PowerPoint Presentation

Noa Development Capital Required

Capex (MM$)

Year

Gross

Net SHORECAN

2016

0.25

0.25

2017

30

30

2018

200

160

2019

193.5

154.8

2020

197

157.6

2021

183

146.4

2022

72

57.6

2023

85

68

2024

76

60.8

2025

147

117.6

Remaining

484

387.2

Totals

1,667.75

1,340.25

Noa Development Economics (SHORECAN)

Standard PSC Terms

Pioneer Status Terms

NPV (MM$)

0%

617

1344

NET SHORECAN

5%

388

881

10%

244

592

15%

151

406

20%

90

282

IRR

36%

64%

The development plan presented is just one possible scenario for the Noa complex. Drilling will decide how the resources are developed and phased over time. The scenario is presented simply to illustrate the economic potential of the prospect field. Internal COPL oil price forecast assumed.

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