Credit Suisse Elk-Antelope LNG

[Gator]

DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, AND THE STATUS OF NON-US ANALYSTS. US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. CREDIT SUISSE SECURITIES RESEARCH & ANALYTICS BEYOND INFORMATION® Client-Driven Solutions, Insights, and Access

21 November 2014 Global Equity Research Oil & Gas / Integrated Oil & Gas (Oil & Gas Integrated (Europe))

19 page PDF report attached.

[Palm]

Nice. Thanks Gator

[sageo]

Thanks Gator for all your work and sharing.

[Putncalls]

Interesting: (What I think I read)
1. The timeline for LNG was not dependent on the arbitration
2. No mention of future discoveries or more trains
3. Replacing TOT with XOM is the only outcome given for an OSH win
4. No A4 or A5 results until mid 2015
5. 70$ PT but 1+ billion per year cash flow starting in 2021 (7 MTPA with 2 trains)

Thank you Gator

[ArtM72]

Anybody else believe that Hession will break with his tradition and focus on getting A4 and A5 appraisals finished ahead of schedule?

[jft310]

OSH slides show Ant 4 and 5 results in the first quarter . Better hurry with Ant 5 spud.

[Gator]

Anybody else believe that Hession will break with his tradition and focus on getting A4 and A5 appraisals finished ahead of schedule?

Fool me once, shame on you. Fool me 63 times, shame on me.