Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80 Page 81 Page 82 Page 83 Page 84 Page 85 Page 86 Page 87 Page 88 Page 89 Page 90 Page 91 Page 92 Page 93 Page 94 Page 95 Page 96 Page 97 Page 98 Page 99 Page 100 Page 101 Page 102 Page 103 Page 104 Page 105 Page 106 Page 107 Page 108 Page 109 Page 110 Page 111 Page 112 Page 113 Page 114 Page 115 Page 116 Page 117 Page 118 Page 119 Page 120 Page 121 Page 122 Page 123 Page 124 Page 125 Page 126 Page 127 Page 128 Page 129 Page 130 Page 131 Page 132 Page 133 Page 134 Page 135 Page 136 Page 137 Page 138 Page 139 Page 140 Page 141 Page 142 Page 143 Page 144 Page 145 Page 146 Page 147 Page 148 Page 149 Page 150 Page 151 Page 152 Page 153 Page 154 Page 155 Page 156 Page 157 Page 158 Page 159 Page 160 Page 161 Page 162 Page 163 Page 164 Page 165 Page 166 Page 167 Page 168 Page 169 Page 170 Page 171 Page 172 Page 173 Page 174 Page 175 Page 176 Page 177 Page 178 Page 179 Page 180 Page 181 Page 182Summary of Oil and Gas Reserves 2016 Net Proved Reserves(1) 2015 Net Proved Reserves(1) 2014 Net Proved Reserves(1) Oil, Oil, Oil, Condensate, Natural Condensate, Natural Condensate, Natural NGLs Gas(2) Total NGLs Gas(2) Total NGLs Gas(2) Total (MMBbl) (Bcf) (MMBoe) (MMBbl) (Bcf) (MMBoe) (MMBbl) (Bcf) (MMBoe) Reserves Category Proved developed . . . . 64 13 66 50 10 52 43 9 45 Proved undeveloped(3) . 10 2 11 24 4 25 30 6 31 Total . . . . . . . . . . . . . 74 15 77 74 14 76 73 14 75 (1) Our reserves associated with the Jubilee Field are based on the 54.4%/45.6% redetermination split, between the WCTP Block and DT Block. Totals within the table may not add as a result of rounding. (2) These reserves represent only the estimated quantities of fuel gas required to operate the Jubilee and TEN FPSOs during normal field operations. No natural gas volumes, outside of the fuel gas reported, have been classified as reserves. If and when a subsequent gas sales agreement is executed for Jubilee, a portion of the remaining gas may be recognized as reserves. If and when a gas sales agreement and the related infrastructure are in place for the TEN fields, a portion of the remaining gas may be recognized as reserves. (3) All of our proved undeveloped reserves are expected to be developed within five years or less. As of December 31, 2016, we recognized 10.7 MMBoe of proved undeveloped reserves related to the TEN fields, which began first oil production in the third quarter of 2016. Changes for the year ended December 31, 2016, include an increase of 8.3 MMBbl in TEN related to a revision resulting from additional technical data and analysis, partially offset by 0.9 MMBbl of net TEN production during 2016, and negative revisions to Jubilee of 1.0 MMBbl due to lower oil prices and 6.2 MMBbl of net Jubilee production during 2016. During the year ended December 31, 2016, we had 14 MMBoe of our proved undeveloped reserves from December 31, 2015 convert to proved developed reserves due to the completion of seven wells in the TEN fields, the initiation of TEN production and 2016 revisions, and we incurred $198.5 million of capital expenditures for TEN. Changes for the year ended December 31, 2015, include an increase of 11.8 MMBbl of net proved reserves related to Jubilee field performance and in-fill drilling results, which were partially offset by negative revisions to the TEN fields of 2.1 MMBbl due to lower oil prices and by 8.6 MMBbl of net Jubilee production during 2015. During the year ended December 31, 2015, we had a 6 MMBoe reduction in our proved undeveloped reserves from December 31, 2014. The decrease was a result of an approximately 2 MMBoe negative revision associated with our TEN fields, due to shorter economic life as a result of lower oil price. We incurred $80.6 million of capital expenditures related the drilling and completion of two wells pursuant to the Jubilee Field Phase 1A and 1A addendum developments resulting in the conversion of approximately 3 MMBoe of proved undeveloped reserves to proved developed reserves associated with our Jubilee Field. Changes for the year ended December 31, 2014, include an increase of 27 MMBbl of net proved reserves related to the initial recognition of reserves associated with the TEN fields. Jubilee net proved oil reserves increased 11 MMBbl as a result of field performance and in-fill drilling results, which was partially offset by 8.5 MMBbl of net Jubilee production during 2014. During the year ended December 31, 2014, we had a 22 MMBoe increase in our proved undeveloped reserves from December 31, 2013. This increase was primarily the result of the initial recognition of 27 MMBoe in proved undeveloped reserves for the TEN fields offset by the conversion of approximately 6 MMBoe from proved undeveloped reserves to proved developed reserves as we incurred $82.8 million of capital expenditures related to the drilling of the remaining Jubilee Field Phase 1A development wells. The following table sets forth the estimated future net revenues, excluding derivatives contracts, from net proved reserves and the expected benchmark prices used in projecting net revenues at December 31, 2016. All estimated future net revenues are attributable to projected production from the Jubilee and the TEN fields in Ghana. If we are unable to export associated natural gas in large 23