Valuation work from IV P3CMS

[Relker]

Assumptions

Date of Amalysis - Used for Discounting 1-1-2014
Reserve (best case incl liquids) 9,9 Tcfe
Discount Rate 10%

Ownership/Shares Outstanding

Gross working interest Post Net
Pre-transation Transaction Working Interest

Interoil 75,6% 38,7% 30,0%
Total SA 0,0% 61,3% 47,5%
Indirect Participation Interests 24,4% 0,0% 22,5%
Total 100,0% 100,0% 100,0%

Working interest IOC after state participation 60,5%
IOC Shares Outstanding (millions) incase IPI gets compensated in shares on a proportional basis
48,8 64,6 64,6

Purchase Price
(In Millions of Dollars)

Nominal Dollars Date Paid Present Value

Completion Payment 613,0 31-3-2014 598,9

FID Payment 112,0 30-6-2014 106,9

First LNG Cargo 100,0 30-6-2019 59,2

Interim Resource Payment
$0.60/mcfe between 3.5 Tcfe and 5.4 Tcfe 698,7
$0.80/mcfe between 5.4 Tcfe and 6.5 Tcfe 539,4
$1.00/mcfe greater than 6.5 Tcfe 2.083,9
Total Interim Resource Payment 3.321,9 31-12-2015 2.746,1

Final Resource Payment (True-up if needed) - -

Discovery Bonus (Only if found) - -

Total Purchase Price 4.146,9 3.511,1

NAV-value stake sold to Total as per 1-1-2014 64,2 54,37
NAV-value IOC stake as per 1-1-2014 based on Total taxation 55,34

Asset value IOC stake in PRL 15 before transaction 109,7