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2013 HALF-YEARLY RESULTSExploration campaigns compete & evolve to grow value2005 Adapting to outcomes & reproducing successes2015+East African Rift BasinsEast African MarginUgandaTanzaniaKenyaEthiopiaMozambiqueMadagascarEast Africa• Uganda: prolific oil basin opened• Uganda: $2.9B dilution proceeds• Kenya & Ethiopia: multiple rift basinswith similar potential• South Lokichar Basin so far found over300mmbo, 3/3 wells• Achieved threshold volume fordevelopment in only 16 months• Wildcats target more rift basinsEquatorial & Central AtlanticEquatorial GuineaNorth AtlanticUKMauritaniaGhana SL/LibGuineaGuyanas / SurinameNetherlandsGreenlandNorwayAtlantic Margins• Ghana: prolific oil basin opened• Jubilee core revenue generator• TEN commercialisation ongoing• Spread of 3 campaigns to find “nextJubilee” revenue stream• Campaigns high-graded & refocusedafter each well result• Switch from Southern North Sea gas toNorth Atlantic oil• Spring Energy acquiredSchematic scalesSlide 24