Evercore Investment Banking Pitch Book

Financial Analysis Precedent Transactions - Ultra-Deep Shelf Value Prospect Offshore Davy Jones Blackbeard East Lafitte Blackbeard West Offshore Discoveries Total England Barbosa Morgan Barataria Blackbeard West #3 Drake Davy Jones West Hurricane Hook Captain Blood Bonnet Queen Anne's Revenge Calico Jack Offshore Prospects Total Onshore Lineham Creek-Yegua Onshore Discoveries Total Highlander Lineham Tortuga Onshore Prospects Total Total Ultra-Deep Category WI % Ultra-Deep Shelf Valuation Precedent Transactions Gross Unrisked NRI Resource Potential Discovery 63.4% 50.0% Discovery 72.0% 57.4% Discovery 72.0% 58.3% Discovery 69.4% 53.1% Prospect 36.0% 28.8% Prospect 72.0% 57.6% Prospect 72.0% 57.6% Prospect 72.0% 57.6% Prospect 69.4% 55.3% Prospect 72.0% 57.6% Prospect 36.0% 28.8% Prospect 72.0% 57.6% Prospect 72.0% 57.6% Prospect 72.0% 57.6% Prospect 72.0% 57.6% Prospect 72.0% 57.6% Prospect 36.0% 28.8% EVERCORE PARTNERS Discovery 36.0% 28.8% Near Term Drill 72.0% 57.6% Drilling 36.0% 28.8% Prospect 72.0% 57.6% Befe 3,248 1,040 2,342 804 7,434 27,300 2,588 1,000 2,820 498 14,580 1,400 1,575 4,890 18,000 3,150 1.296 7,000 $6,097 3.000 3,000 13,300 10,800 5,590 29,690 126,221 Net Unrisked Resource Potential Befe 1,631 597 1,365 427 4,020 7,862 1,491 576 1,624 276 8,395 403 907 2,817 10.368 1.814 746 2,016 39,300 864 564 7,661 3,110 3,220 13,991 58,175 21 Gross Risked Net Risked Resource Potential Resource Potential Befe 2,321 737 1,601 592 5,252 7,487 281 776 288 3,765 391 446 1.257 4.957 788 336 1.931 23,424 2,176 2,176 3.578 2,976 1.465 8,020 38,872 Befe 1,165 423 933 315 2,836 2,156 $ 415 $ 162 $ $ 160 $ 2,169 $ 113 257 724 $ $ 2,855 10,661 627 627 Low 4/Mofe 454 5 194 $ 556 S 3,762 $ 0.50 $ $ $ 0.25 $ 0.25 $ 0.25 $ $ 17,887 in in Metric Used 0.15 0.15 0.15 0.15 0.15 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.15 0.10 $ 0.15 0.10 $ 0.15 $ 0.10 S 0.15 0.10 S 0.10 S 0.15 0.15 0.15 0.10 $ 0.10 $ 0.15 2,061 S 857 $ 844 $ $ High 0.60 0.50 0.50 0.50 0.10 S 0.10 $ 0.10 S 0.50 $ 0.75 0.15 0.15 0.15 Confidential Implied Valuation Low SMM $563 106 233 79 $1,000 $216 42 16 45 16 217 11 26 286 45 19 56 $1,066 314 $314 $206 56 84 $376 $2,756 High SMM $699 211 467 157 $1,535 $323 62 24 67 325 17 39 109 428 68 83 $1,599 470 $470 $309 129 127 $564 $4,168 McMoRan

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