| Country Operations | Royalties |

Australia |
- Offshore Wandoo platform
- Satellite and development drilling operations
|
- PRRT 40% - reduced by capital and operating expenditures
|

Canada |
- Short development timeline
- Access to personnel and technology
|
- Royalty, provincial – based on production and price
|

France |
- Under-drilled
- Significant upside in pool extensions and secondary recovery
|
- Royalty - $3/bbl plus 4%, scaled to a 12% maximum on production, >6,000 barrels / day / pool
|

Netherlands |
- Low decline natural gas production
- Optimization opportunities
- Development drilling potential
|
|
|
Ireland
|
- Non-op interest in Corrib gas project
|
|