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Higher oil price assumptions Consistent operations Discounts oil around USD 55/bbl
Q2 on the soft side, but limited revisions No imminent trigger in Thameen-1 Discounts oil at USD 47/bbl
EBITDA 9% below cons Unconventional approach likely on Thameen-1 Report unlikely to trigger meaningful ’21 revisions
Production down ~5% sequentially We expect steady progress towards Q4 exploration Discounts a Brent oil price of ~USD 50/bbl
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