Question 1: Write a 350-400 words essay on following topic: Stereotypes in

Media

Question 2: Read the small comprehension below and answer the questions:
Shell increases Beverley stake
London-listed Ithaca Energy has executed a farm-out deal over its interest in the Beverley prospect, off
the UK, with Anglo-Dutch supermajor Shell. The deal will see Ithaca farm-out half of its 40% nonoperated interest in UK licence P1792, which covers blocks 21/30f and 22/26c in the Central North Sea,
in exchange for a partial carry on its remaining 20% share of the costs of a well on the Beverley prospect.
The Beverley prospect lies on the flank of an undrilled salt diapir, analogous with other structures in the
area, and is near to Shell's Gannet fields. The current licence terms require a well to be drilled on the
Beverley prospect by early 2015. Shell had already gained a 40% stake in licence P1792 last
year following a deal with Sterling Resources, which saw the latter's interest reduced to 20%.
Following the completion of the Ithaca deal, Shell will hold a 60% interest in the licence, with Valiant
and Sterling each holding a 20% stake. Ithaca acquired its interest in the in the licence following
its takeover of Valiant Petroleum last month.
Ithaca said it had reduced its net exploration expenditure commitments by over $45 million since taking
over Valiant, leaving roughly $30 million of remaining committed UK exploration expenditure, mainly
consisting of the Handcross well in the West of Shetland area, off the UK.
Questions related to the article:
1. What is the current ownership of the license P1792 after the farm-in has occured?
2. Does Sterling currently has any ownership in this license?
3. What was the initial ownership of the license before Shell initially farmed in into the license?
4. Assuming cost of one exploration well to be 20 musd, how can this license be valued using this
information and what is the license worth based on this info?

Question 3: Read the small comprehension below and answer the questions:
Afren's profits down despite output rise
London-listed company Afren saw profits fall during the first quarter of this year as lower oil prices hit
revenues and tax expenses increased. The company posted an after tax profit of $38.5 million for the
three months to 31 March, down from a profit of $53.1 million booked during the same period last year.
This came despite the company's pre-tax profit being up nearly 5%, at $150.2 million, however this was
offset by a 24% jump in income tax expense to $111.7 million, $83 million of which was related to

deferred tax.Revenue was also down during the quarter, totalling $372.9 million compared to the
$386.7 million generated during the first quarter of 2012.
Afren largely attributed the fall in revenue to the timing differences in liftings from the Okoro field, off
Nigeria, and the effects of a lower average realised oil price which fell 8%, compared to the
corresponding quarter last year, to an average of $107 per barrel. These factors offset a 14% rise in
working interest production to 47,064 barrels of oil per day as output increased at the Okoro and Ebok
fields, off Nigeria.
Afren continues to deliver strong production from our greenfield developments offshore Nigeria,
Afren chief executive Osman Shahenshah said. Following the successful start to our 2013 [exploration
and appraisal] programme on Okwok, offshore Nigeria, and Simrit in the Kurdistan region of Iraq, we are
currently drilling the West African Transform margin on OPL310 offshore Nigeria.
The company stated that it remained on track to meet its 2013 production guidance of between 40,000
and 47,000 bopd. As of 31 March Aften had cash at bank of $563 million and net debt, excluding finance
leases, of $453 million.

Based on the above article fill the following information:

Parameter
Production (Million Barrels)
Revenue (MUSD)
Oil Price (USD/bb)
Pre-tax profit (MUSD)
Income Tax (MUSD)
Post Tax Profit (MUSD)

Q1 2012

Q1 2013