EXXI Well Worth the Risk

JEFFREY HAYDEN, Rodman & Renshaw (02/07/2011)
"The appraisal well at the Davy Jones discovery. . .confirmed the major structural features of the prospect and appears to confirm the sand continuity, as all but one of the sands in the discovery well was encountered. As a result of the data, we are increasing our estimate of gross risked potential at Davy Jones to ~2.5 Tcfe from ~1.7 Tcfe (EXXI holds a 15.8% w.i.). This results in a $1 increase to our NAV. We note that our estimate of risked potential is likely to rise further as additional appraisal work is performed at the discovery. Maintain Market Outperform."

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