b'Infrastructure-led ExplorationOur infrastructure-ledattractive economics in areas exploration is aimed atwith high margin production areas where we havethat complements our basin existing production andopening exploration program.where there is sufficientIn 2019, our infrastructure-infrastructure capacity toled exploration program enable the development ofis expected to test four new discoveries via subseaprospects in the Gulf of Mexico tie-back. This shorter-cycletargeting about 100 million exploration can typicallyboe net resource and one deliver first production in lessprospect in Equatorial Guinea than 18 months. This approachwith gross resource potential opens a new growth area withof about 25-200 million boe.OUR INFRASTRUCTURE-LED EXPLORATION CAN TYPICALLYDELIVER FIRST PRODUCTION IN LESS THAN 18 MONTHS. Forecast Infrastructure-led ExplorationProduction Growth 2018-2023E (mboepd) Attractive Returns:Leveraging Existing Infrastructure18 Gulf of MexicoEquatorial Guinea15Short-Cycle: 12Rapid Development fromDiscovery to Production96Large Inventory:3Deep Portfolio of Opportunties Equatorial Guinea / Gulf of Mexico02018 2019E 2020E 2021E 2022E 2023EAssumptions: 50% Gulf of Mexico success rate (vs. ~63% historical) Enhanced Seismic: 18 months Gulf of Mexico development timeLowers Exploration Risk (vs. 16 months historical)G-13 development in Equatorial Guinea: 56 mmboe gross recoverable 5'