Chevron announced first production at its Jack/St. Malo Lower Tertiary project in December 2014. We believe that a similar co-development could be replicated at the Tiber, Gila and Guadalupe fields. Our base case, assuming individual facilities, generates an indicative asset valuation of US$954M for Tiber, US$818M for Gila and US$876M for Guadalupe. A shared central facility would increase project NPV by US$580M. We do not anticipate first production from the fields until early next decade.