gmp oil and gas 2012 exploration themes - cgx energy inc. securities/gmp … · recoverable as...

Oil & Gas

Prepared by GMP Securities Europe LLP Please see important disclosures on the last page of this report.

December 15, 2011

11-135

Ryan Savage (403) 543-73584 [email protected]

Peter Nicol +44-20-7647-2819 [email protected]

Toby Pierce +44-20-7647-2822 [email protected]

Jessica Lindskog +44-20-7647-2826 [email protected]

Jamal Orazbayeva +44-20-7647-2821 [email protected]

Jerry Ho +44-20-7016 -1903 [email protected]

GMP Oil & Gas 2012 Exploration Themes 2012 Catalysts for GMP International Coverage & Exploration Areas of Interest in 2012

GMP Coverage: Top Ten Wells to Watch in H1/12 For our coverage universe we highlight all of the significant upcoming well events including the top 10 wells to watch for in H1/12. The three biggest are: Loligo in the Southern Falkland Basin (Falkland Oil & Gas, more than 6,000% unrisked upside), Eagle Shallow in the Guyanese Trend (CGX Energy, ~1,500% unrisked upside), Jacana in Liberia (African Petroleum, more than 950% unrisked upside). The Next Five Well Events of Significance Five upcoming well events for investors to focus on over the next 30 to 60 days include: CGX Energy’s spud of the Jaguar Well offshore Guyana, results from Niko Resource’s Stalin-1 Well offshore Trinidad, results from Petrominerales/Veraz Petroleum’s La Colpa well in Peru; results from Africa Oil/Tullow Oil’s two wells in Kenya (Ngamia) and Somalia, and Petromagdalena’s Topoyaco’s well testing results. Something for Every Investor: from Wildcatters to Developers There is something for virtually every type of investor in our international coverage universe for 2012. From lower risk developers such as Ithaca Energy and Bankers Petroleum and resource plays such as TAG Oil and BNK Petroleum to wildcat plays such as CGX Energy and African Petroleum and the multiple well explorers such as Niko Resources and Africa Oil. Exploration Areas of Interest in 2012 As high commodity prices and improved technology are driving increased exploration, we expect global exploration activities in 2012 to accelerate with small to mid cap players being very active and offering a potentially high-value upside. We highlight the following exploration areas of interest in 2012: East Africa, West African Transform Margin, Offshore South America (the Guyanese Trend), European Shale Play, the North Sea and the Barents Sea, the Falkland Islands, New Zealand and Peru & Colombia.

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TABLE OF CONTENTS

Executive Summary 3

Overview of Coverage 9

GMP Coverage: Events Calendar 10

GMP Coverage: Catalysts in 2012 13

Significant Discoveries in 2010 and 2011 27

Exploration Areas of Interest in 2012 28

Appendix 1: 2012 Events Timeline 34

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EXECUTIVE SUMMARY With this report we provide a summary of 2012 catalysts for the GMP International Coverage. We focus investors' attention on the top ten wells to watch in H1/12 and highlight global exploration areas of interest in 2012.

Exhibit 1: Top 10 wells to Watch in H1/12

Prospect/Well Company RegionResults

Expected

Gross Reserve

/Resources (mmboe) WI Risked Un-Risked

Share Price

Risked Impact

Unrisked Impact

Loligo T1 Falkland Oil and Gas Falkland Islands Q3/12 1509 60% 469.25p 3176.8p 50.5p 929.2% 6290.7%

Eagle Shallow, Corentyne PPL CGX Energy Guyana Q1/12 315 100% C$1.42 C$15.48 C$1.03 137.5% 1502.8%

Liberia - Block 9 Cluster Fan African Petroleum Liberia Q2/12 415 100% A$1.75 A$3.64 A$0.38 460.8% 958.1%

Jaguar, Georgetown PPL CGX Energy Guyana Q2/12 700 25% C$0.99 C$8.60 C$1.03 95.8% 834.9%

La Colpa Structure (Contingent) Veraz Petroleum Peru Q1/12 29 20% C$0.89 C$2.70 C$0.45 198.3% 600.8%

Block 14/13 - Crazy Horse Trap Oil UK Q3/12 123 22% 8.92p 116.6p 26.8p 33.4% 436.0%

Citarum - Cataka A Pan Orient Energy Indonesia Q1/12 75 77% C$0.59 C$3.17 C$1.90 31.2% 166.7%

Dharoor - Shabeel Africa Oil Puntland Q2/12 300 33% C$0.33 C$2.17 C$1.53 21.3% 141.8%

Keta Block - Cuda Afren Ghana Q1/12 325 35% 8.21p 66.7p 81.4p 10.1% 82.0%Block 10 BB - Ngamia (Camel) Africa Oil Kenya Q2/12 45 50% C$0.13 C$0.66 C$1.53 8.5% 43.4%

Source: GMP Securities

Top wells to watch in 2012 and why:

Loligo, Falkland Islands, Falkland Oil & Gas (FOGL LN). FOGL expects to start its first well on the 4.7 bnb (Pmean) Loligo prospect in late April or early May/12. We believe the well is a clear "game-changer" for the stock as it represents ~6,000% of upside (unrisked) potential to its current share price (~60x). We incorporate only a fraction of the 4.7 bnb potential by including only 1.5 bnb attributable to the shallower Loligo T1 zone.

Eagle Shallow, Corentyne PPL, CGX Energy (OYL CN; BUY). In early Q1/12 CGX intends to spud the Eagle Shallow well, Corentyne PPL (100% WI) (315 mmb target) which we carry at C$1.42/sh risked C$15.48/sh unrisked (~1,500% unrisked upside). As CGX's drilling program is capital intensive and the company holds the rights to 100% of the PPL, we believe management will look to secure a farm in partner in order to mitigate risk and minimize financial exposure. Eagle is expected to take ~60 days to drill.

Jacana, LB-09, Liberia, African Petroleum (AOQ AO; A$). AOQ's second exploration well, Jacana (415 mmb) is due to spud in Q1/12 in offshore Liberia. The target could be worth up to ~A$3.60/sh (~900% unrisked upside) if the well is successful. Although no commercial quality reservoir with hydrocarbons was encountered in Apalis-1 (AOQ's first well), the well proved there is a working hydrocarbon system in the block. Results are expected in Q2/12.

Jaguar, Georgetown PPL, Guyana, CGX Energy (OYL CN; BUY). CGX intends to spud the Jaguar exploration well in the Georgetown Block (25% WI) in December. The prospect is estimated to be a 700 mmb (P10) target (by partner Tullow Oil) and if successful, could add up to ~800% in unrisked value. The high pressure high temperature well is expected to take 180 days to drill.

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La Colpa, Block 126, Peru, Veraz Petroleum (VRZ CN; BUY). Veraz's upcoming drilling program on Block 126 (20% WI) will significantly increase the number of existing wells on its acreage and looks to test up to 186 mmboe of net unrisked resources. The La Colpa 2X well (28.6 mmb) is currently drilling and we look to logging and testing results in Q1/12. Positive results could potentially add up to ~600% in unrisked upside and once the well has been tested, the rig will then move to drill the Sheshea Structure (99 mmb, up to ~1,500% in unrisked upside). VRZ is partnered with Petrominerales (PMG CN) who is acting as operator and holds the remaining 80% WI.

Orchid & Crazy Horse, North Sea, Trap Oil (TRP LN). North Sea focused Trap Oil will commence its exploration program in Dec/11 with the spudding of its Orchid prospect (38 mmb) with results anticipated in Q1/12. We carry Orchid at 4p/sh risked (14p/sh unrisked; ~50% of current share price). Of greater magnitude is Trap’s Crazy Horse prospect (123 mmb) which we carry at 9p/sh risked (117p/sh unrisked, ~430% upside to the current share price). Operator Noreco plans to spud the Crazy Horse prospect in Q2/12.

Cataka-1, Citarum PSC, Indonesia, Pan Orient (POE CN). Pan Orient will kick off its three back-to-back well program on its Citarum PSC, Indonesia, commencing with the Cataka-1 well (75 mmb) in Dec/11. Results are expected in Q1/12 and we carry each well at C$0.59/sh risked (C$3.17/sh unrisked, equating to ~160% upside from the current share price).

Shabeel, Dharoor, Somalia, Africa Oil (AOI CN, BUY). AOI's exploration spin-off Horn Petroleum (HRN CN) provides high impact exposure to Puntland, Somalia as the 300 mmb Shabeel prospect on the Dharoor block could provide ~140% in unrisked upside. The concessions are very large and, with only 5 wells drilled, the area remains one of the least explored areas in North Africa. Shabeel is scheduled to spud this December and results are expected in Q2/11.

Cuda, Keta Block, Ghana, Afren (AFR LN). Representing ~80% of upside (unrisked) potential to its current share price, Afren will kick off its 2012 exploration campaign with the 325 mmb Cuda prospect on the Keta Block (AFR 35% WI), Ghana, in Q1/12. AFR is fully carried by ENI and we carry the prospect at 8p/sh risked (67p/sh unrisked) with results expected in Q2/12.

Ngamia (Camel), Block 10BB, Kenya, Africa Oil (AOI CN, BUY). AOI's East African campaign in Kenya kicks off with the Ngamia (Camel) prospect, Block 10BB, exposing investors to ~40% unrisked upside. Although this is one of the smaller targets in the portfolio (45 mmb), there are a series of additional material wells which have been identified and have the potential to add ~140% unrisked upside (Paipai (234 mmb), Block 10A). AOI is fully carried by partner Tullow Oil for a multi-well campaign and in addition to capital, Tullow also brings both technical and operational expertise to the partnership.

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There are companies under our coverage that have an extensive exploration program in 2012 with no "make-or-break" wells but rather a number of wells that are building upon past significant discoveries or just smaller impact wells: Tullow Oil (TLW LN), Premier Oil (PMO LN) and Lundin Petroleum (LUP CN/ LUPE SS). We believe that for these companies 2012 will be about delivering consistent exploration success across their portfolios and thus strengthening their positions in the respective core areas (see GMP Coverage: Catalysts in 2012 section of this report for more details).

Separately, we highlight the activities in the European Shale space given the specificity of the play. We believe that testing results rather than drilling results will be the potential material re-rating points for the players involved. In Bulgaria, LNG Energy and TransAtlantic Petroleum (TNP CN) are drilling the Etropole shale well with results expected in Q1/12. Starting from spring next year, we expect the companies operating in the Baltic Basin (129 tcf technically recoverable as estimated by EIA in Apr/11) to resume their activities. 3Legs Resources (3LEG LN), BNK Petroleum (BKX CN) and LNG Energy (LNG CN) will re-test their Polish wells in spring 2012. San Leon Energy (SLE LN) and Talisman Energy (TLM CN) will continue operations in 2012 on its recently drilled Lewino 1G-2 well, on the Gdansk W Concession in Baltic Basin.

We categorize our names by investment exposure and discuss the strategics below:

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Exhibit 2: Investment Exposure

Multi-well Exploration ProgramsNiko ResourcesAfrica OilTrap OilPacific RubialesPetromineralesC&C Energia

WildcattingAfrican PetroleumCGX EnergyFalkland Oil & GasPan Orient EnergyShaMaranWesternZagrosVast ExplorationLongfordPetromanasPetroamerica

Waiting to WildcatAdira Energy

Development StoriesIthaca EnergyBankers PetroleumPetrocelticSea Dragon

Development Stories with Exploration UpsideCoastal EnergyAfrenRialto EnergyOrca ExplorationPremier OilPetromagdalena

Resource PlaysBNK Petroleum LNG EnergyTAG OilTransGlobe EnergyEast West PetroleumGeoParkMadagascar Oil

In TransitionCairn EnergyHeritage OilEaglewood EnergySerica EnergySterling Energy

Large and GrowingTullow OilLundin Petroleum

Moving OnDominion Petroleum


There are different strategies available to oil and gas companies as they seek to grow and add value to shareholders. Exploration provides the most significant gearing, but runs the risk of “gamblers ruin” that the company runs out of money before it hits success. Higher risk (or frontier) exploration is a numbers game and companies with a large and fully funded program have a chance of stacking the odds in their favour.

Niko Resources (NKO CN) and Africa Oil stand out as companies with multiple well campaigns that are being funded through a series of farm outs and on a smaller scale but equally material, in relative terms, so does the program put together by Trap Oil in the North Sea. Our “wildcatting” category also includes companies with funding for multiple opportunities but the scale of the first programs is the distinctive factor.

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Other companies are testing resource plays, for example the Polish shale gas plays or TAG Oil (TAO CN) testing an unconventional oil play in New Zealand now financed for four wells by Apache Oil. Here an element of the exploration risk has been removed and in many instances it is felt to be a case of successfully transplanting technology which has worked successfully in North America into a new geographic region.

Another route to successful growth is to pursue a development strategy. Undeveloped barrels typically sell at a significant discount to NPV 10 valuations and by acquiring such opportunities and bringing the fields into production, the companies can add significant cash flow and add value to the resource. In many instances the appraisal and development of the resources can lead to an increase in the estimated recoverable resource too by deploying new technology or just from a better understanding of how the resource/reservoir performs. This strategy can be tweaked to add some exploration to the program either from pursuing some exploration targets in the vicinity of the development (nearby targets or deeper prospects) or by using some of the cash flow generated to drill some exploration wells in the course of the year.

For larger companies, e.g. Tullow Oil, with a market valuation of circa $18 bn it is difficult to point to any one well as having a material impact (a 200 mmb net target at $10/boe NPV would add ~ 10% to the company’s value). The important criteria is to have an exploration program that can add value overall to the company over the course of the year and to have the correct mix of size and risk of targets. For Tullow Oil, the recent success of Zaedyus offshore French Guiana opens up a new material play and similarly success in the East African rift play could do the same, although the first one or two wells by themselves are not material in size.

Inevitably it is difficult for companies to manage a portfolio of opportunities at all stages of the exploration cycle – lead and prospect generation to material exploration drilling and into production and hence there are a number of companies, whom we feel are refreshing the exploration hopper and are currently in transition.

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Exhibit 3: GMP Coverage - Events Map


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OVERVIEW OF COVERAGE We provide an overview of the GMP International Coverage (Analysts: Ryan Savage (RS), Peter Nicol (PN), Toby Pierce (TP)).

Exhibit 4: International Coverage of Companies

13/12/2011 Market Info52 Week 52 Week Shares Market Adj. Net Debt / Enterprise

Analyst Ticker Price High Low O/S (fd) Cap. Market Cap. (Cash) Value Rating Target Return(C$/sh) (C$/sh) (C$/sh) (mm) (mm) (US$mm) (US$mm) (US$mm) (C$/sh) %

Region/ CompanyLATAM

C&C Energia Ltd. RS CZE $6.67 $15.25 $5.25 69.4 $462.6 $470.7 ($69.7) $401.0 BUY $15.25 129%

Pacific Rubiales Energy Corp. 1,7 RS PRE $19.48 $35.00 $19.40 294.1 $5,728.7 $5,828.9 $348.1 $6,177.1 BUY $39.00 100%

PetroAmerica Oil Corp. 1 RS PTA $0.115 $0.74 $0.08 938.4 $107.9 $109.8 ($24.9) $84.9 HOLD $0.10 (13%)

PetroMagdalena Energy Corp. 7 RS PMD $1.500 $4.13 $0.81 170.4 $255.6 $260.1 $38.6 $298.8 BUY $3.25 117%

Petrominerales Ltd. 7 RS PMG $16.30 $41.83 $15.52 108.1 $1,762.2 $1,793.1 $321.8 $2,114.9 BUY $35.50 118%

GeoPark PN GPK 462.5p 875.0p 460.0p 43.7 £202.0 $313.2 $70.0 $383.1 BUY 890p 92%

Falkland Oil and Gas PN FOGL 50.5p 113.0p 41.8p 219.1 £110.7 $171.5 ($109.9) $61.6 SPECULATIVE BUY 300p 494%

Veraz Petroleum. 1 TP VRZ $0.45 $0.95 $0.37 67.2 $30.2 $30.8 ($6.9) $23.9 BUY $1.80 300%

CGX Energy. 1 PN OYL $1.03 $1.26 $0.41 341.7 $351.9 $358.1 ($112.0) $246.0 BUY $2.50 143%

KURDISTAN

Longford Energy Inc. 1,7 RS LFD $0.09 $0.47 $0.05 186.0 $15.8 $16.1 $26.9 $43.0 BUY $0.50 488%

ShaMaran Petroleum Corp. RS SNM $0.395 $1.43 $0.29 808.7 $319.4 $325.0 ($48.0) $277.0 BUY $1.25 216%

WesternZagros Resources Ltd. RS WZR $0.690 $1.00 $0.38 316.1 $218.1 $221.9 ($20.7) $201.2 HOLD $0.70 1%

Vast Exploration Inc. 7 RS VST $0.050 $0.72 $0.03 342.0 $17.1 $17.4 ($4.8) $12.6 BUY $0.25 400%

NORTH SEA

Ithaca Energy. TP IAE $2.00 $3.06 $1.40 276.7 $553.3 $563.0 ($192.7) $370.3 BUY C$3.20 60%

Serica Energy. 8 PN SQZ 18.13p 44.5p 14.0p 187.8 £34.0 $52.8 ($16.5) $36.3 HOLD 21p 16%

Trap Oil. 1 TP TRAP 26.75p 45.0p 26.5p 215.0 £57.5 $89.2 ($41.8) $47.3 BUY 50p 87%

EUROPE

BNK Petroleum 7 TP BKX $1.51 $6.86 $1.42 153.5 $231.8 $235.9 ($42.6) $193.2 BUY $7.30 383%

LNG Energy 1 PN LNG $0.13 $0.74 $0.11 363.7 $47.3 $48.1 ($10.0) $38.1 BUY $1.50 1054%

Petromanas Energy Inc. RS PMI $0.13 $0.56 $0.12 676.3 $87.9 $89.5 ($41.0) $48.5 BUY $0.55 323%

Bankers Petroleum. 7,8 TP BNK $4.90 $9.92 $2.95 272.2 $1,334.0 $1,357.4 ($46.3) $1,311.0 BUY $10.30 20%

MENA

Adira Energy 7 PN ADL $0.27 $0.90 $0.23 129.1 $34.9 $35.5 ($10.3) $25.2 BUY $1.30 381%

East West Petroleum1 TP EW $0.47 $1.72 $0.37 117.9 $55.4 $56.4 ($34.6) $21.8 BUY $1.00 113%

Petroceltic International PN PCI 7.98p 15.5p 3.8p 2115.8 £168.8 $261.7 ($72.7) $189.0 BUY 17.0p 113%

Sea Dragon Energy. PN SDX $0.09 $0.35 $0.06 419.7 $35.7 $36.3 ($15.7) $20.6 BUY $0.50 488%

TransGlobe Energy. 1,7 TP TGL $7.25 $17.30 $7.10 76.9 $557.6 $567.3 ($52.4) $514.9 BUY $21.00 190%

SE ASIA / AUSTRALASIA

Coastal Energy. TP CEN $14.16 $14.50 $5.64 120.6 $1,707.7 $1,737.6 $90.9 $1,828.5 BUY $16.00 13%

Pan Orient Energy. 1,7 TP POE $1.90 $7.55 $1.81 60.9 $115.7 $117.7 ($39.6) $78.2 BUY $8.20 332%

Eaglewood Energy. TP EWD $0.17 $0.90 $0.16 100.8 $17.1 $17.4 ($9.4) $8.1 BUY $0.50 194%

TAG Oil. 1 PN TAO $7.16 $7.75 $4.70 57.7 $412.9 $420.1 ($68.2) $351.9 BUY $10.00 40%

AFRICA

Afren. PN AFR 81.4p 173.0p 72.3p 1063.9 £865.5 $1,341.6 $578.5 $1,920.1 BUY 250p 207%

Africa Oil.7 TP AOI $1.53 $2.28 $1.10 243.0 $371.7 $378.2 ($46.1) $332.1 BUY $4.15 171%

African Petroleum.1 PN AOQ $0.38 A$1.05 A$0.20 1622.5 A$616.54 $627.3 ($214.5) $412.8 BUY A$2.00 426%

Dominion Petroleum.7 TP DPL 5.98p 7.25p 2.91p 1798.4 £107.5 $166.7 $33.2 $199.9 HOLD 5.9p (1%)

Orca Exploration.1,7 TP ORC $2.65 $7.14 $2.50 37.3 $98.8 $100.6 ($52.4) $48.2 BUY $9.00 240%

Madagascar Oil. 1,7 TP MOIL 25.50p 87.00p 20.00p 205.5 £52.4 $81.2 ($36.6) $44.6 BUY 132.0p 418%

Sterling Energy. PN SEY 44.00p 88.8p 25.3p 225.7 £99.3 $153.9 ($93.8) $60.1 HOLD 53.0p 20%

Rialto Energy.1 PN RIA A$0.26 A$0.85 A$0.26 434.5 A$112.97 $114.9 ($2.1) $112.9 BUY A$1.10 323%

MID CAPS

Cairn Energy. TP CNE 275.9p 474.0p 255.6p 1421.7 £3,922.4 $6,079.8 $411.6 $6,491.4 BUY 420p 52%

Heritage Oil. TP HOIL 176.0p 497.7p 158.3p 311.5 £548.2 $849.7 ($266.6) $583.1 BUY 340p 93%

Lundin Petroleum. 7 PN LUPE SEK166.1 SEK181.2 SEK65.3 323.4 SEK53719 $7,210.5 $410.4 $7,620.9 BUY SEK176.0 6%

Niko Resources. 7 TP NKO $43.50 $105.28 $39.00 55.4 $2,409.4 $2,451.5 $215.8 $2,667.3 BUY $125.00 187%

Premier Oil. TP PMO 377.1p 535.5p 302.0p 503.9 £1,900.2 $2,945.3 $406.4 $3,351.6 BUY 440p 17%

Tullow Oil. PN TLW 1369.0p 17.1p 6.9p 906.0 £12,402.5 $19,223.9 $1,193.0 $20,416.9 BUY 1730p 26%

Disclosures: Notes: Analysts:1 GMP Securities L.P. has, within the previous 12 months, provided paid investment banking services or acted as underwriter to the issuer. - All number in US$ unless otherwise stated Ryan Savage (RS)2 GMP Securities L.P. is a market maker for the securities of the issuer. - Assumes GMP's 2011 exchange forecast of US$1.0175/C$ Peter Nicol (PN)3 non-voting - Negative net debt reflects cash balance Toby Pierce (TP)4 subordinate-voting - PMG reserves include GMP estimate for recent Candelilla success5 restricted-voting6 multiple-voting7 The analyst who prepared this report has viewed the material operations of this issuer.8 The analyst who prepared this report owns this issuer's securities.9 limited voting10 GMP Securities Ltd. owns 1% or more of this issuers security.


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GMP COVERAGE: EVENTS CALENDAR

We provide a well list for the entire GMP International Coverage summarized by the company name and the estimated drilling time. The table shows the gross reserves/resources targeted by the well, the risked & unrisked valuation (in respective currencies) and the risked & unrisked impact (% of the share price).

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Exhibit 5: 2012 Events Calendar

Est. Start Year Company Region Prospect/Well

Gross Reserve /Resources

(mmboe) WI Risked Un-Risked Share PriceRisked Impact

Unrisked Impact

Q1 2012 Afren Ghana Keta Block - Cuda 325 35% 8.21p 66.7p 81.4p 10.1% 82.0%

H2 2012 Afren Kenya Block 10A - Paipai Prospect 234 30% 4.65p 31.0p 81.4p 5.7% 38.1%

Q3 2012 Afren Nigeria Ebok North Fault Block 35 40% 1.53p 4.9p 81.4p 1.9% 6.0%

H2 2012 Afren Nigeria OML 115 - Ufon prospect 60 33% 4.79p 20.9p 81.4p 5.9% 25.6%

H2 2011 Africa Oil Puntland Dharoor - Shabeel 300 33% C$0.33 C$2.17 C$1.53 21.3% 141.8%

H2 2011 Africa Oil Kenya Block 10 BB - Ngamia (Camel) 45 50% C$0.13 C$0.66 C$1.53 8.5% 43.4%

H2 2012 Africa Oil Kenya Block 10A - Paipai Prospect 234 30% C$0.33 C$2.17 C$1.53 21.3% 142.0%

H1 2012 African Petroleum Liberia Liberia - Block 9 Cluster Fan 415 100% A$1.75 A$3.64 A$0.38 460.8% 958.1%

H2 2012 African Petroleum Gambia Gambia - A1/A4 Alhamdulilah Structure 560 60% A$0.18 A$2.21 A$0.38 47.1% 582.8%

H1 2012 Bankers Petroleum Albania Patos Marinza Possibles 168 100% C$2.50 C$4.99 C$4.90 50.9% 101.9%

H1 2012 Bankers Petroleum Albania Kucova Possibles 21 100% C$0.28 C$0.56 C$4.90 5.7% 11.3%

H1 2012 BNK Petroleum Poland ** Slawno 1115 27% C$1.05 C$5.47 C$1.51 69.2% 362.2%

H1 2012 BNK Petroleum Poland ** Slupsk 1115 27% C$1.05 C$5.47 C$1.51 69.2% 362.2%

H1 2012 BNK Petroleum Poland ** Starogard 1115 27% C$0.95 C$4.97 C$1.51 62.6% 329.3%

Q1 2012 Coastal Energy Thailand Bua Ban South Prospects 67 100% C$1.81 C$9.45 C$14.16 12.8% 66.7%

Q4 2011 CGX Energy Guyana Jaguar, Georgetown PPL 175 25% C$0.34 C$2.15 C$1.03 33.2% 208.7%

Q4 2011 CGX Energy Guyana Jaguar upside Georgetown PPL 525 25% C$0.64 C$6.45 C$1.03 62.6% 626.1%

Q1 2012 CGX Energy Guyana Eagle Shallow, Corentyne PPL 315 100% C$1.42 C$15.48 C$1.03 137.5% 1502.8%

Q2 2012 Falkland Oil and Gas Falkland Islands* Loligo T1* 1509 60% 469.25p 3176.8p 50.5p 929.2% 6290.7%

Q1 2012 Heritage Oil Kurdistan Miran West & East Prospective - oil 132 56% 42.63p 222.32p 176.0p 24.2% 126.3%

H1 2012 Ithaca Energy UK 29/10b Hurricane 19 55% C$0.15 C$0.60 C$2.00 7.6% 30.1%

H1 2012 LNG Energy Poland ** Slawno 1115 20% C$0.33 C$1.73 C$0.13 252.9% 1331.9%

H1 2012 LNG Energy Poland ** Slupsk 1115 20% C$0.33 C$1.73 C$0.13 252.9% 1331.9%

H1 2012 LNG Energy Poland ** Starogard 1115 20% C$0.30 C$1.57 C$0.13 228.6% 1210.9%

ongoing 2011 Lundin Petroleum CAD Norway*** Avaldsnes Appraisal Well 250 40% C$2.15 C$2.69 C$24.37 8.8% 11.1%

Q2 2012 Lundin Petroleum CAD Barents Sea PL533/PL492 - Barents Sea - Pulk 479 21% C$0.41 C$2.54 C$24.37 1.7% 10.4%

Q2 2012 Lundin Petroleum CAD Norway PL519 - Albert 175 40% C$0.53 C$2.07 C$24.37 2.2% 8.5%

Q4 2011 Lundin Petroleum CAD Congo Marine XIV - Makouala 37 22% C$0.08 C$0.29 C$24.37 0.3% 1.2%

H2 2012 Niko Resources Indonesia SE Ganal - 1 prospect 263 100% C$4.71 C$39.19 C$43.50 10.8% 90.1%

H2 2012 Niko Resources Indonesia Kumawa 250 45% C$2.17 C$16.78 C$43.50 5.0% 38.6%

H2 2012 Niko Resources Indonesia West Sageri - 1 prospect 110 100% C$3.07 C$16.38 C$43.50 7.1% 37.6%

Q4 2011 Niko Resources Trinidad 2AB 250 26% C$1.06 C$5.87 C$43.50 2.4% 13.5%

H1 2012 Niko Resources India D4 - Prospect 1 333 15% C$0.74 C$3.45 C$43.50 1.7% 7.9%

H1/H2 2012 Orca Exploration Group Tanzania SS West 123 100% C$1.56 C$5.50 C$2.65 58.7% 207.5%

Q2 2012 Orca Exploration Group Italy La Tosca 8 70% C$0.45 C$2.76 C$2.65 16.8% 104.3% Notes: * FOGL's 4.7 bnb Loligo prospect is divided into 5 zones and we include the shallower 1.5 bnb Loligo T1 in our Events Calendar

**Polish shale wells will be re-tested in spring 2012 - we carry the estimated resource potential for the "SSS"-blocks in our Events Calendar

***The Avaldsnes appraisal well is targeting 500 mmb and if successful, will add further 250 mmb to the mid-range of 1,300 mmb we carry for Avaldsnes. We include the potential addition of 250 mmb in our Events Calendar


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Exhibit 5: 2012 Events Calendar (cont.)

Q1 2012 Pan Orient Energy Thailand Batu Gajah (Tuba Obi Utara-1) 39 97% C$0.38 C$2.05 C$1.90 19.9% 108.0%

Q4 2011 Pan Orient Energy Indonesia Citarum - Cataka A 75 77% C$0.59 C$3.17 C$1.90 31.2% 166.7%

H1 2012 Pan Orient Energy Indonesia Citarum - Lodaya -1B 75 77% C$0.59 C$3.17 C$1.90 31.2% 166.7%

H1 2012 Pan Orient Energy Indonesia Citarum - C 75 77% C$0.59 C$3.17 C$1.90 31.2% 166.7%

ongoing 2011 Petromagdalena Energy Colombia Topoyaco - prospect D 47 50% C$0.27 C$4.62 C$1.50 17.7% 304.0%

ongoing 2011 Petromagdalena Energy Colombia Santa Cruz - Victoria prospect 44 70% C$0.17 C$4.27 C$1.50 11.5% 281.1%

ongoing 2011 Petrominerales Colombia Block 25 - Bromelia prospect 30 100% C$0.46 C$8.00 C$16.30 2.9% 50.3%

Q4 2011 Premier Oil UK 21/28a - East Fyne (appraisal) 12 40% 3.3p 9.7p 377.1p 0.9% 2.6%

ongoing 2011 Premier Oil UK Erne 18 50% 2.7p 11.9p 377.1p 0.7% 3.2%

Q4 2011 Premier Oil Indonesia Natuna Sea Block A - Anoa Deep 11 29% 0.1p 1.5p 377.1p 0.0% 0.4%

Q1 2012 Premier Oil UK Bluebell 19 60% 5.7p 21.1p 377.1p 1.5% 5.6%

Q1 2012 Premier Oil UK Carnaby 30 50% 4.5p 18.0p 377.1p 1.2% 4.8%

Q1 2012 Premier Oil UK Stingray 30 50% 7.5p 27.8p 377.1p 2.0% 7.4%

Q1 2012 Premier Oil Indonesia Buton - Benteng 77 30% 2.5p 11.1p 377.1p 0.7% 2.9%

Q1 2012 Premier Oil Indonesia Natuna Sea Block A - Biawak Besar 14 29% 0.4p 1.9p 377.1p 0.1% 0.5%

Q1 2012 Premier Oil Indonesia Block A Aceh - Matang-1 40 42% 1.5p 4.5p 377.1p 0.4% 1.2%

Q4 2012 Premier Oil Norway PL359 - Luno II 140 30% 9.7p 28.3p 377.1p 2.6% 7.5%

Q3 2012 Premier Oil UK 15/21g - Spaniards 50 28% 3.5p 16.8p 377.1p 0.9% 4.5%

ongoing 2011 Premier Oil UK 14/30a - Tudor Rose 49 40% 0.1p 7.5p 377.1p 0.0% 2.0%

Q1 2012 Rialto Energy Cote d'Ivoire Gazelle oil 14 37% A$0.15 A$0.21 A$0.26 56.3% 80.4%

Q1 2012 Rialto Energy Cote d'Ivoire Gazelle gas 43 37% A$0.06 A$0.08 A$0.26 21.7% 31.0%

H2 2012 Rialto Energy Cote d'Ivoire Condor 126 37% A$0.06 A$0.24 A$0.26 22.9% 91.7%

Q2 2012 ShaMaran Petroleum Kurdistan Atrush-2 281.3 27% C$0.10 C$0.48 C$0.40 24.4% 119.3%

H1 2012 Tag Oil New Zealand Cheal Area - Mt. Messenger 2.5 100% C$0.43 C$0.81 C$7.16 6.0% 11.4%

H1 2012 Tag Oil New Zealand Cheal Area - Urenui 2.4 100% C$0.41 C$0.87 C$7.16 5.7% 12.1%

H1 2012 Tag Oil New Zealand Sidewinder Permit 12.0 100% C$2.05 C$4.49 C$7.16 28.6% 62.8%

H1 2012 Tag Oil New Zealand Waitangi Hill Prospective Resources 50 50% C$0.88 C$8.82 C$7.16 12.3% 123.2%

H1 2012 Tag Oil New Zealand Boar Hill Prospective Resources 36 50% C$0.63 C$6.25 C$7.16 8.7% 87.3%

ongoing 2012 TransGlobe Energy Egypt Arta - Nukhul Trend Frac Upside 90 100% C$4.70 C$15.97 C$7.25 64.8% 220.3%

ongoing 2012 TransGlobe Energy Egypt East Ghazalat - Upside 102 50% C$1.62 C$8.23 C$7.25 22.3% 113.5%

H1/H2 2012 TransGlobe Energy Egypt East Arta 43 100% C$1.70 C$6.91 C$7.25 23.4% 95.2%

Q4 2011 Trap Oil UK Block 29/1c - Orchid 38 15% 4.1p 14.2p 26.8p 15.3% 53.1%

Q2 2012 Trap Oil UK Block 14/13 - Crazy Horse 123 22% 8.9p 116.6p 26.8p 33.4% 436.0%

H1/H2 2012 Trap Oil UK Block 23/22b - Lacewing 38 10% 0.5p 4.3p 26.8p 1.8% 16.0%

H1/H2 2012 Trap Oil UK Block 13/23a - Minos 5 10% 0.5p 1.4p 26.8p 1.7% 5.1%

H1/H2 2012 Trap Oil UK Block 30/11c - Romeo 41 8% 2.0p 8.2p 26.8p 7.4% 30.6%

H1/H2 2012 Trap Oil UK Block 20/5b - Scotney 57 13% 9.2p 28.8p 26.8p 34.5% 107.8%

Q1 2012 Tullow Oil Kenya Block 10 BB - Ngamia-1 Target 150 50% 5.4p 38.4p 1369.0p 0.4% 2.8%

H1 2012 Tullow Oil Kenya Block 10 BB - Fise Prospect 45 50% 1.4p 10.8p 1369.0p 0.1% 0.8%

H2 2012 Tullow Oil Kenya Block 10A - Paipai Prospect 234 50% 7.9p 59.5p 1369.0p 0.6% 4.3%

H1 2012 Tullow Oil French Guiana Guyane Maritime - Zaedyus Deep 175 28% 4.9p 27.2p 1369.0p 0.4% 2.0%

H2 2012 Tullow Oil French Guiana Guyane Maritime - Zaedyus Deep Upside 525 28% 8.3p 83.4p 1369.0p 0.6% 6.1%

Q4 2011 Tullow Oil Guyana Georgetown Block - Jaguar 175 30% 5.3p 29.3p 1369.0p 0.4% 2.1%

Q4 2011 Tullow Oil Guyana Georgetown Block - Jaguar Upside 525 30% 9.0p 90.0p 1369.0p 0.7% 6.6%

Q4 2011 Veraz Petroleum Peru La Colpa Structure (Contingent) 29 20% C$0.89 C$2.70 C$0.45 198.3% 600.8%

H1 2011 Veraz Petroleum Peru Sheshea Structure 99 20% C$0.67 C$7.05 C$0.45 147.8% 1567.5%


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GMP COVERAGE: CATALYSTS IN 2012 We provide a short summary for each company under the GMP International Coverage highlighting catalysts and drivers in 2012.

Adira Energy - ADL CN, target price C$1.30/sh, BUY, Peter Nicol

Adira plans to spud an exploration well on each of its three licences offshore Israel commencing in Q4/12. Adira has completed a 3D geophysical program on its Gabriella and Yitzhak licenses and resulted in gross best estimate (P50) contingent resources of 277 mmb of oil and prospective resources of 1,303 mmboe (Gustavson Associates). In terms of near-term catalysts, Adira has engaged NSAI to prepare a CPR on its offshore blocks to establish economic risking of the targets and a valuation of each of the blocks, expected in Q1/12, to identify possible drilling targets for its 2012 drilling program. Following Adira’s recent announcement of its 25% farm out of its Yitzhak License, we expect the possibility of additional farm out of its 60% interest in Yitzhak and additional financing through equity raising to fund its three commitment wells anticipated for the end of 2012.

Afren - AFR LN, target price 250p/sh, BUY, Peter Nicol

Afren will kick off its 2012 exploration campaign with the 325 mmb Cudu prospect on the Keta Block (AFR 35% WI), Ghana, in Q1/12 which we carry at 8p/sh risked (67p/sh unrisked). Operator ENI (35% WI) will use the Transocean Marianas semi-submersible to spud the Cuda-2 well which is currently drilling in Nigeria. The play type is similar to that proved successfully in the Jubilee and Odum discoveries. Cuda-1 and Cuda-1ST1 wells were drilled in 2009 and were P&A’d having encountered unexpectedly severe high pressure zone in the top of the upper Cretaceous without entering the primary Cretaceous objectives. Additional material wells for Afren in 2012 include the Paipai prospect located on Block 10A, Kenya. Operator Tullow Oil plans to spud an exploration well in H2/12 which we carry at 5p/sh risked (31p/sh unrisked). The ramp up of production at Ebok remains critical for Afren in terms of delivering the cash flow to deliver its extensive list of exploration targets and in proving its credentials as an operator. With Ebok at its planned exit rate of 50 mb/d Afren would be able to appraise its large potential of contingent resources and explore its rich inventory of prospective resources.

Africa Oil - AOI CN, target price C$4.15/sh, BUY, Toby Pierce

Africa Oil's much anticipated exploration campaign is to kick off this December in Kenya and Somalia and is potentially one of the best high impact exploration stories to own in Africa. With Tullow operating, and a fully funded 10 -12 well drilling campaign over the next 2 to 3 years we feel that AOI provides investors exposure to a very good high risk, yet high reward strategy. AOI is due to spud the 40 mmboe (P50) Ngamia prospect on Block 10 BB in Kenya in December. The rig will move from the Ngamia well to drill the Paipai prospect on Block 10A. Further, Horn Petroleum (AOI's exploration spin-off) has contracted services in Puntland and expects to spud its first well in December, 2011. The company has an experienced management team, acreage over the majority of the untested East African Rift System, and is fully funded for 10-12 wells going forward making it a very good investment for investors with an above average risk tolerance.

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African Petroleum - AOQ AU, target price A$2.00/sh, BUY, Peter Nicol

We look with great interest to AOQ continuing its Liberian drilling program as management plans to spud its next well in Q1/12 and a third well in May 2012. Although AOQ is funded for six wells, we believe it is in a strong position to bring in a major partner, allowing it to mitigate some of its exploration risk and capital costs. We believe interest in the West African Transform Margin will continue to gain momentum as the area will see one of the largest deepwater exploration programs in the world with up to 20 wells planned to be drilled across 7 countries in the next 12-18 months. The majors interest in this region was highlighted by ExxonMobil's recent farm-in to TSX listed Canadian Overseas Petroleum’s (XOP LN) Block LB-13.

AOQ has a solid cash position of $300 mm (providing funding for up to six wells) and has also amassed the largest acreage position across the margin (13,663 km2 (3,376,200 acres) secured, 26,612 km2 (6,575,968 acres) pending). We continue to believe AOQ provides investors exposure to fully funded, high impact drilling campaign and we maintain our A$2.00 target price and BUY recommendation.

Bankers Petroleum - BNK CN, target price C$10.30/sh, BUY, Toby Pierce

Bankers Petroleum struggled in 2011 to overcome issues related to its production and infrastructure. We expect 2012 will be significantly better for the company as management has aggressively focused on expanding and debottlenecking the infrastructure, adding drilling rigs and strengthening the in-country team. The first big catalyst the company faces is hitting its exit production target of 16 mb/d at year-end. Additional catalysts for the share price over the next 3-6 months include: an updated reserves and resources report which will include all of the 2011 drilling activity, commencement of the thermal pilot and its initial results, exploration drilling on Block F and commencement of the waterflood pilot at Kucova and its initial results.

Management is keenly aware it needs to continue focusing on resource development and will continue to focus on creating shareholder value both through production, reserves additions, and finally, its thermal program. We also believe that there is a very good chance that Bankers Petroleum is sold in 2012 as the company will have a much more comprehensive data set (specifically on the thermal program). We maintain our BUY rating and reiterate our C$10.30/sh price target.

BNK Petroleum - BKX CN, target price C$7.30/sh, BUY, Toby Pierce

After announcing inconclusive test results from the Lebork S-1 well (BKX 26.7%, LNG Energy (LNG CN) 20%), shale gas well in Poland, in Oct/11; the re-testing of the well has been rescheduled for spring 2012 due to cold weather. The fraccing of other two Polish wells, Wytowno S-1 and Starogard S-1, has also been postponed to the spring of 2012. Despite this, gas was flared from each interval and we believe it is too early to make any conclusions about the viability of the Polish shale gas play at this point. Given that this is the first Polish shale gas test for BKX, there is a learning curve to testing techniques and the company is likely to benefit from an optimized fraccing program that has been designed, as well as from sharing the information with other operators that are testing their shale gas wells in Poland. In the anticipation of the re-testing of the Polish shale gas wells in spring 2012, we maintain our long-term BUY rating.

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Although our valuation is based solely on the three "SSS"-blocks in Poland, BNK Petroleum has a total acreage in Europe (Poland, Germany and Spain) of ~4.4 mm net acres, in 5 separate basins, as well as producing unconventional assets in US.

C&C Energia Ltd. - CZE CN, target price $15.25/sh, BUY, Ryan Savage

As all Colombian E&Ps faced issues through 2011, CZE further faces challenges in converting produced volumes on their blocks into sales volumes for the quarter. While this trend has been increasing over the past few quarters, production still exceeds sales by a relatively wide margin (~15 – 20%). If CZE can close this gap, we believe it will be reflected in an increased share price.

Into 2012, CZE plans to drill 16 – 19 wells, which include 13 exploration wells and 3 – 6 appraisal wells. Of particular note, the Coati block which will be drilled in Q2/12 has the potential (unrisked) to have traps ranging from 30 – 100 mmb of recoverable oil. We currently carry the block at 11 mmb of risked exploration resources, or $1.33/sh, in our NAV.

Cairn Energy - CNE LN, target price 420p/sh, BUY, Toby Pierce

Cairn Energy recently announced it had received its approvals for its 40% sale of Cairn India to Vedanta and Cairn plans to return ~US$3.5 bn (~156p/sh) to shareholders. We don’t expect much in the way of big catalysts for the company in 2012 given that Cairn will likely spend the bulk of the year evaluating the data it collected in Greenland during 2010 and 2011. Further, we expect the company to begin a farm-out process on its Greenland exploration acreage which will likely take the bulk of 2012. Cairn does have some interesting acreage in the Mediterranean, however we expect there to be limited drilling catalysts in the region during 2012.

The big catalyst in the near term will be payment and receipt of the special dividend to shareholders. We expect Cairn will attempt to grow its portfolio both organically and through acquisitions, however don’t expect much if any of these actions to add much in the way of potential catalysts in 2012.

CGX Energy - OYL CN, target price C$2.50/sh, BUY, Peter Nicol

CGX intends to drill up to three high impact wells in the next twelve months (Jaguar, Eagle Shallow and Crabwood) in the Guyana which could collectively add $2.94/sh risked, $29.43/sh unrisked to the share price. We also expect a great deal of interest and news flow from the area from nearby companies drilling wildcat exploration wells (including Inpex and Tullow Oil) and expect positive well results from any other neighbouring player to be positive for CGX Energy and help ascertain the play risk, source rock, and general risks associated within the basin.

The company will be drilling two fully funded, highly prospective, back to back wells in offshore Guyana imminently. The Jaguar-1 well, Georgetown Block (25% WI), is estimated to be a 700 mmb P10 target by partner Tullow Oil. The well will be spudded as soon as the rig moves from Suriname where it has completed the Aitkanti-1 well for Inpex and is expected to take 180 days to drill. The Eagle Shallow (Eagle-1 well), Corentyne Block (100% WI) is expected to spud in early Q1/12 and estimated to take ~60 days to drill targeting the Eocene formation which has independently assigned

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prospective resources of 315 mmb. CGX is also actively looking to secure a JV partner to earn an interest in the Corentyne PA and/or the interest in the Georgetown PA in order to mitigate both exploration risk and capital costs. Bringing in a partner will also likely allow CGX to expand its campaign by drilling additional exploration targets. We reiterate our C$2.50 price target and BUY recommendation.

Coastal Energy - CEN CN/CEO LN, target price C$16.00/sh/1,000p/sh, BUY, Toby Pierce

With current production at ~17.5 mboe/d and additional production to come online from Bua Ban North A, Coastal expects to exit the year with over 20 mb/d of offshore production and over 22 mboe/d of total production. Coastal plans to drill exploration wells targeting 67 mmb of recoverable resources in the Bua Ban South commencing Q1/12 which we carry at C$1.81/sh risked (C$9.45/sh unrisked). Following a very successful exploration and appraisal campaign across its Bua Ban North A and B fields in 2011, we maintain our view that the field has the potential to significantly strengthen CEN’s production base.

Dominion Petroleum - DPL LN, target price 5.9p/sh, HOLD, Toby Pierce

We are maintaining our HOLD recommendation and 5.9 p/sh target as the previously announced acquisition of DPL by Ophir Energy (OPHR LN) is progressing inline with expectations. Ophir and Dominion announced in October they reached an agreement on the terms of a recommended offer to be made by OPHR to acquire DPL, for 0.0244 new OPHR shares for each DPL share. The acquisition creates the largest independent net deepwater acreage portfolio in East Africa, consolidating OPHR's current portfolio of Blocks 1, 3, 4 (40% WI) and East Pande (70% WI) in Tanzania, with the addition of Block 7 (80%), offshore Tanzania and provides OPHR with entry to offshore Kenya through Block L-9 (60%) and Block L-15 (100%). The scheme is expected to become effective Jan 20/12.

Eaglewood Energy - EWD CN, target price C$0.50/sh, BUY, Toby Pierce

Eaglewood Energy offers one of the few routes into grass roots exploration in Papua New Guinea. It has recently acquired all the necessary approvals and extensions for its licenses and is now in a position to progress its activities in PPL259 (Ubuntu discovery, contingent resources of ~114 bcf) and to move forward with farm-out efforts to drill its second well, Herea-1 in PPL259, which is currently planned for H2/12. The company has $5.0 mm in cash and also future proceeds of ~$7.0 mm from the sale of the 20% interest of its 30% equity interest in PPL260 to Exxon Mobil. However, the cash proceeds are not enough to drill the Herea-1 well without sharing the drilling costs and we will look to securing the farm-out partner as the next catalyst for the stock. In the longer term, commercializing its PNG assets will remain important and we will continue to look to further updates from the company related to its monetization strategy.

East West Petroleum - EW CN, target price C$1.00/sh, BUY, Toby Pierce

With C$30 mm on the balance sheet, EW's solid cash position provides flexibility in the upcoming year and following its Romanian farm-out to a subsidiary of Gazprom (Naftna Industrija Srbije (NIS)) in May, East West's capital risk has been mitigated as

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they are fully-carried through a substantial seismic and 12-well drilling campaign. Management has accumulated a portfolio of assets in Romania, Morocco and India and in 2012 we look to exploration work in Romania with partner, NIS. EW's portfolio of assets in India and Romania are fully funded and Management is actively seeking additional opportunities. We look to further updates from Romania as upcoming re-rating points for the stock and potential other deals with Kuwait Energy going forward.

Falkland Oil & Gas - FOGL LN, target price 300p/sh, BUY, Peter Nicol

Next year is crucial for Falkland Oil & Gas as it awaits the rig to start drilling the 4.7 bnb Loligo prospect, in the Southern Falkland Basin in late April or early May 2012. The well has a potential to be a "game-changer" for the stock (~265p/sh of the 300p/sh target price is attributed to the Loligo's combined potential). The Leiv Eiriksson rig is now en route to the Falkland Islands (from Greenland) for the upcoming Borders & Southern Petroleum (BOR LN) and FOGL combined drilling program. BOR expects to commence operations in late January and FOGL anticipates that the two BOR wells will take ~three months to drill and expects to start its first well on the Loligo prospect in late April or early May/12.

Loligo is the largest of the prospects within the Tertiary Channel Play with possible stacked reservoir zones and five separate targets. The five zones are Loligo T1 (1.509 bnb), Loligo T1 deep (0.644 bnb), Trigg & Trigg deep (0.969 bnb) and Three Bears (1.588 bnb) and combined they have potential mean recoverable oil reserves of 4.7 bnb (gas case is 15.4 tcf, plus 573 mmb of condensate in T1 zone only). The prospect is 4,000 m deep and drilling is expected to take ~50 days.

FOGL is fully funded for Loligo (deep), but post-Loligo it will need to consider financing options (a second well on another Tertiary Channel target, such as Nimrod or Vinson, is fully funded only in the event that a shallower well is drilled on Loligo). The discussions with a number of farm-out partners are ongoing. FOGL offers investors exciting, high-risk high-return exploration story in the Southern Basin of the Falkland Islands and its 2012 exploration program is binary in nature.

GeoPark – GPK LN, target price 890p/sh, BUY, Peter Nicol

GeoPark announced the addition of three operated exploration blocks located on Tierra del Fuego, Chile, in Sep/11 which are geologically contiguous with GeoPark’s existing Fell block, but are expected to be more oil prone. We believe these three blocks provide GeoPark with significant potential exploration upside and we look to the commencement of initial exploration de-risking activities to provide a better understanding of the potential value of these blocks to GeoPark. With fracking on its Renoval X-1 well on its Esperanza structure located on the Tranquilo block expected to commence in Q4/11, we look to fracking results to gain a better understanding of the structure and the potential value of the well to GeoPark. Exploration wells are anticipated through 2012 on its Tranquilo and Otway blocks. Following its 20% stake sale in its Chilean business to LGI, GeoPark has strengthened its balance sheet and its relationship with the Korean conglomerate. With over $200 mm in cash and a strong partner, GeoPark is well positioned to increase its foot print in Latin America and de-risk its new blocks over the coming years.

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Heritage Oil - HOIL LN, target price 340p/sh, BUY, Toby Pierce

Heritage Oil's operations in Kurdistan will remain in focus in 2012, as the company plans to start exploration drilling in the Miran East structure (prospective gas resources of 173 bcf and prospective oil resources of ~130 mmb). A second rig has been contracted to drill Miran East commencing in Jan/12. The appraisal of Miran West structure (following the significant gas discovery in Jan/11) is ongoing and will continue into 2012 with further testing results from the Miran West-3 well (lower Cretaceous) expected by 2011 year end and the rig moving to the Miran West-4 appraisal well. Management estimates the Miran West structure has P90-P50 gross in-place volumes of gas of 6.8-9.1 Tcf with 42-71 mmb of condensate and 53-75 mmb of oil. Elsewhere, HOIL is yet to firm up exploration targets in Tanzania, Mali and Malta for 2012. We don’t expect Heritage to get drilling on some of its higher impact exploration acreage until H2/12 at the earliest. The company has a solid exploration team, an outstanding track record of discovering large resources, and a robust cash position, however we see limited catalysts beyond its appraisal and exploration drilling in Kurdistan over the next 6 months.

Ithaca Energy - IAE CN/LN, target price C$3.20/sh / 200p/sh, BUY, Toby Pierce

Ithaca Energy is a good defensive stock to own as it expects to ramp up its UKNS production in 2012 to ~10 mboe/d (from the current ~4 mboe/d) with the start-up of the Athena development (~5,000 boe/d net to IAE) in Q1/12. The company is in a sound financial position and continues to generate healthy cash flow from its producing assets. The commencement of the Hurricane appraisal well in Q1/12 is another near term catalyst for the stock as Hurricane (if successful) will likely be fast-tracked to development and given that it is a pure oil field, will allow for maximization of early liquids production from the Greater Stella Area (GSA) hub.

Post Athena start up, the GSA development will be in focus as Ithaca will work towards creating a fully aligned production hub underpinned by ~54 mmboe of Stella/Harrier gross 2P reserves and which has the potential to take IAE's production level over the 20 mboe/d mark by 2014. The start of the development drilling program is scheduled for H2/12, with first oil expected in H2/13.

Given that Ithaca Energy has significant cash flow, bank-lines and cash on hand and has made several strategic tuck-in acquisitions over the last two years we also expect the company to be active in the M&A market going forward. We continue to rate Ithaca a BUY based on its experienced management team, strong cash flow and upcoming Athena project start-up.

LNG Energy - LNG CN, target price C$1.50/sh, BUY, Peter Nicol

After announcing inconclusive test results from the Lebork S-1 well (BKX 26.7%, LNG Energy (LNG CN) 20%), shale gas well in Poland, in Oct/11, the re-testing of the well has been rescheduled for spring 2012 due to cold weather. The fraccing of other two Polish wells, Wytowno S-1 and Starogard S-1, has also been postponed to the spring of 2012. Despite the inconclusive test results, the gas was flared from each interval and we believe it is too early to make any conclusions about the viability of the Polish

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shale gas play at this point. Given that this is the first Polish shale gas test for LNG, there is a learning curve to testing techniques and the company is likely to benefit from an optimized fraccing program that has been designed, as well as from sharing the information with other operators that are testing their shale gas wells in Poland.

We also look to drilling results from LNG's initial Etropole farm-in well in Bulgaria targeting the Etropole shale during Q1/12 which we carry at C$0.52/sh risked in our target price. The Etropole shale holds promise for a shale gas play in Bulgaria and is believed to hold multi tcf potential.

Longford Energy Inc. - LFD CN; target price $0.50/sh, BUY, Ryan Savage

We are still awaiting the results from the previously spud appraisal well at Chia Surkh, which admittedly have taken much longer than we ever anticipated. Although a confirmed oil field exists on the block, the size and deliverability remain key questions to be answered by LFD. As with Vast Exploration (VST CN), our chief concern remains the company’s ability to finance itself through the appraisal program.

Lundin Petroleum - LUP CN/LUPE SS, target price C$26.70/sh / SEK176/sh, BUY, Peter Nicol

The appraisal of the 1.7-3.3 bnb Avaldsnes/Aldous discovery will continue into 2012. The appraisal well 16/5-2 in PL501 (LUP 40%) targeting up to 500 mmb in the south western part of the Avaldsnes is currently drilling (with results expected by 2011 year end), and the company plans at least three further appraisal wells in 2012. Additionally, in 2012, Lundin Petroleum will target ~586 mmboe net unrisked resources (450 mmboe in Norway) with 24 exploration wells in 2012 (12 wells in Norway, 5 wells in Malaysia, 3 in Netherlands, 3 in France and 1 in Congo).

The drilling in Norway will remain in focus as the company has identified several targets to the south of the Avaldsnes/Aldous discovery (Biotitt (124 mmboe gross, Q2/12, Luno II (140 mmboe gross, Q4/12), Jorvik (46 mmboe gross, Q4/12)) that are potentially targeting the Avaldsnes play type. Several wells will be drilled outside the Greater Luno Area - namely, Albert (176 mmboe gross, Q2/12) in Mǿre Basin Area and Carlsberg (67 mmboe gross, Q4/12), Ogna (157 mmboe gross, Q3/12) & Clapton (67 mmboe gross, Q1/12) in the Quadrant 8 Area. One well in the frontier area of the Barents Sea (the ~480 mmboe Pulk well) will be drilled in Q2/12. Although LUP's Malaysian wells have little impact in terms of valuation, with a range of monetization options available, LUP is considering the potential for a cluster development and any incremental discovery, especially oil, would provide a positive sentiment.

2011 production guidance is maintained at 31-34,000 boe/d and 2012 production expected to grow by over 10% and to double by end 2015/16. We expect Lundin Petroleum to continue to generate strong cash flow, however, we do not expect a drastic increase in production until the Luno/Tellus development is onstream in late 2015.

Madagascar Oil - MOIL LN, target price 132p/sh, BUY, Toby Pierce

After a difficult 2011 that saw the company re-establish certainty around its right to explore and develop Tsimiroro (the company’s main asset in Madagascar) we expect the company to have a significantly better year in 2012. The beginning of the year

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will be relatively light for catalysts however with an additional 12 wells drilled to date the company is in a good position to update its resources which may lead to higher resource numbers and valuations. The big catalyst for the company will be the commencement of steam-flooding which is due in H2/12. MOIL remains significantly under-valued and currently trades at ~US$0.05/b of contingent resources (P50).

Niko Resources - NKO CN, target price C$125.00/sh, BUY, Toby Pierce

The next 12 months will be a very active period for Niko Resources following a year plagued by rig delays and ongoing issues on the D6 Block in India. The company is very well positioned to outperform the market in 2012 as it kicks off its extensive high impact Indonesian drilling program and continues to drill on its Trinidad acreage. We don’t expect much in the way of incremental news in India as the dispute over gas pricing on D6 between Reliance Industries and the Government of India continues.

Niko is currently drilling the Stalin-1 well offshore Trinidad on Block 2AB. The well is targeting ~250 mmboe of oil/gas which we value at C$2.25/sh risked (C$12.05/sh unrisked). Results are expected early in 2012. There will likely a bit of a lull in activity as Niko waits for its deep-water semi-sub to arrive in Indonesia. Drilling should commence in Indonesia at the beginning of H2/12 and run continuously over the next 4-5 years. The company hasn’t selected its first location yet, however target sizes range from 100 to over 1 bn+ boe.

Niko Resources continues to be one of our highest conviction exploration ideas for 2012 and recommend investors add to their positions over the next several months as the company approaches its potentially transformational high impact exploration drilling program.

Orca Exploration - ORC CN, target price C$9.00/sh, BUY, Toby Pierce

With the recent announcement that a special parliamentary committee had accused Orca of certain irregularities mostly behind them we expect 2012 to be a better year. Orca will commence drilling its onshore SS-A well on Songo Songo in Tanzania imminently and results from this well and its ongoing efficiency drive to increase production will be the company’s immediate focus in the near term. Over the next 18-24 months Orca will move to expand production toward the 200 mmcf/d mark. The high-impact Songo Songo West exploration well is likely to spud towards the end of 2012 and if successful, it will be some time before its potential will be commercialized (given capacity constraints in Tanzania). Further, in Italy, the company is expected to spud the La Tosca gas exploration well in the Po Valley Basin during Q1/12.

Orca remains undervalued and trades below its proven producing reserves value of C$5.02/sh and we expect the company will move aggressively in 2012 to increase its shareholder value and address this issue.

Pacific Rubiales Energy Corp. - PRE CN, target price C$39.00/sh, BUY, Ryan Savage

PRE has had a difficult 2011 to say the least, as we note many of the H2/11 catalyst events we were highlighting were delayed or pushed out to 2012. Further contributing to the poor share price performance has been a “tax raid” on their corporate offices,

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civil unrest interrupting production at the Rubiales field and general increase in the risk profile of Colombia.

Specifically we believe blocks CPE-6 and Sabanero could provide material catalysts for PRE. CPE-6 is a 50/50 JV with TLM, with an undefined resource size (current estimates range from 250 – 400 mmb of total recoverable oil, or 100 – 200 mmb net to PRE). We currently carry 115 mmb of risked resource, or $5.20/sh in our NAV, for the block. If flow characteristics can be established to be similar to the Rubiales field, we believe the announcement of a commercial development of this size could be a significant catalyst for the company (likely a H2/12 event). Sabanero (a 50/50 JV with Maurel & Prom) carries a net 16 mmb of proved reserves currently, and we believe announcements regarding production volumes for late 2011 and into 2012 are forthcoming. As such, PRE remains one of our top conviction names in the LatAm space.

Pan Orient Energy - POE CN, target price C$8.20/sh, BUY, Toby Pierce

Following a painful 2011, Pan Orient is looking very cheap trading significantly below its core NAV of C$5.15/sh and trading below its proven reserves valuation of $170 mm (y/e 2010). Going forward in 2012 Pan Orient has adequate cash to tackle its Thai work program and conduct its Indonesian exploration program.

Pan Orient has many upcoming catalysts especially on its acreage in Indonesia with plans to drill at least two exploration wells planned at Batu Gajah and three back to back exploration wells planned on the Citarum acreage over the next 3-6 months. Pan Orient will also continue to focus on improving production rates on its Thai acreage and also plans further exploration on its 100% owned L53 block.

We continue to believe that Pan Orient has one of the best risk/reward profiles of all the stocks we currently cover and expect the company to significantly outperform on drilling success in 2012.

Petroamerica Oil Corp. - PTA CN, target price $0.10/sh, HOLD, Ryan Savage Although exposed to the same issues facing all Colombian based E&Ps, we believe PTA has some structural issues that need to be addressed. Although successful in the exploration campaign at Balay, PTA has been unable to demonstrate to the market how the block will be developed, or even marginal test volume sales on the block. Although the company has made several moves in order to rationalize the portfolio of exploration blocks, we still believe the portfolio is not focused enough. We have concerns regarding the ability of the company to finance itself through the 2012 exploration program, which include access to capital markets.

Petroceltic International - PCI LN, target price 17p/sh, BUY, Peter Nicol

With the Algerian appraisal program now complete (6 wells testing gas columns and 3 of the total 9 wells flowing gas at rates in excess of 33 mmcf/d) the focus shifts to the 'gazetting' of the farm out to Enel which should provide Petroceltic with necessary funds to continue its activities.

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In the interim, Petroceltic has access to its bridge debt facility of $30 mm and awaits the receipt of initial cash proceeds of ~$100 mm from the Enel transaction which is still subject to "gazetting". The further contingent cash consideration of up to $75 mm is due after the Final Discovery Report which PCI plans to submit by the end of Jan/12. Drilling in Italy and Kurdistan will start in 2013 at the earliest and thus, we see the receipt of the monies from Enel as the next catalyst for the stock in order to advance its development plans in the Isarene PSC (PCI 56.625%, Enel 18.375%, Sonatrach 25%) in Algeria.

The strategic issue facing Petroceltic is the farm-out approval and the cash that is due. If it is received, it is likely that some portion of the cash will be used to bring a new area or activity into the portfolio and bridge the activity gap. If the approval is not received and the company is cash strapped, then PCI faces a choice between further potential dilution in order to progress its activities or to look to sell the company or the asset and to realize the industry valuation implied by the farm-in, which is currently significantly higher than the equity market’s view. If the farm out proceeds then there is also a possible second farm out of a further 18.375% in the Isarene PSC later in 2012.

Petromagdalena Energy Corp. - PMD CN, target price $3.25/sh, BUY, Ryan Savage

PMD has been in a rebuilding phase for close to a year, and so far we are impressed with the new management team. In the past execution has been an issue, but the current team has shown their ability to get wells drilled on time. By drilling the asset we originally believed would be the company’s growth driver, the Cubiro block, we believe PMD will show production growth through Q4/11 and into 2012. PMD’s outlined $50 - $60 mm capex program for 2012 include 6 exploration wells and 12 development wells. The Topoyaco well is still being evaluated (we believe testing will be completed in Q1/12), but if successful could be a company changing event. We currently carry 8 mmb of risked exploration resource, or $0.42/sh, in our NAV for the prospect but note it could be as large as 20 mmb net to PMD.

Petromanas Energy Inc. - PMI CN, target price $0.75/sh, BUY, Ryan Savage

After a long period of acquiring seismic, PMI plans to drill 3 exploration wells on 3 separate exploration blocks in 2012. The 1st is to be spud in Q1/12 on the Jubani prospect, and each of the wells is a commitment well. PMI has been in the process of looking for a JV partner in Albania, and we believe if they are successful it will reduce the capital requirements but could also add to the technical knowledge of the exploration program. We estimate PMI has net cash on hand of $40 mm, which should see them through the first 2 exploration wells, even if they drill them at 100% working interest.

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Petrominerales Ltd. - PMG CN, target price C$35.00/sh, BUY, Ryan Savage

As with all of the Colombian listed E&Ps, PMG has faced issues through 2011 that have hampered operations including field disruptions and the general slow down in licensing and permitting (and therefore drilling) in Colombia. As PMG has a high deliverability/ high decline production base, they are more exposed to this risk than all other E&Ps in Colombia in our opinion.

We believe PMG will have a reasonably active 2012, with several key events that we believe could be positive catalysts for the stock. This will include drilling their 1st exploration well in the deep foothills (Block 25). For the deep foothills prospects, we carry 35 mmb of risked exploration resources, or $3.78/sh. PMG has talked about their heavy oil prospects for years, but with stratigraphic wells that have confirmed the presence of hydrocarbons, we are becoming more optimistic (we carry 45 mmb of risked exploration resources equating to $2.13/sh in our NAV). We believe an announcement regarding the flow rates, resource size and ultimately a potential commercial development could represent not only a new cash flow source, but also a more stable and predictable production base, which we believe could reduce update-to-update volatility within the stock. Despite the recent pull back in share price, PMG remains one of our top conviction names.

Premier Oil - PMO LN, target price 440p/sh, BUY, Toby Pierce

Premier Oil remains an attractive defensive stock with good production growth in the short (40-45 mboe/d in 2011) to medium term (75 mboe/d exit 2012 rate and 100 mboe/d in the mid term). We expect PMO to generate operating cash flow in excess of $450 mm in 2011 and in excess of $700 mm in 2012, as it executes the planned development projects on a timely basis (Huntington development in the UK is expected in Sept/12). The story continues to be about delivering consistent exploration success across its portfolio. The company has ~23 exploration and appraisal wells planned over the next 13 months. We highlight the 140 mmboe Luno II prospect (~7% unrisked impact) in Norway to be drilled in Q4/12 (operator Lundin Petroleum) and a drilling program of up to three UKNS wells (Bluebell (~6% unrisked impact), Carnaby (~5% unrisked impact) and Stingray (~7% unrisked impact) in Q1/12). In the near term, results from the Erne sidetrack and the Tudor Rose (~2% unrisked impact) exploration well are expected.

Rialto Energy - RIA AU, target price A$1.10/sh, BUY, Peter Nicol

Rialto continues to make solid operational progress in Côte d’Ivoire as drilling operations on Block CI-202 are expected to commence in Q1/12. We look to the commencement of the three well drilling program targeting both exploration targets (the Condor prospect) and the development of its contingent resources in CI-202 as the major catalyst and note neighboring partners Vanco and Lukoil recently announced that its Independance-1X exploration well drilled on Block CI-401, penetrated 8 m of hydrocarbon pay in good-quality Turonian-aged sand package.

We are reiterating our A$1.10 target and BUY recommendation and in addition to drilling at CI-202, we also look to the ratification of RIA's 18% WI in the Accra Block in

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Ghana. We continue to like the story and believe Rialto offers shareholders exposure to low risk exploration and appraisal upside as well as offering upside to Jubilee-type Upper Cretaceous exploration plays along the west African transform margin.

Sea Dragon Energy - SDX CN; target price C$0.50/sh, BUY, Peter Nicol

Sea Dragon Energy is currently producing ~1,100 b/d (net) from its two concessions in Egypt, 780 b/d (net) from NW Gemsa and 325 b/d (net) from Kom Ombo. With water injection under way at its at the Al Amir SE field located on NW Gemsa (SDX 10% WI), we expect an increase in production and recoverable reserves. Providing a greater impact is Sea Dragon’s five well program (three development and two exploratory wells) at its Al Baraka field development, Kom Ombo, expected to commence in Q1/12 upon rig mobilization where it holds a 50% WI. With a $50 mm loan facility in place and increase in production anticipated through 2012, we believe Sea Dragon is well positioned to continue de-risking its two core blocks and potentially expand its portfolio.

Serica Energy - SQZ LN/CN, target price 21p/sh / C$0.35/sh, HOLD, Peter Nicol

Potential catalysts are uncertain at this point as Serica Energy has not firmed up its exploration program for 2012. Although SQZ has several exploration prospects in its portfolio, most of them are subject to finding a farm-in partner with discussions still ongoing and no firm 2012 program yet announced (the most likely prospect at this point is the Spaniards prospect in the UKNS which is likely to start drilling sometime in Q3/12). In the UK and Ireland, wells are currently under review to test the Doyle prospect, to appraise the Spaniards discovery, to test a series of down-faulted oil prospects in northern North Sea Blocks 210/19a and 20a, to drill two wells on the Boyne and Liffey prospects in the Slyne Basin and the large undrilled Muckish prospect lying in the Rockall Basin. As the work to firm-up exploration targets for 2012 is ongoing, we will wait until there is greater certainty to include these prospects in our target price.

In Nov/11, SQZ has added potentially very exciting exploration assets in Namibia to its portfolio. However, it will take ~2-3 years for the drilling activity to commence. With its ongoing strategic repositioning the company has the potential to transform itself, but this process will likely be a long-term undertaking for Serica Energy.

ShaMaran Petroleum Corp. - SNM CN, target price $1.25/sh, BUY, Ryan Savage To date, SNM has been quite successful in their exploration program in Kurdistan. Discoveries at Atrush in 2011 will be followed up with additional 3D seismic (which is underway) and the Atrush-2 exploration well to be spud in Q2/12. An early production facility has been planned in order to undergo long term testing at Atrush, which could also provide some short term cash flow. We currently estimate SNM has a net cash position of $47 mm, which should see the company comfortably through the 2012 exploration program. In the Kurdistan group of E&Ps, SNM is our favourite.

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Sterling Energy - SEY LN, target price 53 p/sh, HOLD, Peter Nicol

Although Sterling Energy lacks upcoming drilling catalysts in the new year, the company has a solid cash position of ~$100 mm which Management could use to add new projects to expand its portfolio farm into another company's existing assets. We are maintaining our 53 p/sh target price and HOLD recommendation and reiterate that SEY has an exciting acreage portfolio but at this stage there is no visibility on activity and hence few catalysts for the stock. SEY is pursuing substantial exploration targets in Cameroon, however, until the force majeure is lifted from the Ntem block, we continue to apply an additional 50% risking to the prospect.

TAG Oil - TAO CN, target price C$10.00/sh, BUY, Peter Nicol

TAG is making noteworthy progress across both coasts of New Zealand, as the start-up of production in the west is ramping up and TAG's go-forward program in the east with partner Apache is beginning to take shape. Management has had a string of successes on both the Cheal and Sidewinder permits in the West Coast, however capacity constraints remain as the main bottleneck preventing TAG from monetizing its discoveries.

In 2012 management will continue its 10 well drilling program in the West Coast and once complete, is planning to commence another drilling campaign for another 18 wells in the Cheal field, Taranaki Basin New Zealand. In the East Coast, the exploration of the high risk-high reward unconventional shale targets in east coast is beginning to move ahead. Apache and TAG share similar views on potential and targets, with first drilling likely in April 2012. We look to further updates regarding the drilling program underway on the west coast and the progression of the east coast multi-phased exploration, appraisal and potential development program with Apache as the next re-rating points for the stock.

TransGlobe Energy - TGL CN, target price C$21.00/sh, BUY, Toby Pierce

TransGlobe Energy had a tough 2011 following the ‘Arab Spring’ uprisings and the perceived increase in risk in Egypt. We expect 2012 will continue to be volatile for stocks with exposure to the Middle East, however believe that TransGlobe has discounted a ‘worst case scenario’ and remains an extremely undervalued story at the moment and is currently trading at ~60% of its core NAV of C$12.64/sh.

TransGlobe has a current production of ~12 mboe/d with Yemen offline. We expect significant production growth through 2012 which puts the company on a compelling 3.0x cash-flow over the next year. Key catalysts over the next 3-6 months include an updated reserves and resources report (incorporating the 45+ wells drilled in Egypt in 2011), the approvals for West Bakr and South Alamein acquisitions and continued production and cashflow growth. We continue to rate TransGlobe as a BUY with a strong management team, a diverse collection of producing assets across Egypt and very good cashflow and reserves growth potential.

Trap Oil - TRAP LN, target price 50p/sh, BUY, Toby Pierce

UK North Sea focused Trap Oil is planning to drill 16 wells over the next 24 months targeting gross unrisked P50 resources of ~537 mmboe. First on the list is the Orchid

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prospect (TRAP 15% interest), a four-way dip closure in the Tertiary and Chalk horizons located in the Central North Sea surrounded by the producing Banff, Kyle, Bittern and Gannet group of fields. Trap and its partners expect rapid commercialisation via nearby infrastructure in the event of a commercial discovery. Drilling on Orchid is expected to commence in Q4/11 with results anticipated in Q1/12. We carry the Orchid prospect at 4.1p/sh risked (14p/sh unrisked). Trap anticipate the spudding of its Crazy Horse prospect by operator Noreco in Q2/12 to test the Scapa and captain sands targeting 123 mmb of prospective resources. We carry the significantly high impact Crazy Horse prospect at 8.9p/sh risked (117.0p/sh unrisked).

Tullow Oil - TLW LN, target price 1730 p/sh, BUY, Peter Nicol

Tullow's strength lies in its ability to find hydrocarbons and management continues to target sizeable deposits offshore in French Guiana, Ghana, Uganda, Sierra Leone, Liberia and Kenya. Tullow's most notable discovery this year was the Zaedyus exploration well, offshore French Guiana, which encountered 72 m of net oil pay in two turbidite fans. Zaedyus opened up a new basin and has de-risked up to 14 additional material targets. The Zaedyus well is currently sidetracking and we expect further updates in H1/12. TLW expects to drill two wells in 2012 with Shell as the (new) operator in French Guiana and expects to spud the Jaguar well in Guyana with partner CGX Energy (OYL CN) imminently. Exploration drilling in Kenya is expected to commence in mid-December with the drilling of Ngamia-1 in Block 10BB with partner Africa Oil (AOI CN).

Tullow has an attractive portfolio of drilling targets for 2012 with prospects which provides good growth prospects and we re-iterate our BUY recommendation and 1730 p/sh target. We look to near-term news regarding the progress of the Zaedyus sidetrack which could increase the estimated size of the discovery as well as further updates regarding the closing of the farm-out agreement in Uganda between Total and CNOOC.

Vast Exploration Inc. - VST CN, target price $0.25/sh, BUY, Ryan Savage

VST was unsuccessful on their 1st exploration well in 2011, in that the presence of oil was confirmed but not much more. The company believes the targets are deeper than the original prognosis, which they hope to test in the 2nd exploration well. After acquiring seismic through H1/12, we expect VST and partners to spud the 2nd exploration well sometime in H2/12. Finding the funding required to drill the well may pose a challenge to VST, and remains our key concern.

Veraz Petroleum - VRZ CN, target price C$1.80/sh, BUY, Toby Pierce

Veraz has just commenced drilling the La Colpa 2X well, Block 126, Peru. Veraz and partner Petrominerales (PMG CN) will drill to ~2900 m and expects both drilling and testing of the well to complete in Q1/12. We carry the La Colpa Structure (contingent) at C$0.87/sh risked, C$2.79/sh unrisked in our published EMV and the La Colpa Structure (prospective) at C$0.63/sh risked, C$4.69/sh unrisked in our published EMV. Upon completion of drilling the rig will move to the Sheshea 1X location. The drilling program on Block 126 will significantly increase the number of existing wells on its acreage and looks to test up to 186 mmboe of net unrisked resources.

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WesternZagros Resources Ltd. - WZR CN, target price $0.75/sh, HOLD, Ryan Savage

WZR had exploration success on the Sarqala-1 well, and with an extended well test the company will begin early production from the facility in Q4/11. As a follow on to this location, WZR is currently drilling the Mil Qasim-1 well (on the same Garmian block). We believe news flow on this well could be available in Q1/12.

SIGNIFICANT DISCOVERIES IN 2010 AND 2011 2010 and 2011 are among the biggest exploration years in the recent past as high commodity prices and improved technology are driving increased exploration. We continue to track the significant discoveries as we believe future drilling activities will expand in areas that had success in 2011. Notable discoveries in 2011 were led by the plays along the Atlantic with the Zaedyus discovery in French Guyana and the discoveries offshore Mozambique and Ghana (West Africa). The North Sea saw a new exploration breakthrough in the mature province with the 1.7 - 3.3 bnb Avaldsnes/Aldous discovery which is still being appraised.

Exhibit 6: Notable Oil and Gas Discoveries in 2010 & 2011

Country Operator Well Name Location

Brazil Petrobras Libra Santos Basin - Offshore Oil

Brazil Petrobras Franco Santos Basin - Offshore Oil

Brazil OGX Waimea Campos Basin - Offshore Oil

Brazil OGX Etna Campos Basin - Offshore Oil

Brazil OGX Krakatoa Campos Basin - Offshore Oil

Mozambique Anadarko Windjammer 2 Rovuma Basin - Offshore Gas

Mozambique Anadarko Lagosta 1 Rovuma Basin - Offshore Gas

Angola Pluspetrol Castana 1 Cabinda South - Onshore Oil

Ethiopia Petronas Genale B2X Somali Basin - Onshore Gas

Azerbaijan Socar Umid South Caspian Basin - Offshore Gas

Turkmenistan CNPC Agayry Afghan-Tajik Basin - Onshore Gas

Iran NIOC Forooz 3 Rub' Al Khjali Province - Offshore Gas

U.S. BP Macondo GOM - Offshore Oil

Israel Noble Leviathan Levant Basin - Offshore Gas

Country Operator Well Name Location

Mozambique Anadarko Tubarao Rovuma Basin - Offshore Gas

Ghana Hess Paradise Tano Basin - Offshore Oil & Gas

Norway Lundin Petroleum, Statoil Avaldsnes/Aldous North Sea - Offshore Oil

U.S. Chevron Mocassin GOM - Offshore Oil

French Guiana Tullow Zaedyus Guyana Basin - Offshore Oil

Azerbaijan Total Absheron South Caspian Basin - Offshore Gas

Mozambique Eni Mamba South 1 Rovuma Basin - Offshore Gas

Argentina Repsol YPF Vaca Muerte Neuquén province - Shale Oil

Iran National Iranian Oil Company n/a South Caspian Basin - Offshore gas

Notable Discoveries in 2010

Notable Discoveries in 2011

Source: AAPG, other sources

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EXPLORATION AREAS OF INTEREST IN 2012 We expect the international oil and gas arena to remain active with junior and mid-sized exploration and production companies exploring around the globe both onshore and offshore. We expect this trend to continue as the companies are focusing on finding success through the drill bit in the high commodity price environment and as the investors seek above average returns and exposure to specific regions in the world. Below are several areas that we believe will be worth watching in 2012:

East Africa Onshore (Somalia, Kenya, Ethiopia, Uganda). The African Rift Basin remains one of the world’s least explored frontier basins. From the recent discoveries in the Albertine Grabin in Uganda to the prolific producing basins of Sudan to the North, the East African Rift basins hold significant amounts of potential. Several companies we cover are targeting multi-billion prospects including: Tullow Oil, Africa Oil and Afren.

East Africa Offshore (Tanzania, Mozambique, Kenya). Underexplored offshore East Africa experienced significant success in 2011 with ENI’s 50% increase in its estimate for its Mamaba South 1 gas discovery located in Area 4, offshore Mozambique, from a potential 15 tcf of gas in place to ~22.5 tcf. In Area 1, Anadarko, partnered with Cove and others, doubled its estimates for the Windjammer, Lagosta, Barquentine and Camarao complex to between 15 to over 30 tcf of recoverable gas and between 30 to 50 tcf of gas in place following recent success on its Barquentine-3 appraisal well. Companies hoping to add to the offshore East Africa exploration success include: Ophir, FAR, Pancontinental, Dominion Petroleum, Afren and Tullow Oil.

Exhibit 7: East Africa

Source: Africa Oil, Wood Mackenzie

West African Transform Margin (Ghana, Ivory Coast, Liberia, Sierra Leone). We believe interest in the West African Transform Margin will continue to gain momentum as the area will see one of the largest deepwater exploration programs in the world with up to 20 wells planned to be drilled across 7 countries in the next 12-18 months. Tullow Oil points out that its exploration and appraisal success rate in this area is 83%

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with 25 out of 30 wells successful. We look to drilling by African Petroleum (Liberia), Rialto Energy (Cote d'Ivoire), and Tullow Oil (Liberia, Ghana, Sierra Leone).

Exhibit 8: West Africa

Source: Wood Mackenzie

Offshore South America (the Guyanese Trend). This September, Tullow Oil, Shell and Total proved the Jubilee play, which has been successfully established in West Africa, mirrors across the other side of the Atlantic. The Zaedyus exploration well, Guyane Maritime licence, offshore French Guiana, made an oil discovery having encountered 72 m of net oil pay in two turbidite fans. The main risk had been an oil source and the Zaedyus result de-risks several fan systems to the east of the Demerara high as well as peaked interest in neighbouring areas including Suriname and Guyana. In Guyana, Tullow and partners CGX Energy and Repsol will spud the Jaguar -1 well (700 mmb target) on the Georgetown Block (25% WI) imminently and is expected to take 180 days to drill. CGX also plans on drilling the Eagle Shallow (Eagle-1 well), Corentyne Block (100% WI) in early Q1/12. The well is estimated to take ~60 days to drill and has independently assigned prospective resources of 315 mmb.

Exhibit 9: the Guyanese Trend

Source: CGX Energy

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European Shale Gas (Poland, Bulgaria, Germany, France, etc.). Starting from spring next year, we expect the the companies operating in the Baltic Basin (129 tcf technically recoverable as estimated by EIA in Apr/11) to resume their operations. 3Legs Resources (3LEG LN), BNK Petroleum (BKX CN) and LNG Energy (LNG CN) will re-test their Polish wells in spring 2012. San Leon Energy (SLE LN) and Talisman Energy (TLM CN) will continue operations in 2012 on its recently drilled Lewino 1G-2 well, on the Gdansk W Concession in Baltic Basin. We remind investors that the initial test results from the first shale gas wells drilled in the Baltic Basin in Poland in 2011 were mixed and inconclusive. Although at sub-commercial rates, the gas was flared from the wells and we believe it is too early to make any conclusions about the viability of the Polish shale gas play at this point. There is a learning curve to testing techniques and further testing is likely to benefit from an optimized fraccing program, as well as from data-sharing between operators in Poland. In Bulgaria, LNG Energy and TransAtlantic Petroleum (TNP CN) are drilling the Etropole shale well with results expected in Q1/12. The Etropole shale holds promise for a shale gas play in Bulgaria and is believed to hold multi tcf potential. The situation in France is unchanged with the ban on hydraulic fracturing still in power. We also believe that Germany, although more open for shale gas development, is unlikely to rush into it before establishing a reasonable faith in its environmental safety.

Exhibit 10: European Shale Play

Source: 3Legs Resources

The Norwegian and UK North Sea, the Barents Sea. The North Sea (Norway and UK) and the Barents Sea have seen an active exploration year in 2011 which yielded successful results. The 1.7-3.3 bnb Avaldsnes/Aldous discovery (the third largest discovery in the Norwegian Continental Shelf) was made in the heart of the Norwegian North Sea, in the southern Utsira High which has emerged as a major oil province in what many viewed as a mature region with limited remaining potential. Lundin Petroleum (LUP CN/ LUPE SS) was among the first to realize that this area was

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overlooked and the discoveries that followed (including Luno, Tellus, Apollo, Avaldsnes and Aldous Major South) showed that the Utsira High has been a "sleeping giant" which has a potential to positively impact Norway's energy future, when fully appraised and developed. The Avaldsnes/Aldous discovery is still being appraised with at least three more wells to come in 2012. Additionally, more drilling from LUP in the Utsira high area will come in 2012 with targets like Biotitt (124 mmboe gross, Q2/12, Luno II (140 mmboe gross, Q4/12), Jorvik (46 mmboe gross, Q4/12), etc. In the Barents Sea, Statoil (STL NO)'s success with the Skrugard discovery (oil, 150-250 mmboe recoverable) and Total (FP FP)'s with the Norvarg discovery (gas, 63-315 mmboe) has sparked interest in this frontier area with more drilling in 2012. Lundin Petroleum plans to drill the ~480 mmboe Pulk well in Q2/12. In the UK North Sea, Premier Oil (PMO LN) will drill a number of wells on Catcher and related blocks in the UK (Bluebell, Carnaby and Stingray in Q1/12). These wells have smaller impact however, with consistent success may help build up a strong position in this core area. EnCore Oil (EO/LN, to be taken over by PMO in Jan/12) is currently drilling the Tudor Rose exploration well with results expected either by year end or in early Q1/12 and the Spaniards prospect is scheduled for Q3/12 (other companies involved are Serica Energy (SQZ LN) and Nautical Petroleum (NPE LN)).

Exhibit 11: The Utsira High and the Skrugard Discovery in the Barents Sea

Source: Lundin Petroleum

Falkland Islands. Drilling in the Southern Falkland Basin is expected to accelerate in H1/12 as the Leiv Eiriksson rig is en route to the Falkland Islands (from Greenland) for the upcoming Borders & Southern Petroleum (BOR LN) and Falkland Oil & Gas (FOGL LN) combined drilling program. BOR expects to commence operations in late January and FOGL anticipates that the two BOR wells (most likely the 710 mmb (P50) Stebbing and the 300 mmb (P50) Darwin) will take ~three months to drill and expects to start its first well on the 4.7 bnb (Pmean) Loligo prospect in late April or early May/12. Both Darwin and Stebbing, if successful, has the potential to be "play-openers" for the Springhill and Fold Belt Plays respectively. The Loligo has a potential to be a "game-changer" for the stock (~265p/sh of the 300p/sh target price is attributed to the Loligo's combined potential), as well as open up a Tertiary Channel Play in the basin.

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New Zealand. TAG Oil (TAO CN) and Apache will begin pursuing their unconventional oil shale play in the east coast in Apr/12. 12.6 bn boe of hydrocarbons in place has been assigned by AJM (Nov/08) to the Waipawa and Whangai shale formations (and this only includes 200,000 acres of the JV's 1.7 mm acre position). The first of four back-to-back wells will commence drilling in April and each well is expected to take ~30-40 days. The Waitangi Hill prospective resources alone could up to ~125% unrisked upside.

Exhibit 12: East Coast Basin

Source: Tag Oil

Peru and Colombia. We continue to highlight Colombia and Peru as we believe exploration in both the more established basins in Colombia and the more frontier basins in Peru will continue to capture investor’s attention. We highlight Pacific Rubiales (PRE CN), Petrominerales (PMG CN), C&C Energia (CZE CN), Petromagdalena (PMD CN) and Veraz Petroleum (VRZ CN) as the companies to watch through 2012.

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Exhibit 13: Exploration Areas of Interest


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APPENDIX 1: 2012 EVENTS TIMELINE

Exhibit 14: 2012 Events Timeline

Est. Start Year Company Region Prospect/Well

Gross Reserve /Resources

(mmboe) WI Risked Un-Risked Share PriceRisked Impact

Unrisked Impact

ongoing 2011 Lundin Petroleum CAD Norway*** Avaldsnes Appraisal Well 250 40% C$2.15 C$2.69 C$24.37 8.8% 11.1%

ongoing 2011 Petromagdalena Energy Colombia Topoyaco - prospect D 47 50% C$0.27 C$4.62 C$1.50 17.7% 304.0%

ongoing 2011 Petromagdalena Energy Colombia Santa Cruz - Victoria prospect 44 70% C$0.17 C$4.27 C$1.50 11.5% 281.1%

ongoing 2011 Petrominerales Colombia Block 25 - Bromelia prospect 30 100% C$0.46 C$8.00 C$16.30 2.9% 50.3%

ongoing 2012 TransGlobe Energy Egypt Arta - Nukhul Trend Frac Upside 90 100% C$4.70 C$15.97 C$7.25 64.8% 220.3%

ongoing 2012 TransGlobe Energy Egypt East Ghazalat - Upside 102 50% C$1.62 C$8.23 C$7.25 22.3% 113.5%

ongoing 2011 Premier Oil UK 14/30a - Tudor Rose 49 40% 0.1p 7.5p 377.1p 0.0% 2.0%

ongoing 2011 Premier Oil UK Erne 18 50% 2.7p 11.9p 377.1p 0.7% 3.2%

Q4 2011 CGX Energy Guyana Jaguar, Georgetown PPL 175 25% C$0.34 C$2.15 C$1.03 33.2% 208.7%

Q4 2011 CGX Energy Guyana Jaguar upside Georgetown PPL 525 25% C$0.64 C$6.45 C$1.03 62.6% 626.1%

Q4 2011 Tullow Oil Guyana Georgetown Block - Jaguar 175 30% 5.3p 29.3p 1369.0p 0.4% 2.1%

Q4 2011 Tullow Oil Guyana Georgetown Block - Jaguar Upside 525 30% 9.0p 90.0p 1369.0p 0.7% 6.6%

Q4 2011 Lundin Petroleum CAD Congo Marine XIV - Makouala 37 22% C$0.08 C$0.29 C$24.37 0.3% 1.2%

Q4 2011 Niko Resources Trinidad 2AB 250 26% C$1.06 C$5.87 C$43.50 2.4% 13.5%

Q4 2011 Pan Orient Energy Indonesia Citarum - Cataka A 75 77% C$0.59 C$3.17 C$1.90 31.2% 166.7%

Q4 2011 Premier Oil UK 21/28a - East Fyne (appraisal) 12 40% 3.3p 9.7p 377.1p 0.9% 2.6%

Q4 2011 Premier Oil Indonesia Natuna Sea Block A - Anoa Deep 11 29% 0.1p 1.5p 377.1p 0.0% 0.4%

Q4 2011 Trap Oil UK Block 29/1c - Orchid 38 15% 4.1p 14.2p 26.8p 15.3% 53.1%

Q4 2011 Veraz Petroleum Peru La Colpa Structure (Contingent) 29 20% C$0.89 C$2.70 C$0.45 198.3% 600.8%

H2 2011 Africa Oil Puntland Dharoor - Shabeel 300 33% C$0.33 C$2.17 C$1.53 21.3% 141.8%

H2 2011 Africa Oil Kenya Block 10 BB - Ngamia (Camel) 45 50% C$0.13 C$0.66 C$1.53 8.5% 43.4%

Q1 2012 Afren Ghana Keta Block - Cuda 325 35% 8.21p 66.7p 81.4p 10.1% 82.0%

Q1 2012 Coastal Energy Thailand Bua Ban South Prospects 67 100% C$1.81 C$9.45 C$14.16 12.8% 66.7%

Q1 2012 CGX Energy Guyana Eagle Shallow, Corentyne PPL 315 100% C$1.42 C$15.48 C$1.03 137.5% 1502.8%

Q1 2012 Heritage Oil Kurdistan Miran West & East Prospective - oil 132 56% 42.63p 222.32p 176.0p 24.2% 126.3%

Q1 2012 Pan Orient Energy Thailand Batu Gajah (Tuba Obi Utara-1) 39 97% C$0.38 C$2.05 C$1.90 19.9% 108.0%

Q1 2012 Premier Oil UK Bluebell 19 60% 5.7p 21.1p 377.1p 1.5% 5.6%

Q1 2012 Premier Oil UK Carnaby 30 50% 4.5p 18.0p 377.1p 1.2% 4.8%

Q1 2012 Premier Oil UK Stingray 30 50% 7.5p 27.8p 377.1p 2.0% 7.4%

Q1 2012 Premier Oil Indonesia Buton - Benteng 77 30% 2.5p 11.1p 377.1p 0.7% 2.9%

Q1 2012 Premier Oil Indonesia Natuna Sea Block A - Biawak Besar 14 29% 0.4p 1.9p 377.1p 0.1% 0.5%

Q1 2012 Premier Oil Indonesia Block A Aceh - Matang-1 40 42% 1.5p 4.5p 377.1p 0.4% 1.2%

Q1 2012 Rialto Energy Cote d'Ivoire Gazelle oil 14 37% A$0.15 A$0.21 A$0.26 56.3% 80.4%

Q1 2012 Rialto Energy Cote d'Ivoire Gazelle gas 43 37% A$0.06 A$0.08 A$0.26 21.7% 31.0%

Q1 2012 Tullow Oil Kenya Block 10 BB - Ngamia-1 Target 150 50% 5.4p 38.4p 1369.0p 0.4% 2.8%

Q2 2012 Falkland Oil and Gas Falkland Islands* Loligo T1* 1509 60% 469.25p 3176.8p 50.5p 929.2% 6290.7%

Q2 2012 Lundin Petroleum CAD Barents Sea PL533/PL492 - Barents Sea - Pulk 479 21% C$0.41 C$2.54 C$24.37 1.7% 10.4%

Q2 2012 Lundin Petroleum CAD Norway PL519 - Albert 175 40% C$0.53 C$2.07 C$24.37 2.2% 8.5%


35

Exhibit 14: 2012 Events Timeline (cont.)

Q2 2012 Trap Oil UK Block 14/13 - Crazy Horse 123 22% 8.9p 116.6p 26.8p 33.4% 436.0%

H1 2012 Veraz Petroleum Peru Sheshea Structure 99 20% C$0.67 C$7.05 C$0.45 147.8% 1567.5%

H1 2012 African Petroleum Liberia Liberia - Block 9 Cluster Fan 415 100% A$1.75 A$3.64 A$0.38 460.8% 958.1%

H1 2012 Bankers Petroleum Albania Patos Marinza Possibles 168 100% C$2.50 C$4.99 C$4.90 50.9% 101.9%

H1 2012 Bankers Petroleum Albania Kucova Possibles 21 100% C$0.28 C$0.56 C$4.90 5.7% 11.3%

H1 2012 BNK Petroleum Poland ** Slawno 1115 27% C$1.05 C$5.47 C$1.51 69.2% 362.2%

H1 2012 BNK Petroleum Poland ** Slupsk 1115 27% C$1.05 C$5.47 C$1.51 69.2% 362.2%

H1 2012 BNK Petroleum Poland ** Starogard 1115 27% C$0.95 C$4.97 C$1.51 62.6% 329.3%

H1 2012 LNG Energy Poland ** Slawno 1115 20% C$0.33 C$1.73 C$0.13 252.9% 1331.9%

H1 2012 LNG Energy Poland ** Slupsk 1115 20% C$0.33 C$1.73 C$0.13 252.9% 1331.9%

H1 2012 LNG Energy Poland ** Starogard 1115 20% C$0.30 C$1.57 C$0.13 228.6% 1210.9%

H1 2012 Ithaca Energy UK 29/10b Hurricane 19 55% C$0.15 C$0.60 C$2.00 7.6% 30.1%

H1 2012 Niko Resources India D4 - Prospect 1 333 15% C$0.74 C$3.45 C$43.50 1.7% 7.9%

H1 2012 Pan Orient Energy Indonesia Citarum - Lodaya -1B 75 77% C$0.59 C$3.17 C$1.90 31.2% 166.7%

H1 2012 Pan Orient Energy Indonesia Citarum - C 75 77% C$0.59 C$3.17 C$1.90 31.2% 166.7%

H1 2012 Tullow Oil Kenya Block 10 BB - Fise Prospect 45 50% 1.4p 10.8p 1369.0p 0.1% 0.8%

H1 2012 Tullow Oil French Guiana Guyane Maritime - Zaedyus Deep 175 28% 4.9p 27.2p 1369.0p 0.4% 2.0%

H1 2012 Tag Oil New Zealand Cheal Area - Mt. Messenger 2.5 100% C$0.43 C$0.81 C$7.16 6.0% 11.4%

H1 2012 Tag Oil New Zealand Cheal Area - Urenui 2.4 100% C$0.41 C$0.87 C$7.16 5.7% 12.1%

H1 2012 Tag Oil New Zealand Sidewinder Permit 12.0 100% C$2.05 C$4.49 C$7.16 28.6% 62.8%

H1 2012 Tag Oil New Zealand Waitangi Hill Prospective Resources 50 50% C$0.88 C$8.82 C$7.16 12.3% 123.2%

H1 2012 Tag Oil New Zealand Boar Hill Prospective Resources 36 50% C$0.63 C$6.25 C$7.16 8.7% 87.3%

H1/H2 2012 Orca Exploration Group Tanzania SS West 123 100% C$1.56 C$5.50 C$2.65 58.7% 207.5%

H1/H2 2012 TransGlobe Energy Egypt East Arta 43 100% C$1.70 C$6.91 C$7.25 23.4% 95.2%

H1/H2 2012 Trap Oil UK Block 23/22b - Lacewing 38 10% 0.5p 4.3p 26.8p 1.8% 16.0%

H1/H2 2012 Trap Oil UK Block 13/23a - Minos 5 10% 0.5p 1.4p 26.8p 1.7% 5.1%

H1/H2 2012 Trap Oil UK Block 30/11c - Romeo 41 8% 2.0p 8.2p 26.8p 7.4% 30.6%

H1/H2 2012 Trap Oil UK Block 20/5b - Scotney 57 13% 9.2p 28.8p 26.8p 34.5% 107.8%

Q3 2012 Afren Nigeria Ebok North Fault Block 35 40% 1.53p 4.9p 81.4p 1.9% 6.0%

Q3 2012 Premier Oil UK 15/21g - Spaniards 50 28% 3.5p 16.8p 377.1p 0.9% 4.5%

Q4 2012 Premier Oil Norway PL359 - Luno II 140 30% 9.7p 28.3p 377.1p 2.6% 7.5%

H2 2012 Afren Kenya Block 10A - Paipai Prospect 234 30% 4.65p 31.0p 81.4p 5.7% 38.1%

H2 2012 Afren Nigeria OML 115 - Ufon prospect 60 33% 4.79p 20.9p 81.4p 5.9% 25.6%

H2 2012 Africa Oil Kenya Block 10A - Paipai Prospect 234 30% C$0.33 C$2.17 C$1.53 21.3% 142.0%

H2 2012 African Petroleum Gambia Gambia - A1/A4 Alhamdulilah Structure 560 60% A$0.18 A$2.21 A$0.38 47.1% 582.8%

H2 2012 Niko Resources Indonesia SE Ganal - 1 prospect 263 100% C$4.71 C$39.19 C$43.50 10.8% 90.1%

H2 2012 Niko Resources Indonesia Kumawa 250 45% C$2.17 C$16.78 C$43.50 5.0% 38.6%

H2 2012 Niko Resources Indonesia West Sageri - 1 prospect 110 100% C$3.07 C$16.38 C$43.50 7.1% 37.6%

H2 2012 Rialto Energy Cote d'Ivoire Condor 126 37% A$0.06 A$0.24 A$0.26 22.9% 91.7%

H2 2012 Tullow Oil Kenya Block 10A - Paipai Prospect 234 50% 7.9p 59.5p 1369.0p 0.6% 4.3%

H2 2012 Tullow Oil French Guiana Guyane Maritime - Zaedyus Deep Upside 525 28% 8.3p 83.4p 1369.0p 0.6% 6.1%

H2 2012 Tullow Oil Guyana Georgetown Block - Jaguar 175 30% 5.3p 29.3p 1369.0p 0.4% 2.1%

H2 2012 Tullow Oil Guyana Georgetown Block - Jaguar Upside 525 30% 9.0p 90.0p 1369.0p 0.7% 6.6%


36

Notes

Oil & Gas

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