Wood Mackenzie and CGG Robertson's recently launched EV2 shows there is over 280 billion boe of undiscovered resource held in 20,000 blocks across 104 basins. EV2 is a unique exploration tool that shows the potential value and volume of undrilled acreage and highlights that the largest yet-to-find volume opportunities do not always coincide with the largest value creation potential. Of the 280 billion BOE, over 70% of lies in unlicensed acreage. Within the licensed blocks, although the Majors hold acreage with some of the best volume potential, this rarely translates into value under our base case oil price assumption. This suggests the Majors’ exploration portfolios are geared towards an oil price recovery. Conversely, the acreage with the most appealing value potential is typically licensed to National Oil Companies (NOCs) and small International Oil Companies (IOCs). There is a range of reasons for this, but it sets the stage for some renewed deal activity in this sector.