commsec research wrap, page-30

GMP Securities
Maintaining BUY recommendation and C$4.75 target price
We expect that this report represents the “big” year of EFS reserve bookings as much
of the play was booked under 40 acre spacing. We believe that this reserve report
reflects the success over 2013, which focused on increased IP rates and positive
performance from its Downspacing pilots. Our C$4.75/share target price (unchanged)
is based on a 50/50 weighting of our 5.5 times 2014 target EV/DACF multiple
(unchanged) and our risked NAV of $4.29/share (was $4.05/share).