New Update from Bernstein

[jft310]

My recap of Bernstein Page 1-govt anxious for development because of 2017 elections. Antelope LNG will happen, next major LNG development on PNG . IOC has 38 percent more seismics on Antelope fields more confidant on higher resource estimate. Page 2-arbitration issue clear by end of the year , IOC continues to High Grade MGT. Page 3-exploration upside more significant than investors realize because of orubadi seal Raptor testing for flows, bobcat drilling drilling in reservoir logging results end on Nov, Wahoo completed next year, Antelope Deep subject to JV approval Page 5-land ownership - head count very low vs Highlands Page 7-govt needs jobs LNG provides Page 8-expect midpoint for certification 8 T's , need p-1 number for sanction , appraisal drilling at Antelope should be sufficient Page 9- antelope per new seismics appears to extend further to south Page 10- orubadi seal is thick , impermeable make it special seals in hydrocarbons Page 11- exploration looks "creamy" more positive results to come , more seismics in 2015 Page 12- reefs provide 25 x the assets of non reefs , thus the need for more seismics for reef definition Page 13-wahoo results in 2015 Page 14- antelope deep can be 3 T's Page 16- if no agreements can still have synergies like Egypt and Tribidad Page 17- domestic Market Obligations and tax changes are factored in Page 19- if 8 T's certified can buy IOC today for a 40 percent discount to Total and OSH paid price , OSH paid $72 share equivalent