1 Table of Contents 2
1.1 List of Tables 5
1.2 List of Figures 6
2 Reserves and Production Analysis 7
2.1 European Independent E&P Companies Benchmarking Analysis, Oil & Gas Reserves Trend, 2004-2008 7
2.1.1 Total Proved & Probable Oil & Gas Reserves, 2004-2008 7
2.1.2 Total Oil & Gas Reserves Additions, 2004-2008 9
2.1.3 Proved & Probable Oil Reserves Trend, 2004-2008 11
2.1.4 Proved & Probable Gas Reserves Trend, 2004-2008 13
2.2 European independent E&P companies Benchmarking Analysis, Oil and Gas Production Trend, 2004-2008 15
2.2.1 Oil and Gas Production Trend, 2004-2008 15
2.2.2 Oil Production Trend, 2004-2008 17
2.2.3 Gas Production Trend, 2004-2008 19
2.3 European independent E&P companies Benchmarking Analysis, Reserves & Production Trend, 2004-2008 21
2.3.1 Oil and Gas Reserves Growth, 2004-2008 21
2.3.2 Oil and Gas Production Growth, 2004-2008 23
3 Reserve Replacement Ratio Analysis 25
3.1.1 European independent E&P companies Benchmarking Analysis, Oil & Gas Reserve Replacement (Excluding Sales), %, 2004-2008 25
4 Costs Incurred In Upstream Oil & Gas Operations 27
4.1 European independent E&P companies Benchmarking Analysis, Total Costs Incurred, 2004-2008 27
4.2 European independent E&P companies Benchmarking Analysis, Reserves Replacement Costs Per Boe, $/boe, 2004-2008 29
5 Result of Oil and Gas Operations 31
5.1 European independent E&P companies Benchmarking Analysis, Oil and Gas Revenue, Cash Flow & Total Expenses, 2004-2008 31
5.1.1 Oil & Gas Revenue From Upstream Oil & Gas Operations, $ Million, 2004-2008 31
5.2 European independent E&P companies Benchmarking Analysis, Performance Metrics, $/boe, 2004-2008 33
5.2.1 Oil & Gas Revenue per boe, $/boe, 2004-2008 33
5.2.2 Total Depreciation, Depletion & Amortization (DD&A) per boe, $/boe, 2004-2008 35
5.2.3 Lifting Cost per boe, $/boe, 2004-2008 37
5.2.4 Net-back per boe, $/boe, 2004-2008 39
6 Financial Performance Analysis 41
6.1 European independent E&P companies Benchmarking Analysis, Revenue, $ Million, 2004-2008 41
6.2 European independent E&P companies Benchmarking Analysis, Operating Income, $ Million, 2004-2008 43
6.3 European independent E&P companies Benchmarking Analysis, Net Income, $ Million, 2004-2008 45
6.4 European independent E&P companies Benchmarking Analysis, Operating Cash Flow, $ Million, 2004-2008 47
6.5 European independent E&P companies Benchmarking Analysis, Performance Metrics, 2004-2008 49
6.5.1 Average Return on Fixed Assets, %, 2004-2008 49
6.5.2 Average Operating Return on Capital Employed, %, 2004-2008 51
6.5.3 Average Operating Profit Margin, %, 2004-2008 53
6.6 European independent E&P companies Benchmarking Analysis, Growth Ratio, 2004-2008 55
6.6.1 Revenue Growth, 2004-2008 55
6.6.2 Growth in Operating Cash Flow, 2004 - 2008 57
7 Appendix 59
7.1 Methodology 59
7.1.1 Coverage 59
7.1.2 Secondary Research 60
7.1.3 Primary Research 60
7.1.4 Expert Panel Validation 61
7.2 Definition 61
7.2.1 Oil and Gas Reserves 61
7.2.2 Acreage and Well Information 61
7.2.3 Cost Incurred in Oil and Gas Operations 62
7.2.4 Reserves Replacement Ratio 66
7.2.5 Results of Oil & Gas Operations 69
7.2.6 Results of Oil & Gas Operations Per BOE Produced 72
7.3 Contact Us 75
7.4 About GlobalData 75
7.5 Disclaimer 75

1.1 List of Tables
Table 1: European independent E&P companies Benchmarking Analysis, Total Proved & Probable Oil & Gas Reserves, MMboe, 2004-2008 8
Table 2: European independent E&P companies Benchmarking Analysis, Total Oil & Gas Reserves Additions (Excluding Sales), MMboe, 2004-2008 10
Table 3: European independent E&P companies Benchmarking Analysis, Proved & Probable Crude Oil Reserves, MMbbl, 2004-2008 12
Table 4: European independent E&P companies Benchmarking Analysis, Proved & Probable Gas Reserves, Bcf, 2004-2008 14
Table 5: European independent E&P companies Benchmarking Analysis, Total Oil & Gas Production, MMboe, 2004-2008 16
Table 6: European independent E&P companies Benchmarking Analysis, Oil Production, MMbbl, 2004-2008 18
Table 7: European independent E&P companies Benchmarking Analysis, Gas Production, Bcf, 2004-2008 20
Table 8: European independent E&P companies Benchmarking Analysis, Oil and Gas Reserves Growth, CAGR, 2004-2008 22
Table 9: European independent E&P companies Benchmarking Analysis, Oil and Gas Production growth, CAGR, 2004-2008 24
Table 10: European independent E&P companies Benchmarking Analysis, Oil & Gas Reserve Replacement (Excluding Sales), %, 2008 26
Table 11: European independent E&P companies Benchmarking Analysis, Total Costs Incurred, $ Million, 2008 28
Table 12: European independent E&P companies Benchmarking Analysis, Reserves Replacement Costs Per Boe, $/boe, 2004-2008 30
Table 13: European independent E&P companies Benchmarking Analysis, Oil & Gas Revenue From Upstream Oil & Gas Operations, $ Million, 2008 32
Table 14: European independent E&P companies Benchmarking Analysis, Oil & Gas Revenue per boe, $/boe, 2008 34
Table 15: European independent E&P companies Benchmarking Analysis, Total DD&A per boe , $/boe, 2004-2008 36
Table 16: European independent E&P companies Benchmarking Analysis, Lifting Cost per boe, $/BOE, 2008 38
Table 17: European independent E&P companies Benchmarking Analysis, Net-back per boe, $/boe, 2008 40
Table 18: European independent E&P companies Benchmarking Analysis, Revenue, $ Million, 2008 42
Table 19: European independent E&P companies Benchmarking Analysis, Operating Income, $ Million, 2008 44
Table 20: European independent E&P companies Benchmarking Analysis, Net Income, $ Million, 2008 46
Table 21: European independent E&P companies Benchmarking Analysis, Operating Cash Flow, $ Million, 2008 48
Table 22: European independent E&P companies Benchmarking Analysis, Average Return on fixed assets, CAGR, %, 2004-2008 50
Table 23: European independent E&P companies Benchmarking Analysis, Average Operating Return on capital employed, CAGR, %, 2004-2008 52
Table 24: European independent E&P companies Benchmarking Analysis, Average Operating profit margin, CAGR, %, 2004-2008 54
Table 25: European independent E&P companies Benchmarking Analysis, Revenue Growth, CAGR, %, 2004-2008 56
Table 26: European independent E&P companies Benchmarking Analysis, Growth in Operating Cash Flow, CAGR, %, 2004-2008 58

1.2 List of Figures
Figure 1: European independent E&P companies Benchmarking Analysis, Total Proved & Probable Oil & Gas Reserves, MMboe, 2008 7
Figure 2: European independent E&P companies Benchmarking Analysis, Total Oil & Gas Reserves Additions (Excluding Sales), MMboe, 2008 9
Figure 3: European independent E&P companies Benchmarking Analysis, Proved & Probable Crude Oil Reserves, MMbbl, 2008 11
Figure 4: European independent E&P companies Benchmarking Analysis, Proved & Probable Gas Reserves, Bcf, 2008 13
Figure 5: European independent E&P companies Benchmarking Analysis, Total Oil & Gas Production, MMboe, 2008 15
Figure 6: European independent E&P companies Benchmarking Analysis, Oil Production, MMbbl, 2008 17
Figure 7: European independent E&P companies Benchmarking Analysis, Gas Production, Bcf, 2008 19
Figure 8: European independent E&P companies Benchmarking Analysis, Oil and Gas Reserves Growth, CAGR, 2004-2008 21
Figure 9: European independent E&P companies Benchmarking Analysis, Oil and Gas Production growth, CAGR, 2004-2008 23
Figure 10: European independent E&P companies Benchmarking Analysis, Oil & Gas Reserve Replacement (Excluding Sales), %, 2008 25
Figure 11: European independent E&P companies Benchmarking Analysis, Total Costs Incurred, $ Million, 2008 27
Figure 12: European independent E&P companies Benchmarking Analysis, Reserves Replacement Costs Per Boe, $/boe, 2004-2008 29
Figure 13: European independent E&P companies Benchmarking Analysis, Oil & Gas Revenue From Upstream Oil & Gas Operations, $ Million, 2008 31
Figure 14: European independent E&P companies Benchmarking Analysis, Oil & Gas Revenue per boe, $/boe, 2008 33
Figure 15: European independent E&P companies Benchmarking Analysis, Total DD&A per boe , $/boe, 2004-2008 35
Figure 16: European independent E&P companies Benchmarking Analysis, Lifting Cost per boe, $/BOE, 2008 37
Figure 17: European independent E&P companies Benchmarking Analysis, Net-back per boe, $/boe, 2008 39
Figure 18: European independent E&P companies Benchmarking Analysis, Revenue, $ Million, 2008 41
Figure 19: European independent E&P companies Benchmarking Analysis, Operating Income, $ Million, 2008 43
Figure 20: European independent E&P companies Benchmarking Analysis, Net Income, $ Million, 2008 45
Figure 21: European independent E&P companies Benchmarking Analysis, Operating Cash Flow, $ Million, 2008 47
Figure 22: European independent E&P companies Benchmarking Analysis, Average Return on fixed assets, CAGR, %, 2004-2008 49
Figure 23: European independent E&P companies Benchmarking Analysis, Average Operating Return on capital employed, CAGR, %, 2004-2008 51
Figure 24: European independent E&P companies Benchmarking Analysis, Average Operating profit margin, CAGR, %, 2004-2008 53
Figure 25: European independent E&P companies Benchmarking Analysis, Revenue Growth, CAGR, %, 2004-2008 55
Figure 26: European independent E&P companies Benchmarking Analysis, Growth in Operating Cash Flow, CAGR, %, 2004-2008 57
Figure 27: GlobalData Methodology 59