EFTA01367373.pdf

31 May 2015 Integrated Oil US Integrated Oils Pr !MaryGrowth Driver; Near-term volume growth will be driven by recent discoveries off Sabah which have extended the eventual drop-off from Kikeh to 2017. In the near-term (2014-2017) we anticipate oil production to increase 9% by 2017 to 670mboe/d driven exclusively by the deepwater fields off Sabah. However, with Sabah expected to peak production in 2017 and anticipated lower levels of exploration over the next several years, growth visibility in the region post 2017+ is limited. Pf !!»,!3f!, Eh& S In our view, the primary risk associated to the oil production outlook is a longer-term depletion of its mature asset base. From 2010-2014 exploration activity has dropped significantly with annual exploration wells completed averaging only 11 vs. 16 during the 2003-2009 time-frame with commercial wells representing 24% and 40% of the mix respectively. While total (commercial and technical) resource discovered per well has been significant (-33 mmboe/well) over the last 5 years the commerciality of the discovered resource has fallen off. From 2000-2010 commercial reserves made up -2/3 of the discovered resource; however, that figure has averaged -1/3 over the last 4 years and reached an all time low in 2014 of 8%. Figure 105: Exploration activity has dropped over the last 'Figure 106: Even though resource per well metrics are 5 years more constructive. only 33% of the discovered reserves over the last 4 years are considered Commercial' 1400 1200 1000 I 000 I 000 400 :1 200 esi•esees°, e 0 10O3 2001 20:6 200' 20:0 2000 2009 3010 2011 2012 2013 3014 OVICticoo ranee ear Eatioinon Cans woo . .e.--Co•!!!!14 at Taw E e Wes • Detailite Ttoreke slackstica Cornettist &urea Ons0110 Bent Wocelactena• Source Deluelake Bank Ainabinde [Figure 107: Key Growth Projects, 2014-2020 ereeeee Prod Start Peak 20142017 20142020 Project MA Region Country Senor Operator wee Status API Type Up Yr Prod Yr Prod Prod S81 Asia Malaysia Sabah Shell OW Onstream 43 2012 2015 99 40 SBK Asia Malaysia Sabah MOON Oil OW Onstream 37 2007 2021 33 32 586 Asia Malaysia Sabah Shell OW Onstream 35 2014 2022 20 50 Wakid Asia Malaysia Sabah Petronas [wiggle OW Good Technical 3S 2019 2020 0 18 San* Dana., 81r*. twee mioceprur Deutsche Bank Securities Inc. Page 55 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058906 CONFIDENTIAL SDNY_GM_00205090 EFTA01367373