in 2H19, we view final investment decision (FID) — and an exploration program that yields one well result every 6-8 weeks as a catalyst to rerate Hess over time. Liza area moving towards 2bn boe Operator Exxon recently confirmed the latest exploration test in Guyana ‘Snoek' as the latest discovery in the Liza development area, with ~82ft of net pay and in line with pre drill expectations we are led to believe is in the 200-300mm boe range. Recall from our discussions with management, Snoek was characterized as a smaller but distinct target, updip of Liza, but lower risk. The well was drilled in 26 days to a depth of ~17,000ft in 5,128ft of water 5 miles south west of Liza #1, as shown in the graphic below; the Stena Carron drill ship has now relocated to the next well test, the ‘Liza #4’ appraisal, where we anticipate results by end April but with the possibility of a drill stem test in a success case that may push the well result into mid-May. Exhibit 5: Liza targeting Exhibit 6: Exxon operated blocks in Guyana » Multi-FPSO, ExxonMobil-operated development oh - Phase 1: 100 - 120 KBD; attractive return at $40/B flat real _ , : / % - FEED under way; Phase 1 FID expected in 2017 L 7 , Kaieteur =i L = a ch st L 1. = L Lika Future 7 DA 4 L el potential , [noes dees L, L Canie LA SS __ Payara AL | 150 Kloet ee a" ee Liza Phase 2 L Liza] Aj @ Discoveries : i : | F Potential 2017-2019 Sree 7 Liza Phase 1 A vepnaenstin ay es XOM interest Source: Exxonmobil Source: Exxonmobil Critically, ‘Snoek' reinforces management's prior characterization of the Stabroek block as moving towards a 'DHI play’ meaning the risk profile of incremental exploration improves - a critical factor for the next well in queue, the Payara #2 appraisal that will also target a deeper test (Pacuma)} scaled with a pre drill target of ~1bn boe. The next prospect, Liza lookalike named ‘Turbot will likely be spud around mid-year. From our discussions with Hess and the operator we summarize our understanding