In this note we revise our oil price deck, roll forward our NAV discount origins to end 2017, and update models for spot fx rates and operational updates. The net effect is to reduce PTs by 21% on average. However, our revised PTs still show considerable upside relative to the current share prices, and we believe the sector can still create value in a Lower for Longer oil price world. We retain Cairn Energy as our top pick. We also upgrade Faroe Petroleum to BUY, given an attractive valuation ....