<a id="bm-comp-303705ae-6e9a-4bb2-8ce1-3b40bc680721" name="bm-comp-303705ae-6e9a-4bb2-8ce1-3b40bc680721" class="BMCustomAnchor"></a><table><tr><td bm-component-id="303705ae-6e9a-4bb2-8ce1-3b40bc680721" style="vertical-align: top; width:100.000000%;"><ul><li>We raise our '26 oil price estimate to USD 81/bbl (prev. 65). We reiterate our long-term oil price estimate for '27-'30 of USD 75/bbl.</li><li>We raise our '26/'27 gas price estimate to USD 14.6/11.0/mmBTU (prev. 9.0/8.5). We also raise our long-term gas price estimate for '28-'30 to USD 9.0/mmBTU (prev. 8.0).</li><li>We reiterate our USD/NOK assumption of 10.0.</li><li>Please see the table below for a summary of the estimate changes, and refer to our <em>Crude Quarterly</em> report for further details.</li></ul><br /><p style="text-align:left;">In our 14 April Crude Quarterly report, we update our oil and gas price assumptions for our covered E&Ps. See the report for more details on our new oil market estimates and our updated price assumptions. Also, see below in this report for quarterly and annual company estimates.</p><p style="text-align:left;"><strong>Note:</strong> For Petrolia Noco specifically, we make negative revisions to our estimates despite our raised oil and gas price assumptions. This is because we applied the forward curves rather than the ABGSC oil price deck in our <a data-bm-trackable="false" href="https://abg-portal.bluematrix.com/links2/pdf/df26ecd0-31dc-47d2-abc6-a3d9989689d1?firmId=45691" target="_blank">previous report</a>, published on 31 March.</p></td></tr></table><a id="bm-comp-af37fe1c-244a-488e-82ae-4f0b51040d09" name="bm-comp-af37fe1c-244a-488e-82ae-4f0b51040d09" class="BMCustomAnchor"></a><table><tr><td bm-component-id="af37fe1c-244a-488e-82ae-4f0b51040d09" style="vertical-align: top; width:100.000000%;"><table id="bm-img-c0b77a1e-e899-4f4e-950c-18f5bf4a71c2" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td><img bm-img-encrypt="c0b77a1e-e899-4f4e-950c-18f5bf4a71c2" bm-img-original-height="241" bm-img-original-width="1120" bm-img-svg="image:image_upload/95111_34560fe8-5462-415c-9499-3632bf76d250.svg" bm-img-width-hint="100%" id="bm-id-c0b77a1e-e899-4f4e-950c-18f5bf4a71c2" src="https://abgsc.bluematrix.com/images/image_upload/95111_34560fe8-5462-415c-9499-3632bf76d250_733.png" svg="/nas/web/clients/abgsc/images/image_upload/95111_34560fe8-5462-415c-9499-3632bf76d250.svg" width="727" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier</td></tr></table></td></tr></table>