rom 2014 to 1H2015 yet with only 10% of the project's required capital invested as of YE 14. there is significant risk to further project slippage. Woodmac anticipates a further delay in FID to 4O15 with first oil production at FGP not expected until 2021 vs. the initial 2017 target date. FID decisions

om the fields is mostly light (-37 API on average). The continued production ramp of the Tsimin field is likely the biggest spotlight in the group (Woodmac estimated -50 mboe/d in production from 2014-2017). Longer- term growth will be supported mostly by the heavy crude producing Ku- Maloob Zaap fields

ember has steadily increased its growth forecast to 6.2 Bcf/d by December. As our O&G Services analyst David Havens notes in his December 8th note, Woodmac has an even more aggressive estimate of +9 Bcf/d YoY growth with half of it driven by Appalachian. Woodmac expects Haynesville, which has seen a me

double by end-2019 to 9.6 Bcf/d • and would likely be key to keep the market balanced over the medium term in the face of continued supply growth. Woodmac, which is projecting much higher production (-2.8 Bcf/d higher than EIA) has a price forecast of 52.85 for 2018. The company sees the higher supply