Table of Contents Table of Contents 2 List of Tables 3 List of Figures 4 Company Snapshot 5 Key Information 5 Company Overview 5 Avalon Oil & Gas, Inc., Valuation and Financial Data, 2011-2015 6 Avalon Oil & Gas, Inc., Share Price Performance, 2011-2015 6 Share Price Performance, 2011-2015 6 Key Valuation Metrics, 2011-2015 7 Avalon Oil & Gas, Inc., Production and Reserves Trends 8 Total Oil and Gas, Reserves and Production 8 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 8 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 9 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 11 Crude Oil/Liquids Production and Reserve 12 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 12 Crude Oil Production and Reserves By Country/Region, 2011-2015 13 Crude Oil/Liquids Reserve Changes, 2011-2015 15 Total Crude Oil and Natural Gas Reserves Life Index 16 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 16 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 17 Avalon Oil & Gas, Inc., E&P Costs Trends 19 Allocation of the Upstream Capital Expenditure 19 Upstream Capital Expenditure, 2011-2015 19 Oil and Gas Cost Per boe, US$/boe 20 Oil and Gas Cost Per boe, US$/boe, 2011-2015 20 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 21 Avalon Oil & Gas, Inc., Reserve Replacement Ratio 23 Oil and Gas Production Replacement Ratio 23 Oil and Gas Production Replacement Ratio, 2011-2015 23 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 25 Avalon Oil & Gas, Inc., Results of Oil & Gas Operations Trend 28 Oil and Gas Revenue and Expenses 28 Oil and Gas Revenue and Expenses, 2011-2015 28 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 29 Oil and Gas Revenue and Expenses, Per boe 33 Oil and Gas Revenue and Expenses, By boe, 2011-2015 33 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 34 Oil and Gas Performance Metrics 37 Appendix 38 Methodology 38 Coverage 38 Secondary Research 38 Primary Research 38 Data Information Sources 39 Company Source 39 SEC/Other Regulatory Filings 39 Other Sources 39 Expert Panel Validation 39 Data Definition 39 Oil and Gas Reserves 39 Units of Measure 40 About GlobalData 40 Disclosure 40 Disclaimer 40

List of Tables Table 1: Avalon Oil & Gas, Inc., Key Facts 5 Table 2: Avalon Oil & Gas, Inc., Share Price Performance, 2011-2015 6 Table 3: Avalon Oil & Gas, Inc., Key Valuation Metrics, 2011-2015 7 Table 4: Avalon Oil & Gas, Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 8 Table 5: Avalon Oil & Gas, Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 10 Table 6: Avalon Oil & Gas, Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 11 Table 7: Avalon Oil & Gas, Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 12 Table 8: Avalon Oil & Gas, Inc., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 14 Table 9: Avalon Oil & Gas, Inc., Crude Oil Reserve Changes, mmbbl, 2011-2015 15 Table 10: Avalon Oil & Gas, Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 16 Table 11: Avalon Oil & Gas, Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 18 Table 12: Avalon Oil & Gas, Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 19 Table 13: Avalon Oil & Gas, Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 20 Table 14: Avalon Oil & Gas, Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 22 Table 15: Avalon Oil & Gas, Inc., Oil and Gas Production Replacement Ratio, %, 2011-2015 23 Table 16: Avalon Oil & Gas, Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 27 Table 17: Avalon Oil & Gas, Inc., Revenue and Expenses, US$ mil, 2011-2015 28 Table 18: Avalon Oil & Gas, Inc., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 32 Table 19: Avalon Oil & Gas, Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 33 Table 20: Avalon Oil & Gas, Inc., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 36 Table 21: Avalon Oil & Gas, Inc., Oil and Gas Performance Metrics, 2011-2015 37 List of Figures Figure 1: Avalon Oil & Gas, Inc., Share Price Performance, USD/Share, 2011-2015 6 Figure 2: Avalon Oil & Gas, Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 7 Figure 3: Avalon Oil & Gas, Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 8 Figure 4: Avalon Oil & Gas, Inc., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 9 Figure 5: Avalon Oil & Gas, Inc., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 9 Figure 6: Avalon Oil & Gas, Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 11 Figure 7: Avalon Oil & Gas, Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 12 Figure 8: Avalon Oil & Gas, Inc., Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 13 Figure 9: Avalon Oil & Gas, Inc., Oil Production, By Country/Region, mmbbl, 2011-2015 13 Figure 10: Avalon Oil & Gas, Inc., Crude Oil Reserve Changes, mmbbl, 2015 15 Figure 11: Avalon Oil & Gas, Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 16 Figure 12: Avalon Oil & Gas, Inc., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 17 Figure 13: Avalon Oil & Gas, Inc., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 17 Figure 14: Avalon Oil & Gas, Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 20 Figure 15: Avalon Oil & Gas, Inc., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 21 Figure 16: Avalon Oil & Gas, Inc., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 21 Figure 17: Avalon Oil & Gas, Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 23 Figure 18: Avalon Oil & Gas, Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 25 Figure 19: Avalon Oil & Gas, Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 25 Figure 20: Avalon Oil & Gas, Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 26 Figure 21: Avalon Oil & Gas, Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 26 Figure 22: Avalon Oil & Gas, Inc., Revenue and Expenses, US$ mil, 2011-2015 28 Figure 23: Avalon Oil & Gas, Inc., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 29 Figure 24: Avalon Oil & Gas, Inc., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 29 Figure 25: Avalon Oil & Gas, Inc., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 30 Figure 26: Avalon Oil & Gas, Inc., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 30 Figure 27: Avalon Oil & Gas, Inc., Production Costs, By Country/Region, US$ mil, 2011-2015 31 Figure 28: Avalon Oil & Gas, Inc., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 31 Figure 29: Avalon Oil & Gas, Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 33 Figure 30: Avalon Oil & Gas, Inc., Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 34 Figure 31: Avalon Oil & Gas, Inc., Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 34 Figure 32: Avalon Oil & Gas, Inc., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 35 Figure 33: Avalon Oil & Gas, Inc., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 35 Figure 34: Avalon Oil & Gas, Inc., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 36 Figure 35: Avalon Oil & Gas, Inc., Oil and Gas Performance Metrics, 2011-2015 37