MUR: Bubale Discovery—Positive Signal, Scale Still Key

Research evidence excerpt

MUR: Bubale Discovery—Positive Signal, Scale Still Key

Equity Research

Flash Comment — June 22, 2026

Exploration & Production

Murphy Oil Corporation

Bubale Discovery—Positive Signal, Scale Still Key Equal Weight

Price Target: $42.00

Ticker MUR

Our Call Upside/(Downside) to Target 22.0%

Bubale is a clear exploration positive, validating Côte d’Ivoire prospectivity and improving Price (06/22/2026) $34.42

campaign read-through. While well results are encouraging, scale remains undefined. We 52 Week Range $21.86 - 43.34

expect a modestly positive reaction, with upside driven by appraisal. Market Cap (MM) $4,970

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

Discovery Outcome – Validates Côte d’Ivoire Exploration Thesis. MUR announced Hanwen Chang, CFA

an oil discovery at the Bubale-1X well in Block CI-709 offshore Côte d’Ivoire, marking a Equity Analyst | Wells Fargo Securities, LLC

Hanwen.Chang@wellsfargo.com | 212-214-8017

positive conclusion to its three-well exploration campaign. The well encountered 100 feet

of net oil pay across two reservoirs, with initial data indicating high-quality light oil. The

result confirms hydrocarbons in a third independent play and supports reservoir quality,

reinforcing Côte d’Ivoire prospectivity.

Campaign Context – Improves Overall Outcome. The discovery is particularly important

given the broader campaign context, where Civette & Caracal encountered non-

commercial hydrocarbons. Bubale shifts the narrative from a potentially unsuccessful

campaign to one that delivers a tangible discovery. As the final well in a program designed

to test multiple independent play concepts, the result supports the prospectivity of the