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  Economics : Type Curve

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WOLFBERRY WELL ECONOMICS Wolfberry wells are characterised by a long producing life. Wolfberry Type Curves Single Well Economics1,2 Assumptions 160 Well Capex USm. 2.1 Oil cut % 80 140 High Case EUR 185MBOE 120 WTI US/bbl 80 90 100 Daily Production (boepd) IRR % 90 107 124 100 NPV (10%) USm. 2.3 2.7 3.2 80 Mid Case EUR 150MBOE 60 WTI US/bbl 80 90 100 IRR % 64 77 89 40 NPV (10%) USm. 1.6 1.9 2.3 20 Low Case EUR 115MBOE WTI US/bbl 80 90 100 IRR % 40 50 59 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 NPV (10%) USm. 0.9 1.2 1.4 EUR 185mboe EUR 150mboe EUR 115mboe Notes: 1. Target internal estimates. See list of assumptions and risks on page 25. 2. The IRR (internal rate of return) and NPV 10% (net present value using a real, pretax discount rate of 10%) are calculated using future net revenue, after deductions for operating and capital expenses, production taxes and ad 20 valorem taxes, but before corporate income tax and corporate overheads.
Target Energy Limited
October 2014

Howard County Wolfcamp Type Curve and Economics Medium Lateral (7,500 ft.) ROR Sensitivity: (EUR vs. D&C Cost) 8.0 90 WTI oil / 4 gas 90 WTI oil / 4 gas D & C Cost (MM) EUR (MBOE) 3 stream 625 MBOE 625 700 800 900 1,000 MBOE 625 700 800 900 1,000 30-Day IP (Boe/d) 600 D&C (mm) D&C (mm) 7.0 60% 77% 104% 138% 179% 7.0 8.0 9.8 12.0 14.2 16.5 77% 7.5 51% 65% 88% 115% 149% 7.5 7.5 9.3 11.5 13.7 16.0 % Oil 8.0 44% 56% 75% 98% 126% 8.0 7.0 8.8 11.0 13.2 15.5 PV-10 (MM) 7.0 8.5 38% 49% 65% 84% 108% 8.5 6.5 8.3 10.5 12.7 15.0 6 9.0 33% 43% 57% 74% 94% 9.0 6.0 7.8 10.0 12.2 14.5 2014E Drill Wells 7,500 Oil Type Curve (BO/d) 1800 Operating 1 Dedicated Howard County Horizontal Rig beginning 4Q14 Peak Peak 30- Lateral 3rd Athlon Well Zone % oil Operator Well 24-hr IP day IP Length 1,000 shorter than previous ATHL Howard wells Tubb 39 5H WC A 2,351 1,594 6,705 77% Athlon 1000 Williams 17 3H WC A 1,415 1,234 7,688 84% Athlon Latest Element Well Garrett-Reed Unit 37-48 4H WC A 1,247 1,084 7,500 85% Element Gardner Unit 1510 2H WC A 927 772 7,283 86% Element Daily Production (BO/d) Abel 18 3H WC A 1,364 1,063 7,822 85% Athlon SFH Unit 231H WC A 1,086 715 7,268 84% Element 2nd Athlon Well 1000 MBoe 800 MBoe 625 MBoe 100 0 60 120 180 Days 240 300 360 19 Note: Assumes 75% NRI. Plots are 3-day moving averages. Production plots normalized for operational down time. Element production data furnished as courtesy to Athlon by Element Operating.
Athlon Energy Inc.
September 2014

Southern Star (2013) Development Plan Forward Scenarios Contiguous, Operated Acreage Position Peak Net Production of 11 Mboe/d 4,697 net acres (5,824 gross) PDP Vt - 40s Vt - 20s Wolfcamp Cline Net Capex 15 450 Over 73% of position HBP 1,204 net boe/d from 48 producing vertical Wolfberry wells Daily Net Production (Mboe/d) 12 360 58% oil, 42% liquids-rich gas at the wellhead Net Capex (MM) 9 270 Results support 200 Mboe EUR type curve 6 180 81 undeveloped 40-acre vertical Wolfberry drilling locations Further growth from horizontal or 20-acre infill development 3 90 Typical Antares Vt Wolfberry well comingles L Spraberry to Miss - 0 2013 2014 2015 2016 2017 Upper Spraberry left BP future recompletion opportunity not captured in development model Cline PDP Attractive Free Cash Flow Profile 5 3 9% Illustrative Development Model Includes Hz and 20s 14% Vertical 40-acre Net Resource Summary (37 MMboe) Wolfcamp Program Free Cash 5 Vt - 40s 11 14% 29% EBITDA Capex Flow Positive 2014+ 263 Vt - 20s 13 34% 223 214 150 143 Vertical Vertical Hz 112 PDP 40's 20's Wolfcamp Hz Cline Total Gross Locations (2) 48 82 130 18 18 296 51 36 38 Total Resource (MMboe) 3 11 13 5 5 39 PV10 (MM) 64 138 164 63 53 482 Total Capex (MM) 0 135 197 86 84 502 2013 2014 2015 2016 2017 Slide 7 Corporate Presentation - May 2014
Antares Energy Ltd
May 2014
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