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Repsol
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May 2015 Investor Update
| Josu Jon Imaz San Miguel | Page 11 of 11 |
November 21, 2024
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"May 2015 Investor Update"
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Acquisition of Talisman Energy Price and Trading Multiples 11 1. Company filings, FactSet, Equity research and Bloomberg. 2. Finding & Development 5-year average cost of the industry is US$ 24.4/boe. 3. According to Sell Side analysts the average resource finding cost of the industry is 5 $/boe, which compares with 2.9 $/boe of EV/resources in this transaction (assuming Sell Side estimate of 3.2 Bboe for Talisman’s contingent resources) 4. VWAP as of December 11 th , 2014 Premium of 24% over previous 3-month average share price and 14% premium over previous 3-month average Enterprise Value [4] EV/EBITDA 2015E (x) [1] EV/2013 1P & 2P reserves ($/boe) [2] 5.0 0 1 2 3 4 5 6 Talisman at US$ 8 15.4 10.4 0 3 6 9 12 15 18 Talisman at US$ 8 EV/Reserves 1P Talisman at US$ 8 EV/Reserves 2P (3) (3) The transaction offers competitive multiples for Repsol, especially considering the long term value of the asset