YE15 WI 2P Reserves have increased to 30.2 mmboe (23.6 mmboe YE14). Our RENAV has increased by 5% to £0.60 given that we had previously assumed some reserves upside and some of the positive impact is smoothened by the PSC. We have reduced our capex assumptions required to maintain plateau production. Cash of US$2.7 mm as at 31st December 2015 is in line with our expectations, with
a sharp increase expected this quarter. We reiterate our Outperform recommendation and £0.60 Target Price. This is ....
