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Frontier E&P in Africa Will Begin Delivery of Serious Oil Supplies in 2013: Exclusive Interview with Pavel Molchanov of Raymond James Financial Details High Output Countries

67 WALL STREET, New York - January 4, 2013 - The Wall Street Transcript has just published its Oil & Gas: Refining, Independent and Major Integrated Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.

Topics covered: Capital Expenditures and Consolidation Activity - Refining Crude Price Differentials - Frontier Exploration and Development - Shale Drilling Capital Expenditures - Oil and Gas Price Divergence - Oil Price Expectations - LNG Global Pricing Differentials

Companies include: Marathon Oil Corporation (MRO), Occidental Petroleum Corporati (OXY), Anadarko Petroleum Corp. (APC), Exxon Mobil Corp. (XOM), Petroleo Brasileiro (PBR), Chevron Corp. (CVX), BP plc (BP), Interoil Corp. (IOC) and many others.

In the following excerpt from the Oil & Gas: Refining, Independent and Major Integrated Report, an expert analyst from Raymond James Financial (RJF) discusses the outlook for the sector for investors:

TWST: Where do you expect to see the most exciting frontier exploration in 2013, and which companies are best positioned to exploit opportunities in those regions?

Mr. Molchanov: Let's first define frontier exploration. This is exploration for oil or gas, in areas where there has historically been no commercial production or very little. So for example, the deepwater Gulf of Mexico is clearly not a frontier exploration area, because, of course, it produces oil in large quantities, and that is also true of places like offshore Brazil or offshore Nigeria. Countries that are encompassed in the frontier category are not household names when it comes to the oil industry, and there are lots of them - close to two dozen countries that have very little or no production today but have an active exploration effort.

For 2013, I would focus on a few areas. One is Ghana. Ghana has been a success story. In 2010, Ghana produced virtually no oil at all. This year it is going to be close to 80,000 barrels a day. That's still less than 0.1% of global oil supply, so it's still in that frontier category. But Ghana had seen more than its fair share of discoveries, and there is plenty more running room.

Another country, also in the West African region, that's getting a lot of attention now is...

For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.