Some numbers to consider - 2015,16,17Assumptions: Brent: 2015 Q1-Q3 $60; Q4 $65 2016 $65 2017 $70 CAPEX: 2015 $140 m ($32/BBL) 2016 $120 m ($27/BBL) 2017 $120 m ($27/BBL) OPEX 2015 $197 m ($45/BBL) 2016 $298 m ($38/BBL) 2017 $318 m ($32/BBL) Results Cash flow 2015 $166 m 2016 $272 m 2017 $377 m Free Cash flow 2015 $26 m 2016 $152 m 2017 $257 m Total Free Cash flow $435 million Net debt $415 million (debt to cash flow 1.25) This is just food for thought assuming that Stella goes live mid Q2 2016 and includes the value of the hedge of 6300 BBLs @102