝŽŶĂů ƌĞƐĞƌǀĞƐƚŚĂƚ ĂŶĂůLJƐŝƐŽĨ ŐĞŽƐĐŝĞŶĐĞĂŶĚ ĞŶŐŝŶĞĞƌŝŶŐĚĂƚĂ ŝŶĚŝĐĂƚĞƐĂƌĞůĞƐƐ ůŝŬĞůLJƚŽďĞ ƌĞĐŽǀĞƌĂďůĞƚŚĂŶ WƌŽďĂďůĞZĞƐĞƌǀĞƐ͘ dŚĞƚŽƚĂů ƋƵĂŶƚŝƚŝĞƐƵůƚŝŵĂƚĞůLJƌĞĐŽǀĞƌĞĚ ĨƌŽŵƚŚĞƉƌŽũĞĐƚŚĂǀĞ Ă ůŽǁƉƌŽďĂďŝůŝƚLJƚŽĞdžĐĞĞĚƚŚĞƐƵŵŽĨWƌŽǀĞĚƉůƵƐWƌŽďĂďůĞ ƉůƵƐWŽƐƐŝďůĞ;ϯWͿ͕ ǁŚŝĐŚ ŝƐĞƋƵŝǀĂůĞŶƚƚŽƚŚĞŚŝŐŚͲĞƐƚŝŵĂƚĞ ƐĐĞŶĂƌŝŽ͘

tŚĞŶƉƌŽďĂďŝůŝƐƚŝĐŵĞƚŚŽĚƐĂƌĞƵƐĞĚ͕ƚŚĞƌĞƐŚŽƵůĚ ďĞĂƚůĞĂƐƚĂ ϭϬйƉƌŽďĂďŝůŝƚLJ;WϭϬͿƚŚĂƚƚŚĞĂĐƚƵĂů ƋƵĂŶƚŝƚŝĞƐƌĞĐŽǀĞƌĞĚ ǁŝůů ĞƋƵĂůŽƌĞdžĐĞĞĚƚŚĞϯWĞƐƚŝŵĂƚĞ͘

WŽƐƐŝďůĞZĞƐĞƌǀĞƐŵĂLJďĞĂƐƐŝŐŶĞĚƚŽĂƌĞĂƐŽĨ ĂƌĞƐĞƌǀŽŝƌ ĂĚũĂĐĞŶƚƚŽWƌŽďĂďůĞǁŚĞƌĞĚĂƚĂĐŽŶƚƌŽů ĂŶĚ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐŽĨ ĂǀĂŝůĂďůĞĚĂƚĂ ĂƌĞƉƌŽŐƌĞƐƐŝǀĞůLJůĞƐƐĐĞƌƚĂŝŶ͘ &ƌĞƋƵĞŶƚůLJ͕ƚŚŝƐ ŵĂLJďĞŝŶĂƌĞĂƐǁŚĞƌĞŐĞŽƐĐŝĞŶĐĞĂŶĚĞŶŐŝŶĞĞƌŝŶŐĚĂƚĂ ĂƌĞ ƵŶĂďůĞƚŽĐůĞĂƌůLJĚĞĨŝŶĞƚŚĞĂƌĞĂ ĂŶĚ ǀĞƌƚŝĐĂůƌĞƐĞƌǀŽŝƌůŝŵŝƚƐŽĨ ĞĐŽŶŽŵŝĐƉƌŽĚƵĐƚŝŽŶĨƌŽŵƚŚĞƌĞƐĞƌǀŽŝƌďLJĂ ĚĞĨŝŶĞĚ͕ ĐŽŵŵĞƌĐŝĂůůLJŵĂƚƵƌĞƉƌŽũĞĐƚ͘

WŽƐƐŝďůĞĞƐƚŝŵĂƚĞƐĂůƐŽŝŶĐůƵĚĞŝŶĐƌĞŵĞŶƚĂů ƋƵĂŶƚŝƚŝĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚƉƌŽũĞĐƚƌĞĐŽǀĞƌLJĞĨĨŝĐŝĞŶĐŝĞƐďĞLJŽŶĚƚŚĂƚ ĂƐƐƵŵĞĚ ĨŽƌWƌŽďĂďůĞ͘

WƌŽďĂďůĞ ĂŶĚWŽƐƐŝďůĞ ZĞƐĞƌǀĞƐ

^ĞĞĂďŽǀĞĨŽƌ ƐĞƉĂƌĂƚĞĐƌŝƚĞƌŝĂ ĨŽƌWƌŽďĂďůĞ ZĞƐĞƌǀĞƐĂŶĚ WŽƐƐŝďůĞZĞƐĞƌǀĞƐ͘ dŚĞϮWĂŶĚ ϯWĞƐƚŝŵĂƚĞƐŵĂLJďĞďĂƐĞĚŽŶƌĞĂƐŽŶĂďůĞ ĂůƚĞƌŶĂƚŝǀĞƚĞĐŚŶŝĐĂů ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐǁŝƚŚŝŶƚŚĞƌĞƐĞƌǀŽŝƌĂŶĚͬŽƌ ƐƵďũĞĐƚƉƌŽũĞĐƚƚŚĂƚĂƌĞĐůĞĂƌůLJĚŽĐƵŵĞŶƚĞĚ͕ ŝŶĐůƵĚŝŶŐ ĐŽŵƉĂƌŝƐŽŶƐƚŽƌĞƐƵůƚƐŝŶƐƵĐĐĞƐƐĨƵůƐŝŵŝůĂƌƉƌŽũĞĐƚƐ͘

/ŶĐŽŶǀĞŶƚŝŽŶĂů ĂĐĐƵŵƵůĂƚŝŽŶƐ͕WƌŽďĂďůĞĂŶĚͬŽƌWŽƐƐŝďůĞ ZĞƐĞƌǀĞƐŵĂLJďĞĂƐƐŝŐŶĞĚ ǁŚĞƌĞŐĞŽƐĐŝĞŶĐĞĂŶĚĞŶŐŝŶĞĞƌŝŶŐ ĚĂƚĂ ŝĚĞŶƚŝĨLJĚŝƌĞĐƚůLJĂĚũĂĐĞŶƚƉŽƌƚŝŽŶƐŽĨ ĂƌĞƐĞƌǀŽŝƌǁŝƚŚŝŶƚŚĞ ƐĂŵĞĂĐĐƵŵƵůĂƚŝŽŶƚŚĂƚŵĂLJďĞƐĞƉĂƌĂƚĞĚ ĨƌŽŵWƌŽǀĞĚ ĂƌĞĂƐďLJ ŵŝŶŽƌĨĂƵůƚŝŶŐŽƌŽƚŚĞƌŐĞŽůŽŐŝĐĂů ĚŝƐĐŽŶƚŝŶƵŝƚŝĞƐĂŶĚ ŚĂǀĞŶŽƚ ďĞĞŶƉĞŶĞƚƌĂƚĞĚ ďLJĂ ǁĞůůďŽƌĞďƵƚĂƌĞŝŶƚĞƌƉƌĞƚĞĚƚŽďĞŝŶ ĐŽŵŵƵŶŝĐĂƚŝŽŶǁŝƚŚƚŚĞŬŶŽǁŶ;WƌŽǀĞĚͿƌĞƐĞƌǀŽŝƌ͘WƌŽďĂďůĞŽƌ WŽƐƐŝďůĞZĞƐĞƌǀĞƐŵĂLJďĞĂƐƐŝŐŶĞĚƚŽĂƌĞĂƐƚŚĂƚĂƌĞƐƚƌƵĐƚƵƌĂůůLJ ŚŝŐŚĞƌƚŚĂŶƚŚĞWƌŽǀĞĚ ĂƌĞĂ͘WŽƐƐŝďůĞ;ĂŶĚ ŝŶƐŽŵĞĐĂƐĞƐ͕ WƌŽďĂďůĞͿZĞƐĞƌǀĞƐŵĂLJďĞĂƐƐŝŐŶĞĚƚŽĂƌĞĂƐƚŚĂƚĂƌĞ ƐƚƌƵĐƚƵƌĂůůLJůŽǁĞƌƚŚĂŶƚŚĞĂĚũĂĐĞŶƚWƌŽǀĞĚŽƌϮWĂƌĞĂ͘

ĂƵƚŝŽŶƐŚŽƵůĚ ďĞĞdžĞƌĐŝƐĞĚ ŝŶĂƐƐŝŐŶŝŶŐZĞƐĞƌǀĞƐƚŽĂĚũĂĐĞŶƚ ƌĞƐĞƌǀŽŝƌƐŝƐŽůĂƚĞĚ ďLJŵĂũŽƌ͕ƉŽƚĞŶƚŝĂůůLJƐĞĂůŝŶŐĨĂƵůƚƐƵŶƚŝůƚŚŝƐ ƌĞƐĞƌǀŽŝƌŝƐƉĞŶĞƚƌĂƚĞĚ ĂŶĚĞǀĂůƵĂƚĞĚ ĂƐĐŽŵŵĞƌĐŝĂůůLJŵĂƚƵƌĞ ĂŶĚĞĐŽŶŽŵŝĐĂůůLJƉƌŽĚƵĐƚŝǀĞ͘:ƵƐƚŝĨŝĐĂƚŝŽŶĨŽƌĂƐƐŝŐŶŝŶŐZĞƐĞƌǀĞƐ ŝŶƐƵĐŚĐĂƐĞƐƐŚŽƵůĚ ďĞĐůĞĂƌůLJĚŽĐƵŵĞŶƚĞĚ͘ZĞƐĞƌǀĞƐƐŚŽƵůĚ ŶŽƚďĞĂƐƐŝŐŶĞĚƚŽĂƌĞĂƐƚŚĂƚĂƌĞĐůĞĂƌůLJƐĞƉĂƌĂƚĞĚ ĨƌŽŵĂ ŬŶŽǁŶĂĐĐƵŵƵůĂƚŝŽŶďLJŶŽŶͲƉƌŽĚƵĐƚŝǀĞƌĞƐĞƌǀŽŝƌ;ŝ͘Ğ͕͘ ĂďƐĞŶĐĞ ŽĨƌĞƐĞƌǀŽŝƌ͕ƐƚƌƵĐƚƵƌĂůůLJůŽǁƌĞƐĞƌǀŽŝƌ͕ŽƌŶĞŐĂƚŝǀĞƚĞƐƚƌĞƐƵůƚƐͿ͖ ƐƵĐŚ ĂƌĞĂƐŵĂLJĐŽŶƚĂŝŶWƌŽƐƉĞĐƚŝǀĞZĞƐŽƵƌĐĞƐ͘

/ŶĐŽŶǀĞŶƚŝŽŶĂů ĂĐĐƵŵƵůĂƚŝŽŶƐ͕ ǁŚĞƌĞĚƌŝůůŝŶŐŚĂƐĚĞĨŝŶĞĚ Ă ŚŝŐŚĞƐƚŬŶŽǁŶŽŝůĞůĞǀĂƚŝŽŶĂŶĚƚŚĞƌĞĞdžŝƐƚƐƚŚĞƉŽƚĞŶƚŝĂů ĨŽƌĂŶ ĂƐƐŽĐŝĂƚĞĚŐĂƐĐĂƉ͕WƌŽǀĞĚZĞƐĞƌǀĞƐŽĨŽŝůƐŚŽƵůĚŽŶůLJďĞ ĂƐƐŝŐŶĞĚ ŝŶƚŚĞƐƚƌƵĐƚƵƌĂůůLJŚŝŐŚĞƌƉŽƌƚŝŽŶƐŽĨƚŚĞƌĞƐĞƌǀŽŝƌŝĨ ƚŚĞƌĞŝƐƌĞĂƐŽŶĂďůĞĐĞƌƚĂŝŶƚLJƚŚĂƚƐƵĐŚƉŽƌƚŝŽŶƐĂƌĞŝŶŝƚŝĂůůLJ ĂďŽǀĞďƵďďůĞƉŽŝŶƚƉƌĞƐƐƵƌĞďĂƐĞĚŽŶĚŽĐƵŵĞŶƚĞĚĞŶŐŝŶĞĞƌŝŶŐ ĂŶĂůLJƐĞƐ͘ZĞƐĞƌǀŽŝƌƉŽƌƚŝŽŶƐƚŚĂƚĚŽŶŽƚŵĞĞƚƚŚŝƐĐĞƌƚĂŝŶƚLJŵĂLJ ďĞĂƐƐŝŐŶĞĚ ĂƐWƌŽďĂďůĞĂŶĚWŽƐƐŝďůĞŽŝů ĂŶĚͬŽƌŐĂƐďĂƐĞĚŽŶ ƌĞƐĞƌǀŽŝƌĨůƵŝĚƉƌŽƉĞƌƚŝĞƐĂŶĚƉƌĞƐƐƵƌĞŐƌĂĚŝĞŶƚŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐ͘

:ƵŶĞϮϬϭϵ ϭϯϮ T-132

dĂďůĞ ϰ͗ 'ůŽƐƐĂƌLJ ŽĨ dĞƌŵƐ hƐĞĚ ŝŶ WZD^

dĞƌŵ	ĞĨŝŶŝƚŝŽŶ
ϭ	ĞŶŽƚĞƐůŽǁĞƐƚŝŵĂƚĞŽĨŽŶƚŝŶŐĞŶƚZĞƐŽƵƌĐĞƐ͘
Ϯ	ĞŶŽƚĞƐďĞƐƚĞƐƚŝŵĂƚĞŽĨŽŶƚŝŶŐĞŶƚZĞƐŽƵƌĐĞƐ͘
ϯ	ĞŶŽƚĞƐŚŝŐŚĞƐƚŝŵĂƚĞŽĨŽŶƚŝŶŐĞŶƚZĞƐŽƵƌĐĞƐ͘
ϭW	ĞŶŽƚĞƐůŽǁĞƐƚŝŵĂƚĞŽĨZĞƐĞƌǀĞƐ;ŝ͘Ğ͕͘WƌŽǀĞĚZĞƐĞƌǀĞƐͿ͘ƋƵĂůƚŽWϭ͘
ϮW	ĞŶŽƚĞƐƚŚĞďĞƐƚĞƐƚŝŵĂƚĞŽĨZĞƐĞƌǀĞƐ͘ dŚĞƐƵŵŽĨWƌŽǀĞĚƉůƵƐWƌŽďĂďůĞ ZĞƐĞƌǀĞƐ͘
ϯW	ĞŶŽƚĞƐŚŝŐŚĞƐƚŝŵĂƚĞŽĨƌĞƐĞƌǀĞƐ͘ dŚĞƐƵŵŽĨWƌŽǀĞĚƉůƵƐWƌŽďĂďůĞƉůƵƐ WŽƐƐŝďůĞ ZĞƐĞƌǀĞƐ͘
ϭh	ĞŶŽƚĞƐƚŚĞƵŶƌŝƐŬĞĚ ůŽǁĞƐƚŝŵĂƚĞƋƵĂůŝĨLJŝŶŐĂƐWƌŽƐƉĞĐƚŝǀĞZĞƐŽƵƌĐĞƐ͘
Ϯh	ĞŶŽƚĞƐƚŚĞƵŶƌŝƐŬĞĚ ďĞƐƚĞƐƚŝŵĂƚĞƋƵĂůŝĨLJŝŶŐĂƐWƌŽƐƉĞĐƚŝǀĞZĞƐŽƵƌĐĞƐ͘
ϯh	ĞŶŽƚĞƐƚŚĞƵŶƌŝƐŬĞĚ ŚŝŐŚĞƐƚŝŵĂƚĞƋƵĂůŝĨLJŝŶŐĂƐWƌŽƐƉĞĐƚŝǀĞZĞƐŽƵƌĐĞƐ͘
ďĂŶĚŽŶŵĞŶƚ͕ ĞĐŽŵŵŝƐƐŝŽŶŝŶŐ͕ ĂŶĚ ZĞƐƚŽƌĂƚŝŽŶ ;ZͿ	dŚĞƉƌŽĐĞƐƐ;ĂŶĚ ĂƐƐŽĐŝĂƚĞĚĐŽƐƚƐͿŽĨƌĞƚƵƌŶŝŶŐƉĂƌƚŽƌĂůůŽĨ ĂƉƌŽũĞĐƚƚŽĂƐĂĨĞ ĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůůLJĐŽŵƉůŝĂŶƚĐŽŶĚŝƚŝŽŶǁŚĞŶŽƉĞƌĂƚŝŽŶƐĐĞĂƐĞ͘ džĂŵƉůĞƐ ŝŶĐůƵĚĞ͕ ďƵƚĂƌĞŶŽƚůŝŵŝƚĞĚƚŽ͕ƚŚĞƌĞŵŽǀĂůŽĨƐƵƌĨĂĐĞĨĂĐŝůŝƚŝĞƐ͕ ǁĞůůďŽƌĞƉůƵŐŐŝŶŐ ƉƌŽĐĞĚƵƌĞƐ͕ ĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůƌĞŵĞĚŝĂƚŝŽŶ͘ /ŶƐŽŵĞŝŶƐƚĂŶĐĞƐ͕ƚŚĞƌĞŵĂLJďĞ ƐĂůǀĂŐĞǀĂůƵĞĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚƚŚĞĞƋƵŝƉŵĞŶƚƌĞŵŽǀĞĚ ĨƌŽŵƚŚĞƉƌŽũĞĐƚ͘ Z ĐŽƐƚƐĂƌĞƉƌĞƐƵŵĞĚƚŽďĞǁŝƚŚŽƵƚĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨ ĂŶLJƐĂůǀĂŐĞǀĂůƵĞ͕ƵŶůĞƐƐ ƉƌĞƐĞŶƚĞĚ ĂƐ͞ZŶĞƚŽĨƐĂůǀĂŐĞ͘͟
ĐĐƵŵƵůĂƚŝŽŶ	ŶŝŶĚŝǀŝĚƵĂů ďŽĚLJŽĨŶĂƚƵƌĂůůLJŽĐĐƵƌƌŝŶŐƉĞƚƌŽůĞƵŵŝŶĂƌĞƐĞƌǀŽŝƌ͘
ŐŐƌĞŐĂƚŝŽŶ	dŚĞƉƌŽĐĞƐƐŽĨƐƵŵŵŝŶŐǁĞůů͕ƌĞƐĞƌǀŽŝƌ͕ŽƌƉƌŽũĞĐƚͲůĞǀĞůĞƐƚŝŵĂƚĞƐŽĨƌĞƐŽƵƌĐĞƐ ƋƵĂŶƚŝƚŝĞƐƚŽŚŝŐŚĞƌůĞǀĞůƐŽƌĐŽŵďŝŶĂƚŝŽŶƐ͕ƐƵĐŚ ĂƐĨŝĞůĚ͕ĐŽƵŶƚƌLJŽƌĐŽŵƉĂŶLJ ƚŽƚĂůƐ͘ ƌŝƚŚŵĞƚŝĐƐƵŵŵĂƚŝŽŶŽĨ ŝŶĐƌĞŵĞŶƚĂůĐĂƚĞŐŽƌŝĞƐŵĂLJLJŝĞůĚ ĚŝĨĨĞƌĞŶƚƌĞƐƵůƚƐ ĨƌŽŵƉƌŽďĂďŝůŝƐƚŝĐĂŐŐƌĞŐĂƚŝŽŶŽĨ ĚŝƐƚƌŝďƵƚŝŽŶƐ͘
ƉƉƌĂŝƐĂů	dŚĞƉŚĂƐĞƚŚĂƚŵĂLJĨŽůůŽǁƐƵĐĐĞƐƐĨƵůĞdžƉůŽƌĂƚŽƌLJĚƌŝůůŝŶŐ͘ ĐƚŝǀŝƚŝĞƐƚŽĨƵƌƚŚĞƌ ĞǀĂůƵĂƚĞƚŚĞĚŝƐĐŽǀĞƌLJ͕ƐƵĐŚ ĂƐƐĞŝƐŵŝĐĂĐƋƵŝƐŝƚŝŽŶ͕ŐĞŽůŽŐŝĐĂůƐƚƵĚŝĞƐ͕ ĂŶĚ ĚƌŝůůŝŶŐ ĂĚĚŝƚŝŽŶĂů ǁĞůůƐŵĂLJďĞĐŽŶĚƵĐƚĞĚƚŽƌĞĚƵĐĞƚĞĐŚŶŝĐĂůƵŶĐĞƌƚĂŝŶƚŝĞƐĂŶĚ ĐŽŵŵĞƌĐŝĂůĐŽŶƚŝŶŐĞŶĐŝĞƐ͘
ƉƉƌŽǀĞĚ ĨŽƌ ĞǀĞůŽƉŵĞŶƚ	ůůŶĞĐĞƐƐĂƌLJĂƉƉƌŽǀĂůƐŚĂǀĞďĞĞŶŽďƚĂŝŶĞĚ͕ĐĂƉŝƚĂů ĨƵŶĚƐŚĂǀĞďĞĞŶĐŽŵŵŝƚƚĞĚ͕ ĂŶĚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚŝƐƵŶĚĞƌǁĂLJ͘ ƉƌŽũĞĐƚŵĂƚƵƌŝƚLJ ƐƵďͲĐůĂƐƐŽĨZĞƐĞƌǀĞƐ͘
ŶĂůŽŐƵĞ	DĞƚŚŽĚƵƐĞĚ ŝŶƌĞƐŽƵƌĐĞƐĞƐƚŝŵĂƚŝŽŶŝŶƚŚĞĞdžƉůŽƌĂƚŝŽŶĂŶĚĞĂƌůLJĚĞǀĞůŽƉŵĞŶƚ ƐƚĂŐĞƐ;ŝŶĐůƵĚŝŶŐŝŵƉƌŽǀĞĚƌĞĐŽǀĞƌLJƉƌŽũĞĐƚƐͿ ǁŚĞŶĚŝƌĞĐƚŵĞĂƐƵƌĞŵĞŶƚŝƐ ůŝŵŝƚĞĚ͘ ĂƐĞĚŽŶĞǀĂůƵĂƚŽƌ͛ƐĂƐƐĞƐƐŵĞŶƚŽĨƐŝŵŝůĂƌŝƚŝĞƐŽĨƚŚĞĂŶĂůŽŐŽƵƐ ƌĞƐĞƌǀŽŝƌ;ƐͿƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞĚĞǀĞůŽƉŵĞŶƚƉůĂŶ͘
ŶĂůŽŐŽƵƐ ZĞƐĞƌǀŽŝƌ	ZĞƐĞƌǀŽŝƌƐƚŚĂƚŚĂǀĞƐŝŵŝůĂƌƌŽĐŬƉƌŽƉĞƌƚŝĞƐ;Ğ͘Ő͕͘ƉĞƚƌŽƉŚLJƐŝĐĂů͕ ůŝƚŚŽůŽŐŝĐĂů͕ ĚĞƉŽƐŝƚŝŽŶĂů͕ ĚŝĂŐĞŶĞƚŝĐ͕ ĂŶĚƐƚƌƵĐƚƵƌĂůͿ͕ ĨůƵŝĚƉƌŽƉĞƌƚŝĞƐ;Ğ͘Ő͕͘ƚLJƉĞ͕ĐŽŵƉŽƐŝƚŝŽŶ͕ ĚĞŶƐŝƚLJ͕ ĂŶĚ ǀŝƐĐŽƐŝƚLJͿ͕ƌĞƐĞƌǀŽŝƌĐŽŶĚŝƚŝŽŶƐ;Ğ͘Ő͕͘ ĚĞƉƚŚ͕ƚĞŵƉĞƌĂƚƵƌĞ͕ ĂŶĚ ƉƌĞƐƐƵƌĞͿ ĂŶĚ ĚƌŝǀĞŵĞĐŚĂŶŝƐŵƐ͕ ďƵƚĂƌĞƚLJƉŝĐĂůůLJĂƚĂŵŽƌĞĂĚǀĂŶĐĞĚƐƚĂŐĞŽĨ ĚĞǀĞůŽƉŵĞŶƚƚŚĂŶƚŚĞƌĞƐĞƌǀŽŝƌŽĨ ŝŶƚĞƌĞƐƚĂŶĚƚŚƵƐŵĂLJƉƌŽǀŝĚĞŝŶƐŝŐŚƚĂŶĚ ĐŽŵƉĂƌĂƚŝǀĞĚĂƚĂƚŽĂƐƐŝƐƚŝŶĞƐƚŝŵĂƚŝŽŶŽĨƌĞĐŽǀĞƌĂďůĞƌĞƐŽƵƌĐĞƐ͘

:ƵŶĞϮϬϭϵ ϭϯϯ

ƐƐĞƐƐŵĞŶƚ	^ĞĞǀĂůƵĂƚŝŽŶ͘
ƐƐŽĐŝĂƚĞĚ'ĂƐ	ŶĂƚƵƌĂůŐĂƐĨŽƵŶĚ ŝŶĐŽŶƚĂĐƚǁŝƚŚŽƌĚŝƐƐŽůǀĞĚ ŝŶĐƌƵĚĞŽŝů ŝŶƚŚĞƌĞƐĞƌǀŽŝƌ͘ /ƚĐĂŶ ďĞĨƵƌƚŚĞƌĐĂƚĞŐŽƌŝnjĞĚ ĂƐŐĂƐĐĂƉŐĂƐŽƌƐŽůƵƚŝŽŶŐĂƐ͘
ĂƐŝŶͲĞŶƚƌĞĚ'ĂƐ	ŶƵŶĐŽŶǀĞŶƚŝŽŶĂůŶĂƚƵƌĂůŐĂƐĂĐĐƵŵƵůĂƚŝŽŶƚŚĂƚŝƐƌĞŐŝŽŶĂůůLJƉĞƌǀĂƐŝǀĞĂŶĚ ĐŚĂƌĂĐƚĞƌŝnjĞĚ ďLJůŽǁƉĞƌŵĞĂďŝůŝƚLJ͕ ĂďŶŽƌŵĂůƉƌĞƐƐƵƌĞ͕ŐĂƐͲƐĂƚƵƌĂƚĞĚƌĞƐĞƌǀŽŝƌƐ͕ ĂŶĚ ůĂĐŬŽĨ Ă ĚŽǁŶĚŝƉǁĂƚĞƌůĞŐ͘
ĂƌƌĞůŽĨKŝů ƋƵŝǀĂůĞŶƚ;KͿ	dŚĞƚĞƌŵĂůůŽǁƐĨŽƌĂƐŝŶŐůĞǀĂůƵĞƚŽƌĞƉƌĞƐĞŶƚƚŚĞƐƵŵŽĨ ĂůůƚŚĞŚLJĚƌŽĐĂƌďŽŶ ƉƌŽĚƵĐƚƐƚŚĂƚĂƌĞĨŽƌĞĐĂƐƚĂƐƌĞƐŽƵƌĐĞƐ͘ dLJƉŝĐĂůůLJ͕ĐŽŶĚĞŶƐĂƚĞ͕Žŝů͕ ďŝƚƵŵĞŶ͕ ĂŶĚ ƐLJŶƚŚĞƚŝĐĐƌƵĚĞďĂƌƌĞůƐĂƌĞƚĂŬĞŶƚŽďĞĞƋƵĂů ;ϭďďů сϭKͿ͘ 'ĂƐĂŶĚ E'> ƋƵĂŶƚŝƚŝĞƐĂƌĞĐŽŶǀĞƌƚĞĚƚŽĂŶŽŝůĞƋƵŝǀĂůĞŶƚďĂƐĞĚŽŶĂĐŽŶǀĞƌƐŝŽŶĨĂĐƚŽƌƚŚĂƚŝƐ ƌĞĐŽŵŵĞŶĚĞĚƚŽďĞďĂƐĞĚŽŶĂŶŽŵŝŶĂů ŚĞĂƚŝŶŐĐŽŶƚĞŶƚŽƌĐĂůŽƌŝĨŝĐǀĂůƵĞ ĞƋƵŝǀĂůĞŶƚƚŽĂ ďĂƌƌĞůŽĨŽŝů͘
ĂƐŝƐĨŽƌƐƚŝŵĂƚĞ	dŚĞŵĞƚŚŽĚŽůŽŐLJ;ŽƌŵĞƚŚŽĚŽůŽŐŝĞƐͿ ĂŶĚƐƵƉƉŽƌƚŝŶŐĚĂƚĂŽŶǁŚŝĐŚƚŚĞ ĞƐƚŝŵĂƚĞĚ ƋƵĂŶƚŝƚŝĞƐĂƌĞďĂƐĞĚ͘ ;ůƐŽƌĞĨĞƌĞŶĐĞĚ ĂƐďĂƐŝƐĨŽƌƚŚĞĞƐƚŝŵĂƚŝŽŶ͘Ϳ
ĞŚŝŶĚͲWŝƉĞ ZĞƐĞƌǀĞƐ	ZĞƐĞƌǀĞƐƚŚĂƚĂƌĞĞdžƉĞĐƚĞĚƚŽďĞƌĞĐŽǀĞƌĞĚ ĨƌŽŵnjŽŶĞƐŝŶĞdžŝƐƚŝŶŐǁĞůůƐ͕ ǁŚŝĐŚ ǁŝůůƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĐŽŵƉůĞƚŝŽŶǁŽƌŬŽƌĨƵƚƵƌĞƌĞͲĐŽŵƉůĞƚŝŽŶďĞĨŽƌĞƚŚĞƐƚĂƌƚ ŽĨƉƌŽĚƵĐƚŝŽŶ͘ /ŶĂůůĐĂƐĞƐ͕ƉƌŽĚƵĐƚŝŽŶĐĂŶďĞŝŶŝƚŝĂƚĞĚŽƌƌĞƐƚŽƌĞĚ ǁŝƚŚƌĞůĂƚŝǀĞůLJ ůŽǁĞdžƉĞŶĚŝƚƵƌĞĐŽŵƉĂƌĞĚƚŽƚŚĞĐŽƐƚŽĨ ĚƌŝůůŝŶŐĂŶĚĐŽŵƉůĞƚŝŶŐĂŶĞǁ ǁĞůů ŝŶĐůƵĚŝŶŐŚŽŽŬͲƵƉƚŽĂůůŽǁƉƌŽĚƵĐƚŝŽŶ͘
ĞƐƚƐƚŝŵĂƚĞ	tŝƚŚƌĞƐƉĞĐƚƚŽƌĞƐŽƵƌĐĞƐĐĂƚĞŐŽƌŝnjĂƚŝŽŶ͕ƚŚĞŵŽƐƚƌĞĂůŝƐƚŝĐĂƐƐĞƐƐŵĞŶƚŽĨ ƌĞĐŽǀĞƌĂďůĞƋƵĂŶƚŝƚŝĞƐŝĨŽŶůLJĂƐŝŶŐůĞƌĞƐƵůƚǁĞƌĞƌĞƉŽƌƚĞĚ͘ /ĨƉƌŽďĂďŝůŝƐƚŝĐ ŵĞƚŚŽĚƐĂƌĞƵƐĞĚ͕ƚŚĞƌĞƐŚŽƵůĚ ďĞĂƚůĞĂƐƚĂ ϱϬйƉƌŽďĂďŝůŝƚLJ;WϱϬͿƚŚĂƚƚŚĞ ƋƵĂŶƚŝƚŝĞƐĂĐƚƵĂůůLJƌĞĐŽǀĞƌĞĚ ǁŝůůĞƋƵĂůŽƌĞdžĐĞĞĚƚŚĞďĞƐƚĞƐƚŝŵĂƚĞ͘
ϭ	ĞŶŽƚĞƐůŽǁĞƐƚŝŵĂƚĞŽĨŽŶƚŝŶŐĞŶƚZĞƐŽƵƌĐĞƐ͘ϭŝƐĞƋƵĂůƚŽϭ͘
Ϯ	ĞŶŽƚĞƐŽŶƚŝŶŐĞŶƚZĞƐŽƵƌĐĞƐŽĨƐĂŵĞƚĞĐŚŶŝĐĂůĐŽŶĨŝĚĞŶĐĞĂƐWƌŽďĂďůĞ͕ ďƵƚŶŽƚ ĐŽŵŵĞƌĐŝĂůůLJŵĂƚƵƌĞĚƚŽZĞƐĞƌǀĞƐ͘
ϯ	ĞŶŽƚĞƐŽŶƚŝŶŐĞŶƚZĞƐŽƵƌĐĞƐŽĨƐĂŵĞƚĞĐŚŶŝĐĂůĐŽŶĨŝĚĞŶĐĞĂƐWŽƐƐŝďůĞ͕ ďƵƚŶŽƚ ĐŽŵŵĞƌĐŝĂůůLJŵĂƚƵƌĞĚƚŽZĞƐĞƌǀĞƐ͘
ŚĂŶĐĞ	ŚĂŶĐĞĞƋƵĂůƐϭͲƌŝƐŬ͘ 'ĞŶĞƌĂůůLJƐLJŶŽŶLJŵŽƵƐǁŝƚŚ ůŝŬĞůŝŚŽŽĚ͘ ;^ĞĞZŝƐŬͿ
ŚĂŶĐĞŽĨ ŽŵŵĞƌĐŝĂůŝƚLJ	dŚĞĞƐƚŝŵĂƚĞĚƉƌŽďĂďŝůŝƚLJƚŚĂƚƚŚĞƉƌŽũĞĐƚǁŝůů ĂĐŚŝĞǀĞĐŽŵŵĞƌĐŝĂůŵĂƚƵƌŝƚLJƚŽďĞ ĚĞǀĞůŽƉĞĚ͘ &ŽƌWƌŽƐƉĞĐƚŝǀĞZĞƐŽƵƌĐĞƐ͕ƚŚŝƐŝƐƚŚĞƉƌŽĚƵĐƚŽĨƚŚĞĐŚĂŶĐĞŽĨ ŐĞŽůŽŐŝĐĚŝƐĐŽǀĞƌLJĂŶĚƚŚĞĐŚĂŶĐĞŽĨ ĚĞǀĞůŽƉŵĞŶƚ͘ &ŽƌŽŶƚŝŶŐĞŶƚZĞƐŽƵƌĐĞƐĂŶĚ ZĞƐĞƌǀĞƐ͕ ŝƚŝƐĞƋƵĂůƚŽƚŚĞĐŚĂŶĐĞŽĨ ĚĞǀĞůŽƉŵĞŶƚ͘
ŚĂŶĐĞŽĨ ĞǀĞůŽƉŵĞŶƚ	dŚĞĞƐƚŝŵĂƚĞĚƉƌŽďĂďŝůŝƚLJƚŚĂƚĂŬŶŽǁŶĂĐĐƵŵƵůĂƚŝŽŶ͕ŽŶĐĞĚŝƐĐŽǀĞƌĞĚ͕ ǁŝůů ďĞ ĐŽŵŵĞƌĐŝĂůůLJĚĞǀĞůŽƉĞĚ͘
ŚĂŶĐĞŽĨ'ĞŽůŽŐŝĐ ŝƐĐŽǀĞƌLJ	dŚĞĞƐƚŝŵĂƚĞĚƉƌŽďĂďŝůŝƚLJƚŚĂƚĞdžƉůŽƌĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐǁŝůůĐŽŶĨŝƌŵƚŚĞĞdžŝƐƚĞŶĐĞŽĨ ĂƐŝŐŶŝĨŝĐĂŶƚĂĐĐƵŵƵůĂƚŝŽŶŽĨƉŽƚĞŶƚŝĂůůLJƌĞĐŽǀĞƌĂďůĞƉĞƚƌŽůĞƵŵ͘
ŽĂůďĞĚDĞƚŚĂŶĞ ;DͿ	EĂƚƵƌĂůŐĂƐĐŽŶƚĂŝŶĞĚ ŝŶĐŽĂů ĚĞƉŽƐŝƚƐ͘ŽĂůďĞĚŐĂƐ͕ ĂůƚŚŽƵŐŚƵƐƵĂůůLJŵŽƐƚůLJ ŵĞƚŚĂŶĞ͕ŵĂLJďĞƉƌŽĚƵĐĞĚ ǁŝƚŚ ǀĂƌŝĂďůĞĂŵŽƵŶƚƐŽĨ ŝŶĞƌƚŽƌĞǀĞŶŶŽŶͲŝŶĞƌƚ ŐĂƐĞƐ͘΀ůƐŽĐĂůůĞĚĐŽĂůͲƐĞĂŵŐĂƐ;^'ͿŽƌŶĂƚƵƌĂůŐĂƐĨƌŽŵĐŽĂů ;E'Ϳ͘΁

:ƵŶĞϮϬϭϵ ϭϯϰ

ŽŵŵĞƌĐŝĂů	ƉƌŽũĞĐƚŝƐĐŽŵŵĞƌĐŝĂů ǁŚĞŶƚŚĞƌĞŝƐĞǀŝĚĞŶĐĞŽĨ Ă ĨŝƌŵŝŶƚĞŶƚŝŽŶƚŽƉƌŽĐĞĞĚ ǁŝƚŚ ĚĞǀĞůŽƉŵĞŶƚǁŝƚŚŝŶĂƌĞĂƐŽŶĂďůĞƚŝŵĞͲĨƌĂŵĞ͘ dLJƉŝĐĂůůLJ͕ƚŚŝƐƌĞƋƵŝƌĞƐƚŚĂƚ ƚŚĞďĞƐƚĞƐƚŝŵĂƚĞĐĂƐĞŵĞĞƚŽƌĞdžĐĞĞĚƚŚĞŵŝŶŝŵƵŵĞǀĂůƵĂƚŝŽŶĚĞĐŝƐŝŽŶĐƌŝƚĞƌŝĂ ;Ğ͘Ő͕͘ƌĂƚĞŽĨƌĞƚƵƌŶ͕ ŝŶǀĞƐƚŵĞŶƚƉĂLJŽƵƚƚŝŵĞͿ͘ dŚĞƌĞŵƵƐƚďĞĂƌĞĂƐŽŶĂďůĞ ĞdžƉĞĐƚĂƚŝŽŶƚŚĂƚĂůůƌĞƋƵŝƌĞĚ ŝŶƚĞƌŶĂů ĂŶĚĞdžƚĞƌŶĂů ĂƉƉƌŽǀĂůƐǁŝůů ďĞĨŽƌƚŚĐŽŵŝŶŐ͘ ůƐŽ͕ƚŚĞƌĞŵƵƐƚďĞĞǀŝĚĞŶĐĞŽĨ ĂƚĞĐŚŶŝĐĂůůLJŵĂƚƵƌĞ͕ ĨĞĂƐŝďůĞĚĞǀĞůŽƉŵĞŶƚƉůĂŶ ĂŶĚƚŚĞĞƐƐĞŶƚŝĂůƐŽĐŝĂů͕ĞŶǀŝƌŽŶŵĞŶƚĂů͕ĞĐŽŶŽŵŝĐ͕ƉŽůŝƚŝĐĂů͕ ůĞŐĂů͕ƌĞŐƵůĂƚŽƌLJ͕ ĚĞĐŝƐŝŽŶĐƌŝƚĞƌŝĂ͕ ĂŶĚĐŽŶƚƌĂĐƚƵĂůĐŽŶĚŝƚŝŽŶƐĂƌĞŵĞƚ͘ ͘
ŽŵŵŝƚƚĞĚWƌŽũĞĐƚ	WƌŽũĞĐƚƚŚĂƚƚŚĞĞŶƚŝƚLJŚĂƐĂ ĨŝƌŵŝŶƚĞŶƚŝŽŶƚŽĚĞǀĞůŽƉŝŶĂƌĞĂƐŽŶĂďůĞƚŝŵĞͲĨƌĂŵĞ͘ /ŶƚĞŶƚŝƐĚĞŵŽŶƐƚƌĂƚĞĚ ǁŝƚŚ ĨƵŶĚŝŶŐͬĨŝŶĂŶĐŝĂůƉůĂŶƐ͕ ďƵƚ&/ ŚĂƐŶŽƚLJĞƚďĞĞŶ ĚĞĐůĂƌĞĚ ;^ĞĞĂůƐŽ&ŝŶĂů /ŶǀĞƐƚŵĞŶƚĞĐŝƐŝŽŶ͘Ϳ
ŽŵƉůĞƚŝŽŶ	ŽŵƉůĞƚŝŽŶŽĨ Ă ǁĞůů͘ dŚĞƉƌŽĐĞƐƐďLJǁŚŝĐŚ Ă ǁĞůů ŝƐďƌŽƵŐŚƚƚŽŝƚƐŽƉĞƌĂƚŝŶŐ ƐƚĂƚƵƐ;Ğ͘Ő͕͘ƉƌŽĚƵĐĞƌ͕ ŝŶũĞĐƚŽƌ͕ŽƌŵŽŶŝƚŽƌǁĞůůͿ͘ ǁĞůů ĚĞĞŵĞĚƚŽďĞĐĂƉĂďůĞŽĨ ƉƌŽĚƵĐŝŶŐƉĞƚƌŽůĞƵŵ͕ŽƌƵƐĞĚ ĂƐĂŶŝŶũĞĐƚŽƌ͕ ŝƐĐŽŵƉůĞƚĞĚ ďLJĞƐƚĂďůŝƐŚŝŶŐĂ ĐŽŶŶĞĐƚŝŽŶďĞƚǁĞĞŶƚŚĞƌĞƐĞƌǀŽŝƌ;ƐͿ ĂŶĚƚŚĞƐƵƌĨĂĐĞƐŽƚŚĂƚĨůƵŝĚƐĐĂŶďĞ ƉƌŽĚƵĐĞĚ ĨƌŽŵ͕ŽƌŝŶũĞĐƚĞĚ ŝŶƚŽ͕ƚŚĞƌĞƐĞƌǀŽŝƌ͘
ŽŵƉůĞƚŝŽŶ /ŶƚĞƌǀĂů	dŚĞƐƉĞĐŝĨŝĐƌĞƐĞƌǀŽŝƌŝŶƚĞƌǀĂů;ƐͿƚŚĂƚŝƐ;ĂƌĞͿŽƉĞŶƚŽƚŚĞďŽƌĞŚŽůĞĂŶĚĐŽŶŶĞĐƚĞĚ ƚŽƚŚĞƐƵƌĨĂĐĞĨĂĐŝůŝƚŝĞƐĨŽƌƉƌŽĚƵĐƚŝŽŶŽƌŝŶũĞĐƚŝŽŶ͕ŽƌƌĞƐĞƌǀŽŝƌŝŶƚĞƌǀĂůƐŽƉĞŶƚŽ ƚŚĞǁĞůůďŽƌĞĂŶĚĞĂĐŚŽƚŚĞƌĨŽƌŝŶũĞĐƚŝŽŶƉƵƌƉŽƐĞƐ͘
ŽŶĐĞƐƐŝŽŶ	ŐƌĂŶƚŽĨ ĂĐĐĞƐƐĨŽƌĂ ĚĞĨŝŶĞĚ ĂƌĞĂ ĂŶĚƚŝŵĞƉĞƌŝŽĚƚŚĂƚƚƌĂŶƐĨĞƌƐĐĞƌƚĂŝŶ ĞŶƚŝƚůĞŵĞŶƚƐƚŽƉƌŽĚƵĐĞĚ ŚLJĚƌŽĐĂƌďŽŶƐĨƌŽŵƚŚĞŚŽƐƚĐŽƵŶƚƌLJƚŽĂŶĞŶƚŝƚLJ͘ dŚĞ ĞŶƚŝƚLJŝƐŐĞŶĞƌĂůůLJƌĞƐƉŽŶƐŝďůĞĨŽƌĞdžƉůŽƌĂƚŝŽŶ͕ ĚĞǀĞůŽƉŵĞŶƚ͕ƉƌŽĚƵĐƚŝŽŶ͕ ĂŶĚƐĂůĞ ŽĨ ŚLJĚƌŽĐĂƌďŽŶƐƚŚĂƚŵĂLJďĞĚŝƐĐŽǀĞƌĞĚ͘ dLJƉŝĐĂůůLJŐƌĂŶƚĞĚƵŶĚĞƌĂ ůĞŐŝƐůĂƚĞĚ ĨŝƐĐĂůƐLJƐƚĞŵǁŚĞƌĞƚŚĞŚŽƐƚĐŽƵŶƚƌLJĐŽůůĞĐƚƐƚĂdžĞƐ͕ ĨĞĞƐ͕ ĂŶĚƐŽŵĞƚŝŵĞƐƌŽLJĂůƚLJ ŽŶƉƌŽĨŝƚƐĞĂƌŶĞĚ͘ ;ůƐŽĐĂůůĞĚ Ă ůŝĐĞŶƐĞ͘Ϳ
ŽŶĚĞŶƐĂƚĞ	ŵŝdžƚƵƌĞŽĨ ŚLJĚƌŽĐĂƌďŽŶƐ;ŵĂŝŶůLJƉĞŶƚĂŶĞƐĂŶĚ ŚĞĂǀŝĞƌͿƚŚĂƚĞdžŝƐƚŝŶƚŚĞ ŐĂƐĞŽƵƐƉŚĂƐĞĂƚŽƌŝŐŝŶĂůƚĞŵƉĞƌĂƚƵƌĞĂŶĚƉƌĞƐƐƵƌĞŽĨƚŚĞƌĞƐĞƌǀŽŝƌ͕ ďƵƚǁŚĞŶ ƉƌŽĚƵĐĞĚ͕ ĂƌĞŝŶƚŚĞůŝƋƵŝĚƉŚĂƐĞĂƚƐƵƌĨĂĐĞƉƌĞƐƐƵƌĞĂŶĚƚĞŵƉĞƌĂƚƵƌĞĐŽŶĚŝƚŝŽŶƐ͘ ŽŶĚĞŶƐĂƚĞĚŝĨĨĞƌƐĨƌŽŵE'>ƐŝŶƚǁŽƌĞƐƉĞĐƚƐ͗ ;ϭͿ E'> ŝƐĞdžƚƌĂĐƚĞĚ ĂŶĚƌĞĐŽǀĞƌĞĚ ŝŶŐĂƐƉůĂŶƚƐƌĂƚŚĞƌƚŚĂŶůĞĂƐĞƐĞƉĂƌĂƚŽƌƐŽƌŽƚŚĞƌůĞĂƐĞĨĂĐŝůŝƚŝĞƐ͕ ĂŶĚ ;ϮͿ E'> ŝŶĐůƵĚĞƐǀĞƌLJůŝŐŚƚŚLJĚƌŽĐĂƌďŽŶƐ;ĞƚŚĂŶĞ͕ƉƌŽƉĂŶĞ͕ŽƌďƵƚĂŶĞƐͿ ĂƐǁĞůů ĂƐƚŚĞ ƉĞŶƚĂŶĞƐͲƉůƵƐƚŚĂƚĂƌĞƚŚĞŵĂŝŶĐŽŶƐƚŝƚƵĞŶƚƐŽĨĐŽŶĚĞŶƐĂƚĞ͘
ŽŶĨŝĚĞŶĐĞ>ĞǀĞů	ŵĞĂƐƵƌĞŽĨƚŚĞĞƐƚŝŵĂƚĞĚƌĞůŝĂďŝůŝƚLJŽĨ ĂƌĞƐƵůƚ͘ ƐƵƐĞĚ ŝŶƚŚĞĚĞƚĞƌŵŝŶŝƐƚŝĐ ŝŶĐƌĞŵĞŶƚĂůŵĞƚŚŽĚ͕ƚŚĞĞǀĂůƵĂƚŽƌĂƐƐŝŐŶƐĂƌĞůĂƚŝǀĞůĞǀĞůŽĨĐŽŶĨŝĚĞŶĐĞ ;ŚŝŐŚͬŵŽĚĞƌĂƚĞͬůŽǁͿƚŽĂƌĞĂƐͬƐĞŐŵĞŶƚƐŽĨ ĂŶĂĐĐƵŵƵůĂƚŝŽŶďĂƐĞĚŽŶƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶĂǀĂŝůĂďůĞ;Ğ͘Ő͕͘ ǁĞůůĐŽŶƚƌŽů ĂŶĚƐĞŝƐŵŝĐĐŽǀĞƌĂŐĞͿ͘WƌŽďĂďŝůŝƐƚŝĐĂŶĚ ƐƚĂƚŝƐƚŝĐĂůŵĞƚŚŽĚƐƵƐĞƚŚĞϵϬй ;WϵϬͿ ĨŽƌƚŚĞŚŝŐŚĐŽŶĨŝĚĞŶĐĞ;ůŽǁ ǀĂůƵĞĐĂƐĞͿ͕ ϱϬй ;WϱϬͿ ĨŽƌƚŚĞďĞƐƚĞƐƚŝŵĂƚĞ;ŵŽĚĞƌĂƚĞǀĂůƵĞĐĂƐĞͿ͕ ĂŶĚϭϬй ;WϭϬͿ ĨŽƌƚŚĞůŽǁ ;ŚŝŐŚ ǀĂůƵĞĐĂƐĞͿĞƐƚŝŵĂƚĞƚŽƌĞƉƌĞƐĞŶƚƚŚĞĐŚĂŶĐĞƐƚŚĂƚƚŚĞĂĐƚƵĂů ǀĂůƵĞǁŝůů ĞƋƵĂůŽƌĞdžĐĞĞĚƚŚĞĞƐƚŝŵĂƚĞ͘
ŽŶƐƚĂŶƚĂƐĞ	ĚĞƐĐƌŝƉƚŽƌĂƉƉůŝĞĚƚŽƚŚĞĞĐŽŶŽŵŝĐĞǀĂůƵĂƚŝŽŶŽĨƌĞƐŽƵƌĐĞƐĞƐƚŝŵĂƚĞƐ͘ ŽŶƐƚĂŶƚͲĐĂƐĞĞƐƚŝŵĂƚĞƐĂƌĞďĂƐĞĚŽŶĐƵƌƌĞŶƚĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐďĞŝŶŐƚŚŽƐĞ ĐŽŶĚŝƚŝŽŶƐ;ŝŶĐůƵĚŝŶŐĐŽƐƚƐĂŶĚƉƌŽĚƵĐƚƉƌŝĐĞƐͿƚŚĂƚĂƌĞĨŝdžĞĚ ĂƚƚŚĞĞǀĂůƵĂƚŝŽŶ ĚĂƚĞĂŶĚ ŚĞůĚĐŽŶƐƚĂŶƚ͕ ǁŝƚŚŶŽŝŶĨůĂƚŝŽŶŽƌĚĞĨůĂƚŝŽŶŵĂĚĞƚŽĐŽƐƚƐŽƌƉƌŝĐĞƐ ƚŚƌŽƵŐŚŽƵƚƚŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚĞƉƌŽũĞĐƚůŝĨĞŽƚŚĞƌƚŚĂŶƚŚŽƐĞƉĞƌŵŝƚƚĞĚ ĐŽŶƚƌĂĐƚƵĂůůLJ͘
ŽŶƐƵŵĞĚŝŶ KƉĞƌĂƚŝŽŶƐ;ŝKͿ	dŚĂƚƉŽƌƚŝŽŶŽĨƉƌŽĚƵĐĞĚƉĞƚƌŽůĞƵŵĐŽŶƐƵŵĞĚ ĂƐĨƵĞů ŝŶƉƌŽĚƵĐƚŝŽŶŽƌůĞĂƐĞ ƉůĂŶƚŽƉĞƌĂƚŝŽŶƐďĞĨŽƌĞĚĞůŝǀĞƌLJƚŽƚŚĞŵĂƌŬĞƚĂƚƚŚĞƌĞĨĞƌĞŶĐĞƉŽŝŶƚ͘ ;ůƐŽĐĂůůĞĚ ůĞĂƐĞĨƵĞů͘Ϳ

:ƵŶĞϮϬϭϵ ϭϯϱ

ŽŶƚŝŶŐĞŶĐLJ	ĐŽŶĚŝƚŝŽŶƚŚĂƚŵƵƐƚďĞƐĂƚŝƐĨŝĞĚ ĨŽƌĂƉƌŽũĞĐƚŝŶŽŶƚŝŶŐĞŶƚZĞƐŽƵƌĐĞƐƚŽďĞ ƌĞĐůĂƐƐŝĨŝĞĚ ĂƐZĞƐĞƌǀĞƐ͘ZĞƐŽůƵƚŝŽŶŽĨĐŽŶƚŝŶŐĞŶĐŝĞƐĨŽƌƉƌŽũĞĐƚƐŝŶĞǀĞůŽƉŵĞŶƚ WĞŶĚŝŶŐŝƐĞdžƉĞĐƚĞĚƚŽďĞĂĐŚŝĞǀĞĚ ǁŝƚŚŝŶĂƌĞĂƐŽŶĂďůĞƚŝŵĞƉĞƌŝŽĚ͘
ŽŶƚŝŶŐĞŶƚWƌŽũĞĐƚ	ƉƌŽũĞĐƚƚŚĂƚŝƐŶŽƚLJĞƚĐŽŵŵĞƌĐŝĂůŽǁŝŶŐƚŽŽŶĞŽƌŵŽƌĞĐŽŶƚŝŶŐĞŶĐŝĞƐƚŚĂƚ ŚĂǀĞŶŽƚďĞĞŶƌĞƐŽůǀĞĚ͘
ŽŶƚŝŶŐĞŶƚ ZĞƐŽƵƌĐĞƐ	dŚŽƐĞƋƵĂŶƚŝƚŝĞƐŽĨƉĞƚƌŽůĞƵŵĞƐƚŝŵĂƚĞĚ͕ ĂƐŽĨ ĂŐŝǀĞŶĚĂƚĞ͕ƚŽďĞƉŽƚĞŶƚŝĂůůLJ ƌĞĐŽǀĞƌĂďůĞĨƌŽŵŬŶŽǁŶĂĐĐƵŵƵůĂƚŝŽŶƐďLJĂƉƉůŝĐĂƚŝŽŶŽĨ ĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐ͕ ďƵƚǁŚŝĐŚ ĂƌĞŶŽƚĐƵƌƌĞŶƚůLJĐŽŶƐŝĚĞƌĞĚƚŽďĞĐŽŵŵĞƌĐŝĂůůLJƌĞĐŽǀĞƌĂďůĞŽǁŝŶŐƚŽ ŽŶĞŽƌŵŽƌĞĐŽŶƚŝŶŐĞŶĐŝĞƐ͘
ŽŶƚŝŶƵŽƵƐͲdLJƉĞ ĞƉŽƐŝƚ	ƉĞƚƌŽůĞƵŵĂĐĐƵŵƵůĂƚŝŽŶƚŚĂƚŝƐƉĞƌǀĂƐŝǀĞƚŚƌŽƵŐŚŽƵƚĂ ůĂƌŐĞĂƌĞĂ ĂŶĚƚŚĂƚ ŐĞŶĞƌĂůůLJůĂĐŬƐǁĞůůͲĚĞĨŝŶĞĚ KtŽƌ't͘ ^ƵĐŚ ĂĐĐƵŵƵůĂƚŝŽŶƐĂƌĞŝŶĐůƵĚĞĚ ŝŶ ƵŶĐŽŶǀĞŶƚŝŽŶĂůƌĞƐŽƵƌĐĞƐ͘džĂŵƉůĞƐŽĨƐƵĐŚ ĚĞƉŽƐŝƚƐŝŶĐůƵĚĞ͞ďĂƐŝŶͲĐĞŶƚĞƌĞĚ͟ ŐĂƐ͕ƚŝŐŚƚŐĂƐ͕ƚŝŐŚƚŽŝů͕ŐĂƐŚLJĚƌĂƚĞƐ͕ŶĂƚƵƌĂů ďŝƚƵŵĞŶ͕ ĂŶĚŽŝůƐŚĂůĞ;ŬĞƌŽŐĞŶͿ ĂĐĐƵŵƵůĂƚŝŽŶƐ͘
ŽŶǀĞŶƚŝŽŶĂů ZĞƐŽƵƌĐĞƐ	ZĞƐŽƵƌĐĞƐƚŚĂƚĞdžŝƐƚŝŶƉŽƌŽƵƐĂŶĚƉĞƌŵĞĂďůĞƌŽĐŬǁŝƚŚ ďƵŽLJĂŶĐLJƉƌĞƐƐƵƌĞ ĞƋƵŝůŝďƌŝƵŵ͘ dŚĞW//WŝƐƚƌĂƉƉĞĚ ŝŶĚŝƐĐƌĞƚĞĂĐĐƵŵƵůĂƚŝŽŶƐƌĞůĂƚĞĚƚŽĂ ůŽĐĂůŝnjĞĚ ŐĞŽůŽŐŝĐĂůƐƚƌƵĐƚƵƌĂů ĨĞĂƚƵƌĞĂŶĚͬŽƌƐƚƌĂƚŝŐƌĂƉŚŝĐĐŽŶĚŝƚŝŽŶ͕ƚLJƉŝĐĂůůLJǁŝƚŚĞĂĐŚ ĂĐĐƵŵƵůĂƚŝŽŶďŽƵŶĚĞĚ ďLJĂ ĚŽǁŶĚŝƉĐŽŶƚĂĐƚǁŝƚŚ ĂŶĂƋƵŝĨĞƌĂŶĚ ŝƐƐŝŐŶŝĨŝĐĂŶƚůLJ ĂĨĨĞĐƚĞĚ ďLJŚLJĚƌŽĚLJŶĂŵŝĐŝŶĨůƵĞŶĐĞƐƐƵĐŚ ĂƐďƵŽLJĂŶĐLJŽĨƉĞƚƌŽůĞƵŵŝŶǁĂƚĞƌ͘
ŽƐƚZĞĐŽǀĞƌLJ	hŶĚĞƌĂƚLJƉŝĐĂůƉƌŽĚƵĐƚŝŽŶͲƐŚĂƌŝŶŐĂŐƌĞĞŵĞŶƚ͕ƚŚĞĐŽŶƚƌĂĐƚŽƌŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌ ƚŚĞĨŝĞůĚ ĚĞǀĞůŽƉŵĞŶƚĂŶĚ ĂůůĞdžƉůŽƌĂƚŝŽŶĂŶĚ ĚĞǀĞůŽƉŵĞŶƚĞdžƉĞŶƐĞƐ͘ /ŶƌĞƚƵƌŶ͕ ƚŚĞĐŽŶƚƌĂĐƚŽƌƌĞĐŽǀĞƌƐĐŽƐƚƐ;ŝŶǀĞƐƚŵĞŶƚƐĂŶĚŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐͿŽƵƚŽĨƚŚĞ ƉƌŽĚƵĐƚŝŽŶƐƚƌĞĂŵ͘ dŚĞĐŽŶƚƌĂĐƚŽƌŶŽƌŵĂůůLJƌĞĐĞŝǀĞƐĂŶĞŶƚŝƚůĞŵĞŶƚŝŶƚĞƌĞƐƚ ƐŚĂƌĞŝŶƚŚĞƉĞƚƌŽůĞƵŵƉƌŽĚƵĐƚŝŽŶĂŶĚ ŝƐĞdžƉŽƐĞĚƚŽďŽƚŚƚĞĐŚŶŝĐĂů ĂŶĚŵĂƌŬĞƚ ƌŝƐŬƐ͘
ƌƵĚĞKŝů	ƌƵĚĞŽŝů ŝƐƚŚĞƉŽƌƚŝŽŶŽĨƉĞƚƌŽůĞƵŵƚŚĂƚĞdžŝƐƚƐŝŶƚŚĞůŝƋƵŝĚƉŚĂƐĞŝŶŶĂƚƵƌĂů ƵŶĚĞƌŐƌŽƵŶĚƌĞƐĞƌǀŽŝƌƐĂŶĚƌĞŵĂŝŶƐůŝƋƵŝĚ ĂƚĂƚŵŽƐƉŚĞƌŝĐĐŽŶĚŝƚŝŽŶƐŽĨƉƌĞƐƐƵƌĞ ĂŶĚƚĞŵƉĞƌĂƚƵƌĞ;ĞdžĐůƵĚĞƐƌĞƚƌŽŐƌĂĚĞĐŽŶĚĞŶƐĂƚĞͿ͘ƌƵĚĞŽŝůŵĂLJŝŶĐůƵĚĞƐŵĂůů ĂŵŽƵŶƚƐŽĨŶŽŶͲŚLJĚƌŽĐĂƌďŽŶƐƉƌŽĚƵĐĞĚ ǁŝƚŚƚŚĞůŝƋƵŝĚƐďƵƚĚŽĞƐŶŽƚŝŶĐůƵĚĞ ůŝƋƵŝĚƐŽďƚĂŝŶĞĚ ĨƌŽŵƚŚĞƉƌŽĐĞƐƐŝŶŐŽĨŶĂƚƵƌĂůŐĂƐ͘
ƵŵƵůĂƚŝǀĞ WƌŽĚƵĐƚŝŽŶ	dŚĞƐƵŵŽĨƉĞƚƌŽůĞƵŵƋƵĂŶƚŝƚŝĞƐƚŚĂƚŚĂǀĞďĞĞŶƉƌŽĚƵĐĞĚ ĂƚĂŐŝǀĞŶĚĂƚĞ͘ ;^ĞĞ ĂůƐŽWƌŽĚƵĐƚŝŽŶͿ͘WƌŽĚƵĐƚŝŽŶŝƐŵĞĂƐƵƌĞĚƵŶĚĞƌĚĞĨŝŶĞĚĐŽŶĚŝƚŝŽŶƐƚŽĂůůŽǁ ĨŽƌ ƚŚĞĐŽŵƉƵƚĂƚŝŽŶŽĨ ďŽƚŚƌĞƐĞƌǀŽŝƌǀŽŝĚĂŐĞĂŶĚƐĂůĞƐƋƵĂŶƚŝƚŝĞƐĂŶĚ ĨŽƌƚŚĞ ƉƵƌƉŽƐĞŽĨ ǀŽŝĚĂŐĞĂůƐŽŝŶĐůƵĚĞƐŶŽŶͲƉĞƚƌŽůĞƵŵƋƵĂŶƚŝƚŝĞƐ͘
ƵƌƌĞŶƚĐŽŶŽŵŝĐ ŽŶĚŝƚŝŽŶƐ	ĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐďĂƐĞĚŽŶƌĞůĞǀĂŶƚŚŝƐƚŽƌŝĐĂůƉĞƚƌŽůĞƵŵƉƌŝĐĞƐĂŶĚ ĂƐƐŽĐŝĂƚĞĚ ĐŽƐƚƐĂǀĞƌĂŐĞĚŽǀĞƌĂƐƉĞĐŝĨŝĞĚƉĞƌŝŽĚ͘ dŚĞĚĞĨĂƵůƚƉĞƌŝŽĚ ŝƐϭϮŵŽŶƚŚƐ͘ ,ŽǁĞǀĞƌ͕ ŝŶƚŚĞĞǀĞŶƚƚŚĂƚĂƐƚĞƉĐŚĂŶŐĞŚĂƐŽĐĐƵƌƌĞĚ ǁŝƚŚŝŶƚŚĞƉƌĞǀŝŽƵƐϭϮͲ ŵŽŶƚŚƉĞƌŝŽĚ͕ƚŚĞƵƐĞŽĨ ĂƐŚŽƌƚĞƌƉĞƌŝŽĚƌĞĨůĞĐƚŝŶŐƚŚĞƐƚĞƉĐŚĂŶŐĞŵƵƐƚďĞ ũƵƐƚŝĨŝĞĚ ĂŶĚƵƐĞĚ ĂƐƚŚĞďĂƐŝƐŽĨĐŽŶƐƚĂŶƚͲĐĂƐĞƌĞƐŽƵƌĐĞƐĞƐƚŝŵĂƚĞƐĂŶĚ ĂƐƐŽĐŝĂƚĞĚƉƌŽũĞĐƚĐĂƐŚ ĨůŽǁƐ͘
ĞĨŝŶĞĚŽŶĚŝƚŝŽŶƐ	&ŽƌĞĐĂƐƚŽĨĐŽŶĚŝƚŝŽŶƐƚŽĞdžŝƐƚĂŶĚ ŝŵƉĂĐƚƚŚĞƉƌŽũĞĐƚĚƵƌŝŶŐƚŚĞƚŝŵĞƉĞƌŝŽĚ ďĞŝŶŐĞǀĂůƵĂƚĞĚ͘ &ŽƌĞĐĂƐƚƐƐŚŽƵůĚ ĂĐĐŽƵŶƚĨŽƌŝƐƐƵĞƐƚŚĂƚŝŵƉĂĐƚƚŚĞ ĐŽŵŵĞƌĐŝĂůŝƚLJ͕ƐƵĐŚ ĂƐĞĐŽŶŽŵŝĐƐ;Ğ͘Ő͕͘ ŚƵƌĚůĞƌĂƚĞƐĂŶĚĐŽŵŵŽĚŝƚLJƉƌŝĐĞͿ͖ ŽƉĞƌĂƚŝŶŐĂŶĚĐĂƉŝƚĂůĐŽƐƚƐ͖ ĂŶĚƚĞĐŚŶŝĐĂů͕ŵĂƌŬĞƚŝŶŐ͕ƐĂůĞƐƌŽƵƚĞ͕ ůĞŐĂů͕ ĞŶǀŝƌŽŶŵĞŶƚĂů͕ƐŽĐŝĂů͕ ĂŶĚŐŽǀĞƌŶŵĞŶƚĂů ĨĂĐƚŽƌƐ͘
ĞƉŽƐŝƚ	DĂƚĞƌŝĂů ůĂŝĚ ĚŽǁŶďLJĂŶĂƚƵƌĂůƉƌŽĐĞƐƐ͘ /ŶƌĞƐŽƵƌĐĞƐĞǀĂůƵĂƚŝŽŶƐ͕ ŝƚŝĚĞŶƚŝĨŝĞƐĂŶ ĂĐĐƵŵƵůĂƚŝŽŶŽĨ ŚLJĚƌŽĐĂƌďŽŶƐŝŶĂƌĞƐĞƌǀŽŝƌ͘ ;^ĞĞĐĐƵŵƵůĂƚŝŽŶ͘Ϳ
ĞƚĞƌŵŝŶŝƐƚŝĐ /ŶĐƌĞŵĞŶƚĂů DĞƚŚŽĚ	ŶĂƐƐĞƐƐŵĞŶƚŵĞƚŚŽĚ ďĂƐĞĚŽŶĚĞĨŝŶŝŶŐĚŝƐĐƌĞƚĞƉĂƌƚƐŽƌƐĞŐŵĞŶƚƐŽĨƚŚĞ ĂĐĐƵŵƵůĂƚŝŽŶƚŚĂƚƌĞĨůĞĐƚŚŝŐŚ͕ŵŽĚĞƌĂƚĞ͕ ĂŶĚ ůŽǁĐŽŶĨŝĚĞŶĐĞƌĞŐĂƌĚŝŶŐƚŚĞ ĞƐƚŝŵĂƚĞƐŽĨƌĞĐŽǀĞƌĂďůĞƋƵĂŶƚŝƚŝĞƐƵŶĚĞƌƚŚĞĚĞĨŝŶĞĚ ĚĞǀĞůŽƉŵĞŶƚƉůĂŶ͘

:ƵŶĞϮϬϭϵ ϭϯϲ

ĞƚĞƌŵŝŶŝƐƚŝĐ DĞƚŚŽĚ	ŶĂƐƐĞƐƐŵĞŶƚŵĞƚŚŽĚ ďĂƐĞĚŽŶĚŝƐĐƌĞƚĞĞƐƚŝŵĂƚĞ;ƐͿŵĂĚĞďĂƐĞĚŽŶĂǀĂŝůĂďůĞ ŐĞŽƐĐŝĞŶĐĞ͕ĞŶŐŝŶĞĞƌŝŶŐ͕ ĂŶĚĞĐŽŶŽŵŝĐĚĂƚĂ ĂŶĚĐŽƌƌĞƐƉŽŶĚƐƚŽĂŐŝǀĞŶůĞǀĞůŽĨ ĐĞƌƚĂŝŶƚLJ͘
ĞƚĞƌŵŝŶŝƐƚŝĐ ^ĐĞŶĂƌŝŽDĞƚŚŽĚ	DĞƚŚŽĚ ǁŚĞƌĞƚŚĞĞǀĂůƵĂƚŽƌƉƌŽǀŝĚĞƐƚŚƌĞĞĚĞƚĞƌŵŝŶŝƐƚŝĐĞƐƚŝŵĂƚĞƐŽĨƚŚĞ ƋƵĂŶƚŝƚŝĞƐƚŽďĞƌĞĐŽǀĞƌĞĚ ĨƌŽŵƚŚĞƉƌŽũĞĐƚďĞŝŶŐĂƉƉůŝĞĚƚŽƚŚĞĂĐĐƵŵƵůĂƚŝŽŶ͘ ƐƚŝŵĂƚĞƐĐŽŶƐŝĚĞƌƚŚĞĨƵůůƌĂŶŐĞŽĨ ǀĂůƵĞƐĨŽƌĞĂĐŚ ŝŶƉƵƚƉĂƌĂŵĞƚĞƌďĂƐĞĚŽŶ ĂǀĂŝůĂďůĞĞŶŐŝŶĞĞƌŝŶŐĂŶĚŐĞŽƐĐŝĞŶĐĞĚĂƚĂ͕ ďƵƚŽŶĞƐĞƚŝƐƐĞůĞĐƚĞĚƚŚĂƚŝƐŵŽƐƚ ĂƉƉƌŽƉƌŝĂƚĞĨŽƌƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐƌĞƐŽƵƌĐĞƐĐŽŶĨŝĚĞŶĐĞĐĂƚĞŐŽƌLJ͘ ƐŝŶŐůĞ ŽƵƚĐŽŵĞŽĨƌĞĐŽǀĞƌĂďůĞƋƵĂŶƚŝƚŝĞƐŝƐĚĞƌŝǀĞĚ ĨŽƌĞĂĐŚƐĐĞŶĂƌŝŽ͘
ĞǀĞůŽƉĞĚ ZĞƐĞƌǀĞƐ	ZĞƐĞƌǀĞƐƚŚĂƚĂƌĞĞdžƉĞĐƚĞĚƚŽďĞƌĞĐŽǀĞƌĞĚ ĨƌŽŵĞdžŝƐƚŝŶŐǁĞůůƐĂŶĚ ĨĂĐŝůŝƚŝĞƐ͘ ĞǀĞůŽƉĞĚZĞƐĞƌǀĞƐŵĂLJďĞĨƵƌƚŚĞƌƐƵďͲĐůĂƐƐŝĨŝĞĚ ĂƐWƌŽĚƵĐŝŶŐŽƌEŽŶͲ WƌŽĚƵĐŝŶŐ͘
ĞǀĞůŽƉĞĚ WƌŽĚƵĐŝŶŐ ZĞƐĞƌǀĞƐ	ĞǀĞůŽƉĞĚZĞƐĞƌǀĞƐƚŚĂƚĂƌĞĞdžƉĞĐƚĞĚƚŽďĞƌĞĐŽǀĞƌĞĚ ĨƌŽŵĐŽŵƉůĞƚŝŽŶŝŶƚĞƌǀĂůƐ ƚŚĂƚĂƌĞŽƉĞŶĂŶĚƉƌŽĚƵĐŝŶŐĂƚƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞ͘ /ŵƉƌŽǀĞĚƌĞĐŽǀĞƌLJƌĞƐĞƌǀĞƐ ĂƌĞĐŽŶƐŝĚĞƌĞĚƉƌŽĚƵĐŝŶŐŽŶůLJĂĨƚĞƌƚŚĞŝŵƉƌŽǀĞĚƌĞĐŽǀĞƌLJƉƌŽũĞĐƚŝƐŝŶ ŽƉĞƌĂƚŝŽŶ͘
ĞǀĞůŽƉĞĚEŽŶͲ WƌŽĚƵĐŝŶŐ ZĞƐĞƌǀĞƐ	ĞǀĞůŽƉĞĚZĞƐĞƌǀĞƐƚŚĂƚĂƌĞĞŝƚŚĞƌƐŚƵƚͲŝŶŽƌďĞŚŝŶĚͲƉŝƉĞ͘ ;^ĞĞĂůƐŽ^ŚƵƚͲ/Ŷ ZĞƐŽƵƌĐĞƐĂŶĚ ĞŚŝŶĚͲWŝƉĞZĞƐĞƌǀĞƐ͘Ϳ
ĞǀĞůŽƉŵĞŶƚKŶ ,ŽůĚ	ĚŝƐĐŽǀĞƌĞĚ ĂĐĐƵŵƵůĂƚŝŽŶǁŚĞƌĞƉƌŽũĞĐƚĂĐƚŝǀŝƚŝĞƐĂƌĞŽŶŚŽůĚ ĂŶĚͬŽƌǁŚĞƌĞ ũƵƐƚŝĨŝĐĂƚŝŽŶĂƐĂĐŽŵŵĞƌĐŝĂů ĚĞǀĞůŽƉŵĞŶƚŵĂLJďĞƐƵďũĞĐƚƚŽƐŝŐŶŝĨŝĐĂŶƚĚĞůĂLJ͘ ƉƌŽũĞĐƚŵĂƚƵƌŝƚLJƐƵďͲĐůĂƐƐŽĨŽŶƚŝŶŐĞŶƚZĞƐŽƵƌĐĞƐ͘
ĞǀĞůŽƉŵĞŶƚEŽƚ sŝĂďůĞ	ĚŝƐĐŽǀĞƌĞĚ ĂĐĐƵŵƵůĂƚŝŽŶĨŽƌǁŚŝĐŚƚŚĞƌĞĂƌĞĐŽŶƚŝŶŐĞŶĐŝĞƐƌĞƐƵůƚŝŶŐŝŶƚŚĞƌĞ ďĞŝŶŐŶŽĐƵƌƌĞŶƚƉůĂŶƐƚŽĚĞǀĞůŽƉŽƌƚŽĂĐƋƵŝƌĞĂĚĚŝƚŝŽŶĂů ĚĂƚĂ ĂƚƚŚĞƚŝŵĞĚƵĞƚŽ ůŝŵŝƚĞĚĐŽŵŵĞƌĐŝĂůƉŽƚĞŶƚŝĂů͘ ƉƌŽũĞĐƚŵĂƚƵƌŝƚLJƐƵďͲĐůĂƐƐŽĨŽŶƚŝŶŐĞŶƚ ZĞƐŽƵƌĐĞƐ͘
ĞǀĞůŽƉŵĞŶƚ WĞŶĚŝŶŐ	ĚŝƐĐŽǀĞƌĞĚ ĂĐĐƵŵƵůĂƚŝŽŶǁŚĞƌĞƉƌŽũĞĐƚĂĐƚŝǀŝƚŝĞƐĂƌĞŽŶŐŽŝŶŐƚŽũƵƐƚŝĨLJ ĐŽŵŵĞƌĐŝĂů ĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞ͘ ƉƌŽũĞĐƚŵĂƚƵƌŝƚLJƐƵďͲĐůĂƐƐ ŽĨŽŶƚŝŶŐĞŶƚZĞƐŽƵƌĐĞƐ͘
ĞǀĞůŽƉŵĞŶƚWůĂŶ	dŚĞĚĞƐŝŐŶƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ƚŝŵŝŶŐ͕ ĂŶĚĐŽƐƚĞƐƚŝŵĂƚĞƐŽĨƚŚĞĂƉƉƌĂŝƐĂů ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚ;ƐͿƚŚĂƚĂƌĞƉůĂŶŶĞĚ ŝŶĂ ĨŝĞůĚŽƌŐƌŽƵƉŽĨ ĨŝĞůĚƐ͘ dŚĞƉůĂŶǁŝůů ŝŶĐůƵĚĞ͕ ďƵƚŝƐŶŽƚůŝŵŝƚĞĚƚŽ͕ ǁĞůů ůŽĐĂƚŝŽŶƐ͕ĐŽŵƉůĞƚŝŽŶƚĞĐŚŶŝƋƵĞƐ͕ ĚƌŝůůŝŶŐ ŵĞƚŚŽĚƐ͕ƉƌŽĐĞƐƐŝŶŐĨĂĐŝůŝƚŝĞƐ͕ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ƌĞŐƵůĂƚŝŽŶƐ͕ ĂŶĚŵĂƌŬĞƚŝŶŐ͘ dŚĞ ƉůĂŶŝƐŽĨƚĞŶĞdžĞĐƵƚĞĚ ŝŶƉŚĂƐĞƐǁŚĞŶŝŶǀŽůǀŝŶŐůĂƌŐĞ͕ĐŽŵƉůĞdž͕ƐĞƋƵĞŶƚŝĂů ƌĞĐŽǀĞƌLJĂŶĚͬŽƌĞdžƚĞŶƐŝǀĞĂƌĞĂƐ͘
ĞǀĞůŽƉŵĞŶƚ hŶĐůĂƌŝĨŝĞĚ	ĚŝƐĐŽǀĞƌĞĚ ĂĐĐƵŵƵůĂƚŝŽŶǁŚĞƌĞƉƌŽũĞĐƚĂĐƚŝǀŝƚŝĞƐĂƌĞƵŶĚĞƌĞǀĂůƵĂƚŝŽŶĂŶĚ ǁŚĞƌĞũƵƐƚŝĨŝĐĂƚŝŽŶĂƐĂĐŽŵŵĞƌĐŝĂů ĚĞǀĞůŽƉŵĞŶƚŝƐƵŶŬŶŽǁŶďĂƐĞĚŽŶĂǀĂŝůĂďůĞ ŝŶĨŽƌŵĂƚŝŽŶ͘ dŚŝƐƐƵďͲĐůĂƐƐƌĞƋƵŝƌĞƐĂƉƉƌĂŝƐĂůŽƌƐƚƵĚLJĂŶĚƐŚŽƵůĚŶŽƚďĞ ŵĂŝŶƚĂŝŶĞĚ ǁŝƚŚŽƵƚĂƉůĂŶĨŽƌĨƵƚƵƌĞĞǀĂůƵĂƚŝŽŶ͘ dŚĞƐƵďͲĐůĂƐƐƐŚŽƵůĚƌĞĨůĞĐƚƚŚĞ ĂĐƚŝŽŶƐƌĞƋƵŝƌĞĚƚŽŵŽǀĞĂƉƌŽũĞĐƚƚŽǁĂƌĚĐŽŵŵĞƌĐŝĂůŵĂƚƵƌŝƚLJ͘ ƉƌŽũĞĐƚ ŵĂƚƵƌŝƚLJƐƵďͲĐůĂƐƐŽĨŽŶƚŝŶŐĞŶƚZĞƐŽƵƌĐĞƐ͘
ŝƐĐŽǀĞƌĞĚ	ƉĞƚƌŽůĞƵŵĂĐĐƵŵƵůĂƚŝŽŶǁŚĞƌĞŽŶĞŽƌƐĞǀĞƌĂůĞdžƉůŽƌĂƚŽƌLJǁĞůůƐƚŚƌŽƵŐŚ ƚĞƐƚŝŶŐ͕ƐĂŵƉůŝŶŐ͕ ĂŶĚͬŽƌůŽŐŐŝŶŐŚĂǀĞĚĞŵŽŶƐƚƌĂƚĞĚƚŚĞĞdžŝƐƚĞŶĐĞŽĨ ĂƐŝŐŶŝĨŝĐĂŶƚ ƋƵĂŶƚŝƚLJŽĨƉŽƚĞŶƚŝĂůůLJƌĞĐŽǀĞƌĂďůĞŚLJĚƌŽĐĂƌďŽŶƐĂŶĚƚŚƵƐŚĂǀĞĞƐƚĂďůŝƐŚĞĚ Ă ŬŶŽǁŶĂĐĐƵŵƵůĂƚŝŽŶ͘ /ŶƚŚŝƐĐŽŶƚĞdžƚ͕ ͞ƐŝŐŶŝĨŝĐĂŶƚ͟ ŝŵƉůŝĞƐƚŚĂƚƚŚĞƌĞŝƐĞǀŝĚĞŶĐĞ ŽĨ ĂƐƵĨĨŝĐŝĞŶƚƋƵĂŶƚŝƚLJŽĨƉĞƚƌŽůĞƵŵƚŽũƵƐƚŝĨLJĞƐƚŝŵĂƚŝŶŐƚŚĞŝŶͲƉůĂĐĞǀŽůƵŵĞ ĚĞŵŽŶƐƚƌĂƚĞĚ ďLJƚŚĞǁĞůů;ƐͿ ĂŶĚ ĨŽƌĞǀĂůƵĂƚŝŶŐƚŚĞƉŽƚĞŶƚŝĂů ĨŽƌƚĞĐŚŶŝĐĂů ƌĞĐŽǀĞƌLJ͘ ;^ĞĞĂůƐŽ<ŶŽǁŶĐĐƵŵƵůĂƚŝŽŶ͘Ϳ

:ƵŶĞϮϬϭϵ ϭϯϳ T-137

ŝƐĐŽǀĞƌĞĚ WĞƚƌŽůĞƵŵ/ŶŝƚŝĂůůLJͲ /ŶͲWůĂĐĞ	YƵĂŶƚŝƚLJŽĨƉĞƚƌŽůĞƵŵƚŚĂƚŝƐĞƐƚŝŵĂƚĞĚ͕ ĂƐŽĨ ĂŐŝǀĞŶĚĂƚĞ͕ƚŽďĞĐŽŶƚĂŝŶĞĚ ŝŶ ŬŶŽǁŶĂĐĐƵŵƵůĂƚŝŽŶƐďĞĨŽƌĞƉƌŽĚƵĐƚŝŽŶ͘ ŝƐĐŽǀĞƌĞĚW//WŵĂLJďĞƐƵďĚŝǀŝĚĞĚ ŝŶƚŽ ĐŽŵŵĞƌĐŝĂů͕ƐƵďͲĐŽŵŵĞƌĐŝĂů͕ ĂŶĚƚŚĞƉŽƌƚŝŽŶƌĞŵĂŝŶŝŶŐŝŶƚŚĞƌĞƐĞƌǀŽŝƌĂƐ hŶƌĞĐŽǀĞƌĂďůĞ͘
ŝƐĐŽǀĞƌĞĚ hŶƌĞĐŽǀĞƌĂďůĞ	ŝƐĐŽǀĞƌĞĚƉĞƚƌŽůĞƵŵŝŶͲƉůĂĐĞƌĞƐŽƵƌĐĞƐƚŚĂƚĂƌĞĞǀĂůƵĂƚĞĚ͕ ĂƐŽĨ ĂŐŝǀĞŶĚĂƚĞ͕ ĂƐ ŶŽƚĂďůĞƚŽďĞƌĞĐŽǀĞƌĞĚ ďLJƚŚĞĐŽŵŵĞƌĐŝĂů ĂŶĚƐƵďͲĐŽŵŵĞƌĐŝĂůƉƌŽũĞĐƚƐ ĞŶǀŝƐŝŽŶĞĚ͘
ƌLJ'ĂƐ	EĂƚƵƌĂůŐĂƐƌĞŵĂŝŶŝŶŐĂĨƚĞƌŚLJĚƌŽĐĂƌďŽŶůŝƋƵŝĚƐŚĂǀĞďĞĞŶƌĞŵŽǀĞĚ ďĞĨŽƌĞƚŚĞ ƌĞĨĞƌĞŶĐĞƉŽŝŶƚ͘ /ƚƐŚŽƵůĚ ďĞƌĞĐŽŐŶŝnjĞĚƚŚĂƚƚŚŝƐŝƐĂƌĞƐŽƵƌĐĞƐĂƐƐĞƐƐŵĞŶƚ ĚĞĨŝŶŝƚŝŽŶĂŶĚŶŽƚĂƉŚĂƐĞďĞŚĂǀŝŽƌĚĞĨŝŶŝƚŝŽŶ͘ ;ůƐŽĐĂůůĞĚ ůĞĂŶŐĂƐ͘Ϳ
ĐŽŶŽŵŝĐ	ƉƌŽũĞĐƚŝƐĞĐŽŶŽŵŝĐǁŚĞŶŝƚŚĂƐĂƉŽƐŝƚŝǀĞƵŶĚŝƐĐŽƵŶƚĞĚĐƵŵƵůĂƚŝǀĞĐĂƐŚ ĨůŽǁ ĨƌŽŵƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚŚĞĞǀĂůƵĂƚŝŽŶ͕ƚŚĞŶĞƚƌĞǀĞŶƵĞĞdžĐĞĞĚƐƚŚĞŶĞƚĐŽƐƚŽĨ ŽƉĞƌĂƚŝŽŶ;ŝ͘Ğ͕͘ƉŽƐŝƚŝǀĞĐƵŵƵůĂƚŝǀĞŶĞƚĐĂƐŚ ĨůŽǁ ĂƚĚŝƐĐŽƵŶƚƌĂƚĞŐƌĞĂƚĞƌƚŚĂŶŽƌ ĞƋƵĂůƚŽnjĞƌŽƉĞƌĐĞŶƚͿ͘
ĐŽŶŽŵŝĐ/ŶƚĞƌĞƐƚ	/ŶƚĞƌĞƐƚƚŚĂƚŝƐƉŽƐƐĞƐƐĞĚ ǁŚĞŶĂŶĞŶƚŝƚLJŚĂƐĂĐƋƵŝƌĞĚ ĂŶŝŶƚĞƌĞƐƚŝŶƚŚĞŵŝŶĞƌĂůƐ ŝŶͲƉůĂĐĞŽƌĂ ůŝĐĞŶƐĞĂŶĚƐĞĐƵƌĞƐ͕ ďLJĂŶLJĨŽƌŵŽĨ ůĞŐĂůƌĞůĂƚŝŽŶƐŚŝƉ͕ƌĞǀĞŶƵĞ ĚĞƌŝǀĞĚ ĨƌŽŵƚŚĞĞdžƚƌĂĐƚŝŽŶŽĨƚŚĞŵŝŶĞƌĂůƚŽǁŚŝĐŚ ŚĞŵƵƐƚůŽŽŬĨŽƌĂƌĞƚƵƌŶ͘
ĐŽŶŽŵŝĐ>ŝŵŝƚ	ĞĨŝŶĞĚ ĂƐƚŚĞƚŝŵĞǁŚĞŶƚŚĞŵĂdžŝŵƵŵĐƵŵƵůĂƚŝǀĞŶĞƚĐĂƐŚ ĨůŽǁ ;ƐĞĞEĞƚ ŶƚŝƚůĞŵĞŶƚͿŽĐĐƵƌƐĨŽƌĂƉƌŽũĞĐƚ͘
ĐŽŶŽŵŝĐĂůůLJEŽƚ sŝĂďůĞŽŶƚŝŶŐĞŶƚ ZĞƐŽƵƌĐĞƐ	dŚŽƐĞƋƵĂŶƚŝƚŝĞƐĨŽƌǁŚŝĐŚ ĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐĂƌĞŶŽƚĞdžƉĞĐƚĞĚƚŽLJŝĞůĚ ƉŽƐŝƚŝǀĞĐĂƐŚ ĨůŽǁƐƵŶĚĞƌƌĞĂƐŽŶĂďůĞĨŽƌĞĐĂƐƚĐŽŶĚŝƚŝŽŶƐ͘ DĂLJĂůƐŽďĞƐƵďũĞĐƚƚŽ ĂĚĚŝƚŝŽŶĂůƵŶƐĂƚŝƐĨŝĞĚĐŽŶƚŝŶŐĞŶĐŝĞƐ͘
ĐŽŶŽŵŝĐĂůůLJ sŝĂďůĞŽŶƚŝŶŐĞŶƚ ZĞƐŽƵƌĐĞƐ	dŚŽƐĞƋƵĂŶƚŝƚŝĞƐĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚƚĞĐŚŶŝĐĂůůLJĨĞĂƐŝďůĞƉƌŽũĞĐƚƐǁŚĞƌĞĐĂƐŚ ĨůŽǁƐ ĂƌĞƉŽƐŝƚŝǀĞƵŶĚĞƌƌĞĂƐŽŶĂďůĞĨŽƌĞĐĂƐƚĐŽŶĚŝƚŝŽŶƐďƵƚĂƌĞŶŽƚZĞƐĞƌǀĞƐďĞĐĂƵƐĞŝƚ ĚŽĞƐŶŽƚŵĞĞƚƚŚĞŽƚŚĞƌĐŽŵŵĞƌĐŝĂůĐƌŝƚĞƌŝĂ
ĐŽŶŽŵŝĐĂůůLJ WƌŽĚƵĐŝďůĞ	ZĞĨĞƌƐƚŽƚŚĞƐŝƚƵĂƚŝŽŶǁŚĞƌĞƚŚĞŶĞƚƌĞǀĞŶƵĞĨƌŽŵĂŶŽŶŐŽŝŶŐƉƌŽĚƵĐŝŶŐƉƌŽũĞĐƚ ĞdžĐĞĞĚƐƚŚĞŶĞƚĞdžƉĞŶƐĞƐĂƚƚƌŝďƵƚĂďůĞƚŽĂĐĞƌƚĂŝŶĞŶƚŝƚLJ͛ƐŝŶƚĞƌĞƐƚ͘ dŚĞZĐŽƐƚƐ ĂƌĞĞdžĐůƵĚĞĚ ĨƌŽŵƚŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶ͘
ĨĨĞĐƚŝǀĞĂƚĞ	ZĞƐŽƵƌĐĞĞƐƚŝŵĂƚĞƐŽĨƌĞŵĂŝŶŝŶŐƋƵĂŶƚŝƚŝĞƐĂƌĞ͞ĂƐŽĨƚŚĞŐŝǀĞŶĚĂƚĞ͟ ;ĞĨĨĞĐƚŝǀĞ ĚĂƚĞͿŽĨƚŚĞĞǀĂůƵĂƚŝŽŶ͘ dŚĞĞǀĂůƵĂƚŝŽŶŵƵƐƚƚĂŬĞŝŶƚŽĂĐĐŽƵŶƚĂůů ĚĂƚĂƌĞůĂƚĞĚƚŽ ƚŚĞƉĞƌŝŽĚ ďĞĨŽƌĞƚŚĞΗĂƐŽĨ ĚĂƚĞ͘͟
ŶƚŝƚůĞŵĞŶƚ	dŚĂƚƉŽƌƚŝŽŶŽĨ ĨƵƚƵƌĞƉƌŽĚƵĐƚŝŽŶ;ĂŶĚƚŚƵƐƌĞƐŽƵƌĐĞƐͿ ůĞŐĂůůLJĂĐĐƌƵŝŶŐƚŽĂŶ ĞŶƚŝƚLJƵŶĚĞƌƚŚĞƚĞƌŵƐŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚƉƌŽĚƵĐƚŝŽŶĐŽŶƚƌĂĐƚŽƌůŝĐĞŶƐĞ͘
ŶƚŝƚLJ	ůĞŐĂůĐŽŶƐƚƌƵĐƚĐĂƉĂďůĞŽĨ ďĞĂƌŝŶŐůĞŐĂůƌŝŐŚƚƐĂŶĚŽďůŝŐĂƚŝŽŶƐ͘ /ŶƌĞƐŽƵƌĐĞƐ ĞǀĂůƵĂƚŝŽŶƐ͕ƚŚŝƐƚLJƉŝĐĂůůLJƌĞĨĞƌƐƚŽƚŚĞůĞƐƐĞĞŽƌĐŽŶƚƌĂĐƚŽƌ͕ ǁŚŝĐŚ ŝƐƐŽŵĞĨŽƌŵŽĨ ůĞŐĂůĐŽƌƉŽƌĂƚŝŽŶ;ŽƌĐŽŶƐŽƌƚŝƵŵŽĨĐŽƌƉŽƌĂƚŝŽŶƐͿ͘ /ŶĂ ďƌŽĂĚĞƌƐĞŶƐĞ͕ ĂŶĞŶƚŝƚLJ ĐĂŶďĞĂŶŽƌŐĂŶŝnjĂƚŝŽŶŽĨ ĂŶLJĨŽƌŵĂŶĚŵĂLJŝŶĐůƵĚĞŐŽǀĞƌŶŵĞŶƚƐŽƌƚŚĞŝƌ ĂŐĞŶĐŝĞƐ͘
ƐƚĂďůŝƐŚĞĚ dĞĐŚŶŽůŽŐLJ	DĞƚŚŽĚƐŽĨƌĞĐŽǀĞƌLJŽƌƉƌŽĐĞƐƐŝŶŐƚŚĂƚŚĂǀĞƉƌŽǀĞĚƚŽďĞƐƵĐĐĞƐƐĨƵů ŝŶ ĐŽŵŵĞƌĐŝĂů ĂƉƉůŝĐĂƚŝŽŶƐ͘
ƐƚŝŵĂƚĞĚ hůƚŝŵĂƚĞZĞĐŽǀĞƌLJ ;hZͿ	dŚŽƐĞƋƵĂŶƚŝƚŝĞƐŽĨƉĞƚƌŽůĞƵŵĞƐƚŝŵĂƚĞĚ͕ ĂƐŽĨ ĂŐŝǀĞŶĚĂƚĞ͕ƚŽďĞƉŽƚĞŶƚŝĂůůLJ ƌĞĐŽǀĞƌĂďůĞƉůƵƐƚŚŽƐĞƋƵĂŶƚŝƚŝĞƐƚŚĂƚŚĂǀĞďĞĞŶĂůƌĞĂĚLJƉƌŽĚƵĐĞĚ͘ &ŽƌĐůĂƌŝƚLJ͕ hZŵƵƐƚƌĞĨĞƌĞŶĐĞƚŚĞĂƐƐŽĐŝĂƚĞĚƚĞĐŚŶŝĐĂů ĂŶĚĐŽŵŵĞƌĐŝĂůĐŽŶĚŝƚŝŽŶƐĨŽƌƚŚĞ ƌĞƐŽƵƌĐĞƐ͖ ĨŽƌĞdžĂŵƉůĞ͕ƉƌŽǀĞĚhZŝƐWƌŽǀĞĚZĞƐĞƌǀĞƐƉůƵƐƉƌŝŽƌƉƌŽĚƵĐƚŝŽŶ͘

:ƵŶĞϮϬϭϵ ϭϯϴ

ǀĂůƵĂƚŝŽŶ	dŚĞŐĞŽƐĐŝĞŶĐĞƐ͕ĞŶŐŝŶĞĞƌŝŶŐ͕ ĂŶĚ ĂƐƐŽĐŝĂƚĞĚƐƚƵĚŝĞƐ͕ ŝŶĐůƵĚŝŶŐĞĐŽŶŽŵŝĐ ĂŶĂůLJƐĞƐ͕ĐŽŶĚƵĐƚĞĚŽŶĂƉĞƚƌŽůĞƵŵĞdžƉůŽƌĂƚŝŽŶ͕ ĚĞǀĞůŽƉŵĞŶƚ͕ŽƌƉƌŽĚƵĐŝŶŐ ƉƌŽũĞĐƚƌĞƐƵůƚŝŶŐŝŶĞƐƚŝŵĂƚĞƐŽĨƚŚĞƋƵĂŶƚŝƚŝĞƐƚŚĂƚĐĂŶďĞƌĞĐŽǀĞƌĞĚ ĂŶĚƐŽůĚ ĂŶĚƚŚĞĂƐƐŽĐŝĂƚĞĚĐĂƐŚ ĨůŽǁƵŶĚĞƌĚĞĨŝŶĞĚ ĨŽƌǁĂƌĚĐŽŶĚŝƚŝŽŶƐ͘ ;ůƐŽĐĂůůĞĚ ĂƐƐĞƐƐŵĞŶƚ͘Ϳ
ǀĂůƵĂƚŽƌ	dŚĞƉĞƌƐŽŶŽƌŐƌŽƵƉŽĨƉĞƌƐŽŶƐƌĞƐƉŽŶƐŝďůĞĨŽƌƉĞƌĨŽƌŵŝŶŐĂŶĞǀĂůƵĂƚŝŽŶŽĨ Ă ƉƌŽũĞĐƚ͘ dŚĞƐĞŵĂLJďĞĞŵƉůŽLJĞĞƐŽĨƚŚĞĞŶƚŝƚŝĞƐƚŚĂƚŚĂǀĞĂŶĞĐŽŶŽŵŝĐŝŶƚĞƌĞƐƚ ŝŶƚŚĞƉƌŽũĞĐƚŽƌŝŶĚĞƉĞŶĚĞŶƚĐŽŶƐƵůƚĂŶƚƐĐŽŶƚƌĂĐƚĞĚ ĨŽƌƌĞǀŝĞǁƐĂŶĚ ĂƵĚŝƚƐ͘ /ŶĂůů ĐĂƐĞƐ͕ƚŚĞĞŶƚŝƚLJĂĐĐĞƉƚŝŶŐƚŚĞĞǀĂůƵĂƚŝŽŶƚĂŬĞƐƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƚŚĞƌĞƐƵůƚƐ͕ ŝŶĐůƵĚŝŶŐŝƚƐƌĞƐŽƵƌĐĞƐĂŶĚ ĂƚƚƌŝďƵƚĞĚ ǀĂůƵĞĞƐƚŝŵĂƚĞƐ͘
džƉůŽƌĂƚŝŽŶ	WƌŽƐƉĞĐƚŝŶŐĨŽƌƵŶĚŝƐĐŽǀĞƌĞĚƉĞƚƌŽůĞƵŵƵƐŝŶŐǀĂƌŝŽƵƐƚĞĐŚŶŝƋƵĞƐ͕ƐƵĐŚ ĂƐƐĞŝƐŵŝĐ ƐƵƌǀĞLJƐ͕ŐĞŽůŽŐŝĐĂůƐƚƵĚŝĞƐ͕ ĂŶĚĞdžƉůŽƌĂƚŽƌLJĚƌŝůůŝŶŐ͘
&ŝĞůĚ	/ŶĐŽŶǀĞŶƚŝŽŶĂůƌĞƐĞƌǀŽŝƌƐ͕ Ă ĨŝĞůĚ ŝƐƚLJƉŝĐĂůůLJĂŶĂƌĞĂĐŽŶƐŝƐƚŝŶŐŽĨ ĂƐŝŶŐůĞ ƌĞƐĞƌǀŽŝƌŽƌŵƵůƚŝƉůĞƌĞƐĞƌǀŽŝƌƐĂůůŐƌŽƵƉĞĚŽŶ͕ŽƌƌĞůĂƚĞĚƚŽ͕ƚŚĞƐĂŵĞŝŶĚŝǀŝĚƵĂů ŐĞŽůŽŐŝĐĂůƐƚƌƵĐƚƵƌĂů ĨĞĂƚƵƌĞĂŶĚͬŽƌƐƚƌĂƚŝŐƌĂƉŚŝĐĐŽŶĚŝƚŝŽŶ͘ dŚĞƌĞŵĂLJďĞƚǁŽŽƌ ŵŽƌĞƌĞƐĞƌǀŽŝƌƐŝŶĂ ĨŝĞůĚƚŚĂƚĂƌĞƐĞƉĂƌĂƚĞĚ ǀĞƌƚŝĐĂůůLJďLJŝŶƚĞƌǀĞŶŝŶŐ ŝŵƉĞƌŵĞĂďůĞƌŽĐŬ͕ ůĂƚĞƌĂůůLJďLJůŽĐĂůŐĞŽůŽŐŝĐďĂƌƌŝĞƌƐ͕ŽƌďŽƚŚ͘ dŚĞƚĞƌŵŵĂLJďĞ ĚĞĨŝŶĞĚ ĚŝĨĨĞƌĞŶƚůLJďLJŝŶĚŝǀŝĚƵĂůƌĞŐƵůĂƚŽƌLJĂƵƚŚŽƌŝƚŝĞƐ͘ &ŽƌƵŶĐŽŶǀĞŶƚŝŽŶĂů ƌĞƐĞƌǀŽŝƌƐǁŝƚŚŽƵƚŚLJĚƌŽĚLJŶĂŵŝĐŝŶĨůƵĞŶĐĞƐ͕ Ă ĨŝĞůĚ ŝƐŽĨƚĞŶĚĞĨŝŶĞĚ ďLJƌĞŐƵůĂƚŽƌLJ ŽƌŽǁŶĞƌƐŚŝƉďŽƵŶĚĂƌŝĞƐĂƐŶĞĐĞƐƐĂƌLJ͘
&ŝŶĂů/ŶǀĞƐƚŵĞŶƚ ĞĐŝƐŝŽŶ;&/Ϳ	WƌŽũĞĐƚĂƉƉƌŽǀĂůƐƚĂŐĞǁŚĞŶƚŚĞƉĂƌƚŝĐŝƉĂƚŝŶŐĐŽŵƉĂŶŝĞƐŚĂǀĞĨŝƌŵůLJĂŐƌĞĞĚƚŽ ƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞƌĞƋƵŝƌĞĚĐĂƉŝƚĂů ĨƵŶĚŝŶŐ͘
&ůĂƌĞ'ĂƐ	dŚĞƚŽƚĂů ƋƵĂŶƚŝƚLJŽĨŐĂƐǀĞŶƚĞĚ ĂŶĚͬŽƌďƵƌŶĞĚ ĂƐƉĂƌƚŽĨƉƌŽĚƵĐƚŝŽŶĂŶĚ ƉƌŽĐĞƐƐŝŶŐŽƉĞƌĂƚŝŽŶƐ;ďƵƚŶŽƚĂƐĨƵĞůͿ͘
&ůŽǁdĞƐƚ	ŶŽƉĞƌĂƚŝŽŶŽŶĂ ǁĞůů ĚĞƐŝŐŶĞĚƚŽĚĞŵŽŶƐƚƌĂƚĞƚŚĞĞdžŝƐƚĞŶĐĞŽĨƌĞĐŽǀĞƌĂďůĞ ƉĞƚƌŽůĞƵŵŝŶĂƌĞƐĞƌǀŽŝƌďLJĞƐƚĂďůŝƐŚŝŶŐĨůŽǁƚŽƚŚĞƐƵƌĨĂĐĞĂŶĚͬŽƌƚŽƉƌŽǀŝĚĞĂŶ ŝŶĚŝĐĂƚŝŽŶŽĨƚŚĞƉŽƚĞŶƚŝĂůƉƌŽĚƵĐƚŝǀŝƚLJŽĨƚŚĂƚƌĞƐĞƌǀŽŝƌ;ƐƵĐŚ ĂƐĂ ǁŝƌĞůŝŶĞ ĨŽƌŵĂƚŝŽŶƚĞƐƚͿ͘ DĂLJĂůƐŽĚĞŵŽŶƐƚƌĂƚĞƚŚĞƉŽƚĞŶƚŝĂůŽĨĐĞƌƚĂŝŶĐŽŵƉůĞƚŝŽŶ ƚĞĐŚŶŝƋƵĞƐ͕ƉĂƌƚŝĐƵůĂƌůLJŝŶƵŶĐŽŶǀĞŶƚŝŽŶĂůƌĞƐĞƌǀŽŝƌƐ͘
&ůƵŝĚŽŶƚĂĐƚƐ	dŚĞƐƵƌĨĂĐĞŽƌŝŶƚĞƌĨĂĐĞŝŶĂƌĞƐĞƌǀŽŝƌƐĞƉĂƌĂƚŝŶŐƚǁŽƌĞŐŝŽŶƐĐŚĂƌĂĐƚĞƌŝnjĞĚ ďLJ ƉƌĞĚŽŵŝŶĂŶƚĚŝĨĨĞƌĞŶĐĞƐŝŶĨůƵŝĚƐĂƚƵƌĂƚŝŽŶƐ͘ ĞĐĂƵƐĞŽĨĐĂƉŝůůĂƌLJĂŶĚŽƚŚĞƌ ƉŚĞŶŽŵĞŶĂ͕ ĨůƵŝĚƐĂƚƵƌĂƚŝŽŶĐŚĂŶŐĞŝƐŶŽƚŶĞĐĞƐƐĂƌŝůLJĂďƌƵƉƚŽƌĐŽŵƉůĞƚĞ͕ŶŽƌŝƐ ƚŚĞƐƵƌĨĂĐĞŶĞĐĞƐƐĂƌŝůLJŚŽƌŝnjŽŶƚĂů͘
&ŽƌĞĐĂƐƚĂƐĞ	ĚĞƐĐƌŝƉƚŽƌĂƉƉůŝĞĚƚŽĂƐĐĞŶĂƌŝŽǁŚĞŶƉƌŽĚƵĐƚŝŽŶĂŶĚ ĂƐƐŽĐŝĂƚĞĚĐĂƐŚͲĨůŽǁ ĞƐƚŝŵĂƚĞƐĂƌĞďĂƐĞĚŽŶƚŚŽƐĞĐŽŶĚŝƚŝŽŶƐ;ŝŶĐůƵĚŝŶŐĐŽƐƚƐĂŶĚƉƌŽĚƵĐƚƉƌŝĐĞ ƐĐŚĞĚƵůĞƐ͕ ŝŶĨůĂƚŝŽŶŝŶĚĞdžĞƐ͕ ĂŶĚŵĂƌŬĞƚĨĂĐƚŽƌƐͿ ĨŽƌĞĐĂƐƚďLJƚŚĞĞǀĂůƵĂƚŽƌƚŽ ƌĞĂƐŽŶĂďůLJĞdžŝƐƚƚŚƌŽƵŐŚŽƵƚƚŚĞĞǀĂůƵĂƚŝŽŶůŝĨĞ;ŝ͘Ğ͕͘ ĚĞĨŝŶĞĚĐŽŶĚŝƚŝŽŶƐͿ͘ /ŶĨůĂƚŝŽŶ ŽƌĚĞĨůĂƚŝŽŶĂĚũƵƐƚŵĞŶƚƐĂƌĞŵĂĚĞƚŽĐŽƐƚƐĂŶĚƌĞǀĞŶƵĞƐŽǀĞƌƚŚĞĞǀĂůƵĂƚŝŽŶ ƉĞƌŝŽĚ͘
'ĂƐĂůĂŶĐĞ	/ŶŐĂƐƉƌŽĚƵĐƚŝŽŶŽƉĞƌĂƚŝŽŶƐŝŶǀŽůǀŝŶŐŵƵůƚŝƉůĞǁŽƌŬŝŶŐŝŶƚĞƌĞƐƚŽǁŶĞƌƐ͕ ŵĂŝŶƚĂŝŶŝŶŐĂƐƚĂƚĞŵĞŶƚŽĨ ǀŽůƵŵĞƐĂƚƚƌŝďƵƚĞĚƚŽĞĂĐŚ͕ ĚĞƉĞŶĚŝŶŐŽŶĞĂĐŚ ŽǁŶĞƌ͛ƐƉŽƌƚŝŽŶƌĞĐĞŝǀĞĚ͘ /ŵďĂůĂŶĐĞƐŵĂLJŽĐĐƵƌƚŚĂƚŵƵƐƚďĞŵŽŶŝƚŽƌĞĚŽǀĞƌ ƚŝŵĞĂŶĚĞǀĞŶƚƵĂůůLJďĂůĂŶĐĞĚ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ĂĐĐĞƉƚĞĚ ĂĐĐŽƵŶƚŝŶŐ ƉƌŽĐĞĚƵƌĞƐ͘
	&ƌĞĞŶĂƚƵƌĂůŐĂƐƚŚĂƚŽǀĞƌůŝĞƐĂŶĚ ŝƐŝŶĐŽŶƚĂĐƚǁŝƚŚĐƌƵĚĞŽŝů ŝŶƚŚĞƌĞƐĞƌǀŽŝƌ͘ /ƚŝƐ

:ƵŶĞϮϬϭϵ ϭϯϵ

'ĂƐ,LJĚƌĂƚĞƐ	EĂƚƵƌĂůůLJŽĐĐƵƌƌŝŶŐĐƌLJƐƚĂůůŝŶĞƐƵďƐƚĂŶĐĞƐĐŽŵƉŽƐĞĚŽĨ ǁĂƚĞƌĂŶĚŐĂƐ͕ ŝŶǁŚŝĐŚ Ă ƐŽůŝĚ ǁĂƚĞƌůĂƚƚŝĐĞĂĐĐŽŵŵŽĚĂƚĞƐŐĂƐŵŽůĞĐƵůĞƐŝŶĂĐĂŐĞͲůŝŬĞƐƚƌƵĐƚƵƌĞŽƌ ĐůĂƚŚƌĂƚĞ͘ ƚĐŽŶĚŝƚŝŽŶƐŽĨƐƚĂŶĚĂƌĚƚĞŵƉĞƌĂƚƵƌĞĂŶĚƉƌĞƐƐƵƌĞ͕ŽŶĞǀŽůƵŵĞŽĨ ƐĂƚƵƌĂƚĞĚŵĞƚŚĂŶĞŚLJĚƌĂƚĞǁŝůůĐŽŶƚĂŝŶĂƐŵƵĐŚ ĂƐϭϲϰ ǀŽůƵŵĞƐŽĨŵĞƚŚĂŶĞŐĂƐ͘ 'ĂƐŚLJĚƌĂƚĞƐĂƌĞŝŶĐůƵĚĞĚ ŝŶƵŶĐŽŶǀĞŶƚŝŽŶĂůƌĞƐŽƵƌĐĞƐ͕ ďƵƚƚŚĞƚĞĐŚŶŽůŽŐLJƚŽ ƐƵƉƉŽƌƚĐŽŵŵĞƌĐŝĂůŵĂƚƵƌŝƚLJŚĂƐLJĞƚƚŽďĞĚĞǀĞůŽƉĞĚ͘
'ĂƐͬKŝůZĂƚŝŽ	ZĂƚŝŽƚŚĂƚŝƐĐĂůĐƵůĂƚĞĚƵƐŝŶŐŵĞĂƐƵƌĞĚŶĂƚƵƌĂůŐĂƐĂŶĚĐƌƵĚĞŽŝů ǀŽůƵŵĞƐĂƚ ƐƚĂƚĞĚĐŽŶĚŝƚŝŽŶƐ͘ dŚĞŐĂƐͬŽŝůƌĂƚŝŽŵĂLJďĞƚŚĞƐŽůƵƚŝŽŶŐĂƐͬŽŝůƌĂƚŝŽ͕ZƐ͖ ƉƌŽĚƵĐĞĚŐĂƐͬŽŝůƌĂƚŝŽ͕ZƉ͖ŽƌĂŶŽƚŚĞƌƐƵŝƚĂďůLJĚĞĨŝŶĞĚƌĂƚŝŽŽĨŐĂƐƉƌŽĚƵĐƚŝŽŶƚŽ ŽŝůƉƌŽĚƵĐƚŝŽŶ͘
'ĞŽƐƚĂƚŝƐƚŝĐĂů DĞƚŚŽĚƐ	ǀĂƌŝĞƚLJŽĨŵĂƚŚĞŵĂƚŝĐĂůƚĞĐŚŶŝƋƵĞƐĂŶĚƉƌŽĐĞƐƐĞƐĚĞĂůŝŶŐǁŝƚŚƚŚĞĐŽůůĞĐƚŝŽŶ͕ ŵĞƚŚŽĚƐ͕ ĂŶĂůLJƐŝƐ͕ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ͕ ĂŶĚƉƌĞƐĞŶƚĂƚŝŽŶŽĨ ůĂƌŐĞƋƵĂŶƚŝƚŝĞƐŽĨ ŐĞŽƐĐŝĞŶĐĞĂŶĚĞŶŐŝŶĞĞƌŝŶŐĚĂƚĂƚŽ;ŵĂƚŚĞŵĂƚŝĐĂůůLJͿ ĚĞƐĐƌŝďĞƚŚĞǀĂƌŝĂďŝůŝƚLJĂŶĚ ƵŶĐĞƌƚĂŝŶƚŝĞƐǁŝƚŚŝŶĂŶLJƌĞƐĞƌǀŽŝƌƵŶŝƚŽƌƉŽŽů͕ƐƉĞĐŝĨŝĐĂůůLJƌĞůĂƚĞĚ ŚĞƌĞƚŽ ƌĞƐŽƵƌĐĞƐĞƐƚŝŵĂƚĞƐ͘
,ŝŐŚƐƚŝŵĂƚĞ	tŝƚŚƌĞƐƉĞĐƚƚŽƌĞƐŽƵƌĐĞƐĐĂƚĞŐŽƌŝnjĂƚŝŽŶ͕ƚŚŝƐŝƐĐŽŶƐŝĚĞƌĞĚƚŽďĞĂŶŽƉƚŝŵŝƐƚŝĐ ĞƐƚŝŵĂƚĞŽĨƚŚĞƋƵĂŶƚŝƚLJƚŚĂƚǁŝůů ĂĐƚƵĂůůLJďĞƌĞĐŽǀĞƌĞĚ ĨƌŽŵĂŶĂĐĐƵŵƵůĂƚŝŽŶďLJ ĂƉƌŽũĞĐƚ͘ /ĨƉƌŽďĂďŝůŝƐƚŝĐŵĞƚŚŽĚƐĂƌĞƵƐĞĚ͕ƚŚĞƌĞƐŚŽƵůĚ ďĞĂƚůĞĂƐƚĂϭϬй ƉƌŽďĂďŝůŝƚLJ;WϭϬͿƚŚĂƚƚŚĞƋƵĂŶƚŝƚŝĞƐĂĐƚƵĂůůLJƌĞĐŽǀĞƌĞĚ ǁŝůůĞƋƵĂůŽƌĞdžĐĞĞĚƚŚĞ ŚŝŐŚĞƐƚŝŵĂƚĞ͘
,LJĚƌĂƚĞƐ	^ĞĞ'ĂƐ,LJĚƌĂƚĞƐ͘
,LJĚƌŽĐĂƌďŽŶƐ	,LJĚƌŽĐĂƌďŽŶƐĂƌĞĐŚĞŵŝĐĂůĐŽŵƉŽƵŶĚƐĐŽŶƐŝƐƚŝŶŐǁŚŽůůLJŽĨ ŚLJĚƌŽŐĞŶĂŶĚĐĂƌďŽŶ ŵŽůĞĐƵůĞƐ͘
/ŵƉƌŽǀĞĚ ZĞĐŽǀĞƌLJ	dŚĞĞdžƚƌĂĐƚŝŽŶŽĨ ĂĚĚŝƚŝŽŶĂůƉĞƚƌŽůĞƵŵ͕ ďĞLJŽŶĚƉƌŝŵĂƌLJƌĞĐŽǀĞƌLJ͕ ĨƌŽŵŶĂƚƵƌĂůůLJ ŽĐĐƵƌƌŝŶŐƌĞƐĞƌǀŽŝƌƐďLJƐƵƉƉůĞŵĞŶƚŝŶŐƚŚĞŶĂƚƵƌĂů ĨŽƌĐĞƐŝŶƚŚĞƌĞƐĞƌǀŽŝƌ͘ /ƚ ŝŶĐůƵĚĞƐǁĂƚĞƌĨůŽŽĚŝŶŐĂŶĚŐĂƐŝŶũĞĐƚŝŽŶĨŽƌƉƌĞƐƐƵƌĞŵĂŝŶƚĞŶĂŶĐĞ͕ƐĞĐŽŶĚĂƌLJ ƉƌŽĐĞƐƐĞƐ͕ƚĞƌƚŝĂƌLJƉƌŽĐĞƐƐĞƐ͕ ĂŶĚ ĂŶLJŽƚŚĞƌŵĞĂŶƐŽĨƐƵƉƉůĞŵĞŶƚŝŶŐŶĂƚƵƌĂů ƌĞƐĞƌǀŽŝƌƌĞĐŽǀĞƌLJƉƌŽĐĞƐƐĞƐ͘ /ŵƉƌŽǀĞĚƌĞĐŽǀĞƌLJĂůƐŽŝŶĐůƵĚĞƐƚŚĞƌŵĂů ĂŶĚ ĐŚĞŵŝĐĂůƉƌŽĐĞƐƐĞƐƚŽŝŵƉƌŽǀĞƚŚĞŝŶͲƐŝƚƵŵŽďŝůŝƚLJŽĨ ǀŝƐĐŽƵƐĨŽƌŵƐŽĨƉĞƚƌŽůĞƵŵ͘ ;ůƐŽĐĂůůĞĚĞŶŚĂŶĐĞĚƌĞĐŽǀĞƌLJ͘Ϳ
/ŶũĞĐƚŝŽŶ	dŚĞĨŽƌĐŝŶŐ͕ƉƵŵƉŝŶŐ͕ŽƌŶĂƚƵƌĂů ĨůŽǁŽĨƐƵďƐƚĂŶĐĞƐŝŶƚŽĂƉŽƌŽƵƐĂŶĚƉĞƌŵĞĂďůĞ ƐƵďƐƵƌĨĂĐĞƌŽĐŬĨŽƌŵĂƚŝŽŶ͘ /ŶũĞĐƚĞĚƐƵďƐƚĂŶĐĞƐĐĂŶŝŶĐůƵĚĞĞŝƚŚĞƌŐĂƐĞƐŽƌ ůŝƋƵŝĚƐ͘
:ƵƐƚŝĨŝĞĚĨŽƌ ĞǀĞůŽƉŵĞŶƚ	ĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƚŚĂƚŚĂƐƌĞĂƐŽŶĂďůĞĨŽƌĞĐĂƐƚĐŽŵŵĞƌĐŝĂůĐŽŶĚŝƚŝŽŶƐĂƚƚŚĞ ƚŝŵĞŽĨƌĞƉŽƌƚŝŶŐĂŶĚƚŚĞƌĞĂƌĞƌĞĂƐŽŶĂďůĞĞdžƉĞĐƚĂƚŝŽŶƚŚĂƚĂůůŶĞĐĞƐƐĂƌLJ ĂƉƉƌŽǀĂůƐͬĐŽŶƚƌĂĐƚƐǁŝůů ďĞŽďƚĂŝŶĞĚ͘ ƉƌŽũĞĐƚŵĂƚƵƌŝƚLJƐƵďͲĐůĂƐƐŽĨZĞƐĞƌǀĞƐ͘
<ĞƌŽŐĞŶ	dŚĞŶĂƚƵƌĂůůLJŽĐĐƵƌƌŝŶŐ͕ƐŽůŝĚ͕ ŝŶƐŽůƵďůĞŽƌŐĂŶŝĐŵĂƚĞƌŝĂůƚŚĂƚŽĐĐƵƌƐŝŶƐŽƵƌĐĞ ƌŽĐŬƐĂŶĚĐĂŶLJŝĞůĚŽŝůƵƉŽŶŚĞĂƚŝŶŐ͘ <ĞƌŽŐĞŶŝƐĂůƐŽĚĞĨŝŶĞĚ ĂƐƚŚĞĨƌĂĐƚŝŽŶŽĨ ůĂƌŐĞĐŚĞŵŝĐĂů ĂŐŐƌĞŐĂƚĞƐŝŶƐĞĚŝŵĞŶƚĂƌLJŽƌŐĂŶŝĐŵĂƚƚĞƌƚŚĂƚŝƐŝŶƐŽůƵďůĞŝŶ ƐŽůǀĞŶƚƐ;ŝŶĐŽŶƚƌĂƐƚ͕ƚŚĞĨƌĂĐƚŝŽŶƚŚĂƚŝƐƐŽůƵďůĞŝŶŽƌŐĂŶŝĐƐŽůǀĞŶƚƐŝƐĐĂůůĞĚ ďŝƚƵŵĞŶͿ͘ ;^ĞĞĂůƐŽKŝů ^ŚĂůĞƐ͘Ϳ
<ŶŽǁŶ ĐĐƵŵƵůĂƚŝŽŶ	ŶĂĐĐƵŵƵůĂƚŝŽŶƚŚĂƚŚĂƐďĞĞŶĚŝƐĐŽǀĞƌĞĚ͘
>ĞĂĚ	ƉƌŽũĞĐƚĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ĂƉŽƚĞŶƚŝĂů ĂĐĐƵŵƵůĂƚŝŽŶƚŚĂƚŝƐĐƵƌƌĞŶƚůLJƉŽŽƌůLJ ĚĞĨŝŶĞĚ ĂŶĚƌĞƋƵŝƌĞƐŵŽƌĞĚĂƚĂ ĂĐƋƵŝƐŝƚŝŽŶĂŶĚͬŽƌĞǀĂůƵĂƚŝŽŶƚŽďĞĐůĂƐƐŝĨŝĞĚ ĂƐĂ WƌŽƐƉĞĐƚ͘ ƉƌŽũĞĐƚŵĂƚƵƌŝƚLJƐƵďͲĐůĂƐƐŽĨWƌŽƐƉĞĐƚŝǀĞZĞƐŽƵƌĐĞƐ͘
>ĞĂƌŶŝŶŐƵƌǀĞ	ĞŵŽŶƐƚƌĂƚĞĚ ŝŵƉƌŽǀĞŵĞŶƚƐŽǀĞƌƚŝŵĞŝŶƉĞƌĨŽƌŵĂŶĐĞŽĨ ĂƌĞƉĞƚŝƚŝǀĞƚĂƐŬƚŚĂƚ ƌĞƐƵůƚƐŝŶĞĨĨŝĐŝĞŶĐŝĞƐŝŶƚĂƐŬƐƚŽďĞƌĞĂůŝnjĞĚ ĂŶĚͬŽƌŝŶƌĞĚƵĐĞĚƚŝŵĞƚŽƉĞƌĨŽƌŵ ĂŶĚƵůƚŝŵĂƚĞůLJŝŶĐŽƐƚƌĞĚƵĐƚŝŽŶƐ͘

:ƵŶĞϮϬϭϵ ϭϰϬ

>ŝŬĞůŝŚŽŽĚ	>ŝŬĞůŝŚŽŽĚ ;ƚŚĞĞƐƚŝŵĂƚĞĚƉƌŽďĂďŝůŝƚLJŽƌĐŚĂŶĐĞͿ ŝƐĞƋƵĂů ;ϭͲƌŝƐŬͿ͘ ;^ĞĞWƌŽďĂďŝůŝƚLJ ĂŶĚZŝƐŬ͘Ϳ
>ŽǁͬĞƐƚͬ,ŝŐŚ ƐƚŝŵĂƚĞƐ	ZĞĨůĞĐƚƐƚŚĞƌĂŶŐĞŽĨƵŶĐĞƌƚĂŝŶƚLJĂƐĂƌĞĂƐŽŶĂďůĞƌĂŶŐĞŽĨĞƐƚŝŵĂƚĞĚƉŽƚĞŶƚŝĂůůLJ ƌĞĐŽǀĞƌĂďůĞƋƵĂŶƚŝƚŝĞƐ͘
>ŽǁƐƚŝŵĂƚĞ	tŝƚŚƌĞƐƉĞĐƚƚŽƌĞƐŽƵƌĐĞƐĐĂƚĞŐŽƌŝnjĂƚŝŽŶ͕ƚŚŝƐŝƐĂĐŽŶƐĞƌǀĂƚŝǀĞĞƐƚŝŵĂƚĞŽĨƚŚĞ ƋƵĂŶƚŝƚLJƚŚĂƚǁŝůů ĂĐƚƵĂůůLJďĞƌĞĐŽǀĞƌĞĚ ĨƌŽŵƚŚĞĂĐĐƵŵƵůĂƚŝŽŶďLJĂƉƌŽũĞĐƚ͘ /Ĩ ƉƌŽďĂďŝůŝƐƚŝĐŵĞƚŚŽĚƐĂƌĞƵƐĞĚ͕ƚŚĞƌĞƐŚŽƵůĚ ďĞĂƚůĞĂƐƚĂϵϬйƉƌŽďĂďŝůŝƚLJ;WϵϬͿ ƚŚĂƚƚŚĞƋƵĂŶƚŝƚŝĞƐĂĐƚƵĂůůLJƌĞĐŽǀĞƌĞĚ ǁŝůůĞƋƵĂůŽƌĞdžĐĞĞĚƚŚĞůŽǁĞƐƚŝŵĂƚĞ͘
>ŽǁĞƐƚ<ŶŽǁŶ ,LJĚƌŽĐĂƌďŽŶƐ ;><,Ϳ	dŚĞĚĞĞƉĞƐƚĚŽĐƵŵĞŶƚĞĚŽĐĐƵƌƌĞŶĐĞŽĨ ĂƉƌŽĚƵĐŝďůĞŚLJĚƌŽĐĂƌďŽŶĂĐĐƵŵƵůĂƚŝŽŶ ĂƐŝŶƚĞƌƉƌĞƚĞĚ ĨƌŽŵǁĞůů ůŽŐ͕ ĨůŽǁƚĞƐƚ͕ƉƌĞƐƐƵƌĞŵĞĂƐƵƌĞŵĞŶƚ͕ĐŽƌĞĚĂƚĂ͕Žƌ ŽƚŚĞƌĐŽŶĐůƵƐŝǀĞĂŶĚƌĞůŝĂďůĞĞǀŝĚĞŶĐĞ͘
DĂƌŬĞƚ	ĐŽŶƐƵŵĞƌŽƌŐƌŽƵƉŽĨĐŽŶƐƵŵĞƌƐŽĨ ĂƉƌŽĚƵĐƚƚŚĂƚŚĂƐďĞĞŶŽďƚĂŝŶĞĚƚŚƌŽƵŐŚ ƉƵƌĐŚĂƐĞ͕ ďĂƌƚĞƌ͕ŽƌĐŽŶƚƌĂĐƚƵĂůƚĞƌŵƐ͘
DĂƌŬĞƚĂďůĞ YƵĂŶƚŝƚŝĞƐ	dŚŽƐĞƋƵĂŶƚŝƚŝĞƐŽĨ ŚLJĚƌŽĐĂƌďŽŶƐƚŚĂƚĂƌĞĞƐƚŝŵĂƚĞĚƚŽďĞƉƌŽĚƵĐŝďůĞĨƌŽŵ ƉĞƚƌŽůĞƵŵĂĐĐƵŵƵůĂƚŝŽŶƐĂŶĚƚŚĂƚǁŝůů ďĞĐŽŶƐƵŵĞĚ ďLJƚŚĞŵĂƌŬĞƚ͘ ;ůƐŽ ƌĞĨĞƌƌĞĚƚŽĂƐŵĂƌŬĞƚĂďůĞƉƌŽĚƵĐƚƐ͘Ϳ
DĞĂŶ	dŚĞƐƵŵŽĨ ĂƐĞƚŽĨŶƵŵĞƌŝĐĂů ǀĂůƵĞƐĚŝǀŝĚĞĚ ďLJƚŚĞŶƵŵďĞƌŽĨ ǀĂůƵĞƐŝŶƚŚĞƐĞƚ͘
DĞĂƐƵƌĞŵĞŶƚ	dŚĞƉƌŽĐĞƐƐŽĨĞƐƚĂďůŝƐŚŝŶŐƋƵĂŶƚŝƚLJ;ǀŽůƵŵĞ͕ŵĂƐƐ͕ŽƌĞŶĞƌŐLJĐŽŶƚĞŶƚͿ ĂŶĚ ƋƵĂůŝƚLJŽĨƉĞƚƌŽůĞƵŵƉƌŽĚƵĐƚƐĚĞůŝǀĞƌĞĚƚŽĂƌĞĨĞƌĞŶĐĞƉŽŝŶƚƵŶĚĞƌĐŽŶĚŝƚŝŽŶƐ ĚĞĨŝŶĞĚ ďLJĚĞůŝǀĞƌLJĐŽŶƚƌĂĐƚŽƌƌĞŐƵůĂƚŽƌLJĂƵƚŚŽƌŝƚŝĞƐ͘
DŝŶĞƌĂů>ĞĂƐĞ	ŶĂŐƌĞĞŵĞŶƚŝŶǁŚŝĐŚ ĂŵŝŶĞƌĂůŽǁŶĞƌ;ůĞƐƐŽƌͿŐƌĂŶƚƐĂŶĞŶƚŝƚLJ;ůĞƐƐĞĞͿƌŝŐŚƚƐ͘ ^ƵĐŚƌŝŐŚƚƐĐĂŶŝŶĐůƵĚĞ;ϭͿ Ă ĨĞĞŽǁŶĞƌƐŚŝƉŽƌůĞĂƐĞ͕ĐŽŶĐĞƐƐŝŽŶ͕ŽƌŽƚŚĞƌŝŶƚĞƌĞƐƚ ƌĞƉƌĞƐĞŶƚŝŶŐƚŚĞƌŝŐŚƚƚŽĞdžƚƌĂĐƚŽŝůŽƌŐĂƐƐƵďũĞĐƚƚŽƐƵĐŚƚĞƌŵƐĂƐŵĂLJďĞ ŝŵƉŽƐĞĚ ďLJƚŚĞĐŽŶǀĞLJĂŶĐĞŽĨƚŚĞůĞĂƐĞ͖ ;ϮͿƌŽLJĂůƚLJŝŶƚĞƌĞƐƚƐ͕ƉƌŽĚƵĐƚŝŽŶ ƉĂLJŵĞŶƚƐƉĂLJĂďůĞŝŶŽŝůŽƌŐĂƐ͕ ĂŶĚŽƚŚĞƌŶŽŶͲŽƉĞƌĂƚŝŶŐŝŶƚĞƌĞƐƚƐŝŶƉƌŽƉĞƌƚŝĞƐ ŽƉĞƌĂƚĞĚ ďLJŽƚŚĞƌƐ͖ ĂŶĚͬŽƌ;ϯͿƚŚŽƐĞĂŐƌĞĞŵĞŶƚƐǁŝƚŚ ĨŽƌĞŝŐŶŐŽǀĞƌŶŵĞŶƚƐŽƌ ĂƵƚŚŽƌŝƚŝĞƐƵŶĚĞƌǁŚŝĐŚ ĂƌĞƉŽƌƚŝŶŐĞŶƚŝƚLJƉĂƌƚŝĐŝƉĂƚĞƐŝŶƚŚĞŽƉĞƌĂƚŝŽŶŽĨƚŚĞ ƌĞůĂƚĞĚƉƌŽƉĞƌƚŝĞƐŽƌŽƚŚĞƌǁŝƐĞƐĞƌǀĞƐĂƐƉƌŽĚƵĐĞƌŽĨƚŚĞƵŶĚĞƌůLJŝŶŐƌĞƐĞƌǀĞƐ;ĂƐ ŽƉƉŽƐĞĚƚŽďĞŝŶŐĂŶŝŶĚĞƉĞŶĚĞŶƚƉƵƌĐŚĂƐĞƌ͕ ďƌŽŬĞƌ͕ ĚĞĂůĞƌ͕ŽƌŝŵƉŽƌƚĞƌͿ͘
DŽŶƚĞĂƌůŽ ^ŝŵƵůĂƚŝŽŶ	ƚLJƉĞŽĨƐƚŽĐŚĂƐƚŝĐŵĂƚŚĞŵĂƚŝĐĂůƐŝŵƵůĂƚŝŽŶƚŚĂƚƌĂŶĚŽŵůLJĂŶĚƌĞƉĞĂƚĞĚůLJ ƐĂŵƉůĞƐŝŶƉƵƚĚŝƐƚƌŝďƵƚŝŽŶƐ;Ğ͘Ő͕͘ƌĞƐĞƌǀŽŝƌƉƌŽƉĞƌƚŝĞƐͿƚŽŐĞŶĞƌĂƚĞĂƌĞƐƵůƚŝŶŐ ĚŝƐƚƌŝďƵƚŝŽŶ;Ğ͘Ő͕͘ƌĞĐŽǀĞƌĂďůĞƉĞƚƌŽůĞƵŵƋƵĂŶƚŝƚŝĞƐͿ͘
DƵůƚŝͲ^ĐĞŶĂƌŝŽ DĞƚŚŽĚ	ŶĞdžƚĞŶƐŝŽŶŽĨƚŚĞĚĞƚĞƌŵŝŶŝƐƚŝĐƐĐĞŶĂƌŝŽŵĞƚŚŽĚ͘ /ŶƚŚŝƐĐĂƐĞ͕ ĂƐŝŐŶŝĨŝĐĂŶƚ ŶƵŵďĞƌŽĨ ĚŝƐĐƌĞƚĞĚĞƚĞƌŵŝŶŝƐƚŝĐƐĐĞŶĂƌŝŽƐĂƌĞĚĞǀĞůŽƉĞĚ ďLJƚŚĞĞǀĂůƵĂƚŽƌ͕ ǁŝƚŚ ĞĂĐŚƐĐĞŶĂƌŝŽůĞĂĚŝŶŐƚŽĂƐŝŶŐůĞĚĞƚĞƌŵŝŶŝƐƚŝĐŽƵƚĐŽŵĞ͘WƌŽďĂďŝůŝƚŝĞƐŵĂLJďĞ ĂƐƐŝŐŶĞĚƚŽĞĂĐŚ ĚŝƐĐƌĞƚĞŝŶƉƵƚĂƐƐƵŵƉƚŝŽŶĨƌŽŵǁŚŝĐŚƚŚĞƉƌŽďĂďŝůŝƚLJŽĨƚŚĞ ƐĐĞŶĂƌŝŽĐĂŶďĞŽďƚĂŝŶĞĚ͖ ĂůƚĞƌŶĂƚŝǀĞůLJ͕ĞĂĐŚŽƵƚĐŽŵĞŵĂLJďĞĂƐƐƵŵĞĚƚŽďĞ ĞƋƵĂůůLJůŝŬĞůLJ͘
EĂƚƵƌĂůŝƚƵŵĞŶ	dŚĞƉŽƌƚŝŽŶŽĨƉĞƚƌŽůĞƵŵƚŚĂƚĞdžŝƐƚƐŝŶƚŚĞƐĞŵŝͲƐŽůŝĚŽƌƐŽůŝĚƉŚĂƐĞŝŶŶĂƚƵƌĂů ĚĞƉŽƐŝƚƐ͘ /ŶŝƚƐŶĂƚƵƌĂůƐƚĂƚĞ͕ ŝƚƵƐƵĂůůLJĐŽŶƚĂŝŶƐƐƵůĨƵƌ͕ŵĞƚĂůƐ͕ ĂŶĚŽƚŚĞƌŶŽŶͲ ŚLJĚƌŽĐĂƌďŽŶƐ͘ EĂƚƵƌĂů ďŝƚƵŵĞŶŚĂƐĂ ǀŝƐĐŽƐŝƚLJŐƌĞĂƚĞƌƚŚĂŶϭϬ͕ϬϬϬŵWĂͼƐ;Žƌ ϭϬ͕ϬϬϬĐƉͿŵĞĂƐƵƌĞĚ ĂƚŽƌŝŐŝŶĂůƚĞŵƉĞƌĂƚƵƌĞŝŶƚŚĞĚĞƉŽƐŝƚĂŶĚ ĂƚŵŽƐƉŚĞƌŝĐ ƉƌĞƐƐƵƌĞ͕ŽŶĂŐĂƐĨƌĞĞďĂƐŝƐ͘ /ŶŝƚƐŶĂƚƵƌĂů ǀŝƐĐŽƵƐƐƚĂƚĞ͕ ŝƚŝƐŶŽƚŶŽƌŵĂůůLJ ƌĞĐŽǀĞƌĂďůĞĂƚĐŽŵŵĞƌĐŝĂůƌĂƚĞƐƚŚƌŽƵŐŚ Ă ǁĞůů ĂŶĚƌĞƋƵŝƌĞƐƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ŝŵƉƌŽǀĞĚƌĞĐŽǀĞƌLJŵĞƚŚŽĚƐƐƵĐŚ ĂƐƐƚĞĂŵŝŶũĞĐƚŝŽŶ͘ EĂƚƵƌĂů ďŝƚƵŵĞŶ ŐĞŶĞƌĂůůLJƌĞƋƵŝƌĞƐƵƉŐƌĂĚŝŶŐďĞĨŽƌĞŶŽƌŵĂůƌĞĨŝŶŝŶŐ͘

:ƵŶĞϮϬϭϵ ϭϰϭ

EĂƚƵƌĂů'ĂƐ	WŽƌƚŝŽŶŽĨƉĞƚƌŽůĞƵŵƚŚĂƚĞdžŝƐƚƐĞŝƚŚĞƌŝŶƚŚĞŐĂƐĞŽƵƐƉŚĂƐĞŽƌŝƐŝŶƐŽůƵƚŝŽŶŝŶ ĐƌƵĚĞŽŝů ŝŶĂƌĞƐĞƌǀŽŝƌ͕ ĂŶĚ ǁŚŝĐŚ ŝƐŐĂƐĞŽƵƐĂƚĂƚŵŽƐƉŚĞƌŝĐĐŽŶĚŝƚŝŽŶƐŽĨ ƉƌĞƐƐƵƌĞĂŶĚƚĞŵƉĞƌĂƚƵƌĞ͘ EĂƚƵƌĂůŐĂƐŵĂLJŝŶĐůƵĚĞƐŽŵĞĂŵŽƵŶƚŽĨŶŽŶͲ ŚLJĚƌŽĐĂƌďŽŶƐ͘
EĂƚƵƌĂů'ĂƐ>ŝƋƵŝĚƐ ;E'>ƐͿ	ŵŝdžƚƵƌĞŽĨ ůŝŐŚƚŚLJĚƌŽĐĂƌďŽŶƐƚŚĂƚĞdžŝƐƚŝŶƚŚĞŐĂƐĞŽƵƐƉŚĂƐĞŝŶƚŚĞƌĞƐĞƌǀŽŝƌ ĂŶĚ ĂƌĞƌĞĐŽǀĞƌĞĚ ĂƐůŝƋƵŝĚƐŝŶŐĂƐƉƌŽĐĞƐƐŝŶŐƉůĂŶƚƐ͘ E'>ƐĚŝĨĨĞƌĨƌŽŵ ĐŽŶĚĞŶƐĂƚĞŝŶƚǁŽƉƌŝŶĐŝƉĂůƌĞƐƉĞĐƚƐ͗ ;ϭͿ E'>ƐĂƌĞĞdžƚƌĂĐƚĞĚ ĂŶĚƌĞĐŽǀĞƌĞĚ ŝŶŐĂƐ ƉůĂŶƚƐƌĂƚŚĞƌƚŚĂŶůĞĂƐĞƐĞƉĂƌĂƚŽƌƐŽƌŽƚŚĞƌůĞĂƐĞĨĂĐŝůŝƚŝĞƐ͕ ĂŶĚ ;ϮͿ E'>ƐŝŶĐůƵĚĞ ǀĞƌLJůŝŐŚƚŚLJĚƌŽĐĂƌďŽŶƐ;ĞƚŚĂŶĞ͕ƉƌŽƉĂŶĞ͕ŽƌďƵƚĂŶĞƐͿ ĂƐǁĞůů ĂƐƚŚĞƉĞŶƚĂŶĞƐͲ ƉůƵƐƚŚĂƚĂƌĞƚŚĞŵĂŝŶĐŽŶƐƚŝƚƵĞŶƚƐŽĨĐŽŶĚĞŶƐĂƚĞƐ͘
EĞƚŶƚŝƚůĞŵĞŶƚ	dŚĂƚƉŽƌƚŝŽŶŽĨ ĨƵƚƵƌĞƉƌŽĚƵĐƚŝŽŶ;ĂŶĚƚŚƵƐƌĞƐŽƵƌĐĞƐͿ ůĞŐĂůůLJĂĐĐƌƵŝŶŐƚŽĂŶ ĞŶƚŝƚLJƵŶĚĞƌƚŚĞƚĞƌŵƐŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚƉƌŽĚƵĐƚŝŽŶĐŽŶƚƌĂĐƚŽƌůŝĐĞŶƐĞ͘ hŶĚĞƌƚŚĞƚĞƌŵƐŽĨW^Ɛ͕ƚŚĞƉƌŽĚƵĐĞƌƐŚĂǀĞĂŶĞŶƚŝƚůĞŵĞŶƚƚŽĂƉŽƌƚŝŽŶŽĨƚŚĞ ƉƌŽĚƵĐƚŝŽŶ͘ dŚŝƐĞŶƚŝƚůĞŵĞŶƚ͕ŽĨƚĞŶƌĞĨĞƌƌĞĚƚŽĂƐ͞ŶĞƚĞŶƚŝƚůĞŵĞŶƚ͟Žƌ͞ŶĞƚ ĞĐŽŶŽŵŝĐŝŶƚĞƌĞƐƚ͟ ŝƐĞƐƚŝŵĂƚĞĚƵƐŝŶŐ Ă ĨŽƌŵƵůĂ ďĂƐĞĚŽŶƚŚĞĐŽŶƚƌĂĐƚƚĞƌŵƐ ŝŶĐŽƌƉŽƌĂƚŝŶŐĐŽƐƚƐĂŶĚƉƌŽĨŝƚƐ͘
EĞƚWĂLJ	dŚĞƉŽƌƚŝŽŶ;ĂĨƚĞƌĂƉƉůLJŝŶŐĐƵƚŽĨĨƐͿŽĨƚŚĞƚŚŝĐŬŶĞƐƐŽĨ ĂƌĞƐĞƌǀŽŝƌĨƌŽŵǁŚŝĐŚ ƉĞƚƌŽůĞƵŵĐĂŶďĞƉƌŽĚƵĐĞĚŽƌĞdžƚƌĂĐƚĞĚ͘ sĂůƵĞŝƐƌĞĨĞƌĞŶĐĞĚƚŽĂƚƌƵĞǀĞƌƚŝĐĂů ƚŚŝĐŬŶĞƐƐŵĞĂƐƵƌĞĚ͘
EĞƚZĞǀĞŶƵĞ /ŶƚĞƌĞƐƚ	ŶĞŶƚŝƚLJ͛ƐƌĞǀĞŶƵĞƐŚĂƌĞŽĨƉĞƚƌŽůĞƵŵƐĂůĞƐĂĨƚĞƌĚĞĚƵĐƚŝŽŶŽĨƌŽLJĂůƚŝĞƐŽƌƐŚĂƌĞ ŽĨƉƌŽĚƵĐƚŝŽŶŽǁŝŶŐƚŽŽƚŚĞƌƐƵŶĚĞƌĂƉƉůŝĐĂďůĞůĞĂƐĞĂŶĚ ĨŝƐĐĂůƚĞƌŵƐ͘ ;^ĞĞĂůƐŽ ŶƚŝƚůĞŵĞŶƚĂŶĚ EĞƚŶƚŝƚůĞŵĞŶƚͿ
EĞƚďĂĐŬ ĂůĐƵůĂƚŝŽŶ	dĞƌŵƵƐĞĚ ŝŶƚŚĞŚLJĚƌŽĐĂƌďŽŶƉƌŽĚƵĐƚƉƌŝĐĞĚĞƚĞƌŵŝŶĂƚŝŽŶĂƚƌĞĨĞƌĞŶĐĞƉŽŝŶƚƚŽ ƌĞĨůĞĐƚƚŚĞƌĞǀĞŶƵĞŽĨŽŶĞƵŶŝƚŽĨƐĂůĞƐĂĨƚĞƌƚŚĞĐŽƐƚƐĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ďƌŝŶŐŝŶŐ ƚŚĞƉƌŽĚƵĐƚƚŽĂŵĂƌŬĞƚ;Ğ͘Ő͕͘ƚƌĂŶƐƉŽƌƚĂƚŝŽŶĂŶĚƉƌŽĐĞƐƐŝŶŐͿ ĂƌĞƌĞŵŽǀĞĚ͘
EŽŶͲ,LJĚƌŽĐĂƌďŽŶ 'ĂƐ	ƐƐŽĐŝĂƚĞĚŐĂƐĞƐƐƵĐŚ ĂƐŶŝƚƌŽŐĞŶ͕ĐĂƌďŽŶĚŝŽdžŝĚĞ͕ ŚLJĚƌŽŐĞŶƐƵůĨŝĚĞ͕ ĂŶĚ ŚĞůŝƵŵ ƚŚĂƚĂƌĞƉƌĞƐĞŶƚŝŶŶĂƚƵƌĂůůLJŽĐĐƵƌƌŝŶŐƉĞƚƌŽůĞƵŵĂĐĐƵŵƵůĂƚŝŽŶƐ͘
EŽŶͲ^ĂůĞƐ	dŚĂƚƉŽƌƚŝŽŶŽĨĞƐƚŝŵĂƚĞĚƌĞĐŽǀĞƌĂďůĞŽƌƉƌŽĚƵĐĞĚ ƋƵĂŶƚŝƚŝĞƐƚŚĂƚǁŝůůŶŽƚďĞ ŝŶĐůƵĚĞĚ ŝŶƐĂůĞƐĂƐĐŽŶƚƌĂĐƚƵĂůůLJĚĞĨŝŶĞĚ ĂƚƚŚĞƌĞĨĞƌĞŶĐĞƉŽŝŶƚ͘ EŽŶͲƐĂůĞƐ ŝŶĐůƵĚĞƋƵĂŶƚŝƚŝĞƐŝK͕ ĨůĂƌĞ͕ ĂŶĚƐƵƌĨĂĐĞůŽƐƐĞƐ͕ ĂŶĚŵĂLJŝŶĐůƵĚĞŶŽŶͲ ŚLJĚƌŽĐĂƌďŽŶƐ͘
Kŝů^ĂŶĚƐ	^ĂŶĚ ĚĞƉŽƐŝƚƐŚŝŐŚůLJƐĂƚƵƌĂƚĞĚ ǁŝƚŚŶĂƚƵƌĂů ďŝƚƵŵĞŶ͘ ůƐŽĐĂůůĞĚ ͞ƚĂƌƐĂŶĚƐ͘͟ EŽƚĞƚŚĂƚŝŶĚĞƉŽƐŝƚƐƐƵĐŚ ĂƐƚŚĞǁĞƐƚĞƌŶĂŶĂĚĂŽŝůƐĂŶĚƐ͕ƐŝŐŶŝĨŝĐĂŶƚƋƵĂŶƚŝƚŝĞƐ ŽĨŶĂƚƵƌĂů ďŝƚƵŵĞŶŵĂLJďĞŚŽƐƚĞĚ ŝŶĂƌĂŶŐĞŽĨ ůŝƚŚŽůŽŐŝĞƐ͕ ŝŶĐůƵĚŝŶŐƐŝůƚƐƚŽŶĞƐ ĂŶĚĐĂƌďŽŶĂƚĞƐ͘
Kŝů^ŚĂůĞƐ	^ŚĂůĞ͕ƐŝůƚƐƚŽŶĞ͕ ĂŶĚŵĂƌů ĚĞƉŽƐŝƚƐŚŝŐŚůLJƐĂƚƵƌĂƚĞĚ ǁŝƚŚŬĞƌŽŐĞŶ͘ tŚĞƚŚĞƌ ĞdžƚƌĂĐƚĞĚ ďLJŵŝŶŝŶŐŽƌŝŶͲƐŝƚƵƉƌŽĐĞƐƐĞƐ͕ƚŚĞŵĂƚĞƌŝĂůŵƵƐƚďĞĞdžƚĞŶƐŝǀĞůLJ ƉƌŽĐĞƐƐĞĚƚŽLJŝĞůĚ ĂŵĂƌŬĞƚĂďůĞƉƌŽĚƵĐƚ;ƐLJŶƚŚĞƚŝĐĐƌƵĚĞŽŝůͿ͘ ;KĨƚĞŶĐĂůůĞĚ ŬĞƌŽŐĞŶƐŚĂůĞ͘Ϳ
KŶWƌŽĚƵĐƚŝŽŶ	ƉƌŽũĞĐƚŵĂƚƵƌŝƚLJƐƵďͲĐůĂƐƐŽĨZĞƐĞƌǀĞƐƚŚĂƚƌĞĨůĞĐƚƐƚŚĞŽƉĞƌĂƚŝŽŶĂůĞdžĞĐƵƚŝŽŶ ƉŚĂƐĞŽĨŽŶĞŽƌŵƵůƚŝƉůĞĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐǁŝƚŚƚŚĞZĞƐĞƌǀĞƐĐƵƌƌĞŶƚůLJ ƉƌŽĚƵĐŝŶŐŽƌĐĂƉĂďůĞŽĨƉƌŽĚƵĐŝŶŐ͘ /ŶĐůƵĚĞƐĞǀĞůŽƉĞĚWƌŽĚƵĐŝŶŐĂŶĚ ĞǀĞůŽƉĞĚ EŽŶͲWƌŽĚƵĐŝŶŐZĞƐĞƌǀĞƐ͘

:ƵŶĞϮϬϭϵ ϭϰϮ

KǀĞƌůŝĨƚͬhŶĚĞƌůŝĨƚ	WƌŽĚƵĐƚŝŽŶĞŶƚŝƚůĞŵĞŶƚƐƌĞĐĞŝǀĞĚƚŚĂƚǀĂƌLJĨƌŽŵĐŽŶƚƌĂĐƚƵĂůƚĞƌŵƐƌĞƐƵůƚŝŶŐŝŶ ŽǀĞƌůŝĨƚŽƌƵŶĚĞƌůŝĨƚƉŽƐŝƚŝŽŶƐ͘ dŚŝƐĐĂŶŽĐĐƵƌŝŶĂŶŶƵĂůƌĞĐŽƌĚƐďĞĐĂƵƐĞŽĨƚŚĞ ŶĞĐĞƐƐŝƚLJĨŽƌĐŽŵƉĂŶŝĞƐƚŽůŝĨƚƚŚĞŝƌĞŶƚŝƚůĞŵĞŶƚŝŶƉĂƌĐĞůƐŝnjĞƐƚŽƐƵŝƚƚŚĞ ĂǀĂŝůĂďůĞƐŚŝƉƉŝŶŐƐĐŚĞĚƵůĞƐĂƐĂŐƌĞĞĚƵƉŽŶďLJƚŚĞƉĂƌƚŝĞƐ͘ ƚĂŶLJŐŝǀĞŶĨŝŶĂŶĐŝĂů LJĞĂƌͲĞŶĚ͕ ĂĐŽŵƉĂŶLJŵĂLJďĞŝŶŽǀĞƌůŝĨƚŽƌƵŶĚĞƌůŝĨƚ͘ ĂƐĞĚŽŶƚŚĞƉƌŽĚƵĐƚŝŽŶ ŵĂƚĐŚŝŶŐƚŚĞĐŽŵƉĂŶLJ͛ƐĂĐĐŽƵŶƚƐ͕ƉƌŽĚƵĐƚŝŽŶƐŚŽƵůĚ ďĞƌĞƉŽƌƚĞĚ ŝŶĂĐĐŽƌĚ ǁŝƚŚ ĂŶĚĞƋƵĂůƚŽƚŚĞůŝĨƚŝŶŐƐĂĐƚƵĂůůLJŵĂĚĞďLJƚŚĞĐŽŵƉĂŶLJĚƵƌŝŶŐƚŚĞLJĞĂƌĂŶĚŶŽƚ ŽŶƚŚĞƉƌŽĚƵĐƚŝŽŶĞŶƚŝƚůĞŵĞŶƚĨŽƌƚŚĞLJĞĂƌ͘
Wϭ	ĞŶŽƚĞƐWƌŽǀĞĚZĞƐĞƌǀĞƐ͘WϭŝƐĞƋƵĂůƚŽϭW͘
WϮ	ĞŶŽƚĞƐWƌŽďĂďůĞZĞƐĞƌǀĞƐ͘
Wϯ	ĞŶŽƚĞƐWŽƐƐŝďůĞZĞƐĞƌǀĞƐ͘
WĞŶĞƚƌĂƚŝŽŶ	dŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨ Ă ǁĞůůďŽƌĞǁŝƚŚ ĂƌĞƐĞƌǀŽŝƌ͘
WĞƚƌŽůĞƵŵ	ĞĨŝŶĞĚ ĂƐĂŶĂƚƵƌĂůůLJŽĐĐƵƌƌŝŶŐŵŝdžƚƵƌĞĐŽŶƐŝƐƚŝŶŐŽĨ ŚLJĚƌŽĐĂƌďŽŶƐŝŶƚŚĞ ŐĂƐĞŽƵƐ͕ ůŝƋƵŝĚ͕ŽƌƐŽůŝĚƉŚĂƐĞ͘WĞƚƌŽůĞƵŵŵĂLJĂůƐŽĐŽŶƚĂŝŶŶŽŶͲŚLJĚƌŽĐĂƌďŽŶ ĐŽŵƉŽƵŶĚƐ͕ĐŽŵŵŽŶĞdžĂŵƉůĞƐŽĨ ǁŚŝĐŚ ĂƌĞĐĂƌďŽŶĚŝŽdžŝĚĞ͕ŶŝƚƌŽŐĞŶ͕ ŚLJĚƌŽŐĞŶ ƐƵůĨŝĚĞ͕ ĂŶĚƐƵůĨƵƌ͘ /ŶƌĂƌĞĐĂƐĞƐ͕ŶŽŶͲŚLJĚƌŽĐĂƌďŽŶĐŽŶƚĞŶƚŽĨƉĞƚƌŽůĞƵŵĐĂŶďĞ ŐƌĞĂƚĞƌƚŚĂŶϱϬй͘
WĞƚƌŽůĞƵŵ/ŶŝƚŝĂůůLJͲ ŝŶͲWůĂĐĞ;W//WͿ	dŚĞƚŽƚĂů ƋƵĂŶƚŝƚLJŽĨƉĞƚƌŽůĞƵŵƚŚĂƚŝƐĞƐƚŝŵĂƚĞĚƚŽĞdžŝƐƚŽƌŝŐŝŶĂůůLJŝŶŶĂƚƵƌĂůůLJ ŽĐĐƵƌƌŝŶŐƌĞƐĞƌǀŽŝƌƐ͕ ĂƐŽĨ ĂŐŝǀĞŶĚĂƚĞ͘ƌƵĚĞŽŝů ŝŶͲƉůĂĐĞ͕ŶĂƚƵƌĂůŐĂƐŝŶͲƉůĂĐĞ͕ ĂŶĚŶĂƚƵƌĂů ďŝƚƵŵĞŶŝŶͲƉůĂĐĞĂƌĞĚĞĨŝŶĞĚ ŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌ͘
WŝůŽƚWƌŽũĞĐƚ	ƐŵĂůůͲƐĐĂůĞƚĞƐƚŽƌƚƌŝĂůŽƉĞƌĂƚŝŽŶƵƐĞĚƚŽĂƐƐĞƐƐƚĞĐŚŶŽůŽŐLJ͕ ŝŶĐůƵĚŝŶŐƌĞĐŽǀĞƌLJ ƉƌŽĐĞƐƐĞƐ͕ ĨŽƌĐŽŵŵĞƌĐŝĂů ĂƉƉůŝĐĂƚŝŽŶŝŶĂƐƉĞĐŝĨŝĐƌĞƐĞƌǀŽŝƌ͘
WůĂLJ	ƉƌŽũĞĐƚĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ĂƉƌŽƐƉĞĐƚŝǀĞƚƌĞŶĚŽĨƉŽƚĞŶƚŝĂůƉƌŽƐƉĞĐƚƐ͕ ďƵƚǁŚŝĐŚ ƌĞƋƵŝƌĞƐŵŽƌĞĚĂƚĂ ĂĐƋƵŝƐŝƚŝŽŶĂŶĚͬŽƌĞǀĂůƵĂƚŝŽŶƚŽĚĞĨŝŶĞƐƉĞĐŝĨŝĐ>ĞĂĚƐŽƌ WƌŽƐƉĞĐƚƐ͘ ƉƌŽũĞĐƚŵĂƚƵƌŝƚLJƐƵďͲĐůĂƐƐŽĨWƌŽƐƉĞĐƚŝǀĞZĞƐŽƵƌĐĞƐ͘
WŽŽů	ŶŝŶĚŝǀŝĚƵĂů ĂŶĚƐĞƉĂƌĂƚĞĂĐĐƵŵƵůĂƚŝŽŶŽĨƉĞƚƌŽůĞƵŵŝŶĂƌĞƐĞƌǀŽŝƌǁŝƚŚŝŶĂ ĨŝĞůĚ͘
WŽƐƐŝďůĞZĞƐĞƌǀĞƐ	ŶŝŶĐƌĞŵĞŶƚĂůĐĂƚĞŐŽƌLJŽĨĞƐƚŝŵĂƚĞĚƌĞĐŽǀĞƌĂďůĞƋƵĂŶƚŝƚŝĞƐĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ Ă ĚĞĨŝŶĞĚ ĚĞŐƌĞĞŽĨƵŶĐĞƌƚĂŝŶƚLJ͘WŽƐƐŝďůĞZĞƐĞƌǀĞƐĂƌĞƚŚŽƐĞĂĚĚŝƚŝŽŶĂůƌĞƐĞƌǀĞƐ ƚŚĂƚĂŶĂůLJƐŝƐŽĨŐĞŽƐĐŝĞŶĐĞĂŶĚĞŶŐŝŶĞĞƌŝŶŐĚĂƚĂƐƵŐŐĞƐƚĂƌĞůĞƐƐůŝŬĞůLJƚŽďĞ ƌĞĐŽǀĞƌĂďůĞƚŚĂŶWƌŽďĂďůĞZĞƐĞƌǀĞƐ͘ dŚĞƚŽƚĂů ƋƵĂŶƚŝƚŝĞƐƵůƚŝŵĂƚĞůLJƌĞĐŽǀĞƌĞĚ ĨƌŽŵƚŚĞƉƌŽũĞĐƚŚĂǀĞĂ ůŽǁƉƌŽďĂďŝůŝƚLJƚŽĞdžĐĞĞĚƚŚĞƐƵŵŽĨWƌŽǀĞĚƉůƵƐ WƌŽďĂďůĞƉůƵƐWŽƐƐŝďůĞ;ϯWͿ͕ ǁŚŝĐŚ ŝƐĞƋƵŝǀĂůĞŶƚƚŽƚŚĞŚŝŐŚĞƐƚŝŵĂƚĞƐĐĞŶĂƌŝŽ͘ tŚĞŶƉƌŽďĂďŝůŝƐƚŝĐŵĞƚŚŽĚƐĂƌĞƵƐĞĚ͕ƚŚĞƌĞƐŚŽƵůĚ ďĞĂƚůĞĂƐƚĂϭϬйƉƌŽďĂďŝůŝƚLJ ƚŚĂƚƚŚĞĂĐƚƵĂů ƋƵĂŶƚŝƚŝĞƐƌĞĐŽǀĞƌĞĚ ǁŝůůĞƋƵĂůŽƌĞdžĐĞĞĚƚŚĞϯWĞƐƚŝŵĂƚĞ͘
WƌŝŵĂƌLJZĞĐŽǀĞƌLJ	dŚĞĞdžƚƌĂĐƚŝŽŶŽĨƉĞƚƌŽůĞƵŵĨƌŽŵƌĞƐĞƌǀŽŝƌƐƵƐŝŶŐŽŶůLJƚŚĞŶĂƚƵƌĂůĞŶĞƌŐLJ ĂǀĂŝůĂďůĞŝŶƚŚĞƌĞƐĞƌǀŽŝƌƐƚŽŵŽǀĞĨůƵŝĚƐƚŚƌŽƵŐŚƚŚĞƌĞƐĞƌǀŽŝƌƌŽĐŬƚŽŽƚŚĞƌ ƉŽŝŶƚƐŽĨƌĞĐŽǀĞƌLJ͘
WƌŽďĂďŝůŝƚLJ	dŚĞĞdžƚĞŶƚƚŽǁŚŝĐŚ ĂŶĞǀĞŶƚŝƐůŝŬĞůLJƚŽŽĐĐƵƌ͕ŵĞĂƐƵƌĞĚ ďLJƚŚĞƌĂƚŝŽŽĨƚŚĞ ĨĂǀŽƵƌĂďůĞĐĂƐĞƐƚŽƚŚĞǁŚŽůĞŶƵŵďĞƌŽĨĐĂƐĞƐƉŽƐƐŝďůĞ͘WZD^ĐŽŶǀĞŶƚŝŽŶŝƐƚŽ ƋƵŽƚĞĐƵŵƵůĂƚŝǀĞƉƌŽďĂďŝůŝƚLJŽĨĞdžĐĞĞĚŝŶŐŽƌĞƋƵĂůŝŶŐĂ ƋƵĂŶƚŝƚLJǁŚĞƌĞWϵϬŝƐƚŚĞ ƐŵĂůůĞƐƚŝŵĂƚĞĂŶĚWϭϬŝƐƚŚĞůĂƌŐĞĞƐƚŝŵĂƚĞ͘ ;^ĞĞĂůƐŽhŶĐĞƌƚĂŝŶƚLJ͘Ϳ
WƌŽďĂďŝůŝƐƚŝĐ DĞƚŚŽĚ	dŚĞŵĞƚŚŽĚŽĨĞƐƚŝŵĂƚŝŽŶŽĨƌĞƐŽƵƌĐĞƐŝƐĐĂůůĞĚƉƌŽďĂďŝůŝƐƚŝĐǁŚĞŶƚŚĞŬŶŽǁŶ ŐĞŽƐĐŝĞŶĐĞ͕ĞŶŐŝŶĞĞƌŝŶŐ͕ ĂŶĚĞĐŽŶŽŵŝĐĚĂƚĂ ĂƌĞƵƐĞĚƚŽŐĞŶĞƌĂƚĞĂĐŽŶƚŝŶƵŽƵƐ ƌĂŶŐĞŽĨĞƐƚŝŵĂƚĞƐĂŶĚƚŚĞŝƌĂƐƐŽĐŝĂƚĞĚƉƌŽďĂďŝůŝƚŝĞƐ͘

:ƵŶĞϮϬϭϵ ϭϰϯ

WƌŽďĂďůĞZĞƐĞƌǀĞƐ	ŶŝŶĐƌĞŵĞŶƚĂůĐĂƚĞŐŽƌLJŽĨĞƐƚŝŵĂƚĞĚƌĞĐŽǀĞƌĂďůĞƋƵĂŶƚŝƚŝĞƐĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ Ă ĚĞĨŝŶĞĚ ĚĞŐƌĞĞŽĨƵŶĐĞƌƚĂŝŶƚLJ͘WƌŽďĂďůĞZĞƐĞƌǀĞƐĂƌĞƚŚŽƐĞĂĚĚŝƚŝŽŶĂůZĞƐĞƌǀĞƐ ƚŚĂƚĂƌĞůĞƐƐůŝŬĞůLJƚŽďĞƌĞĐŽǀĞƌĞĚƚŚĂŶWƌŽǀĞĚZĞƐĞƌǀĞƐďƵƚŵŽƌĞĐĞƌƚĂŝŶƚŽďĞ ƌĞĐŽǀĞƌĞĚƚŚĂŶWŽƐƐŝďůĞZĞƐĞƌǀĞƐ͘ /ƚŝƐĞƋƵĂůůLJůŝŬĞůLJƚŚĂƚĂĐƚƵĂůƌĞŵĂŝŶŝŶŐ ƋƵĂŶƚŝƚŝĞƐƌĞĐŽǀĞƌĞĚ ǁŝůů ďĞŐƌĞĂƚĞƌƚŚĂŶŽƌůĞƐƐƚŚĂŶƚŚĞƐƵŵŽĨƚŚĞĞƐƚŝŵĂƚĞĚ WƌŽǀĞĚƉůƵƐWƌŽďĂďůĞZĞƐĞƌǀĞƐ;ϮWͿ͘ /ŶƚŚŝƐĐŽŶƚĞdžƚ͕ ǁŚĞŶƉƌŽďĂďŝůŝƐƚŝĐŵĞƚŚŽĚƐ ĂƌĞƵƐĞĚ͕ƚŚĞƌĞƐŚŽƵůĚ ďĞĂƚůĞĂƐƚĂ ϱϬйƉƌŽďĂďŝůŝƚLJƚŚĂƚƚŚĞĂĐƚƵĂů ƋƵĂŶƚŝƚŝĞƐ ƌĞĐŽǀĞƌĞĚ ǁŝůůĞƋƵĂůŽƌĞdžĐĞĞĚƚŚĞϮWĞƐƚŝŵĂƚĞ͘
WƌŽĚƵĐƚŝŽŶ	dŚĞĐƵŵƵůĂƚŝǀĞƋƵĂŶƚŝƚŝĞƐŽĨƉĞƚƌŽůĞƵŵƚŚĂƚŚĂǀĞďĞĞŶƌĞĐŽǀĞƌĞĚ ĂƚĂŐŝǀĞŶĚĂƚĞ͘ WƌŽĚƵĐƚŝŽŶĐĂŶďĞƌĞƉŽƌƚĞĚ ŝŶƚĞƌŵƐŽĨƚŚĞƐĂůĞƐƉƌŽĚƵĐƚƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ ďƵƚ ƉƌŽũĞĐƚĞǀĂůƵĂƚŝŽŶƌĞƋƵŝƌĞƐƚŚĂƚĂůůƉƌŽĚƵĐƚŝŽŶƋƵĂŶƚŝƚŝĞƐ;ƐĂůĞƐĂŶĚŶŽŶͲƐĂůĞƐͿ͕ ĂƐ ŵĞĂƐƵƌĞĚƚŽƐƵƉƉŽƌƚĞŶŐŝŶĞĞƌŝŶŐĂŶĂůLJƐĞƐƌĞƋƵŝƌŝŶŐƌĞƐĞƌǀŽŝƌǀŽŝĚĂŐĞ ĐĂůĐƵůĂƚŝŽŶƐ͕ ĂƌĞƌĞĐŽŐŶŝnjĞĚ͘
WƌŽĚƵĐƚŝŽŶ &ŽƌĞĐĂƐƚ	ĨŽƌĞĐĂƐƚĞĚƐĐŚĞĚƵůĞŽĨƉƌŽĚƵĐƚŝŽŶŽǀĞƌƚŝŵĞ͘ &ŽƌZĞƐĞƌǀĞƐ͕ƚŚĞƉƌŽĚƵĐƚŝŽŶ ĨŽƌĞĐĂƐƚƌĞĨůĞĐƚƐĂƐƉĞĐŝĨŝĐĚĞǀĞůŽƉŵĞŶƚƐĐĞŶĂƌŝŽƵŶĚĞƌĂƐƉĞĐŝĨŝĐƌĞĐŽǀĞƌLJ ƉƌŽĐĞƐƐ͕ ĂĐĞƌƚĂŝŶŶƵŵďĞƌĂŶĚƚLJƉĞŽĨ ǁĞůůƐĂŶĚƉĂƌƚŝĐƵůĂƌĨĂĐŝůŝƚŝĞƐĂŶĚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ tŚĞŶĨŽƌĞĐĂƐƚŝŶŐŽŶƚŝŶŐĞŶƚŽƌWƌŽƐƉĞĐƚŝǀĞZĞƐŽƵƌĐĞƐ͕ŵŽƌĞƚŚĂŶ ŽŶĞƉƌŽũĞĐƚƐĐŽƉĞ;Ğ͘Ő͕͘ ǁĞůůƐĂŶĚ ĨĂĐŝůŝƚŝĞƐͿ ŝƐĨƌĞƋƵĞŶƚůLJĐĂƌƌŝĞĚƚŽĚĞƚĞƌŵŝŶĞƚŚĞ ƌĂŶŐĞŽĨƚŚĞƉŽƚĞŶƚŝĂůƉƌŽũĞĐƚĂŶĚ ŝƚƐƵŶĐĞƌƚĂŝŶƚLJƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞĂƐƐŽĐŝĂƚĞĚ ƌĞƐŽƵƌĐĞƐĚĞĨŝŶŝŶŐƚŚĞůŽǁ͕ ďĞƐƚ͕ ĂŶĚ ŚŝŐŚƉƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚƐ͘ dŚĞƵŶĐĞƌƚĂŝŶƚLJ ŝŶƌĞƐŽƵƌĐĞƐĞƐƚŝŵĂƚĞƐĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ĂƉƌŽĚƵĐƚŝŽŶĨŽƌĞĐĂƐƚŝƐƵƐƵĂůůLJƋƵĂŶƚŝĨŝĞĚ ďLJƵƐŝŶŐĂƚůĞĂƐƚƚŚƌĞĞƐĐĞŶĂƌŝŽƐŽƌĐĂƐĞƐŽĨ ůŽǁ͕ ďĞƐƚ͕ ĂŶĚ ŚŝŐŚ͕ ǁŚŝĐŚ ůĞĂĚƚŽƚŚĞ ƌĞƐŽƵƌĐĞƐĐůĂƐƐŝĨŝĐĂƚŝŽŶƐŽĨ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ϭW͕ϮW͕ ϯWĂŶĚϭ͕Ϯ͕ ϯŽƌϭh͕Ϯh ĂŶĚ ϯh͘
WƌŽĚƵĐƚŝŽŶͲ ^ŚĂƌŝŶŐŽŶƚƌĂĐƚ ;W^Ϳ	ĐŽŶƚƌĂĐƚďĞƚǁĞĞŶĂĐŽŶƚƌĂĐƚŽƌĂŶĚ Ă ŚŽƐƚŐŽǀĞƌŶŵĞŶƚŝŶǁŚŝĐŚƚŚĞĐŽŶƚƌĂĐƚŽƌ ƚLJƉŝĐĂůůLJďĞĂƌƐƚŚĞƌŝƐŬĂŶĚĐŽƐƚƐĨŽƌĞdžƉůŽƌĂƚŝŽŶ͕ ĚĞǀĞůŽƉŵĞŶƚ͕ ĂŶĚƉƌŽĚƵĐƚŝŽŶ͘ /Ŷ ƌĞƚƵƌŶ͕ ŝĨĞdžƉůŽƌĂƚŝŽŶŝƐƐƵĐĐĞƐƐĨƵů͕ƚŚĞĐŽŶƚƌĂĐƚŽƌŝƐŐŝǀĞŶƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽ ƌĞĐŽǀĞƌƚŚĞŝŶĐƵƌƌĞĚ ŝŶǀĞƐƚŵĞŶƚĨƌŽŵƉƌŽĚƵĐƚŝŽŶ͕ƐƵďũĞĐƚƚŽƐƉĞĐŝĨŝĐůŝŵŝƚƐĂŶĚ ƚĞƌŵƐ͘ KǁŶĞƌƐŚŝƉŽĨƉĞƚƌŽůĞƵŵŝŶƚŚĞŐƌŽƵŶĚ ŝƐƌĞƚĂŝŶĞĚ ďLJƚŚĞŚŽƐƚ ŐŽǀĞƌŶŵĞŶƚ͖ ŚŽǁĞǀĞƌ͕ƚŚĞĐŽŶƚƌĂĐƚŽƌŶŽƌŵĂůůLJƌĞĐĞŝǀĞƐƚŝƚůĞƚŽƚŚĞƉƌĞƐĐƌŝďĞĚ ƐŚĂƌĞŽĨƚŚĞƋƵĂŶƚŝƚŝĞƐĂƐƚŚĞLJĂƌĞƉƌŽĚƵĐĞĚ͘ ;ůƐŽƚĞƌŵĞĚƉƌŽĚƵĐƚŝŽŶͲƐŚĂƌŝŶŐ ĂŐƌĞĞŵĞŶƚ;W^Ϳ͘
WƌŽũĞĐƚ	ĚĞĨŝŶĞĚ ĂĐƚŝǀŝƚLJŽƌƐĞƚŽĨ ĂĐƚŝǀŝƚŝĞƐƚŚĂƚƉƌŽǀŝĚĞƐƚŚĞůŝŶŬďĞƚǁĞĞŶƚŚĞƉĞƚƌŽůĞƵŵ ĂĐĐƵŵƵůĂƚŝŽŶ͛ƐƌĞƐŽƵƌĐĞƐƐƵďͲĐůĂƐƐĂŶĚƚŚĞĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐƉƌŽĐĞƐƐ͕ ŝŶĐůƵĚŝŶŐ ďƵĚŐĞƚĂůůŽĐĂƚŝŽŶ͘ ƉƌŽũĞĐƚŵĂLJ͕ ĨŽƌĞdžĂŵƉůĞ͕ĐŽŶƐƚŝƚƵƚĞƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨ Ă ƐŝŶŐůĞƌĞƐĞƌǀŽŝƌŽƌĨŝĞůĚ͕ ĂŶŝŶĐƌĞŵĞŶƚĂů ĚĞǀĞůŽƉŵĞŶƚŝŶĂ ůĂƌŐĞƌƉƌŽĚƵĐŝŶŐĨŝĞůĚ͕ ŽƌƚŚĞŝŶƚĞŐƌĂƚĞĚ ĚĞǀĞůŽƉŵĞŶƚŽĨ ĂŐƌŽƵƉŽĨƐĞǀĞƌĂů ĨŝĞůĚƐĂŶĚ ĂƐƐŽĐŝĂƚĞĚ ĨĂĐŝůŝƚŝĞƐ;Ğ͘Ő͘ĐŽŵƉƌĞƐƐŝŽŶͿ ǁŝƚŚ ĂĐŽŵŵŽŶŽǁŶĞƌƐŚŝƉ͘ /ŶŐĞŶĞƌĂů͕ ĂŶŝŶĚŝǀŝĚƵĂů ƉƌŽũĞĐƚǁŝůůƌĞƉƌĞƐĞŶƚĂƐƉĞĐŝĨŝĐŵĂƚƵƌŝƚLJůĞǀĞů ;ƐƵďͲĐůĂƐƐͿ ĂƚǁŚŝĐŚ Ă ĚĞĐŝƐŝŽŶŝƐ ŵĂĚĞŽŶǁŚĞƚŚĞƌŽƌŶŽƚƚŽƉƌŽĐĞĞĚ ;ŝ͘Ğ͕͘ƐƉĞŶĚŵŽŶĞLJͿ͕ƐƵƐƉĞŶĚ͕ŽƌƌĞŵŽǀĞ͘ dŚĞƌĞƐŚŽƵůĚ ďĞĂŶĂƐƐŽĐŝĂƚĞĚƌĂŶŐĞŽĨĞƐƚŝŵĂƚĞĚƌĞĐŽǀĞƌĂďůĞƌĞƐŽƵƌĐĞƐĨŽƌƚŚĂƚ ƉƌŽũĞĐƚ͘ ;^ĞĞĂůƐŽĞǀĞůŽƉŵĞŶƚWůĂŶ͘Ϳ
WƌŽƉĞƌƚLJ	ĚĞĨŝŶĞĚƉŽƌƚŝŽŶŽĨƚŚĞĂƌƚŚ͛ƐĐƌƵƐƚǁŚĞƌĞŝŶĂŶĞŶƚŝƚLJŚĂƐĐŽŶƚƌĂĐƚƵĂůƌŝŐŚƚƐƚŽ ĞdžƚƌĂĐƚ͕ƉƌŽĐĞƐƐ͕ ĂŶĚŵĂƌŬĞƚƐƉĞĐŝĨŝĞĚ ŝŶͲƉůĂĐĞŵŝŶĞƌĂůƐ;ŝŶĐůƵĚŝŶŐƉĞƚƌŽůĞƵŵͿ͘ /Ŷ ŐĞŶĞƌĂů͕ ĚĞĨŝŶĞĚ ĂƐĂŶĂƌĞĂ ďƵƚŵĂLJŚĂǀĞĚĞƉƚŚ ĂŶĚͬŽƌƐƚƌĂƚŝŐƌĂƉŚŝĐĐŽŶƐƚƌĂŝŶƚƐ͘ DĂLJĂůƐŽďĞƚĞƌŵĞĚ Ă ůĞĂƐĞ͕ĐŽŶĐĞƐƐŝŽŶ͕ŽƌůŝĐĞŶƐĞ͘
WƌŽƐƉĞĐƚ	ƉƌŽũĞĐƚĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ĂŶƵŶĚƌŝůůĞĚƉŽƚĞŶƚŝĂů ĂĐĐƵŵƵůĂƚŝŽŶƚŚĂƚŝƐƐƵĨĨŝĐŝĞŶƚůLJ ǁĞůů ĚĞĨŝŶĞĚƚŽƌĞƉƌĞƐĞŶƚĂ ǀŝĂďůĞĚƌŝůůŝŶŐƚĂƌŐĞƚ͘ ƉƌŽũĞĐƚŵĂƚƵƌŝƚLJƐƵďͲĐůĂƐƐŽĨ WƌŽƐƉĞĐƚŝǀĞZĞƐŽƵƌĐĞƐ͘
WƌŽƐƉĞĐƚŝǀĞ ZĞƐŽƵƌĐĞƐ	dŚŽƐĞƋƵĂŶƚŝƚŝĞƐŽĨƉĞƚƌŽůĞƵŵĞƐƚŝŵĂƚĞĚ͕ ĂƐŽĨ ĂŐŝǀĞŶĚĂƚĞ͕ƚŽďĞƉŽƚĞŶƚŝĂůůLJ ƌĞĐŽǀĞƌĂďůĞĨƌŽŵƵŶĚŝƐĐŽǀĞƌĞĚ ĂĐĐƵŵƵůĂƚŝŽŶƐďLJĂƉƉůŝĐĂƚŝŽŶŽĨ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐ͘

:ƵŶĞϮϬϭϵ ϭϰϰ

WƌŽǀĞĚZĞƐĞƌǀĞƐ	ŶŝŶĐƌĞŵĞŶƚĂůĐĂƚĞŐŽƌLJŽĨĞƐƚŝŵĂƚĞĚƌĞĐŽǀĞƌĂďůĞƋƵĂŶƚŝƚŝĞƐĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ Ă
	ĚĞĨŝŶĞĚ ĚĞŐƌĞĞŽĨƵŶĐĞƌƚĂŝŶƚLJ͘WƌŽǀĞĚZĞƐĞƌǀĞƐĂƌĞƚŚŽƐĞƋƵĂŶƚŝƚŝĞƐŽĨƉĞƚƌŽůĞƵŵ ƚŚĂƚ͕ ďLJĂŶĂůLJƐŝƐŽĨŐĞŽƐĐŝĞŶĐĞĂŶĚĞŶŐŝŶĞĞƌŝŶŐĚĂƚĂ͕ĐĂŶďĞĞƐƚŝŵĂƚĞĚ ǁŝƚŚ ƌĞĂƐŽŶĂďůĞĐĞƌƚĂŝŶƚLJƚŽďĞĐŽŵŵĞƌĐŝĂůůLJƌĞĐŽǀĞƌĂďůĞ͕ ĨƌŽŵĂŐŝǀĞŶĚĂƚĞĨŽƌǁĂƌĚ͕ ĨƌŽŵŬŶŽǁŶƌĞƐĞƌǀŽŝƌƐĂŶĚƵŶĚĞƌĚĞĨŝŶĞĚĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐ͕ŽƉĞƌĂƚŝŶŐ ŵĞƚŚŽĚƐ͕ ĂŶĚŐŽǀĞƌŶŵĞŶƚƌĞŐƵůĂƚŝŽŶƐ͘ /Ĩ ĚĞƚĞƌŵŝŶŝƐƚŝĐŵĞƚŚŽĚƐĂƌĞƵƐĞĚ͕ƚŚĞ ƚĞƌŵ͞ƌĞĂƐŽŶĂďůĞĐĞƌƚĂŝŶƚLJ͟ ŝƐŝŶƚĞŶĚĞĚƚŽĞdžƉƌĞƐƐĂ ŚŝŐŚ ĚĞŐƌĞĞŽĨĐŽŶĨŝĚĞŶĐĞ ƚŚĂƚƚŚĞƋƵĂŶƚŝƚŝĞƐǁŝůů ďĞƌĞĐŽǀĞƌĞĚ͘ /ĨƉƌŽďĂďŝůŝƐƚŝĐŵĞƚŚŽĚƐĂƌĞƵƐĞĚ͕ƚŚĞƌĞ ƐŚŽƵůĚ ďĞĂƚůĞĂƐƚĂϵϬйƉƌŽďĂďŝůŝƚLJƚŚĂƚƚŚĞƋƵĂŶƚŝƚŝĞƐĂĐƚƵĂůůLJƌĞĐŽǀĞƌĞĚ ǁŝůů ĞƋƵĂůŽƌĞdžĐĞĞĚƚŚĞĞƐƚŝŵĂƚĞ͘
WƵƌĞ^ĞƌǀŝĐĞ ŽŶƚƌĂĐƚ	ŐƌĞĞŵĞŶƚďĞƚǁĞĞŶĂĐŽŶƚƌĂĐƚŽƌĂŶĚ Ă ŚŽƐƚŐŽǀĞƌŶŵĞŶƚƚŚĂƚƚLJƉŝĐĂůůLJĐŽǀĞƌƐĂ ĚĞĨŝŶĞĚƚĞĐŚŶŝĐĂůƐĞƌǀŝĐĞƚŽďĞƉƌŽǀŝĚĞĚŽƌĐŽŵƉůĞƚĞĚ ĚƵƌŝŶŐĂƐƉĞĐŝĨŝĐƚŝŵĞ ƉĞƌŝŽĚ͘ dŚĞƐĞƌǀŝĐĞĐŽŵƉĂŶLJŝŶǀĞƐƚŵĞŶƚŝƐƚLJƉŝĐĂůůLJůŝŵŝƚĞĚƚŽƚŚĞǀĂůƵĞŽĨ ĞƋƵŝƉŵĞŶƚ͕ƚŽŽůƐ͕ ĂŶĚĞdžƉĞŶƐĞƐĨŽƌƉĞƌƐŽŶŶĞůƵƐĞĚƚŽƉĞƌĨŽƌŵƚŚĞƐĞƌǀŝĐĞ͘ /Ŷ ŵŽƐƚĐĂƐĞƐ͕ƚŚĞƐĞƌǀŝĐĞĐŽŶƚƌĂĐƚŽƌ͛ƐƌĞŝŵďƵƌƐĞŵĞŶƚŝƐĨŝdžĞĚ ďLJƚŚĞĐŽŶƚƌĂĐƚ͛Ɛ ƚĞƌŵƐǁŝƚŚ ůŝƚƚůĞĞdžƉŽƐƵƌĞƚŽĞŝƚŚĞƌƉƌŽũĞĐƚƉĞƌĨŽƌŵĂŶĐĞŽƌŵĂƌŬĞƚĨĂĐƚŽƌƐ͘ EŽ ZĞƐĞƌǀĞƐŽƌZĞƐŽƵƌĐĞƐĐĂŶďĞĂƚƚƌŝďƵƚĞĚƚŽƚŚĞƐĞĂĐƚŝǀŝƚŝĞƐ͘
YƵĂůŝĨŝĞĚZĞƐĞƌǀĞƐ ƵĚŝƚŽƌ	ƌĞƐĞƌǀĞƐĞǀĂůƵĂƚŽƌǁŚŽ;ϭͿ ŚĂƐĂŵŝŶŝŵƵŵŽĨƚĞŶLJĞĂƌƐŽĨƉƌĂĐƚŝĐĂůĞdžƉĞƌŝĞŶĐĞ ŝŶƉĞƚƌŽůĞƵŵĞŶŐŝŶĞĞƌŝŶŐŽƌƉĞƚƌŽůĞƵŵƉƌŽĚƵĐƚŝŽŶŐĞŽůŽŐLJ͕ ǁŝƚŚ ĂƚůĞĂƐƚĨŝǀĞ LJĞĂƌƐŽĨƐƵĐŚĞdžƉĞƌŝĞŶĐĞďĞŝŶŐŝŶƌĞƐƉŽŶƐŝďůĞĐŚĂƌŐĞŽĨƚŚĞĞƐƚŝŵĂƚŝŽŶĂŶĚ ĞǀĂůƵĂƚŝŽŶŽĨZĞƐĞƌǀĞƐŝŶĨŽƌŵĂƚŝŽŶ͖ ĂŶĚ ;ϮͿĞŝƚŚĞƌ;ĂͿ ŚĂƐŽďƚĂŝŶĞĚ ĨƌŽŵĂĐŽůůĞŐĞ ŽƌƵŶŝǀĞƌƐŝƚLJŽĨƌĞĐŽŐŶŝnjĞĚƐƚĂƚƵƌĞĂ ďĂĐŚĞůŽƌ͛ƐŽƌĂĚǀĂŶĐĞĚ ĚĞŐƌĞĞŝŶƉĞƚƌŽůĞƵŵ ĞŶŐŝŶĞĞƌŝŶŐ͕ŐĞŽůŽŐLJ͕ŽƌŽƚŚĞƌĚŝƐĐŝƉůŝŶĞŽĨĞŶŐŝŶĞĞƌŝŶŐŽƌƉŚLJƐŝĐĂůƐĐŝĞŶĐĞŽƌ;ďͿ ŚĂƐƌĞĐĞŝǀĞĚ͕ ĂŶĚ ŝƐŵĂŝŶƚĂŝŶŝŶŐŝŶŐŽŽĚƐƚĂŶĚŝŶŐ͕ ĂƌĞŐŝƐƚĞƌĞĚŽƌĐĞƌƚŝĨŝĞĚ ƉƌŽĨĞƐƐŝŽŶĂůĞŶŐŝŶĞĞƌ͛ƐůŝĐĞŶƐĞŽƌĂƌĞŐŝƐƚĞƌĞĚŽƌĐĞƌƚŝĨŝĞĚƉƌŽĨĞƐƐŝŽŶĂůŐĞŽůŽŐŝƐƚ͛Ɛ ůŝĐĞŶƐĞ͕ŽƌƚŚĞĞƋƵŝǀĂůĞŶƚ͕ ĨƌŽŵĂŶĂƉƉƌŽƉƌŝĂƚĞŐŽǀĞƌŶŵĞŶƚĂů ĂƵƚŚŽƌŝƚLJŽƌ ƉƌŽĨĞƐƐŝŽŶĂůŽƌŐĂŶŝnjĂƚŝŽŶ͘ ;ƐĞĞ^WϮϬϬϳ ͞^ƚĂŶĚĂƌĚƐWĞƌƚĂŝŶŝŶŐƚŽƚŚĞƐƚŝŵĂƚŝŶŐ ĂŶĚ ƵĚŝƚŝŶŐŽĨ Kŝů ĂŶĚ 'ĂƐZĞƐĞƌǀĞƐ/ŶĨŽƌŵĂƚŝŽŶ͟Ϳ
YƵĂůŝĨŝĞĚZĞƐĞƌǀĞƐ ǀĂůƵĂƚŽƌ	ƌĞƐĞƌǀĞƐĞǀĂůƵĂƚŽƌǁŚŽ;ϭͿ ŚĂƐĂŵŝŶŝŵƵŵŽĨ ĨŝǀĞLJĞĂƌƐŽĨƉƌĂĐƚŝĐĂůĞdžƉĞƌŝĞŶĐĞ ŝŶƉĞƚƌŽůĞƵŵĞŶŐŝŶĞĞƌŝŶŐŽƌƉĞƚƌŽůĞƵŵƉƌŽĚƵĐƚŝŽŶŐĞŽůŽŐLJ͕ ǁŝƚŚ ĂƚůĞĂƐƚƚŚƌĞĞ LJĞĂƌƐŽĨƐƵĐŚĞdžƉĞƌŝĞŶĐĞďĞŝŶŐŝŶƚŚĞĞƐƚŝŵĂƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶŽĨZĞƐĞƌǀĞƐ ŝŶĨŽƌŵĂƚŝŽŶ͖ ĂŶĚ ;ϮͿĞŝƚŚĞƌ;ĂͿ ŚĂƐŽďƚĂŝŶĞĚ ĨƌŽŵĂĐŽůůĞŐĞŽƌƵŶŝǀĞƌƐŝƚLJŽĨ ƌĞĐŽŐŶŝnjĞĚƐƚĂƚƵƌĞĂ ďĂĐŚĞůŽƌ͛ƐŽƌĂĚǀĂŶĐĞĚ ĚĞŐƌĞĞŝŶƉĞƚƌŽůĞƵŵĞŶŐŝŶĞĞƌŝŶŐ͕ ŐĞŽůŽŐLJ͕ŽƌŽƚŚĞƌĚŝƐĐŝƉůŝŶĞŽĨĞŶŐŝŶĞĞƌŝŶŐŽƌƉŚLJƐŝĐĂůƐĐŝĞŶĐĞŽƌ;ďͿ ŚĂƐƌĞĐĞŝǀĞĚ͕ ĂŶĚ ŝƐŵĂŝŶƚĂŝŶŝŶŐŝŶŐŽŽĚƐƚĂŶĚŝŶŐ͕ ĂƌĞŐŝƐƚĞƌĞĚŽƌĐĞƌƚŝĨŝĞĚƉƌŽĨĞƐƐŝŽŶĂů ĞŶŐŝŶĞĞƌ͛ƐůŝĐĞŶƐĞŽƌĂƌĞŐŝƐƚĞƌĞĚŽƌĐĞƌƚŝĨŝĞĚƉƌŽĨĞƐƐŝŽŶĂůŐĞŽůŽŐŝƐƚ͛ƐůŝĐĞŶƐĞ͕Žƌ ƚŚĞĞƋƵŝǀĂůĞŶƚ͕ ĨƌŽŵĂŶĂƉƉƌŽƉƌŝĂƚĞŐŽǀĞƌŶŵĞŶƚĂů ĂƵƚŚŽƌŝƚLJŽƌƉƌŽĨĞƐƐŝŽŶĂů ŽƌŐĂŶŝnjĂƚŝŽŶ͘ ;ŵŽĚŝĨŝĞĚ ĨƌŽŵ^WϮϬϬϳ ͞^ƚĂŶĚĂƌĚƐWĞƌƚĂŝŶŝŶŐƚŽƚŚĞƐƚŝŵĂƚŝŶŐ ĂŶĚ ƵĚŝƚŝŶŐŽĨ Kŝů ĂŶĚ 'ĂƐZĞƐĞƌǀĞƐ/ŶĨŽƌŵĂƚŝŽŶ͟Ϳ
ZĂŶŐĞŽĨ hŶĐĞƌƚĂŝŶƚLJ	dŚĞƌĂŶŐĞŽĨƵŶĐĞƌƚĂŝŶƚLJŽĨƚŚĞŝŶͲƉůĂĐĞ͕ƌĞĐŽǀĞƌĂďůĞ͕ ĂŶĚͬŽƌƉŽƚĞŶƚŝĂůůLJ ƌĞĐŽǀĞƌĂďůĞƋƵĂŶƚŝƚŝĞƐ͖ŵĂLJďĞƌĞƉƌĞƐĞŶƚĞĚ ďLJĞŝƚŚĞƌĚĞƚĞƌŵŝŶŝƐƚŝĐĞƐƚŝŵĂƚĞƐŽƌ ďLJĂƉƌŽďĂďŝůŝƚLJĚŝƐƚƌŝďƵƚŝŽŶ͘ ;^ĞĞZĞƐŽƵƌĐĞƐĂƚĞŐŽƌŝĞƐ͘Ϳ
ZĂǁWƌŽĚƵĐƚŝŽŶ	ůůĐŽŵƉŽŶĞŶƚƐ͕ ǁŚĞƚŚĞƌŚLJĚƌŽĐĂƌďŽŶŽƌŽƚŚĞƌ͕ƉƌŽĚƵĐĞĚ ĨƌŽŵƚŚĞǁĞůůŽƌ ĞdžƚƌĂĐƚĞĚ ĨƌŽŵƚŚĞŵŝŶĞ;ŚLJĚƌŽĐĂƌďŽŶƐ͕ ǁĂƚĞƌ͕ ŝŵƉƵƌŝƚŝĞƐƐƵĐŚ ĂƐŶŽŶͲ ŚLJĚƌŽĐĂƌďŽŶŐĂƐĞƐ͕ĞƚĐ͘Ϳ͘
ZĞĂƐŽŶĂďůĞ ĞƌƚĂŝŶƚLJ	/Ĩ ĚĞƚĞƌŵŝŶŝƐƚŝĐŵĞƚŚŽĚƐĨŽƌĞƐƚŝŵĂƚŝŶŐƌĞĐŽǀĞƌĂďůĞƌĞƐŽƵƌĐĞƐƋƵĂŶƚŝƚŝĞƐĂƌĞ ƵƐĞĚ͕ƚŚĞŶƌĞĂƐŽŶĂďůĞĐĞƌƚĂŝŶƚLJŝƐŝŶƚĞŶĚĞĚƚŽĞdžƉƌĞƐƐĂ ŚŝŐŚ ĚĞŐƌĞĞŽĨ ĐŽŶĨŝĚĞŶĐĞƚŚĂƚƚŚĞĞƐƚŝŵĂƚĞĚ ƋƵĂŶƚŝƚŝĞƐǁŝůů ďĞƌĞĐŽǀĞƌĞĚ͘ dLJƉŝĐĂůůLJĂƚƚƌŝďƵƚĞĚƚŽ WƌŽǀĞĚZĞƐĞƌǀĞƐŽƌϭZĞƐŽƵƌĐĞƐƋƵĂŶƚŝƚŝĞƐ͘

:ƵŶĞϮϬϭϵ ϭϰϱ

ZĞĂƐŽŶĂďůĞ džƉĞĐƚĂƚŝŽŶ	/ŶĚŝĐĂƚĞƐĂ ŚŝŐŚ ĚĞŐƌĞĞŽĨĐŽŶĨŝĚĞŶĐĞ;ůŽǁƌŝƐŬŽĨ ĨĂŝůƵƌĞͿƚŚĂƚƚŚĞƉƌŽũĞĐƚǁŝůů ƉƌŽĐĞĞĚ ǁŝƚŚĐŽŵŵĞƌĐŝĂů ĚĞǀĞůŽƉŵĞŶƚŽƌƚŚĞƌĞĨĞƌĞŶĐĞĚĞǀĞŶƚǁŝůůŽĐĐƵƌ͘ ;ŝĨĨĞƌƐĨƌŽŵƌĞĂƐŽŶĂďůĞĐĞƌƚĂŝŶƚLJ͕ ǁŚŝĐŚ ĂƉƉůŝĞƐƚŽƌĞƐŽƵƌĐĞƐƋƵĂŶƚŝƚLJƚĞĐŚŶŝĐĂů ĐŽŶĨŝĚĞŶĐĞ͕ ǁŚŝůĞƌĞĂƐŽŶĂďůĞĞdžƉĞĐƚĂƚŝŽŶƌĞůĂƚĞƐƚŽĐŽŵŵĞƌĐŝĂůĐŽŶĨŝĚĞŶĐĞ͘Ϳ͘
ZĞĐŽǀĞƌĂďůĞ ZĞƐŽƵƌĐĞƐ	dŚŽƐĞƋƵĂŶƚŝƚŝĞƐŽĨ ŚLJĚƌŽĐĂƌďŽŶƐƚŚĂƚĂƌĞĞƐƚŝŵĂƚĞĚƚŽďĞƉƌŽĚƵĐŝďůĞďLJƚŚĞ ƉƌŽũĞĐƚĨƌŽŵĞŝƚŚĞƌĚŝƐĐŽǀĞƌĞĚŽƌƵŶĚŝƐĐŽǀĞƌĞĚ ĂĐĐƵŵƵůĂƚŝŽŶƐ͘
ZĞĐŽǀĞƌLJĨĨŝĐŝĞŶĐLJ	ŶƵŵĞƌŝĐĞdžƉƌĞƐƐŝŽŶŽĨƚŚĂƚƉŽƌƚŝŽŶ;ĞdžƉƌĞƐƐĞĚ ĂƐĂƉĞƌĐĞŶƚĂŐĞͿŽĨ ŝŶͲƉůĂĐĞ ƋƵĂŶƚŝƚŝĞƐŽĨƉĞƚƌŽůĞƵŵĞƐƚŝŵĂƚĞĚƚŽďĞƌĞĐŽǀĞƌĂďůĞďLJƐƉĞĐŝĨŝĐƉƌŽĐĞƐƐĞƐŽƌ ƉƌŽũĞĐƚƐ͕ŵŽƐƚŽĨƚĞŶƌĞƉƌĞƐĞŶƚĞĚ ĂƐĂƉĞƌĐĞŶƚĂŐĞ͘ /ƚŝƐĞƐƚŝŵĂƚĞĚƵƐŝŶŐƚŚĞ ƌĞĐŽǀĞƌĂďůĞƌĞƐŽƵƌĐĞƐĚŝǀŝĚĞĚ ďLJƚŚĞŚLJĚƌŽĐĂƌďŽŶƐŝŶŝƚŝĂůůLJŝŶͲƉůĂĐĞ͘ /ƚŝƐĂůƐŽ ƌĞĨĞƌĞŶĐĞĚƚŽƚŝŵŝŶŐ͖ĐƵƌƌĞŶƚĂŶĚƵůƚŝŵĂƚĞ;ŽƌĞƐƚŝŵĂƚĞĚƵůƚŝŵĂƚĞͿ ĂƌĞĚĞƐĐƌŝƉƚŽƌƐ ĂƉƉůŝĞĚƚŽƌĞĨĞƌĞŶĐĞƚŚĞƐƚĂŐĞŽĨƚŚĞƌĞĐŽǀĞƌLJ͘ ;ůƐŽĐĂůůĞĚƌĞĐŽǀĞƌLJĨĂĐƚŽƌ͘Ϳ
ZĞĨĞƌĞŶĐĞWŽŝŶƚ	ĚĞĨŝŶĞĚ ůŽĐĂƚŝŽŶǁŝƚŚŝŶĂƉĞƚƌŽůĞƵŵĞdžƚƌĂĐƚŝŽŶĂŶĚƉƌŽĐĞƐƐŝŶŐŽƉĞƌĂƚŝŽŶǁŚĞƌĞ ƋƵĂŶƚŝƚŝĞƐŽĨƉƌŽĚƵĐĞĚƉƌŽĚƵĐƚĂƌĞŵĞĂƐƵƌĞĚƵŶĚĞƌĚĞĨŝŶĞĚĐŽŶĚŝƚŝŽŶƐďĞĨŽƌĞ ĐƵƐƚŽĚLJƚƌĂŶƐĨĞƌ;ŽƌĐŽŶƐƵŵƉƚŝŽŶͿ͘ ůƐŽĐĂůůĞĚƉŽŝŶƚŽĨƐĂůĞ͕ƚĞƌŵŝŶĂůƉŽŝŶƚ͕Žƌ ĐƵƐƚŽĚLJƚƌĂŶƐĨĞƌƉŽŝŶƚ͘
ZĞƉŽƌƚ	dŚĞƉƌĞƐĞŶƚĂƚŝŽŶŽĨĞǀĂůƵĂƚŝŽŶƌĞƐƵůƚƐǁŝƚŚŝŶƚŚĞĞŶƚŝƚLJĐŽŶĚƵĐƚŝŶŐƚŚĞ ĂƐƐĞƐƐŵĞŶƚ͘ ^ŚŽƵůĚŶŽƚďĞĐŽŶƐƚƌƵĞĚ ĂƐƌĞƉůĂĐŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƉƵďůŝĐ ĚŝƐĐůŽƐƵƌĞƐƵŶĚĞƌŐƵŝĚĞůŝŶĞƐĞƐƚĂďůŝƐŚĞĚ ďLJƌĞŐƵůĂƚŽƌLJĂŶĚͬŽƌŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚ ĂŐĞŶĐŝĞƐ͘
ZĞƐĞƌǀĞƐ	dŚŽƐĞƋƵĂŶƚŝƚŝĞƐŽĨƉĞƚƌŽůĞƵŵĂŶƚŝĐŝƉĂƚĞĚƚŽďĞĐŽŵŵĞƌĐŝĂůůLJƌĞĐŽǀĞƌĂďůĞďLJ ĂƉƉůŝĐĂƚŝŽŶŽĨ ĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐƚŽŬŶŽǁŶĂĐĐƵŵƵůĂƚŝŽŶƐĨƌŽŵĂŐŝǀĞŶĚĂƚĞ ĨŽƌǁĂƌĚƵŶĚĞƌĚĞĨŝŶĞĚĐŽŶĚŝƚŝŽŶƐ͘ZĞƐĞƌǀĞƐŵƵƐƚƐĂƚŝƐĨLJĨŽƵƌĐƌŝƚĞƌŝĂ͗ƚŚĞLJŵƵƐƚ ďĞĚŝƐĐŽǀĞƌĞĚ͕ƌĞĐŽǀĞƌĂďůĞ͕ĐŽŵŵĞƌĐŝĂů͕ ĂŶĚƌĞŵĂŝŶŝŶŐ;ĂƐŽĨ ĂŐŝǀĞŶĚĂƚĞͿ ďĂƐĞĚ ŽŶƚŚĞĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚ;ƐͿ ĂƉƉůŝĞĚ͘
ZĞƐĞƌǀŽŝƌ	ƐƵďƐƵƌĨĂĐĞƌŽĐŬĨŽƌŵĂƚŝŽŶƚŚĂƚĐŽŶƚĂŝŶƐĂŶŝŶĚŝǀŝĚƵĂů ĂŶĚƐĞƉĂƌĂƚĞŶĂƚƵƌĂů ĂĐĐƵŵƵůĂƚŝŽŶŽĨƉĞƚƌŽůĞƵŵƚŚĂƚŝƐĐŽŶĨŝŶĞĚ ďLJŝŵƉĞƌŵĞĂďůĞďĂƌƌŝĞƌƐ͕ƉƌĞƐƐƵƌĞ ƐLJƐƚĞŵƐ͕ŽƌĨůƵŝĚƌĞŐŝŵĞƐ;ĐŽŶǀĞŶƚŝŽŶĂůƌĞƐĞƌǀŽŝƌƐͿ͕ŽƌŝƐĐŽŶĨŝŶĞĚ ďLJŚLJĚƌĂƵůŝĐ ĨƌĂĐƚƵƌĞďĂƌƌŝĞƌƐŽƌĨůƵŝĚƌĞŐŝŵĞƐ;ƵŶĐŽŶǀĞŶƚŝŽŶĂůƌĞƐĞƌǀŽŝƌƐͿ͘
ZĞƐŽƵƌĐĞƐ	dĞƌŵƵƐĞĚƚŽĞŶĐŽŵƉĂƐƐĂůů ƋƵĂŶƚŝƚŝĞƐŽĨƉĞƚƌŽůĞƵŵ;ƌĞĐŽǀĞƌĂďůĞĂŶĚ ƵŶƌĞĐŽǀĞƌĂďůĞͿŶĂƚƵƌĂůůLJŽĐĐƵƌƌŝŶŐŝŶĂŶĂĐĐƵŵƵůĂƚŝŽŶŽŶŽƌǁŝƚŚŝŶƚŚĞĂƌƚŚ͛Ɛ ĐƌƵƐƚ͕ ĚŝƐĐŽǀĞƌĞĚ ĂŶĚƵŶĚŝƐĐŽǀĞƌĞĚ͕ƉůƵƐƚŚŽƐĞƋƵĂŶƚŝƚŝĞƐĂůƌĞĂĚLJƉƌŽĚƵĐĞĚ͘ &ƵƌƚŚĞƌ͕ ŝƚŝŶĐůƵĚĞƐĂůůƚLJƉĞƐŽĨƉĞƚƌŽůĞƵŵǁŚĞƚŚĞƌĐƵƌƌĞŶƚůLJĐŽŶƐŝĚĞƌĞĚ ĐŽŶǀĞŶƚŝŽŶĂůŽƌƵŶĐŽŶǀĞŶƚŝŽŶĂů͘ ;^ĞĞdŽƚĂůWĞƚƌŽůĞƵŵ/ŶŝƚŝĂůůLJͲŝŶͲWůĂĐĞ͘Ϳ
ZĞƐŽƵƌĐĞƐ ĂƚĞŐŽƌŝĞƐ	^ƵďĚŝǀŝƐŝŽŶƐŽĨĞƐƚŝŵĂƚĞƐŽĨƌĞƐŽƵƌĐĞƐƚŽďĞƌĞĐŽǀĞƌĞĚ ďLJĂƉƌŽũĞĐƚ;ƐͿƚŽŝŶĚŝĐĂƚĞ ƚŚĞĂƐƐŽĐŝĂƚĞĚ ĚĞŐƌĞĞƐŽĨƵŶĐĞƌƚĂŝŶƚLJ͘ĂƚĞŐŽƌŝĞƐƌĞĨůĞĐƚƵŶĐĞƌƚĂŝŶƚŝĞƐŝŶƚŚĞƚŽƚĂů ƉĞƚƌŽůĞƵŵƌĞŵĂŝŶŝŶŐǁŝƚŚŝŶƚŚĞĂĐĐƵŵƵůĂƚŝŽŶ;ŝŶͲƉůĂĐĞƌĞƐŽƵƌĐĞƐͿ͕ƚŚĂƚƉŽƌƚŝŽŶ ŽĨƚŚĞŝŶͲƉůĂĐĞƉĞƚƌŽůĞƵŵƚŚĂƚĐĂŶďĞƌĞĐŽǀĞƌĞĚ ďLJĂƉƉůLJŝŶŐĂ ĚĞĨŝŶĞĚ ĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚŽƌƉƌŽũĞĐƚƐ͕ ĂŶĚ ǀĂƌŝĂƚŝŽŶƐŝŶƚŚĞĐŽŶĚŝƚŝŽŶƐƚŚĂƚŵĂLJŝŵƉĂĐƚ ĐŽŵŵĞƌĐŝĂů ĚĞǀĞůŽƉŵĞŶƚ;Ğ͘Ő͕͘ŵĂƌŬĞƚĂǀĂŝůĂďŝůŝƚLJĂŶĚĐŽŶƚƌĂĐƚƵĂůĐŚĂŶŐĞƐͿ͘ dŚĞ ƌĞƐŽƵƌĐĞƋƵĂŶƚŝƚLJƵŶĐĞƌƚĂŝŶƚLJƌĂŶŐĞǁŝƚŚŝŶĂƐŝŶŐůĞƌĞƐŽƵƌĐĞƐĐůĂƐƐŝƐƌĞĨůĞĐƚĞĚ ďLJ ĞŝƚŚĞƌƚŚĞϭW͕ϮW͕ ϯW͕WƌŽǀĞĚ͕WƌŽďĂďůĞ͕WŽƐƐŝďůĞ͕Žƌϭ͕Ϯ͕ ϯŽƌϭh͕Ϯh͕ ϯh ƌĞƐŽƵƌĐĞƐĐĂƚĞŐŽƌŝĞƐ͘
ZĞƐŽƵƌĐĞƐůĂƐƐĞƐ	^ƵďĚŝǀŝƐŝŽŶƐŽĨƌĞƐŽƵƌĐĞƐƚŚĂƚŝŶĚŝĐĂƚĞƚŚĞƌĞůĂƚŝǀĞŵĂƚƵƌŝƚLJŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ ƉƌŽũĞĐƚƐďĞŝŶŐĂƉƉůŝĞĚƚŽLJŝĞůĚƚŚĞƌĞĐŽǀĞƌĂďůĞƋƵĂŶƚŝƚLJĞƐƚŝŵĂƚĞƐ͘WƌŽũĞĐƚ ŵĂƚƵƌŝƚLJŵĂLJďĞŝŶĚŝĐĂƚĞĚ ƋƵĂůŝƚĂƚŝǀĞůLJďLJĂůůŽĐĂƚŝŽŶƚŽĐůĂƐƐĞƐĂŶĚƐƵďͲĐůĂƐƐĞƐ ĂŶĚͬŽƌƋƵĂŶƚŝƚĂƚŝǀĞůLJďLJĂƐƐŽĐŝĂƚŝŶŐĂƉƌŽũĞĐƚ͛ƐĞƐƚŝŵĂƚĞĚ ůŝŬĞůŝŚŽŽĚŽĨ ĐŽŵŵĞƌĐŝĂůŝƚLJ͘
ZĞƐŽƵƌĐĞƐdLJƉĞ	ĞƐĐƌŝďĞƐƚŚĞĂĐĐƵŵƵůĂƚŝŽŶĂŶĚ ŝƐĚĞƚĞƌŵŝŶĞĚ ďLJƚŚĞĐŽŵďŝŶĂƚŝŽŶŽĨƚŚĞƚLJƉĞŽĨ ŚLJĚƌŽĐĂƌďŽŶĂŶĚƚŚĞƌŽĐŬŝŶǁŚŝĐŚ ŝƚŽĐĐƵƌƐ͘

:ƵŶĞϮϬϭϵ ϭϰϲ

ZĞǀĞŶƵĞͲ^ŚĂƌŝŶŐ ŽŶƚƌĂĐƚ	ŽŶƚƌĂĐƚƐƚŚĂƚĂƌĞǀĞƌLJƐŝŵŝůĂƌƚŽƚŚĞW^ƐǁŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨĐŽŶƚƌĂĐƚŽƌ ƉĂLJŵĞŶƚŝŶƚŚĞƐĞĐŽŶƚƌĂĐƚƐ͕ƚŚĞĐŽŶƚƌĂĐƚŽƌƵƐƵĂůůLJƌĞĐĞŝǀĞƐĂ ĚĞĨŝŶĞĚƐŚĂƌĞŽĨ ƌĞǀĞŶƵĞƌĂƚŚĞƌƚŚĂŶĂƐŚĂƌĞŽĨƚŚĞƉƌŽĚƵĐƚŝŽŶ͘
ZŝƐŬ	dŚĞƉƌŽďĂďŝůŝƚLJŽĨ ůŽƐƐŽƌĨĂŝůƵƌĞ͘ZŝƐŬŝƐŶŽƚƐLJŶŽŶLJŵŽƵƐǁŝƚŚƵŶĐĞƌƚĂŝŶƚLJ͘ZŝƐŬŝƐ ŐĞŶĞƌĂůůLJĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚƚŚĞŶĞŐĂƚŝǀĞŽƵƚĐŽŵĞ͕ƚŚĞƚĞƌŵ͞ĐŚĂŶĐĞ͟ ŝƐƉƌĞĨĞƌƌĞĚ ĨŽƌŐĞŶĞƌĂůƵƐĂŐĞƚŽĚĞƐĐƌŝďĞƚŚĞƉƌŽďĂďŝůŝƚLJŽĨ Ă ĚŝƐĐƌĞƚĞĞǀĞŶƚŽĐĐƵƌƌŝŶŐ͘
ZŝƐŬĂŶĚZĞǁĂƌĚ	ZŝƐŬĂŶĚƌĞǁĂƌĚ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚŽŝů ĂŶĚŐĂƐƉƌŽĚƵĐƚŝŽŶĂĐƚŝǀŝƚŝĞƐĂƌĞĂƚƚƌŝďƵƚĞĚ ƉƌŝŵĂƌŝůLJĨƌŽŵƚŚĞǀĂƌŝĂƚŝŽŶŝŶƌĞǀĞŶƵĞƐĐĂƵƐĞďLJƚĞĐŚŶŝĐĂů ĂŶĚĞĐŽŶŽŵŝĐƌŝƐŬƐ͘ dŚĞĞdžƉŽƐƵƌĞƚŽƌŝƐŬŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚĞŶƚŝƚůĞŵĞŶƚƌŝŐŚƚƐŝƐƌĞƋƵŝƌĞĚƚŽƐƵƉƉŽƌƚ ĂŶĞŶƚŝƚLJ͛ƐƌĞƐŽƵƌĐĞƐƌĞĐŽŐŶŝƚŝŽŶ͘ dĞĐŚŶŝĐĂůƌŝƐŬĂĨĨĞĐƚƐĂŶĞŶƚŝƚLJ͛ƐĂďŝůŝƚLJƚŽ ƉŚLJƐŝĐĂůůLJĞdžƚƌĂĐƚĂŶĚƌĞĐŽǀĞƌŚLJĚƌŽĐĂƌďŽŶƐĂŶĚ ŝƐƵƐƵĂůůLJĚĞƉĞŶĚĞŶƚŽŶĂ ŶƵŵďĞƌŽĨƚĞĐŚŶŝĐĂůƉĂƌĂŵĞƚĞƌƐ͘ĐŽŶŽŵŝĐƌŝƐŬŝƐĂ ĨƵŶĐƚŝŽŶŽĨƚŚĞƐƵĐĐĞƐƐŽĨ Ă ƉƌŽũĞĐƚĂŶĚ ŝƐĐƌŝƚŝĐĂůůLJĚĞƉĞŶĚĞŶƚŽŶĐŽƐƚ͕ƉƌŝĐĞ͕ ĂŶĚƉŽůŝƚŝĐĂůŽƌŽƚŚĞƌĞĐŽŶŽŵŝĐ ĨĂĐƚŽƌƐ͘
ZŝƐŬ^ĞƌǀŝĐĞ ŽŶƚƌĂĐƚ;Z^Ϳ	ŐƌĞĞŵĞŶƚƐƚŚĂƚĂƌĞǀĞƌLJƐŝŵŝůĂƌƚŽƚŚĞƉƌŽĚƵĐƚŝŽŶͲƐŚĂƌŝŶŐĂŐƌĞĞŵĞŶƚƐŝŶƚŚĂƚ ƚŚĞƌŝƐŬŝƐďŽƌŶĞďLJƚŚĞĐŽŶƚƌĂĐƚŽƌďƵƚƚŚĞŵĞĐŚĂŶŝƐŵŽĨĐŽŶƚƌĂĐƚŽƌƉĂLJŵĞŶƚŝƐ ĚŝĨĨĞƌĞŶƚ͘ tŝƚŚ ĂŶZ^͕ƚŚĞĐŽŶƚƌĂĐƚŽƌƵƐƵĂůůLJƌĞĐĞŝǀĞƐĂ ĚĞĨŝŶĞĚƐŚĂƌĞŽĨƌĞǀĞŶƵĞ ƌĂƚŚĞƌƚŚĂŶĂƐŚĂƌĞŽĨƚŚĞƉƌŽĚƵĐƚŝŽŶ͘
ZŽLJĂůƚLJ	ƚLJƉĞŽĨĞŶƚŝƚůĞŵĞŶƚŝŶƚĞƌĞƐƚŝŶĂƌĞƐŽƵƌĐĞƚŚĂƚŝƐĨƌĞĞĂŶĚĐůĞĂƌŽĨƚŚĞĐŽƐƚƐĂŶĚ ĞdžƉĞŶƐĞƐŽĨ ĚĞǀĞůŽƉŵĞŶƚĂŶĚƉƌŽĚƵĐƚŝŽŶƚŽƚŚĞƌŽLJĂůƚLJŝŶƚĞƌĞƐƚŽǁŶĞƌ͘ ƌŽLJĂůƚLJ ŝƐĐŽŵŵŽŶůLJƌĞƚĂŝŶĞĚ ďLJĂƌĞƐŽƵƌĐĞƐŽǁŶĞƌ;ůĞƐƐŽƌͬŚŽƐƚͿ ǁŚĞŶŐƌĂŶƚŝŶŐƌŝŐŚƚƐƚŽ ĂƉƌŽĚƵĐĞƌ;ůĞƐƐĞĞͬĐŽŶƚƌĂĐƚŽƌͿƚŽĚĞǀĞůŽƉĂŶĚƉƌŽĚƵĐĞƚŚĂƚƌĞƐŽƵƌĐĞ͘ ĞƉĞŶĚŝŶŐ ŽŶƚŚĞƐƉĞĐŝĨŝĐƚĞƌŵƐĚĞĨŝŶŝŶŐƚŚĞƌŽLJĂůƚLJ͕ƚŚĞƉĂLJŵĞŶƚŽďůŝŐĂƚŝŽŶŵĂLJďĞ ĞdžƉƌĞƐƐĞĚ ŝŶŵŽŶĞƚĂƌLJƚĞƌŵƐĂƐĂƉŽƌƚŝŽŶŽĨƚŚĞƉƌŽĐĞĞĚƐŽĨƉƌŽĚƵĐƚŝŽŶŽƌĂƐĂ ƌŝŐŚƚƚŽƚĂŬĞĂƉŽƌƚŝŽŶŽĨƉƌŽĚƵĐƚŝŽŶŝŶͲŬŝŶĚ͘ dŚĞƌŽLJĂůƚLJƚĞƌŵƐŵĂLJĂůƐŽƉƌŽǀŝĚĞ ƚŚĞŽƉƚŝŽŶƚŽƐǁŝƚĐŚ ďĞƚǁĞĞŶĨŽƌŵƐŽĨƉĂLJŵĞŶƚĂƚĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞƌŽLJĂůƚLJ ŽǁŶĞƌ͘
^ĂůĞƐ	dŚĞƋƵĂŶƚŝƚLJŽĨƉĞƚƌŽůĞƵŵĂŶĚ ĂŶLJŶŽŶͲŚLJĚƌŽĐĂƌďŽŶƉƌŽĚƵĐƚĚĞůŝǀĞƌĞĚ ĂƚƚŚĞ ĐƵƐƚŽĚLJƚƌĂŶƐĨĞƌƉŽŝŶƚ;ƌĞĨĞƌĞŶĐĞƉŽŝŶƚͿ ǁŝƚŚƐƉĞĐŝĨŝĐĂƚŝŽŶƐĂŶĚŵĞĂƐƵƌĞŵĞŶƚ ĐŽŶĚŝƚŝŽŶƐĂƐĚĞĨŝŶĞĚ ŝŶƚŚĞƐĂůĞƐĐŽŶƚƌĂĐƚĂŶĚͬŽƌďLJƌĞŐƵůĂƚŽƌLJĂƵƚŚŽƌŝƚŝĞƐ͘
^ŚĂůĞ'ĂƐ	ůƚŚŽƵŐŚƚŚĞƚĞƌŵƐƐŚĂůĞŐĂƐĂŶĚƚŝŐŚƚŐĂƐĂƌĞŽĨƚĞŶƵƐĞĚ ŝŶƚĞƌĐŚĂŶŐĞĂďůLJŝŶ ƉƵďůŝĐĚŝƐĐŽƵƌƐĞ͕ƐŚĂůĞĨŽƌŵĂƚŝŽŶƐĂƌĞŽŶůLJĂƐƵďƐĞƚŽĨ Ăůů ůŽǁͲƉĞƌŵĞĂďŝůŝƚLJƚŝŐŚƚ ĨŽƌŵĂƚŝŽŶƐ͕ ǁŚŝĐŚ ŝŶĐůƵĚĞƐĂŶĚƐƚŽŶĞƐĂŶĚĐĂƌďŽŶĂƚĞƐ͕ ĂƐǁĞůů ĂƐƐŚĂůĞƐ͕ ĂƐ ƐŽƵƌĐĞƐŽĨƚŝŐŚƚŐĂƐƉƌŽĚƵĐƚŝŽŶ
^ŚĂůĞKŝů	ůƚŚŽƵŐŚƚŚĞƚĞƌŵƐƐŚĂůĞŽŝů ĂŶĚƚŝŐŚƚŽŝů ĂƌĞŽĨƚĞŶƵƐĞĚ ŝŶƚĞƌĐŚĂŶŐĞĂďůLJŝŶƉƵďůŝĐ ĚŝƐĐŽƵƌƐĞ͕ƐŚĂůĞĨŽƌŵĂƚŝŽŶƐĂƌĞŽŶůLJĂƐƵďƐĞƚŽĨ Ăůů ůŽǁͲƉĞƌŵĞĂďŝůŝƚLJƚŝŐŚƚ ĨŽƌŵĂƚŝŽŶƐ͕ ǁŚŝĐŚ ŝŶĐůƵĚĞƐĂŶĚƐƚŽŶĞƐĂŶĚĐĂƌďŽŶĂƚĞƐ͕ ĂƐǁĞůů ĂƐƐŚĂůĞƐ͕ ĂƐ ƐŽƵƌĐĞƐŽĨƚŝŐŚƚŽŝůƉƌŽĚƵĐƚŝŽŶ
^ŚƵƚͲ/ŶZĞƐŽƵƌĐĞƐ	ZĞƐŽƵƌĐĞƐƉůĂŶŶĞĚƚŽďĞƌĞĐŽǀĞƌĞĚ ĨƌŽŵ;ϭͿĐŽŵƉůĞƚŝŽŶŝŶƚĞƌǀĂůƐƚŚĂƚĂƌĞŽƉĞŶĂƚ ƚŚĞƚŝŵĞŽĨƚŚĞĞƐƚŝŵĂƚĞ͕ ďƵƚǁŚŝĐŚ ŚĂǀĞŶŽƚƐƚĂƌƚĞĚƉƌŽĚƵĐŝŶŐ͖ ;ϮͿ ǁĞůůƐƚŚĂƚ ǁĞƌĞƐŚƵƚͲŝŶĨŽƌŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐŽƌƉŝƉĞůŝŶĞĐŽŶŶĞĐƚŝŽŶƐ͖Žƌ;ϯͿ ǁĞůůƐŶŽƚ ĐĂƉĂďůĞŽĨƉƌŽĚƵĐƚŝŽŶĨŽƌŵĞĐŚĂŶŝĐĂůƌĞĂƐŽŶƐƚŚĂƚĐĂŶďĞƌĞŵĞĚŝĂƚĞĚ ĂƚĂ ůŝŵŝƚĞĚ ĐŽƐƚĐŽŵƉĂƌĞĚƚŽƚŚĞĐŽƐƚŽĨƚŚĞǁĞůů͘
^ƉůŝƚůĂƐƐŝĨŝĐĂƚŝŽŶ	ƐŝŶŐůĞƉƌŽũĞĐƚƐŚŽƵůĚ ďĞƵŶŝƋƵĞůLJĂƐƐŝŐŶĞĚƚŽĂƐƵďͲĐůĂƐƐĂůŽŶŐǁŝƚŚ ŝƚƐ ƵŶĐĞƌƚĂŝŶƚLJƌĂŶŐĞ͕ &ŽƌĞdžĂŵƉůĞ͕ ĂƉƌŽũĞĐƚĐĂŶŶŽƚŚĂǀĞƋƵĂŶƚŝƚŝĞƐĐĂƚĞŐŽƌŝnjĞĚ ĂƐ ϭ͕ϮW͕ ĂŶĚ ϯW͘ dŚŝƐŝƐƌĞĨĞƌƌĞĚƚŽĂƐ͞ƐƉůŝƚĐůĂƐƐŝĨŝĐĂƚŝŽŶ͘͟ /ĨƚŚĞƌĞĂƌĞĚŝĨĨĞƌŝŶŐ ĐŽŵŵĞƌĐŝĂůĐŽŶĚŝƚŝŽŶƐ͕ƐĞƉĂƌĂƚĞƐƵďͲĐůĂƐƐĞƐƐŚŽƵůĚ ďĞĚĞĨŝŶĞĚ͘

:ƵŶĞϮϬϭϵ ϭϰϳ

^ƉůŝƚŽŶĚŝƚŝŽŶƐ	dŚĞƵŶĐĞƌƚĂŝŶƚLJŝŶƌĞĐŽǀĞƌĂďůĞƋƵĂŶƚŝƚŝĞƐŝƐĂƐƐĞƐƐĞĚ ĨŽƌĞĂĐŚƉƌŽũĞĐƚƵƐŝŶŐ ƌĞƐŽƵƌĐĞƐĐĂƚĞŐŽƌŝĞƐ͘ dŚĞĂƐƐƵŵĞĚĐŽŵŵĞƌĐŝĂůĐŽŶĚŝƚŝŽŶƐĂƌĞĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƌĞƐŽƵƌĐĞĐůĂƐƐĞƐŽƌƐƵďͲĐůĂƐƐĞƐĂŶĚŶŽƚǁŝƚŚƚŚĞƌĞƐŽƵƌĐĞƐĐĂƚĞŐŽƌŝĞƐ͘ &Žƌ ĞdžĂŵƉůĞ͕ƚŚĞƉƌŽĚƵĐƚƉƌŝĐĞĂƐƐƵŵƉƚŝŽŶƐĂƌĞƚŚŽƐĞĂƐƐƵŵĞĚ ǁŚĞŶĐůĂƐƐŝĨLJŝŶŐ ƉƌŽũĞĐƚƐĂƐZĞƐĞƌǀĞƐ͕ ĂŶĚ Ă ĚŝĨĨĞƌĞŶƚƉƌŝĐĞǁŽƵůĚŶŽƚďĞƵƐĞĚ ĨŽƌĂƐƐĞƐƐŝŶŐWƌŽǀĞĚ ǀĞƌƐƵƐWƌŽďĂďůĞƌĞƐĞƌǀĞƐ͘ dŚĂƚǁŽƵůĚ ďĞƌĞĨĞƌƌĞĚƚŽĂƐ͞ƐƉůŝƚĐŽŶĚŝƚŝŽŶƐ͘͟
^ƚŽĐŚĂƐƚŝĐ	ĚũĞĐƚŝǀĞĚĞĨŝŶŝŶŐĂƉƌŽĐĞƐƐŝŶǀŽůǀŝŶŐŽƌĐŽŶƚĂŝŶŝŶŐĂƌĂŶĚŽŵǀĂƌŝĂďůĞŽƌ ǀĂƌŝĂďůĞƐŽƌŝŶǀŽůǀŝŶŐůŝŬĞůŝŚŽŽĚŽƌƉƌŽďĂďŝůŝƚLJ͕ƐƵĐŚ ĂƐĂƐƚŽĐŚĂƐƚŝĐƐŝŵƵůĂƚŝŽŶ͘
^ƵďͲŽŵŵĞƌĐŝĂů	ƉƌŽũĞĐƚƐƵďĚŝǀŝƐŝŽŶƚŚĂƚŝƐĂƉƉůŝĞĚƚŽĚŝƐĐŽǀĞƌĞĚƌĞƐŽƵƌĐĞƐƚŚĂƚŽĐĐƵƌƐŝĨĞŝƚŚĞƌ ƚŚĞƚĞĐŚŶŝĐĂůŽƌĐŽŵŵĞƌĐŝĂůŵĂƚƵƌŝƚLJĐŽŶĚŝƚŝŽŶƐŽĨƉƌŽũĞĐƚŚĂǀĞŶŽƚLJĞƚďĞĞŶ ĂĐŚŝĞǀĞĚ͘ ƉƌŽũĞĐƚŝƐƐƵďͲĐŽŵŵĞƌĐŝĂů ŝĨƚŚĞĚĞŐƌĞĞŽĨĐŽŵŵŝƚŵĞŶƚŝƐƐƵĐŚƚŚĂƚ ƚŚĞĂĐĐƵŵƵůĂƚŝŽŶŝƐŶŽƚĞdžƉĞĐƚĞĚƚŽďĞĚĞǀĞůŽƉĞĚ ĂŶĚƉůĂĐĞĚŽŶƉƌŽĚƵĐƚŝŽŶ ǁŝƚŚŝŶĂƌĞĂƐŽŶĂďůĞƚŝŵĞͲĨƌĂŵĞ͘ ^ƵďͲĐŽŵŵĞƌĐŝĂůƉƌŽũĞĐƚƐĂƌĞĐůĂƐƐŝĨŝĞĚ ĂƐ ŽŶƚŝŶŐĞŶƚZĞƐŽƵƌĐĞƐ͘
^ƵŶŬ ŽƐƚ	DŽŶĞLJƐƉĞŶƚďĞĨŽƌĞƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞĂŶĚƚŚĂƚĐĂŶŶŽƚďĞƌĞĐŽǀĞƌĞĚ ďLJĂŶLJ ĨƵƚƵƌĞĂĐƚŝŽŶ͘ ^ƵŶŬĐŽƐƚƐĂƌĞŶŽƚƌĞůĞǀĂŶƚƚŽĨƵƚƵƌĞďƵƐŝŶĞƐƐĚĞĐŝƐŝŽŶƐďĞĐĂƵƐĞ ƚŚĞĐŽƐƚǁŝůů ďĞƚŚĞƐĂŵĞƌĞŐĂƌĚůĞƐƐŽĨƚŚĞŽƵƚĐŽŵĞŽĨƚŚĞĚĞĐŝƐŝŽŶ͘ ^ƵŶŬĐŽƐƚƐ ĚŝĨĨĞƌĨƌŽŵĐŽŵŵŝƚƚĞĚ ;ŽďůŝŐĂƚĞĚͿĐŽƐƚƐ͕ ǁŚĞƌĞƚŚĞƌĞŝƐĂ ĨŝƌŵĂŶĚ ďŝŶĚŝŶŐ ĂŐƌĞĞŵĞŶƚƚŽƐƉĞŶĚƐƉĞĐŝĨŝĞĚ ĂŵŽƵŶƚƐŽĨŵŽŶĞLJĂƚƐƉĞĐŝĨŝĐƚŝŵĞƐŝŶƚŚĞĨƵƚƵƌĞ ;ŝ͘Ğ͕͘ ĂĨƚĞƌƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞͿ͘
^LJŶƚŚĞƚŝĐƌƵĚĞKŝů	ŵŝdžƚƵƌĞŽĨ ŚLJĚƌŽĐĂƌďŽŶƐĚĞƌŝǀĞĚ ďLJƵƉŐƌĂĚŝŶŐ;ŝ͘Ğ͕͘ĐŚĞŵŝĐĂůůLJĂůƚĞƌŝŶŐͿŶĂƚƵƌĂů ďŝƚƵŵĞŶĨƌŽŵŽŝůƐĂŶĚƐ͕ŬĞƌŽŐĞŶĨƌŽŵŽŝůƐŚĂůĞƐ͕ŽƌƉƌŽĐĞƐƐŝŶŐŽĨŽƚŚĞƌ ƐƵďƐƚĂŶĐĞƐƐƵĐŚ ĂƐŶĂƚƵƌĂůŐĂƐŽƌĐŽĂů͘ ^LJŶƚŚĞƚŝĐĐƌƵĚĞŽŝůŵĂLJĐŽŶƚĂŝŶƐƵůĨƵƌŽƌ ŽƚŚĞƌŶŽŶͲŚLJĚƌŽĐĂƌďŽŶĐŽŵƉŽƵŶĚƐĂŶĚ ŚĂƐŵĂŶLJƐŝŵŝůĂƌŝƚŝĞƐƚŽĐƌƵĚĞŽŝů͘
dĂdžĞƐ	KďůŝŐĂƚŽƌLJĐŽŶƚƌŝďƵƚŝŽŶƐƚŽƚŚĞƉƵďůŝĐĨƵŶĚƐ͕ ůĞǀŝĞĚŽŶƉĞƌƐŽŶƐ͕ƉƌŽƉĞƌƚLJ͕Žƌ ŝŶĐŽŵĞďLJŐŽǀĞƌŶŵĞŶƚĂů ĂƵƚŚŽƌŝƚLJ͘
dĞĐŚŶŝĐĂů&ŽƌĞĐĂƐƚ	dŚĞĨŽƌĞĐĂƐƚŽĨƉƌŽĚƵĐĞĚƌĞƐŽƵƌĐĞƐƋƵĂŶƚŝƚŝĞƐƚŚĂƚŝƐĚĞĨŝŶĞĚ ďLJĂƉƉůLJŝŶŐŽŶůLJ ƚĞĐŚŶŝĐĂů ůŝŵŝƚĂƚŝŽŶƐ;ŝ͘Ğ͕͘ ǁĞůůͲĨůŽǁͲůŽĂĚŝŶŐĐŽŶĚŝƚŝŽŶƐ͕ ǁĞůů ůŝĨĞ͕ƉƌŽĚƵĐƚŝŽŶ ĨĂĐŝůŝƚLJůŝĨĞ͕ ĨůŽǁͲůŝŵŝƚĐŽŶƐƚƌĂŝŶƚƐ͕ ĨĂĐŝůŝƚLJƵƉƚŝŵĞ͕ ĂŶĚƚŚĞĨĂĐŝůŝƚLJΖƐŽƉĞƌĂƚŝŶŐ ĚĞƐŝŐŶƉĂƌĂŵĞƚĞƌƐͿ͘ dĞĐŚŶŝĐĂů ůŝŵŝƚĂƚŝŽŶƐĚŽŶŽƚƚĂŬĞŝŶƚŽĂĐĐŽƵŶƚƚŚĞĂƉƉůŝĐĂƚŝŽŶ ŽĨĞŝƚŚĞƌĂŶĞĐŽŶŽŵŝĐŽƌůŝĐĞŶƐĞĐƵƚͲŽĨĨ͘ ;^ĞĞĂůƐŽdĞĐŚŶŝĐĂůůLJZĞĐŽǀĞƌĂďůĞ ZĞƐŽƵƌĐĞƐͿ͘
dĞĐŚŶŝĐĂů hŶĐĞƌƚĂŝŶƚLJ	/ŶĚŝĐĂƚŝŽŶŽĨƚŚĞǀĂƌLJŝŶŐĚĞŐƌĞĞƐŽĨƵŶĐĞƌƚĂŝŶƚLJŝŶĞƐƚŝŵĂƚĞƐŽĨƌĞĐŽǀĞƌĂďůĞ ƋƵĂŶƚŝƚŝĞƐŝŶĨůƵĞŶĐĞĚ ďLJƚŚĞƌĂŶŐĞŽĨƉŽƚĞŶƚŝĂů ŝŶͲƉůĂĐĞŚLJĚƌŽĐĂƌďŽŶƌĞƐŽƵƌĐĞƐ ǁŝƚŚŝŶƚŚĞƌĞƐĞƌǀŽŝƌĂŶĚƚŚĞƌĂŶŐĞŽĨƚŚĞƌĞĐŽǀĞƌLJĞĨĨŝĐŝĞŶĐLJŽĨƚŚĞƌĞĐŽǀĞƌLJ ƉƌŽũĞĐƚďĞŝŶŐĂƉƉůŝĞĚ͘
dĞĐŚŶŝĐĂůůLJ ZĞĐŽǀĞƌĂďůĞ ZĞƐŽƵƌĐĞƐ	dŚŽƐĞƋƵĂŶƚŝƚŝĞƐŽĨƉĞƚƌŽůĞƵŵƉƌŽĚƵĐŝďůĞƵƐŝŶŐĐƵƌƌĞŶƚůLJĂǀĂŝůĂďůĞƚĞĐŚŶŽůŽŐLJ ĂŶĚ ŝŶĚƵƐƚƌLJƉƌĂĐƚŝĐĞƐ͕ƌĞŐĂƌĚůĞƐƐŽĨĐŽŵŵĞƌĐŝĂůŽƌĂĐĐĞƐƐŝďŝůŝƚLJĐŽŶƐŝĚĞƌĂƚŝŽŶƐ͘
dĞĐŚŶŽůŽŐLJhŶĚĞƌ ĞǀĞůŽƉŵĞŶƚ	dĞĐŚŶŽůŽŐLJƚŚĂƚŝƐĐƵƌƌĞŶƚůLJƵŶĚĞƌĂĐƚŝǀĞĚĞǀĞůŽƉŵĞŶƚĂŶĚƚŚĂƚŚĂƐŶŽƚďĞĞŶ ĚĞŵŽŶƐƚƌĂƚĞĚƚŽďĞĐŽŵŵĞƌĐŝĂůůLJǀŝĂďůĞ͘ dŚĞƌĞƐŚŽƵůĚ ďĞƐƵĨĨŝĐŝĞŶƚĚŝƌĞĐƚ ĞǀŝĚĞŶĐĞ;Ğ͘Ő͕͘ ĂƚĞƐƚƉƌŽũĞĐƚͬƉŝůŽƚͿƚŽŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞƚĞĐŚŶŽůŽŐLJŵĂLJ ƌĞĂƐŽŶĂďůLJďĞĞdžƉĞĐƚĞĚƚŽďĞĂǀĂŝůĂďůĞĨŽƌĐŽŵŵĞƌĐŝĂů ĂƉƉůŝĐĂƚŝŽŶ͘
dŝŐŚƚ'ĂƐ	'ĂƐƚŚĂƚŝƐƚƌĂƉƉĞĚ ŝŶƉŽƌĞƐƉĂĐĞĂŶĚ ĨƌĂĐƚƵƌĞƐŝŶǀĞƌLJůŽǁͲƉĞƌŵĞĂďŝůŝƚLJƌŽĐŬƐ ĂŶĚͬŽƌďLJĂĚƐŽƌƉƚŝŽŶŽŶŬĞƌŽŐĞŶ͕ ĂŶĚƉŽƐƐŝďůLJŽŶĐůĂLJƉĂƌƚŝĐůĞƐ͕ ĂŶĚ ŝƐƌĞůĞĂƐĞĚ ǁŚĞŶĂƉƌĞƐƐƵƌĞĚŝĨĨĞƌĞŶƚŝĂů ĚĞǀĞůŽƉƐ͘ /ƚƵƐƵĂůůLJƌĞƋƵŝƌĞƐĞdžƚĞŶƐŝǀĞŚLJĚƌĂƵůŝĐ ĨƌĂĐƚƵƌŝŶŐƚŽĨĂĐŝůŝƚĂƚĞĐŽŵŵĞƌĐŝĂůƉƌŽĚƵĐƚŝŽŶ͘ ^ŚĂůĞŐĂƐŝƐĂƐƵďͲƚLJƉĞŽĨƚŝŐŚƚŐĂƐ͘

:ƵŶĞϮϬϭϵ ϭϰϴ

dŽƚĂůWĞƚƌŽůĞƵŵ /ŶŝƚŝĂůůLJͲŝŶͲWůĂĐĞ ŶĂƚƵƌĂůůLJŽĐĐƵƌƌŝŶŐĂĐĐƵŵƵůĂƚŝŽŶƐ͕ ĚŝƐĐŽǀĞƌĞĚ ĂŶĚƵŶĚŝƐĐŽǀĞƌĞĚ͕ ďĞĨŽƌĞ ƉƌŽĚƵĐƚŝŽŶ͘ dŚĞƌĂŶŐĞŽĨƉŽƐƐŝďůĞŽƵƚĐŽŵĞƐŝŶĂƐĞƌŝĞƐŽĨĞƐƚŝŵĂƚĞƐ͘ &ŽƌƌĞĐŽǀĞƌĂďůĞ hŶĐĞƌƚĂŝŶƚLJ ƉƌŽũĞĐƚ͘ ;^ĞĞĂůƐŽWƌŽďĂďŝůŝƚLJ͘Ϳ hŶĐŽŶǀĞŶƚŝŽŶĂů ZĞƐŽƵƌĐĞƐ ƚŚƌŽƵŐŚŽƵƚĂ ůĂƌŐĞĂƌĞĂ ĂŶĚ ůĂĐŬǁĞůůͲĚĞĨŝŶĞĚ KtŽƌ't;ĂůƐŽĐĂůůĞĚ ͞ĐŽŶƚŝŶƵŽƵƐͲƚLJƉĞĚĞƉŽƐŝƚƐ͟Ϳ͘ ^ƵĐŚƌĞƐŽƵƌĐĞƐĐĂŶŶŽƚďĞƌĞĐŽǀĞƌĞĚƵƐŝŶŐ ƚƌĂĚŝƚŝŽŶĂůƌĞĐŽǀĞƌLJƉƌŽũĞĐƚƐŽǁŝŶŐƚŽĨůƵŝĚ ǀŝƐĐŽƐŝƚLJ;Ğ͘Ő͕͘ŽŝůƐĂŶĚƐͿ ĂŶĚͬŽƌ ƌĞƐĞƌǀŽŝƌƉĞƌŵĞĂďŝůŝƚLJ;Ğ͘Ő͕͘ƚŝŐŚƚŐĂƐͬŽŝůͬDͿƚŚĂƚŝŵƉĞĚĞŶĂƚƵƌĂů ďĞĨŽƌĞƐĂůĞ;Ğ͘Ő͕͘ ďŝƚƵŵĞŶƵƉŐƌĂĚĞƌƐͿ͘ hŶĚĞǀĞůŽƉĞĚ ZĞƐĞƌǀĞƐ ŝŶĐƌĞĂƐĞƌĞĐŽǀĞƌLJ͕Žƌ;ϰͿ ǁŚĞƌĞĂƌĞůĂƚŝǀĞůLJůĂƌŐĞĞdžƉĞŶĚŝƚƵƌĞ;Ğ͘Ő͕͘ ǁŚĞŶ ĐŽŵƉĂƌĞĚƚŽƚŚĞĐŽƐƚŽĨ ĚƌŝůůŝŶŐĂŶĚĐŽŵƉůĞƚŝŶŐĂŶĞǁ ǁĞůůͿ ŝƐƌĞƋƵŝƌĞĚƚŽ ƌĞĐŽŵƉůĞƚĞĂŶĞdžŝƐƚŝŶŐǁĞůů͘ hŶĚŝƐĐŽǀĞƌĞĚ WĞƚƌŽůĞƵŵ/ŶŝƚŝĂůůLJͲ ĂĐĐƵŵƵůĂƚŝŽŶƐLJĞƚƚŽďĞĚŝƐĐŽǀĞƌĞĚ͘ ŝŶͲWůĂĐĞ hŶƌĞĐŽǀĞƌĂďůĞ ZĞƐŽƵƌĐĞƐ ƚŚĞƐĞƋƵĂŶƚŝƚŝĞƐŵĂLJďĞĐŽŵĞƌĞĐŽǀĞƌĂďůĞŝŶƚŚĞĨƵƚƵƌĞĂƐĐŽŵŵĞƌĐŝĂů dŚĞƌĞŵĂŝŶŝŶŐƉŽƌƚŝŽŶŵĂLJŶĞǀĞƌďĞƌĞĐŽǀĞƌĞĚŽǁŝŶŐƚŽƉŚLJƐŝĐĂůͬĐŚĞŵŝĐĂů hƉŐƌĂĚĞƌ ĐŽŬŝŶŐŽƌƚŽŝŶĐƌĞĂƐĞŚLJĚƌŽŐĞŶďLJŚLJĚƌŽŐĞŶĂƚŝŽŶƉƌŽĐĞƐƐĞƐƵƐŝŶŐĐĂƚĂůLJƐƚƐ͘ tĞƚ'ĂƐ	dŝŐŚƚKŝů	ƌƵĚĞŽŝůƚŚĂƚŝƐƚƌĂƉƉĞĚ ŝŶƉŽƌĞƐƉĂĐĞŝŶǀĞƌLJůŽǁͲƉĞƌŵĞĂďŝůŝƚLJƌŽĐŬƐĂŶĚŵĂLJďĞ ůŝƋƵŝĚƵŶĚĞƌƌĞƐĞƌǀŽŝƌĐŽŶĚŝƚŝŽŶƐŽƌďĞĐŽŵĞůŝƋƵŝĚ ĂƚƐƵƌĨĂĐĞĐŽŶĚŝƚŝŽŶƐ͘ džƚĞŶƐŝǀĞŚLJĚƌĂƵůŝĐĨƌĂĐƚƵƌŝŶŐŝƐŝŶǀĂƌŝĂďůLJƌĞƋƵŝƌĞĚƚŽĨĂĐŝůŝƚĂƚĞĐŽŵŵĞƌĐŝĂů ŵĂƚƵƌŝƚLJĂŶĚĞĐŽŶŽŵŝĐƉƌŽĚƵĐƚŝŽŶ͘ ^ŚĂůĞŽŝů ŝƐĂƐƵďͲƚLJƉĞŽĨƚŝŐŚƚŽŝů͘
		ůůĞƐƚŝŵĂƚĞĚ ƋƵĂŶƚŝƚŝĞƐŽĨƉĞƚƌŽůĞƵŵƚŚĂƚĂƌĞĞƐƚŝŵĂƚĞĚƚŽĞdžŝƐƚŽƌŝŐŝŶĂůůLJŝŶ
		ƌĞƐŽƵƌĐĞƐĂƐƐĞƐƐŵĞŶƚƐ͕ƚŚĞƌĂŶŐĞŽĨƵŶĐĞƌƚĂŝŶƚLJƌĞĨůĞĐƚƐĂƌĞĂƐŽŶĂďůĞƌĂŶŐĞŽĨ ĞƐƚŝŵĂƚĞĚƉŽƚĞŶƚŝĂůůLJƌĞĐŽǀĞƌĂďůĞƋƵĂŶƚŝƚŝĞƐĨŽƌĂŶŝŶĚŝǀŝĚƵĂů ĂĐĐƵŵƵůĂƚŝŽŶŽƌĂ
		hŶĐŽŶǀĞŶƚŝŽŶĂůƌĞƐŽƵƌĐĞƐĞdžŝƐƚŝŶƉĞƚƌŽůĞƵŵĂĐĐƵŵƵůĂƚŝŽŶƐƚŚĂƚĂƌĞƉĞƌǀĂƐŝǀĞ ŵŽďŝůŝƚLJ͘DŽƌĞŽǀĞƌ͕ƚŚĞĞdžƚƌĂĐƚĞĚƉĞƚƌŽůĞƵŵŵĂLJƌĞƋƵŝƌĞƐŝŐŶŝĨŝĐĂŶƚƉƌŽĐĞƐƐŝŶŐ
		dŚŽƐĞƋƵĂŶƚŝƚŝĞƐĞdžƉĞĐƚĞĚƚŽďĞƌĞĐŽǀĞƌĞĚƚŚƌŽƵŐŚ ĨƵƚƵƌĞŝŶǀĞƐƚŵĞŶƚƐ͗ ;ϭͿ ĨƌŽŵ ŶĞǁ ǁĞůůƐŽŶƵŶĚƌŝůůĞĚ ĂĐƌĞĂŐĞŝŶŬŶŽǁŶĂĐĐƵŵƵůĂƚŝŽŶƐ͕ ;ϮͿ ĨƌŽŵĚĞĞƉĞŶŝŶŐ ĞdžŝƐƚŝŶŐǁĞůůƐƚŽĂ ĚŝĨĨĞƌĞŶƚ;ďƵƚŬŶŽǁŶͿƌĞƐĞƌǀŽŝƌ͕ ;ϯͿ ĨƌŽŵŝŶĨŝůů ǁĞůůƐƚŚĂƚǁŝůů
		dŚĂƚƋƵĂŶƚŝƚLJŽĨƉĞƚƌŽůĞƵŵĞƐƚŝŵĂƚĞĚ͕ ĂƐŽĨ ĂŐŝǀĞŶĚĂƚĞ͕ƚŽďĞĐŽŶƚĂŝŶĞĚ ǁŝƚŚŝŶ
		dŚŽƐĞƋƵĂŶƚŝƚŝĞƐŽĨ ĚŝƐĐŽǀĞƌĞĚŽƌƵŶĚŝƐĐŽǀĞƌĞĚW//WƚŚĂƚĂƌĞĂƐƐĞƐƐĞĚ͕ ĂƐŽĨ Ă ŐŝǀĞŶĚĂƚĞ͕ƚŽďĞƵŶƌĞĐŽǀĞƌĂďůĞďLJƚŚĞĐƵƌƌĞŶƚůLJĚĞĨŝŶĞĚƉƌŽũĞĐƚ;ƐͿ͘ ƉŽƌƚŝŽŶŽĨ ĐŝƌĐƵŵƐƚĂŶĐĞƐĐŚĂŶŐĞ͕ƚĞĐŚŶŽůŽŐLJŝƐĚĞǀĞůŽƉĞĚ͕ŽƌĂĚĚŝƚŝŽŶĂů ĚĂƚĂ ĂƌĞĂĐƋƵŝƌĞĚ͘ ĐŽŶƐƚƌĂŝŶƚƐƌĞƉƌĞƐĞŶƚĞĚ ďLJƐƵďƐƵƌĨĂĐĞŝŶƚĞƌĂĐƚŝŽŶŽĨ ĨůƵŝĚƐĂŶĚƌĞƐĞƌǀŽŝƌƌŽĐŬƐ͘
		ŐĞŶĞƌĂůƚĞƌŵĂƉƉůŝĞĚƚŽƉƌŽĐĞƐƐŝŶŐƉůĂŶƚƐƚŚĂƚĐŽŶǀĞƌƚĞdžƚƌĂͲŚĞĂǀLJĐƌƵĚĞŽŝů ĂŶĚŶĂƚƵƌĂů ďŝƚƵŵĞŶŝŶƚŽůŝŐŚƚĞƌĐƌƵĚĞĂŶĚ ůĞƐƐǀŝƐĐŽƵƐƐLJŶƚŚĞƚŝĐĐƌƵĚĞŽŝů͘ tŚŝůĞ ƚŚĞĚĞƚĂŝůĞĚƉƌŽĐĞƐƐǀĂƌŝĞƐ͕ƚŚĞƵŶĚĞƌůLJŝŶŐĐŽŶĐĞƉƚŝƐƚŽƌĞŵŽǀĞĐĂƌďŽŶƚŚƌŽƵŐŚ
ĂƐƐĞƐƐŵĞŶƚĚĞĨŝŶŝƚŝŽŶĂŶĚŶŽƚĂƉŚĂƐĞďĞŚĂǀŝŽƌĚĞĨŝŶŝƚŝŽŶ͘		EĂƚƵƌĂůŐĂƐĨƌŽŵǁŚŝĐŚŶŽůŝƋƵŝĚƐŚĂǀĞďĞĞŶƌĞŵŽǀĞĚ ďĞĨŽƌĞƚŚĞƌĞĨĞƌĞŶĐĞƉŽŝŶƚ͘ dŚĞǁĞƚŐĂƐŝƐĂĐĐŽƵŶƚĞĚ ĨŽƌŝŶƌĞƐŽƵƌĐĞƐĂƐƐĞƐƐŵĞŶƚƐ͕ ĂŶĚƚŚĞƌĞŝƐŶŽƐĞƉĂƌĂƚĞ ĂĐĐŽƵŶƚŝŶŐĨŽƌĐŽŶƚĂŝŶĞĚ ůŝƋƵŝĚƐ͘ /ƚƐŚŽƵůĚ ďĞƌĞĐŽŐŶŝnjĞĚƚŚĂƚƚŚŝƐŝƐĂƌĞƐŽƵƌĐĞƐ
tŽƌŬŝŶŐ/ŶƚĞƌĞƐƚ ŶĞŶƚŝƚLJ͛ƐĞƋƵŝƚLJŝŶƚĞƌĞƐƚŝŶĂƉƌŽũĞĐƚďĞĨŽƌĞƌĞĚƵĐƚŝŽŶĨŽƌƌŽLJĂůƚŝĞƐŽƌ ƉƌŽĚƵĐƚŝŽŶƐŚĂƌĞŽǁĞĚƚŽŽƚŚĞƌƐƵŶĚĞƌƚŚĞĂƉƉůŝĐĂďůĞĨŝƐĐĂůƚĞƌŵƐ͘

:ƵŶĞϮϬϭϵ ϭϰϵ

23. Appendix 2: Nomenclature

ϭW Žƌ WϵϬ ŵĞĂŶƐWƌŽǀĞĚ

ϮW Žƌ WϱϬ ŵĞĂŶƐWƌŽǀĞĚ нWƌŽďĂďůĞ

ϯW Žƌ WϭϬ ŵĞĂŶƐWƌŽǀĞĚ нWƌŽďĂďůĞнWŽƐƐŝďůĞ

y ŵĞĂŶƐĂďĂŶĚŽŶŵĞŶƚĐŽƐƚ

W/ ŵĞĂŶƐŵĞƌŝĐĂŶWĞƚƌŽůĞƵŵ/ŶƐƚŝƚƵƚĞ

Ő ŐĂƐĨŽƌŵĂƚŝŽŶǀŽůƵŵĞĨĂĐƚŽƌ͕ ŝŶƐĐĨͬƌĐĨ

, ďŽƚƚŽŵŚŽůĞĂƐƐĞŵďůLJ

Ž ŽŝůƐŚƌŝŶŬĂŐĞĨĂĐƚŽƌŽƌĨŽƌŵĂƚŝŽŶǀŽůƵŵĞĨĂĐƚŽƌ͕ ŝŶƌďͬƐƚď

Žŝ ŵĞĂŶƐŽŝů ĨŽƌŵĂƚŝŽŶǀŽůƵŵĞĨĂĐƚŽƌ

ƐĐĨ ŵĞĂŶƐƚŚŽƵƐĂŶĚƐŽĨŵŝůůŝŽŶƐŽĨƐƚĂŶĚĂƌĚĐƵďŝĐĨĞĞƚ

ΘW ŵĞĂŶƐĐĂƐĞĚ ĂŶĚƉĞƌĨŽƌĂƚĞĚ

'Z ĐŽŶĚĞŶƐĂƚĞŐĂƐƌĂƚŝŽ

KϮ ĐĂƌďŽŶĚŝŽdžŝĚĞ

ŽW ĐĞƐƐĂƚŝŽŶŽĨƉƌŽĚƵĐƚŝŽŶ

W/ ŵĞĂŶƐĐŽŵƉƵƚĞƌƉƌŽĐĞƐƐĞĚ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ

ĚĞĐůŝŶĞĐƵƌǀĞĂŶĂůLJƐŝƐ

^d ĚƌŝůůƐƚĞŵƚĞƐƚ

Ő ŐĂƐĞdžƉĂŶƐŝŽŶĨĂĐƚŽƌ

&,W &ůŽǁŝŶŐďŽƚƚŽŵŚŽůĞƉƌĞƐƐƵƌĞ

&W ĨŝĞůĚ ĚĞǀĞůŽƉŵĞŶƚƉůĂŶ

&D ĨůŽǁŝŶŐŵĂƚĞƌŝĂů ďĂůĂŶĐĞ

&W^K ŵĞĂŶƐĨůŽĂƚŝŶŐƉƌŽĚƵĐƚŝŽŶƐƚŽƌĂŐĞĂŶĚŽĨĨůŽĂĚŝŶŐǀĞƐƐĞů

Ĩƚ ŵĞĂŶƐĨĞĞƚ

&d,W ĨůŽǁŝŶŐƚƵďŝŶŐŚĞĂĚƉƌĞƐƐƵƌĞ

&s& ĨŽƌŵĂƚŝŽŶǀŽůƵŵĞĨĂĐƚŽƌ

&t> ĨƌĞĞǁĂƚĞƌůĞǀĞů

'd ŐĂƐĚŽǁŶƚŽ

'& ŐĂƐĞdžƉĂŶƐŝŽŶĨĂĐƚŽƌ

'//W ŐĂƐŝŶŝƚŝĂůůLJŝŶƉůĂĐĞ

'//W ŵĞĂŶƐŐĂƐŝŶŝƚŝĂůůLJŝŶƉůĂĐĞ

'K ŐĂƐŽŝůĐŽŶƚĂĐƚ

'KZ ŵĞĂŶƐŐĂƐŽŝůƌĂƚŝŽ 'Zs ŐƌŽƐƐƌŽĐŬǀŽůƵŵĞ

:ƵŶĞϮϬϭϵ ϭϱϬ

'^ ŵĞĂŶƐŐĂƐƐĂůĞƐĂŐƌĞĞŵĞŶƚ

't ŐĂƐǁĂƚĞƌĐŽŶƚĂĐƚ

,Ϯ^ ŚLJĚƌŽŐĞŶƐƵůƉŚŝĚĞ

,//W ŵĞĂŶƐŚLJĚƌŽĐĂƌďŽŶƐŝŶŝƚŝĂůůLJŝŶƉůĂĐĞ

,>s ,ĞĂǀLJ>ŝĨƚsĞƐƐĞů

,W,d ŚŝŐŚƉƌĞƐƐƵƌĞ͕ ŚŝŐŚƚĞŵƉĞƌĂƚƵƌĞ

/s ŵĞĂŶƐŝŶƚĞƌǀĂůĐŽŶƚƌŽů ǀĂůǀĞ

ŬŚ ƉĞƌŵĞĂďŝůŝƚLJƚŚŝĐŬŶĞƐƐ

Ŭŵ ŵĞĂŶƐŬŝůŽŵĞƚƌĞƐ

<ƌ ƌĞůĂƚŝǀĞƉĞƌŵĞĂďŝůŝƚLJ

>E' ůŝƋƵĞĨŝĞĚŶĂƚƵƌĂůŐĂƐ

>W' ůŝƋƵĞĨŝĞĚƉĞƚƌŽůĞƵŵŐĂƐ

>d ůŽŶŐƚĞƌŵĐŽŵƉƌĞƐƐŝŽŶ

ŵ ŵĞĂŶƐŵĞƚƌĞ

D DD ŵĞĂŶƐƚŚŽƵƐĂŶĚƐĂŶĚŵŝůůŝŽŶƐƌĞƐƉĞĐƚŝǀĞůLJ

D ŵĞĂƐƵƌĞĚ ĚĞƉƚŚ

ŵĚ Žƌ ŵ ŵĞĂŶƐŵŝůůŝĚĂƌĐLJ

DZ< ŵĞĂŶƐŵĞĂƐƵƌĞĚ ĚĞƉƚŚ ďĞůŽǁ <ĞůůLJƵƐŚŝŶŐ

Dd ŵĞĂŶƐŵŽĚƵůĂƌĚLJŶĂŵŝĐƚĞƐƚĞƌ

D^> ŵĞĂŶƐĞĂ ůĞǀĞů

ŵƐƐ ŵĞĂŶƐŵĞƚƌĞƐƐƵďƐĞĂ

E^Ϯ ŶŝƚƌŽŐĞŶ

E' ŵĞĂŶƐŶŽŶͲĂƐƐŽĐŝĂƚĞĚŐĂƐ

EW EĂƚŝŽŶĂů ĂůĂŶĐŝŶŐWŽŝŶƚ

Eŵ^ϯ ŵĞĂŶƐŶŽƌŵĂůŵĞƚƌĞĐƵďĞĚŵĞĂƐƵƌĞ^Ě ^ĂƚϭϬϭ͘ϯϮϱŬW^Ă ^ĂŶ^Ě ^ĂƚĞŵƉĞƌĂƚƵƌĞŽĨϮϳϯ͘ϭ^ϱ ^ĚĞŐƌĞĞ

<ĞůǀŝŶ͘

EWs dždž ŶĞƚƉƌĞƐĞŶƚǀĂůƵĞĂƚdždž ĚŝƐĐŽƵŶƚƌĂƚĞ

Ed' ŶĞƚƚŽŐƌŽƐƐƌĂƚŝŽ

Eh/ ŶŽƌŵĂůůLJƵŶŵĂŶŶĞĚ ŝŶƐƚĂůůĂƚŝŽŶ

Kd Žŝů ĚŽǁŶƚŽ

KWy ŵĞĂŶƐŽƉĞƌĂƚŝŶŐĐŽƐƚ

Kt Žŝů ǁĂƚĞƌĐŽŶƚĂĐƚ

Wď ŵĞĂŶƐƐĂƚƵƌĂƚŝŽŶ͕ŽƌďƵďďůĞƉŽŝŶƚ͕ƉƌĞƐƐƵƌĞ

WŚŝ ƉŽƌŽƐŝƚLJ

WŚŝĞ ĞĨĨĞĐƚŝǀĞƉŽƌŽƐŝƚLJ

:ƵŶĞϮϬϭϵ ϭϱϭ

WŚŝƚ ƚŽƚĂůƉŽƌŽƐŝƚLJ

W/ ƉƌŽĚƵĐƚŝǀŝƚLJŝŶĚĞdž͕ ŝŶƐƚďͬĚͬƉƐŝ ĨŽƌŽŝůŽƌDDƐĐĨͬĚͬƉƐŝŽƌDƐĐĨͬĚͬƉƐŝ ĨŽƌŐĂƐ

WK ŵĞĂŶƐƉůĂŶŽĨ ĚĞǀĞůŽƉŵĞŶƚ

WŽƐƐŝďůĞ ŵĞĂŶƐWŽƐƐŝďůĞ͕ ĂƐĚĞĨŝŶĞĚ ŝŶƉƉĞŶĚŝdžϭ

WƌŽďĂďůĞ ŵĞĂŶƐWƌŽďĂďůĞ͕ ĂƐĚĞĨŝŶĞĚ ŝŶƉƉĞŶĚŝdžϭ

WƌŽǀĞĚ ŵĞĂŶƐWƌŽǀĞĚ͕ ĂƐĚĞĨŝŶĞĚ ŝŶƉƉĞŶĚŝdžϭ

W^ ŵĞĂŶƐƉƌŽĚƵĐƚŝŽŶƐŚĂƌŝŶŐĂƐƐŽĐŝĂƚŝŽŶ

W^D ƉŽƐƚƐƚĂĐŬĚĞƉƚŚŵŝŐƌĂƚŝŽŶ

W^dD ƉŽƐƚƐƚĂĐŬƚŝŵĞŵŝŐƌĂƚŝŽŶ

Wsd ƉƌĞƐƐƵƌĞǀŽůƵŵĞƚĞŵƉĞƌĂƚƵƌĞĞdžƉĞƌŝŵĞŶƚ

ƌď ŵĞĂŶƐƌĞƐĞƌǀŽŝƌďĂƌƌĞůƐ

ƌĐĨ ŵĞĂŶƐĐƵďŝĐĨĞĞƚĂƚƌĞƐĞƌǀŽŝƌĐŽŶĚŝƚŝŽŶƐ

ƌĞŵĂŝŶŝŶŐ ŵĞĂŶƐ͕ ǁŚĞŶƐƚĂƚŝŶŐƌĞƐĞƌǀĞƐŽĨƉĞƚƌŽůĞƵŵ͕ƚŚĞƚŽƚĂů ^ĂŵŽƵŶƚŽĨƉĞƚƌŽůĞƵŵƚŚĂƚŝƐĞdžƉĞĐƚĞ^Ě

ƚŽďĞƉƌŽĚƵĐĞĚ ĨƌŽŵƚŚĞƌĞĨĞƌĞŶĐĞĚĂƚĞƚŽƚŚĞĞŶĚŽĨƉƌŽĚƵĐƚŝŽŶ

Z&d ŵĞĂŶƐƌĞƉĞĂƚĨŽƌŵĂƚŝŽŶƚĞƐƚĞƌ

ZƐ ƐŽůƵƚŝŽŶŐĂƐŽŝůƌĂƚŝŽ

ƐĐĨ ŵĞĂŶƐƐƚĂŶĚĂƌĚĐƵďŝĐĨĞĞƚŵĞĂƐƵƌĞ^Ě ^Ăƚϭϰ͘ϳƉŽƵŶĚƐƉĞƌƐƋƵĂƌĞŝŶĐ^Ś ^ĂŶ^Ě ^ϲϬĚĞŐƌĞĞƐ

&ĂŚƌĞŶŚĞŝƚ

ƐƐ ŵĞĂŶƐƐƵďͲƐĞĂ

Ɛƚď ŵĞĂŶƐƐƚŽĐŬƚĂŶŬďĂƌƌĞů͕ĞƋƵŝǀĂůĞŶƚƚŽϰϮh^ŐĂůůŽŶƐŵĞĂƐƵƌĞ^Ě ^Ăƚϭϰ͘ϳƉŽƵŶĚƐƉĞƌƐƋƵĂƌĞ

ŝŶĐŚ ĂŶĚ ϲϬĚĞŐƌĞĞƐ&ĂŚƌĞŶŚĞŝƚ

^dK//W ƐƚŽĐŬƚĂŶŬŽŝů ŝŶŝƚŝĂůůLJŝŶƉůĂĐĞ

^ǁ ǁĂƚĞƌƐĂƚƵƌĂƚŝŽŶ

^ǁĐ ĐŽŶŶĂƚĞǁĂƚĞƌƐĂƚƵƌĂƚŝŽŶ

d ƚŽƚĂů ĚĞƉƚŚ

d,W ƚƵďŝŶŐŚĞĂĚƉƌĞƐƐƵƌĞ

dWK^ DĞĂŶƐƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ƉƌŽĐĞƐƐŝŶŐĂŶĚŽƉĞƌĂƚŝŶŐƐĞƌǀŝĐĞƐĂŐƌĞĞŵĞŶƚ

dZZ ^WWZD^ dĞĐŚŶŝĐĂůůLJZĞĐŽǀĞƌĂďůĞZĞƐŽƵƌĐĞƐ

ds ƚƌƵĞǀĞƌƚŝĐĂů ĚĞƉƚŚ

ds^^ ŵĞĂŶƐƚƌƵĞǀĞƌƚŝĐĂů ĚĞƉƚŚƐƵďͲƐĞĂ

dtd ƚǁŽǁĂLJƚŝŵĞ t'Z ǁĂƚĞƌŐĂƐƌĂƚŝŽ tKZ ǁĂƚĞƌŽŝůƌĂƚŝŽ thd ǁĂƚĞƌƵƉƚŽ

:ƵŶĞϮϬϭϵ ϭϱϮ

June 2019 153

24. Appendix 3: Production and Cost Forecasts

dŚŝƐƐĞĐƚŝŽŶĐŽŶƚĂŝŶƐƚŚĞƉƌŽĚƵĐƚŝŽŶ͕KWy͕WyĂŶĚ yĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚƉƌŽĚƵĐŝŶŐĨŝĞůĚƐĨŽƌ ǁŚŝĐŚZĞƐĞƌǀĞƐŚĂǀĞďĞĞŶĞƐƚŝŵĂƚĞĚ͘EŽƚĞƚŚĂƚyƉƌĞƐĞŶƚĞĚ ŝŶƚŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐĂƌĞŐƌŽƐƐ ƉƌĞͲƚĂdž ǀĂůƵĞƐ͘

ƵĚŝƚĞĚ ĚĞĐŽŵŵŝƐƐŝŽŶŝŶŐůŝĂďŝůŝƚŝĞƐĨŽƌZŽĐŬZŽƐĞ͕ŝŶĐůƵĚŝŶŐƉƌŽĚƵĐŝŶŐĂŶĚŶŽŶͲƉƌŽĚƵĐŝŶŐĨŝĞůĚƐĐĂŶ ďĞĨŽƵŶĚ ŝŶ^ĞĐƚŝŽŶϭϴ͘

:ƵŶĞϮϬϭϵ ϭϱϰ

Table 24.1: Arran Field 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Sales	Condensate	NGI Sales	Gae Salae	Capex (Real)	Tariff	Opex (Real)	AREX Cost
Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/Iqq)	(MMscf/d)	(£MM)	(EMM)	(£MM)	(EMM)

2019					102.2			,
2020	,				185.1			,
2021		3,097	3,305	74.1	2.7		29.4	•
2022	,	1,178	1,952	43.7		,	17.9	ı
2023		556	1,177	26.3			14.0	,
2024	,	280	699	14.9			11.6	,
2025		183	453	10.1			11.7
2026	,	71	192	4.3		ı	12.5	,
2027								23.4
2028	,		,	,		,		23.4
2029								,
2030	ı		,					,
2031								,
2032	ı		,					,
2033								,
2034
2035	,							,
2036	,		,	,		,		,
2037	,					,		,
2038		•	,	,		ı		1
2039								,
2040								,
2041
2042	,		,	,		,
2043								•
2044				,		•		,
2045
2046								•
2047								•
2048								•
2049	,		,	,		,		,
2050				,		•		,
2051		,	ı			ı		ı
Total (MMstb / Bscf / £MM)		2.0	2.8	63.3	290.0		97.2	46.8

Table 24.2: Arran 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

RockRose Energy Competent Persons Report

	Oil Sales	Condensate	NGL Sales	Gas Sales	Capex (Real)	I ariii	Орех (кеаі)	ABEX Cost
Year	Rate	Sales Rate	Rate		Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(ppl/d)	(p/lqq)	(MMscf/d)	(£MM)	(£MM)	(£MM)	(£MM)
2019					1022			,
2020					185.1			1
2	,	3,809	3,876	86.9	2.7		33.0	,
2022		2,050	2,985	6.99		,	25.9
2023		1,302	2,408	53.7		,	25.0
2024		892	1,933	43.1		,	25.8	,
25		654	1,553	34.6		,	29.2	,
2026		486	1,213	27.1		,	38.4	,
2027		385	926	21.8	•	ı	36.9	,
2028		278	669	15.6		,	38.0
29		174	443	6.6			32.6	,
2030		142	360	8.1			50.8	,
2031		125	318	7.1		,	50.4
2032				,		,	,	23.4
2033				,		,	,	23.4
34		,	,	,	•	ı	•	,
2035		•					•
36		•					•
37		•					'
38		•			•	ı		,
2039		•	,	,	•	ı	•
2040				,		,	•	,
2041		,	,	,	•	,	,	,
2042								,
2043								,
2044								,
2045							٠	1
2046								,
2047								,
2048				,		,		,
2049								,
2050							٠	1
2051		ı						ı
Fotal (MMstb /	,	3.8	6.1	136.8	290.0	٠	385.8	46.8

Table 24.3: Arran 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Salac	Condensate	Sales Sales	Gac Salac	Capex (Real)	Tariff	Opex (Real)	AREX Cost
Year	Rate	Sales Rate		Rate	Total Capex	Income (Real)	Total Opex	(Real)
-	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(EMM)	(£MM)	(£MM)
0100					000
2020		,			185.1		•
12		4,718	4,311	96.8	2.7		38.4	,
22	,	3,009	3,746	84.1			33.9
2023	,	2,067	3,261	72.8			34.7
2024	,	1,578	2,933	65.4		,	39.6	,
25		1,244	2,594	67.9			44.1
26	,	1,023	2,260	50.5		,	54.7	,
27		903	2,066	46.0			57.7
28		781	1,833	40.9			62.1
53		622	1,491	33.2			56.4
30		543	1,300	29.0			61.9
31		208	1,162	25.9			9.09
32		463	1,021	22.8			66.7
33		415	904	20.1			57.9
34		382	821	18.4			58.3
35	,	355	755	16.8			58.4
36	,	326	089	15.2			8.09
37	,	302	626	14.0			56.3
38	,	284	586	13.1			9.99
39	,	264	546	12.2			54.4
40		236	488	10.9			59.8	,
41	,	209	433	9.6			54.8
2042		185	384	8.6			52.5
2043		164	340	9.2			52.9
2044								23.4
2045						,		23.4
2046
2047								,
2048	,	٠	,	,	,	,		,
2049								,
2050
2051	ı		ı
Total (MMstb / Bscf / £MM)		7.5	12.6	281.8	290.0		1,233.7	46.8

Table 24.4: Balmoral 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Salac	Condensate	NGI Sales Gas Sales	Gac Salac	Capex (Real)	Tariff	Opex (Real)	AREX Cost
Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(£MM)	(£MM)	(£MM)
2019	192			ı			8.2	19.7
2020	219			,			10.9	30
2021	48						2.7	25
2022				,				61
2023		٠						29
2024	,					,		45
2025	,					,		ო
2026								26
2027	,				•	,		-
2028	,					,		-
2029								-
2030	,					,		-
2031								-
2032	,					,
2033
2034	,		,	,
2035			,	,
2036			,	,
2037	1		1	1	•
2038	,		1	1
2039	,		,	1	•
2040	,		1	1
2041	,		,	1	•
2042	1		1	1	•	ı
2043					•
2044	,				•	,		,
2045	,		,	,
2046
2047
2048
2049								,
2050		٠
2051			ı
Total (MMstb / Bscf / £MM)	0.2						21.9	279.1

Table 24.5: Balmoral 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	SaleS IIO	Condensate	NGI Sales Gas Sales	SoleS Seb	Capex (Real)	Tariff	Opex (Real)	ABEX Cost
Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(EMM)	(£MM)	(£MM)
2019	218						8.2	19.7
2020	263						10.9	30.0
2021	61			,		ı	2.7	24.6
2022	,					·		61.0
2023								67.2
2024								44.6
2025				,	,	,		3.0
2026								26.0
2027				,				9.0
2028								9.0
2029								9.0
2030								9.0
2031								9.0
2032								,
2033								,
2034	,			,				,
2035			1	,	,	,		,
2036			1	,	,	,		,
2037			1	,	,	,		,
2038	,			,				,
2039	,			,	,	ı		1
2040	,			,				,
2041	,			,	,	ı		1
2042	,			,		,		•
2043								,
2044						,		,
2045								,
2046								1
2047								1
2048	,			,		ı
2049								,
2050								,
2051
Total (MMstb / Bscf / £MM)	0.2						21.9	279.1
Deci / Livilyi)

Table 24.6: Balmoral 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

Condensate NGL Sales Gas Sales Capex (Real) Sales Rate Rate Total Capex
(bbl/d) (bbl/d) (MMscf/d) (£MM)

Table 24.7: Beauly 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	טון פיוןענ	Soles and soles ISM steamphood	NICI CAIDE	Jules des	Capex (Real)	Tariff	Opex (Real)	ADEV Cost
Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(£MM)	(£MM)	(£MM)
0,00	327						ď	ú
9080	4/0						- c	9. 0
2023	- «		,	,	,			1 +
2022	} '						ì '	- თ
2023		,					,	7
2024		,					,	,
2025							,
2026							,	,
2027
2028							,	,
2029
2030				,
2031
2032				,			,	,
2033		,		,			'	'
2034		,		,			,
2035		•		,			,
2036		,		,			•
2037		,		,			,
2038		,		,			'
2039		,		,			•
2040		,		,			'	'
2041		,		,			•
2042		,		,			•
2043								,
2044		,					,	,
2045								,
2046		,		,			'	'
2047				,			,	,
2048		,		,			•
2049		,					•	,
2050		•		,			•
2051		ı				ı	,
Total (MMstb / Bscf / £MM)	0.3					-	16.3	19.8

Table 24.8: Beauly 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

Sales Rate Rate Rate Rate Total Capex (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real) (Real)		Oil Sales	Condensate	NGI Salac	Cac Salac	Capex (Real)	Tariff	Opex (Real)	AREX Cost
Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical Statistical	Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
492 441 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10		(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(£MM)	(£MM)	(£MM)
100 100 100 100 100 100 100 100 100 100	0,000	700						ď	9
	2020	441						- 0.	? ?
	2021	100						2.0	ı -
	2022								0
	2023					•		,	7
	2024							,	,
	2025		·			•		,	,
	2026
	2027
	2028
	2029
	2030
	2031
	2032								,
	2033
	2034								,
	2035					•		,	,
	2036					•
	2037	,			,		,	,	,
	2038					•
	2039
	2040	,							,
	2041							,	,
	2042							,
	2043								,
	2044					•		,	,
	2045								,
	2046								,
	2047
	2048
	2049							,	,
	2050					•		,	,
0.3	2051	•			ı
	Total (MMstb / Bscf / £MM)	0.3			-			16.3	19.8

Table 24.9: Beauly 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	adica lio	Condonesto	Soles and Soles ISIN	Sales Sales	Capex (Real)	Tariff	Opex (Real)	ABEY Cost
Year	Rate	Sales Rate		Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(EMM)	(£MM)	(£MM)
0	L						Č	C
2020	202						- 0 8	ο τ
2023	109							5 +
2022							} ·	9.5
2023					,			8.9
2024					,
2025								,
2026								,
2027								,
2028								,
2029								,
2030							,	,
2031							,	,
2032								,
2033			,		ı	,		,
2034								,
2035								,
2036								,
2037					i			,
2038			,			,		,
2039			,		ı	,		,
2040					i			,
2041					i			,
2042			,		ı	,		,
2043			,			,		,
2044			,			,		,
2045						,
2046								,
2047								,
2048			,			,		,
2049					ı			,
2050					ı			,
2051		,				,		ı
Total (MMstb / Bscf / £MM)	0.4						16.3	19.8

Table 24.10: Burghley 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Salac	Condensate	NGI Salac	Soles Salae	Capex (Real)	Tariff	Opex (Real)	AREX Cost
Year	Rate	Sales Rate			Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(EMM)	(£MM)	(EMM)

2019	868			,			12.7	2.1
2020	658			,		,	16.9	7
2021	133			,			4.2	-
2022				,			,	6
2023				,			,	6
2024				,			,
2025				,
2026				,			,
2027				,			,
2028				,
2029							,
2030							,
2031								,
2032				,			,
2033				,		,		,
2034							,
2035				,	•		,	,
2036			,	,	•		,	,
2037				,	•	,	,	,
2038				,	•		,	,
2039				,		,	,	,
2040						,		,
2041				,		,		,
2042				,	•		,	,
2043				,		,		,
2044				,	•		,	,
2045				,	•	,	,	,
2046				,		,	,	,
2047				,	•		,	,
2048				,	•	,	,	,
2049				,		,	,	,
2050					•		,	,
2051
Total (MMstb / Bscf / £MM)	0.5	,					33.9	22.9

Table 24.11: Burghley 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

Sales Rate Rate Total Capex (Rad) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM) Total Opex (RMM)		Oil Sales	Condensate	NGL Sales Gas Sales	Gas Sales	Capex (Real)	Tariff	Opex (Real)	ABEX Cost
Station Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Ch		Rate		Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
933 758 162 163 163 164 165 165 165 165 165 165 165 165		(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(EMM)	(£MM)	(EMM)
753 763 763 763 763 763 763 763 76								1	,
162 4.22 4.22 4.22 4.22 4.22 4.22 4.22 4.		955 758						7.97	- 6
90		162	,	,	,	,	,	2.5	0
		! '						! .	8.7
			,			,			9.3
		1		,	,	•	,		,
		ı			,		ı
200 Part of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the contr							·
288 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 -		1							,
33.9
33.9

888
888
888
888		-			,				,
888					,
888
888		1			,	•	,		,
88.
889.		1			,		,		,
889.
88.
889.
83.90		1					,		,
33.9 O
33.9		1							,
33.9
33.9 o
					,		ı

		1							,
0.6									ı
	stb /	9.0						33.9	22.9

Table 24.12: Burghley 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

Year Rate Sales Rate Rate Total Capax (str)(d) (bbl/d) (MMscf/d) (EMM) 2022 2022 - - 2023 - - - 2024 - - - 2025 - - - 2026 - - - 2027 - - - 2028 - - - 2029 - - - 2029 - - - 2029 - - - 2029 - - - 2029 - - - 2032 - - - 2033 - - - 2034 - - - 2035 - - - 2034 - - - 2034 - - -	ex	(Real)
969 857 192
	(£MM)	(£MM)
	100	7
	16.9	- 6
	4.2	0.
123 124 125 126 127 128 129 129 130 131 131 132 133 134 135 137 138 139 139 139 139 139 139 139 139 139 139		8.7
224	·	9.3
125
126		,
127 128 139 130 131 131 132 133 134 135 136 137 138 139 139 139 139 139 139 139 139 139 139
)28 )29 )30 )31 )32 )33 )34 )35 )36 )40 )41 )42 )43 )44 )44 )45 )46 )47 )48 )49 )49 )49 )49 )49 )49 )44 )44		,
)29 330 331 332 334 335 336 337 340 340 341 341 342 344 344 344 344 344 344 344 344 344
330 .
331 .
332 .
333
334 .
335 .
336
338
338 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	,	,
339 .	,
940		,
141
142
443 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
445 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
445
46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
748

	·

	•	,
	ı
Total (MMstb / 0.7	33.9	22.9

Table 24.13: Stirling 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

Condensate NGL Sales
ъ
(bbl/d) (bbl/d) (MMscf/d)


























-

•

Table 24.14: Stirling 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

Year Rate (stb/d) Sales Rate (bbl/d) Rate (bbl/d) Total Call (bbl/d) 2019 230	Income Total Capex (Real)	Total Opex	(Real)
230 205 46	(Inoxi)
	(EMM) (EMM)	(£MM)	(£MM)
		9 7	7
		5. 6	. 62
2022 2023 2024 2025 2026 2028 2029 2030 2031 2032 2033 2034 2035 2036 2036 2037 2038 2039 2039 2040 2041 2036 2037 2038 2039 2039 2041 2039 2041 2039 2041 2039 2041 2039 2041 2039 2041 2039 2041 2039 2041 2039 2041 2039 2041 2039 2041 2039 2041 2039 2041 2039 2041 2041 2042 2043 2044 2044 2044 2044 2044 2044		1.5	6.0
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2034 2034 2034 2035 2040 2041 2042 2042 2044 2044 2044 2045 2044 2044		•	9.9
2024		٠	1.8
2025 2026 2027 2028 2029 2030 2033 2034 2035 2036 2037 2040 2041 2042 2042 2044 2044 2045 2046 2047 2048 2048 2048 2048 2049 2048 2049 2049 2049 2049 2049 2049 2049 2049			7.8
2026 2027 2028 2030 2030 2031 2033 2034 2035 2036 2037 2038 2034 2047 2047 2048 2050 2049 2047 2048 2050 2049 2050 2049 2050 2050 2049 2050 2050 2050 2050 2050 2050 2050 205			4.1
2027 2028 2029 2030 2033 2033 2034 2035 2036 2040 2041 2042 2045 2046 2046 2047 2048 2048 2048 2048 2048 2048 2048 2048			4.2
2028 2029 2029 2030 2031 2032 2033 2034 2036 2040 2041 2042 2045 2046 2046 2047 2048 2048 2048 2048 2048 2048 2048 2048			3.6
2029 2030 2031 2032 2033 2034 2035 2034 2036 2037 2038 2040 2041 2042 2044 2044 2045 2046 2047 2048 2049 2049 2050			0.1
2030 2031 2032 2033 2034 2035 2036 2036 2037 2038 2040 2041 2042 2042 2044 2045 2046 2047 2048 2048 2049 2049 2049 2049 2049 2049 2049 2049			0.1
2032			0.1
2032			0.1
2033			,
2034			,
2035 2036 2037 2038 2038 2040 2040 2042 2044 2044 2045 2044 2045 2046 2047 2048 2048 2048 2048 2049 2050 2050 2050 2050
2036			,
2037			,
2038		,	1
2039			1
2040 2041 2042 2043 2044 2045 2046 2046 2047 2048 2048 2049 2050		,	1
2041			,
2042		,
2043		,
2045		,
2045			,
2046			,
2047			,
2048
2049		•	,
2050			,
2051			,

Total (MMstb / 0.2		12.3	40.6

Table 24.15: Stirling 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

Year	Rate	Sales Rate	Rate Rate	Rate	Total Capex	Income	Total Opex	(Post)
				1		(Real)		(Iveal)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(£MM)	(£MM)	(£MM)
0040	C						9 1	7
. 0	226						5. 6.	. 22
2021	23	,					1.5	6:0
2022		,				,	,	9.9
2023		,						1.8
2024								7.8
2025								4.1
92								4.2
2027								3.6
2028								0.1
6								0.1
2030								0.1
2031								0.1
2032
83
2034						,		,
2035		,						,
2036		,						,
2037			,	,		,		,
2038
2039			,	,		,		,
2040
2041
2042								,
2043
2044
2045		,
2046
2047		,
2048		,
2049
2050								,
2051						ı		ı
Total (MMstb /	0.2						12.3	40.6

Table 24.16: Blake 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

Table 24.17: Blake 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	20100110	Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva Silva	1010		Capex (Real)	Tariff	Opex (Real)	ADEV Cost
Year	Rate	Sales Rate	Rate		Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(EMM)	(EMM)	(EMM)
0	770				1	010	1
0000	11,21				95.7	0.46	57.9
2021	12,825				21.0	0.29	84.6
2022	10,977	,		,	20.3	0.30	78.7	,
2023	9,210			,	30.8	3.14	76.7
2024	7,561				6.6	1.83	73.1
2025	6,875				30.8	96.0	74.3
2026	6,890				8.9	0.54	77.0
2027	6,586				0.3	0.35	72.3	4.0
2028	6,247					0.24	73	3.2
2029	6,321					0.17	73	3.2
2030								17.2
2031			,					30.4
2032			,					75.2
2033	,							30.4
2034	,							2.5
2035	,							,
2036	,	,		,		,		•
2037						•
2038						•
2039	,	,				,
2040						•
2041	,	,				,
2042	,	,		,		,		,
2043		,						,
2044		ı	,	,		ı		,
2045				,
2046
2047
2048								'
2049								,
2050								,
2051		ı				ı
Total (MMstb / Bscf / £MM)	34.0				260.4	8.7	816.0	166.1

Table 24.18: Blake 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

ž
.
(p/lqq) (p/lqq)







•













· -




· ·
· ·
· ·
· ·

Table 24.19: Ross 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

Sales Rate Rate Total Capex (Real) (FMM) (FMM) (bbl/d) (hbl/d) (hMMscf/d) (FMM) (FMM) (FMM) 1 1 2.4 2.4 2.4 1 1 2.3 2.3 2.3 1 1 1 2.3 2.3 1 1 1 2.3 2.3 1 1 1 2.3 2.3 1 1 1 2.3 2.3 1 1 1 2 2.3 1 1 2 2.3 2 1 1 2 2 2 1 1 2 2 2 1 1 2 2 2 1 1 2 2 2 1 1 2 2 2 1 2 2 2 2 2 2 2 2 2<		Oil Sales	Condensate	NGL Sales	Gas Sales	Capex (Real)	Tariff	Opex (Real)	ABEX Cost
Station Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Ch	Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
195 190 190 190 190 190 21 21 22 21 22 23 21 21 21 21 21 21 22 23 24 29 29 29 29 29 29 29 29 29 29 29 29 29		(stb/d)	(p/lqq)	П	(MMscf/d)	(£MM)	(EMM)	(£MM)	(£MM)
195 196 109 109 109 109 109 109 109 109
1009 306 307 308 308 309 309 309 309 309 309 309 309 309 309	2019	195						9.
109	2020	180						2.5
86	2021	109						2.4
3.6	2022	69						2.4
21	2023	36					٠	2.3
	2024	21		,	,		٠	2.3
	2025							•
	2026							•
	2027						٠	•	9
	2028	,		,	,		٠	•	Ŋ
0.2	2029						٠	•	Ŋ
0-2	2030							•	26
	2031							•	46
	2032								113
	2033							'	46
	2034							•	4
	2035
	2036	,		,			,	•
0.25	2037	,	•	,			•	,
	2038								•
	2039	,		,			,
	2040	,		,				,	,
0.2	2041	,		,	1			,
0.2	2042	,		,				•
0.2	2043		•						•
0.2	2044	,		,	1			,
0.2	2045		٠
0.2	2046	,		,			٠
0.2	2047							•
0.2	2048	,		,
0.2	2049							•
0.2	2050
0.2 - 13.8	2051	,		ı	ı		ı
	otal (MMstb / Bscf / £MM)	0.2						13.8	249.1

Table 24.20: Ross 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Salac	Condensate	SoleS Sed SoleS IDN	Cac Salac	Capex (Real)	Tariff	Opex (Real)	ABEY Coet
Year	Rate		Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(£MM)	(£MM)	(£MM)
2019	265			ı			2.0
2020	385			,		,	2.8
2021	304						2.7
2022	245			,		,	2.6
2023	201		ı			,	2.5
2024	168					,	2.5
2025	142					,	2.5
2026	123		ı			,	2.4
2027	106					,	2.4	0.9
2028	80			,		,	Ø	4.8
2029	64					,	0	4.8
2030						,		25.8
2031				,		,		45.6
2032						,		112.8
2033						,		45.6
2034			ı			,		3.7
2035	,			,		,
2036	,			,		,
2037	,			1	•	,
2038	,			1		ı
2039	,	,		ı	•	ı
2040						,
2041		,			•	ı
2042		,			•	,
2043		,			•	ı
2044		,			•	ı
2045
2046
2047						,
2048					•			,
2049		ı			•			,
2050		,		,		ı
2051	ı
Total (MMstb / Bscf / £MM)	0.7						27.1	249.1

Table 24.21: Ross 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

Sales Rate Rate Total Capex (Real) (Total Opex (Real)) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM) (EMM)		Oil Sales	Condensate	NGL Sales Gas Sales	Gas Sales	Capex (Real)	Tariff	Opex (Real)	ABEX Cost
State Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chair Chai		Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
320 490 491 394 421 3964 316 27 27 27 27 27 27 28 28 29 30 30 30 30 30 30 30 30 30 30 30 30 30		(stb/d)	(p/lqq)		(MMscf/d)	(£MM)	(£MM)	(£MM)	(£MM)
490 421 384 316 277 277 278 318 319 319 319 319 319 319 319 319		Occ						c
421 384 384 316 277 274 274 274 277 277 278 278 278 278 278 279 279 270 270 270 270 270 270 270 270 270 270		490	•					0.3
364		421						2.8	,
316 277 277 278 279 274 216 216 216 217 217 217 217 217 217 217 217 217 217		364	٠					2.7	,
277 284 284 284 284 286 193 174 175 187 187 187 187 187 187 187 187 187 187		316	٠		,			2.7	,
244		277	٠					2.6	,
216 193 174 157 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2		244						2.6	,
193		216						2.6
11.74		193						2.5	0.9
157		174						ო	4.8
	_	157						2	4.8
1-1	0								25.8
	_								45.6
	Ω.								112.8
	3								45.6
	4								3.7
	10			,					,
	(0			,					,
			,				,	•	1
T	m								,
1.1	0			,					,
THE SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECON	0
THE SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECON	_		٠						ı
THE SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECOND SECON	OI.
7	ε.								,
1	4				,				,
1	2								,
1	9		٠
1.1	_								,
1.1	80		٠						,
1.1	0
1.1	0								,
1.1								•
	Mstb /	1.1					,	28.5	249.1

Table 24.22: Nelson 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Sales C	Condensate	7G Sales	NGL Sales Gas Sales				ABEX COST
Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(EMM)	(£MM)	(EMM)

2019	4,616				5.50		52.45
2020	5,365	,			4.7		80.41
2021	6,281	,					73.68
2022	4,897	,					81.14
2023	5,162						79.35
2024	4,029						74.10
2025	4,126	,					70.06
2026	3,113	,					68.18
2027	3,277						65.91
2028	2,553						64.74
2029	2,686	,					63.01
2030	2,092	,					62.04
2031	2,202						60.52
2032	1,715						59.59
2033	1,805						58.20
2034	1,405	,					57.29
2035	1,480	,			•		26.00
2036	1,153	,					55.11
2037	1,213				•		53.91
2038		,					,	5.4
2039		,					,	16.8
2040		,						37.2
2041								47.4
2042		,					,	8.89
2043								3.6
2044								3.6
2045	,	,		,		,		36.1
2046								9.8
2047	,
2048	,						,
2049		,	,		,	,	,
2050	1	,			•		,
2051							ı
Total (MMstb /	21.2				10.2	,	1,235.7	227.5

Table 24.23: Nelson 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Salac	Sales Sales NG Sales	NGI Salae	Gae Salac	Capex (Real)	Tariff	Opex (Real)	ABEX Cost
Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(EMM)	(EMM)	(£MM)

2019	7,579				5.5		52.48
2020	6,634	,			4.7		79.39
2021	6,993						72.79
2022	5,470						74.37
2023	5,797						78.00
2024	4,558						77.55
2025	4,850						75.65
2026	3,768	,			,		70.62
2027	3,844						66.71
2028	3,040						64.88
2029	3,253						62.68
2030	2,546	,					61.65
2031	2,688	,			ı		60.11
2032	2,127						59.28
2033	2,291	,					57.80
2034	1,830	,					56.93
2035	1,977	,			ı		55.57
2036	1,582	,			ı		54.73
2037	1,712	,					53.47
2038		,						5.4
2039								16.8
2040		,			,			37.2
2041								47.4
2042							•	68.8
2043								3.6
2044								3.6
2045					,			36.1
2046								9.8
2047
2048								'
2049
2050
2051		ı						ı
Total (MMstb / Bscf / £MM)	25.8	,			10.2		1,234.7	227.5

Table 24.24: Nelson 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Sales	Condensate NGL Sales Gas Sales	NGL Sales	Gas Sales				ADEA COST
Year	Rate	Sales Rate	Rate	Rate	Total Capex	income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(EMM)	(£MM)	(EMM)

2019	7,991				5.5		52.59
2020	7,175				4.7		78.91
2021	7,650						71.40
2022	6,049				•		72.82
2023	6,477						72.23
2024	5,141				•		76.14
2025	5,519				•		74.06
2026	4,394				•		73.78
2027	4,735				•		71.87
2028	3,782						71.47
2029	3,832				•		98.69
2030	3,057				•		64.86
2031	3,266				•		61.02
2032	2,592				•		59.33
2033	2,806				,		57.27
2034	2,251				•		56.37
2035	2,444				•		54.84
2036	1,966	,			•		54.12
2037	2,137				•		52.79
2038					•		,	5.4
2039					•		,	16.8
2040							,	37.2
2041					•		,	47.4
2042					•		,	8.89
2043	,							3.6
2044	,				•		,	3.6
2045					•			36.1
2046	,							9.8
2047	,	,			•
2048		,			•
2049	,	,	,	,	•	,	,
2050					,		,
2051								•
Total (MMstb /	29.7				10.2		1 246 7	207 E

Table 24.25: Howe 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Sales	Condensate	NGI Salae	Sales Salae	Capex (Real)	Tariff	Opex (Real)	AREX Cost
Year	Rate	Sales Rate		Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(£MM)	(£MM)	(£MM)

2019	707	1		0.2			2.25
2020	319	,		[ :	ဧ		2.31
2021	719			4.2			3.70
2022		,						0.4
2023								1.3
2024								2.9
2025								3.7
2026		,						5.4
2027								4.5
2028								4.4
2029								4.3
2030		,						5.6
2031								,
2032
2033
2034
2035		ı
2036		,
2037		,
2038		,
2039		,					•
2040		,
2041
2042		,					•
2043		,
2044		,					•
2045		,
2046	,	,
2047		1					•	,
2048		,
2049	,	,
2050		,					•
2051
Total (MMstb / Bscf / £MM)	9.0	-		2.0	3.0		8.3	29.5

Table 24.26: Howe 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	00100	21-3 22 21-3 1314 27-27-27	20129 1314		Capex (Real)	Tariff	Opex (Real)	ABEV Coo
Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(EMM)	(EMM)	(EMM)

2019	1,381			2.1			3.43
2020	1,288			5.0	ဇ		4.74	,
2021	1,467			7.3			5.57
2022	502			0.5			2.65
2023								0.4
2024								1.3
2025								2.9
2026								3.7
2027								5.4
2028								4.5
2029								4.4
2030								4.3
2031		,						5.6
2032		,
2033		,
2034		,
2035		,
2036		,
2037		,
2038		,
2039		,
2040		,
2041							•	,
2042								,
2043								,
2044							•	,
2045								,
2046								,
2047								,
2048								,
2049								,
2050								,
2051	,	ı				,
Total (MMeth /
Bscf / £MM)	1.6			5.3	3.0		16.4	29.5

Table 24.27: Howe 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Calor	ofcanopac?	NGI Calor	Sales Sales	Capex (Real)	Tariff	Opex (Real)	ABEY Cost
Year	Rate		Rate		Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(pp//qq)	(p/lqq)	(MMscf/d)	(£MM)	(£MM)	(EMM)	(£MM)

2019	1,381					0.00	3.20	'
2020	1,732			2.4	ဇ	0.00	5.21	,
2021	2,534			6.3		00:00	7.48
2022	1,654	,		8.9		0.00	5.78
2023	982			7.3		0.00	4.51
2024						00:00		0.4
2025						0.00		1.3
2026		,				0.00		2.9
2027						0.00		3.7
2028								5.4
2029								4.5
2030								4.4
2031		,						4.3
2032		,						5.6
2033								,
2034		,
2035		,
2036		,
2037		,
2038		,
2039
2040		,
2041								i
2042								,
2043
2044
2045
2046
2047								1
2048
2049
2050
2051		ı
Total (MMstb / Bscf / £MM)	2.9	,		8.3	3.0		26.2	29.5

Table 24.28: Grove 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

RockRose Energy Competent Persons Report

	Oil Salac	Condensate	NGI Sales Sales	Sales	Capex (Real)	Tariff	Opex (Real)	AREX Cost
Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(£MM)	(£MM)	(£MM)
2019		20		α	,		7 / 7
2020		44		6.5	٠		8.55	,
2021		30		4.4	,		7.25	0.3
2022	,	22	,	3.3		,	6.24	5.9
2023		16		2.4			5.68	26.4
2024		12		1.8		,	4.83	15.8
2025				,		,	٠	1.2
2026	ı	•	,	,	•	ı	•	0.1
2027	ı	•	,	,	•	ı	•	,
2028	,					,		,
2029						,		0.1
2030	,					,		,
2031						,
2032	,					,		,
2033						,
2034	ı	•	,	,	•	ı	•	,
2035	ı	•	,	,	•	ı	•	,
2036	,			,		,
2037	,		,	,	•	,		,
2038	,					,		,
2039	,		,	,	•	ı	•	,
2040						,
2041	,		,	,	•	ı		,
2042	,		,	,		ı		,
2043	,			,	•	ı		1
2044		•			•		٠	ı
2045						,		,
2046							٠	,
2047							٠	1
2048								,
2049		•			•		٠	ı
2050							٠	,
2051				ı				ı
Total (MMstb / Bscf / £MM)		0.1		9.1			40.0	49.9

Table 24.29: Grove 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Sales	Sales NGI Sales Cales	NGI Salas	Sales Sales	Capex (Real)	Tariff	Opex (Real)	AREY Cost
Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(bbl/d)	(MMscf/d)	(£MM)	(EMM)	(£MM)	(EMM)
0		č		Ó			1
2018		- 0		9. V			09.7
2020		8 8					0.0	C
2021		04 6		0.0			ου α Ο γ
2022		2 00		o o			- /:O	9.5 Z 90
2023		0 6		n m			0.20	1.0.7
2024		7-7		? '			9 '	5. 6
2023								- C
2020						ı	,	. '
2027
2029	,		,	,		·	,	,
2030			,	,		ı	,	,
2031			,	,		,	,	,
2032	,					ı
2033	,					ı
2034	-				,	,	,
2035						,	,
2036						,	,
2037			,	,		ı	,	,
2038	,		,	,		,
2039			,	,		ı	,	,
2040			,			,		,
2041			,	,		ı	,	,
2042			,	,		ı		,
2043						ı	,	,
2044						ı	,	,
2045	,		,			,	,
2046						ı	,
2047							,	1
2048						ı	,
2049						ı	,	,
2050						ı		,
2051			ı			,
Total (MMstb / Bscf / £MM)	-	0.1		11.8		·	50.5	49.7

Table 24.30: Grove 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Salac	Condensate	NGI Salas Salas	Sole Sales	Capex (Real)	Tariff	Opex (Real)	AREX Cost
Year	Rate		Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(£MM)	(£MM)	(£MM)
2019		64		96	,		7.99
2020		54		8.1	,		10.03
2021		45		6.7			9.33	0.3
2022	,	39		5.8		,	8.56	5.9
2023		34		5.1		,	7.76	26.4
2024	,	31		4.6		,	5.52	15.8
2025						,		1.2
2026	,					,		0.1
2027	,		1	1	•	ı
2028	,			,		,
2029	,					,		0.1
2030	,					,
2031	,					,
2032	,					,
2033	,					,
2034				,		ı
2035	,		1	1	•	ı
2036	,		1	1	•	ı
2037	1		1	1	•	,
2038	,		,	ı		ı
2039	,		ı	ı	•	ı	•
2040	,					,
2041					•	ı
2042					•	,
2043					•			,
2044					•			,
2045
2046
2047						,
2048					•			,
2049		,			•			,
2050
2051
Total (MMstb / Bscf / £MM)		0.1		13.7			49.2	49.9

Table 24.31: Tors 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Sales	Condensate	NGL Sales	Gas Sales	Capex (Real)	Tariff	Opex (Real)	ABEX Cost
Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/ qq)	(p/lqq)	(MMscf/d)	(£MM)	(EMM)	(£MM)	(EMM)
2019				110	Ç		ب ب
2020				6.6	? '		6.92	,
2021				7.9			6.56	,
2022				6.4			6.28
2023				5.2			6.05
2024	٠		,	4.3			5.87
2025	,	٠		3.5			5.73
2026	,	٠		2.9			5.61	8.6
2027	,	٠						23.0
2028	,	٠
2029
2030	,	٠
2031								,
2032	,		,	,		,		,
2033								,
2034	,	٠
2035	,		,	,		,		,
2036	,		,	,		,		,
2037	,		,	,		,		,
2038			,	,				,
2039	,	٠		,		,		,
2040								,
2041	,	٠		,		,	•	,
2042	,		,	,		,		,
2043			,	,		,	٠	1
2044							٠	,
2045
2046
2047
2048						·
2049								,
2050
2051			ı
Total (MMstb /	٠			17.9	1.0		48.5	32.8
Doct / Alvilvi

Table 24.32: Tors 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Salac	Condensate NGI Sales	NGI Salac	Cae Salac	Capex (Real)	Tariff	Opex (Real)	ABEX Cost
Year	Rate	Sales Rate	Rate		Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(ppl/d)	(p/lqq)	(MMscf/d)	(£MM)	(EMM)	(£MM)	(£MM)

2019				13.5	1.0		5.88
2020				11.9			7.46
2021				10.2			7.13
2022				8.8			6.88
2023				7.7			99.9
2024				8.9			6.48
2025				0.9			6.32
2026				5.4			6.19	9.8
2027							•	23.0
2028							•
2029							•
2030							•
2031							•
2032
2033							'
2034							•
2035							,
2036	,
2037	,			,			•
2038	,			,			•
2039	,			,			•
2040							,
2041							,
2042
2043								,
2044
2045
2046			,
2047							•
2048							•
2049
2050
2051
Total (MMstb /				7 70	0		0 0	0 00
Bscf / £MM)				t:+3	). -		0.00	02.0

Table 24.33: Tors 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

RockRose Energy Competent Persons Report

	Oil Sales	Condensate	NGL Sales	Gas Sales	Capex (Real)	Tariff	Opex (Real)	ABEX Cost
Year	Rate	Sales Rate	Rate		Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(£MM)	(£MM)	(£MM)

2019				15.4	1.0		6.29
2020				14.0			8.02
2021				12.5			7.69
2022	,			11.2		,	7.43	,
2023			,	10.1	•	,	7.20
2024			,	9.5	•	,	7.01
2025				8.4		,	6.84	9.8
2026			,	7.7		,	69.9	23.0
2027						,
2028						,
2029						,
2030	,		,	,	,	,		,
2031						,
2032						,
2033
2034						,
2035						,
2036	,					,		,
2037	,		ı	,	•	ı	•	,
2038			,		•	,
2039			,		•	ı		,
2040						,		,
2041				,	•	ı		,
2042	,					,		,
2043				,		'		,
2044
2045
2046
2047			,			,
2048
2049
2050
2051
Total (MMstb / Bscf / £MM)		-		31.0	1.0		57.2	32.8

Table 24.34: Foinaven Main 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Sales	Condensate	NGI Sales Sales	Sales Sales	Capex (Real)	Tariff	Opex (Real)	AREY Cost
Year	Rate		Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(EMM)	(£MM)	(£MM)
2019	986		,	4	0 4	,	101.42
2020	13,532	·		4.	17.2		131.11
2021	11,012	·	,	4.1	19.3	,	134.50
2022	11,589			4.1	2.0	,	129.90
2023	9,232			4.1	,	,	129.41
2024	9,773			4.1	,	,	129.05
2025	9,032		,	4.1	,	,	121.35	13
2026					,	,		127
2027	1				,	,		177
2028								177
2029					,	,		13
2030					,	,
2031
2032	1				,	,
2033
2034			,		,	,	,
2035						,	•
2036			,		,	,	•
2037			,		,	,	•
2038	1		,		,	,
2039			,		,	,
2040						,
2041			,		,	,
2042					,	,
2043	1				,	,	,
2044					,	,	,	,
2045					,	,
2046					,	,	,
2047					,
2048		٠	,		,
2049					,
2050					,	,
2051						1
Total (MMstb / Bscf / £MM)	26.0		-	3.3	43.4		876.7	507

Table 24.35: Foinaven Main 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

Sales Rate Rate Total Capex Income Total Opex		Oil Sales	Condensate	NGL Sales Gas Sales	Gas Sales	Capex (Real)	Tariff	Opex (Real)	ABEX Cost
(stb(d) (bbl(d) (MMscrifd) (EMM) (EMM) (EMM) 9 674 1 14 4.9 101.82 14,785 1 1.4 17.1 132.36 12,289 1 1.4 1.9 135.34 10,883 1 1.4 1.9 130.19 11,722 1 1.4 1.9 122.23 11,024 1 1.4 1.4 122.23 11,024 1 1.4 1.4 122.23 11,024 1 1.4 1.4 1.22.23 11,024 1 1.4 1.9 122.23 11,024 1 1.4 1.9 122.23 11,024 1 1.4 1.9 1.22.23 11,024 1 1.4 1.9 1.22.23 11,024 1 1.4 1.9 1.22.23 11,024 1 1.4 1.4 1.2 11,024 1 1.4 1	rear	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)		(Real)
9,674 14,765 14,765 12,293 12,293 13,257 10,283 11,722 11,722 11,724 11,724 11,725 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,026 11,026 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,027 11,		(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(£MM)	(£MM)	(£MM)
14,785	010	9 674		ı	4	0 4		101.82
12,293	020	14.785	·		. 4.	17.1	,	132.36
13,257	021	12,293	,		1.4	19.1	ı	135.34	,
10,893 11,752 11,752 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11,024 11	022	13,257	٠		4.1	1.9	,	130.90
11,762	023	10,893	٠		4.1		,	130.19
11,024	024	11,752		,	4.1		,	129.96
29.7	025	11,024			4.1		,	122.23	13
29.7	026						,	•	127
29.7	027						,	•	177
29.7	028						,	,	177
29.7 43.1 8882.8	5029						,		13
29.7 3.5 43.1 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0	030						,	•	,
29.7	031						,	,
29.7	032						,	•	,
29.7	033						,	•	,
29.7 3.5 43.1 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0	034						,	•	,
29.7	035				,		,	•
29.7 - 3.5 - 43.1 - 882.8	036	,	,	,	,		ı	•	,
29.7 - 3.5 43.1 - 882.8	037	,	,	,	,		ı	•	,
29.7	038	,	•				,
29.7 3.5 43.1 5.88	039	,	•		,		ı		1
29.7	040	,		,	,		ı	•	,
29.7	041	,	•		,		ı		1
29.7	042	,			,		ı	,	,
29.7	043						ı		,
29.7	044						,
29.7	045						,	•
29.7	046						,
29.7 . 3.5 43.1 . 882.8	047						,
29.7 . 3.5 43.1 . 882.8	048						,
29.7 . 3.5 43.1 . 882.8	049								,
29.7 . 3.5 43.1 . 882.8	020						ı
29.7 . 3.5 43.1 . 882.8	051	ı		ı	ı
	(MMstb /	29.7	٠		3.5	43.1		882.8	507

Table 24.36: Foinaven Main 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

(£MM)							6										13 177 177 179 1.3
(£MM)	102.89	102.89 134.64	102.89 134.64 137.85	102.89 134.64 137.85 133.87	102.89 134.64 137.85 133.87	102.89 134.64 137.85 133.87 133.17	102.89 134.64 137.85 133.87 133.17 133.46	102.89 134.64 137.85 133.87 133.17 133.46 125.96	102.89 134.64 137.85 133.87 133.46 125.96	102.89 134.64 137.85 133.87 133.46 125.96	102.89 134.64 137.85 133.87 133.46 125.96	102.89 134.64 137.85 133.87 133.17 125.96	102.89 134.64 137.85 133.87 133.46 125.96	102.89 134.64 137.85 133.87 133.46 125.96	102.89 134.64 137.85 133.87 133.46 125.96 -	102.89 134.64 137.85 133.87 133.46 125.96 -	102.89 134.64 137.85 133.87 133.46 125.96 -	102.89 134.64 137.85 133.87 133.46 125.96 -	102.89 134.64 137.85 133.87 133.46 125.96	102.89 134.64 137.85 133.87 133.46 125.96	102.89 134.64 137.85 133.87 133.46 125.96	102.89 134.64 137.85 133.87 133.46 125.96	102.89 134.64 137.85 133.17 125.96	102.89 134.64 137.85 133.17 125.96	102.89 134.64 137.85 133.17 125.96	102.89 134.64 137.85 133.87 133.46 125.96	102.89 134.64 137.85 133.87 133.46 125.96	102.89 134.64 137.85 133.87 133.46 125.96	102.89 134.64 137.85 133.17 125.96	102.89 134.64 137.85 133.87 133.46 125.96 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1	102.89 134.64 137.85 133.87 133.46 125.96	102.89 134.64 137.85 133.46 125.96	102.89 134.64 133.87 133.46 125.96
(£MM)
(EMM)	4.9	4.9 17.1	4.9 17.1 19.1	4.9 17.1 19.1	4.9 17.1 19.1 1.9	4.9 17.1 19.1 1.9	4.9 17.1 19.1 1.9	4.9 17.1 19.1 1.9	4.9 17.1 1.9 1.9 -	4.9 17.1 1.9 1.9 - - -	4.9 17.1 1.91 1.9 - - -	4.9 1.7.1 1.9.1 - - - - -	4.9 17.1 1.9.1 - - - - - - -	4.9 17.1 1.9 1.9 - - - - - - -	4.9 17.1 1.9 1.9 - - - - - - - - - - - - - - - - - - -	4.9 1.7.1 1.9.1 - - - - - - - - - - - - - - - - - - -	4.9 1.71 1.9 1.9 - - - - - - - - - - - - - - - - - - -	4.9 1.71 1.9 1.9 - - - - - - - - - - - - - - - - - - -	4.9 1.9.1 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9	4.9 1.9.1 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9	4.9 1.9.1 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9	4.9 1.7.1 1.9 1.9 - - - - - - - - - - - - - - - - - - -	4.9 1.7.1 1.9 1.9 - - - - - - - - - - - - - - - - - - -	4.9 1.7.1 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1	4.9 1.91 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9	4.9 1.91 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9	4.9 1.91 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9	4.9 1.91 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9	4.9 1.91 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9	4.9 1.91 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9	4.9 1.91 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9	4.9 1.91 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9	4.9 1.91 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9
(MMscf/d)	5:1	ر دن دن				rù rù rù rù rò																					τ τ τ τ τ τ τ τ τ τ τ τ τ τ τ τ τ τ τ			τ τ τ τ τ τ τ τ τ τ τ τ τ τ τ τ τ τ τ			τ τ τ τ τ τ τ τ τ τ τ τ τ τ τ τ τ τ τ
(p/lqq)	,
(p/lqq)
(stb/d)	10,072	10,072	10,072 16,068 13,652	10,072 16,068 13,652 15,046	10,072 16,068 13,652 15,046	10,072 16,068 13,652 15,046 12,616	10,072 16,068 13,652 15,046 12,616 13,968	10,072 16,068 13,652 15,046 12,616 13,968	10,072 16,068 13,652 15,046 12,616 13,968 13,467	10,072 16,068 13,652 15,046 12,616 13,968 13,467	10,072 16,068 13,652 15,046 12,616 13,968 13,467	10,072 16,068 13,652 15,046 12,616 13,968 13,467	10,072 16,068 13,652 15,046 12,616 13,968 13,467	10,072 16,068 13,652 15,046 12,616 13,968 13,467	10,072 16,068 13,652 15,046 12,016 13,968 13,467	10,072 16,068 13,652 15,046 12,616 13,968 13,467	10,072 16,068 13,652 15,046 12,616 13,968 13,467	10,072 16,068 13,652 15,046 12,616 13,968 13,467	10,072 16,068 13,652 15,046 12,616 13,968 13,467	10,072 16,068 13,652 15,046 12,616 13,968 13,467	10,072 16,068 13,652 15,046 12,616 13,968 13,467	10,072 16,068 13,652 15,046 12,616 13,968 13,467	10,072 16,068 13,652 15,046 12,616 13,968 13,467	10,072 16,068 13,652 15,046 12,616 13,968 13,467	10,072 16,068 13,652 15,046 12,616 13,968 13,467	10,072 16,068 13,652 15,046 12,616 13,968 13,467	10,072 16,068 13,652 15,046 12,616 13,968 13,467	10,072 16,068 13,652 15,046 12,616 13,968 13,467	10,072 16,068 13,652 15,046 12,616 13,968 13,467	10,072 16,068 13,652 15,046 12,616 13,968 13,467	10,072 16,068 13,652 15,046 12,616 13,968 13,467	10,072 16,068 13,652 15,046 12,616 13,968 13,467	10,072 16,068 13,652 15,046 13,968 13,467
	019	020	2019 2020 2021	2019 2020 2021 2022	2019 2020 2021 2022 2023	2019 2020 2021 2022 2023	2019 2020 2021 2022 2022 2024 2024	2019 2020 2021 2022 2023 2024 2025	2019 2020 2021 2022 2023 2024 2025 2026	2019 2020 2021 2022 2023 2024 2025 2026 2027	2019 2020 2021 2022 2023 2024 2025 2026 2026 2027	2019 2020 2021 2022 2023 2024 2026 2026 2026 2027 2028	2019 2020 2021 2022 2023 2024 2026 2026 2026 2027 2028 2029 2029 2030	2019 2020 2021 2022 2024 2025 2025 2026 2027 2028 2029 2031	2019 2020 2021 2022 2022 2023 2026 2026 2028 2028 2039 2033 2033 2033	2019 2020 2021 2022 2022 2023 2026 2026 2026 2030 2031 2033 2033	2019 2020 2021 2022 2022 2023 2025 2026 2026 2030 2031 2033 2033 2033 2033	2019 2020 2021 2021 2022 2023 2024 2026 2026 2037 2033 2033 2033 2034 2036	2019 2020 2021 2022 2023 2024 2025 2026 2027 2037 2033 2033 2033 2033 2033 2033	2019 2020 2021 2022 2022 2023 2024 2026 2026 2027 2028 2037 2033 2034 2033 2034 2035 2037 2037 2037	2019 2020 2021 2022 2022 2024 2026 2026 2027 2028 2037 2033 2034 2035 2034 2035 2037 2037	2019 2020 2022 2022 2023 2024 2024 2026 2026 2028 2029 2030 2033 2033 2034 2033 2036 2037 2038 2038 2038 2038 2038 2038 2038 2038	2019 2020 2021 2022 2023 2024 2024 2026 2026 2027 2030 2033 2034 2033 2034 2035 2036 2037 2038 2038 2038 2038 2039 2039 2037 2038	2019 2020 2021 2022 2022 2023 2024 2026 2026 2028 2030 2033 2033 2034 2033 2034 2035 2036 2037 2038 2038 2039 2037 2038 2039 2039 2037 2038	2019 2020 2022 2022 2023 2024 2026 2026 2026 2028 2039 2033 2034 2034 2034 2034 2035 2036 2037 2037 2038 2039 2039 2040	2019 2022 2022 2022 2023 2024 2026 2026 2028 2028 2039 2034 2034 2034 2034 2034 2034 2034 2035 2036 2037 2037 2040	2019 2020 2022 2022 2023 2024 2026 2026 2027 2028 2033 2034 2033 2034 2034 2034 2034 2034	2019 2022 2022 2022 2023 2024 2026 2026 2027 2038 2033 2034 2033 2034 2034 2035 2034 2037 2038 2040 2042 2042 2042 2042	2019 2020 2022 2022 2023 2024 2026 2026 2027 2028 2033 2034 2033 2034 2034 2034 2034 2034	2019 2020 2022 2022 2023 2024 2026 2026 2027 2028 2033 2033 2034 2033 2034 2034 2042 2044 2042 2044 2044	2019 2020 2021 2022 2022 2023 2024 2026 2027 2028 2033 2033 2034 2034 2034 2046 2046 2046 2047 2048	2019 2022 2022 2022 2022 2023 2024 2026 2033 2034 2033 2034 2034 2034 2040 2044 2044	2019 2020 2020 2022 2022 2023 2025 2033 2033

Table 24.37: East Foinaven 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

Table 24.38: East Foinaven 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Sales	Condensate	NGL Sales Gas Sales	Gas Sales	Capex (Real)	Tariff	Opex (Real)	ABEX Cost
Year	Rate		Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(EMM)	(£MM)	(£MM)
0010	070			1	ч		10.35	,
2020	1.347				5. 6.		12.11
2021	1,098	,			1.7		12.34	,
2022	1,182	,			0.2	ı	11.97	,
2023	296						11.92
2024	1,037						11.90
2025	996						11.18	N
2026								18
2027								25
2028								25
2029								N
2030
2031
2032								,
2033
2034				,		٠
2035	,	,	,		,	,		,
2036		,						,
2037	,	,		,				,
2038				,
2039	ı	,		,	,			1
2040
2041
2042	,	,						•
2043		,						,
2044		,						,
2045
2046								1
2047								ı
2048								,
2049								1
2050
2051						ı		ı
Total (MMstb / Bscf / £MM)	2.7				4.0		81.8	71.5

Table 24.39: East Foinaven 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Sales	Condensate NGI Sales	NGI Salas	Sales Sales	Capex (Real)	Tariff	Opex (Real)	AREX Cost
Year	Rate	Sales Rate	Rate		Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(ppl/d)	(p/lqq)	(MMscf/d)	(£MM)	(EMM)	(£MM)	(£MM)
0	3				L		0
2020	1,024				C.O.		12.16
2021	1,244				1.7		12.31	,
2022	1,376	,	,	,	0.2	ı	11.93	,
2023	1,155			,		ı	11.82
2024	1,279						11.79
2025	1,232			,			11.05	N
2026								18
2027								25
2028								25
2029								α
2030				,			•
2031
2032
2033
2034
2035
2036				,			•
2037						ı
2038				,
2039	,	ı	,	,	,	ı		1
2040				,
2041	,	ı	,	,	,	ı	•	1
2042				,
2043								,
2044	,	ı	,	,	,	ı	•	1
2045
2046
2047
2048
2049								,
2050
2051	ı		ı			ı
Total (MMstb / Bscf / £MM)	3.1				4.0		81.4	71.6

Table 24.40: Foinaven T25 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

RockRose Energy Competent Persons Report

	Oil Sales	Condensate	Soles See Soles	Soles Selec	Capex (Real)	Tariff	Opex (Real)	AREX Cost
Year	Rate		Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(EMM)	(£MM)	(£MM)
2019	889			,	0.3	•	6.95	٠
2020	816				1.0		7.90	,
2021	630				1.1		7.78
2022	646				0.1	,	7.34	,
2023	502			,		,	7.16	,
2024	521			,		,	6.99	,
2025	471			,		,	6.44	-
2026						ı		∞
2027				,		,		=
2028						ı		1
2029				,		,		-
2030						ı		,
2031
2032								,
2033
2034						ı		,
2035				,		,
2036				,		,
2037	,		,	,	•	,		,
2038						,		,
2039			,	,		,		,
2040
2041			,	,		,		,
2042				,	•	,		•
2043				,		,		,
2044								,
2045
2046								,
2047								1
2048								,
2049					•		٠	ı
2050
2051	•			ı				ı
Total (MMstb / Bscf / £MM)	1.5	ı			2.6		50.6	30.5

Table 24.41: Foinaven T25 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

RockRose Energy Competent Persons Report

NGL Sales Gas Sales Capes (Near) Rate Rate Total Capes
(MMscf/d)

•
•
1





1





•




•
•
•


•
•


•

RockRose Energy Competent Persons Report

Table 24.42: Foinaven T25 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Sales	Condensate	NGI Sales	Gas Sales	Capex (Real)	Tariff	Opex (Real)	AREX Cost
Year	Rate		Rate		Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(ppl/d)	(p/lqq)	(MMscf/d)	(£MM)	(£MM)	(£MM)	(£MM)
2019	704				8		7 13
2020	666				1.0		8.19
2021	817				1.1		8.10
2022	883				0.1		7.69
2023	726						7.49
2024	789						7.35
2025	746						6.80	-
2026								œ
2027	,						•	7
2028		,	,	,		,		=======================================
2029						,		-
2030	,						•
2031						,
2032	,						•
2033
2034
2035						,
2036	,						•
2037		,	,	,		,	•
2038	,					,
2039	,					,
2040
2041	,					,	٠
2042
2043
2044		,
2045	-
2046
2047
2048	,
2049
2050	-
2051		,				ı	•
Total (MMstb / Bscf / £MM)	2.0	-			2.6		52.7	30.5

Table 24.43: Foinaven T35 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Sales	Condensate	NGI Sales	Gae Salac	Capex (Real)	Tariff	Opex (Real)	AREX Cost
Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(EMM)	(£MM)	(£MM)
2019	429	,		,	0.2	ı	4.64	,
2020	222				0.7		5.27	,
2021	433				0.8		5.19
2022	446				0.1		4.90
2023	347						4.77
2024	360						4.66	,
2025	325						4.29	-
2026			,					2
2027								7
2028			,				•	7
2029								-
2030			,				•	,
2031
2032							,
2033							,
2034			,				•	,
2035							'	•
2036							'	•
2037							'
2038							,
2039							,
2040							'	•
2041							,
2042				,			,	,
2043							,	,
2044	1		,	1			,	•
2045							,	•
2046							,	•
2047							,	,
2048	1						,
2049							,	,
2050							,	,
2051						,
Total (MMstb / Bscf / £MM)	1.0				1.8		33.7	20.3

Table 24.44: Foinaven T35 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

RockRose Energy Competent Persons Report

Year Rate (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb/c) (stb	(stb/d) 451 614	e e	Rate (bbl/d)		Total Capex	Income (Real)	xa	(Real)
	51 14		(p/lqq)	17/3
	51	(p/lqq)		(MIMISCT/a)	(£MM)	(£MM)	(£MM)	(EMM)
	. 4		,		0.2	-	4.75
					0.7		5.43
	06				0.8		5.40
	17				0.1		5.12	1
	416						4.99	,
	440						4.89	1
	404						4.50	-
	_						,	2
	_							7
_	_						,	7
								-


								1

	_							,
	_						,	,
	_						,	,
								,
								,
	_			,		ı		ı

	_					ı		,
2042	_							,
2043	_
2044	_			,		,		1
2045
2046
2047						ı		ı
2048						ı		ı
2049
2050	_			,				,
			ı			ı		ı
Total (MMstb / 1.	1.2				1.8		35.1	20.3

Table 24.45: Foinaven T35 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Sales	Condensate	NGI Salas	Gas Salas	Capex (Real)	Tariff	Opex (Real)	ABEX Cost
Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(£MM)	(£MM)	(£MM)
2019	470			,	0.2	·	4.75
2020	299	٠			0.7		5.46	,
2021	546		,		0.8		5.40
2022	590				0.1	·	5.13
2023	485		,				4.99
2024	526						4.90
2025	497		,			ı	4.53	-
2026	,		,					2
2027			,			ı	•	7
2028	,		1		,	ı		7
2029	,		,					-
2030	,			,			•
2031	,		,					,
2032	,		1		,	ı		,
2033	,		,					,
2034			,			ı	•	,
2035	•		,			,
2036	•		,			,
2037	•
2038	•		,			,
2039	,	•	ı	,		,	•	,
2040	,							,
2041	,	,	ı	,		,	•	,
2042						1	•	,
2043				,		ı	•	,
2044		٠						,
2045
2046								,
2047								,
2048		٠						,
2049		•					•	1
2050			,			ı		,
2051			ı
Total (MMstb / Bscf / £MM)	1.3	-		-	1.8	-	35.2	20.3

Table 24.46: East Brae 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Sales	Condensate	SoleS Sept SoleS ISIN	SoleS Selec	Capex (Real)	Tariff	Opex (Real)	AREY Cost
Year	Rate	Sales Rate		Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(EMM)	(£MM)	(£MM)
2010		coc	778	0		1	98 /
2020		164	353	9.6			3.93
2021				1		,		257
2022		,			•
2023
2024
2025		٠	,			,
2026
2027		٠	,			,
2028
2029
2030
2031
2032
2033								,
2034
2035
2036
2037	,			ı		,
2038
2039	,			ı		,
2040
2041	,	•		ı		,
2042		•	,			,
2043					٠			,
2044					•
2045			,			,
2046								,
2047
2048						,
2049					٠			,
2050			,			,
2051			ı			ı
Total (MMstb / Bscf / £MM)		0.1	0.3	6.8		-	8.3	257.0

Table 24.47: East Brae 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	te te	Gas Sales Rate	Capex (Real) Total Capex	I ariit Income (Real)	Opex (Real) Total Opex	ABEX Cost (Real)
a) (p/iqq)	(p/lqq)	(MMscf/d)	(£MM)	(EMM)	(£MM)	(£MM)
	999	15.4	,		4.77
216 47	6,	13.0		ı	4.51	,
					•	257

•


· •

						1
	_


				•
						,
		,		,		,
_
•				•		,
				•
	_					,


				•
				•		,
•		,				ı
		,				ı



				·
•
_				·
•		,		ı	•	ı
0.1 0	0.3	9.0			9.3	257.0

Table 24.48: East Brae 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Sales	Condensate NGI Sales Sales	NGI Sales	Gae Sales	Capex (Real)	Tariff	Opex (Real)	AREX Cost
Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(£MM)	(£MM)	(£MM)
0100		900	674	C Q			7.07	ı
2020		265	596	16.2			5.02
2021								257
2022	,	,	,	,	,	,	•	,
2023	ı							,
2024
2025				,				,
2026
2027
2028				,				,
2029						,
2030				,
2031
2032				,
2033
2034				,
2035				,
2036						,
2037	,	•	,	,		,	•
2038	,		,		,	,
2039	,		,		,	,	•	1
2040	,		,		,	,
2041	,		,		,	,	•	1
2042	,		,		,	,	•	1
2043	,	,	,	,		,		,
2044								,
2045				,				,
2046
2047
2048								,
2049								,
2050
2051	ı	,	ı			ı	•	ı
Total (MMstb / Bscf / £MM)		0.2	0.4	10.9	-	-	10.1	257.0

Table 24.49: Braemar 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Salae	Condensate	SoleS Sed SoleS ISN	Cac Salac	Capex (Real)	Tariff	Opex (Real)	ABEY Cost
Year	Rate		Rate	Rate	Total Capex	Income (Real)		(Real)
	(stb/d)	(ppl/d)	(b/ldd)	(MMscf/d)	(£MM)	(£MM)	(£MM)	(£MM)
2019		762	537	15.2	,	,	4.49	,
2020		869	510	14.5			6.32
2021		648	493	13.9			9.29
2022				,		٠		39
2023	,		ı	,
2024	,		ı	,
2025				,		٠
2026	,		ı	,
2027	,		ı	,
2028	,
2029	,
2030	,
2031	,
2032	,
2033	,
2034				,		٠
2035	,
2036	,
2037	,	,		,	•			,
2038	,		ı	,	•			,
2039	,		ı	,	•	٠		,
2040	,
2041		,		,	•			•
2042		,		,				•
2043								,
2044								,
2045								,
2046
2047
2048								,
2049		ı			•			1
2050				,		٠
2051				ı
Total (MMstb / Bscf / £MM)		0.7	0.5	14.6			20.1	38.7

Table 24.50: Braemar 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Salas	Condensate	SoleS Sed SoleS IDN	Cac Salac	Capex (Real)	Tariff	Opex (Real)	AREX Cost
Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(£MM)	(£MM)	(£MM)
2019		794	562	ر م	,		4.51	,
2020		739	543	15.3			6.20
2021	,	969	535	15.0		ı	9.19	,
2022								39
2023								,
2024								,
2025						ı		,
2026
2027						ı		,
2028	,	•	1	1		ı		,
2029
2030	,	•	1	1		ı		,
2031
2032	,	•	1	1		ı		,
2033
2034		•				ı		,
2035						ı
2036						,
2037
2038			,	,				,
2039	,		ı	ı		,		,
2040								,
2041	,	,	ı	ı		,		,
2042		,				1		•
2043						ı		1
2044						ı		1
2045								,
2046								,
2047
2048								,
2049		ı					•	ı
2050	٠							,
2051						ı
Total (MMstb / Bscf / £MM)		0.7	0.5	15.4		-	19.9	38.7

Table 24.51: Braemar 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Salas	Condensate	SoleS Sed SoleS ISN	Cac Salac	Capex (Real)	Tariff	Opex (Real)	ABEY Cost
Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(EMM)	(£MM)	(EMM)
2019		773	584	16.4	,	,	4.40	,
2020		727	573	16.2	,		6.15	,
2021		869	575	16.2		ı	9.23
2022								39
2023
2024	٠							,
2025					,	ı		,
2026								,
2027	,
2028	,
2029								,
2030	,
2031								,
2032	,	•	1	1	,	,		,
2033								,
2034					,	ı		,
2035	,	•	1	1	,	,		,
2036	,	•	1	1	,	,		,
2037	,		1	1	,	•		,
2038								,
2039						ı
2040
2041					,	ı		,
2042						ı		,
2043					,	ı		,
2044					,	ı		,
2045
2046
2047
2048						ı
2049
2050	٠							,
2051
Total (MMstb / Bscf / £MM)		0.7	9.0	16.3			19.8	38.7

Table 24.52: South Brae 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

Table 24.53: South Brae 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

Year Rate (stb/d) Sales Rate (bb/ld) 2019 3,269	(bbl/d)	Rate (MMscf/d)	Total Capex (EMM)	(Real) (EMM)	(EMM) 33.15 34.40 37.31 35.77 38.04 39.67 43.08 42.01 41.11 46.71	(Real) (EMM)
		(MMscf/d)	(£MM)	(£MM)	(EMM) 33.15 34.40 37.31 35.77 38.04 39.67 42.01 41.11 46.70	(EMM)
3,269 3,790 4,055 3,845 3,192 3,460 3,336 3,221 2,894 2,923					33.15 34.40 37.31 35.77 38.04 39.67 42.01 41.11 46.71
3,7,00 3,7,00 3,845 3,790 3,460 3,336 2,023 2,023 3,018					33.13 34.40 37.31 35.77 38.04 43.08 42.01 46.71 46.70
4,055 3,784 3,723 3,786 3,786 3,336 2,923 2,923 3,018 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,					37.31 35.77 38.04 39.67 42.01 46.71 46.70
3,845 3,723 3,192 3,460 3,460 3,336 3,336 3,018					35.77 38.04 39.67 42.01 41.11 46.71 46.70
3,723 3,192 3,460 3,336 2,894 2,923					38.04 39.67 42.01 42.01 46.71 46.70
3,192					39.67 43.08 42.01 41.11 46.71 46.56
3,460					43.08 42.01 41.11 46.71 46.56 -
3,338					42.01 41.11 46.71 46.76
3,221					41.11 46.71 46.56 46.70	.253
2,894					46.71 46.56 46.70	253
3,018					46.56 46.70 -	- - 253
2.6.2					46.70	253
					,	253



		1				,




						,


	•



	•
	•					,
•
_
	•					,
	ı
Total (MMstb / 14.6 - 14.6					484.5	253.2

Table 24.54: South Brae 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	2010	Solo S I SIN Of Caroling S	יים יים ו	ردادی دی	Capex (Real)	Tariff	Opex (Real)	ADEV Cost
Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(EMM)	(£MM)	(EMM)

2019	3,972					,	32.21
2020	4,664					,	34.09
2021	5,059					ı	38.06	,
2022	4,861					ı	36.83	,
2023	4,765					,	39.98
2024	4,130					,	42.08
2025	4,524					ı	45.14	,
2026	4,408					,	44.31
2027	4,298					ı	45.63	,
2028	3,898					,	48.16
2029	4,103					,	47.35
2030	4,008					,	46.81
2031						,		261
2032						ı	•	,
2033						,	'
2034						,	'
2035						,	•
2036			,	,		ı	,
2037			,	,		,	,	,
2038			,	,		ı	•
2039						ı	•	,
2040						,
2041						ı	,	,
2042						,
2043						·	,	,
2044						ı	,	,
2045						,	,
2046						,	,
2047						,	,	1
2048			,			·	·
2049						·	,	,
2050						,	,
2051						,	•	•
Total (MMstb / Bscf / £MM)	18.9				-		500.6	260.8

Table 24.55: Central Brae 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

Year Rate (stb/d) (bbl/d) 2019 265 - 2020 236 - 2021 240 - 2022 222 - 2024 174 - 2025 222 - 2026 174 - 2027 159 - 2028 138 - 2029 130 - 2031 - - 2032 138 - 2033 - - 2034 - - 2035 - - 2036 - - 2037 - - 2038 - - 2040 - - 2041 - - 2042 - - 2044 - - 2044 - - 2044 - - 2045 -	(bbl/d)	Rate (MMscf/d)	(EMM)	(EMM) (EMM)	2.4 2.4 2.5 2.9 3.0 3.1 3.1 3.1 3.1 3.1	(Real) (£MM)
(stb/d) 265 236 236 240 222 209 174 183 171 159 130 130 130 130 130 130 130 130 130 130	(bbl/dd)	(MMscf/d)	(EMM)	(£MM)	(EMM) 2.4 2.4 2.5 2.6 3.0 3.1 3.1 3.1	(EMM)
					99999999999999999999999999999999999999
236 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2					1 d d d d g g g g g g g g g g g g g g g
240 222 209 209 174 171 173 139 130 130					9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9
222 209 174 171 159 138 139 130					9 9 9 6 6 8 8 8 8 9 9 9 9 9 9 9 9 9 9 9
209 174 171 183 139 130 130 130 130 130 130 130 130 130 130					9 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6
					6. 6. 6. 6. 6. 6. 6. 6. 6. 6. 6. 6. 6. 6
			1 1 1 1			6 .
			1 1 1 1		6 6 6 6 6 6 6 7 7 7 7 7 7 7 7 7 7 7 7 7	6 .
					8. 8. 8. 8. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1.

					E. S	110
					3.1	- 110
				,		110
						,
				,
	ı			,
				,		,
				,		,
				,		,
				1		,
				1		,
				1		,
						,
				,		,
				,		,
				,
				,
				,
				,		,
2047	•	,		,
2048		,	,	,	,	,
2049		,			ı
2050				,		,
	•					,
Total (MMstb / 0.8 - Bscf / £MM)		,		,	34.6	110.0

Table 24.56: Central Brae 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

Rate Sa (stb/d) ( (stb/d) ( 299 272 285 274 226 246 2246 2246 227 205 207 207 207 207 207 207 207 207 207 207	(bbi/d)	(MMscf/d)	(EMM) (EMM)	(Real) (EMM)	2.6 2.1 2.3 2.3 2.5 2.7 2.8 2.8 2.7 2.8 2.7 3.0 3.1	(£MM) (£MM)
	(bbl/d)	MMscf(d)	(£MM)	(EMM)	2.6 2.1 2.3 2.3 2.5 2.5 2.7 2.8 3.0 3.0 3.0	(£MM)
299 285 287 287 205 205 205 205 207					0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
299 272 272 285 275 287 298 299 201 201 201 201 201 201 201 201 201 201					7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
272 272 274 274 275 276 277 277 277 277
285 271 226 226 237 237 201 214 201 201					0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
271 264 226 227 228 205 214 207					9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9
264 226 246 237 228 205 207 207 207					9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9
226 246 237 228 205 207 207 207					2. 2. 2. 2. 2. 2. 2. 2. 2. 2. 2. 2. 2. 2
246 237 228 205 207 207					9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9
237 228 205 214 207					9.9.9.9.9.9.9.9.9.9.9.9.9.9.9.9.9.9.9.
228 205 214 207 - - - - - - - - - - - - - - - - - - -					7 0 6 6 6 7 0 7 0 7 0 7 0 7 0 7 0 7 0 7
205 214 207 207 207 207 207 207 207 207 207 207					0 F 0	10
207					3.0	tt
207					3.0	110



			1 1
			•		-
			1
						,
						,
						,


						,
						,
						,
						ı
			,	,		1
•						,
•						,
,						,
•
•						,
•						ı
Total (MMstb / 1.1					31.6	110.5

Table 24.57: Central Brae 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

Oil Sales		NGL Sales	Ğ	Capex (Real)	Tariff Income	Opex (Real)	ABEX Cost
Sales Rate	ate		Rate	Total Capex	(Real)	Total Opex	(Real)
(p/lqq)	Π	(p/lqq)	(MMscf/d)	(EMM)	(EMM)	(£MM)	(£MM)
				,		238
•					,	2.01	,
•			,	,	,	2.08
•					,	2.03	,
•		,	,		,	2.34
			,			2.49
,		,	,	,	,	2.60	,
			,			2.65	,
			,			2.75	,
					,	2.82
					,	3.02
					,	2.99
					,		110
							,

					,
		,	,	,	,		,
					,		ı
			,	,	,		,
					,		,
					,		,
					,		,
,			,		,		,
			,		,		,
,		,			,
,		,			,		ı
					,
					,

					,

			ı		,
•						•	•
					,	30.2	109.9
_	п.

Table 24.58: West Brae 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

		1	1 1										83
	52.22	52.22 74.88	52.22 74.88 58.42	52.22 74.88 58.42 49.54	52.22 74.88 58.42 49.54 47.13	52.22 74.88 58.42 49.54 47.13	52.22 74.88 58.42 49.54 47.13 43.71	52.22 74.88 58.42 49.54 47.13 43.71 41.52 38.82	52.22 74.88 58.42 49.54 47.13 43.71 41.52 38.82 37.11	52.22 74.88 58.42 49.54 47.13 43.71 41.52 38.82 37.11	52.22 74.88 58.42 49.54 47.13 43.71 41.52 38.82 37.11 34.57	52.22 74.88 58.42 49.54 47.13 43.71 41.52 38.82 37.11 34.57 31.69	52.22 74.88 58.42 49.54 47.13 43.71 41.52 38.82 37.11 34.57	52.22 74.88 58.42 49.54 47.13 43.71 41.52 38.82 37.11 34.57 33.16	52.22 74.88 58.42 49.54 47.13 43.71 41.52 38.82 37.11 34.57 33.16	52.22 74.88 58.42 49.54 47.13 43.71 41.52 38.82 37.11 34.57 33.16	52.22 74.88 58.42 49.54 47.13 43.71 41.52 38.82 37.11 34.57 33.16	52.22 74.88 58.42 49.54 47.13 43.71 41.52 38.82 37.11 34.57 33.16	52.22 74.88 58.42 49.54 47.13 47.13 47.13 38.82 37.11 34.57 33.16 31.69	52.22 74.88 58.42 49.54 47.13 43.71 41.52 38.82 37.11 34.57 37.11 -	52.22 74.88 58.42 49.54 47.13 43.71 41.52 38.82 37.11 34.57 33.16	52.22 74.88 58.42 49.54 47.13 43.71 41.52 38.82 37.11 34.57 -	52.22 74.88 58.42 49.54 47.13 43.71 41.52 38.82 37.11 34.57	52.22 74.88 58.42 49.54 47.13 43.71 41.52 38.82 37.11 34.57	52.22 74.88 58.42 49.54 47.13 43.71 41.52 38.82 37.11 34.57	52.22 74.88 58.42 49.54 47.13 43.71 41.52 38.82 37.11 34.57	52.22 74.88 58.42 49.54 47.13 43.71 41.52 38.82 37.11 34.57 33.16	52.22 74.88 58.42 49.54 47.13 43.71 41.52 38.82 37.11 34.57 33.16 33.16	52.22 74.88 58.42 49.54 47.13 43.71 41.52 38.82 37.11 1.69 3.16 3.16 1.69	52.22 74.88 58.42 49.54 47.13 43.71 41.52 38.82 37.11 1.69 3.16 3.16 1.69	52.22 74.88 58.42 49.54 47.13 43.71 41.52 38.82 37.11 34.57 33.16

	78.4	78.4	78.4 2.9	78.4 2.9 -	78.4	78.4 2.9	78.4	78.4	78.4	78.4	78.4	78.4	78.4	78.4	78.4	78.4	78.4	78.4	78.4	78.4	78.4	78.4	78.4	78.4	78.4	78.4	78.4	78.4	78.4	78.4	78.4



	2,690	5,690	5,690 7,162 5,483	5,690 7,162 5,483 4,123	5,690 7,162 5,483 4,123 3,205	5,690 7,162 5,483 4,123 3,205 2,344	5,690 7,162 5,483 4,123 3,205 2,344 2,200	5,690 7,162 5,483 4,123 3,205 2,344 2,200 1,890	5,690 7,162 5,483 4,123 3,205 2,344 2,200 1,890	5,690 7,162 5,483 4,123 3,205 2,344 2,200 1,890 1,647	5,690 7,162 5,483 4,123 3,205 2,344 2,200 1,890 1,647 1,362	5,690 7,162 5,483 4,123 3,205 2,344 2,200 1,890 1,362 1,362 1,166	5,690 7,162 5,483 4,123 3,205 2,344 2,200 1,867 1,362 1,369	5,690 7,162 5,483 4,123 3,205 2,344 2,200 1,867 1,369 1,166	5,690 7,162 5,483 4,123 3,205 2,344 2,200 1,890 1,362 1,369 1,166	5,690 7,162 6,483 4,123 4,123 3,205 1,890 1,647 1,362 1,309 1,166	5,690 7,162 5,483 4,123 4,123 3,205 2,200 1,890 1,362 1,362	5,690 7,162 5,483 4,123 4,123 3,205 1,890 1,362 1,166 1,166	5,690 7,162 5,483 4,123 4,123 3,205 2,200 1,890 1,362 1,309 1,166	5,690 7,162 7,162 6,483 4,123 3,205 1,890 1,647 1,362 1,166	5,690 7,162 7,162 6,483 4,123 3,205 2,200 1,890 1,362 1,369 1,166	5,690 7,162 7,162 6,483 3,205 2,344 1,890 1,647 1,362 1,369 1,166	5,690 7,162 7,162 6,483 3,205 2,344 1,890 1,362 1,369 1,166 1,166	5,690 7,162 7,162 6,483 3,205 2,344 1,890 1,362 1,369 1,166 1,166	5,690 7,162 7,162 8,284 1,23 8,200 1,647 1,362 1,369 1,166 1,166	5,690 7,162 7,162 8,748 3,205 2,344 1,890 1,647 1,362 1,166 1,166	5,690 7,162 7,162 8,284 4,123 3,205 1,890 1,647 1,362 1,166 1,166	5,690 7,162 7,162 8,123 4,123 8,200 1,890 1,362 1,166 1,166 1,166	5,690 7,162 7,162 8,123 4,123 8,123 1,890 1,166 1,166 1,166 1,166 1,166 1,166	5,690 7,162 7,162 8,123 4,123 8,123 1,890 1,166 1,166 1,166 1,166 1,166 1,166	5,690 7,162 7,162 7,162 7,162 1,362 1,362 1,362 1,166 1,166 1,166
	2019	2019	2019 2020 2021	2019 2020 2021 2022	2019 2020 2021 2022 2023	2019 2020 2021 2022 2023	2019 2020 2021 2022 2023 2024 2025	2019 2020 2021 2022 2023 2024 2025	2019 2020 2021 2022 2023 2024 2025 2026	2019 2020 2021 2022 2023 2024 2025 2026 2026	2019 2020 2021 2022 2023 2024 2025 2026 2026 2027 2028	2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2039	2019 2020 2021 2022 2023 2024 2026 2027 2020 2020 2030	2019 2020 2021 2022 2023 2024 2026 2027 2029 2030 2030	2019 2020 2021 2022 2023 2024 2026 2026 2027 2029 2030 2031 2031 2032 2033	2019 2020 2021 2022 2023 2024 2026 2027 2039 2030 2033 2033	2019 2020 2021 2022 2023 2025 2026 2026 2030 2031 2033 2033 2033	2019 2020 2021 2022 2023 2024 2026 2026 2030 2030 2033 2033 2033 2034 2035 2036	2019 2020 2021 2022 2023 2024 2026 2026 2037 2033 2033 2034 2035 2035 2036 2037	2019 2020 2022 2022 2023 2024 2026 2027 2030 2031 2033 2034 2035 2035 2036 2037 2037 2038	2019 2020 2022 2022 2023 2024 2026 2027 2030 2031 2033 2034 2035 2036 2036 2037 2038 2038	2019 2020 2021 2022 2023 2024 2026 2027 2027 2030 2033 2033 2035 2036 2036 2036 2037 2038	2019 2020 2021 2022 2023 2024 2026 2027 2027 2030 2033 2033 2034 2035 2036 2036 2037 2039 2039 2040	2019 2020 2021 2022 2023 2024 2026 2027 2028 2030 2033 2033 2034 2035 2036 2036 2037 2038 2040 2040	2019 2020 2021 2022 2023 2024 2026 2027 2030 2033 2033 2034 2035 2036 2036 2037 2038 2039 2040 2040 2042	2019 2020 2022 2022 2023 2024 2026 2026 2037 2033 2034 2035 2036 2037 2036 2037 2037 2038 2040 2042 2043	2019 2020 2022 2022 2023 2024 2026 2027 2030 2033 2034 2034 2035 2036 2037 2036 2037 2038 2040 2042 2042 2043 2045	2019 2022 2022 2023 2024 2025 2026 2027 2037 2033 2034 2034 2035 2036 2037 2036 2037 2038 2039 2040 2041 2042 2045 2046 2047	2019 2022 2022 2023 2024 2025 2026 2027 2037 2033 2033 2034 2034 2035 2036 2037 2038 2040 2040 2042 2046 2046 2046	2019 2022 2022 2023 2024 2025 2026 2027 2037 2033 2033 2034 2034 2035 2036 2037 2037 2038 2040 2040 2042 2046 2046 2046 2046	2019 2020 2021 2022 2023 2024 2026 2026 2033 2034 2034 2035 2036 2037 2037 2038 2037 2038 2034 2044 2044 2045 2046 2046 2046 2047 2048 2048 2049 2049 2049 2049 2049 2049 2049 2049
	5,690 78.4 -	5,690 78.4 - 7.162 - 2.9 - 2.9	5,690 - 78.4 - 73.4 - 7.162 - 2.9 - 5,483	5,690 78.4 - 77.162 - 2.9 - 5,483 7.123	5,690 78.4 - 77.162 - 2.9 - 5,483 74.123 3,205	5,690 78.4 7,162 2.9 5,483	5,690 78.4 74.4 5,483 2.9	5,690 78.4 74.4 74.4 74.4 74.4 74.123	5,690 78.4 74.4 7.162 2.9 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4	5,690 - 78.4 - 78.4 - 7.162 - 2.9 - 2.9 - 7.162 - 7.162 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 - 7.9 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7,309 7,309 7,309 7,309 7,309 7,309	5,690 7,162 2,94 4,123 3,205 2,344 2,200 1,890 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 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1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1	5,690 7,162 7,162 7,162 7,162 7,162 7,162 7,163 7,163 7,163 7,164 7,130 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166 7,166	5,690	5.690 7.162 7.162 7.162 7.162 7.163 9.203 9.205 9.204 9.504 9.304 9.309 1.1647 1.362 1.309 1.166 1.166 1.166 1.167 1.362 1.309 1.166 1.166 1.166 1.167 1.362 1.309 1.166 1.166 1.166 1.166 1.166 1.166 1.167 1.262 1.263 1.362 1.363 1.363 1.363 1.363 1.363 1.364 1.365 1.365 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366 1.366	5,690 7,162 7,162 7,162 7,162 8,483 4,123 8,403 1,305 1,309 1,166 1,166 1,166 1,167 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309 1,309	5,690 7,162 7,162 7,162 5,483 4,123 3,205 2,34 2,34 2,200 1,647 1,366 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,167 1,166 1,166 1,167 1,166 1,167 1,166 1,167 1,166 1,167 1,166 1,167 1,166 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,	5,680 7,162 5,483 4,123 4,123 4,123 2,344 2,200 1,890 1,647 1,392 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106
		7,162 2.9 -	7,162 2.9 - 5,483	7,162 - - 2.9 - 5,483 - - - - 4,123 - - - -	7,162 - 2.9 - 5,483 - 4,123 3,205	7,162 - 2.9 - 5.483 - 4,123 - 3,205 - 2,344	7,162 - - 2.9 - 5,483 - - - - 4,123 - - - - 3,205 - - - - 2,344 - - - - 2,200 - - - -	7,162 - - 2.9 - 5,483 - - - - 4,123 - - - - 3,205 - - - - 2,344 - - - - 2,200 - - - - 1,890 - - - -	7,162	7,162 2.9 5,483	7,162 2.9 5,483 2.9 5,483 2,9 2,9	7,162 - - 2.9 - 74.88 5,483 - - - - 58.42 4,123 - - - - 49.54 3,205 - - - - 47.13 2,304 - - - - 47.13 2,200 - - - - 41.52 1,890 - - - 38.82 1,362 - - - 37.11 1,362 - - - 33.16 1,166 - - - - 31.69	7,162 - - 2.9 - 74.88 5,483 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	7,162 - - 2.9 - 74.88 5,483 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	7,162 - - 2.9 - 74.88 5,483 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	7,162 - - 2.9 - 74.88 5,483 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	7,162 - - 2.9 - 74.88 5,483 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	7,162 - - 2.9 - 74.88 5,483 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	7,162 - - 2.9 - 74,88 5,483 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	7,162 - - 2.9 - 74.88 5,483 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	7,162 - - 2.9 - 74,88 5,483 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	7,162 - - 2.9 - 74,88 5,483 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	7,162 - - 2.9 - 74,88 5,483 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	7,162 - - 2.9 - 74,88 6,483 - - - - 49,54 4,123 - - - - 49,54 3,205 - - - - 47,13 2,200 - - - - 41,52 1,890 - - - - 41,52 1,800 - - - - 41,52 1,800 - - - - 41,52 1,909 - - - - - - 1,909 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -<	7,162 9 4.88 5,483 49.54 4,123 49.54 3,205 47.13 2,200 47.13 2,200 41.52 1,890 41.52 1,647 38.82 1,309 37.11 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166<	7,162	7,162 5,483 4,123 4,123 3,205 2,304 2,200 1,647 1,309 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,	7,162 2.9 74.88 4,123	5,483	5,483	7,162 2.9 74,88 4,123 6,442 49,54 3,205 6,4713 2,200 6,4713 1,802 6,4713 1,303 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,106 6,4713 1,107 6,4713 1,107 6,4713 1,107 6,4713 1,107 6,4713 1,107 6,4713 1,107 6,4713 1,107 6,4713 1,107 6,4713 1,107 6,4713 1,107 6,4713 1,107 6,4713 1,107 6,4713 1,107 6,4713 1,107 6,4713 1,107 6,4713 1,107 6,4713 1,107 6,4713 1,107 6,4713 1,107 6,4713 1,107 6,4713 1,107 6,4713 1,107 6,4713 1,107 6,4713
5,690	5,483 5,483 68,42 4,123 7,13 2,204 7,13 2,204 7,13 1,890 7,11 1,647 7,13 1,309 7,11 1,166 7,11 1,166 7,11 1,166 7,11 1,166 7,11 1,166 7,11 1,167 7,11 1,166 7,11 1,166 7,11 1,166 7,11 1,166 7,11 1,166 7,11 1,166 7,11 1,166 7,11 1,166 7,11 1,166 7,11 1,166 7,11 1,166 7,11 1,166 7,11 1,166 7,11 1,166 7,11 1,166 7,11 1,166 7,11 1,166 7,11 1,166 7,11 1,166 7,11 1,166 7,11 1,166	4,123 3,205 2,344 2,200 1,800 1,647 1,309 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,	3,205 2,344 2,200 1,890 1,647 1,362 1,369 1,166 1,166 1,166 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167	2,344 44.71 2,200	2,200 1,890 1,890 1,647 1,362 1,362 1,309 1,166 1,166 1,166 1,166 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167	1,890 1,647 1,362 1,309 1,309 1,1166 1,1166 1,1166 1,1167 1,1167 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1168 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688 1,1688	1,647 1,362 1,309 1,166 1,166 1,166 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167	1,362	1,309 1,166 1,166 1,166 1,166 1,166 1,167 1,167 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,169 1,	31.69			2033 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	2034	2035 2036 2037 2038 2037 2038 2039 2040 2041 2042 2042 2044 2045 2046 2046 2046 2046 2046 2046 2046 2046	2036 2037 2038 2039 2040 2040 2041 2042 2043 2044 2046 2046 2046 2046 2046 2046 2046	2037	2038 2039 2040 2040 2041 2042 2042 2043 2044 2045 2046 2046 2046 2046 2046 2046	2039	2040	2041	2042	2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	2044 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	2045	2046		2048	2048	2048 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	2048 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,690	5,483	4,123	3,205 2,344 2,200 1,890 1,697 1,362 1,362 1,166 1,166 1,166 1,166 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167	2,344 44.71 1,890	2,200 1,890 1,890 1,647 1,667 1,309 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166 1,166	1,890 1,647 1,362 1,362 1,309 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106 1,106	1,647 1,362 1,309 1,166 1,166 1,166 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167	1,362	1,309 1,166 1,166 1,166 1,166 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1	31.69			2033 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	2034	2035 2036 2037 2038 2037 2038 2039 2047 2047 2047 2047 2047 2047 2047 2047	2036 2037 2038 2039 2039 2040 2041 2042 2042 2043 2044 2045 2045 2047 2047 2047	2037	2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	2039	2040	2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	2042	2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	2044	2045	2046	2047		2049	2049	2049

Table 24.59: West Brae 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Salac	Condensate	NGI Sales Sales	Gac Salac	Capex (Real)	Tariff	Opex (Real)	AREX Cost
Year	Rate		Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(£MM)	(£MM)	(£MM)
2019	5.976				78.4	,	51.13
2020	10,468	,		,	2.9	,	81.45	,
2021	8,826			,			65.80	,
2022	6,593					,	56.37	,
2023	5,599			,		,	55.92	,
2024	4,399						53.77	,
2025	4,468						53.07	,
2026	4,152						51.56
2027	4,323		,	,			53.72	,
2028	2,989						46.47
2029	2,891						44.71	,
2030	2,759						43.97
2031	,							373
2032	,
2033	,							,
2034	,		,	,				,
2035	,		,
2036	,		,
2037	,		1	,	•			,
2038	,		,	,				,
2039				,	•			,
2040	,			,				,
2041				,	•			1
2042				,	•			•
2043				,	•			1
2044				,	•			1
2045								,
2046								,
2047
2048								,
2049								,
2050								,
2051				ı
Total (MMstb / Bscf / £MM)	22.6				81.3		627.9	373.0

Table 24.60: West Brae 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Sales	Condensate	NGI Sales Gas Sales	Gas Salas	Capex (Real)	Tariff	Opex (Real)	AREX Cost
Year	Rate		Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMscf/d)	(£MM)	(£MM)	(£MM)	(EMM)
2010	7 383			,	78.7		51 70	·
2020	12,797				2.9		83.03
2021	10,008	,			•	,	64.31	,
2022	8,091						56.51	,
2023	6,669						54.58	,
2024	5,170					,	51.84	,
2025	5,344					,	51.35	,
2026	4,878					,	49.31	,
2027	4,517					,	48.51	,
2028	3,649						44.60	,
2029	3,637	,	,	,	•		43.37	,
2030	3,574	,	,	,	•		43.11	,
2031	,	,	,	,	•			366
2032	,	,	,	,	•			,
2033					•			,
2034	,	,	,	,	•			,
2035								,
2036	,	,			•	ı		,
2037
2038
2039						ı		,
2040
2041	,		,	,	•			1
2042	,	,				,		,
2043		,						,
2044		,						,
2045								,
2046								,
2047								,
2048	,	,			•	,		,
2049		,			•			,
2050								,
2051
Total (MMstb / Bscf / fMM)	27.0				81.3		642.2	366.1
(MIN)

Table 24.61: A&B Blocks 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Sales	Condensate	Seles ISN	SoleS Sec	Capex (Real)	Tariff	Opex (Real)	ABEX Cost
Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMNm3/d)	(€ MM)	(€ MM)	(€ MM)	(€ MM)

2019				2.8			20.87
2020	•			2.2			26.68
2021				1.8			20.90
2022				4.1			41.11
2023				1.2			37.29
2024				6.0			34.24
2025				0.7			33.05	,
2026				9.0			30.69
2027				0.4			30.64
2028				,			•	56
2029								38
2030				,			•
2031				,
2032	,			,	•	1	•	•
2033	,			,		1	•
2034				,
2035	,			,		1	•
2036	,			,		,	•
2037				,		,	•
2038				,		•
2039
2040	,			,	•	1	•	•
2041				,
2042				,	•	1	•
2043	,			,		1	•
2044				,
2045	,			,	•	1	•	•
2046				,
2047				,
2048				,	•	•
2049	,			,		1	•
2050	,			,			•
2051						ı
Total (MMstb /				4.0			365 5	6 70
Bnm3 / €MM)				7:5	_		0.00	5.

Table 24.62: A&B Blocks 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

(Real) (MMNm3/d) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM)	Oil Sales Rate	S.	Condensate Sales Rate	NGL Sales Rate	Gas Sales Rate	Capex (Real)	Tariff Income	Opex (Real)	ABEX Cost (Real)
3.0	十	F/144/		(5)144)	(L/Cm/MANA)	(E MANA)	(Real)	E MM	(E MAN)
3.0 2.7 2.3 2.4 1.8 1.8 1.6 1.6 1.4 1.1 1.1 0.9 0.7 0.9 0.7 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9	(sta/a) (b/ats)	(b/laa)		(p/igg)	(MIMINIMS/Q)	(€ MIMI)	(€ MIMI)	(€ MIM)	(€ MIMI)
2.7					3.0	,		51.82
2.3		,			2.7		,	60.88	,
1.8			_		2.3		·	54.49
1.6		•			1.8			44.29	,
1.4		•			1.6			41.04
1.1 36.78 0.9 33.88 0.7 2 33.88 0.7 2 33.15 0.4 2 38.94 0.4 38.94 0.4 38.94 0.4 38.94 0.4 38.94 0.5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5		•	_		4.1			37.95
0.9 3.3.88 33.15 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7		'			1.1			36.78
0.7		'			6.0	,	,	33.88	,
0.5 31.82 0.4 38.94 -		,			0.7	,	,	33.15	,
0.4		•			0.5			31.82
5.7		,			0.4			38.94	,
5.7		,		,	,		,		26
5.7		,			,				38
5.7		,			,				•
5.7
5.7									,
5.7
5.7		,		,	,	,	,		,
5.7	1
5.7
5.7		,		,	1		,		•
5.7		,					,
5.7		,			,				,
5.7		,	_				•
5.7		,			ı				٠
5.7		•
5.7		,
5.7 - 465.0		,
5.7 - 465.0		,			ı				٠
5.7 - 465.0
5.7 - 465.0
5.7 - 465.0		,			,	,	,		٠
5.7 - 465.0
5.7 - 465.0			+
					2.7			465.0	94.3

Table 24.63: A&B Blocks 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Salac	Condensate	NGI Salac	Sales Sales	Capex (Real)	Tariff	Opex (Real)	AREX Cost
Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMNm3/d)	(€ MM)	(€ MM)	(€ MM)	(€ MM)
0				o o			10 01
2020				o 6			92.03 63.33
2021		,		5.5 2.5	,		58.84	,
2022	,	,	,	2.2	,		49.08	,
2023				2.0			46.42	,
2024				8.1			43.71
2025			,	1.6			42.36
2026			,	4.1			39.35	,
2027			,	1.2			38.28
2028			,	0.8			35.14
2029	,	,		9.0		,	30.96	,
2030	,	,	,	0.4		,	27.42	,
2031	,	,	,	ı		,		99
2032	,	,	,	ı		,		88
2033								,
2034	,	,	,					,
2035	,	,		1	,	,		,
2036	,
2037	,	ı	,		•	,		,
2038	,	•				,		,
2039	,	•
2040	,	,		,		,		,
2041	,	,		1	,	,		,
2042	,	•				,		,
2043		,			,			,
2044		,						,
2045		,	,		,			,
2046								,
2047					,			'
2048			,					,
2049					,			'
2050			,					,
2051
Total (MMstb / Bnm3 / €MM)				7.2		-	527.0	94.3

Table 24.64: Bergen 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Sales	Condensate	NGI Salas	SoleS Sec	Capex (Real)	Tariff	Opex (Real)	ABEY Cost
Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMNm3/d)	(€ MM)	(€ MM)	(€ MM)	(€ MM)

2019		က		0.14	0.2		3.86
2020	'	0		0.12			4.92
2021	,	-		0.10		,	5.10	,
2022		-		90.0	1.0	,	5.13
2023	,			90.0		,	4.96
2024	,			0.05		,	3.62	,
2025	,			0.04		,	3.48	18
2026				0.04			3.37	20
2027			,	0.03		,	3.27
2028				0.03			3.17	,
2029				0.03		,	3.09
2030	,			0.02		,	3.03
2031	,		,	0.02		,	2.92
2032				0.02		,	2.90
2033				0.01			2.83	-
2034	,					,
2035
2036	,		,			,		,
2037	,		,			,		,
2038	,		,			,		,
2039	,		,		•	ı	•	,
2040	,					,	•	,
2041	,		,		•	ı	•	,
2042	,		,	•			•	,
2043		,		,	•		•	,
2044	,		,
2045								,
2046	,		,
2047								,
2048								,
2049								,
2050		٠						,
2051			ı
Total (MMstb / Bnm3 / €MM)		0.0024		0.3	1.2		55.7	38.9

ERCe

Table 24.65: Bergen 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

Carter Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Capture Captu		Oil Sales	Condensate	NGI Salas	Sales	Capex (Real)	Tariff	Opex (Real)	AREY Cost
(stbd) (bbld) (MMNIn3)d) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM) (6 MM	Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00		(stb/d)	(p/lqq)	(p/lqq)	(MMNm3/d)	(€ MM)	(€ MM)	(€ MM)	(€ MM)
0.02 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2						,		į
2 0.02 2 0.02 0.1 0.1 0.1 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0	2019		4 (		0.2	0.5		4.71
0.0 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1	2020				0.2			5.95
2 - 0.2 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.1 - 0.1 0.	2021		2		0.2			6.22
0.00	2022	,	7	,	0.2	1.0	,	6.26
0.01	2023				0.1	•		6.02
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0	2024				0.1			4.09
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0	2025				0.1			3.90	18
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0	2026	٠			0.1			3.74	20
0.00	2027	٠			0.0		,	3.60
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.	2028				0.0	•	,	3.46
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0	2029	•			0.0		,	3.35
0.00	2030	•			0.0		,	3.26
0.0038	2031	•			0.0		,	3.11
0.0038	2032	•			0.0		,	3.08
0.0038	2033				0.0	•		2.97	-
0.0038	2034					•	,	•
0.0038	2035				,	•		•
0.0038	2036	,	,	,	,	•	,	•	,
0.0038	2037	٠
0.0038	2038				,
0.0038	2039	٠
0.0038	2040				,		,		,
0.0038	2041	,		,	,	•	,	•	,
	2042	,		,	,	,	,		,
	2043				,	•			,
0.0038	2044				,				,
0.0038	2045		·		,				,
	2046
	2047	,		,	,
	2048				,
	2049
. 0.0038 . 0.4 1.2 .	2050				,
- 0.0038 - 0.4 1.2 -	2051								1
	Total (MMstb / Bnm3 / €MM)	٠	0.0038		0.4	1.2		63.7	38.9

June 2019

Table 24.66: Bergen 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

RockRose Energy Competent Persons Report

Condensate
Sales Rate Rate
(p/lqq) (p/lqq)
-
٠
٠ د





























1
0.0046

Table 24.67: Hanze Oil 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Sales	Condensate	NG Sales	Gas Sales				ABEX COST
Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(ppl/d)	(p/lqq)	(MMNm3/d)	(€ MM)	(€ MM)	(€ MM)	(€ MM)
2010	2 304				0		16.20
2020	2.145	,		,	0.4		21.95
2021	1,976	,		,	•		20.61
2022	1,820						20.22
2023	1,677	·					19.84
2024	1,545				4.0		19.59
2025	1,423						19.68	'
2026	1,311						19.41	•
2027	1,208						19.88
2028	1,113				4.0		19.56	'
2029	1,025						19.05
2030	944						19.24	,
2031	870						19.24	'
2032	801			,	4.0		18.48	,
2033	738						19.20
2034	089			,			18.89	,
2035	627						18.39
2036	277			,	4.0		18.34	,
2037	532	,	,			,	18.50
2038	490	,		,			18.37	,
2039	451						18.66
2040	,							92
2041	,
2042	,	,		,				,
2043	,
2044	,							'
2045	,			,	,		•	,
2046
2047
2048								'
2049	,			,	,		•	,
2050	,						•	•
2051			ı		,
Total (MMstb /	8.7				31.9		403.3	00 3

Table 24.68: Hanze Oil 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

Sales Rate Rate Rate Rate \$2,518 \$2,352 \$1,877 \$1,917 \$1,705 \$1,705 \$1,616 \$1,705 \$1,235 \$1,236 \$1,236 \$1,239 \$1,227 \$1,239 \$1,057 \$1,057 \$1,021 \$1,021 \$2	Total Capex	Income	Total Oney	:
(bb/dd) (bb/dd)		(Real)	otal Opex	(Real)
2,518 2,352 2,187 2,044 1,917 1,805 1,616 1,535 1,462 1,395 1,136 1,136 1,027 1,136 1,027 1,021 988 957	(€ MM)	(€ MM)	(€ MM)	(€ MM)
2,352 2,187 2,044 1,917 1,805 1,616 1,535 1,462 1,334 1,227 1,180 1,180 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057	7	,	16.20
2,187 2,044 1,917 1,805 1,616 1,635 1,635 1,627 1,180 1,180 1,195 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095	6.1.		21.95
2,044 1,917 1,805 1,1616 1,635 1,34 1,227 1,180 1,186 1,095 1,057 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067 1,067	! •		20.61
1,917 1,805 1,705 1,616 1,635 1,482 1,334 1,227 1,180 1,136 1,095 1,095 1,097 1,001 988 957 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,00	,		20.22
1,805 1,705 1,616 1,535 1,462 1,334 1,27 1,180 1,180 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,0	,		19.84	,
1,705 1,616 1,535 1,462 1,395 1,334 1,27 1,180 1,180 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,0	4.0		19.59	,
1,616 1,535 1,462 1,395 1,334 1,27 1,180 1,180 1,105 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,069 1,071 1,081 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,095 1,0			19.68
1,535 1,462 1,395 1,334 1,27 1,180 1,180 1,195 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,0			19.41	,
1,462 1,395 1,334 1,27 1,180 1,180 1,195 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1			19.88
1,395 1,27 1,27 1,180 1,136 1,095 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,	4.0		19.56
1,334			19.05
1,279 1,227 1,180 1,136 1,095 1,005 1,005 1,021 988 957			19.24
1,227 1,180 1,136 1,095 1,057 1,021 988 957 - - - - - - - - - - - - - - - - - - -			19.24
1,180 1,095 1,095 1,027 1,021 988 957	4.0		18.48	,
1,136 1,095 1,057 1,021 988 957 - - - - - - - - - - - - - - - - - - -			19.20
1,095 1,057 1,021 988 957	,		18.89	,
1,057 1,021 988 957 - - - - - - - - - - - - -			18.39
1,021 988 957	4.0		18.34
986			18.50
296	,		18.37
			18.66
				92
			•
	,		•	,

				,




	,		•	,


	31.9		403.3	92.3

Table 24.69: Hanze Oil 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Sales	Condensate	NGL Sales	Gas Sales	(		( )	ABEX Cost
Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMNm3/d)	(€ MM)	(€ MM)	(€ MM)	(€ MM)
2010	0 2 2 3	ı	,	,	0	,	16.00
2020	2.469				6.1. 0.4		21.95
2021	2,349			,	•		20.61	,
2022	2,240	,		,			20.22	,
2023	2,140	,					19.84	,
2024	2,049				4.0		19.59	,
2025	1,965			,			19.68	,
2026	1,887						19.41
2027	1,815						19.88	,
2028	1,749			,	4.0		19.56	,
2029	1,687	,					19.05	,
2030	1,629			,			19.24	,
2031	1,575	,					19.24	,
2032	1,524				4.0		18.48	,
2033	1,477						19.20
2034	1,432	,					18.89	,
2035	1,390	,					18.39	,
2036	1,350	,		,	4.0		18.34	,
2037	1,312	,					18.50	,
2038	1,277	,	,	,		,	18.37	,
2039	1,243	,					18.66	,
2040	,	,						92
2041	,	,						,
2042	,	,		,				,
2043		,						,
2044	,							,
2045	,			,				,
2046
2047	,							,
2048								,
2049	,			,				,
2050	,							,
2051								,
Total (MMstb /	13.3				31.9		403.3	92.3

Table 24.70: K4/K5 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Sales	Condensate	NGI Sales	Sales Sales	Capex (Real)	Tariff	Opex (Real)	ARFX Cost
Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(ppl/d)	(MMNm3/d)	(€ MM)	(€ MM)	(€ MM)	(€ MM)
0700				o C	C L		7.07
2019				0.0	0.0		42.71
2020				S.9 C	0. r		33.08
2021				1.7	. c		46.15
2023		,		100	5.0		42.79
2024				1.3	5.0		40.01
2025				1.1	5.0		37.67
2026				1.0	5.0		35.22
2027				0.8	3.0		32.75
2028			,	0.7	3.0		31.04
2029				9.0			29.37
2030				0.5			27.74
2031				0.5			26.39
2032				0.4	,		25.12
2033	,			0.4			23.90
2034	,			0.3			22.49
2035				0.3			21.44
2036			,	0.2	,		20.43
2037	,			0.2			19.45
2038				0.2			18.67	30
2039				0.2			17.84	112
2040		,		0.1	,		17.05	73
2041			,
2042			,		,
2043			,		,
2044		,			,
2045
2046
2047
2048
2049
2050
2051
Total (MMstb / Bnm3 / €MM)				9.9	46.0		680.7	214.9

T-224

June 2019

Table 24.71: K4/K5 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

RockRose Energy Competent Persons Report

	Oil Sales	Condensate	Soles ISN	SoleS Sec	Capex (Real)	Tariff	Opex (Real)	ABEY Cost
Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMNm3/d)	(€ MM)	(€ MM)	(€ MM)	(€ MM)
				- 0	1		•
2019				2.7	2.0		43.20
2020				2.4	2.0		54.12
2021				2.1	5.0		50.88	,
2022				1.9	5.0		47.46
2023	,	,	,	1.7	5.0	,	44.62	,
2024	,	,	,	1.5	5.0	,	41.99	,
2025	,	,	,	1.3	5.0	,	39.42	,
2026	,	,	,	1.1	5.0	,	37.13	,
2027				1.0	3.0		34.57	,
2028				6.0	3.0		32.20
2029				9.0			30.25	,
2030				0.5			28.35
2031				0.5			26.91	,
2032				0.4			25.59	,
2033				0.4			24.32	,
2034			,	0.3			22.70
2035				0.3			21.62	,
2036				0.2			20.64	,
2037				0.2			19.71	,
2038			,	0.2			18.67
2039				0.2			17.84	30
2040	,			0.2		,	17.05	112
2041	,		,	0.1	•	•	16.22	73
2042	,		,	,	•	•
2043	ı			,	•			,
2044
2045	,		,	,	•	•		,
2046	,			,
2047	,			,	•			,
2048							٠
2049			,	,		,
2050			,			,
2051	,							ı
Total (MMstb /				7.3	46.0		715.5	214.9
Bnm3 / €MM)

RockRose Energy Competent Persons Report

Table 24.72: K4/K5 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Sales	Condensate	NGL Sales	Gas Sales	Capex (Real)	Tariff	Opex (Real)	ABEX Cost
	Rate	Sales Rate	Rate	Rate	Total Capex	income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMNm3/d)	(€ MM)	(€ MM)	(€ MM)	(€ MM)

				2.8	2.0		43.51
				2.5	2.0		54.73
				2.2	5.0		51.59
				1.9	5.0		48.49
		,	,	1.7	5.0	,	45.52	,
		,	,	1.5	5.0	,	43.04	,
				1.3	5.0	,	40.55
				1.2	5.0	,	38.22
				1.0	3.0	,	36.15
				0.9	3.0	,	34.23
		,	,	0.8	3.0	,	32.18	,
		,	,	0.7		,	29.50
				9.0			27.69
				0.5			26.33
				0.5			25.00
				0.4		,	23.15
				0.4		,	22.01
		,		0.3		,	20.92
		,		0.3		,	19.96
		,		0.3		,	18.89
		,		0.2		,	18.06
	1			0.2		,	17.26	30
				0.2		,	16.49	112
				0.2			15.75	73
		,			,			,
		,

		,
		,			,			,



		ı
_				0.8	49.0		749.2	214.9
Bnm3 / €MM)				,	?		!

RockRose Energy Competent Persons Report

Table 24.73: P15/P18 Rijn Oil 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

to c
ABEX Cost	(Real)	(€ MM)	•	•	'	•	•	•	•	•	•	•	•	'	25	'	•	•	•	•	•	•	'	'	'	•	•	•	•	'	•	•	•	•	•	7.
Opex (Real)	Total Opex	(€ MM)	4.99	4.70	8.24	8.56	6.51	3.07	•					•	•			•	•	•				•												36.1
Tariff	Income (Real)	(€ MM)			,		,	,	,		,	,	,	,	,	,				,	,		,	,	,
Capex (Real)	Total Capex	(€ MM)		1.8	,											,																				8.
Gas Sales	Rate	(MMNm3/d)			,						,	,				,				,			,		,
NGI Sales	Rate	(p/lqq)			,		,	,	,		,	,	,	,	,	,		,	,	,	,			,											,
Condensate	Sales Rate	(ppl/d)	,	,	,	,					,	,	,	,	,	,		,	,	,	,	,	,	,	,	,	,		,		,	,		,
Oil Sales	Rate	(stb/d)	526	739	405	305	236	111																											,	0.7
	Year		2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038	2039	2040	2041	2042	2043	2044	2045	2046	2047	2048	2049	2050	2051	Total (MMstb /

Table 24.74: P15/P18 Rijn Oil 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

Sales Rate Rate Total Capex (Real) (FMM) (FMM) (FMM) (bbl/d) (MMNhm3/d) (FMM) (FMM) (FMM) (FMM) 1 1 1 525 555 1 1 3 6 868 2 3 6 686 686 3 3 7 522 522 4 4 4 427 522 3 4 4 4 427 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4		Oil Sales	Condensate	NGL Sales	Gas Sales	Capex (Real)	Tariff	Opex (Real)	ABEX Cost
State Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobic Cobi	Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
854 831 831 832 833 840 340 350 360 360 370 370 370 370 370 37		(stb/d)	(p/lqq)	(p/lqq)	(MMNm3/d)	(€ MM)	(€ MM)	(€ MM)	(€ MM)
831 401 333 401 333 285 286 287 208 208 101 1	2019	354						ታሪ ሃ
542 333 285 286 287 288 288 288 288 298 101 101 101 102 103 103 104 105 107 108 108 108 108 108 108 108 108 108 108	2020	831				1.8		4.95
246	2021	542	,		,			8.68	,
333 3.6 6.86 6.86 2.85 2.85 2.85 2.85 2.85 2.85 2.85 2.85	2022	401					,	9.01
248	2023	333				3.6		98.9
248 203 203 101 101 101 101 102 103 103 103 103 103 103 103 103 103 103	2024	285				3.7	,	5.97
203 101 101 102 103 104 105 105 105 105 105 105 105 105 105 105	2025	248						5.22
101	2026	203					,	4.27
1.2	2027	101			,			2.13
1.2	2028						,
1.2	2029						,
1.5	2030	'					,
1.	2031	,			,		,		52
1.2	2032	'					,
1.2	2033
1.2	2034	,				•		•
1.2	2035	,			,		,	•
1.2	2036	1	,	,	,	•	ı	•
1.2	2037	,			,		,
1.2	2038	,			,		,
1.2	2039	1		,	,		,		,
1.2	2040	,			,		,
1.2	2041	,					,
1.2	2042
1.2	2043
1.2	2044		٠		,
1.2	2045
1.2	2046
1.2	2047				,				,
1.2	2048	,			,		,
1.2	2049				,				,
1.2 9.1 . 52.3	2050	,			,
1.2 - 9.1 - 52.3	2051
	Total (MMstb / Bnm3 / €MM)	1.2				9.1		52.3	51.5

Table 24.75: P15/P18 Rijn Oil 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Rate	Sales Rate	Rate	Rate	Total Capex	Income	Total Opex	(Real)
						(Keal)
	(stb/d)	(p/lqq)	(p/lqq)	(MMNm3/d)	(€ MM)	(€ MM)	(€ MM)	(€ MM)
	483					,	5.78	,
	968	,	,	,	1.8	,	5.44
_	651	,	,	,	,	,	9.55	,
2022 48	492	,	,			,	9.91	,
2023 42	422				3.6	,	8.86	'
	370	,	,		3.7	,	7.76	,
	329					,	06:9	'
	296	,				,	6.21	'
2027 26	569		,			,	5.65	'
	247					,	5.18	,
	28	,		,		,	4.78	'
2030	,	,		,		,		'
2031	,	,				,		52
2032		,	,	,	,	,		,
2033	,					,		'
2034				,		,		,
2035	,			,		,		'
2036		,	,	,	,	,		,
2037			,			,	•	,
2038			,			,	•	,
2039								'
2040								,
2041	,	,	,	,		,		'
2042		,	,			,	•	,
2043		,			,	,	,	,
2044						,		'
2045							1
2046
2047		,	,			,	,	'
2048		,				,		'
2049							1
2050		,				,		'
2051		ı				ı	ı
Total (MMstb / 1.	1.7				9.1	٠	76.0	51.5

Table 24.76: Total PQ Excluding Q1B 1P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Sales	Condensate	NGI Sales	Gas Sales	Capex (Real)	Tariff	Opex (Real)	ARFX Cost
Year	Rate	Sales Rate	Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(p/lqq)	(MMNm3/d)	(€ MM)	(€ MM)	(€ MM)	(€ MM)
2019				٠ ت			10.91
2020		ı		0.2	,		11.49	,
2021	,	,	,	0.1	,	,	9.77	,
2022				0.1		,	9.00
2023				0.0		,	8.00
2024				0.0		,	7.00	17
2025						,		29
2026						,		37
2027						,
2028
2029						,	,	,
2030		,		,		ı	,
2031		,		,		ı	,
2032		,		,		ı	,
2033
2034
2035				,		ı	,	,
2036				,		ı	,	,
2037	,	,	,	,	,	ı	,	,
2038	•	•				,		,
2039	,	,			,	,	,	,
2040			,	,	,	ı	,	,
2041	,	,	,	,	1	,	,	,
2042				,		ı	,	,
2043		,					,	1
2044		•					,
2045						,		,
2046
2047
2048		·						,
2049		,					,	,
2050
2051			ı
Total (MMstb / Bnm3 / €MM)		-		0.3			56.2	113.2

Table 24.77: Total PQ Excluding Q1B 2P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

RockRose Energy Competent Persons Report

	Oil Sales	Condensate	Sales	Gae Salac	Capex (Real)	Tariff	Opex (Real)	ABEX Cost
Year	Rate		Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/lqq)	(ppl/dq)	(MMNm3/d)	(€ MM)	(€ MM)	(€ MM)	(€ MM)

2019	,			0.5		1	12.36	'
2020	,			0.3		,	14.11
2021	,			0.2		,	11.85
2022	,			0.1		,	11.00
2023				0.1			10.00
2024				0.0			9.00	17
2025	,					,		29
2026	,							37
2027	,
2028	,
2029	,					1
2030	,					,
2031	,					,
2032	,		,	,		1		,
2033
2034
2035
2036	,					,
2037	,		,	,		1	•	,
2038	,		,	,		1
2039	,		,	,		1
2040	,		,	,		1		,
2041	,		,	,		ı
2042	,	•	,	,		ı	•
2043	,	•		ı			•	,
2044	,
2045	,
2046
2047	,							,
2048	,
2049	,							,
2050	,
2051			,	,			•	ı
Total (MMstb /
Bnm3 / €MM)				0.4			68.3	113.2

Table 24.78: Total PQ Excluding Q1B 3P Gross Technical Forecast of Production, CAPEX, OPEX and ABEX before Economic Limits Applied

	Oil Sales	Condensate	NGL Sales	Gas Sales	Capex (Real)	Tariff	Opex (Real)	ABEX Cost
Year	Rate		Rate	Rate	Total Capex	Income (Real)	Total Opex	(Real)
	(stb/d)	(p/Iqq)	(p/Iqq)	(MMNm3/d)	(€ MM)	(€ MM)	(€ MM)	(€ MM)
2019	,			0.5			13.56
2020		,		0.4	1		16.08	,
2021				0.3		,	14.29
2022				0.2			11.85
2023				0.1			11.00
2024				0.1			10.00	17
2025								29
2026						,		37
2027						,
2028						,
2029	,					,
2030	,			,		ı	•
2031	,					,
2032	,					,
2033
2034
2035
2036
2037	,			,		,
2038	,			,		,
2039	,	•	,	,	,	ı	•
2040	,					ı
2041	,			,		ı	•
2042				,			•
2043			,	,	•	1	•
2044
2045
2046
2047
2048
2049				,	,
2050
2051	,				ı
Total (MMstb / Bnm3 / €MM)	,			0.5			76.8	113.2

AI assistant

BLOCK ENERGY PLC — Capital/Financing Update 2019

7522_prs_2019-07-19_20a96ee2-adab-40e1-82f8-64c6e0082ef8.pdf

TABLE OF CONTENTS

PART I

SUMMARY

Acquisition history

Business objective, strategy and execution

The long decline in new oil and gas discoveries

Selected Financial Information of the Group:

Consolidated Statement of Comprehensive Income

Selected key pro forma financial information

Section D – Risks

PART II

RISK FACTORS

RISKS RELATING TO THE OPERATORSHIP AND ACQUIRED LICENCE INTERESTS Indemnities, warranties and parent company guarantees under acquisition agreements

The Group may be subject to unforeseen liabilities and risks arising from the Marathon Acquisition

The Group cannot predict its future decommissioning liabilities with complete accuracy

Decommissioning planning

Timing of decommissioning

Joint venture partner alignment and other contractual counterparties

There can be no assurance that the Company will be able to make returns for Shareholders in a tax-efficient manner

RISKS RELATING TO OPERATING IN THE OIL AND GAS EXPLORATION, DEVELOPMENT AND PRODUCTION SECTOR

A substantial or extended decline in oil, natural gas and power prices or consumption may adversely affect the prospects, business, financial condition and results of operations of the Group

Oil and natural gas exploration and development are highly speculative activities

The longer-term success of the Group is dependent on accessing oil and natural gas resources

The Group's actual future exploration and production costs may differ materially from its estimates, which may materially and adversely affect its viability in the long term

If the Group is not granted licences or licence extensions, it could have a material adverse effect on its reserves, business, operations and prospects

The Group may suffer material losses from uninsurable or uninsured risks or insufficient insurance coverage

Estimation of resources, reserves and production profiles are based on judgments and assumptions

The Group's operations and assets expose it to significant compliance costs and liabilities in respect of environmental and health and safety ("EHS") matters

A violation of EHS requirements and the occurrence of any accidents could disrupt the Group's operations and increase operating costs

Changes in global supply and demand owing to an economic downturn may adversely affect the business, results of operations, cash flows and financial condition of the Group

The oil and gas, exploration, development and production sector is subject to commodity price fluctuations, which may adversely impact the results of operations, financial conditions and prospects of the Group

Political, legal and commercial instability, as well as political and fiscal pressure on governments, in the countries and territories in which the oil and gas, exploration, development and production sector may operate could affect the viability of the Group's operations and assets

Inflation and other cost increases may have an adverse effect on the Group's results of operations and cash flows

Existing and proposed legislation and regulation affecting greenhouse gas and other emissions may adversely affect certain of the Group's operations and assets

The Group may be unable to obtain or renew required drilling rights or exploration and extraction rights and concessions, licences, permits and other authorisations ("Licences") and/or such Licences may be suspended, terminated or revoked prior to their expiration

The use of independent contractors in the Group's operations may expose those operations to delays or suspensions of activities

Drilling operations are vulnerable to natural disasters, operating difficulties and damage to or breakdown of a physical asset, any of which could have a material impact on the productivity of the operations and not all of which may be covered by insurance

Labour disruptions could have an adverse effect on the Group's results of operations, cash flows and financial condition

Restrictions on the Group's ability to access necessary infrastructure services, including transportation and utilities, may adversely affect the Group's operations

RISKS RELATING TO THE GROUP'S BUSINESS AND ACQUISITION STRATEGY

There is no assurance that any operating improvements will be successful or that they will be effective in increasing the valuation of any business acquired

The Group may face substantial competition for additional assets or business acquisitions

The Group is dependent on the Directors and Senior Managers and the unexpected loss of the services of any of the Directors and Senior Managers could materially adversely affect it

The Group is dependent on Andrew Austin and the Senior Managers (the "Executive Team") to operate the business and may be unable to recruit replacement personnel with the requisite skills

The Company may be subject to foreign investment and exchange risks

The Company may be subject to risks particular to one or more countries in which it ultimately operates, which could negatively impact its operations

RIKS RELATED TO THE DEFINED BENEFIT PENSION SCHEME

There are inherent risks associated with participations in defined benefit pension schemes

RISKS RELATING TO THE ORDINARY SHARES

Disapplied pre-emption rights and indebtedness related liquidity

There may be a limited market for the Ordinary Shares. A market for the Ordinary Shares may not develop, which would adversely affect the liquidity and price of the Ordinary Shares

Investors may not be able to realise returns on their investment in Ordinary Shares within a period that they would consider to be reasonable

Dividend payments on the Ordinary Shares are not guaranteed

Ordinary Shares in the Company may be subject to market price volatility

The market price of the Ordinary Shares could be negatively affected by sales of substantial amounts of such shares in the public markets

The proposed Standard Listing of the Ordinary Shares will afford Investors a lower level of regulatory protection than a Premium Listing

Transfer restrictions for Shareholders in the United States may make it difficult to resell the Ordinary Shares or may have an adverse impact on the market price of the Ordinary Shares

The ability of Overseas Shareholders to bring actions or enforce judgments against the Company or the Directors may be limited

The ability of Shareholders to participate in rights offerings may be limited and Shareholders could therefore experience dilution of their holdings

RISKS RELATING TO TAXATION

Taxation of returns from assets located outside of the UK may reduce any net return to investors

Changes in tax law and practice may reduce any net returns for investors

There can be no assurance that the Company will be able to make returns for Shareholders in a tax-efficient manner

PART III

IMPORTANT INFORMATION

General

For the attention of all investors

Forward-looking statements

Presentation of reserves and resources

Rounding

Data protection

Presentation of financial information

Historical financial information on MOUK ("MOUK HFI")

Pro forma wording

Market data

CREST

Transferability

BLOCK ENERGY PLC Capital/Financing Update 2019