010514energy - Global Oil and Gas Atlase168154

GLOBAL
Oil & Gas Atlas

Commodities Global energy comps
Crude Oil 01/03/14 W/W Chg. % Chg.
WTI-Near month (US$/Bbl) $94.25 ($5.30) (5.3%)
Commodity pricing. Oil prices continued to slide on Friday, despite a larger than
12 month (US$/Bbl) $92.31 ($4.33) (4.5%) expected crude inventory draw, as the market readies for an increase in supply from
Brent (US$/Bbl) $106.96 ($5.02) (4.5%)
Tapis (US$/Bbl) $115.94 ($5.19) (4.3%) Libya. WTI Crude prices fell 5.3% WoW to US$94.25/bbl, while Brent ended the
Dubai (US$/Bbl) $104.99 ($3.70) (3.4%)
WTI-WCS Diff (US$/Bbl) $20.00 $3.50 21.2% week down 4.5% at US$106.96/bbl. Crude inventories in the US fell 7.0mmbbl
Exchange (US$/C$) 0.9400 compared to median expectations for a draw of 2.8mmbbl draw. At 360.6mmbbl,
Exchange (US$/JPY) 0.0095
Exchange (US$/EUR) 0.7362 US crude inventories are now 0.2% above last years levels.
Natural Gas
NYMEX-Near month (US$/mmbtu) $4.32 ($0.11) (2.5%)
12 month (US$/mmbtu) $4.25 ($0.01) (0.1%) Natural gas prices fell 2.5% over the week to close at US$4.32/mmbtu, although
AECO-Hnry Hb Diff (US$/mmbtu) ($0.52) $0.14 prices were up slightly on Friday as a winter storm hammered down on Eastern
Rockies-Hnry Hb Diff (US$/mmbtu) $0.03 ($0.05)
AECO - Spot (C$/Gj) $3.85 $0.14 3.8% US/Canada. The EIA reported stockpiles fell -97bcf WoW vs Macquarie expectations
AECO - Fwd Gas Year (C$/Gj) $3.73 $0.04 1.1%
UK - NBP spot (US$/mmbtu) $10.72 ($0.53) (4.7%) of -106bcf and consensus of -112bcf. This compares to last years adjusted
UK - NBP 1-Mon. (US$/mmbtu) $11.15 ($0.45) (3.9%)
withdrawal of -127bcf and a 5-yr average implied withdrawal of -120bcf. Storage
Source: Bloomberg, Macquarie Research, January 2014
levels are currently at 2,974bcf, 16% lower than last year and 9% lower than the 5-yr
average.
Energy Market Indices Canada. In what was a quiet week due to the year-end holidays, we saw little news
North America 01/03/14 W/W Chg. % Chg.
flow. Aurora (AEF CN) provided 2014 guidance that was considerably better than
S&P/TSX Oil & Gas Index 2,996.4 (13.9) (0.5%) our original forecast. The company is guiding to 2014 production of 2932mboe/d on
S&P/TSX Oil & Gas Producers 2,559.7 (20.7) (0.8%)
S&P/TSX Oil & Gas Integrateds 3,482.7 (17.7) (0.5%) spending of US$455495m, implying production growth of ~47% (midpoint). We
S&P/TSX Oil & Gas Services
S&P/TSX Energy Index
2,349.1
2,882.3
(4.5)
(12.6)
(0.2%)
(0.4%) remain positive on Aurora, as the companys prime Eagle Ford exposure continues
S&P 500 Integrated Index
S&P 500 E&P Index
608.1
607.5
(6.3)
(10.0)
(1.0%)
(1.6%)
to provide strong growth rates and netbacks. Suncor provided December oil sands
Oil Service Sector Index 276.6 (2.0) (0.7%) production of 417mbbl/d, which was down from November production of 437bbl/d.
International
UK FTSE O&G Producers 8,269.9 28.0 0.3% December Syncrude production of 291mbbl/d (net to Canadian Oil Sands) was lower
Asia Pacific O&G Producers 363.1 (8.2) (2.2%) than our estimate of 316mbbl/d.
Source: Bloomberg, Macquarie Research, January 2014
Europe. Last week, crude oil began to flow through a new pipeline in Kurdistan to
Macquarie Oil & Gas research analysts are listed on pg 3.
the Ceyhan Mediterranean export hub. Although the oil will remain in the port until
consent is received from Baghdad. Initial flows are expected to start at ~300kbbl/d
and will eventually rise to 400kbbl/d. This has implications for several of our
companies under coverage with exposure to Kurdistan, including WesternZagros,
Oryx, Genel, Gulf Keystone and DNO.
Analyst(s)
Macquarie - Oil & Gas Research
+1 403 539 8552 oilandgasresearch@macquarie.com
5 January 2014
Macquarie Capital Securities Limited
Please refer to the important disclosures and analyst certification on the inside back cover of this document, or on our website
www.macquarie.com.au/research/disclosures. Required disclosures are also on pgs 4, 6, 8, 10, 11, 13, 15, 17, 19, 21, 23, 24.
Macquarie Research Oil & Gas Atlas
Fig 1 Macquarie price deck

2013E 2014E 2015E 2016E Flat 2013E 2014E 2015E 2016E Flat
Crude oil Natural Gas

WTI (US$/bbl) 97.50 96.00 98.75 108.50 108.00 Henry Hub (US$/mmbtu) 3.70 3.65 4.20 4.65 5.00
Brent (US$/bbl) 108.39 112.00 115.75 116.00 115.00 AECO (C$/mcf) 3.20 3.40 3.85 4.35 4.55
Edmonton Light (C$/bbl) 93.24 93.41 95.49 104.77 103.00 AECO basis (C$/mcf) 0.65 0.60 0.60 0.60 0.45
WCS (C$/bbl) 75.46 80.21 84.05 91.39 81.00
USD/CAD 0.97 0.91 0.94 0.95 1.00
Source: Macquarie Research, January 2014
Fig 2 Weekly events calendar

Mon Tue Wed Thu Fri
06-Jan-2014 07-Jan-2014 08-Jan-2014 09-Jan-2014 10-Jan-2014

Macquarie Oil & Gas
Explorers Conference - UK
Note: Dates as available at time of publishing.

Source: Company reports, Macquarie Research, January 2014
5 January 2014 2
Legend Macquarie oil and gas research analysts
Macquarie Capital (USA) Inc. Macquarie Capital (Europe) Ltd.
CC Chi Chow chi.chow@macquarie.com DF David Farrell david.farrell@macquarie.com

(1 303) 952-2757 (44 20) 3037 4465
JM Joseph Magner, CFA joseph.magner@macquarie.com GC Giacomo Romeo giacomo.romeo@macquarie.com

(1 303) 952-2751 (44 20) 3037 4445
MB Matthew Blair, CFA matthew.blair@macquarie.com

(1 303) 952 2759 Macquarie Capital Securities Ltd.
PG Paul Grigel, CFA paul.grigel@macquarie.com JH James Hubbard, CFA james.hubbard@macquarie.com

(1 303) 952 2754 (852) 3922 1226
AS Aditya Suresh, CFA aditya.suresh@macquarie.com

(852) 3922 1265
Macquarie Capital Markets Canada Ltd.
TB Trevor Buchinski, CFA trevor.buchinski@macquarie.com
CF Chris Feltin, P.Eng. chris.feltin@macquarie.com (662) 694 7878
(1 403) 539-8544
BL Brandon I Lee brandon.lee3@macquarie.com
CL Cristina Lopez, CFA cristina.lopez@macquarie.com (82) 2 3705 8669
(1 403) 539-8542
Macquarie Securities (Australia) Limited
DP David Popowich david.popowich@macquarie.com
(1 403) 539-8529 AW Adrian Wood adrian.wood@macquarie.com
(612) 8232 8531
RK Ray Kwan, CFA ray.kwan@macquarie.com
(1 403) 539-4355 KH Kirit Hira kirit.hira@macquarie.com
(612) 8232 9692
RC Rob Catellier, CFA rob.catellier@macquarie.com
(1 416) 848-3512 Macquarie Capital Securities (Japan) Limited
PD Polina Diyachkina polina.diyachkina@macquarie.com

(813) 3512 7886
5 January 2014 3
Fig 3 Macquarie Integrated Energy Universe
Current Target Target RENAV

Price Price 52-week 52-week Div. Exp. EV/ Target Sh. O/S Mkt Cap /sh
Notes Analyst Rating (local) (local) high low Yield Return DACF P/E (FD) (m) ($bn) EV ($bn) P/CF Multiple P/E Multiple EV/DACF Multiple (local) P/NAV ROACE ROE
Prices as of January 3, 2014 14 14 14 12 13 14 12 13 14 12 13 14 12 13 14 12 13 14
Majors
BP 1,2,4,8 BP/ LN DF O 488 550 494 427 4.8% 18% 5.3x 8.4x 18,714 159.4 183.3 5.8x 5.4x 5.0x 9.2x 11.6x 7.5x 5.8x 4.5x 4.8x 550 0.9x 12% 9% 12% 15% 11% 15%
Royal Dutch Shell 1,2,4,8 RDSA LN DF N 2,159 2,200 2,324 1,975 5.2% 7% 5.1x 8.8x 6,270 236.3 270.4 5.8x 5.7x 5.0x 9.5x 10.5x 8.6x 4.7x 5.3x 5.0x 2,200 1.0x 12% 11% 13% 14% 13% 15%
TOTAL 1,2,4,8 FP FP DF N 43.88 42.00 45.67 35.18 5.1% 1% 4.6x 8.6x 2,275 135.7 165.3 5.0x 4.8x 4.1x 8.5x 9.4x 8.9x 5.7x 5.7x 4.8x 42.00 1.0x 12% 11% 11% 17% 15% 15%
Majors Median 5.1% 7% 5.1x 8.6x 5.8x 5.4x 5.0x 9.2x 10.5x 8.6x 5.7x 5.3x 4.8x 1.0x 12% 11% 12% 15% 13% 15%
North America
Cenovus Energy (C$) 1,2,5,9,10 CVE CN CF O 29.97 36.00 34.13 28.32 3.2% 23% 8.4x 20.8x 764 22.9 27.1 6.3x 6.3x 6.6x 26.3x 18.2x 17.3x 7.1x 6.9x 7.2x 41.17 0.7x 9% 11% 11% 9% 13% 13%
Husky Energy (C$) 1,2,5,9,10 HSE CN CF O 33.23 36.50 33.85 26.96 3.6% 13% 6.7x 13.0x 1,002 33.3 36.4 6.5x 6.3x 5.8x 16.1x 15.4x 11.8x 6.7x 6.7x 6.1x 35.00 0.9x 10% 10% 12% 11% 11% 13%
Imperial Oil (C$) 1,2,5,9,10 IMO CN CF N 46.47 47.00 47.57 38.58 1.1% 2% 9.5x 12.6x 851 39.5 46.0 7.8x 10.4x 8.1x 10.5x 16.8x 12.5x 8.4x 12.1x 9.4x 40.81 1.1x 23% 11% 12% 25% 14% 16%
Suncor Energy (C$) 1,2,5,9,10 SU CN CF O 36.58 43.00 38.68 27.50 2.5% 20% 6.7x 12.3x 1,498 54.8 60.5 5.8x 5.8x 5.5x 11.6x 10.9x 10.5x 6.1x 6.1x 5.8x 46.05 0.8x 10% 10% 10% 13% 12% 12%
North America Median 2.9% 17% 7.6x 12.8x 6.4x 6.3x 6.2x 13.8x 16.1x 12.2x 6.9x 6.8x 6.7x 0.9x 10% 11% 11% 12% 12% 13%
Europe
BG Group 1,2,4,12 BG/ LN DF O 1297 1,430 1,309 1,014 1.3% 12% 10.6x 16.3x 3,379 76.5 88.3 9.5x 10.4x 8.6x 18.6x 18.2x 14.8x 10.9x 11.3x 9.7x 1,430 0.9x 9% 9% 10% 13% 12% 14%
ENI 1,2,4,12 ENI IM GR N 17.48 20.00 19.59 15.16 6.2% 21% 5.1x 11.1x 3,619 86.0 110.6 5.3x 5.6x 3.7x 9.4x 14.1x 9.7x 4.8x 8.0x 4.4x 20.00 0.9x 10% 6% 8% 12% 8% 11%
Galp Energia SGPS 1,2,3,4,12 GALP PL GR O 11.87 16.20 13.40 10.76 2.8% 39% 14.5x 29.6x 829 13.4 18.3 22.7x 11.8x 8.7x 29.2x 31.3x 21.7x 24.2x 13.6x 10.5x 16.20 0.7x 5% 5% 6% 8% 6% 8%
OMV Aktiengesellschaft 1,2,4,8 OMV AV GR N 34.53 26.50 39.69 27.84 3.5% -20% 2.7x 6.0x 326 15.3 22.4 2.8x 2.4x 2.5x 7.7x 9.2x 7.9x 4.5x 3.6x 3.7x 26.50 1.3x 12% 9% 10% 13% 10% 10%
Repsol YPF 1,2,4,8 REP SM GR N 18.10 16.00 19.94 15.14 4.0% -8% 6.2x 11.1x 1,306 32.1 46.9 5.2x 5.1x 5.3x 12.1x 12.4x 12.6x 7.4x 6.7x 6.8x 16.00 1.1x 7% 6% 6% 8% 7% 6%
Statoil 1,2,4,8 STL NO DF N 146.50 150.00 148.50 122.90 4.8% 7% 4.2x 9.0x 3,181 75.8 83.8 3.4x 3.7x 3.6x 8.0x 9.2x 8.7x 1.9x 4.6x 4.1x 150.00 1.0x 13% 10% 10% 18% 15% 15%
Europe Median 3.7% 9% 5.7x 11.1x 5.3x 5.4x 4.5x 10.8x 13.2x 11.1x 6.1x 7.4x 5.6x 0.9x 10% 8% 9% 13% 9% 10%
Asia
CNOOC 1,2,10 883 HK JH O 13.82 19.00 17.38 12.04 3.8% 41% 5.6x 9.0x 44,646 79.6 99.5 4.2x 3.4x 3.0x 7.9x 7.2x 6.6x 5.1x 4.9x 4.3x 17.73 0.8x 19% 16% 15% 22% 20% 19%
PetroChina 1,2,13 857 HK JH O 8.20 10.00 11.32 7.73 5.8% 28% 5.4x 9.4x 183,021 193.5 280.0 2.5x 2.7x 2.8x 10.6x 9.2x 7.7x 6.2x 5.3x 4.7x 9.29 0.9x 10% 10% 10% 11% 12% 13%
Sinopec 1,2,13 386 HK JH O 6.08 7.00 7.36 5.02 5.3% 20% 5.4x 7.5x 115,640 90.7 132.3 2.3x 2.6x 3.2x 8.9x 7.7x 6.5x 5.2x 5.4x 5.0x 5.81 1.0x 11% 11% 11% 13% 14% 14%
Asia Median 5.3% 28% 5.4x 9.0x 2.5x 2.7x 3.0x 8.9x 7.7x 6.6x 5.2x 5.3x 4.7x 0.9x 11% 11% 11% 13% 14% 14%
Total Integrated Median 3.9% 15% 5.5x 10.2x 5.6x 5.5x 5.0x 10.0x 11.3x 9.3x 5.9x 5.9x 5.0x 0.9x 10% 10% 10% 13% 12% 14%
Notes Risk disclosures Valuation disclosures

Net Asset Value is PV10 (AT). 1. Fluctuation in commodity prices or FX 7. Target based on DCF, flat pricing 13. Target based on EV/EBITDA
All estimates are pro forma of announced transactions and/or financings. 2. Operational or exploration risk 8. Target based on DCF, strip pricing
All figures are in US$ except for Canadian-listed (CN) companies which are in C$. 3. Concentration risk 9. Target based on EV/DACF
All reserves figures are net of royalties except for Canadian-listed (CN) companies which are gross of royalties. 4. Country or political risk 10. Target based on P/E
All production figures are net of royalties except for Korean-listed companies which are gross of royalties. 5. Environmental legislation 11. Target based on P/CF
6. All of the above 12. Target based on sum of parts analysis.
Source: Bloomberg, Company data, Macquarie Research, January 2014
5 January 2014 4
Fig 4 Macquarie Integrated Energy Universe (contd)
Exploration & Development

Net Debt / CF Net Debt ($bn) Capex ($bn) Cash Flow ($bn) CFPS - Diluted ($) EPS - Diluted ($) Production - kboe/d 6:1 Production/sh growth % gas
Prices as of January 3, 2014 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 13 14
Majors
BP BP/ LN 1.0x 0.8x 0.9x 0.8x 29.2 22.6 27.5 27.5 23.1 23.8 24.6 26.4 28.0 30.1 30.9 34.8 1.47 1.59 1.69 1.92 0.93 0.73 1.14 1.32 2,281 2,215 2,309 2,433 -7% -2% 8% 6% 47% 48%
Royal Dutch Shell RDSA LN 0.5x 0.8x 0.6x 0.5x 19.2 31.4 29.8 25.9 35.6 35.2 34.0 34.0 41.4 41.8 47.5 50.0 6.53 6.62 7.57 7.97 3.96 3.59 4.36 4.53 3,208 3,385 3,464 3,518 1% 6% 3% 2% 45% 44%
TOTAL FP FP 0.8x 1.0x 0.7x 0.7x 21.4 27.2 22.4 23.4 27.5 31.1 27.3 26.9 27.2 28.4 33.0 35.5 12.02 12.49 14.51 15.60 6.99 6.37 6.67 7.73 2,200 2,218 2,316 2,411 -2% 1% 4% 4% 46% 44%
Majors Median 0.8x 0.8x 0.7x 0.7x -2% 1% 4% 4% 46% 44%
North America
Cenovus Energy (C$) CVE CN 0.9x 1.1x 1.2x 0.9x 3.4 4.0 4.3 3.9 3.4 3.4 3.0 3.1 3.6 3.6 3.5 4.2 4.79 4.74 4.53 5.42 1.14 1.65 1.73 2.52 248 254 257 267 10% 3% 0% 4% 34% 30%
Husky Energy (C$) HSE CN 0.3x 0.4x 0.4x 0.3x 1.5 2.3 2.5 2.1 4.7 4.9 4.8 4.5 5.0 5.2 5.8 6.1 5.11 5.27 5.75 6.13 2.06 2.15 2.80 3.07 280 278 297 329 -2% -1% 5% 11% 29% 30%
Imperial Oil (C$) IMO CN 0.6x 1.9x 1.7x 1.7x 3.0 7.3 8.3 8.4 5.5 6.0 5.5 4.6 5.1 3.8 4.9 5.0 5.93 4.47 5.72 5.93 4.42 2.77 3.72 3.92 243 261 310 323 1% 7% 19% 4% 12% 11%
Suncor Energy (C$) SU CN 0.5x 0.6x 0.5x 0.4x 5.3 5.6 5.1 4.3 7.0 7.1 8.2 8.0 9.7 9.6 10.0 10.2 6.30 6.34 6.67 6.80 3.16 3.34 3.49 3.52 485 505 497 504 3% 7% -1% 1% 6% 0%
North America Median 0.6x 0.8x 0.9x 0.7x 2% 5% 3% 4% 21% 21%
Europe
BG Group BG/ LN 1.3x 1.6x 1.7x 1.3x 10.9 11.7 15.5 14.4 9.6 10.4 12.0 9.1 8.1 7.4 8.9 11.2 2.38 2.17 2.62 3.32 1.22 1.24 1.53 1.98 659 629 662 770 2% -4% 6% 16% 70% 67%
ENI ENI IM 1.4x 1.3x 0.9x 0.8x 21.9 20.6 19.7 19.3 17.0 18.1 18.6 19.5 16.1 15.4 23.2 25.4 4.44 4.26 6.46 7.19 2.53 1.69 2.46 2.84 1,632 1,580 1,643 1,773 7% -3% 5% 10% 47% 47%
Galp Energia SGPS GALP PL 3.8x 2.8x 2.4x 2.6x 2.2 3.2 3.7 4.7 1.2 1.5 1.9 2.2 0.6 1.1 1.5 1.8 0.71 1.37 1.85 2.18 0.55 0.52 0.74 0.99 18 22 26 33 49% 21% 18% 28% 12% 16%
OMV Aktiengesellschaft OMV AV 0.9x 0.5x 0.3x 0.2x 4.7 3.2 2.0 1.0 3.2 3.9 3.8 4.0 5.5 6.3 6.1 6.2 16.75 19.23 18.71 19.05 6.09 5.12 5.95 6.10 294 288 295 295 2% -2% 2% 0% 44% 45%
Repsol YPF REP SM 2.9x 2.2x 1.9x 1.6x 17.4 13.8 11.9 10.9 4.0 4.4 4.8 5.2 5.9 6.2 6.2 6.9 4.76 4.78 4.68 5.04 2.03 1.98 1.95 2.26 310 361 363 417 7% 12% -3% 12% 58% 58%
Statoil STL NO 0.3x 0.4x 0.5x 0.6x 7.1 8.0 10.4 12.8 19.4 21.1 19.8 19.8 22.1 20.2 20.9 21.7 6.95 6.36 6.56 6.83 2.98 2.59 2.72 2.86 1,805 1,788 1,764 1,829 9% -1% -1% 4% 45% 44%
Europe Median 1.4x 1.5x 1.3x 1.0x 7% -1% 4% 11% 46% 46%
Asia
CNOOC 883 HK 0.0x 0.8x 0.7x 0.5x 0.5 20.0 17.7 14.1 0.0 31.6 16.8 16.2 18.9 23.5 26.3 28.9 0.42 0.53 0.59 0.65 0.23 0.25 0.27 0.29 928 1,112 1,261 1,361 3% 20% 13% 8% 18% 21%
PetroChina 857 HK 0.8x 0.9x 1.1x 1.1x 64.0 64.8 71.4 73.4 49.5 43.8 56.2 56.0 77.3 71.9 67.9 68.9 0.42 0.39 0.37 0.38 0.10 0.12 0.14 0.17 3,669 3,814 3,916 4,050 4% 4% 3% 3% 33% 34%
Sinopec 386 HK 0.7x 1.2x 1.8x 1.9x 30.0 42.6 50.4 56.7 23.1 30.5 30.0 29.9 40.0 35.3 28.1 29.3 0.35 0.31 0.24 0.25 0.09 0.10 0.12 0.13 1,169 1,225 1,248 1,280 5% 5% 2% 3% 25% 26%
Asia Median 0.7x 0.9x 1.1x 1.1x 4% 5% 3% 3% 25% 26%
Total Integrated Median 0.8x 0.9x 0.9x 0.8x 3% 3% 4% 4% 39% 39%
Notes
Net Asset Value is PV10 (AT).
All estimates are pro forma of announced transactions and/or financings.
All figures are in US$ except for Canadian-listed (CN) companies which are in C$.
All reserves figures are net of royalties except for Canadian-listed (CN) companies which are gross of royalties.
All production figures are net of royalties.
5 January 2014 5
Fig 5 Macquarie Large Cap Oil & Gas Producers Universe
Current Target Target

Price Price 52-week 52-week Div. Exp. EV/ Target Sh.O/S Mkt Cap NAV /sh
Notes Analyst Rating (local) (local) high low Yield Return DACF P/E (FD) (m) ($bn) EV ($bn) P/CF Multiple P/E Multiple EV/DACF Multiple (local) P/NAV ROACE ROE
Canada
Canadian Natural Resources ($C) 1,2,5,7,9 CNQ CN CF N 35.03 37.00 36.04 28.44 2.3% 8% 6.0x 13.4x 1,087 38.1 48.9 6.4x 5.1x 4.6x 23.8x 16.0x 12.7x 7.7x 6.4x 5.7x 31.81 1.1x 6% 8% 9% 7% 10% 11%
Encana Corporation 1,2,5,9 ECA US CF N 17.56 21.00 20.55 16.48 1.6% 21% 7.3x 22.8x 739 13.0 17.5 3.7x 4.9x 5.4x 13.0x 15.8x 19.0x 4.2x 6.5x 6.4x 21.43 0.8x 8% 10% 9% 9% 15% 12%
Canadian Oil Sands ($C) 1,2,3,5,9 COS CN CF U 19.66 21.00 21.93 18.62 7.1% 14% 7.7x 10.6x 485 9.5 10.8 6.0x 7.1x 6.5x 9.7x 10.6x 10.0x 6.3x 7.8x 7.3x 18.50 1.1x 15% 13% 13% 22% 20% 19%
Talisman Energy 1,2,4,5,9 TLM CN CF N 12.36 14.00 14.05 10.68 2.3% 16% 7.8x 60.0x 1,031 12.7 19.2 4.2x 5.7x 5.0x nmf nmf nmf 5.9x 8.6x 7.2x 15.04 0.8x 3% 2% 4% 1% -1% 3%
Canada Median 2.3% 15% 7.5x 18.1x 5.1x 5.4x 5.2x 13.0x 15.8x 12.7x 6.1x 7.1x 6.8x 0.9x 7% 9% 9% 8% 12% 11%
United States
Anadarko Petroleum Corp 1,2,4,5,8,9,11 APC US JM O 78.31 113.00 98.47 73.60 0.9% 45% 6.2x 22.5x 507 39.7 51.5 5.4x 4.9x 4.1x 22.1x 19.2x 15.6x 6.7x 5.6x 4.4x 99.61 0.8x 7% 8% 9% 9% 9% 10%
Apache Corp 1,2,4,5,8,9,11 APA US JM N 85.54 93.00 94.84 67.91 0.9% 10% 4.8x 11.1x 398 34.0 41.2 3.4x 3.5x 3.4x 9.1x 10.4x 10.2x 4.7x 4.2x 4.5x 103.90 0.8x 10% 8% 7% 12% 10% 9%
Chesapeake Energy Corp 6,8,9,11 CHK US JM N 26.42 25.00 29.06 16.37 1.3% -4% 7.7x 20.1x 768 20.3 37.8 4.9x 4.0x 4.6x 43.8x 16.4x 21.3x 9.0x 6.7x 8.0x 29.00 0.9x 2% 5% 4% 3% 8% 6%
Devon Energy 1,2,4,5,8,9,11 DVN US JM N 61.03 60.00 66.92 50.81 1.4% 0% 6.4x 16.3x 408 24.9 31.9 5.0x 4.7x 4.5x 18.7x 15.1x 16.6x 6.1x 5.6x 6.5x 57.46 1.1x 5% 6% 6% 6% 8% 7%
EOG Resources 1,2,4,5,8,9,11 EOG US JM N 164.56 190.00 188.30 112.05 0.5% 16% 7.6x 24.4x 274 45.1 50.7 7.8x 6.1x 6.1x 29.0x 20.9x 21.1x 8.6x 6.7x 6.7x 117.00 1.4x 9% 12% 10% 12% 15% 13%
Marathon Oil Corp 1,2,4,8 MRO US JM O 34.52 43.00 38.18 29.47 2.0% 27% 5.6x 11.5x 711 24.5 30.1 6.0x 4.9x 3.9x 14.1x 10.6x 9.3x 7.6x 5.3x 4.6x 27.67 1.2x 8% 10% 10% 10% 12% 13%
Noble Energy 1,2,4,5,8,9,11 NBL US JM N 66.14 78.00 78.01 51.17 0.8% 19% 7.5x 18.5x 364 24.0 28.6 8.0x 7.2x 5.6x 26.7x 24.2x 15.7x 8.5x 8.0x 6.5x 104.42 0.6x 9% 9% 12% 11% 11% 15%
Occidental Petroleum 1,2,4,8 OXY US JM N 93.52 96.00 99.42 77.21 2.9% 6% 6.2x 12.5x 805 75.3 85.1 6.1x 5.9x 5.5x 13.2x 13.2x 12.1x 7.1x 6.7x 6.0x 96.02 1.0x 13% 12% 12% 15% 14% 14%
Southwestern Energy 6,8,9,11 SWN US JM N 38.75 37.00 40.46 31.62 0.0% -5% 8.0x 22.4x 352 13.6 15.8 8.5x 6.9x 7.2x 27.7x 19.7x 23.4x 9.3x 7.8x 8.3x 50.00 0.8x 10% 14% 10% 14% 21% 15%
USA Median 0.9% 10% 6.4x 18.5x 6.0x 4.9x 4.6x 22.1x 16.4x 15.7x 7.6x 6.7x 6.5x 0.9x 9% 9% 10% 11% 11% 13%
North American Median 1.4% 14% 7.3x 18.5x 6.0x 5.1x 5.0x 20.4x 15.9x 15.7x 7.1x 6.7x 6.5x 0.9x 8% 9% 9% 10% 11% 12%
Asia / Australia
Woodside Petroleum 1,8 WPL AU AW N 38.13 40.00 39.54 33.30 6.8% 12% 7.7x 12.4x 824 28.1 31.0 7.3x 8.0x 6.9x 13.2x 14.9x 11.8x 7.8x 8.5x 7.4x 42.75 0.9x 12% 10% 13% 15% 12% 15%
Santos 1,8 STO AU AW O 14.56 17.00 15.80 11.21 1.9% 19% 11.7x 20.9x 969 12.6 16.8 7.8x 8.0x 7.6x 19.8x 18.9x 17.9x 9.2x 10.7x 10.5x 20.53 0.7x 6% 6% 6% 7% 7% 8%
Oil Search 1,8 OSH AU AW O 8.09 9.50 8.98 6.86 1.7% 19% 27.1x 32.8x 1,342 9.7 13.6 26.8x 27.7x 16.6x nmf nmf 27.9x 33.4x 38.0x 24.2x 9.88 0.8x 3% 3% 5% 5% 5% 10%
Asia Median 1.9% 19% 11.7x 20.9x 7.8x 8.0x 7.6x 16.5x 16.9x 17.9x 9.2x 10.7x 10.5x 0.8x 6% 6% 6% 7% 7% 10%
Total Large Cap E&P Median 1.6% 15% 7.6x 19.3x 6.1x 5.8x 5.5x 19.3x 15.9x 15.7x 7.7x 6.7x 6.6x 0.9x 8% 8% 9% 10% 11% 11%

Net Asset Value is PV10 (AT). 1. Fluctuation in commodity prices or FX 7. Target based on DCF, flat pricing
All figures are in US$ except where noted. 3. Concentration risk 9. Target based on EV/DACF
All reserves figures are net of royalties except for Canadian-listed companies which are gross of royalties. 4. Country or political risk 10. Target based on P/E
All production figures are net of royalties. 5. Environmental legislation 11. Target based on P/CF
5 January 2014 6
Fig 6 Macquarie Large Cap Oil & Gas Producers Universe (contd)

Net Debt / CF Net Debt ($bn) Capex ($bn) Cash Flow ($bn) CFPS - Diluted ($) EPS - Diluted ($) Production - kboe/d 6:1 Production/sh growth % gas
Canada
Canadian Natural Resources ($C) CNQ CN 1.7x 1.5x 1.4x 1.1x 10.0 10.8 11.3 10.5 6.1 7.1 7.9 7.8 6.0 7.5 8.3 9.4 5.47 6.84 7.66 8.66 1.47 2.19 2.76 3.38 589 598 635 675 12% 2% 7% 6% 31% 29%
Encana Corporation ECA US 1.2x 1.7x 2.0x 1.8x 4.3 4.6 4.8 4.9 3.5 2.8 2.5 2.8 3.5 2.6 2.4 2.8 4.80 3.56 3.24 3.78 1.35 1.11 0.92 1.55 528 519 523 481 -9% -2% 0% -8% 90% 86%
Canadian Oil Sands ($C) COS CN 0.4x 1.0x 1.1x 0.9x 0.6 1.3 1.6 1.4 1.1 1.3 1.1 0.7 1.6 1.3 1.5 1.5 3.28 2.78 3.03 3.19 2.02 1.85 1.97 2.22 100 96 100 101 2% -4% 4% 1% 0% 0%
Talisman Energy TLM CN 1.6x 2.8x 2.1x 2.2x 4.7 6.3 5.3 6.2 3.7 2.6 3.3 3.6 3.0 2.2 2.5 2.8 2.93 2.16 2.47 2.72 0.09 -0.10 0.23 0.49 347 289 294 292 -1% -17% 2% -1% 66% 62%
Canada Median 1.4x 1.6x 1.7x 1.4x 1% -3% 3% 0% 49% 46%
United States
Anadarko Petroleum Corp APC US 1.5x 0.9x 0.5x 0.1x 10.8 7.6 5.0 1.1 7.2 8.3 7.6 7.4 7.3 8.1 9.8 11.7 14.53 15.97 19.14 22.70 3.55 4.08 5.01 6.77 731 776 829 888 7% 5% 6% 6% 57% 51%
Apache Corp APA US 1.2x 0.8x 1.1x 1.2x 12.2 7.5 10.3 12.6 9.5 11.0 11.5 12.9 10.0 10.0 9.7 10.8 25.28 24.76 24.83 27.40 9.45 8.26 8.37 9.26 779 769 732 796 4% -3% -2% 8% 46% 43%
Chesapeake Energy Corp CHK US 3.0x 2.3x 2.9x 2.6x 12.2 11.6 12.9 14.1 11.6 6.7 5.4 5.4 4.1 5.1 4.5 5.4 5.40 6.67 5.78 7.01 0.60 1.61 1.24 2.00 647 667 647 653 19% 2% -4% 0% 74% 71%
Devon Energy DVN US 1.4x 1.2x 2.5x 2.2x 7.0 6.3 13.8 14.2 8.2 6.8 6.8 6.8 4.9 5.3 5.6 6.5 12.12 12.97 13.60 15.56 3.26 4.03 3.67 6.55 683 692 754 630 7% 1% 8% -17% 58% 51%
EOG Resources EOG US 0.9x 0.7x 0.8x 0.6x 5.0 5.2 5.6 5.3 7.4 7.3 7.6 8.0 5.7 7.3 7.4 8.6 21.22 26.80 27.12 31.09 5.67 7.88 7.79 9.32 466 509 557 602 9% 8% 9% 8% 44% 40%
Marathon Oil Corp MRO US 1.5x 0.9x 0.7x 0.5x 6.2 4.4 4.2 3.0 4.9 5.4 5.5 5.5 4.1 5.0 6.2 6.7 5.72 7.04 8.79 9.65 2.45 3.27 3.73 4.10 477 495 533 561 18% 3% 9% 7% 29% 28%
Noble Energy NBL US 0.8x 1.1x 1.1x 1.1x 2.3 3.6 4.7 5.5 3.7 4.1 5.2 5.5 3.0 3.3 4.3 4.9 8.27 9.19 11.77 13.30 2.47 2.73 4.21 4.98 244 270 339 386 9% 10% 25% 13% 56% 55%
Occidental Petroleum OXY US 0.5x 0.2x 0.0x -0.2x 6.0 2.4 0.1 -2.7 10.2 9.1 9.2 9.2 12.5 12.7 13.7 14.3 15.37 15.77 17.04 17.73 7.09 7.07 7.70 7.98 766 769 782 823 5% 1% 2% 5% 27% 26%
Southwestern Energy SWN US 1.0x 1.0x 1.2x 1.1x 1.6 1.9 2.4 2.5 2.1 2.2 2.4 2.5 1.6 2.0 1.9 2.3 4.58 5.58 5.38 6.55 1.40 1.97 1.65 2.26 258 299 341 374 13% 15% 13% 8% 100% 100%
USA Median 1.2x 0.9x 1.1x 1.1x 9% 3% 8% 7% 43% 42%

North American Median 1.2x 1.0x 1.1x 1.1x 7% 2% 6% 6% 56% 51%
Asia / Australia
Woodside Petroleum WPL AU 0.5x 0.6x 0.4x 0.1x 1.9 2.0 1.7 0.6 1.9 1.0 1.2 1.1 3.8 3.5 4.1 4.2 4.68 4.27 4.94 5.16 2.58 2.28 2.89 2.88 232 238 242 243 28% 1% 2% 0% 90% 87%
Santos STO AU 1.0x 2.7x 3.3x 2.7x 1.6 4.2 5.5 5.7 3.5 3.9 3.2 2.1 1.6 1.6 1.7 2.1 1.67 1.62 1.72 2.17 0.66 0.69 0.73 0.93 143 140 154 196 4% -3% 10% 27% 81% 83%
Oil Search OSH AU 6.6x 10.7x 7.9x 2.4x 2.4 3.7 4.6 3.9 1.8 1.7 1.0 0.2 0.4 0.4 0.6 1.7 0.27 0.26 0.44 1.24 0.12 0.13 0.26 0.85 17 18 17 48 -6% 4% -6% 187% 14% 15%
Asia Median 1.0x 2.7x 3.3x 2.4x 4% 1% 2% 27% 81% 83%
Total Large Cap E&P Median 1.2x 1.0x 1.2x 1.4x 4% 1% 3% 7% 49% 46%
Notes
All figures are in US$ except for Canadian-listed companies which are in C$.
All reserves figures are net of royalties except for Canadian-listed companies which are gross of royalties.
All production figures are net of royalties.
5 January 2014 7
Fig 7 Macquarie Independent Refiners Universe

Price Price 52-week 52-week Div. Exp. EV/ Target Sh. O/S Mkt Cap
Notes Analyst Rating (local) (local) high low yield Return EBITDA P/E (FD) (m) ($m) EV ($m) P/CF Multiple EV/EBITDA Multiple ROACE ROE Free Cash Flow ($m)
United States
Alon USA Energy 1,2,5,11,12 ALJ US CC N 16.42 16.00 21.05 8.55 1.4% -1% 4.4x 9.6x 63 1,033 1,484 3.1x 7.1x 3.6x 3.7x 9.8x 4.4x 20% 9% 19% 26% 0% 17% 232 72 183
CVR Energy 1,2,5,11,12 CVI US CC N 42.58 48.00 65.57 33.03 6.9% 20% 2.5x 8.9x 87 3,697 3,539 4.9x 6.7x 3.9x 4.5x 5.2x 2.2x 29% 22% 27% 43% 22% 27% 545 285 706
HollyFrontier Corporation 1,2,5,11,12 HFC US CC N 49.36 57.00 57.35 38.15 6.4% 22% 3.8x 9.2x 199 9,810 8,986 4.9x 10.2x 5.5x 2.9x 5.6x 3.2x 25% 11% 17% 31% 12% 18% 1,725 574 1,377
Marathon Petroleum 1,2,5,11,12 MPC US CC O 88.26 115.00 92.73 60.04 1.9% 32% 4.1x 7.9x 306 27,037 28,281 6.1x 9.6x 4.7x 4.5x 7.1x 3.1x 25% 13% 27% 32% 16% 33% 3,610 1,462 3,273
Northern Tier Energy 1,2,5,11,12 NTI US CC O 24.88 37.00 33.24 17.83 25.4% 74% 5.0x 5.5x 92 2,287 2,440 6.1x 9.5x 3.5x 4.2x 7.2x 3.4x 55% 30% 86% 78% 44% 133% 304 144 614
Tesoro 1,2,5,11,12 TSO US CC O 57.14 80.00 65.75 39.85 1.7% 42% 4.3x 8.2x 135 7,713 9,525 6.2x 11.6x 4.2x 4.0x 7.4x 3.2x 19% 8% 18% 24% 9% 26% 783 91 947
Valero Energy 1,2,5,11,12 VLO US CC O 49.35 65.00 50.54 31.10 1.8% 34% 3.5x 6.6x 540 26,636 31,070 4.9x 6.3x 3.1x 4.9x 6.5x 2.6x 14% 9% 20% 18% 10% 25% 2,641 2,066 6,049
Western Refining 1,2,5,11,12 WNR US CC O 42.42 52.00 43.00 25.62 2.1% 25% 3.7x 6.8x 103 4,352 4,967 6.6x 8.5x 3.2x 4.6x 6.3x 3.1x 43% 22% 41% 66% 35% 44% 505 315 1,090
US Median 2.0% 28% 3.9x 8.1x 5.5x 9.0x 3.8x 4.3x 6.8x 3.2x 25% 12% 24% 31% 14% 27%
Asia
Caltex Australia 1,2,5,7 CTX AU KH U 19.70 18.00 23.77 16.80 3.0% -6% 6.6x 11.7x 270 4,758 5,483 7.9x 9.5x 8.9x 6.1x 7.8x 7.1x 18% 12% 13% 21% 14% 16% 214 -60 4
Asia Median 3.0% -6% 6.6x 11.7x 7.9x 9.5x 8.9x 6.1x 7.8x 7.1x 18% 12% 13% 21% 14% 16%
Total Refining Median 2.1% 25% 4.1x 8.2x 6.1x 9.5x 3.9x 4.5x 7.1x 3.2x 25% 12% 20% 31% 14% 26%

All figures are in US$. 1. Fluctuation in commodity prices or FX 7. Target based on DCF, flat pricing
3. Concentration risk 9. Target based on EV/DACF
4. Country or political risk 10. Target based on P/E
5. Environmental legislation 11. Target based on EV/EBITDA
5 January 2014 8
Fig 8 Macquarie Independent Refiners Universe (contd)
Total Cost/bbl Blended Refining

Net Debt / CF Net Debt ($m) Capex ($m) Cash Flow ($mm) CFPS - Diluted ($) EPS - Diluted ($) Throughput ($) Margin ($/bbl) Throughput (mbbl/d)
Prices as of January 3, 2014 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 12 13 14 12 13 14
United States
Alon USA Energy ALJ US 1.4x 3.0x 1.0x 0.0x 471 451 312 2 105 80 120 100 338 152 303 461 5.33 2.33 4.54 6.77 2.01 -0.02 1.66 3.74 4.92 5.18 4.45 12.83 9.91 12.98 155 131 139
CVR Energy CVI US 0.0x -0.3x -0.6x -1.2x 1 -158 -603 -1,073 212 269 240 160 757 554 946 890 8.65 6.38 10.89 10.25 6.59 3.66 5.41 4.99 4.67 5.16 4.56 25.28 15.52 21.21 180 193 198
HollyFrontier Corporation HFC US -0.5x -0.8x -0.9x -1.2x -1,052 -824 -1,575 -2,247 335 404 400 500 2,061 977 1,777 1,798 10.00 4.86 8.94 9.05 8.48 3.71 6.19 6.23 5.48 5.86 4.94 24.96 16.06 20.30 431 403 439
Marathon Petroleum MPC US -0.3x 0.4x -0.1x -0.3x -1,499 1,244 -521 -1,910 1,369 1,453 2,400 3,100 4,979 2,915 5,673 5,976 14.56 9.15 18.88 20.50 9.80 5.77 14.61 16.18 3.15 4.11 4.24 18.08 12.43 18.69 1,363 1,819 1,847
Northern Tier Energy NTI US 0.0x 0.6x 0.1x 0.2x 2 153 83 99 31 97 46 46 335 240 660 638 4.05 2.62 7.18 6.94 4.56 2.13 6.70 6.49 4.44 5.59 4.61 29.68 18.79 27.48 84 76 88
Tesoro TSO US 0.0x 2.7x 0.8x 0.9x -49 1,813 1,493 1,533 529 585 830 930 1,312 676 1,777 1,706 9.27 4.92 13.74 14.46 6.66 2.90 9.70 10.02 4.73 5.07 5.21 16.42 11.70 16.02 585 712 798
Valero Energy VLO US 1.0x 1.0x 0.1x -0.6x 5,326 4,434 624 -4,842 2,931 2,215 2,320 2,100 5,572 4,281 8,369 8,267 10.03 7.82 15.87 15.91 5.59 3.37 9.82 9.67 3.80 3.81 3.79 10.99 9.03 14.05 2,613 2,655 2,690
Western Refining WNR US 0.1x 1.2x 0.1x -0.4x 46 615 96 -536 202 206 200 200 707 521 1,290 1,285 6.41 4.97 13.27 14.03 5.14 3.15 7.62 8.03 5.87 5.90 4.97 22.10 20.06 25.59 150 171 240
US Median 0.0x 0.8x 0.1x -0.4x 4.70 5.17 4.58 20.09 13.98 19.50 306 298 340
Asia
Caltex Australia CTX AU 1.3x 1.5x 1.5x 1.2x 768 725 794 664 391 559 529 482 604 499 532 547 2.24 1.85 1.97 2.03 1.75 1.18 1.38 1.42 4.08 4.12 3.86 25.90 20.07 21.09 86 86 73
Asia Median 1.3x 1.5x 1.5x 1.2x 4.08 4.12 3.86 25.90 20.07 21.09 86 86 73
Total Refining Median 0.0x 1.0x 0.1x -0.3x 4.67 5.16 4.56 22.10 15.52 20.30 180 193 240
Notes
All figures are in US$.
5 January 2014 9
Fig 9 Macquarie Oil Sands Universe
Current Target Target Target Core

Price Price 52-week 52-week Div. Exp. EV/ P/ Sh. O/S Mkt Cap NAV RENAV P/ EV/2P
Notes Analyst Rating (local) (local) high low yield Return DACF RENAV (FD) (m) ($m) EV ($m) P/CF Multiple EV/DACF Multiple ($/sh) P/NAV ($/sh) RENAV BOE Free Cash Flow ($m)
Prices as of January 3, 2014 14 14 14 14 12 13 14 12 13 14 12 13 14
Canada
Athabasca Oil Corp. 1,2,5,7 ATH CN CF N 6.80 8.50 11.28 5.47 0.0% 25% 80.3x 0.6x 400 2,721 1,948 nmf nmf nmf nmf nmf nmf 6.85 1.0x 14.43 0.5x na -1,118 -777 -471
BlackPearl Resources 1,2,5,7 PXX CN CF O 2.24 3.00 3.20 1.36 0.0% 34% 8.5x 0.8x 298 667 681 8.1x 7.8x 6.0x 8.1x 7.8x 6.5x 1.20 1.9x 3.72 0.6x 3.19 -58 -6 -59
Canadian Oil Sands 1,2,3,5,9 COS CN CF U 19.66 21.00 21.93 18.62 7.1% 14% 7.7x 1.1x 485 9,527 10,830 6.0x 7.1x 6.5x 6.3x 7.8x 7.3x 17.22 1.1x 18.50 1.1x 6.39 501 48 371
MEG Energy 1,2,3,5,7 MEG CN CF O 30.79 44.00 36.69 25.50 0.0% 43% 15.9x 1.0x 224 6,903 9,696 29.0x 22.7x 9.2x 21.0x 25.6x 12.5x 23.21 1.3x 46.17 0.7x 3.67 -1,386 -1,924 -1,053
Oil Sands Median 0.0% 29% 12.2x 0.9x 8.1x 7.8x 6.5x 8.1x 7.8x 7.3x 1.2x 0.6x 3.67

Net Asset Value is PV10 (AT), strip pricing. 1. Fluctuation in commodity prices or FX 7. Target based on DCF, flat pricing
All figures are in C$. 3. Concentration risk 9. Target based on EV/DACF
All reserves and production figures are gross of royalties. 4. Country or political risk 10. Target based on P/E
5. Environmental legislation 11. Target based on P/CF
Fig 10 Macquarie Oil Sands Universe (contd)

Net Debt / CF Net Debt ($m) Capex ($m) Funds Flow ($m) FFOPS - Diluted ($) Cash Netback ($/boe) Production - kboe/d 6:1 Production/sh growth % gas
Canada
Athabasca Oil Corp. ATH CN nmf nmf nmf -1.7x -621 -773 -447 -160 1,080 765 460 380 -38 -12 -11 93 -0.09 -0.03 -0.03 0.23 -4.74 -6.13 -4.63 17.46 1.7 6.4 6.3 13.0 na 276% -2% 107% 49% 50%
BlackPearl Resources PXX CN 0.1x 0.2x 0.7x 1.2x 8 13 72 154 139 92 170 210 82 86 111 129 0.28 0.29 0.37 0.43 23.92 24.40 28.74 30.52 9.4 9.6 10.6 11.5 23% 1% 11% 9% 3% 3%
Canadian Oil Sands COS CN 0.4x 1.0x 1.1x 0.9x 604 1,303 1,611 1,441 1,086 1,300 1,100 700 1,587 1,348 1,471 1,549 3.28 2.78 3.03 3.19 41.77 38.97 38.50 39.15 105.7 99.0 104.7 108.4 0% -6% 6% 3% 0% 0%
MEG Energy MEG CN 3.9x 9.2x 5.1x 4.0x 823 2,792 3,845 4,435 1,599 2,228 1,800 1,700 213 304 747 1,109 1.06 1.36 3.33 4.95 22.33 29.64 33.31 36.68 28.8 33.6 60.0 82.5 7% 4% 78% 38% 0% 0%
Oil Sands Median 0.4x 1.0x 1.1x 1.1x 7% 3% 8% 23% 1% 1%
Notes
Net Asset Value is PV10 (AT), strip pricing.
All figures are in C$.
All reserves and production figures are gross of royalties.
5 January 2014 10
Fig 11 Macquarie High Yield Oil & Gas Producers Universe
Current Target Target Core

Price Price 52-week 52-week Div. Exp. EV/ Target Sh. O/S Mkt Cap EV/production NAV P/Core RENAV P/ EV/2P % PUD
Notes Analyst Rating (local) (local) high low yield Return DACF Yield (FD) (m) ($m) EV ($m) EV/DACF Multiple ($k/boe/d) ($/sh) NAV ($/sh) RENAV BOE of 1P
Prices as of January 3, 2014 14 14 14 12 13 14 12 13 14
CA Large Cap
ARC Resources 1,2,7 ARX CN CL N 29.16 29.75 29.95 23.12 4.1% 6% 10.5x 4.0% 314 9,150 10,072 12.3x 11.6x 10.3x 100.3 104.5 92.3 11.27 2.6x 23.29 1.3x 15.46 41%
Baytex Energy 1,2,7 BTE CN CL O 41.06 47.00 47.61 36.37 6.4% 21% 9.4x 5.6% 125 5,144 5,871 9.6x 8.8x 8.3x 103.2 101.0 96.6 20.79 2.0x 32.94 1.2x 19.11 49%
Bonavista Energy 1,2,7 BNP CN CL N 13.67 13.00 16.77 11.25 6.2% 1% 6.6x 6.5% 199 2,726 3,830 8.0x 7.5x 6.9x 48.7 51.9 51.7 8.48 1.6x 11.58 1.2x 9.06 37%
Crescent Point Energy 1,2,7 CPG CN CL O 40.28 47.50 41.60 34.53 6.8% 25% 9.8x 5.7% 398 16,032 18,258 9.1x 8.6x 8.4x 154.0 150.1 147.7 25.80 1.6x 34.65 1.2x 24.96 44%
Enerplus 1,2,5,7 ERF CN CL O 18.74 25.50 19.96 12.26 5.7% 42% 7.6x 4.2% 202 3,792 4,998 6.9x 6.1x 6.0x 58.7 55.7 52.5 12.47 1.5x 14.79 1.3x 14.14 20%
Lightstream Resources 1,2,7 LTS CN CL N 5.87 6.50 11.12 5.06 8.1% 19% 4.7x 7.3% 199 1,169 3,435 4.5x 4.4x 4.6x 73.2 74.1 76.4 8.06 0.7x 16.97 0.3x 15.23 35%
Pengrowth Energy 1,2,7 PGF CN CL N 6.52 6.75 6.84 3.93 7.4% 11% 7.5x 7.1% 523 3,409 4,798 7.2x 7.1x 7.3x 52.5 56.3 69.7 6.24 1.0x 7.44 0.9x 9.71 16%
Penn West Exploration 1,2,7 PWT CN CL N 9.09 10.50 13.58 8.41 6.1% 22% 7.2x 5.3% 490 4,450 7,181 5.0x 5.7x 6.6x 44.7 52.9 68.1 9.65 0.9x 19.69 0.5x 10.70 19%
Peyto Exploration & Development 1,2,3,7 PEY CN CL O 32.74 36.00 33.29 21.66 3.0% 13% 10.9x 2.7% 149 4,870 5,809 15.8x 12.4x 10.1x 118.5 98.2 81.5 10.60 3.1x 19.65 1.7x 13.45 42%
Vermilion Energy 1,2,5,7 VET CN CL O 62.13 68.50 63.09 45.78 4.1% 14% 9.7x 3.7% 103 6,421 7,145 11.7x 9.9x 8.9x 181.5 171.8 158.8 29.36 2.1x 35.54 1.7x 41.63 31%
CA Large Cap Median 6.1% 17% 8.5x 5.4% 8.5x 8.1x 7.8x 86.8 86.1 79.0 1.6x 1.2x 14.68 36%
CA Mid Cap
Long Run Exploration 1,2,7 LRE CN RK O 5.25 7.25 6.08 3.63 7.6% 46% 4.8x 5.5% 127 665 1,110 5.6x 4.4x 3.9x 58.3 44.5 43.3 6.67 0.8x 7.80 0.7x 9.24 32%
Renegade Petroleum 1,2,7 RPL CN Res. Res. 0.92 Res. 2.49 0.89 Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res.
Spyglass Resources 1,2,7 SGL CN RK N 1.85 2.00 2.71 1.53 14.4% 23% 5.3x 13.4% 128 237 539 4.9x 6.5x 5.1x 24.8 33.3 35.5 4.08 0.5x 4.08 0.5x 5.42 32%
Surge Energy 1,2,7 SGY CN RK O 6.53 8.75 7.30 2.68 8.0% 42% 7.8x 6.0% 167 1,093 1,403 6.9x 7.2x 6.2x 77.4 93.4 91.3 5.72 1.1x 6.43 1.0x 14.90 38%
TORC Oil & Gas 1,2,7 TOG CN CL O 10.28 13.00 12.55 6.70 5.2% 32% 8.0x 4.1% 91 936 1,091 17.1x 8.5x 6.5x 177.1 121.7 108.7 8.12 1.3x 13.96 0.7x 12.00 46%
Whitecap Resources 1,2,7 WCP CN RK O 12.36 16.00 12.95 8.55 5.5% 35% 9.0x 4.2% 167 2,060 2,495 8.6x 7.8x 7.2x 125.4 117.5 105.2 9.21 1.3x 12.41 1.0x 20.12 37%
CA Mid Cap Median 7.6% 35% 7.8x 5.5% 6.9x 7.2x 6.2x 77.4 93.4 91.3 1.1x 0.7x 12.00 37%
High Yield Median 6.2% 22% 7.8x 5.5% 8.0x 7.5x 6.9x 77.4 93.4 81.5 1.3x 1.02x 14.14 37%

Net Asset Value is PV10 (AT), strip pricing. 1. Fluctuation in commodity prices or FX 7. Target based on EV/DACF
All estimates are pro forma transactions and/or financings. 2. Operational or exploration risk 8. Target based on sum of parts analysis.
All figures are in C$. 3. Concentration risk
All reserves and production figures are gross of royalties. 4. Country or political risk
Spyglass Resources (SGL CN) - 2012A reflects Pace Oil & Gas data, not pro forma plan of arrangement 5. Environmental legislation
6. All of the above
5 January 2014 11
Fig 12 Macquarie High Yield Oil & Gas Producers Universe (contd)
Exploration &
Development Capex All-in Payout Ratio Cash Netback Production - kboe/d Production/sh
Net Debt / CF Net Debt ($m) ($m) Funds Flow ($m) FFOPS - Diluted ($) incl. DRIP (%) ($/boe) 6:1 growth % gas
Prices as of January 3, 2014 12 13 14 12 13 14 12 13 14 12 13 14 12 13 14 12 13 14 12 13 14 12 13 14 12 13 14 13 14
CA Large Cap
ARC Resources ARX CN 1.0x 1.1x 1.2x 716 922 1,142 608 860 915 720 826 961 2.42 2.65 3.04 118 135 126 21.06 24.33 23.43 93.5 95.9 112.2 8% -2% 15% 61% 63%
Baytex Energy BTE CN 1.1x 1.2x 1.1x 582 727 718 483 545 485 533 616 659 4.38 4.93 5.20 119 126 106 26.30 28.64 29.45 54.0 57.9 61.3 5% 5% 4% 12% 11%
Bonavista Energy BNP CN 2.5x 2.4x 2.3x 964 1,104 1,203 402 416 525 379 467 528 2.15 2.35 2.61 144 109 119 14.58 17.46 18.85 69.3 73.6 76.7 -9% -6% 2% 63% 63%
Crescent Point Energy CPG CN 1.2x 1.1x 1.2x 1,843 2,226 2,560 1,509 1,703 1,750 1,602 1,990 2,134 4.83 5.12 5.29 116 107 116 44.00 45.73 45.90 98.7 119.0 127.3 12% 3% 3% 9% 9%
Enerplus ERF CN 1.8x 1.6x 1.6x 1,156 1,207 1,327 865 614 718 644 756 805 3.29 3.76 3.95 173 113 116 20.88 23.26 22.50 82.1 89.2 98.0 0% 6% 8% 53% 52%
Lightstream Resources LTS CN 3.4x 3.5x 3.7x 2,016 2,265 2,297 956 759 560 598 657 624 3.14 3.33 3.10 190 129 105 37.99 39.17 37.50 42.8 46.2 45.5 4% 4% -3% 19% 20%
Pengrowth Energy PGF CN 2.9x 2.4x 3.1x 1,587 1,390 1,802 467 771 820 539 572 586 1.21 1.10 1.11 131 169 178 17.89 18.84 21.26 85.7 84.7 75.5 -14% -15% -13% 45% 45%
Penn West Exploration PWT CN 2.3x 2.5x 3.1x 2,886 2,731 3,003 1,752 808 900 1,248 1,076 967 2.62 2.21 1.96 183 109 115 21.27 22.45 23.82 161.2 135.1 110.0 -3% -18% -20% 37% 35%
Peyto Exploration & Development PEY CN 2.1x 2.1x 2.1x 655 938 1,163 400 627 625 309 437 551 2.19 2.94 3.71 173 162 139 18.84 19.48 20.10 44.5 59.2 74.0 18% 26% 25% 89% 89%
Vermilion Energy VET CN 1.2x 1.1x 1.1x 677 724 862 453 530 555 558 678 772 5.60 6.62 7.42 108 103 97 39.99 45.60 45.80 37.8 41.3 46.1 -1% 6% 10% 33% 36%
CA Large Cap Median 2.0x 1.9x 1.9x 137 120 116 21.17 23.79 23.62 2% 4% 4% 41% 41%
CA Mid Cap
Long Run Exploration LRE CN 2.2x 1.9x 1.7x 287 445 440 210 352 200 129 234 258 1.40 1.86 2.04 164 109 97 28.62 25.91 27.49 13.2 24.9 25.5 58% 38% 2% 47% 45%
Renegade Petroleum RPL CN Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res.
Spyglass Resources SGL CN 3.7x 4.6x 3.5x 215 302 316 83 40 70 59 65 90 0.96 0.58 0.71 138 132 116 11.91 10.54 15.89 13.2 15.3 15.6 na -37% -11% 51% 48%
Surge Energy SGY CN 2.4x 2.4x 1.4x 219 310 308 181 480 125 92 131 214 1.29 1.22 1.28 196 115 99 29.30 32.55 38.12 8.9 10.8 15.3 22% -19% -9% 23% 18%
TORC Oil & Gas TOG CN -2.6x 1.8x 0.9x -35 154 153 135 159 125 13 84 163 0.52 1.51 1.78 931 196 99 37.35 41.93 44.24 1.3 5.9 10.1 nmf 114% 2% 19% 15%
Whitecap Resources WCP CN 1.7x 1.5x 1.1x 333 435 435 246 283 255 194 283 388 1.68 1.85 1.92 127 101 101 37.36 39.34 38.17 14.0 19.7 27.8 40% 6% 7% 30% 29%
CA Mid Cap Median 2.2x 1.9x 1.4x 164 115 99 29.30 32.55 38.12 40% 6% 2% 30% 29%
High Yield Median 2.1x 1.9x 1.6x 144 115 115 26.30 25.91 27.49 5% 4% 2% 37% 36%
Notes
All estimates are pro forma transactions and/or financings.
Spyglass Resources (SGL CN) - 2012A reflects Pace Oil & Gas data, not pro forma plan of arrangement
5 January 2014 12
Fig 13 Macquarie US Mid-Cap Oil & Gas Producers Universe
Current Target Target Target

Price Price 52-week 52-week Div. Exp. EV/ P/ Sh. O/S Mkt Cap EV/production P/ EV/2P % PUD
Notes Analyst Rating (local) (local) high low yield Return DACF RENAV (FD) (m) ($m) EV ($m) P/CF Multiple EV/DACF Multiple ($k/boe/d) RENAV RENAV BOE of 1P
Prices as of January 3, 2014 14 13 12 13 14 12 13 14 12 13 14
United States
Approach Resources 6,7,9,10 AREX US JM O 18.91 32.00 31.67 18.25 0.0% 69% 13.8x 0.8x 38.9 735 901 8.5x 6.6x 4.0x 11.7x 8.8x 7.0x 97.3 96.9 86.2 37.80 0.5x 8.04 56%
Bill Barrett 6,7,9,10 BBG US JM U 25.46 21.00 30.69 15.50 0.0% -18% 5.9x 0.6x 47.6 1,213 2,164 3.0x 4.4x 4.5x 5.0x 6.6x 7.5x 42.8 63.5 97.2 37.51 0.7x 8.90 49%
Bonanza Creek 6,7,9,10 BCEI US JM O 41.65 63.00 57.47 28.23 0.0% 51% 10.7x 1.3x 40.4 1,684 2,095 10.6x 6.4x 4.1x 11.4x 7.6x 5.1x 192.0 132.3 94.9 47.00 0.9x 34.02 55%
Cabot Oil & Gas 6,7,9,10 COG US JM N 37.95 39.00 40.34 23.40 0.2% 3% 15.0x 1.1x 421.1 15,980 16,947 23.4x 14.2x 9.8x 23.6x 14.6x 10.4x 139.5 91.6 65.2 35.00 1.1x 33.13 41%
Cimarex 1,2,4,5,7,10 XEC US JM N 101.25 112.00 113.03 58.04 0.6% 11% 7.6x 4.5x 86.9 8,803 9,748 7.7x 6.3x 6.2x 8.3x 7.0x 6.9x 90.5 83.5 79.4 24.86 4.1x 26.76 18%
Concho 6,7,9,10 CXO US JM N 102.62 113.00 122.81 78.58 0.0% 10% 12.2x 1.2x 104.4 10,711 14,403 8.6x 7.5x 6.3x 12.4x 11.3x 9.6x 172.0 156.9 136.8 91.00 1.1x 32.94 39%
Continental Resources 6,7,9,10 CLR US PG N 106.77 116.00 121.78 72.35 0.0% 9% 9.3x 1.2x 184.9 19,740 24,331 11.8x 7.5x 5.7x 13.2x 8.7x 7.0x 236.0 177.5 142.9 94.53 1.1x 39.74 60%
Emerald Oil 6,7,9,10 EOX US PG O 7.44 9.00 9.20 5.28 0.0% 21% 10.1x nmf 65 487 348 5.3x 13.0x 7.9x 5.3x 7.3x 8.0x 98.3 102.7 149.3 na nmf na 0%
Energen 6,7,9,10 EGN US JM N 68.19 68.00 89.92 44.46 0.9% 1% 8.5x 1.5x 72.3 4,933 6,863 6.0x 5.4x 5.6x 9.8x 8.5x 8.8x 102.2 99.6 109.3 44.00 1.5x 20.11 23%
Energy XXI 6,7,9,10 EXXI US JM O 24.75 42.00 35.10 21.49 1.8% 71% 6.7x 1.4x 82.9 2,053 3,647 2.6x 3.1x 3.0x 3.3x 4.7x 4.9x 69.2 78.1 78.4 30.59 0.8x 25.55 32%
Forest Oil 1,2,4,5,7,9,10 FST US PG U 3.69 3.75 7.44 3.43 0.0% 2% 3.5x 0.2x 116.4 430 1,149 1.1x 2.0x 2.4x 4.3x 3.5x 5.3x 41.5 33.2 59.9 15.25 0.2x 6.63 24%
Goodrich Petroleum 6,7,9,10 GDP US JM N 16.53 18.00 28.55 8.68 0.0% 9% 8.3x 0.7x 41.6 688 1,200 4.3x 6.7x 4.9x 6.0x 7.9x 7.3x 81.7 86.2 91.2 27.06 0.6x 13.90 58%
Kodiak Oil & Gas 6,7,9,10 KOG US PG N 10.73 13.00 14.11 7.27 0.0% 21% 8.7x 1.9x 268.7 2,883 5,143 9.7x 4.7x 3.0x 12.5x 7.8x 5.2x 275.2 170.3 115.5 6.75 1.6x 70.37 63%
Newfield Exploration 1,2,4,5,7,9,10 NFX US PG N 24.39 32.00 32.55 19.57 0.0% 31% 5.5x 0.6x 136.0 3,317 6,933 2.5x 2.4x 2.7x 4.4x 4.8x 4.7x 45.7 52.9 47.5 53.12 0.5x 10.94 47%
Oasis Petroleum 1,2,3,7,9 OAS US PG O 44.44 60.00 57.33 31.58 0.0% 35% 10.0x 1.0x 94.5 4,201 6,745 9.4x 5.5x 4.2x 10.6x 8.2x 6.2x 226.7 193.2 141.2 60.00 0.7x 57.88 53%
Pioneer Natural Resources 1,2,3,7,9 PXD US JM N 176.05 175.00 227.42 108.31 0.0% -1% 11.4x 1.1x 143.0 25,174 26,685 12.3x 11.4x 10.2x 12.4x 11.5x 10.6x 167.3 147.4 130.3 159.00 1.1x 3.40 88%
Quicksilver Resources 6,7,9,10 KWK US JM U 3.35 1.75 3.54 1.44 0.0% -48% 8.2x 0.4x 172.0 576 2,579 2.6x 10.6x 19.9x 7.4x 9.2x 20.1x 43.8 52.2 63.2 4.50 0.7x 5.30 31%
Range Resources 6,7,9,10 RRC US JM O 80.53 115.00 85.49 61.63 0.2% 43% 20.6x 0.9x 161.5 13,004 16,151 17.0x 13.7x 10.8x 18.3x 15.3x 12.5x 125.7 102.5 83.4 130.00 0.6x 17.62 52%
Rosetta Resources 6,7,9,10 ROSE US JM N 46.65 52.00 65.30 40.83 0.0% 11% 7.2x 0.6x 61.5 2,867 4,132 6.0x 4.8x 4.3x 6.7x 6.7x 6.2x 76.4 79.5 69.7 85.00 0.5x 16.51 58%
SM Energy 1,2,4,5,7,9,10 SM US JM O 81.94 108.00 94.00 53.13 0.1% 32% 6.1x 0.9x 68.4 5,601 6,963 6.1x 4.1x 3.6x 7.3x 4.9x 4.5x 69.7 52.3 50.5 115.00 0.7x 30.03 33%
Sanchez Energy 1,2,4,5,7,9,10 SN US JM N 24.22 30.00 30.92 17.02 0.0% 24% 4.1x 0.9x 44.4 1,076 1,533 37.5x 4.9x 3.1x 35.0x 3.6x 5.0x nmf 132.5 95.3 33.93 0.7x 76.25 86%
Whiting Petroleum 1,2,4,5,7,9,10 WLL US PG O 59.05 76.00 70.57 42.44 0.0% 29% 6.2x 1.1x 119.6 7,063 9,004 5.1x 4.1x 3.5x 6.1x 5.0x 4.6x 111.5 104.8 97.0 69.28 0.9x 24.21 31%
US Midcaps Median 0.0% 16% 8.4x 1.0x 6.9x 5.9x 4.4x 9.0x 7.7x 6.9x 98.3 98.3 93.0 0.7x 24.21 48%
Notes Risk Disclosures Valuation disclosures

Net Asset Value is PV10 (AT). 1. Fluctuation in commodity prices or FX 7. Target based on EV/DACF
All estimates are pro forma of announced transactions and/or financings. 2. Operational or exploration risk 8. Target based on DCF, flat pricing
All figures are in US$. 3. Concentration risk 9. Target based on DCF, strip pricing
All reserves and production figures are net of royalties. 4. Country or political risk 10. Target based on P/CF
5. Environmental legislation 11. Target based on sum of parts analysis.
6. All of the above
5 January 2014 13
Fig 14 Macquarie US Mid-Cap Oil & Gas Producers Universe (contd)
Exploration & Development Production - kboe/d 6:1

Net Debt / CF Net Debt ($m) Capex ($m) Cash Flow ($m) CFPS - Diluted ($) Cash Netback ($/boe) (net) Production/sh growth % gas
United States
Approach Resources AREX US 1.3x 1.5x 2.1x 2.4x 105 166 395 591 307 315 415 440 78 112 186 244 2.23 2.88 4.77 6.27 27.23 32.93 38.68 42.62 7.9 9.3 13.1 15.6 2% 6% 41% 19% 30% 25%
Bill Barrett BBG US 2.7x 3.5x 4.3x 4.5x 1,086 952 1,178 1,452 959 476 500 600 399 274 273 326 8.44 5.77 5.71 6.75 19.85 14.52 22.53 24.41 53.6 34.0 24.7 28.6 9% -37% -28% 15% 71% 46%
Bonanza Creek BCEI US 1.0x 1.6x 1.3x 0.9x 154 411 526 541 297 484 500 588 156 263 410 597 3.94 6.53 10.08 14.54 41.03 42.41 45.21 50.58 9.4 15.8 23.4 30.8 na 65% 47% 30% 28% 27%
Cabot Oil & Gas COG US 1.6x 0.9x 0.6x 0.1x 1,056 967 915 160 928 1,164 1,425 1,500 680 1,125 1,633 2,289 1.62 2.67 3.87 5.43 14.86 17.00 16.64 18.11 121.8 184.8 259.4 343.8 41% 51% 40% 32% 95% 96%
Cimarex XEC US 0.6x 0.7x 0.8x 0.7x 680 944 1,112 1,138 1,663 1,556 1,650 1,550 1,135 1,384 1,433 1,574 13.11 15.96 16.43 17.96 22.98 26.38 26.31 27.76 104.4 116.5 125.2 131.0 5% 11% 7% 4% 49% 48%
Concho CXO US 2.5x 2.6x 2.5x 2.0x 3,122 3,691 4,296 4,631 1,624 1,858 2,300 2,680 1,237 1,427 1,696 2,345 11.91 13.68 16.24 22.47 42.31 42.38 42.24 46.36 80.1 91.8 109.7 138.1 24% 14% 20% 26% 38% 37%
Continental Resources CLR US 2.1x 1.7x 1.6x 1.3x 3,502 4,591 5,438 5,802 3,494 3,712 4,100 4,700 1,645 2,638 3,453 4,536 9.04 14.28 18.68 24.54 55.18 63.14 61.64 62.88 97.1 137.0 176.2 221.0 54% 39% 29% 25% 29% 29%
Emerald Oil EOX US 0.9x -5.9x 0.1x 1.2x 13 -139 6 129 66 138 182 223 15 24 62 107 1.39 0.57 0.95 1.62 32.48 38.65 50.77 57.99 0.9 1.7 3.3 5.0 165% -55% 26% 51% 5% 7%
Energen EGN US 2.2x 2.1x 2.6x 2.1x 1,787 1,930 2,271 2,234 1,184 1,251 1,175 995 817 917 881 1,081 11.29 12.68 12.18 14.94 34.06 36.63 36.61 42.57 65.8 68.9 65.9 69.6 17% 5% -4% 6% 44% 37%
Energy XXI EXXI US 1.1x 2.1x 2.4x 2.1x 897 1,350 1,642 1,693 571 816 711 800 815 641 672 815 9.34 7.89 8.15 9.97 47.88 41.62 39.60 44.11 44.1 43.0 47.0 51.3 -3% 5% 7% 10% 34% 35%
Forest Oil FST US 5.0x 3.4x 4.6x 2.9x 1,861 719 834 840 725 376 303 300 372 213 183 294 3.24 1.83 1.56 2.50 19.30 16.15 23.36 32.50 55.0 34.6 21.1 24.7 -20% -38% -39% 16% 62% 58%
Goodrich Petroleum GDP US 4.0x 5.5x 5.3x 6.0x 567 513 782 1,102 252 261 375 460 141 93 148 183 3.88 2.45 3.39 4.18 24.35 16.49 23.40 25.70 14.3 13.2 16.5 18.6 -22% -11% 8% 13% 70% 64%
Kodiak Oil & Gas KOG US 3.6x 3.7x 2.5x 1.7x 1,077 2,260 2,354 2,197 792 1,080 1,038 1,090 297 618 954 1,256 1.11 2.30 3.55 4.66 53.40 56.73 57.48 62.44 14.3 30.2 45.4 55.0 173% 110% 50% 21% 11% 11%
Newfield Exploration NFX US 2.2x 2.6x 2.3x 2.6x 2,957 3,616 2,758 3,167 1,780 2,039 1,650 1,650 1,329 1,389 1,210 1,241 9.85 10.23 8.90 9.12 24.29 27.06 25.91 24.61 136.7 130.9 127.8 137.9 -1% -5% -3% 8% 44% 45%
Oasis Petroleum OAS US 2.3x 3.4x 2.7x 2.1x 987 2,544 2,846 2,922 1,053 949 1,350 1,473 435 747 1,068 1,418 4.71 8.02 10.67 14.10 52.22 58.11 56.04 60.74 22.5 34.6 51.7 63.1 109% 53% 39% 22% 10% 10%
Pioneer Natural Resources PXD US 1.9x 0.7x 0.9x 0.8x 3,492 1,511 2,197 2,542 3,055 2,785 3,150 3,700 1,814 2,138 2,475 3,366 14.36 15.45 17.28 23.44 34.24 32.10 33.46 37.65 153.8 175.6 210.4 252.1 16% 4% 16% 20% 37% 33%
Quicksilver Resources KWK US 9.6x 37.0x 73.2x 50.6x 2,058 2,003 2,119 2,183 485 124 145 120 215 54 29 43 1.27 0.31 0.17 0.25 13.91 4.67 9.38 10.08 60.0 49.4 42.6 45.6 -12% -19% -14% 7% 84% 86%
Range Resources RRC US 3.8x 3.3x 2.8x 1.9x 2,878 3,148 3,372 3,246 1,503 1,222 1,400 1,600 756 946 1,203 1,753 4.73 5.87 7.44 10.81 20.32 20.96 21.38 24.44 125.4 157.5 196.7 241.4 36% 25% 25% 22% 77% 70%
Rosetta Resources ROSE US 0.9x 2.2x 2.4x 2.0x 373 1,265 1,616 1,791 622 853 1,020 1,071 411 572 669 896 7.77 9.74 10.84 14.42 30.46 30.38 28.47 30.54 37.2 50.4 64.5 80.3 34% 22% 22% 24% 36% 36%
SM Energy SM US 1.6x 1.0x 1.1x 1.0x 1,434 1,363 1,725 1,910 1,508 1,571 1,926 2,070 912 1,368 1,570 1,892 13.54 20.12 22.89 27.41 19.26 22.35 22.38 22.93 99.7 132.5 145.3 168.1 27% 32% 9% 15% 51% 46%
Sanchez Energy SN US -2.4x 2.5x 2.4x 2.3x -50 458 856 1,126 170 472 670 704 21 182 359 500 0.65 4.99 7.73 10.67 52.57 50.24 47.11 50.93 1.3 10.1 20.8 26.4 93% nmf 61% 26% 13% 14%
Whiting Petroleum WLL US 1.3x 1.1x 1.3x 1.2x 1,755 1,941 2,553 2,842 2,050 2,280 2,508 2,633 1,388 1,719 1,996 2,449 11.67 14.41 16.66 20.36 44.43 46.93 46.91 49.77 78.7 85.8 99.3 113.4 16% 9% 15% 14% 14% 14%
US Midcaps Median 2.0x 2.2x 2.4x 2.0x 31.47 32.51 35.04 40.11 17% 9% 18% 19% 37% 36%
Notes
All reserves and production figures are net of royalties.
5 January 2014 14
Fig 15 Macquarie Canadian Mid/Small-Cap Oil & Gas Producers Universe
Current Target Target Core

Price Price 52-week 52-week Div. Exp. EV/ Sh. O/S Mkt Cap EV/production NAV RENAV P/ EV/2P % PUD
Notes Analyst Rating (local) (local) high low yield Return DACF (FD) (m) ($m) EV ($m) P/CF Multiple EV/DACF Multiple ($k/boe/d) ($/sh) P/NAV ($/sh) RENAV BOE of 1P
Prices as of January 3, 2014 14 14 12 13 14 12 13 14 12 13 14
CA Mid Cap
Advantage Oil and Gas 1,2,3,7 AAV CN CL N 4.65 4.50 4.77 2.84 0.0% -3% 9.0x 170 789 1,036 12.1x 7.8x 5.8x 14.0x 9.5x 7.9x 46.5 52.0 51.0 4.64 1.0x 5.48 0.8x 4.63 77%
Aurora Oil & Gas 1,2,7 AEF CN CF O 2.97 4.25 4.14 2.55 0.0% 43% 6.4x 458 1,361 2,123 9.1x 5.0x 3.7x 10.1x 6.4x 5.1x 158.8 100.6 75.5 2.54 1.2x 5.74 0.5x 15.97 65%
Bellatrix Exploration 1,2,7 BXE CN CL O 7.75 10.00 8.52 4.03 0.0% 29% 6.5x 138 1,072 1,458 8.1x 8.4x 4.4x 9.0x 10.5x 5.3x 65.3 58.4 39.8 6.94 1.1x 10.11 0.8x 10.50 57%
Birchcliff Energy 1,2,3,7 BIR CN RK N 7.36 9.00 9.04 6.87 0.0% 22% 8.1x 143 1,051 1,489 8.5x 6.3x 5.3x 10.6x 7.9x 7.0x 65.3 57.7 50.0 8.72 0.8x 8.72 0.8x 4.68 69%
Cequence Energy 1,2,7 CQE CN RK O 1.72 2.25 1.97 1.27 0.0% 31% 7.4x 211 363 465 9.1x 7.1x 4.8x 10.0x 8.6x 6.1x 39.6 45.2 37.5 2.84 0.6x 3.60 0.5x 4.60 53%
Chinook Energy 1,2,4,7 CKE CN RK O 1.30 1.20 1.56 0.80 0.0% -8% 3.8x 214 278 352 3.7x 3.2x 3.4x 4.2x 3.8x 4.1x 28.5 35.1 35.2 3.15 0.4x 3.15 0.4x 6.79 30%
Crew Energy 1,2,7 CR CN CF O 6.36 9.00 7.48 4.99 0.0% 42% 6.4x 122 774 1,163 4.1x 4.6x 3.6x 5.3x 6.3x 5.0x 38.1 42.5 40.4 7.50 0.8x 14.76 0.4x 6.97 41%
Crocotta Energy 1,2,7 CTA CN RK O 3.02 4.50 3.57 2.57 0.0% 49% 5.8x 97 292 406 5.4x 4.3x 3.1x 6.8x 5.7x 4.3x 51.6 45.3 37.3 2.66 1.1x 4.06 0.7x 9.35 50%
DeeThree Exploration 6,7 DTX CN RK O 9.32 12.50 9.94 5.77 0.0% 34% 7.3x 81 758 871 14.4x 7.4x 4.8x 15.3x 8.2x 5.7x 175.2 115.8 83.9 3.21 2.9x 9.98 0.9x 36.60 50%
Legacy Oil + Gas 1,2,7 LEG CN CL O 6.04 9.00 7.73 4.81 0.0% 49% 5.9x 159 958 1,619 3.9x 3.3x 3.0x 5.6x 5.0x 4.6x 83.6 84.7 77.5 8.44 0.7x 14.84 0.4x 14.46 26%
Paramount Resources 1,2,7 POU CN CF O 38.57 44.00 39.45 30.34 0.0% 14% 18.6x 97 3,724 4,928 nmf nmf 14.9x 37.7x 35.9x 13.8x 201.8 228.7 128.8 13.87 2.8x 47.05 0.8x 120.17 6%
Raging River Exploration 1,2,7 RRX CN RK O 6.41 8.00 6.82 3.04 0.0% 25% 8.3x 181 1,162 1,260 21.8x 9.4x 6.4x 21.9x 10.2x 6.8x nmf 214.2 135.3 3.10 2.1x 6.23 1.0x 43.79 61%
RMP Energy 1,2,7 RMP CN RK O 5.49 8.00 6.49 2.95 0.0% 46% 8.4x 123 673 788 10.6x 8.3x 5.3x 11.5x 9.4x 6.0x 115.9 108.8 81.0 3.32 1.7x 6.15 0.9x 21.76 49%
Tourmaline Oil 1,2,7 TOU CN RK O 44.68 50.00 46.10 30.14 0.0% 12% 10.8x 196 8,770 9,394 27.4x 15.5x 9.2x 27.9x 16.2x 9.7x 160.9 118.7 80.0 15.95 2.8x 33.95 1.3x 18.67 59%
Mid Cap Median 0.0% 30% 7.4x 9.1x 7.1x 4.8x 10.3x 8.4x 5.9x 65.3 71.5 63.3 1.1x 0.8x 12.48 52%
CA Small Cap
Artek Exploration 1,2,7 RTK CN RK N 3.39 4.00 3.88 2.87 0.0% 18% 8.5x 66 225 289 9.3x 7.9x 5.7x 11.1x 9.7x 7.6x 73.7 72.7 64.3 2.14 1.6x 5.66 0.6x 6.88 72%
Border Petroleum 1,2,3,8 BOR CN Res. Res. 0.01 Res. 0.16 0.01 Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res.
Corridor Resources 1,2,3,7 CDH CN DP N 1.26 1.00 1.42 0.60 0.0% -21% 12.9x 88 111 95 25.3x 11.4x 18.4x 22.2x 9.6x 16.7x 67.2 70.6 77.5 0.61 2.1x 1.19 1.1x 6.27 63%
Delphi Energy 1,2,7 DEE CN RK U 1.89 1.75 1.97 0.95 0.0% -7% 8.6x 155 292 432 8.0x 7.7x 6.9x 9.4x 9.8x 9.0x 41.8 52.2 48.1 1.84 1.0x 2.02 0.9x 7.97 30%
Kelt Exploration 6,8 KEL CN RK O 9.59 11.00 9.74 5.20 0.0% 15% 15.9x 103 984 987 na 33.0x 13.2x na 33.3x 14.0x na 201.0 107.6 4.55 2.1x 7.27 1.3x 61.77 28%
Manitok Energy 1,2,7 MEI CN RK O 2.17 3.00 3.49 1.93 0.0% 38% 4.4x 76 165 200 7.5x 4.0x 2.5x 7.9x 4.8x 3.4x 62.6 47.9 41.4 1.96 1.1x 2.85 0.8x 10.05 33%
Marquee Energy 1,2,7 MQL CN RK N 0.76 0.90 0.89 0.42 0.0% 18% 3.9x 58 44 110 4.2x 2.9x 1.8x 7.4x 6.2x 3.6x 36.0 47.8 31.0 1.33 0.6x 2.08 0.4x 6.89 39%
Pinecrest Energy 1,2,7 PRY CN CF N 0.42 0.60 1.54 0.38 0.0% 43% 4.1x 217 91 220 1.4x 1.6x 1.4x 2.7x 3.5x 3.5x 63.7 64.4 71.6 1.31 0.3x 2.06 0.2x 12.32 31%
Santonia Energy 1,2,7 STE CN RK N 1.18 1.70 2.21 1.14 0.0% 44% 8.5x 105 123 154 3.3x 6.2x 5.3x 3.1x 7.2x 6.3x 11.6 34.8 33.3 2.14 0.6x 2.14 0.6x 5.98 33%
Storm Resources 1,2,3,7 SRX CN RK N 4.10 4.50 4.26 1.45 0.0% 10% 12.2x 84 345 353 17.2x 14.2x 10.2x 18.3x 13.7x 11.2x 120.2 87.8 73.9 1.20 3.4x 2.11 1.9x 9.91 57%
Strategic Oil & Gas 1,2,7 SOG CN RK O 0.8 1.10 1.45 0.64 0.0% 38% 6.5x 247 198 255 7.5x 6.3x 3.9x 9.6x 7.6x 5.1x 93.7 61.7 54.0 0.81 1.0x 1.67 0.5x 24.74 5%
Small Cap Median 0.0% 18% 8.5x 7.5x 7.0x 5.5x 9.4x 8.6x 6.9x 63.7 63.0 59.2 1.1x 0.7x 8.94 33%
CA Mid/Small caps Median 0.0% 27% 7.7x 8.3x 7.1x 5.0x 10.0x 8.4x 6.1x 65.3 63.0 59.2 1.1x 0.8x 9.98 50%

Net Asset Value is PV10 (AT), strip pricing. 1. Fluctuation in commodity prices or FX 7. Target based on EV/DACF
All estimates are pro forma transactions and/or financings. 2. Operational or exploration risk 8. Target based on DCF, flat pricing
All figures are in C$. 3. Concentration risk 9. Target based on DCF, strip pricing
All reserves and production figures are gross of royalties. 4. Country or political risk 10. Target based on P/CF
Advantage (AAV CN) data shown reflects stand-alone (rather than consolidated) entity. 5. Environmental legislation 11. Target based on sum of parts analysis.
6. All of the above
5 January 2014 15
Fig 16 Macquarie Canadian Mid/Small-Cap Oil & Gas Producers Universe (contd)
Exploration &
Development Capex Cash Netback Production - kboe/d Production/sh
Net Debt / CF Net Debt ($m) ($m) Funds Flow ($m) FFOPS - Diluted ($) ($/boe) 6:1 growth % gas
Prices as of January 3, 2014 12 13 14 12 13 14 12 13 14 12 13 14 12 13 14 12 13 14 12 13 14 12 13 14 13 14
CA Mid Cap
Advantage Oil and Gas AAV CN 4.6x 3.0x 3.2x 283 292 417 130 160 255 61 96 130 0.37 0.57 0.76 5.80 11.62 14.27 21.7 19.6 22.4 -9% -11% 14% 97% 98%
Aurora Oil & Gas AEF CN 3.0x 2.8x 2.4x 416 762 870 504 466 475 140 272 367 0.33 0.59 0.80 38.34 35.09 34.01 10.7 21.1 29.5 260% 86% 40% 20% 20%
Bellatrix Exploration BXE CN 1.7x 3.6x 1.3x 185 386 404 186 260 341 111 108 305 0.95 0.92 1.76 17.56 17.21 20.61 16.7 22.2 44.0 29% 32% 34% 71% 65%
Birchcliff Energy BIR CN 3.8x 2.6x 2.6x 462 438 521 299 249 275 120 168 200 0.86 1.16 1.40 14.30 17.73 17.35 22.8 26.0 31.4 18% 10% 22% 82% 84%
Cequence Energy CQE CN 1.5x 2.0x 1.9x 50 103 146 92 110 120 34 50 76 0.19 0.24 0.36 9.29 13.62 15.37 9.0 10.2 13.6 -17% -3% 31% 86% 85%
Chinook Energy CKE CN 1.0x 0.9x 0.9x 72 74 76 80 106 85 76 86 82 0.35 0.40 0.38 17.17 21.79 22.52 12.3 10.0 10.1 -16% -18% 0% 60% 60%
Crew Energy CR CN 1.6x 2.3x 2.0x 299 389 423 259 220 246 186 168 212 1.54 1.38 1.75 18.01 16.60 19.62 28.0 27.4 29.6 6% -3% 8% 52% 55%
Crocotta Energy CTA CN 1.6x 1.7x 1.4x 82 113 131 104 120 111 51 66 93 0.56 0.69 0.96 20.01 20.43 22.45 6.9 8.8 11.4 63% 22% 26% 72% 71%
DeeThree Exploration DTX CN 1.7x 1.1x 1.1x 78 113 179 137 200 230 46 99 164 0.65 1.27 1.94 28.50 36.84 38.92 4.2 7.3 11.5 86% 56% 47% 24% 21%
Legacy Oil + Gas LEG CN 2.2x 2.3x 2.2x 486 661 696 359 323 350 223 285 315 1.54 1.83 1.99 38.10 41.45 40.28 16.3 18.9 21.3 27% 8% 11% 10% 12%
Paramount Resources POU CN 11.9x 18.6x 6.2x 691 1,204 1,559 624 794 600 58 65 251 0.67 0.69 2.59 3.98 6.99 14.82 19.9 21.1 41.2 3% -3% 89% 85% 80%
Raging River Exploration RRX CN 0.4x 0.9x 0.7x 15 99 124 121 165 215 34 116 190 0.29 0.68 1.01 40.13 57.65 52.70 2.1 5.6 9.8 na 79% 60% 4% 5%
RMP Energy RMP CN 1.4x 1.5x 0.9x 74 115 116 111 130 132 52 76 130 0.52 0.67 1.03 25.79 30.63 35.23 5.4 6.9 10.0 26% 11% 33% 47% 32%
Tourmaline Oil TOU CN 1.8x 1.1x 0.7x 497 624 673 663 1050 1000 280 545 951 1.63 2.88 4.85 14.94 19.41 22.05 50.8 76.5 118.0 na 37% 49% 89% 84%
Mid Cap Median 1.7x 2.2x 1.7x 17.79 19.92 22.25 22% 11% 32% 65% 63%
CA Small Cap
Artek Exploration RTK CN 2.9x 2.4x 2.3x 48.9 63.4 96.6 59.9 77.6 75.0 16.7 27.0 41.8 0.36 0.43 0.60 15.83 19.59 22.48 2.8 3.8 5.2 -1% 0% 23% 62% 59%
Border Petroleum BOR CN Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res.
Corridor Resources CDH CN -2.3x -1.7x -1.7x -10.2 -16.2 -10.5 4.4 3.2 11.8 4.4 9.8 6.0 0.05 0.11 0.07 8.08 19.48 12.82 1.5 1.3 1.3 -22% -11% -3% 99% 100%
Delphi Energy DEE CN 2.9x 3.7x 3.8x 92.8 139.5 160.0 83.7 83.8 80.0 31.7 37.6 42.1 0.24 0.24 0.27 10.62 12.67 12.27 8.3 8.2 9.4 -17% -13% 14% 73% 74%
Kelt Exploration KEL CN na 0.1x 0.9x na 3.0 72.3 na 123.0 150.0 na 21.9 80.8 na 0.29 0.73 na 16.85 20.89 na 3.6 10.6 na na 99% 77% 70%
Manitok Energy MEI CN 0.6x 0.9x 1.0x 11.8 34.5 66.7 49.9 83.0 100.0 18.4 39.3 67.9 0.29 0.54 0.87 20.14 26.82 32.41 2.4 4.0 5.7 163% 47% 32% 49% 42%
Marquee Energy MQL CN 4.7x 4.5x 2.1x 43.9 66.4 76.0 45.1 30.4 45.0 9.2 14.7 35.4 0.18 0.27 0.42 11.22 17.92 21.25 2.3 2.3 4.5 -75% -9% 31% 37% 47%
Pinecrest Energy PRY CN 1.4x 2.2x 2.4x 100.2 128.8 155.2 201.8 89.7 90.0 71.9 59.3 63.7 0.30 0.26 0.29 58.56 40.44 47.61 3.1 3.5 3.4 96% 17% 3% 2% 2%
Santonia Energy STE CN 0.5x 1.6x 1.6x 17.0 30.7 37.3 63.8 50.0 40.0 36.5 19.8 23.5 0.36 0.19 0.22 8.15 12.41 13.29 11.9 4.4 4.8 -19% -63% 9% 74% 76%
Storm Resources SRX CN 3.0x 0.4x 1.5x 40.4 7.6 52.8 53.2 58.4 81.0 13.4 21.4 35.7 0.24 0.29 0.40 15.56 16.29 17.19 2.3 3.5 5.7 99% 19% 33% 72% 79%
Strategic Oil & Gas SOG CN 2.4x 2.1x 1.5x 47.3 57.9 79.4 62.6 105.0 75.0 20.0 27.2 53.5 0.11 0.13 0.20 25.37 19.02 27.30 2.1 3.7 5.3 67% 54% 18% 28% 26%
Small Cap Median 2.4x 1.8x 1.5x 15.56 18.47 21.07 -1% 0% 20% 67% 65%
CA Mid/Small caps Median 1.7x 2.1x 1.5x 17.17 19.21 21.65 18% 10% 28% 66% 63%
Notes
Advantage (AAV CN) data shown reflects stand-alone (rather than consolidated) entity.
5 January 2014 16
Fig 17 Macquarie International Oil & Gas Mid Cap Producers Universe
Current Target Target Core RENAV

Price Price 52-week 52-week Div. Exp. P/ Sh.O/S Mkt Cap EV/production NAV /sh P/ Core /sh P/ EV/2P
Notes Analyst Rating (local) (local) high low Yield Return RENAV (FD) (m) ($m) EV ($m) EV/DACF Multiple ($k/boe/d) (local) NAV (local) RENAV BOE
Prices as of January 3, 2014 14 12 13 14 12 13 14
Europe
Afren 6,8 AFR LN GR O 169 166 171 118 0.0% -2% 0.6x 1,109 3,280 4,122 3.8x 4.5x 5.8x 90.1 95.9 58.7 100 1.7x 256 0.7x 19.91
Cairn Energy 6,8 CNE LN DF O 273 336 310 251 0.0% 23% 0.6x 626 2,987 1,696 nmf nmf nmf 99.9 96.7 127.7 297 0.9x 583 0.5x 58.26
DNO International 6,8 DNO NO DF N 24.95 14.30 25.00 8.78 0.0% -43% 0.8x 1,023 4,151 4,118 10.8x 15.1x 9.0x 97.0 63.8 32.6 11.4 2.2x 17.1 1.5x 7.93
Genel Energy 6,8 GENL LN DF N 1,102 940 1,104 720 0.0% -15% 0.8x 281 5,404 4,666 18.6x 21.6x 11.4x 92.9 59.2 35.9 868 1.3x 1137 1.0x na
Gulf Keystone 6,8 GKP LN DF N 183 173 240 127 0.0% -5% 1.0x 888 2,837 3,064 nmf nmf 31.2x nmf 143.7 68.8 168 1.1x 172 1.1x na
Lundin Petroleum 6,8 LUPE SS DF O 126 167 171 116 0.0% 32% 1.0x 318 6,143 7,497 8.1x 7.5x 10.0x 199.4 214.1 206.0 138 0.9x 175 0.7x 37.21
Premier Oil 1,2,4,5,8 PMO LN DF O 316 523 405 291 1.5% 67% 0.8x 574 3,168 4,512 5.8x 5.7x 4.2x 74.8 65.6 67.7 465 0.7x 619 0.5x 15.43
Rockhopper Exploration 6,8 RKH LN DF O 153 336 178 111 0.0% 120% 0.9x 284 758 497 nmf nmf nmf na na na 305 0.5x 379 0.4x na
SOCO International 6,8 SIA LN DF N 399 434 419 310 4.4% 13% 0.9x 333 2,317 2,072 6.3x 6.0x 5.6x 126.3 117.7 111.1 404 1.0x 459 0.9x 15.69
Tullow Oil 1,2,4,5,8 TLW LN DF N 856 960 1,294 824 1.4% 14% 0.8x 930 13,896 16,015 10.0x 11.3x 11.7x 174.0 216.6 233.8 601 1.4x 1246 0.7x 42.69
Europe Median 0.0% 13% 0.8x 8.1x 7.5x 9.5x 98.4 96.7 68.8 1.0x 0.7x
North America
Bankers Petroleum 1,2,4,8 BNK CN DP O 4.34 5.50 4.48 2.26 0.0% 27% 0.9x 255 1,109 1,079 5.2x 3.8x 2.9x 61.3 51.4 43.4 3.32 1.3x 6.08 0.7x 4.16
Coastal Energy 1,2,4,7,8 CEN CN DP N 18.86 19.00 23.10 12.54 0.0% 1% 0.6x 116 2,188 2,331 6.6x 8.0x 4.3x 103.8 72.3 57.5 21.43 0.9x 29.24 0.6x 19.88
Gran Tierra Energy Inc 1,2,4,8 GTE US DP O 7.23 9.00 8.00 4.93 0.0% 24% 0.8x 290 2,094 1,855 5.7x 4.7x 4.0x 62.2 57.6 54.5 6.63 1.1x 11.73 0.6x 25.09
Oryx Petroleum 1,2,3,4,8 OXC CN DP N 14.02 13.50 15.00 12.69 0.0% -4% 0.9x 100 1,400 1,261 nmf nmf nmf na 130.6 94.3 4.29 3.3x 15.54 0.9x 5.35
Pacific Rubiales Energy 1,2,3,4,7,8 PRE CN DP O 18.84 26.00 25.94 17.55 3.7% 42% 0.8x 324 6,097 9,962 4.8x 4.7x 3.6x 44.9 52.3 50.0 14.95 1.3x 34.09 0.6x 22.51
Parex Resources 1,2,4,8 PXT CN DP O 6.84 8.25 6.87 4.05 0.0% 21% 0.8x 113 776 760 3.3x 2.9x 2.1x 50.6 44.1 33.8 5.13 1.3x 10.05 0.7x 54.70
TransGlobe Energy 1,2,4,8,9 TGL CN DP O 8.85 14.50 10.09 5.82 0.0% 64% 0.8x 81 719 512 3.3x 3.4x 2.1x 29.6 22.5 16.0 12.51 0.7x 17.70 0.5x 11.31
North America Median 0.0% 24% 0.8x 5.0x 4.2x 3.2x 55.9 52.3 50.0 1.3x 0.6x
Asia / Australia
Australian Worldwide 1,2,3,4,10 AWE AU KH O 1.3 2.50 1.47 1.11 0.0% 92% 0.8x 522 607 516 4.4x 4.6x 3.4x 42.3 40.7 34.0 2.98 0.4x 2.98 0.4x 5.83
Beach Energy 1,2,3,4,10 BPT AU KH O 1.42 1.70 1.55 1.09 1.9% 22% 0.9x 1,270 1,608 1,436 5.2x 5.3x 3.8x 55.9 55.7 59.1 1.92 0.7x 1.92 0.7x 15.28
Karoon Gas 1,2,3,4,10 KAR AU KH O 4.35 9.00 7.37 3.62 0.0% 107% 1.0x 239 929 767 na nmf nmf na na na 9.10 0.5x 9.10 0.5x na
MIE 1,2,3,4,10 1555 HK AS O 1.61 2.60 2.64 1.51 1.1% 63% 0.6x 2,625 545 1,208 4.0x 5.5x 5.1x 65.0 74.6 70.8 4.11 0.4x 4.11 0.4x 23.04
Asia Median 0.5% 77% 0.9x 4.4x 5.3x 3.8x 55.9 55.7 59.1 0.5x 0.5x
Overall Median 0.0% 23% 0.8x 5.5x 5.4x 4.3x 74.8 65.6 58.7 1.0x 0.7x

All figures are in US$, except: Net Asset Value is PV10 (AT). 1. Fluctuation in commodity prices or FX 7. Target based on EV/DACF
- All Canadian listed (CN) companies are in C$. All estimates are pro forma transactions and/or financings. 2. Operational or exploration risk 8. Target based on P/RENAV
- Share prices and NAVs for London-listed (LN) companies are in p/sh All reserves and production figures are gross of royalties. 3. Concentration risk 9. Target based on DCF, strip pricing
- Share prices and NAVs for Austalian-listed (AU) companies are in A$/sh 4. Country or political risk 10. Target based on DCF, flat pricing
- Share price and NAV for LUPE SS is in SEK/sh, DNO NO is in NOK/sh 5. Environmental legislation
6. All of the above
5 January 2014 17
Fig 18 Macquarie International Oil & Gas Mid Cap Producers Universe (contd)

Net Debt / CF Net Debt ($m) Capex ($m) Cash Flow ($m) CFPS - Diluted ($) EPS - Diluted ($) Production - kboe/d 6:1 Production/sh growth % gas
Europe
Afren AFR LN 0.8x 0.9x 1.3x 0.4x 840 842 933 485 526 681 674 586 1,094 937 730 1,138 0.97 0.83 0.66 1.03 0.18 0.16 0.15 0.35 42.8 46.4 43.6 71.8 109% 8% -4% 65% 2% 0%
Cairn Energy CNE LN 22.0x nmf nmf nmf -1,574 -1,290 -687 -134 139 283 636 576 -72 -1 6 2 -0.11 0.00 0.01 0.00 0.11 -0.41 -0.15 -0.11 22.0 15.6 17.5 18.0 -70% -26% 13% 3% 1% 1%
DNO International DNO NO -0.1x -0.1x -0.3x -0.8x -33 -27 -128 -526 198 296 337 302 361 262 439 684 0.36 0.26 0.43 0.67 0.18 0.15 0.28 0.39 38.3 42.0 64.7 123.4 -10% 8% 54% 91% 9% 7%
Genel Energy GENL LN -3.8x -2.9x -1.2x -0.4x -1,001 -738 -514 -248 234 529 656 965 263 258 430 696 0.95 0.92 1.53 2.48 0.27 0.65 0.91 1.40 44.5 46.5 79.0 136.4 -63% 3% 70% 73% 0% 0%
Gulf Keystone GKP LN 0.3x -4.8x 5.8x 0.3x -19 227 528 217 193 198 393 384 -57 -47 92 695 -0.07 -0.05 0.10 0.73 -0.09 -0.06 0.03 0.63 1.2 2.9 21.0 51.6 278% 147% nmf 145% 0% 0%
Lundin Petroleum LUPE SS 0.7x 1.7x 2.4x 2.3x 481 1,355 2,042 2,413 919 1,759 1,541 1,438 725 801 854 1,067 2.28 2.52 2.69 3.36 0.34 0.26 0.40 0.54 35.7 33.2 35.0 39.7 6% -7% 5% 13% 21% 16%
Premier Oil PMO LN 1.6x 1.5x 1.4x 1.6x 1,291 1,344 1,648 1,850 772 988 1,415 1,315 794 872 1,183 1,186 1.40 1.52 2.06 2.07 0.44 0.53 0.73 0.68 58.3 59.1 68.7 71.2 26% 1% 16% 4% 53% 47%
Rockhopper Exploration RKH LN 3.9x 25.5x 7.0x nmf -103 -298 -259 -252 239 10 2 2 -27 -12 -37 -5 -0.10 -0.04 -0.13 -0.02 -0.20 -0.26 -0.02 -0.02 0.0 0.0 0.0 0.0 na na na na na na
SOCO International SIA LN -0.6x -0.7x -1.0x -1.3x -211 -225 -337 -468 110 126 140 140 337 333 351 365 1.01 1.01 1.05 1.10 0.62 0.62 0.64 0.67 14.7 16.7 17.7 17.8 182% 14% 5% 1% 4% 4%
Tullow Oil TLW LN 0.7x 1.5x 2.0x 3.6x 1,108 2,119 2,980 5,418 1,849 2,000 2,562 3,439 1,513 1,428 1,502 1,507 1.63 1.54 1.61 1.62 0.67 0.58 0.69 0.53 79.2 86.2 73.9 72.2 0% 9% -14% -2% 24% 0%
Europe Median 0.7x 0.9x 1.4x 0.4x 6% 8% 9% 13% 4% 1%
North America
Bankers Petroleum BNK CN 0.0x -0.1x -0.2x -0.3x 8 -30 -68 -130 223 236 310 350 193 274 348 412 0.76 1.07 1.36 1.61 0.14 0.26 0.36 0.41 15.0 18.1 21.0 24.0 16% 20% 16% 14% 0% 0%
Coastal Energy CEN CN 0.5x 0.5x 0.1x -0.3x 166 143 36 -234 310 348 400 400 356 286 507 670 3.01 2.46 4.37 5.77 1.93 1.70 3.71 4.95 21.9 23.1 32.4 38.7 87% 7% 41% 20% 10% 8%
Gran Tierra Energy Inc GTE US -0.7x -0.6x -0.5x -0.6x -222 -240 -241 -298 312 428 467 480 324 391 468 537 1.14 1.37 1.60 1.84 0.28 0.65 0.68 0.84 23.6 29.3 31.8 34.3 0% 23% 6% 8% 2% 2%
Oryx Petroleum OXC CN nmf 2.1x 12.5x 5.9x 0 -139 362 807 0 296 530 583 0 -66 29 137 0.00 -0.90 0.29 1.37 nmf -2.20 -0.50 -0.49 0.0 0.0 6.7 18.7 na na na 179% na 0%
Pacific Rubiales Energy PRE CN 1.0x 2.0x 1.4x 1.2x 1,454 3,866 3,847 3,736 1,512 1,990 2,500 2,908 1,388 1,957 2,732 3,078 4.58 6.00 7.80 8.78 1.74 1.08 2.22 2.66 116.3 159.3 191.5 209.0 9% 27% 12% 9% 7% 6%
Parex Resources PXT CN 0.1x -0.1x -0.3x -0.4x 22 -16 -85 -169 268 222 260 300 242 269 330 384 2.13 2.24 2.85 3.32 0.35 -0.02 0.32 0.44 11.4 15.8 18.3 20.8 100% 30% 20% 14% 0% 0%
TransGlobe Energy TGL CN -1.0x -1.5x -1.5x -1.5x -147 -207 -307 -367 52 84 100 188 153 139 200 248 1.95 1.73 2.40 2.98 1.11 0.95 1.55 1.97 17.5 18.6 22.4 26.9 37% 4% 16% 20% 0% 0%
North America Median 0.1x -0.1x -0.2x -0.3x 26% 21% 16% 14% 1% 0%
Asia / Australia
Australian Worldwide AWE AU -0.2x 0.2x -0.2x -0.4x -31 32 -26 -77 191 194 193 117 132 134 167 179 0.25 0.25 0.32 0.34 0.03 0.03 0.12 0.15 12.9 13.6 15.9 17.1 -23% 5% 18% 8% 74% 77%
Beach Energy BPT AU -1.0x -0.7x -0.4x -0.4x -234 -181 -136 -159 278 438 422 411 240 277 388 376 0.21 0.22 0.30 0.29 0.11 0.11 0.18 0.18 20.3 21.8 25.4 25.0 9% -2% 15% -3% 53% 48%
Karoon Gas KAR AU 15.5x 20.4x 8.4x 12.8x -234 -187 -129 -117 61 313 199 0 -15 -9 -15 -9 -0.07 -0.04 -0.06 -0.04 -0.08 -0.05 -0.07 -0.04 0.0 0.0 0.0 0.0 na na na na na na
MIE 1555 HK 2.5x 5.0x 4.5x 3.9x 469 663 693 688 401 351 223 177 184 134 155 175 0.07 0.05 0.06 0.07 0.03 0.03 0.03 0.03 14.3 15.7 16.2 17.5 126% 10% 3% 8% 0% 0%
Asia Median 1.2x 2.6x 2.2x 1.8x 9% 5% 15% 8% 53% 48%
Overall Median 0.4x 0.4x 0.7x -0.3x 12% 8% 15% 13% 3% 1%
Notes
All figures are in US$, except: Net Asset Value is PV10 (AT).
- All Canadian listed (CN) companies are in C$. All estimates are pro forma transactions and/or financings.
- Share prices and NAVs for London-listed (LN) companies are in p/sh All reserves and production figures are gross of royalties.
- Share prices and NAVs for Austalian-listed (AU) companies are in A$/sh
- Share price and NAV for LUPE SS is in SEK/sh, DNO NO is in NOK/sh
5 January 2014 18
Fig 19 Macquarie International Oil & Gas Small Cap Producers Universe
Current Target Target RENAV

Price Price 52-week 52-week Div. Exp. P/ Sh.O/S Mkt Cap EV/production NAV/sh /sh P/ EV/2P
Notes Analyst Rating (local) (local) high low Yield Return RENAV (FD) (m) ($m) EV ($m) EV/DACF Multiple ($k/boe/d) (local) P/NAV (local) RENAV BOE
Prices as of January 3, 2014 14 12 13 14 12 13 14
Europe
Bowleven 6,8 BLVN LN DF O 36.5 100.0 102.0 33.5 0.0% 174% 0.8x 295 188 143 nmf nmf nmf na na na 82 0.4x 120 0.3x na
Faroe Petroleum 1,2,4,5,8 FPM LN DF O 116.5 141.0 151.0 105.0 0.0% 21% 0.5x 239 486 398 3.0x 2.1x 1.8x 49.5 73.4 56.1 106 1.1x 266 0.4x 19.92
Great Eastern Energy 6,8 GEEC LN GR O 147.5 286.0 273.5 145.0 0.0% 94% 0.7x 60 153 286 19.7x 15.0x 13.0x 212.9 174.9 79.8 242 0.6x 397 0.4x 12.97
GeoPark Holdings 6,8 GPK LN GR O 610.0 714.0 697.5 257.6 0.0% 17% 0.9x 44 466 798 4.3x 4.3x 3.4x 54.6 58.6 45.9 519 1.2x 785 0.8x 11.80
Hardy Oil & Gas 6,8 HDY LN GR N 75.0 106.0 130.0 73.0 0.0% 41% 0.6x 73 96 73 nmf nmf 41.8x na na nmf 106 0.7x 174 0.4x 34.78
Heritage Oil 6,8 HOIL LN DF O 157.0 205.0 224.7 121.7 0.0% 31% 0.5x 259 710 1,077 nmf nmf 34.8x nmf 135.4 58.1 205 0.8x 402 0.4x 2.33
Max Petroleum 6,8 MXP LN GR O 2.9 5.0 4.9 2.8 0.0% 72% 0.9x 1,923 97 215 14.4x 4.8x 3.9x 68.6 50.9 44.9 3.8 0.8x 5.8 0.5x 14.44
Petroceltic International 6,8 PCI LN DF O 170.0 196.0 199.8 129.0 0.0% 15% 0.6x 188 557 667 6.4x 3.9x 3.5x na na na 142 1.2x 344 0.5x 1.72
Petroneft Resources 6,8 PTR LN GR N 4.1 5.0 6.1 2.5 0.0% 22% 0.2x 645 46 82 5.7x 6.7x 7.7x 29.3 32.1 45.6 10.8 0.4x 22.3 0.2x 0.52
Salamander Energy 6,8 SMDR LN DF O 111.8 159.0 222.2 95.0 0.0% 42% 0.6x 268 522 815 4.8x 3.5x 3.5x 65.5 56.7 52.9 119 0.9x 271 0.4x 11.33
San Leon Energy 6,8 SLE LN GR O 4.0 9.0 9.5 3.5 0.0% 124% 0.4x 2,195 154 115 nmf nmf nmf nmf nmf nmf 3.3 1.2x 23.5 0.2x na
Serica Energy 6,8 SQZ LN DF O 13.4 27.0 29.5 13.0 0.0% 102% 0.3x 192 45 33 6.5x nmf nmf 28.4 194.3 na 12.7 1.1x 78.5 0.2x 5.72
Victoria Oil & Gas Plc 6,8 VOG LN Res. Res. 1.1 Res. 2.5 0.9 Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res.
Europe Median 0.0% 42% 6.0x 4.3x 3.9x 54.6 66.0 52.9 0.9x 0.4x 11.6
North America
BNK Petroleum 1,2,4,8 BKX CN DP O 1.66 3.00 1.98 0.45 0.0% 81% 0.2x 155 258 227 nmf nmf 24.5x 294.4 nmf 276.3 0.05 36.0x 12.18 0.1x na
Eaglewood Energy 1,2,3,4,8 EWD CN DP O 0.33 0.60 0.47 0.23 0.0% 82% 0.5x 87 29 24 nmf nmf nmf na na na 0.02 16.4x 1.13 0.3x na
New Zealand Energy 1,2,3,4,7,8 NZ CN DP N 0.31 0.50 1.39 0.20 0.0% 61% 0.2x 146 45 36 2.2x nmf 2.9x 18.9 116.3 51.5 0.26 1.2x 2.08 0.1x 29.83
Petromanas Energy 1,2,3,4,8 PMI CN DP O 0.14 0.25 0.18 0.08 0.0% 79% 1.0x 694 97 66 nmf nmf nmf na na na 0.02 9.0x 0.24 0.6x na
Serinus Energy 1,2,3,4,7,8 SEN CN DP O 4.00 6.50 4.97 2.65 0.0% 63% 0.7x 79 314 330 5.2x 4.3x 2.8x 75.6 67.8 49.5 5.41 0.7x 8.83 0.5x 8.54
TAG Oil 1,2,3,4,7,8 TAO CN DP U 3.42 4.50 6.50 2.73 0.0% 32% 0.7x 62 214 134 5.1x 4.0x 3.9x 84.6 79.1 65.0 2.85 1.2x 6.14 0.6x 20.85
WesternZagros Resources 1,2,4,8 WZR CN DP O 0.99 1.45 1.58 0.69 0.0% 46% 1.0x 484 480 457 nmf nmf 11.7x 151.2 na 148.0 -0.19 -5.1x 1.45 0.7x na
North America Median 0.0% 63% 0.7x 5.1x 4.1x 3.9x 84.6 79.1 65.0 1.2x 0.5x 21
Asia / Australia
Buru Energy 6,10 BRU AU KH O 1.77 2.80 2.73 1.18 0.0% 58% 0.8x 286 453 384 nmf nmf nmf nmf nmf nmf 3.26 0.5x 3.26 0.5x na
Carnavon Petroleum 6,10 CVN AU Res. Res. 0.06 Res. 0.08 0.04 Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res.
Horizon Oil 6,10 HZN AU KH O 0.31 0.60 0.47 0.28 0.0% 97% 0.7x 1,219 333 419 26.7x 31.9x 4.0x nmf nmf 84.2 0.79 0.4x 0.79 0.4x 26.09
Kina Petroleum 6,10 KPL AU KH O 0.45 0.70 0.51 0.30 0.0% 56% 0.7x 222 89 84 nmf nmf nmf na na na 0.84 0.5x 0.84 0.5x na
ROC Oil Company 6,10 ROC AU KH O 0.49 0.70 0.64 0.33 0.0% 44% 0.6x 683 296 213 2.0x 1.6x 0.9x 38.7 29.3 17.0 1.00 0.5x 1.00 0.5x 17.23
Tap Oil 6,10 TAP AU KH O 0.50 1.00 0.73 0.43 0.0% 102% 0.8x 241 107 63 nmf 10.7x 3.1x 91.0 na 53.7 1.06 0.5x 1.06 0.5x 7.63
Drillsearch 6,10 DLS AU KH O 1.36 1.60 1.56 0.91 0.0% 18% 0.8x 428 520 581 24.3x 15.4x 4.3x 269.2 202.0 63.7 1.73 0.8x 1.73 0.8x 21.63
Asia / Australia Median 0.0% 57% 0.8x 24.3x 13.1x 3.5x 91.0 115.6 58.7 0.5x 0.5x 19.4
Overall Median 0.0% 58% 0.7x 5.4x 4.3x 3.9x 68.6 73.4 54.9 0.8x 0.4x 13.0

All figures are in US$, except: Net Asset Value is PV10 (AT). 1. Fluctuation in commodity prices or FX 7. Target based on EV/DACF
- All Canadian listed (CN) companies are in C$. All estimates are pro forma transactions and/or financings. 2. Operational or exploration risk 8. Target based on P/RENAV
- Share prices and NAVs for London-listed (LN) companies are in p/sh All reserves and production figures are gross of royalties. 3. Concentration risk 9. Target based on DCF, strip pricing
- Share prices and NAVs for Austalian-listed (AU) companies are in A$/sh 4. Country or political risk 10. Target based on DCF, flat pricing
5. Environmental legislation
6. All of the above
5 January 2014 19
Fig 20 Macquarie International Oil & Gas Small Cap Producers Universe (contd)

Net Debt / CF Net Debt ($m) Capex ($m) Cash Flow ($m) CFPS - Diluted ($) EPS - Diluted ($) Production - kboe/d 6:1 Production/sh growth % gas
Europe
Bowleven BLVN LN 9.1x 3.6x 7.3x 4.7x -142.5 -45.2 -79.4 -53.0 97.3 86.3 15.0 15.0 -15.6 -12.5 -10.8 -11.4 -0.06 -0.04 -0.04 -0.04 -0.05 -0.05 -0.04 -0.04 0.0 0.0 0.0 0.0 na na na na na na
Faroe Petroleum FPM LN -1.3x -0.5x -0.3x -0.4x -143.8 -87.4 -79.6 -100.1 256.6 220.7 233.7 214.5 107.8 192.4 229.3 238.2 0.45 0.81 0.96 1.00 -0.03 0.30 0.47 0.43 6.9 5.4 7.2 9.2 194% -21% 33% 27% 26% 27%
Great Eastern Energy GEEC LN 7.0x 6.7x 5.9x 3.5x 89.4 114.6 132.7 107.9 41.2 31.5 40.0 54.0 12.7 17.2 22.5 31.3 0.22 0.29 0.38 0.46 -0.05 0.12 0.08 0.16 1.1 1.5 3.6 5.4 68% 33% 134% 34% 100% 100%
GeoPark Holdings GPK LN 1.1x 2.1x 1.5x 1.0x 134.9 332.0 315.5 244.4 303.2 363.8 189.4 169.3 126.0 157.4 205.8 240.3 2.79 3.60 4.71 5.50 0.31 0.55 0.96 1.21 11.3 13.6 17.0 18.9 44% 25% 25% 11% 24% 35%
Hardy Oil & Gas HDY LN 4.6x 5.8x -3.1x -0.5x -26.4 -22.6 -7.5 -10.4 1.5 0.3 17.5 17.5 -5.8 -3.9 2.4 20.4 -0.08 -0.05 0.03 0.25 -0.15 -0.05 0.01 0.19 0.0 0.0 0.3 1.2 -100% na na nmf na 0%
Heritage Oil HOIL LN -2.0x 1.8x 1.5x 0.6x 472.1 366.5 311.6 167.8 65.0 101.3 158.0 154.7 -231.8 203.5 212.9 298.5 -0.89 0.79 0.82 1.15 -0.70 0.33 0.60 0.87 2.7 7.9 17.6 23.7 nmf 199% 121% 35% 0% 0%
Max Petroleum MXP LN 13.3x 3.5x 2.3x 1.0x 143.4 108.4 120.4 84.3 72.9 47.5 60.0 40.0 10.8 31.4 52.2 80.8 0.01 0.03 0.03 0.04 -0.01 -0.01 0.00 0.01 2.8 3.3 4.9 6.6 5% -6% -9% 32% 0% 0%
Petroceltic International PCI LN 5.9x 1.0x 0.9x 1.1x 80.6 109.9 106.5 114.1 34.1 160.0 120.0 120.0 13.7 108.6 119.6 108.6 0.12 0.60 0.64 0.58 -0.16 0.00 0.20 0.20 0.0 0.0 0.0 0.0 na na na na na na
Petroneft Resources PTR LN 4.7x nmf 7.3x 13.2x 33.8 36.3 67.5 127.2 20.4 5.0 34.9 57.3 7.2 -0.1 9.3 9.7 0.02 0.00 0.01 0.01 -0.01 -0.02 -0.01 -0.02 2.2 2.5 2.5 2.6 4% -20% -6% 6% 0% 0%
Salamander Energy SMDR LN 1.5x 1.1x 1.0x 1.4x 173.5 293.4 218.1 205.8 274.0 357.1 130.0 130.0 115.8 262.0 219.6 147.2 0.44 0.98 0.82 0.55 -0.24 -0.22 0.18 0.21 10.4 14.4 14.0 16.1 -56% 35% -3% 15% 14% 11%
San Leon Energy SLE LN 14.6x nmf -0.4x 0.6x 11.4 -39.3 5.8 13.0 35.4 34.9 33.6 30.9 0.8 -0.5 -13.3 21.0 0.00 0.00 -0.01 0.01 0.00 0.00 -0.01 0.01 0.0 0.0 0.0 1.3 -64% -42% nmf nmf 0% 100%
Serica Energy SQZ LN -5.5x 3.3x -2.0x -11.2x -18.9 -7.3 9.4 60.6 6.5 14.1 12.0 44.2 3.4 -2.2 -4.7 -5.4 0.02 -0.01 -0.02 -0.03 -0.13 -0.02 -0.03 -0.04 0.9 0.2 0.0 0.0 -60% -78% -100% na 67% na
Victoria Oil & Gas Plc VOG LN Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res.
Europe Median 4.6x 2.7x 1.2x 1.0x 4% -6% 11% 27% 14% 11%
North America
BNK Petroleum BKX CN -5.5x 2.9x 3.3x 3.9x 30.5 -30.8 46.3 124.7 41.1 68.8 91.0 110.0 -5.5 -10.5 14.0 31.6 -0.04 -0.07 0.09 0.20 -0.10 -0.07 -0.05 -0.03 0.9 0.5 1.1 1.9 2% -51% 128% 72% 0% 0%
Eaglewood Energy EWD CN 3.6x 2.3x -0.6x -2.9x -10.0 -5.1 1.5 6.8 2.7 3.1 4.0 3.0 -2.8 -2.2 -2.5 -2.4 -0.03 -0.02 -0.03 -0.03 0.01 -0.04 -0.04 -0.03 0.0 0.0 0.0 0.0 na na na na na na
New Zealand Energy NZ CN -6.9x 3.3x -0.5x 0.2x -28.3 -9.1 -8.4 4.0 40.7 25.4 16.0 32.0 4.1 -2.8 15.3 19.6 0.03 -0.02 0.09 0.11 -0.03 -0.06 0.04 0.05 0.4 0.3 0.9 1.1 nmf -45% 146% 30% 0% 12%
Petromanas Energy PMI CN 16.0x 12.9x 5.3x -3.2x -49.3 -31.0 -8.5 18.7 24.7 24.6 21.7 21.3 -3.1 -2.4 -1.6 -5.9 0.00 0.00 0.00 -0.01 -0.02 -0.03 0.00 -0.01 0.0 0.0 0.0 0.0 na na na na na na
Serinus Energy SEN CN 0.5x 0.3x -0.1x -0.4x 15.9 15.6 -7.5 -52.2 56.9 76.1 85.3 95.0 33.3 60.3 108.3 139.7 0.72 0.93 1.36 1.76 -1.71 0.47 0.79 1.04 2.7 4.0 6.3 7.8 143% 9% 26% 25% 83% 71%
TAG Oil TAO CN -2.7x -1.9x -2.1x -1.4x -65.4 -67.0 -76.3 -67.5 39.1 67.8 54.7 54.9 24.3 35.4 36.0 47.5 0.45 0.59 0.58 0.72 0.23 0.08 0.29 0.46 1.4 1.7 2.1 2.5 na 11% 16% 13% 45% 42%
WesternZagros Resources WZR CN 10.4x 2.9x 1.7x 1.9x -79.6 -22.9 83.9 159.1 74.2 124.6 155.0 160.0 -7.6 -7.9 48.2 84.7 -0.02 -0.02 0.10 0.17 -0.03 0.00 0.06 0.12 2.0 0.0 3.8 6.0 na -100% na 57% na 0%
North America Median 0.5x 2.9x -0.1x -0.4x 72% -45% 77% 30% 23% 12%
Asia / Australia
Buru Energy BRU AU nmf 3.9x -12.5x -1.2x -63.9 -41.6 -66.4 -46.5 35.1 77.0 39.4 68.8 -1.5 -10.8 5.3 39.0 -0.01 -0.04 0.02 0.13 -0.01 -0.05 0.00 0.09 0.1 0.1 0.6 2.2 2% 120% 287% 237% 0% 0%
Carnavon Petroleum CVN AU Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res. Res.
Horizon Oil HZN AU 8.3x 15.9x 0.7x -0.2x 99.9 194.0 76.3 -33.0 79.1 125.4 122.7 33.5 12.0 12.2 102.2 142.9 0.01 0.01 0.08 0.11 0.00 0.00 0.04 0.06 1.2 1.4 5.0 6.6 -25% 15% 230% 27% 0% 3%
Kina Petroleum KPL AU 15.8x 10.0x 5.2x 4.9x -16.2 -5.0 -5.0 -5.0 10.4 11.6 0.1 0.0 -1.0 -0.5 -1.0 -1.0 0.00 0.00 0.00 0.00 -0.01 -0.02 0.00 0.00 0.0 0.0 0.0 0.0 na na na na na na
ROC Oil Company ROC AU -0.5x -0.6x -0.9x -1.6x -56.8 -83.6 -149.4 -203.8 95.9 62.6 103.4 78.9 124.0 136.3 165.5 129.6 0.18 0.20 0.24 0.19 0.05 0.07 0.10 0.08 6.4 7.3 8.7 6.8 -14% 16% 19% -22% 0% 0%
Tap Oil TAP AU -14.5x -3.5x -0.5x -1.1x -100.1 -43.8 -16.9 -61.1 33.6 48.0 55.5 11.6 6.9 12.4 33.2 56.8 0.03 0.05 0.14 0.24 0.00 -0.06 0.09 0.16 0.1 0.0 1.7 4.4 -96% -100% na 165% na 0%
Drillsearch DLS AU -2.8x 2.4x 0.3x 0.1x -46.8 95.5 46.2 7.9 38.6 144.1 138.2 121.6 16.9 39.7 132.1 142.4 0.05 0.09 0.31 0.33 0.03 0.06 0.18 0.22 1.3 3.0 8.9 10.7 176% 80% 192% 21% 30% 21%
Asia / Australia Median -0.5x 3.1x -0.1x -0.7x -14% 16% 211% 27% 0% 0%
Overall Median 2.5x 2.9x 0.7x 0.2x 2% 9% 30% 27% 0% 3%
Notes
Net Asset Value is PV10 (AT). All figures are in US$, except:
All estimates are pro forma transactions and/or financings. - All Canadian listed (CN) companies are in C$.
All reserves and production figures are gross of royalties. - Share prices and NAVs for London-listed (LN) companies are in p/sh
- Share prices and NAVs for Austalian-listed (AU) companies are in A$/sh
5 January 2014 20
Fig 21 Macquarie Oilfield Services Universe

Price Price 52-week 52-week Div. Exp. EV/ Target Sh.O/S Mkt Cap EV/EBITDA Multiple
Notes Analyst Rating (local) (local) high low Yield Return EBITDA P/E (FD) (m) ($m) EV ($m) P/CF Multiple P/E Multiple (unadjusted) ROACE ROE
Europe EPC
AMEC 6,7 AMEC LN DF N 1077 1111 1,210 961 4.3% 7% 9.3x 12.9x 299 5,623 5,535 14.1x 13.6x 10.8x 14.7x 14.6x 12.5x 11.3x 10.3x 9.0x 20% 19% 22% 21% 22% 26%
Hunting 6,7 HTG LN DF O 775.5 874 947 719 2.9% 16% 8.6x 14.1x 150 2,032 2,322 10.6x 9.3x 7.8x 14.9x 14.8x 12.5x 9.4x 9.2x 7.7x 9% 9% 10% 11% 10% 11%
Greka Drilling 6,7 GDL LN GR O 13.50 36.00 28.75 12.00 0.0% 167% 3.8x 7.8x 439 103 95 9.7x 2.5x 2.5x nmf 3.1x 2.9x 9.5x 1.4x 0.6x 4% 34% 27% 3% 35% 27%
Petrofac 6,7 PFC LN GR N 1221 1190 1,752 1,080 3.7% 1% 7.0x 9.6x 342 7,297 7,872 8.1x 7.5x 6.5x 11.6x 11.5x 9.9x 8.0x 7.9x 7.2x 40% 27% 22% 47% 37% 34%
Saipem 6,7 SPM IM DF N 15.83 17.70 32.42 12.13 2.6% 14% 6.9x 14.2x 441 9,491 16,765 4.4x 12.1x 5.2x 8.2x nmf 12.7x 5.4x 17.4x 6.4x 11% -1% 7% 17% -7% 13%
Tenaris 6,7 TEN IM GR N 15.85 16.20 18.45 14.66 2.0% 4% 9.1x 15.6x 1,181 25,433 26,166 11.8x 11.7x 11.3x 15.0x 16.3x 15.2x 9.0x 9.4x 8.9x 14% 12% 12% 16% 13% 13%
Technip 6,7 TEC FP DF O 68.80 77.00 92.49 60.20 3.1% 15% 9.5x 17.4x 125 11,733 11,504 10.2x 9.8x 11.5x 16.2x 15.1x 15.6x 8.8x 8.1x 8.5x 10% 10% 9% 14% 14% 12%
Vallourec 6,7 VK FP GR O 39.38 49.00 51.01 33.05 2.0% 26% 8.8x 20.6x 127 6,796 9,384 9.4x 7.8x 7.1x 23.4x 21.5x 16.6x 8.5x 8.0x 7.5x 5% 5% 6% 4% 5% 6%
Wood Group 6,7 WG/ LN DF O 678 860 927 657 1.9% 29% 8.7x 14.0x 375 4,432 4,498 13.5x 9.0x 7.2x 13.8x 12.2x 11.0x 10.9x 7.9x 6.8x 14% 14% 14% 15% 15% 15%
Europe EPC Median 2.6% 15% 8.7x 14.1x 10.2x 9.3x 7.2x 14.8x 14.7x 12.5x 9.0x 8.1x 7.5x 11% 12% 12% 15% 14% 13%
Asia Services
China Oilfield Services 6,8 2883 HK JH N 23.35 19.50 26.00 13.04 1.6% -15% 7.2x 10.3x 4,495 13,537 16,562 8.5x 8.6x 8.2x 18.9x 13.4x 12.4x 12.4x 9.6x 8.4x 8% 10% 10% 15% 18% 17%
SPT Energy 6,8 1251 HK JH O 4.49 5.40 5.45 2.92 1.4% 22% 10.4x 17.3x 1,526 884 821 16.1x 14.1x 11.6x 19.9x 17.2x 14.4x 10.9x 10.4x 8.5x 18% 17% 18% 20% 19% 20%
Hilong Holding 6,8 1623 HK AS O 6.36 6.00 6.79 2.47 1.9% -4% 9.6x 14.9x 1,689 1,385 1,454 18.3x 15.8x 12.4x 23.9x 20.8x 15.8x 15.1x 13.8x 10.2x 14% 13% 14% 17% 17% 18%
Honghua 6,8 196 HK AS U 2.19 1.80 4.25 2.10 3.4% -14% 7.3x 7.2x 3,171 895 1,428 8.8x 6.4x 5.8x 10.7x 8.9x 8.8x 8.5x 7.7x 8.0x 10% 10% 9% 12% 13% 12%
Petro-King 6,8 2178 HK JH O 4.15 7.20 6.38 3.28 0.0% 73% 15.9x 25.0x 967 518 460 19.1x 17.3x 13.5x 21.6x 19.0x 14.4x 15.9x 11.1x 8.8x 13% 13% 12% 14% 14% 12%
Anton Oilfield 6,8 3337 HK JH O 4.85 7.50 6.87 3.26 2.2% 57% 15.6x 24.2x 2,146 1,342 1,332 19.3x 16.1x 12.7x 24.6x 20.7x 15.6x 16.9x 12.1x 10.0x 17% 16% 18% 19% 19% 21%
Asia Services Median 1.8% 9% 10.0x 16.1x 17.2x 15.0x 12.0x 20.8x 18.1x 14.4x 13.7x 10.8x 8.7x 14% 13% 13% 16% 17% 18%
Overall Median 2.0% 15.0% 8.8x 14.2x 10.6x 9.8x 8.2x 15.6x 14.9x 12.7x 9.5x 9.4x 8.4x 13% 13% 12% 15% 15% 15%

All estimates are pro forma transactions and/or financings. 1. Fluctuation in commodity prices or FX 7. Target based on EV/EBITDA
All figures are in US$, except: 2. Operational or exploration risk 8. Target based on DCF, flat pricing
- Share prices for London-listed (LN) companies are in p/sh 3. Concentration risk
- Share prices for SPM IM and TEC FP are in EUR/sh 4. Country or political risk
- Share prices for Hong Kong listed (HK) companies are in HKD/sh 5. Environmental legislation
6. All of the above
5 January 2014 21
Fig 22 Macquarie Oilfield Services Universe (contd)
Net Debt / CF Net Debt ($m) Development Capex ($m) Cash Flow ($m) CFPS - Diluted ($) EPS - Diluted ($) EPS Growth (%) PEG
Prices as of January 3, 2014 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14
Europe EPC
AMEC AMEC LN -0.3x -0.2x 0.0x -0.2x -133 -87 -8 -113 54 39 41 41 430 412 506 530 1.34 1.38 1.74 1.84 1.28 1.29 1.51 1.66 13% 1% 17% 10% 1.1 14.9 0.7
Hunting HTG LN 1.4x 1.3x 0.9x 0.6x 271 289 244 163 73 101 100 79 191 218 260 287 1.28 1.45 1.73 1.91 0.91 0.91 1.08 1.25 49% 0% 19% 15% 0.3 33.2 0.7
Greka Drilling GDL LN 0.9x -0.7x -1.7x -2.8x 10 -31 -72 -113 57 0 0 0 11 42 42 41 0.02 0.09 0.09 0.09 0.00 0.08 0.08 0.08 -30% nmf 5% 0% nmf nmf 0.6
Petrofac PFC LN -0.2x 0.6x 0.7x 0.7x -225 575 786 962 615 798 900 1,000 905 978 1,127 1,355 2.64 2.86 3.29 3.96 1.84 1.86 2.16 2.59 17% 1% 16% 20% 0.7 10.0 0.6
Saipem SPM IM 2.7x 9.2x 3.2x 2.5x 5,746 7,273 5,854 5,203 1,308 1,309 933 935 2,135 787 1,813 2,119 4.84 1.78 4.11 4.80 2.62 -1.03 1.70 2.39 -10% na na 41% -0.9 nmf nmf
Tenaris TEN IM 0.4x 0.3x 0.1x -0.1x 916 733 228 -248 790 782 1,115 1,178 2,163 2,177 2,242 2,408 1.83 1.84 1.90 2.04 1.44 1.32 1.41 1.52 28% -8% 7% 8% 0.5 -2.0 2.1
Technip TEC FP -0.2x -0.2x -0.3x -0.7x -242 -229 -314 -890 667 764 601 401 1,133 1,197 1,019 1,316 9.13 9.56 8.12 10.49 5.79 6.21 6.01 8.37 -5% 7% -3% 39% -3.0 2.0 -4.8
Vallourec VK FP 3.1x 3.0x 3.3x 2.9x 2,128 2,588 3,134 3,194 1,033 844 734 628 693 867 953 1,109 5.71 6.87 7.50 8.73 2.29 2.49 3.23 4.33 -52% 9% 30% 34% -0.5 2.5 0.6
Wood Group WG/ LN 0.5x 0.1x -0.4x -0.9x 155 66 -247 -580 127 130 120 120 328 493 613 671 0.88 1.32 1.64 1.79 0.85 0.97 1.07 1.19 38% 13% 11% 11% 0.4 0.9 1.0
Europe EPC Median 0.5x 0.3x 0.1x -0.1x 13% 1% 14% 15% 0.3 2.5 0.6
Asia Services
China Oilfield Services 2883 HK 2.2x 1.9x 1.4x 1.0x 3,509 3,025 2,275 1,582 578 945 747 745 1,609 1,569 1,651 1,661 0.35 0.35 0.37 0.37 0.16 0.23 0.24 0.25 14% 42% 8% 2% 1.3 0.3 1.5
SPT Energy 1251 HK -1.1x -0.9x -0.8x -0.9x -54 -56 -60 -81 19 31 34 29 48 63 76 95 0.04 0.04 0.05 0.06 0.03 0.03 0.04 0.05 4% 15% 20% 23% 4.9 1.1 0.7
Hilong Holding 1623 HK 1.2x 0.8x 0.5x 0.2x 86 69 58 25 60 48 49 48 71 86 111 132 0.04 0.05 0.07 0.08 0.03 0.04 0.05 0.06 9% 15% 32% 22% 2.7 1.4 0.5
Honghua 196 HK 1.6x 3.8x 5.6x 6.0x 160 532 859 923 0 178 76 44 103 141 154 154 0.03 0.04 0.05 0.05 0.03 0.03 0.03 0.03 225% 21% 1% -3% 0.0 0.4 16.9
Petro-King 2178 HK 0.4x -1.3x -1.1x -1.0x 8 -41 -43 -46 20 84 19 20 21 31 40 46 0.03 0.03 0.04 0.05 0.02 0.03 0.04 0.04 na 14% 32% 18% nmf 1.4 0.5
Anton Oilfield 3337 HK -0.1x -0.1x -0.2x -0.4x -5 -10 -21 -43 37 73 40 35 69 83 106 119 0.03 0.04 0.05 0.06 0.03 0.03 0.04 0.05 215% 19% 32% 14% 0.1 1.1 0.5
Asia Services Median 0.8x 0.3x 0.2x -0.1x 14% 17% 26% 16% 1.3 1.1 0.6
Overall Median 0.5x 0.3x 0.1x -0.1x 14% 13% 17% 15% 0.4 1.4 0.6
Notes
All figures are in US$, except:
- Share prices for London-listed (LN) companies are in p/sh
- Share prices for SPM IM and TEC FP are in EUR/sh
- Share prices for Hong Kong listed (HK) companies are in HKD/sh
5 January 2014 22
Fig 23 Macquarie Natural Gas Vehicles and Machinery Universe

Price Price 52-week 52-week Div. Exp. EV/ Sh.O/S Mkt Cap
Notes Analyst Rating (local) (local) high low Yield Return EBITDA (FD) (m) ($m) EV ($m) P/CF Multiple P/E Multiple EV/EBITDA Multiple ROACE ROE
Prices as of January 3, 2014 14 14 12 13 14 12 13 14 12 13 14 12 13 14 12 13 14
United States
Clean Energy Fuels 1,3,4,5,7 CLNE US MB N 12.71 12.00 14.82 10.63 0.0% -6% 71.6x 94 1,199 1,381 nmf 40.1x nmf nmf nmf nmf nmf nmf nmf -6% -5% -3% -12% -15% -16%
Fuel Systems Solutions 1,4,5,7 FSYS US MB N 13.72 15.00 21.44 12.25 0.0% 9% 8.9x 20 276 208 11.5x 12.4x 12.6x nmf nmf nmf 10.2x 9.1x 8.0x 0% 1% 2% 0% 1% 2%
Westport Innovations 1,3,4,5,7 WPRT US MB O 19.62 31.00 35.40 17.07 0.0% 58% nmf 63 1,240 1,099 nmf nmf nmf nmf nmf nmf nmf nmf nmf -27% -35% -29% -40% -46% -41%
NGV Median 0.0% 9% 40.3x 11.5x 26.2x 12.6x nmf nmf nmf 10.2x 9.1x 8.0x -6% -5% -3% -12% -15% -16%

All figures are in US$. 1. Fluctuation in commodity prices or FX 7. Target based on EV/EBITDA
All estimates are pro forma transactions and/or financings. 2. Operational or exploration risk 8. Target based on DCF, flat pricing
3. Concentration risk
4. Country or political risk
6. All of the above
Fig 24 Macquarie Natural Gas Vehicles and Machinery Universe (contd)
Net Debt / CF Net Debt ($m) Development Capex ($m) Cash Flow ($m) CFPS - Diluted ($) EPS - Diluted ($)
Prices as of January 3, 2014 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15
United States
Clean Energy Fuels CLNE US -5.6x 6.1x -20.8x 21.9x 176 182 473 731 193 80 261 279 -31.5 29.8 -22.8 33.4 -0.36 0.32 -0.24 0.35 -0.75 -0.85 -0.82 -0.44
Fuel Systems Solutions FSYS US -3.1x -3.0x -3.2x -2.3x -75 -67 -70 -71 14 11 20 20 23.9 22.3 21.9 30.9 1.20 1.11 1.09 1.54 0.03 0.17 0.26 0.55
Westport Innovations WPRT US 1.4x 1.3x 0.7x 0.9x -135 -141 -34 23 30 29 28 32 -96.1 -110.6 -48.4 25.5 -1.78 -1.92 -0.75 0.39 -1.81 -2.29 -1.28 -0.17
NGV Median -3.1x 1.3x -3.2x 0.9x
Notes
5 January 2014 23
Fig 25 Macquarie Oil & Gas Midstream Universe
Current Target Sh.O/S

Price Price 52-week 52-week Div. Exp. Target (FD) Mkt Cap EV DCF
Notes Analyst Rating (local) (local) high low Yield Return P/DCF (mm) ($mm) ($mm) P/E Multiple EV/EBITDA Multiple ($/sh) P/DCF ROACE ROE
Prices as of January 3, 2014 14 14 12 13 14 12 13 14 12 13 14 12 13 14
North America
AltaGas 6,8 ALA CN RC O 40.68 46.00 40.91 33.00 3.8% 17% 1.0x 123 4,990 8,417 36.0x 27.9x 23.9x 24.1x 17.3x 15.0x 45.55 0.9x 5% 6% 5% 6% 8% 8%
Enbridge 6,8 ENB CN RC O 46.09 54.00 49.17 41.73 3.0% 20% 1.0x 839 38,666 63,563 28.9x 26.2x 23.9x 17.8x 17.8x 15.4x 54.13 0.9x 7% 6% 6% 14% 12% 11%
Gibson Energy 6,8 GEI CN RC O 27.31 31.00 27.61 21.53 4.1% 18% 1.0x 123 3,370 4,064 26.9x 21.2x 22.5x 13.1x 9.8x 10.1x 31.20 0.9x 9% 10% 9% 10% 12% 11%
Inter Pipeline 6,8 IPL CN RC O 25.75 28.00 27.50 18.80 5.0% 14% 1.0x 302 7,784 12,001 25.4x 26.7x 24.6x 18.9x 20.2x 17.2x 27.80 0.9x 8% 7% 7% 18% 15% 14%
Keyera 6,8 KEY CN RC O 64.27 66.00 64.53 49.00 3.8% 6% 1.0x 79 5,080 6,158 41.1x 32.3x 27.0x 19.9x 16.2x 15.5x 66.16 1.0x 12% 11% 12% 15% 17% 20%
Pembina Pipeline 6,8 PPL CN RC O 37.13 42.00 37.59 28.47 4.5% 18% 1.0x 326 12,111 14,392 40.2x 30.7x 31.5x 23.7x 17.1x 17.4x 42.09 0.9x 8% 8% 7% 9% 8% 7%
Overall Median 4.1% 16.8% 1.0x 32.5x 27.3x 24.3x 19.9x 17.3x 15.5x 42.09 0.9x 8% 7% 7% 10% 12% 11%

All estimates are pro forma transactions and/or financings. 1. Fluctuation in commodity prices or FX 7. Target based on EV/EBITDA
All figures are in C$. 2. Operational or exploration risk 8. Target based on DCF, flat pricing
3. Concentration risk
4. Country or political risk
6. All of the above
Fig 26 Macquarie Oil & Gas Midstream Universe (contd)
Net Debt / CF Net Debt ($mm) Development Capex ($mm) Funds Flow ($mm) FFOPS - Diluted ($) EPS - Diluted ($) EPS Growth (%) PEG
Prices as of January 3, 2014 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14
North America
AltaGas ALA CN 10.6x 8.6x 7.9x 7.4x 2,690 3,426 3,587 3,608 1,633 1,434 393 330 254 398 452 488 2.64 3.36 3.62 3.89 1.13 1.46 1.70 1.86 -1% 29% 17% 10% nmf 1.0 1.4
Enbridge ENB CN 5.7x 6.9x 8.0x 8.1x 20,141 24,896 32,811 38,157 5,468 7,832 10,105 7,998 3,523 3,629 4,082 4,699 4.49 4.42 4.84 5.52 1.59 1.76 1.93 2.24 10% 10% 10% 16% 2.8 2.6 2.4
Gibson Energy GEI CN 1.9x 1.8x 2.4x 1.9x 577 694 879 762 169 234 410 140 302 389 372 410 2.86 3.17 3.00 3.32 1.01 1.29 1.21 1.38 95% 27% -6% 14% 0.3 0.8 -3.9
Inter Pipeline IPL CN 7.2x 9.4x 8.3x 6.3x 3,048 4,217 4,404 4,288 839 1,875 883 356 423 451 529 682 1.56 1.58 1.71 2.05 1.01 0.96 1.05 1.34 7% -5% 9% 28% 3.6 -5.5 2.9
Keyera KEY CN 3.1x 3.1x 3.9x 3.4x 818 1,078 1,280 1,340 166 364 395 320 268 351 332 397 3.49 4.46 4.17 4.93 1.56 1.99 2.38 2.97 -32% 27% 19% 25% -1.3 1.2 1.4
Pembina Pipeline PPL CN 4.1x 2.3x 4.1x 4.3x 1,917 1,669 2,939 3,349 555 858 1,705 889 470 732 718 772 1.81 2.35 2.17 2.29 0.92 1.21 1.18 1.29 -9% 31% -3% 10% -4.6 1.0 nmf
Overall Median 5.7x 5.9x 4.6x 4.3x -1% 27% 10% 16% 0.3 1.0 1.4
Notes
5 January 2014 24
Important disclosures:
Recommendation definitions Volatility index definition* Financial definitions
Macquarie - Australia/New Zealand This is calculated from the volatility of historical price All "Adjusted" data items have had the following
Outperform return >3% in excess of benchmark return movements. adjustments made:
Neutral return within 3% of benchmark return Added back: goodwill amortisation, provision for
Underperform return >3% below benchmark return Very highhighest risk Stock should be expected catastrophe reserves, IFRS derivatives & hedging, IFRS
to move up or down 60100% in a year investors impairments & IFRS interest expense
Benchmark return is determined by long term nominal should be aware this stock is highly speculative. Excluded: non recurring items, asset revals, property
GDP growth plus 12 month forward market dividend yield revals, appraisal value uplift, preference dividends &
Macquarie Asia/Europe High stock should be expected to move up or minority interests
Outperform expected return >+10% down at least 4060% in a year investors should
Neutral expected return from -10% to +10% be aware this stock could be speculative. EPS = adjusted net profit / efpowa*
Underperform expected return <-10% ROA = adjusted ebit / average total assets
Medium stock should be expected to move up or ROA Banks/Insurance = adjusted net profit /average
Macquarie First South - South Africa down at least 3040% in a year. total assets
Outperform expected return >+10% ROE = adjusted net profit / average shareholders funds
Neutral expected return from -10% to +10% Lowmedium stock should be expected to move Gross cashflow = adjusted net profit + depreciation
Underperform expected return <-10% up or down at least 2530% in a year. *equivalent fully paid ordinary weighted average number
Macquarie - Canada of shares
Outperform return >5% in excess of benchmark return Low stock should be expected to move up or
Neutral return within 5% of benchmark return down at least 1525% in a year. All Reported numbers for Australian/NZ listed stocks are
Underperform return >5% below benchmark return * Applicable to Asia/Australian/NZ/Canada stocks modelled under IFRS (International Financial Reporting
only Standards).
Macquarie - USA
Outperform (Buy) return >5% in excess of Russell 3000 Recommendations 12 months
index return Note: Quant recommendations may differ from
Neutral (Hold) return within 5% of Russell 3000 index Fundamental Analyst recommendations
return
Underperform (Sell) return >5% below Russell 3000
index return
Recommendation proportions For quarter ending 30 June 2013

AU/NZ Asia RSA USA CA EUR
Outperform 49.80% 57.68% 48.05% 41.13% 61.75% 47.10% (for US coverage by MCUSA, 8.12% of stocks followed are investment banking clients)
Neutral 39.85% 24.45% 42.86% 54.70% 34.42% 30.89% (for US coverage by MCUSA, 6.60% of stocks followed are investment banking clients)
Underperform 10.35% 17.87% 9.09% 4.17% 3.83% 22.01% (for US coverage by MCUSA, 0.00% of stocks followed are investment banking clients)
Company Specific Disclosures:

Macquarie Capital Markets Canada Ltd or one of its affiliates managed or co-managed a public offering of securities of Advantage Oil and Gas within the
past 24 months, for which it received compensation. Macquarie Capital Markets Canada Ltd or one of its affiliates managed or co-managed a public offering
of securities of Arc Resources, for which it received compensation. Macquarie Group Limited or one of its affiliates received compensation for products and
services other than investment advisory services from Artek Exploration during the past 24 months. During this time, Macquarie Group or one of its affiliates
provided non-securities related services to Artek Exploration. The Macquarie Group and its affiliates beneficially own or control 1% or more of a class of
equity securities of Aurora Oil and Gas equity. Macquarie Capital Markets Canada Ltd or one of its affiliates managed or co-managed a public offering of
securities of Aurora Oil & Gas in the past 12 months, for which it received compensation. Macquarie Capital Markets Canada Ltd or one of its affiliates
managed or co-managed a public offering of securities of Birchcliff Energy Ltd in the past 12 months, for which it received compensation. Macquarie Capital
Markets Canada or one of its affiliates managed or co-managed a public offering of securities of Bonavista Energy in the past 12 months, for which it
received compensation. Macquarie Capital Markets Canada Ltd or one of its affiliates managed or co-managed a public offering of securities for Border
Petroleum in the past 12 months, for which it received compensation. Macquarie Capital Markets Canada Ltd or one of its affiliates has provided Border
Petroleum with investment advisory services in the past 12 months, for which it received compensation. The Macquarie Group and its affiliates collectively
and beneficially own or control 1% or more of any class of Border Petroleum equity securities. Macquarie Capital Markets Canada Ltd or one of its affiliates
is currently providing investment advisory services to Corridor Resources in connection with a joint venture farm-out of the Old Harry Prospect and Frederick
Brook Shale, for which it expects to receive or intends to receive compensation. Macquarie Capital Markets Canada Ltd or one of its affiliates managed or
co-managed a public offering of securities of Crescent Point Energy in the past 12 months, for which it received compensation Macquarie Capital Markets
Canada Ltd or one of its affiliates has provided Crescent Point Energy with investment advisory services in the past 24 months, for which it received
compensation. Macquarie Capital Markets Canada Ltd or one of its affiliates managed or co-managed a public offering of securities of Crocotta Energy in the
past 12 months, for which it received compensation. Macquarie Capital Markets Canada Ltd or one of its affiliates has provided Crocotta Energy with
investment advisory services in the past 12 months, for which it received compensation. Macquarie Capital Markets Canada Ltd or one of its affiliates
managed or co-managed a public offering of securities of DeeThree Exploration within the past 12 months, for which it received compensation. Macquarie
Capital Markets Canada Ltd or one of its affiliates is currently managing or co-managing a public offering of securities of DeeThree Exploration Ltd.
Macquarie Capital Markets Canada Ltd or one of its affiliates managed or co-managed a public offering of securities of Enerplus Corp in the past 12 months,
for which it received compensation. Macquarie Capital Markets Canada Ltd or one of its affiliates managed or co-managed a public offering of securities for
AltaGas Ltd. in the past 12 months, for which it received compensation. The primary analyst for AltaGas has visited its material operations and development
assets within the past year; the company has furnished local transportation and accommodations as part of these site visits. Macquarie Capital (USA) Inc. or
one of its affiliates has provided Chinook Energy Inc. with investment advisory services in the past 24 months, for which it received compensation. Macquarie
Capital Markets Canada Ltd or one of its affiliates managed or co-managed a public offering of securities of Gibson Energy in the past 12 months, for which
it received compensation. The primary analyst for Gibson Energy has visited its material operations and development assets within the past year; the
company has furnished local transportation and accommodations as part of these site visits. The primary analyst for Gran Tierra has visited its material
operations and development assets within the past year. Macquarie Capital Markets Canada Ltd or one of its affiliates has provided Legacy Oil + Gas with
investment advisory services n the past 12 months, for which it received compensation. Macquarie Group Limited or one of its affiliates received
compensation for products and services other than investment advisory services from Manitok Energy during the past 12 months. During this time,
Macquarie Group or one of its affiliates provided non-securities related services to Manitok Energy. Macquarie Group Limited has provided Manitok Energy
with non-securities services in the past 12 months Macquarie Capital Markets Canada Ltd or one of its affiliates has received compensation for investment
advisory services from New Zealand Energy Corp. in the past 12 months. Macquarie Capital Markets Canada Ltd or one of its affiliates managed or co-
managed a public offering of securities for New Zealand Energy Corp. in the past 24 months, for which it received compensation. Macquarie Capital Markets
Canada Ltd or one of its affiliates managed or co-managed a public offering of securities of Pengrowth Energy in the past 12 months, for which it received
compensation.. Macquarie Capital Markets Canada Ltd or one of its affiliates has provided Petromanas Energy Inc. with investment advisory services in the
past 12 months, for which it received compensation. Macquarie Group Ltd together with its affiliates, beneficially owns 1% or more of a class of common
equity securities of Pinecrest Energy Macquarie Capital Markets Canada Ltd or one of its affiliates received compensation from investment advisory services
from Renegade Petroleum in the past 12 months. Macquarie Capital Markets Canada Ltd or one of its affiliates managed or co-managed a public offering of
securities of Renegade Petroleum in the past 12 months Macquarie Capital Markets Canada Ltd has provided investment advisory services to Renegade
Petroleum in the past 12 months. Macquarie Capital Markets Canada Ltd or one of its affiliates managed or co-managed a private placement offering of
securities of Storm Resources in the past 24 months, for which it received compensation. Macquarie Capital Markets Canada Ltd or one of its affiliates
managed or co-managed a public offering of securities of Storm Resources in the past 12 months, for which it received compensation. Macquarie Capital
Markets Canada Ltd or one of its affiliates has provided Storm Resources Ltd with investment advisory services in the past 12 months, for which it received
compensation. Macquarie Capital Markets Canada Ltd or one of its affiliates managed or co-managed a public offering of securities of Strategic Oil and Gas
in the past 12 months, for which it received compensation. Macquarie Capital Markets Canada Ltd provided Suncor Energy with investment advisory
5 January 2014 25
services in the past 24 months, for which it received compensation. Macquarie Capital Markets Canada or one of its affiliates managed or co-managed a
public offering of securities of Inter Pipeline Ltd in the past 12 months, for which it received compensation. Macquarie Capital Markets Canada Limited or one
of its affiliates managed or co-managed an offering of securities of Keyera in the past 24 months, for which it received compensation. Macquarie Capital
Markets Canada Ltd. or one of its affiliates managed or co-managed a public offering of securities of Pembina Pipeline Corporation in the past 12 months, for
which it received compensation. Macquarie Capital (Europe) Limited acted as exclusive financial advisor to Serinus Energy Inc (previously Kulczyk Oil
Ventures Inc) in connection with the acquisition of Winstar Resources Ltd as announced on 25 April 2013, for which it received compensation. Macquarie
Capital (Europe) Limited acted as exclusive financial advisor to Serinus Energy Inc (previously Kulczyk Oil Ventures Inc) in connection with the acquisition of
Winstar Resources Ltd as announced on 25 April 2013. Macquarie Capital Markets Canada or one of its affiliates has provided Serinus Energy (previously
Kulczyk Oil Ventures Inc) with investment advisory services in the past 12 months for which it received compensation. Macquarie Capital Markets Canada
Ltd. or one of its affiliates managed or co-managed a public offering of securities of Charger Energy in the past 12 months, for which it received
compensation. Macquarie Capital Markets Canada Ltd. or one of its affiliates has received compensation for investment advisory services from Charger
Energy in the past 12 months. Macquarie Capital Markets Canada Ltd or one of its affiliates managed or co-managed a public offering of securities of Kelt
Exploration in the past 12 months, for which it received compensation. Macquarie Capital Markets Canada Ltd or one of its affiliates has provided TORC Oil
& Gas with investment advisory services in the past 12 months, for which it received compensation. Macquarie Capital Markets Canada Ltd or one of its
affiliates has received compensation for investment advisory services in the past 12 months. Macquarie Capital Markets Canada Ltd or one of its affiliates
managed or co-managed a public offering of securities of TORC Oil & Gas in the past 24 months, for which it received compensation. Macquarie Capital
Markets Canada Ltd or one of its affiliates managed or co-managed a public offering of securities of TransGlobe Energy in the past 12 months, for which it
received compensation. Macquarie Capital Markets Canada Ltd or one of its affiliates managed or co-managed a public offering of securities of Vermilion
Energy in the past 12 months, for which it received compensation. Macquarie Capital Markets Canada Ltd or one of its affiliates provided non-securities
non-investment advisory services to Whitecap Resources during the past 24 months for which it received compensation. Macquarie Capital Markets Canada
Ltd or one of its affiliates has provided Whitecap Resources with investment advisory services in the past 24 months, for which it received compensation.
Macquarie Capital Markets Canada Ltd or one of its affiliates managed or co-managed a public offering of securities of Whitecap Resources in the past 12
months, for which it received compensation. Macquarie Capital Markets Canada Ltd or one of its affiliates managed or co-managed a public offering of
securities of Surge Energy in the past 24 months, for which it received compensation. Macquarie Capital Markets Canada Ltd. or one of its affiliates provided
Surge Energy with investment advisory services in the past 12 months, for which it received compensation.
The analyst and/or analyst team principally responsible for the preparation of this report or a member of the analyst's immediate household holds or
exercises investment discretion over a long position in Border Petroleum.
An analyst controls shares in Bellatrix Exploration, Canadian Oil Sands, Cequence Energy, Crescent Point Energy, Crew Energy, Enbridge, Gibson Energy,
Legacy Oil + Gas, Marquee Energy, MEG Energy, Paramount Resources, Parex Resources, Santonia Energy Inc., Suncor Energy, Surge Energy Inc.,
Talisman Energy, TORC Oil & Gas, TransGlobe Energy, and WesternZagros Resources.
Macquarie Capital Markets North America Ltd., which is a registered broker-dealer and member of FINRA, accepts responsibility for the contents of reports
issued by Macquarie Capital Markets Canada Ltd in the United States and sent to US persons. Any US person wishing to effect transactions in the securities
described in the reports issued by Macquarie Capital Markets Canada Ltd should do so with Macquarie Capital Markets North America Ltd. The Research
Distribution Policy of Macquarie Capital Markets Canada Ltd is to allow all clients that are entitled to have equal access to our research.
Important disclosure information regarding the subject companies covered in this report is available at www.macquarie.com/disclosures.
Analyst Certification:
The views expressed in this research accurately reflect the personal views of the analyst(s) about the subject securities or issuers and no part of the
compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. The
analyst principally responsible for the preparation of this research receives compensation based on overall revenues of Macquarie Group Ltd ABN 94 122
169 279 (AFSL No. 318062) (MGL) and its related entities (the Macquarie Group) and has taken reasonable care to achieve and maintain independence
and objectivity in making any recommendations.
General Disclaimers:
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Oil & Gas Atlas

Fig 1 Macquarie price deck

Crude oil Natural Gas

Source: Macquarie Research, January 2014

Fig 2 Weekly events calendar

13-Jan-2014 14-Jan-2014 15-Jan-2014 16-Jan-2014 17-Jan-2014

20-Jan-2014 21-Jan-2014 22-Jan-2014 23-Jan-2014 24-Jan-2014

Note: Dates as available at time of publishing.

Legend Macquarie oil and gas research analysts

Macquarie Capital (USA) Inc. Macquarie Capital (Europe) Ltd.

CC Chi Chow chi.chow@macquarie.com DF David Farrell david.farrell@macquarie.com

JM Joseph Magner, CFA joseph.magner@macquarie.com GC Giacomo Romeo giacomo.romeo@macquarie.com

MB Matthew Blair, CFA matthew.blair@macquarie.com

PG Paul Grigel, CFA paul.grigel@macquarie.com JH James Hubbard, CFA james.hubbard@macquarie.com

AS Aditya Suresh, CFA aditya.suresh@macquarie.com

PD Polina Diyachkina polina.diyachkina@macquarie.com

Fig 3 Macquarie Integrated Energy Universe

Current Target Target RENAV

Prices as of January 3, 2014 14 14 14 12 13 14 12 13 14 12 13 14 12 13 14 12 13 14

Notes Risk disclosures Valuation disclosures

Source: Bloomberg, Company data, Macquarie Research, January 2014

Fig 4 Macquarie Integrated Energy Universe (contd)

Exploration & Development

Prices as of January 3, 2014 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 13 14

Majors Median 0.8x 0.8x 0.7x 0.7x -2% 1% 4% 4% 46% 44%

North America Median 0.6x 0.8x 0.9x 0.7x 2% 5% 3% 4% 21% 21%

Asia Median 0.7x 0.9x 1.1x 1.1x 4% 5% 3% 3% 25% 26%

Total Integrated Median 0.8x 0.9x 0.9x 0.8x 3% 3% 4% 4% 39% 39%

Source: Bloomberg, Company data, Macquarie Research, January 2014

Fig 5 Macquarie Large Cap Oil & Gas Producers Universe

Current Target Target

Prices as of January 3, 2014 14 14 14 12 13 14 12 13 14 12 13 14 12 13 14 12 13 14

Notes Risk disclosures Valuation disclosures

Source: Bloomberg, Company data, Macquarie Research, January 2014

Exploration & Development

Prices as of January 3, 2014 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 13 14

Canada Median 1.4x 1.6x 1.7x 1.4x 1% -3% 3% 0% 49% 46%

USA Median 1.2x 0.9x 1.1x 1.1x 9% 3% 8% 7% 43% 42%

Asia Median 1.0x 2.7x 3.3x 2.4x 4% 1% 2% 27% 81% 83%

Source: Bloomberg, Company data, Macquarie Research, January 2014

Fig 7 Macquarie Independent Refiners Universe

Current Target Target

Prices as of January 3, 2014 14 14 14 12 13 14 12 13 14 12 13 14 12 13 14 12 13 14

Notes Risk disclosures Valuation disclosures

Source: Bloomberg, Company data, Macquarie Research, January 2014

Fig 8 Macquarie Independent Refiners Universe (contd)

Total Cost/bbl Blended Refining

Prices as of January 3, 2014 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 12 13 14 12 13 14

Source: Bloomberg, Company data, Macquarie Research, January 2014

Fig 9 Macquarie Oil Sands Universe

Current Target Target Target Core

Prices as of January 3, 2014 14 14 14 14 12 13 14 12 13 14 12 13 14

Notes Risk disclosures Valuation disclosures

Source: Bloomberg, Company data, Macquarie Research, January 2014

Fig 10 Macquarie Oil Sands Universe (contd)

Exploration & Development

Prices as of January 3, 2014 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 13 14

Oil Sands Median 0.4x 1.0x 1.1x 1.1x 7% 3% 8% 23% 1% 1%

Source: Bloomberg, Company data, Macquarie Research, January 2014

Fig 11 Macquarie High Yield Oil & Gas Producers Universe

Current Target Target Core

Prices as of January 3, 2014 14 14 14 12 13 14 12 13 14