(spec) Early Production System 425 3,392 1,018 $3.1 Phase 1 600 3,668 1,100 $3.4 Phase 2 600 2,682 805 $2.5 Payara spec Total 1,625 9,742 2,923 $9.0 Guyana Total 3,250 22,753 6,826 $21.1 Source: BofA Merrill Lynch Global Research estimates; Hess shares fully dluted 324.2mm shares after prefernce convert

change in production of any company in the sector. This is likely to kickstart an extended period of growth in 2018/19 but with the contribution from Guyana driving a step change in Hess’ growth trajectory through 2025. Near term, we think Hess is also poised for an inflection in free cash flow that is re

tated it expects a return to drilling in the Bakken with a stated ramp up to 6 rigs from 2 currently returning the play to growth in 2017.. The first Guyana development (Liza) expected to achieve FID by 2Q17 and which we expect to confirm industry leading economics. Start-up of the first of two major deve

tonia’ Estonia European Union Fiji Finland France France France Gambia Germany Germany Protocol Ghana Greece Greece Grenada Guatemala Guatemala Guyana Haiti. Honduras Honduras Hong Kong Hungary Iceland Iceland . India iraq _ Ireland israel’ Italy: «> ‘Jamaica Japan Jordan Kenya ~ Kenya’ °° Kiri

flation is now estimated at over 800 percent, making it the highest in the world. - Meanwhile, President Maduro has revived old border disputes with Guyana and closed the border with Columbia, causing significant social unrest. - So whatis the good news? There is a new and serious dialogue underway betw