by project start-ups in the Lower Congo. However, longer-term production growth will likely shift towards the pre-salt Kwanza Basin (Cameia. Orca, Bicuar, etc). In our view, the key near-term risk to production is a delay in the start-up of complex projects (Kaombo Block 32) while the key long-term r

GoM (CIE 60%. Total 40%), a three-way trap targeting the inboard Lower Tertiary. CIE will now release the Ensco 8503 rig. Upcoming targets include Bicuar (late 10/2O) and Orca (2O14) in Angola, as well as three non-operated US GoM wells in 2014: CVX's Anchor (11114, CIE 24%), BHP's Rum Ramsey (21114,