This report details how conventional exploration in frontier basins has compared to exploration in emerging and mature basins over the decade 2006 2015. We analyse trends in E&A spend and wells drilled resources discovered discovery cost lead times expected development cost full cycle value creation and returns. Global exploration spend fell 35% in 2015. The frontier sector which has greatest exposure to deepwater and other high cost complex plays was hit hardest suffering a 45% decline in investment and a similar drop in exploration and appraisal wells. Mature basins contributed 43% of the discovered volumes over the decade but face the greatest commercial challenges. Emerging is the only maturity class to have delivered positive full cycle economics over the full ten year period. The report is accompanied by an excel download which details costs volumes and value on an annual basis.