NS Oil and Gas Exploration Economic Model

Oil and Gas Exploration Economics Model
SOEP Venture Production Centre
Deep Panuke Production Centre
Nova Scotia Exploration Economics Model
Goldboro Gas Plant
Deepwater Oil Floating Production Storage and Offloading (FPSO)
Shallow
Water
Minimal Process
Gas Platform
SPAR
Deepwater
Gas
Production
System
SPAR
Deepwater
Gas
Production System
Gas Subsea to Infrastructure
Semi-Submersible Deepwater Gas Production System
Deepwater Oil Cylindrical FPSO
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Zoom and Scroll to Explore Map. It is recommended that Users

Minimize the Ribbon (right click in menu area) and Hide the Formula
Bar (deselect View Formula Bar) to Maximise Viewing Area
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Nova Scotia Department of Energy
No.
Exploration Economics Model
Page
Description
05/02/2013
HyperLink
This model provides screening economics for evaluation of exploration prospects in the Nova Scotia offshore. The model incorporates a development
schedule and cost estimation sub-model that is linked to a production profile sub-model that is dependent on the timing of the wells from the development
model. Pre-tax cash flows are calculated and used to calculate royalties and taxes and to Evaluate the prospect at the specified discount rate. You can
navigate this model using the Tabs, and on each page you can also click on the blue link to navigate to this Guide or the main Input page, you can also
navigate from this Page to all Other Pages. The model is organised in five Sections that are color coded, the Introduction and Guide are in Yellow, the main
Evaluation section is in Red, the Assumptions and Overrides are in Orange, the Model Calculation pages are in Light Blue and the last pages are for User
Modelling and are in Green
Introduction
Basic Model
Inputs
Development
Options
Evaluation
The basic Model Evaluation is also displayed on the Inputs Page. Dependent on the current exploration stage, the expected value of proceeding together
with the cost of the next stage is shown on the Decision Flow diagram. The Evaluation Table shows the Discounted and Risked (weighted by the change of
occurrence) contributions of each revenue and cost category to the expected value, and the "Waterfall" chart show visually how these contribute to NPV
Cash Flow
The Cash Flow page shows a chart of the contribution of each revenue and cost category to cash flow for the success case, and to the left show the
contribution of each to success case and fully risked cases (weighted by the probability of occurrence) both undiscounted and discounted
Thresholds
The Threshold page shows the expected value of the current case varying for Recoverable Reserves, Reservoir Depth and Economics Scenario and by
exploration stage. For each exploration stage it shows the threshold field size, reservoir depth and economic scenario at which it economic to proceed.
Sensitivities
The Sensitivity Page enables Sensitivity Multipliers to be defined for critical parameters and displays "tornado" plots of the range of outcomes for NPV, IRR,
Discounted Return on Investment Ratio (the ratio of the risked discounted cash flow to the risked discounted total project investment) and Committed
Discounted Return on Investment Ratio (the ratio of the discounted cash flow to the discounted commitment for the next exploration stage)
Government
Take
Price Charts
The Government Take Page shows the percentage Government Take for three categories, Royalty, Federal Tax and Provincial Tax for Varying Price and
Reserves Cases
The Price Charts Page compares the Nominal and Real Oil and Henry Hub Cas Price Scenarios
Evaluation Section
The basic model inputs are defined in the page Input. Input cells are shown with blue text against a white background. Most inputs have an associated
floating note that appears when the cell is selected. Changing these inputs will automatically adjust the evaluated results of the model. The model can be
run simply by selecting parameters in this page, or after refining the model to different levels as detailed in the next section. A basic evaluation requires that
you define the current Stage of the Prospect - Seismic, Wildcat, Appraisal Development Plan or Development and assign the relevant probabilities of going
from one stage to the next.
Dependent on the whether the main product is oil or gas and whether the prospect is in deep or shallow water, the user can select from a number of
development options. The available development options are described on the Page Devel Options
Input
Developments
Input
Cashflow
Thresholds
Sensitivities
Government_Take
Price_Charts
Assumptions and Overrides

The model works at a number of levels. Before making an evaluation you may wish to first adjust the Economic Scenarios for Gas and Oil Prices and Inflation
Assumptions and in page Economic Assumptions (see below). You may also wish to create your own Cost Set (set of unit costs) for the cost model in page Cost Assumptions,
and further can adjust the schedule and production assumptions used for development in page Sched & Prod Assumptions. Finally, for specific prospects if
Overrides
you have more firm estimates you can override the costs and production profile for the next or subsequent stage (i.e. Seismic, Wildcat, Appraisal,
Development) or if you wish all future stages, to do this go to page Overrides.
10
Economic
Assumptions
11
Cost
Assumptions
12
The economic model allows the development of five independent scenarios for the oil, gas and gas liquids (liquids associated with gas) prices, US$ / CAD
exchange rate, cost inflation and interest rates. These can then be selected from within the main model, and the results for each Scenario are compared in
the Thresholds and Sensitivities pages. This page also allows the definition of the netback differentials, in order to calculate the gas, oil and condensate
prices at the field export point.
The cost sub-model utilises unit rates from the page Cost Assumptions. The unit rates are organised in cost sets, the cost sets are definable by the user of
the model and each unit rate is defined separately for shallow and deep water. The Base Nova Scotia Department of Energy cost set provided is based on
actual costs experienced and drilling performance for shallow water developments from the three developments to date adjusted for industry and raw
materials cost inflation. For deep water developments greater than 200 metre water depth they are based on a screening development study which
compared developments worldwide and developed scenarios for possible development. The Base NS Dept of Energy Cost Set is thus highly representative of
likely costs in the Nova Scotia offshore. Users / companies are also able to set up their own cost set(s) if they wish to modify certain of the unit rates,
particularly for market sensitive resources such as drilling rigs.
Production and The production and cost models utilises the logic in the Sched &Prod page to determine a number of factors including production rate, the number wells and
construction rates. If desired these factors can be adjusted to reflect a company's experience and judgement.
Schedule
Assumptions
13
Overrides
14
15
16
17
18
19
20
21
22
Exploration
Development
Production
Revenue
Operations
Abandonment
Royalty
Federal Tax
Provincial Tax
Success Case
Cash Flow
As a company gets close to executing an exploration stage, for instance seismic or a wildcat well, the company's estimate of that stage may become refined
as detail cost estimates are made and later proposals are requested and contracts awarded. At this point the model provides for a Company to Override the
Costs and in some case the timings of a stage, for the development stage the production profile may also be overridden. Typically it would be expected that
only the currently proposed stage is overridden and the remainder of the model is calculated from the assumptions set in the costs, and schedule and
production pages. Overrides are set in the page Overrides, for each stage the costs can be set to "Model Calculated" or "Model Override"
Economics
Costs
Schedule
Override
Model Calculation Pages
23
The
The
The
The
The
The
The
The
The
The
Exploration Page shows the calculation of seismic, wildcat and appraisal exploration costs and schedule
Development Page shows the calculation of development costs and schedule
Production Page shows the calculation of production profiles
Revenue Page shows the calculation of revenues
Operations Page shows the calculation of Operating costs
Abandonment Page shows the calculation of the field abandonment date
Royalty Page shows the calculation of Royalty
Federal Tax Page shows the calculation of Federal Tax
Provincial Tax Page shows the calculation of Provincial Tax
Success Case Cash Flow Page shows the calculation of Cash flow in the case the project proceeds to development and production
The risked Cash Flow show the cash flow risked by the probability of the appropriate stage occurring
24
Risked Cash Flow
25
Selected
Economics
The Selected Economics Page show the prices, exchange rate, inflation and interest rate for the selected economic scenario
26
User Pages
Five User Pages are provided for user's own calculations
Exploration
Development
Production
Revenue
Operations
Abandonment
Royalty
Federal_Tax
Provincial_Tax
Success_Cash
Risked_Cash
Selected_Economics
User Calculation Pages
User_Area
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Guide
Input
Shallow and Deep Water area of Nova Scotia Offshore
1. Sable Island area. This is a mature area with two producing projects: 1. the Sable Offshore Energy Project, which produces gas from four gas
fields, with a central facility at the Thebaud field and an export pipeline to a gas plant at Goldboro, which in turn sends gas through the Maritimes
and North East pipeline to the USA, and liquids to the Point Tupper fractionation Plant; 2. the Deep Panuke project which produces gas through a
parallel pipeline to Goldboro and which also flows into with the Maritimes and North east pipeline. There are a number of smaller and gas
discoveries prospects in the region of Sable Island that could potentially produce into the existing infrastructure. There is also potential for small
to medium sized oil discoveries. The Sable Island area lies on the continental shelf and water depths are in the main in the range 40 metres to 100
metres, environmental conditions are relatively similar to the Central North Sea with 100 year maximum wave height reported to be in the range
20 to 24 metres (OceanWeather Inc), the area to the south of Sable Island remains free of sea ice all year round.
2. Deepwater Exploration. These lie principally on the continental slope to the South West and West South West of Sable Island, the prospects
closest to Sable Island are most likely to be gas prone and those further to the West are more likely to be oil prone. The deepwater exploration lies
in water depths of between 1500 metres and 3500 metres and environmental conditions are similar to the Northern North Sea / Norwegian Sea
with 100 year return period maximum wave heights reported to be in the range 26 to 28 metre (OceanWeather Inc). Potential export routes for
gas are either to existing offshore infrastructure at SOEP or Deep Panuke, or directly to Shore possibly close to Halifax or to Goldboro.
This model provides costing and economic analysis for a number of development alternatives dependent on principle product and water depth,
with the Sable Island area being classified as less than 200 metres and the deepwater as more than 200 metres as described below
Shallow Water Gas Field Options Less than 200 metres water depth options
Fixed Platform
This is a full production facility with gas processing, it is intended for larger discoveries above 500bcf, gas can
be exported to shore or to existing infrastructure, in which case the model assumes a tariff is paid to the
infrastructure owners.
Jack-up
This is a full production facility with the same options as the Fixed Platform, it is moveable and has the
possibility of reuse after field cessation
Subsea to Infrastructure
The field is produced wholly subsea and connected to a mother platform, which performs primary processing
and exports via an existing pipeline. It is assumed that all processing on the mother field is charged by a tariff
to the sending field.
Minimum Processing Platform
The field is produced through a minimum facility platform with water knock-out and methanol injection
capability and exported to a mother facility for export by pipeline to shore. The mother facility charges a tariff
to the sending facility for transport, secondary processing and possibly compression
Deepwater Gas Field Greater than 200 metre water depth options
Semi / SPAR
Subsea to Infrastructure
This is a floating production facility solution with subsea production wells connected to one or more manifolds
and tied back to the surface facility via risers. Export is assumed via a steel catenary riser although other
solutions are possible. Export is either to existing infrastructure or direct to shore. The base plan is for a deep
draft semisubmersible as the floating production facility but a likely cost-competitive alternative is a SPAR,
possibly one being designed for the Aasta Hansteen development in 1400 metres water depth in the
Norwegian Sea. It has been assumed that the facility will be a pure production facility, and that any wellwork
is preformed by a separate vessel. Another possibility that could be considered would be a larger system with a
drilling rig and mooring system designed to reposition the facility over the wells for reentry and wellwork such
as employed by Shell on Perdido the world's deepest producing facility.
Deep-draft Semi-Submersible
Aasta Hansteen Field SPAR 1400

metres Norwegian Sea
This option flows gas from a deepwater field subsea to an existing infrastructure and for onward processing and
transport to Goldboro. There are a number of fields worldwide that flow gas subsea directly to shore up to 140
kilometres and a number of others are being planned. Deepwater gas offshore Nova Scotia will most likely be
discovered within 80 kilometres of existing infrastructure and this option assumes the gas is exported to
infrastructure, the gas will require to be dry, less than 10 - 15 bbls / mscf . As with the shallow water gas a
tariff is paid to the transporting and processing facility.
Ormen Lange 140 km to shore Barents Sea
Shallow Water Oil Field Less than 200 metre water depth
FPSO
This is a Floating Production and Storage System, most likely ship-shaped although a cylindrical SEVAN design
system would be an alternative cost competitive design. Oil is produced from subsea wells and is offloaded
onto dedicated shuttle tankers, since there are no existing tankers operating off Nova Scotia it is assumed that
the tanker(s) are purchased and dedicated to the operation.
Leased FPSO
For shorter life fields a leased Floating Production and Storage System is considered, the production vessel and
shuttle tankers are leased for the duration of the field
Huntingdon Field FPSO UK North Sea
Deepwater Oil Field Greater than 200 Metres

FPSO
As with shallow water a Floating Production and Storage System is utilised, it has a detachable turret and
mooring system and is of double hulled design, most likely a new built ship-shaped design similar to BP's Skarv
FPSO due to shortly commence production in the Norwegian Sea, although a cylindrical SEVAN design system
would be an alternative cost competitive design. Oil is produced from subsea wells and is stored on the vessel
(assumed 1 million barrels) and offloaded onto dedicated shuttle tankers, since there are no existing tankers
operating off Nova Scotia it is assumed that the tanker(s) are purchased and dedicated to the operation.
Skarv Field FPSO Norwegian Sea
Chinook / Cascade FPSO development 2400 metres Gulf of

Mexico
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The Table Below shows the Analysis of Well Exploration Drilling in the Nova Scotia Offshore from 2000 to 2006, Base Drilling Times in Page Cost Assumptions and the Well Time Multiplier (based on Pressure) on Page Sched & Prod Assumptions
are based on an analysis of this data. Source: Nova Scotia Department of Energy, Exploration Drilling Performance Review 2012
Depth Range
Shallow
Shallow
Shallow
Shallow
Shallow
Shallow
Shallow
Shallow
Shallow
Shallow
Shallow
Shallow
Shallow
Shallow
Deep
Deep
Deep
Deep
Deep
Deep
Deep
Well Type
Normal Pressure
Normal Pressure
Normal Pressure
Normal Pressure
Normal Pressure
Normal Pressure
Normal Pressure
Normal Pressure
Over-Pressure
Over-Pressure
Over-Pressure
Over-Pressure
Over-Pressure
Geo-Pressure
Low Complexity
Low Complexity
Low Complexity
High Complexity
High Complexity
High Complexity
High Complexity
Field / Prospect
Panuke
Panuke
MusquodoboitE-23
Queensland
Marquis
Margaree
MarCoh
Dominion
Emma
Adamant
Southampton
Mariner
Cree
Onondaga
Annapolis
Torbrook
Balvenie
Newburn
Annapolis
Weymouth
Crimson
Well
F-09
M-79
M-88
L-35
F-70
D-41
J-14
N-03
N-97
A-25
I-85
I-34
B-84
B-24
C-15
B-79
H-23
G-24
A-45
F-81
Operator
PanCanadian
PanCanadian
PanCanadian
PanCanadianCanadian
EnCana
EnCana
Encana-Marauder
Mobil
Mobil
PanCanadian
Candian
ExxonMobil
Shell
Marathon
EnCana
Imperial
Chevron
Marathon
EnCana
Marathon
Rig
RG 3
RG 4
RG 5
RG 5
RG 5
RG 5
RG 5
RG 6
Galaxy II
Galaxy II
RG 5
RG 5
RG 5
Galaxy II
West Navion
Eirik Raude
Eirik Raude
DW
West Navion
Eirik Raude
DW Pathfinder
Latitude
43048'22.47"
43048'48.81"
43042'15.82"
43047'55.26"
44004'37.57"
43049'16.94"
43050'09.48"
43053'33.58"
44002'47.78"
43056'48.08"
43034'09.66"
44004'30.74"
43043'41.48"
43043'08.92"
43023'07.91"
42034'02.60"
43008'01.29"
43012'16.43"
43023'22.94"
43004'01.38"
43020'22.29"
Longitude
60045'57.64"
60041'47.42"
60049'09.99"
60043'11.90"
60020'52.72"
60040'20.18"
60037'21.56"
60031'54.21"
60000'53.78"
60014'27.66"
60018'16.67"
59042'07.20"
60034'42.62"
60012'41.51"
59048'38.15"
62017'35.64"
60010'56.84"
60048'21.20"
59048'29.19"
60036'14.07"
59042'57.03"
Spud Date
23-Aug-00
12-Jul-00
1-Jul-01
14-Dec-01
6-Jul-02
21-May-03
28-Aug-03
18-Nov-05
2-Aug-00
5-Nov-00
3-Sep-01
19-Nov-03
15-May-04
17-Nov-01
26-Dec-01
16-Nov-02
6-Jul-03
22-May-02
17-Apr-02
27-Oct-03
18-Jun-04
Water
Depth (m)
42
44
47
38
48
43
43
30
51
17
47
56
57
60
1737
1675
1803
977
1711
1690
2092
MD (m)
3823
4598
3823
4443
4552
3677
3625
3700
4600
4708
5058
5408
3945
5019
3496
3600
4750
6070
6182
6520
6676
Total days Pre-spud

days
85
81
67
65
53
80
61
82
94
94
102
128
98
180
132
74
67
93
133
204
95.7
3
0
5
3
5
3
2
3
3
3
1
2
4
3
12
14
4
0
0
0
12
Spud to
TD days
56
78
51
54
46
50
43
66
73
62
82
93
82
153
89
45
52
80
114
195
63
Post Drill No of Hole

ROP
days
Sections (m/day)
26
3
11
9
2
28
16
13
18
29
19
33
12
23
43
15
11
13
19
19
19
5
4
4
5
5
4
4
4
4
4
5
5
5
6
3
3
5
6
7
8
7
68
58
74
82
97
73
83
56
63
76
61
57
47
32
20
43
57
64
39
25
73
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No.
Question
How do I Evaluate a Prospect in Basic Mode?
How do I change the Prices in the Model?
How are the Costs Derived in the model and how

can I change the assumptions?
How does the model determine the number of

Wells? How do I adjust the assumptions?
Can I override Costs derived by the Model?
Does the model calculate Tariffs? How do I

define Tariff Rates in the model?
How are the well drilling and completion times

calculated? Can I adjust these?
10
11
12
13
14
15
16
17
18
19
20
Answer
Go to the Sheet Input, and adjust the parameters for the Prospect in the second column according to the instruc
each cell. The expected discounted values are shown in the right hand side of the Sheet. You can adjust the
Parameters and see how this affects the expected value. The Cash flow for the Success Case is shown on the N
Sheet and Sensitivities on the subsequent Three Sheets
There are five economics scenarios, that define assumptions for prices, inflation, interest rates and exchange ra
Different Scenarios can be selected in the fourth row of Sheet Input. Each of the scenarios can be modified and
renamed in the sheet Economic Assumptions
The model has algorithms for exploration, development and operations dependent on the parameters entered in
Input and the Units Costs entered in Sheet Cost Assumptions. There are five available set of Unit Costs defined
Assumptions, the first is not modifiable (it is the Nova Scotia DOE set), the other four can be modified by the use
selected in the fifth row of Sheet Input
The model has algorithms for the number of appraisal and development wells, these can be adjusted by adjustin
parameters and tables in sheet Sched & Cost Assumptions
Yes, but it is only recommended for the current phase where you have cost estimates, e.g. if you are in Wildcat
you may have a cost estimate for the Well and the model algorithms can be overwritten in Sheet Overrides. It i
recommended that you adjust subsequent phases (although it is not prevented) because you will lose the benef
Thresholds and Sensitivities sheets.
The model calculates tariffs for cases where the prospect gas is sent through a third party facility and / or pipeli
rates for the tariffs are defined in the Rows 139 to 143 of the Sheet Cost Assumptions, the Tariffs Rates can be v
type of service provided.
Well drilling times per metre are input in rows 27 to 38 of the Sheet Cost Assumptions, these can vary for deep
shallow water. An additional multiplier factor on well times is defined in Rows 63 to 65 of Sheet Sched & Prod
Assumptions, which adjusts for whether the reservoir is Normally Pressured, OverPressured or GeoPressured. T
times and factors are derived from the drilling history Sheet with adjustments for assumed performance improv
HyperLink
Input
Economics
Costs
Schedule
Override
Costs
Costs
Prospect X Inputs
Prospect X Decision Flow
Guide
Note: NPV and Costs in $m discounted to 1-May-13
Evaluation Parameters
Discount Rate
Discount To
Economic Scenario
Cost Set
10%
Current Month
Scenario 5 : Flat Real
NS Dept of Energy : NS DOE
Complete
Run Seismic
NPV
Cost
#VALUE!
41091
Drill Wildcat
NPV
981.3
Cost
0.0
6-Apr-2013
Appraise Reservoir
NPV
Cost
2803.7
181.6
35%
75%
26-Oct-2014
Plan Development
NPV
Cost
3980.5
9.7
100%
16-Aug-2016
Develop Field
NPV
Cost
3990.2
3380.4
Project Parameters
NPV @ 10.0 % ($M)
Sweet
Yes
Internal rate of Return
Tax / Royalty Parameters

Small Reserves for Royalty
High Risk for Royalty
Flow-through for Tax
Discounted Return on Investment

Committed Disc. Return on Investment
No
No
Yes
$981.3
0.3168081797
2500
2000
1500
1000
500
0
on
m
en
$-254.4
$-484.4
$-784.1
$-304.4
$-375.5
$-5.3
$-2,907.2
3000
Ab
an
d
Gas Type
Keep Appraisal Wells ?
4500
Medium
Medium
Normally Pressured
1040
3333.3
Development Drilling
FALSE Operations
Royalty
Provincial Income Tax
Federal Income Tax
FALSE Abandonment
100000 Total Costs
$$$-63.6
$-2.5
$-633.0
ty
Technical Parameters
Reservoir Depth (m MSL)
Reservoir Complexity
Areal Extent Factor
Reservoir Pressure
Gas Calorific Value (btu/scf)
GOR (scf/bbl)
Seismic
Wildcat
Appraisal
Development Planning
Facilities & Pipelines
100%
35%
75%
100%
3500
Ro
ya
l
Risk Parameters (Chance of Proceeding to Next Stage)
$3,888.5
4000
lin
es
Total Revenue
$228.4
$3,660.1
4500
Pi
pe
FALSE Associated Gas Revenue

FALSE Oil Revenue
0.3
Seismic
Wildcat
Appraisal
Discounted Values ($M)
&
Pipeline Percent Deepwater
FALSE Risked
Prospect X Value Waterfall Chart ($M)
Fa
ci
lit
ie
s
FPSO
To Infrastructure
250
26.3%
4-Nov-2018
1-Mar-2043
1-May-2013
ild
ca
t
Development Method
Gas Export Type
Gas Export Distance (km)
Overall Chance of Development

First Production Date
FALSE Abandonment Date
15 Discount Date
Wildcat
1-Jul-2012
Oil
300
2000
Re
ve
nu
e
Current Project Stage

Start Date
Product Type
Mean Reserves (mmbbl)
Water Depth (metres)
Prospect X Summary Evaluation Parameters
as
Prospect X
Project Name
1.03
NA
TRUE
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Prospect X Cash Flow

10%
1-May-13
Scenario 5 : Flat Real
NS Dept of Energy : NS DOE
Discount Rate
Discount To
Economic Scenario
Cost Set
Project Parameters
Project Stage
Start Date
Development Method
Infrastructure Type
Export Distance (km)
Wildcat
1-Jul-12
FPSO
To Infrastructure
250
30%
Risk Parameters
Seismic
Wildcat
Appraisal
100.00%
35.00%
75.00%
100.00%
Product Type
Areal Extent Factor
Reservoir Pressure
Liquid Yield (bbl/mcf)
Gas Type
Oil
300
4500
Medium
Medium
Normally Pressured
1040
3333.3
Sweet
2000

No
No
Yes
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Guide
Input
Associated Gas Sales (bcf)
Oil Sales (mbbl)
Associated Gas Revenue
Oil Revenue
Total Revenue
Seismic
Wildcat
Appraisal
Facilities & Pipelines
Development Drilling
Operations
Royalty
Federal Income Tax
Abandonment
Total Costs
Net Cash Flow
Start Date
4-Nov-18
4-Nov-18
Success Case
Total ($M)
Disc @
10.0%
948.990836588
297.554584576
2594.14688863 870.0192205
41575.1307973 13943.37501
44169.2776859 14813.39423
30-Dec-99
1-Jul-12
6-Apr-13
26-Oct-14
16-Aug-16
20-Feb-18
4-Nov-18
1-Mar-43
-67.729090909
-210.0025125
-11.675122844
-3803.7074441
-1642.2907719
-7205.8416717
-9771.0292467
-3375.5001106
-4005.1633855
-198.11541
-9.69751241
-2411.37259
-968.984321
-1845.43343
-2986.91677
-1159.79162
-1430.42285
-360.12613373 -20.3042193
-30453.065491 -11031.0387
13716.2121954 3782.355488
Cumulative Cash Flow
6000.0
4000.0
2000.0
0.0
-2000.0
-4000.0
2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036
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Probability
Risked Total
($M)
26.3%
26.3%
26.3%
249.1100946
78.108078451
680.96355827
26.3%
10913.471834
11594.435393
0.0%
100.0%
32.1%
26.3%
26.3%
26.3%
26.3%
26.3%
26.3%
26.3%
26.3%
030 2032 2034 2036
-67.72909091
-67.37580609
-3.064719746
-998.4732041
-431.1013276
-1891.533439
-2564.895177
-886.068779
-1051.355389
-94.53311011
-8056.130042
3538.3053502
Federal Income Tax

Royalty
Net Cash Flow
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Disc @
10.0%
Historic
228.3800454
3660.135939
3888.515984
-63.5620275
-2.54559701
-632.985306
-254.358384
-484.426276
-784.065653
-304.445301
-375.485998
-5.32985756
-2907.2044
981.3115833
-11
Success Case Cash Flow ($M)

2012
2013
2014
-67.729091
2015
-
-138.84464 -71.157876
-2.5193988 -9.1557241
10.8366545 6.66454255 8.08075784 5.65653049

14.9816749 8.53894514 10.1009473 6.71712995
-11 -41.910761 -123.64115 -55.49557 3.21793634

-11 -41.910761 -123.64115 -55.49557 3.21793634
-11 -52.910761 -176.55191 -232.04748 -228.82954
Federal Income Tax

Royalty
Net Cash Flow
www.indeva.com
2016
-
2017
2018
2019
2020
2021
2022
- 9.22956187 94.455959 95.941134
95.679 95.621204
- 2.89391461 29.6165174 30.082192
30 29.981878
- 21.1500412 221.862223 230.98443 236.11216 241.86877
-
338.961426 3555.67797 3701.8752 3784.0548 3876.3132

360.111468 3777.54019 3932.8596 4020.167 4118.182
-103.42563 -1220.1315 -2480.1503

-1025.6948
-108.49376
-7.2022294
3.95957134 2.77169994 88.3747152
4.70199097 3.29139368 104.944974
-616.59597
-358.38751
-75.550804
-336.01983
-466.98504
-370.47243
-93.405416
-409.09063
-536.76625
-379.47762
-724.8965
-359.35665
-447.97399
-388.82183
-1291.6673
-311.25595
-385.54492
-94.764067 -1214.0684 -3428.2214 -1853.5392 -1409.7347 -1911.7048

-2377.29
-94.764067 -1214.0684 -3068.1099 1924.00103 2523.1249 2108.4622 1740.892
-323.59361 -1537.662 -4605.772 -2681.7709 -158.64603 1949.8162 3690.7082
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
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2023
2024
87.077161 74.202296
27.302907 23.266013
225.7635 197.19262
3618.2018 3160.3103
3843.9653 3357.5029
-376.91456
-1200.2757
-304.72473
-361.06419
-352.61979
-1039.3674
-271.79841
-322.1633
-2242.9792 -1985.9489
1600.986 1371.554
5291.6942 6663.2482
www.indeva.com
2025
2026
2027
2028
2029
2030
2031
62.885242 53.452456 45.434588 38.716819 32.811877 27.890095 23.706581

19.717569 16.759934 14.245944 12.139598 10.288112 8.7448955 7.4331612
171.29549 149.2412 130.02639 113.57126 98.65605 85.954083 74.887495
2745.2695 2391.8161 2083.8698 1820.1514 1581.1125 1377.5443 1200.1855
2916.565 2541.0573 2213.8962 1933.7227 1679.7686 1463.4984 1275.073
-331.6579
-893.10947
-239.22429
-274.07377
-314.23587 -299.6889 -287.76177 -277.8058

-768.38924 -659.48343 -566.01466 -480.96377
-210.13646 -183.61567 -160.12486 -137.99193
-242.03324 -205.24794 -180.55152 -151.29199
-269.94151
-408.29695
-118.70805
-131.53574
-263.78732
-344.71742
-101.51544
-109.44513
-1738.0654 -1534.7948 -1348.0359 -1194.4528 -1048.0535 -928.48224 -819.46531

1178.4996 1006.2625 865.86021 739.26989 631.7151 535.01614 455.60766
7841.7478 8848.0103 9713.8705 10453.14 11084.856 11619.872 12075.479
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2032
2033
2034
2035
2036
2037
2038
20.201425 17.12038 14.552323 12.369475 10.540576 8.932967 7.593022

6.334125 5.3680682 4.562858 3.8784293 3.3049809 2.8009178 2.3807801
65.410317 56.820037 49.504457 43.130758 37.672465 32.724974 28.511633
1048.2993 910.62711 793.38387 691.23569 603.75828 524.46724 456.94208
1113.7097 967.44714 842.88832 734.36645 641.43075 557.19221 485.45372
-259.1976
-290.0073
-86.514424
-94.407543
-255.80015 -253.6658 -252.57624 -252.4491 -253.07153 -254.48592

-240.12344 -197.34958 -159.78641 -127.30786 -97.584735 -71.931723
-72.620707 -60.60456 -49.964804 -40.711824 -32.186373 -24.806565
-76.966916 -65.015285 -51.850791 -42.73348 -32.311504 -25.025435
-730.12687 -645.51122 -576.63522 -514.17824 -463.20226 -415.15414 -376.24964

383.58278 321.93593 266.2531 220.18821 178.22849 142.03807 109.20408
12459.062 12780.998 13047.251 13267.439 13445.668 13587.706 13696.91
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2039
2040
2041
2042
6.4540687 5.499797 4.6609888 3.9618405

2.0236631 1.7244527 1.4614457 1.2422289
24.84076 21.697107 18.847645 16.421011
398.11079 347.72899 302.06204 263.17156
422.95155 369.42609 320.90969 279.59257
-256.56813
-49.254312
-18.26498
-17.089677
-259.27238
-29.479266
-12.553763
-11.457604
-262.47779
-16.045484
-6.5180432
-4.1958956
2043
-
-266.21048
-13.979628 75.160821
0.2921651 46.172191
3.0051565 65.674472 8.6110898
-360.12613
-341.1771 -312.76301 -289.23721 -276.89278 -173.11865 8.6110898
81.774451 56.663079 31.672481 2.6997844 -173.11865 8.6110898
13778.684 13835.347 13867.02 13869.72 13696.601 13705.212 13705.212
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13705.212 13705.212 13705.212 13705.212 13705.212 13705.212
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Prospect X
Economic Thresholds for Different Project Maturities : NPV @ 10.0 %
Guide
Input
Discount Rate
Discount To
Economic Scenario
Cost Set
10%
1-May-13
Flat Real
NS DOE
50 Reserves (mmbbl)
Project Parameters
Start Date
Development Method
Gas Disposal
1-Jul-12
FPSO
To Infrastructure
250
30%
Risk Parameters
Seismic
Wildcat
Appraisal
100%
35%
75%
100%
2500
500
981.3
Seismic
Wildcat
-103.442036727 116.853942578 337.6211094801 470.6664858579 660.2242173352 848.1829099633 1039.391361163 1238.524686597 1430.770027969 1635.266745003 1827.69426347
-42.9654648089 192.9913711961 430.6887261654 574.0823303622 778.2139056308 981.3115833249 1186.47281416 1400.643137325 1608.018311712 1828.033606884 2035.358637722
Appraisal
Development Start
-39.7735192201 643.9259639353 1363.674640204 1795.881721938 2420.551437459 3032.347326215 3642.180106584 4288.635021474 4913.300096944 5596.025669354 6198.747815258
-4.8310207634 1128.377795087 2190.86295174 2824.398056423 3755.152330635 4667.955412427 5582.07807176 6555.140852951 7487.419946246 8500.138778458 9368.655395098
161.5943311008 1438.458948755 2651.034910358 3373.888659334 4429.400267042 5470.729965096 6522.868052129 7626.743174223 8663.230240275 9821.35002059 10905.61305255
981.3
Seismic
Wildcat
Appraisal
Development Start
50
100
Reservoir Depth (metres)

3000
3500
957.3218000157
1074.887394532
3296.642898921
4904.516728498
5725.78463717
915.5595897571
1045.511945591
3228.278750748
4819.937232527
5634.396143943
150
4000
884.9522613663
1012.3112025
3112.302097694
4747.304402655
5560.952317134
200
4500
848.1829099633
981.3115833249
3032.347326215
4667.955412427
5470.729965096
250
5000
807.2786687026
955.5260055459
2943.725708703
4603.221668248
5380.810532376
300
5500
773.8833635643
919.9492497898
2863.915979669
4531.079078899
5316.256029067
350
400
450
500
550
6000
742.7229691307
890.1870223215
2782.816408127
4452.364653961
5212.602318117
Product Type
Areal Extent Factor
Reservoir Pressure
Gas Type
Oil
300
4500
Medium
Medium
Normally Pressured
1040
3333.3

Sweet
2000
No
No
Yes
Economics Scenario
Flat Real
Base - 1.5%/y
Seismic
Wildcat
Appraisal
Development Start
848.1829099633
981.3115833249
3032.347326215
4667.955412427
5470.729965096
305.2516612959
414.5601946647
1361.92013394
2385.190144761
3222.748059968
Base
Base +1.5% /y
Base + 3%/y
498.9325896537 728.467461441 1009.66428612

610.6044152823 839.8703203289 1114.362091336
1926.371985755 2569.243450858 3349.672819348
3119.419821228
3966.5537999 4964.533065793
3921.046518281 4710.274029952 5611.029677692
How to Interpret:
These tables show the NPV (at the selected discount rate) that would be assessed for the different stages of exploration / development for variations
about the currently defined case for each of recoverable reserves, reservoir depth and economics scenario. Negative NPVs are shown in yellow,
positive NPVs in green, given a suitable discount rate, the boundary between the two may be seen as the Threshold at which it is financially viable to
proceed with the next stage of exploration / development. The order of the economic scenarios can be changed .
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Prospect X
Guide
Sensitivities
Low
High
Reserves
Oil Price
Gas Price
Exploration Costs
Capital Costs
Operating Costs
Chance of Development
-0.2
-30%
-30%
-25%
-25%
-50%
-20%
0.4
30%
30%
30%
30%
50%
30%
10.00%
1-May-13
Flat Real
NS DOE
10
0%
12
200%
400%
600%
800% 1000% 1200%
1
2
3
4
1
2
3
4
Economic Parameters
Discount Rate
Discount To
Economic Scenario
Cost Set
Sensitivity of IRR
Sensitivity of NPV
Input
Project Parameters
Start Date
Project Stage
Development Method
Gas Disposal
1-Jul-12
Wildcat
FPSO
To Infrastructure
250
30.00%
Sensitivity of DROI
0
Risk Parameters
Seismic
Wildcat
Appraisal
100.00%
35.00%
75.00%
100.00%
Oil
300
4500
Medium
Medium
Normally Pressured
1040
3333.3
Sweet
2000

No
No
Yes
Sensitivity of Committed DROI

8
10
12
1
2
3
4
Product Type
Areal Extent Factor
Reservoir Pressure
Gas Type
NPV
NPV
10
12
1
2
3
4
1
NPV
NPV
The Charts show the results of applying conventional sensitivity analysis to multipliers (where appropriate over the full time range) to the various factors in the
model. The sensitivity multipliers may be adjusted in the input cells in the upper left hand corner of this sheet, depending on the speed of processor the charts
may take a few seconds to respond to the changes.
www.indeva.com
Prospect X
Guide
Input
Discount Rate
Discount To
Economic Scenario
Cost Set
10%
1-May-13
Flat Real
NS DOE
Project Parameters
Start Date
Development Method
Infrastructure Type
Export Distance (km)
1-Jul-12
FPSO
To Infrastructure
250
30%
Risk Parameters
Seismic
Wildcat
Appraisal
0.14
0.12
0.14
0.11
0.13
0.11
0.13
0.11
0.13
0.11
0.27
0.30
0.31
0.32
0.32
0.47
0.45
0.44
0.44
0.44
Base - 1.5%/y
Base
Base +1.5% /y
Flat Real
Base + 3%/y
100%
35%
75%
100%
Product Type
Areal Extent Factor
Reservoir Pressure
Gas Type
Government Take as a Percentage of Risked Cash Flow for Varying Price Cases
Oil
300
4500
Medium
Medium
Normally Pressured
1040
3333.3
Sweet
2000
Net Cash Flow

Government Take as a Percentage of Risked Cash Flow

for Varying Reserves (mmbbl)
0.19
0.16
0.09
0.55

No
No
Yes
Royalty
Federal Income Tax
50
0.14
0.12
0.13
0.11
0.13
0.11
0.13
0.11
0.13
0.11
0.29
0.31
0.32
0.33
0.33
0.46
0.44
0.44
0.44
0.44
150
250
350
450
550
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Guide
Input
Real Oil Price $US / BBL
Real HH Gas Price $US / MMBTU
150
10.00
8.00
100
6.00
4.00
50
2.00
0
2010
2015
2020
2025
Base
Base - 1.5%/y
2030
Base +1.5% /y
Flat Real
2035
2040
2045
0.00
2010
Nominal Oil Price $US/BBL
150
2035
2040
Base + 3%/y
10.00
100
5.00
50
2015
Nominal Oil Price

Base
Base
Base +
+1.5% /y 3%/y
104.00
105.56
101.14
98.66
99.14
98.63
99.11
100.59
101.10
104.84
108.70
112.67
116.75
120.96
125.29
129.75
134.34
139.07
143.93
148.94
154.09
159.40
164.85
170.47
176.25
182.20
188.32
194.61
201.09
207.75
214.60
221.65
228.90
236.36
244.03
251.92
260.03
268.38
276.95
2030
15.00
200
104.00
104.00
98.00
94.00
93.00
91.00
90.00
90.00
89.00
91.23
93.51
95.84
98.24
100.70
103.21
105.79
108.44
111.15
113.93
116.78
119.70
122.69
125.75
128.90
132.12
135.42
138.81
142.28
145.84
149.48
153.22
157.05
160.98
165.00
169.13
173.35
177.69
182.13
186.68
2025
Base +1.5% /y
Flat Real
20.00
250
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2020
Nominal HH Gas Price $US / MMBTU
300
0
2010
2015
Base
Base - 1.5%/y
Base + 3%/y
104.00
107.12
104.33
103.46
105.57
106.73
108.94
112.20
114.57
120.23
126.12
132.24
138.61
145.22
152.09
159.24
166.66
174.37
182.38
190.70
199.34
208.31
217.63
227.30
237.34
247.77
258.58
269.81
281.46
293.55
306.10
319.11
332.61
346.61
361.14
376.20
391.82
408.01
424.81
2020
2025
Base 1.5%/y
104.00
102.44
94.90
89.48
87.14
83.83
81.57
80.35
78.14
79.20
80.29
81.42
82.60
83.81
85.07
86.38
87.73
89.12
90.57
92.05
93.59
95.18
96.82
98.51
100.26
102.06
103.91
105.82
107.79
109.82
111.91
114.06
116.28
118.56
120.91
123.32
125.80
128.36
130.99
2030
2035
2040
0.00
2010
Real Oil Price

Base
Base
Base +
+1.5% /y 3%/y
Flat Real
104.00
106.60
109.27
112.00
114.80
117.67
120.61
123.62
126.71
129.88
133.13
136.46
139.87
143.37
146.95
150.62
154.39
158.25
162.20
166.26
170.42
174.68
179.04
183.52
188.11
192.81
197.63
202.57
207.64
212.83
218.15
223.60
229.19
234.92
240.79
246.81
252.98
259.31
265.79
2045
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
104.00
101.46
93.28
87.29
84.25
80.43
77.61
75.71
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
104.00
102.99
96.27
91.62
89.82
87.17
85.46
84.63
82.98
83.95
84.91
85.87
86.81
87.75
88.67
89.59
90.50
91.39
92.28
93.17
94.04
94.90
95.76
96.61
97.44
98.28
99.10
99.91
100.72
101.52
102.31
103.09
103.87
104.64
105.40
106.15
106.90
107.64
108.37
104.00
104.51
99.31
96.08
95.64
94.34
93.94
94.39
94.03
96.27
98.53
100.79
103.06
105.35
107.64
109.95
112.27
114.59
116.94
119.29
121.65
124.03
126.41
128.81
131.22
133.64
136.08
138.52
140.98
143.45
145.93
148.42
150.93
153.45
155.98
158.52
161.07
163.64
166.22
2015
2020
Base 1.5%/y
104.00
99.94
90.33
83.09
78.94
74.09
70.34
67.60
64.14
63.42
62.72
62.06
61.42
60.80
60.21
59.64
59.10
58.57
58.07
57.58
57.12
56.67
56.24
55.83
55.43
55.05
54.68
54.33
53.99
53.67
53.35
53.05
52.76
52.49
52.22
51.96
51.72
51.48
51.25
2025
2030
2035
2045
Nominal Henry Hub Gas Price

Base
Base
Base +
+1.5% /y 3%/y
Flat Real
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
2040
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2.60
3.60
3.90
4.10
4.40
4.70
4.90
5.10
5.40
5.54
5.67
5.82
5.96
6.11
6.26
6.42
6.58
6.74
6.91
7.09
7.26
7.44
7.63
7.82
8.02
8.22
8.42
8.63
8.85
9.07
9.30
9.53
9.77
10.01
10.26
10.52
10.78
11.05
11.33
2.60
3.64
3.99
4.25
4.62
4.99
5.26
5.54
5.92
6.15
6.38
6.62
6.86
7.11
7.37
7.64
7.91
8.20
8.49
8.79
9.10
9.42
9.74
10.08
10.43
10.78
11.15
11.53
11.92
12.32
12.73
13.15
13.59
14.03
14.50
14.97
15.46
15.96
16.47
2.60
3.68
4.09
4.41
4.84
5.29
5.65
6.02
6.50
6.83
7.17
7.53
7.90
8.28
8.69
9.10
9.54
9.99
10.46
10.94
11.45
11.97
12.52
13.08
13.67
14.28
14.92
15.57
16.26
16.97
17.70
18.47
19.26
20.08
20.93
21.82
22.73
23.69
24.67
Base 1.5%/y
2.60
3.56
3.81
3.95
4.19
4.43
4.56
4.69
4.92
4.98
5.05
5.11
5.18
5.25
5.33
5.40
5.48
5.57
5.65
5.74
5.83
5.92
6.02
6.12
6.23
6.33
6.44
6.56
6.67
6.80
6.92
7.05
7.18
7.32
7.46
7.60
7.75
7.91
8.06
Real Henry Hub Gas Price

Base
Base
Base +
+1.5% /y 3%/y
Flat Real
2.60
2.67
2.73
2.80
2.87
2.94
3.02
3.09
3.17
3.25
3.33
3.41
3.50
3.58
3.67
3.77
3.86
3.96
4.06
4.16
4.26
4.37
4.48
4.59
4.70
4.82
4.94
5.06
5.19
5.32
5.45
5.59
5.73
5.87
6.02
6.17
6.32
6.48
6.64
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2.60
3.51
3.71
3.81
3.99
4.15
4.23
4.29
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
2.60
3.55
3.80
3.95
4.18
4.41
4.54
4.66
4.86
4.92
4.98
5.04
5.10
5.16
5.22
5.27
5.33
5.39
5.44
5.50
5.55
5.61
5.66
5.71
5.76
5.82
5.87
5.92
5.97
6.02
6.07
6.12
6.17
6.21
6.26
6.31
6.35
6.40
6.45
2.60
3.59
3.89
4.10
4.39
4.67
4.87
5.06
5.33
5.47
5.60
5.74
5.87
6.01
6.15
6.29
6.42
6.56
6.70
6.84
6.99
7.13
7.27
7.41
7.56
7.70
7.85
8.00
8.14
8.29
8.44
8.59
8.74
8.89
9.04
9.19
9.35
9.50
9.65
Base 1.5%/y
2.60
3.47
3.62
3.67
3.80
3.91
3.93
3.95
4.04
3.99
3.94
3.90
3.85
3.81
3.77
3.73
3.69
3.66
3.62
3.59
3.56
3.53
3.50
3.47
3.44
3.42
3.39
3.37
3.34
3.32
3.30
3.28
3.26
3.24
3.22
3.20
3.19
3.17
3.15
Flat Real
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
www.indeva.com
Prospect X
Guide
Input
Overriden Cost and Production

All Cost in Today's Money Estimate Year:
Seismic Costs & Schedule
2012
Model Calculated
Exoloration Times and Uninflated Costs
Input
Duration
(days)
Input Lag to Next

Activity (days)
Input
Cost
K$
Input
Duration
(days)
Input Lag to Next

Activity (days)
Input
Cost
K$
Input
Duration
(days)
Input Lag to Next

Activity (days)
Input
Cost
K$
Seismic
Seismic Processing
Wildcat Costs & Schedule
Model Calculated
Wildcat
Wildcat Review
Appraisal Costs & Schedule
Model Calculated
Appraisal
Appraisal
Appraisal
Appraisal
Appraisal
Well
Well
Well
Well
Well
1
2
3
4
5
Model Calculated
Preliminary Engineering Cost

Days to Development Start
K$
days
Development & Production

Operating Costs
Model Calculated
Model Calculated
Uninflated Capital Costs, Production and Operating Costs from Development Start (M$)
Main
Structure
Wells
Total
Year from Development Start
0.0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
Abandonment Cost
Topsides
0.0
Subsea &
Flowlines
0.0
Export
Pipeline
0.0
Engineering
& Proj Man
0.0
Shuttle
Tankers
0.0
Contingency
0.0
Total
Costs
0.0
Gas Production
(BCF)
0.0
0.0
Oil
(MMbbls)
0.0
Condensate
(MMbbls)
0.0
Operating
Cost
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Model Calculated
Abadonment Cost (M$)
Historical Costs
Model Calculated
Seismic
Wildcat
Appraisal
Costs for Royalty
CDE Opening Balance
CEE Opening Balance
www.indeva.com
Guide
Input
Scenario
Name
Economic Scenarios
Scenario 1
Base
Market
Gas Liquids
US$/BBL
Year
Netback
Differential
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
30/03/2012
Market
Oil Price
US$/BBL
Market
Gas Price
US$/MMBTU
-3.50
-3.00
-0.70
112.32
112.32
105.84
101.52
100.44
98.28
97.20
97.20
96.12
98.52
100.99
103.51
106.10
108.75
111.47
114.26
117.11
120.04
123.04
126.12
129.27
132.50
135.82
139.21
142.69
146.26
149.91
153.66
157.50
161.44
165.48
169.61
173.85
178.20
182.66
187.22
191.90
196.70
201.62
206.66
211.83
217.12
222.55
228.11
233.82
239.66
245.65
251.79
18818.00
104.00
104.00
98.00
94.00
93.00
91.00
90.00
90.00
89.00
91.23
93.51
95.84
98.24
100.70
103.21
105.79
108.44
111.15
113.93
116.78
119.70
122.69
125.75
128.90
132.12
135.42
138.81
142.28
145.84
149.48
153.22
157.05
160.98
165.00
169.13
173.35
177.69
182.13
186.68
191.35
196.13
201.04
206.06
211.22
216.50
221.91
227.46
233.14
238.97
2.60
3.60
3.90
4.10
4.40
4.70
4.90
5.10
5.40
5.54
5.67
5.82
5.96
6.11
6.26
6.42
6.58
6.74
6.91
7.09
7.26
7.44
7.63
7.82
8.02
8.22
8.42
8.63
8.85
9.07
9.30
9.53
9.77
10.01
10.26
10.52
10.78
11.05
11.33
11.61
11.90
12.20
12.50
12.82
13.14
13.46
13.80
14.15
14.50
Exchange
Rate
US$/$Cdn
Cost
Inflation
Long-term
Bond
Rate
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
Deflator
1.00
0.98
0.95
0.93
0.91
0.88
0.86
0.84
0.82
0.80
0.78
0.76
0.74
0.73
0.71
0.69
0.67
0.66
0.64
0.63
0.61
0.60
0.58
0.57
0.55
0.54
0.53
0.51
0.50
0.49
0.48
0.47
0.45
0.44
0.43
0.42
0.41
0.40
0.39
0.38
0.37
0.36
0.35
0.35
0.34
0.33
0.32
0.31
0.31
www.indeva.com
www.indeva.com
Real Nymex
Oil Price
US$/BBL
104.00
101.46
93.28
87.29
84.25
80.43
77.61
75.71
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
73.05
Real HH Gas
Price US$ /
MMBTU
2.60
3.51
3.71
3.81
3.99
4.15
4.23
4.29
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
4.43
www.indeva.com
www.indeva.com
Scenario 2
Base +1.5% /y
Market
Gas Liquids
US$/BBL
30/03/2012
Market
Oil Price
US$/BBL
-3.50
112.32
114.00
109.23
106.55
107.07
106.52
107.04
108.64
109.19
113.23
117.39
121.68
126.09
130.64
135.31
140.13
145.09
150.19
155.45
160.85
166.42
172.15
178.04
184.11
190.35
196.77
203.38
210.18
217.17
224.37
231.77
239.38
247.22
255.27
263.55
272.07
280.84
289.85
299.11
308.64
318.43
328.51
338.86
349.51
360.45
371.71
383.27
395.16
407.39
-3.00
104.00
105.56
101.14
98.66
99.14
98.63
99.11
100.59
101.10
104.84
108.70
112.67
116.75
120.96
125.29
129.75
134.34
139.07
143.93
148.94
154.09
159.40
164.85
170.47
176.25
182.20
188.32
194.61
201.09
207.75
214.60
221.65
228.90
236.36
244.03
251.92
260.03
268.38
276.95
285.78
294.85
304.17
313.76
323.62
333.75
344.17
354.88
365.89
377.21
1.50%
Market
Gas Price
US$/MMBTU
Exchange
Rate
US$/$Cdn
Cost
Inflation
Long-term
Bond
Rate
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
Deflator
-0.70
2.60
3.64
3.99
4.25
4.62
4.99
5.26
5.54
5.92
6.15
6.38
6.62
6.86
7.11
7.37
7.64
7.91
8.20
8.49
8.79
9.10
9.42
9.74
10.08
10.43
10.78
11.15
11.53
11.92
12.32
12.73
13.15
13.59
14.03
14.50
14.97
15.46
15.96
16.47
17.00
17.55
18.11
18.69
19.28
19.89
20.52
21.16
21.82
22.50
1.00
0.98
0.95
0.93
0.91
0.88
0.86
0.84
0.82
0.80
0.78
0.76
0.74
0.73
0.71
0.69
0.67
0.66
0.64
0.63
0.61
0.60
0.58
0.57
0.55
0.54
0.53
0.51
0.50
0.49
0.48
0.47
0.45
0.44
0.43
0.42
0.41
0.40
0.39
0.38
0.37
0.36
0.35
0.35
0.34
0.33
0.32
0.31
0.31
www.indeva.com
www.indeva.com
Real Nymex
Oil Price
US$/BBL
Real HH Gas
Price US$ /
MMBTU
Scenario 3
Base + 3%/y
Market
Gas Liquids
US$/BBL
-3.50
104.00
102.99
96.27
91.62
89.82
87.17
85.46
84.63
82.98
83.95
84.91
85.87
86.81
87.75
88.67
89.59
90.50
91.39
92.28
93.17
94.04
94.90
95.76
96.61
97.44
98.28
99.10
99.91
100.72
101.52
102.31
103.09
103.87
104.64
105.40
106.15
106.90
107.64
108.37
109.09
109.81
110.52
111.22
111.92
112.61
113.29
113.97
114.64
115.30
2.60
3.55
3.80
3.95
4.18
4.41
4.54
4.66
4.86
4.92
4.98
5.04
5.10
5.16
5.22
5.27
5.33
5.39
5.44
5.50
5.55
5.61
5.66
5.71
5.76
5.82
5.87
5.92
5.97
6.02
6.07
6.12
6.17
6.21
6.26
6.31
6.35
6.40
6.45
6.49
6.54
6.58
6.62
6.67
6.71
6.75
6.80
6.84
6.88
112.32
115.69
112.68
111.74
114.01
115.27
117.65
121.18
123.74
129.85
136.21
142.82
149.69
156.84
164.26
171.98
179.99
188.32
196.97
205.95
215.29
224.98
235.04
245.48
256.33
267.59
279.27
291.40
303.98
317.04
330.58
344.64
359.22
374.34
390.03
406.29
423.16
440.66
458.79
477.60
497.09
517.30
538.25
559.96
582.46
605.78
629.94
654.98
680.93
30/03/2012
Market
Oil Price
US$/BBL
-3.00
104.00
107.12
104.33
103.46
105.57
106.73
108.94
112.20
114.57
120.23
126.12
132.24
138.61
145.22
152.09
159.24
166.66
174.37
182.38
190.70
199.34
208.31
217.63
227.30
237.34
247.77
258.58
269.81
281.46
293.55
306.10
319.11
332.61
346.61
361.14
376.20
391.82
408.01
424.81
442.22
460.27
478.98
498.38
518.48
539.31
560.91
583.28
606.47
630.49
3.00%
Market
Gas Price
US$/MMBTU
Exchange
Rate
US$/$Cdn
Cost
Inflation
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
-0.70
2.60
3.68
4.09
4.41
4.84
5.29
5.65
6.02
6.50
6.83
7.17
7.53
7.90
8.28
8.69
9.10
9.54
9.99
10.46
10.94
11.45
11.97
12.52
13.08
13.67
14.28
14.92
15.57
16.26
16.97
17.70
18.47
19.26
20.08
20.93
21.82
22.73
23.69
24.67
25.70
26.76
27.86
29.00
30.18
31.41
32.68
33.99
35.36
36.77
www.indeva.com
www.indeva.com
Long-term
Bond
Rate
Deflator
Real Nymex
Oil Price
US$/BBL
Real HH Gas
Price US$ /
MMBTU
Scenario 4
Base - 1.5%/y
Market
Gas Liquids
US$/BBL
-3.50
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
1.00
0.98
0.95
0.93
0.91
0.88
0.86
0.84
0.82
0.80
0.78
0.76
0.74
0.73
0.71
0.69
0.67
0.66
0.64
0.63
0.61
0.60
0.58
0.57
0.55
0.54
0.53
0.51
0.50
0.49
0.48
0.47
0.45
0.44
0.43
0.42
0.41
0.40
0.39
0.38
0.37
0.36
0.35
0.35
0.34
0.33
0.32
0.31
0.31
104.00
104.51
99.31
96.08
95.64
94.34
93.94
94.39
94.03
96.27
98.53
100.79
103.06
105.35
107.64
109.95
112.27
114.59
116.94
119.29
121.65
124.03
126.41
128.81
131.22
133.64
136.08
138.52
140.98
143.45
145.93
148.42
150.93
153.45
155.98
158.52
161.07
163.64
166.22
168.81
171.42
174.04
176.67
179.31
181.97
184.64
187.32
190.01
192.72
2.60
3.59
3.89
4.10
4.39
4.67
4.87
5.06
5.33
5.47
5.60
5.74
5.87
6.01
6.15
6.29
6.42
6.56
6.70
6.84
6.99
7.13
7.27
7.41
7.56
7.70
7.85
8.00
8.14
8.29
8.44
8.59
8.74
8.89
9.04
9.19
9.35
9.50
9.65
9.81
9.96
10.12
10.28
10.44
10.60
10.76
10.92
11.08
11.24
112.32
110.64
102.50
96.64
94.11
90.54
88.10
86.78
84.40
85.53
86.71
87.94
89.21
90.52
91.88
93.29
94.75
96.25
97.81
99.42
101.08
102.80
104.57
106.39
108.28
110.22
112.22
114.29
116.42
118.61
120.86
123.19
125.58
128.04
130.58
133.19
135.87
138.63
141.47
144.38
147.39
150.47
153.64
156.90
160.25
163.69
167.23
170.86
174.59
30/03/2012
Market
Oil Price
US$/BBL
-3.00
104.00
102.44
94.90
89.48
87.14
83.83
81.57
80.35
78.14
79.20
80.29
81.42
82.60
83.81
85.07
86.38
87.73
89.12
90.57
92.05
93.59
95.18
96.82
98.51
100.26
102.06
103.91
105.82
107.79
109.82
111.91
114.06
116.28
118.56
120.91
123.32
125.80
128.36
130.99
133.69
136.47
139.32
142.26
145.28
148.38
151.57
154.84
158.20
161.66
-1.50%
Market
Gas Price
US$/MMBTU
-0.70
2.60
3.56
3.81
3.95
4.19
4.43
4.56
4.69
4.92
4.98
5.05
5.11
5.18
5.25
5.33
5.40
5.48
5.57
5.65
5.74
5.83
5.92
6.02
6.12
6.23
6.33
6.44
6.56
6.67
6.80
6.92
7.05
7.18
7.32
7.46
7.60
7.75
7.91
8.06
8.23
8.39
8.56
8.74
8.92
9.11
9.30
9.50
9.70
9.91
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www.indeva.com
Exchange
Rate
US$/$Cdn
Cost
Inflation
Long-term
Bond
Rate
Deflator
Real Nymex
Oil Price
US$/BBL
Real HH Gas
Price US$ /
MMBTU
Scenario 5
Flat Real
Market
Gas Liquids
US$/BBL
-3.50
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
1.00
0.98
0.95
0.93
0.91
0.88
0.86
0.84
0.82
0.80
0.78
0.76
0.74
0.73
0.71
0.69
0.67
0.66
0.64
0.63
0.61
0.60
0.58
0.57
0.55
0.54
0.53
0.51
0.50
0.49
0.48
0.47
0.45
0.44
0.43
0.42
0.41
0.40
0.39
0.38
0.37
0.36
0.35
0.35
0.34
0.33
0.32
0.31
0.31
104.00
99.94
90.33
83.09
78.94
74.09
70.34
67.60
64.14
63.42
62.72
62.06
61.42
60.80
60.21
59.64
59.10
58.57
58.07
57.58
57.12
56.67
56.24
55.83
55.43
55.05
54.68
54.33
53.99
53.67
53.35
53.05
52.76
52.49
52.22
51.96
51.72
51.48
51.25
51.03
50.82
50.62
50.43
50.24
50.06
49.89
49.73
49.57
49.41
2.60
3.47
3.62
3.67
3.80
3.91
3.93
3.95
4.04
3.99
3.94
3.90
3.85
3.81
3.77
3.73
3.69
3.66
3.62
3.59
3.56
3.53
3.50
3.47
3.44
3.42
3.39
3.37
3.34
3.32
3.30
3.28
3.26
3.24
3.22
3.20
3.19
3.17
3.15
3.14
3.13
3.11
3.10
3.09
3.07
3.06
3.05
3.04
3.03
112.32
115.13
118.01
120.96
123.98
127.08
130.26
133.51
136.85
140.27
143.78
147.37
151.06
154.83
158.71
162.67
166.74
170.91
175.18
179.56
184.05
188.65
193.37
198.20
203.16
208.24
213.44
218.78
224.25
229.85
235.60
241.49
247.53
253.71
260.06
266.56
273.22
280.05
287.05
294.23
301.59
309.13
316.85
324.78
332.89
341.22
349.75
358.49
367.45
www.indeva.com
www.indeva.com
30/03/2012
Market
Oil Price
US$/BBL
-3.00
104.00
106.60
109.27
112.00
114.80
117.67
120.61
123.62
126.71
129.88
133.13
136.46
139.87
143.37
146.95
150.62
154.39
158.25
162.20
166.26
170.42
174.68
179.04
183.52
188.11
192.81
197.63
202.57
207.64
212.83
218.15
223.60
229.19
234.92
240.79
246.81
252.98
259.31
265.79
272.44
279.25
286.23
293.38
300.72
308.24
315.94
323.84
331.94
340.23
Market
Gas Price
US$/MMBTU
Exchange
Rate
US$/$Cdn
Cost
Inflation
Long-term
Bond
Rate
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
Deflator
Real Nymex
Oil Price
US$/BBL
Real HH Gas
Price US$ /
MMBTU
-0.70
2.60
2.67
2.73
2.80
2.87
2.94
3.02
3.09
3.17
3.25
3.33
3.41
3.50
3.58
3.67
3.77
3.86
3.96
4.06
4.16
4.26
4.37
4.48
4.59
4.70
4.82
4.94
5.06
5.19
5.32
5.45
5.59
5.73
5.87
6.02
6.17
6.32
6.48
6.64
6.81
6.98
7.16
7.33
7.52
7.71
7.90
8.10
8.30
8.51
1.00
0.98
0.95
0.93
0.91
0.88
0.86
0.84
0.82
0.80
0.78
0.76
0.74
0.73
0.71
0.69
0.67
0.66
0.64
0.63
0.61
0.60
0.58
0.57
0.55
0.54
0.53
0.51
0.50
0.49
0.48
0.47
0.45
0.44
0.43
0.42
0.41
0.40
0.39
0.38
0.37
0.36
0.35
0.35
0.34
0.33
0.32
0.31
0.31
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
104.00
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
www.indeva.com
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General Cost & Time Assumptions
Name
Estimate Date
Switch from Shallow to Deepwater
Guide
Input
metres
Selected Set
NS Dept of Energy
NS DOE
1-Apr-12
200
Shallow Water
Deep Water
Seismic & Fixed Times

Seismic Program Time
Seismic Program Cost
Seismic Processing Time
Seismic Processing Cost
Processing to Wildcat Time
Wildcat Review Time
Widcat Review Cost
Wildcat to Appraisal Time
Appraisal Review Time
Appraisal Review Cost
Time Between Appraisal Wells
Appraisal to Preliminary Engineering
Prelim Eng & Regulatory Prep
Regulatory Approval
Rig Rate
days
K$
days
K$
days
days
K$
days
days
K$
days
days
days
days
$/day
Exploration / Appraisal Well Drilling

Fixed Cost per well
Fixed Cost per metre
Variable Cost per day (non-rig)
Fixed days
Average metres / day
K$
$/metre
$/day
days
metre/day
Development Well Drilling

Fixed Cost per well
Fixed days
K$
$/metre
$/day
days
metre/day
3,000.00
2,300.00
180,000.00
2.00
90.00
6,000.00
3,200.00
230,000.00
3.00
65.00
Well Completion
Fixed Cost per well
Fixed days
Reenter & clean keeper
Renenter predrill
K$
$/metre
$/day
days
metre/day
days
days
700.00
900.00
50,000.00
2.00
600.00
4.00
2.00
Preliminary Engineering
Fixed Cost
Variable Cost
K$
$/mcf
5,000.00
3.00
Gas Facilities
Fixed Platform Fixed Cost
Fixed Platform Cost / Metre Water
Fixed Platform Topside Fixed Cost
Fixed Platform Variable Cost
Production Jack-up Fixed Cost
Production Jack-up Topside Fixed Cost
Jack-up Topside Variable Cost
Minimum Facilities Platform Fixed Cost
Minimum Facilities Platform / Metre Water
Minimum Facilities Platform Variable Cost
Tethered Structure Fixed Cost
Tethered Structure Cost /Metr e Water
Tethered Structure Topside Fixed Cost
Tethered Structure Variable Cost
Additional Fixed Process Cost Sour Gas
Additional Variable Process Cost Sour Gas
Subsea Well Equipment
Subsea Well Flowline Bundle
Subsea Manifold Fixed Cost
Subsea Manifold Cost
K$
K$/metre
K$
K$/MMSCFD
K$
K$
K$/MMSCFD
K$
K$/metre
K$/MMSCFD
K$
K$/MMSCFD
K$/metre
K$
K$/MMSCFD
K$
K$/MMSCFD
K$ / well
K$/Km
K$
K$/well
7,000.00
450.00
25,000.00
850.00
320,000.00
25,000.00
600.00
3,000.00
150.00
140.00
Oil Facilities
FPSO Fixed Cost
FPSO Platform Cost /MetreWater
FPSO Platform Topside Fixed Cost
FPSO Platform Variable Cost
Additional Gas Cost
Purchase Shuttle Tanker
Rented FPSO Fixed Cost
Rented FPSO Variable Cost inc Tankers
K$
K$/metre
K$
K$/MMBBL
K$/BCF
K$
K$/day
K$/MMBBL/day
90.0
7,500.0
180.0
3,500.0
120.0
90.0
500.0
120.0
30.0
350.0
90.0
180.0
300.0
180.0
250,000.0
Set2
Shallow Water
Deep Water
Set3
Shallow Water
Deep Water
Set4
Shallow Water
Deep Water
Set No.
Index
NS Dept of Energy
NS DOE
Apr-12
Deepwater
1
2
90.0
7,500.0
180.0
3,500.0
120.0
90.0
500.0
120.0
30.0
350.0
90.0
180.0
300.0
180.0
250,000.0
90.0
7,500.0
180.0
3,500.0
120.0
90.0
500.0
120.0
30.0
350.0
90.0
180.0
300.0
180.0
450,000.0
90.0
7500.0
180.0
3500.0
120.0
90.0
500.0
120.0
30.0
350.0
90.0
180.0
300.0
180.0
450000.0
4,000.0
2,300.0
180,000.0
21.0
78.0
12,000.0
3,400.0
230,000.0
24.0
55.0
12000.0
3400.0
230000.0
24.0
55.0
3,000.0
2,300.0
180,000.0
2.0
90.0
6,000.0
3,200.0
230,000.0
3.0
65.0
6000.0
3200.0
230000.0
3.0
65.0
700.00
900.00
80,000.00
3.00
600.00
4.00
2.00
700.0
900.0
50,000.0
2.0
600.0
4.0
2.0
700.0
900.0
80,000.0
3.0
600.0
4.0
2.0
700.0
900.0
80000.0
3.0
600.0
4.0
2.0
10,000.00
3.00
5,000.0
3.0
10,000.0
3.0
10000.0
3.0
20,000.00
300.00
6,000.00
1,500.00
9,000.00
550.00
334,000.00
170.00
95.00
30,000.00
660.00
20,000.00
300.00
9,000.00
3,000.00
13,000.00
900.00
7,000.0
450.0
25,000.0
850.0
320,000.0
25,000.0
600.0
3,000.0
150.0
140.0
20,000.0
300.0
6,000.0
1,500.0
9,000.0
550.0
334,000.0
170.0
95.0
30,000.0
660.0
20,000.0
300.0
9,000.0
3,000.0
13,000.0
900.0
0.0
0.0
0.0
334,000.0
170.0
95.0
30,000.0
660.0
20,000.0
300.0
9,000.0
3,000.0
13,000.0
900.0
250,000.00
5.00
200,000.00
1,500.00
160.00
80,000.00
240.00
2.50
490,000.00
22.00
330,000.00
1,800.00
270.00
100,000.00
400.00
2.50
250,000.0
5.0
200,000.0
1,500.0
160.0
80,000.0
240.0
2.5
490,000.0
22.0
330,000.0
1,800.0
270.0
100,000.0
400.0
2.5
490,000.0
22.0
330,000.0
1,800.0
270.0
100,000.0
400.0
2.5
4000
2300
180000
21
78
90.0
7,500.0
180.0
3,500.0
120.0
90.0
500.0
120.0
30.0
350.0
90.0
180.0
300.0
180.0
450,000.0
Set1
Example
5-Apr-12
200
Shallow Water
Deep Water
12000
3400
230000
24
55
www.indeva.com
Export
Export to Shore Pipeline Fixed Cost
Export to Shore Pipeline Variable Cost
Export to Shore Pipeline size Cost
Satellite Pipeline Fixed Cost - Sweet
Satellite Pipeline Variable Cost - Sweet
Satellite Pipeline Fixed Cost - Sour
Satellite Pipeline Variable Cost - Sour
Subsea Export Bundle Fixed Cost - Sweet
Subsea Export Bundle Variable Cost - Sweet
Subsea Export Bundle Fixed Cost - Sour
Subsea Export Bundle Variable Cost - Sour
K$
K$/km/in
K$/in
K$
K$/km
K$
K$/km
K$
K$/km
K$
K$/km
Engineering and Project Management

Facilities Contingency
%
%
Abandonment Cost
Fixed Platform Fixed
Fixed Platform per depth
Jack-up Fixed Cost
FPSO Fixed Cost
Subsea Manifold
Cost per Surface Well
Cost per Subsea Well & Flowline Bundle
Export Pipeline variable cost
Satellite Pipeline variable cost
K$
K$/metre
K$
K$
K$
K$
K$
K$
K$/km
K$/km
75,000.00
92.00
12,000.00
2,000.00
14,000.00
2,500.00
12,000.00
2,000.00
12,000.00
3,500.00
95,000.00
135.00
0.11
0.20
0.11
0.20
25,000.00
3,500.00
17,500.00
4,000.00
25,000.00
5,000.00
25,000.00
5,500.00
3,000.00
30.00
5,000.00
5,000.00
2,000.00
2,000.00
3,500.00
100.00
150.00
5,000.00
5,000.00
3,000.00
2,000.00
3,500.00
100.00
250.00
2,000.00
2,900.00
19,000.00
25,000.00
2,000.00
2,900.00
19,000.00
25,000.00
200.00
280.00
370.00
530.00
200.00
280.00
370.00
530.00
0.08
0.08
0.15
0.20
0.08
0.08
0.15
0.20
10,000.00
250.00
300.00
2.50
3.20
12,000.00
250.00
300.00
2.50
3.20
0.40
0.55
0.75
0.95
1.15
0.40
0.55
0.75
1.20
1.35
2,000.00
5.00
2,000.00
5.00
25,000.00
2,500.00
10.00
40,000.00
75,000.0
92.0
12,000.0
2,000.0
14,000.0
2,500.0
12,000.0
2,000.0
12,000.0
3,500.0
95,000.0
135.0
25,000.0
3,500.0
17,500.0
4,000.0
25,000.0
5,000.0
25,000.0
5,500.0
95,000.0
135.0
25,000.0
3,500.0
17,500.0
4,000.0
25,000.0
5,000.0
25,000.0
5,500.0
0.1
0.2
0.1
0.2
3,000.0
30.0
5,000.0
5,000.0
2,000.0
2,000.0
3,500.0
100.0
150.0
5,000.0
5,000.0
3,000.0
2,000.0
3,500.0
100.0
250.0
2,000.0
2,900.0
19,000.0
25,000.0
2,000.0
2,900.0
19,000.0
25,000.0
200.0
280.0
370.0
530.0
200.0
280.0
370.0
530.0
0.1
0.1
0.2
0.2
0.1
0.1
0.2
0.2
10,000.0
250.0
300.0
2.5
3.2
12,000.0
250.0
300.0
2.5
3.2
0.4
0.6
0.8
1.0
1.2
-
0.4
0.6
0.8
1.2
1.4
-
2,000.0
5.0
2,000.0
5.0
2,000.0
5.0
25,000.0
2,500.0
10.0
40,000.0
10.0
40,000.0
10.0
0.1
0.2
5,000.0
5,000.0
3,000.0
2,000.0
3,500.0
100.0
250.0
Operating Costs
Platform & Jack-up Facilities
Fixed Cost /Year
subsea K$
basic process, water knock out K$
full process, sweet K$
full process, sour K$
Fixed Cost /Year / Capacity
subsea $/MMSCFD
basic process, water knock out $/MMSCFD
full process, sweet $/MMSCFD
full process, sour $/MMSCFD
Variable Cost
subsea $/MCF
basic process, water knock out $/MCF
full process, sweet $/MCF
full process, sour $/MCF
Oil Costs
Fixed Cost/Year K$
Fixed Cost /Year / Capacity Sweet $/MBOPD
Fixed Cost /Year / Capacity Sour $/MBOPD
Variable Cost Sweet $/BBL
Variable Cost Sour $/BBL
Transport & Process Tariff
Direct Pipeline Tie-in (subsea) - not used
Satellite to Main Platform - Sweet
Satellite to Main Platform - Sour
Subsea Process & Transport - Sweet
Subsea Process & Transport - Sour
$/MCF
$/MCF
$/MCF
$/MCF
$/MCF
Pipelines
Fixed Cost /Year
Variable Cost
K$
K$ / km
Wells
Subsea Intervention Cost
Surface Intervention Cost
Intervention Frequency / Well
K$
K$
years
10.00
2,000.0
2,900.0
19,000.0
25,000.0
200.0
280.0
370.0
530.0
0.1
0.1
0.2
0.2
12,000.0
250.0
300.0
2.5
3.2
0.4
0.6
0.8
1.2
1.4
-
www.indeva.com
Guide
Input
General Production and Schedule Assumptions

Profile Parameters
GAS
Reserves
bcf
0
200
500
1000
2000
4000
1000000000
OIL
Plateau Rate
%
17.0%
15.0%
14.0%
12.0%
8.0%
8.0%
8.0%
BOE Factor (MSCF/BBL)
Reserves
on Plateau
60.0%
60.0%
60.0%
60.0%
60.0%
60.0%
60.0%
Reserves
MMBBLS
0
100
200
500
700
900
1000000000
Plateau Rate
%
16.0%
13.0%
10.0%
10.0%
10.0%
10.0%
10.0%
Reserves
on Plateau
40.0%
40.0%
40.0%
40.0%
40.0%
40.0%
40.0%
Decline
Factor
17.0%
17.0%
15.0%
15.0%
15.0%
15.0%
15.0%
4.8
Energy Equivalence Factor (MSCF/BBL)

Gas Field Shrinkage Fuel and Other
Oilfield Fuel Requirement
% wells at start up
Oil
Gas
Decline
Factor
25.0%
25.0%
22.0%
20.0%
15.0%
15.0%
15.0%
5.6
6.0%
3.0%
Start-up
0.5
0.7
Well Productivity Parameters

GAS
Reserves
Bcf
0
250
500
1000
2000
4000
1000000
Number of Drilling Centres
Wells
1
8
20
30
40
1000000
for Gas @ 1000BTU/SCF
Plateau
0.7
0.9
OIL (includes water injection / gas disposal)

Reserves
MMBBLs/well
0
10
100
12
200
14.3
500
15
700
15
900
15
1000000000
15
per well
100
120
130
150
180
210
210
Number
1
2
3
4
5
5
Areal Extent Multiplier on Well Length

Areal Extent
Low
Medium
High
Multiplier
1.1
1.3
1.6
Reservoir Complexity Multiplier on Number of Wells

Low
Medium
High
Multiplier
1
1.2
1.4
Reservoir Pressure Multiplier on Well Time

Reservoir Pressure Type
Multiplier
Water Depth
Shallow
Deep
Normally Pressured
1.0
1.0
Over Pressure
1.2
1.2
Geo Pressure
1.5
1.5
Reservoir Pressure Multiplier on Well Tangibles
Reservoir Pressure Type
Normally Pressured
Over Pressure
Geo Pressure
Subsea Bundle Length (km)
Areal Extent
Low
Medium
High
Multiplier
1
1.1
1.1
Length
4
6
8
Number of Appraisal Wells (Success Case)

GAS
Reserves
Number
0
1
200
2
500
3
1000
4
10000000000
Gas Reserve per Reinjection Well (bcf)
OIL
Reserves
0
20
50
100
1000000000
Number
1
1
2
3
150
Construct & Installation times
Jackup Construct
Platform Construct
FPSU Construct
Tethered Structure
Subsea Manifold
Topsides (fixed platform)
Topsides (mobile)
Subsea Flowlines
Export Pipeline
Buffer Time
Fixed
650
250
650
650
180
400
400
150
150
0.2
Onshore Fabrication
Variable
1
0.2
0.2
5
0.1
per
metre
MMSCFD
MMSCFD
well
km
Fixed
20
30
30
50
20
60
0
20
Offshore Installation
Variable
5
0.5
per
well
km
www.indeva.com
Prospect X
Guide
Input
Exploration Schedule and Costs Model
Probabilities
Seismic
Wildcat
Appraisal
Development
0.0%
100.0%
35.0%
26.3%
26.3%
No. of Appraisal Wells

Override Seismic?
Override Wildcat?
Override Appraisal?
Pressure Factor
3
0
0
0
1
Depth
Seismic
Seismic Processing
Wildcat
Wildcat Review
1 Appraisal Well 1
2 Appraisal Well 2
3 Appraisal Well 3
4 Appraisal Well 4
5 Appraisal Well 5
2,500
2,500
2,500
2,500
-
Calculated
Duration
90
180
69
90
69
69
69
-
Calculated
Lag
120
120
90
90
-
Calculated
Cost ($K)
7,500
3,500
67,729
500
67,729
67,729
67,729
-
Selected
Start Date
30-Dec-99
30-Mar-00
1-Jul-12
8-Sep-12
6-Apr-13
12-Sep-13
19-Feb-14
29-Apr-14
29-Apr-14
Selected
Duration
90
180
69
90
69
69
69
-
Selected
Selected
End Date
Lag
30-Mar-00
26-Sep-00
120
8-Sep-12
7-Dec-12
120
14-Jun-13
90
21-Nov-13
90
29-Apr-14
29-Apr-14
29-Apr-14
-
Selected
Cost ($M)
8
4
68
1
68
68
68
-
Count
Start
Year
1899
1900
2012
2012
2013
2013
2014
2014
2014
1
1
1
0
0
Unrisked & Uninflated Costs ($M)

Seismic
Total
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
Seismic
Processing
-
Total
Seismic
-
End
Start Year Start Year
Year
Percent
Cost
1900
100.0%
7.5
1900
51.7%
1.8
2012
100.0%
67.7
2012
100.0%
0.5
2013
100.0%
67.7
2013
100.0%
67.7
2014
100.0%
67.7
2014
0.0%
2014
0.0%
-
End Year
Cost
1.7
0.0
0.0
44.8
47.7
-
Inflated Costs ($M)

Wildcat
67.7
67.7
-
Wildcat
Review
0.5
0.5
-
Total
Wildcat
68.2
68.2
-
Appraisal
Well 1
67.7
67.7
-
Appraisal
Well 2
67.7
67.7
-
Appraisal
Well 3
67.7
67.7
-
Appraisal
Well 4
-
Appraisal
Well 5
-
Total
Appraisal
203.2
135.5
67.7
-
Seismic
-
Wildcat
67.7
67.7
-
seismic
wildcat
app
dev plan
total
cee
cde
cca41
Historic
Costs ($M)
11.0
0.0
0.0
0.0
11.0
appraisal cost risk adjustment factor
91.7%
The cost risk factor for appraisal is adjusted to account for

some abortive appraisal programs requiring less wells. It is
assumed that the number of wells in abortive programs is
uniformly distributed between 1 and n, where n is the
number of wells in the successful program. The equation
for the factor is (where p is the probability of proceeding to
development planning) : p+(1-p)*(n+1)/(2*n)
11.0
0.0
0.0
Risked & Inflated Costs ($M)

Appraisal
210.0
138.8
71.2
-
Total
Exploration
277.7
67.7
138.8
71.2
-
Seismic
0.0%
-
Wildcat
100.0%
67.7
67.7
-
Appraisal
32.1%
67.4
44.5
22.8
-
Total
Exploration
135.1
67.7
44.5
22.8
-
CEE
67.7
67.7
-
Roy Pre-dev
0.0%
277.7
67.7
138.8
71.2
-
www.indeva.com
Prospect X
Guide
Input
Development Schedule and Costs Model

Start Date
Override Prelim Eng

Preliminary Engineering
Submit for Regulatory Approval
Development Approval
Development Start
0
26-Oct-14
22-Aug-15
18-Feb-16
16-Aug-16
Year
Month
2016
Preliminary Engineering Cost
10900.0 K$
Drilling & Completion
Year 1
2014
Year 2
2015
drill
days
No. Of Wells
Keeper Appraisal Wells
Platform Keeper Wells
Subsea Keeper Wells
No. Of New Wells
No. Of New D&C wells
No. Of Predrill Wells
New Subsea Wells (D&C)
No. Of Subsea Wells
26
3
0
3
23
0
0
23
26
No. Of Drilling Centres

Platform Centres
Subsea Centres
Subsea Keeper Wells
Depths and Lengths
cost ($K)
Year 2
8,502
complete
cost ($K)
Gas Volume
53.0
53.0
53.0
52,440
52,440
52,440
12.4
11.2
9,531
8,868
8.4
10.4
8.4
8,086
9,146
7,411
999.99 bcf
Drill Time
Straight Well Cost
Deviated Well Cost
Method
3 Wells
0
3
Av Deviated Well Measured Depth

Av Straight Well Depth
Av Subsea Flowline Bundle Length
Intrafield Bundle Length
Export Pipeline Length
days
Year 1
2,398
0
9
1
41
53
Drill Cost
Flowline
Total
42,194
18,000
60,194
52,440
52,440
Deviated
Not used - always deviated in clusters!

9
1
8
1
0
0
0
0
3,250 metres
2,500 metres
6 km
10 km
250 km
% at start-up
0.5
Well Program and Cost Phasing

number
Completions
Platform Keeper Wells
New Platform D&C Wells
Predrill Wells
Subsea Keeper Wells (location
Total
time
-
1)
2)
3)
4)
5)
First Production
Wells at 1st Production
End Drilling
Base Times
Jackup Construct
Platform Construct
FPSU Construct
Tethered Structure Construct
Subsea Manifold
Topsides (fixed platform)
Topsides (mobile)
Subsea Flowlines
Export Pipeline
Selected Times and Costs
Facilities
MainStructure / Manifold
Topside Facilities
Subsea Surface & Flowlines
Export Pipeline / satellite bundle
Engineering & Project Management
Shuttle Tankers
Total
cost ($K)
11
491
11
491
11
430
1,446
1
8
1
8
1
7
Start Date
8,868
478,807
8,868
478,807
8,868
418,956
1,403,174
End Date
4-Nov-18
4-Nov-18
4-Nov-18
5-Oct-18
20-Feb-18
3-Mar-18
20-Feb-18
3-Mar-18
22-Mar-18
3-Apr-18
4-Nov-18
4-Nov-18
4-Nov-18
4-Nov-18
wells at
1st prod
4-Nov-18
4-Nov-18
4-Nov-18
5-Oct-18
3-Mar-18
7-Jul-19
3-Mar-18
7-Jul-19
3-Apr-18
6-Jun-19
4-Nov-18
4-Nov-18
4-Nov-18
4-Nov-18
Year1
0
0
0
0
1
3
1
3
1
3
0
0
0
0
12.0
4-Nov-18
12
7-Jul-19
Year2
2018
2018
2018
2018
2018
2018
2018
2018
2018
2018
2018
2018
2018
2018
Year3
2019
2019
2019
2019
2019
2019
2019
2019
2019
2019
2019
2019
2019
2019
Year4
2020
2020
2020
2020
2020
2020
2020
2020
2020
2020
2020
2020
2020
2020
Year 5
2021
2021
2021
2021
2021
2021
2021
2021
2021
2021
2021
2021
2021
2021
Year6
2022
2022
2022
2022
2022
2022
2022
2022
2022
2022
2022
2022
2022
2022
Year7
2023
2023
2023
2023
2023
2023
2023
2023
2023
2023
2023
2023
2023
2023
Cost
2024
2024
2024
2024
2024
2024
2024
2024
2024
2024
2024
2024
2024
2024
Length
Time
Main Structure Fixed

Main Structure Variable
Topside Facilities Fixed
Topside Facilities Variable
Topside Facilities Gas
Subsea Manifolds & Trees
Satellite Flowlines
Intrafield Bundles
Gas Export Pipeline Size
Pipeline Percent Selected
Selected Cost
Shallow Cost
Install
650
2250
650
650
180
416
416
280
175
20
30
30
50
20
60
0
130
145
Time
534,000 K$
747,943 K$
500,400 K$
553,050 K$
256,893 K$
200,000 K$
2,592,286 K$
780
500
280
175
Onshore
Start Date
16-Aug-16
22-Jun-17
26-Jul-17
19-Nov-17
End Date
5-Oct-18
4-Nov-18
2-May-18
13-May-18
Time
490,000
22
330,000
1,800
270
296,400
54,000
150,000
18
0.3
210,750
342,300
Offshore
Time before
End Date
install
30
4-Nov-18
780
0
4-Nov-18
470
156
5-Oct-18
436
145
5-Oct-18
320
max time
780
0
200
400
500
800
10000
Gas Rate
Cost
8,868
295,925
8,868
295,925
8,868
265,999
-
Cost
182,882
182,882
152,957
-
Pipe Size (in)

80
16
16
18
24
24
160
18
18
20
24
30
0.35
2
186,900
261,780
175,140
193,568
0.4
3
213,600
299,177
200,160
221,220
Cost
-
Cost
-
Cost
-
Cost
-
Total
-
0
0
0
0
1000
18
18
20
24
30
274.0
1st Third
3-May-17
5-Dec-17
27-Oct-17
16-Jan-18
2nd Third
18-Jan-18
21-May-18
28-Jan-18
15-Mar-18
End Date
5-Oct-18
4-Nov-18
2-May-18
13-May-18
0.25
1
133,500
186,986
125,100
138,263
Year1
2016
2017
2017
2017
Year2
2017
2018
2018
2018
Year3
2018
2019
2019
2019
Year4
2019
2020
2020
2020
Cost
70,344
226,511
246,447
99,549
Cost
237,117
521,432
253,953
453,501
Cost
226,539
-
Cost
-
Total
534,000
747,943
500,400
553,050
a
b
364
0.92
1168.109422
866.1094225
1169
867 1.0894039735 364.8905775
302
876
547
329
Overridden Capital Costs ($M)
Inflated Capital Costs ($M)
Unrisked Pre-inflated Capital Costs ($M)

Override
current
1
Completions
Platform
Keeper Wells
New Platform
D&C Wells
Location 1
Subsea
Predrill Wells Keeper Wells
Location 2
New Subsea Subsea Keeper New Subsea
Wells (D&C)
Wells
Wells (D&C)
9
Location 3
Subsea
Keeper
Wells
10
New Subsea
Wells (D&C)
11
Location 4
Subsea
Keeper Wells
12
New Subsea
Wells (D&C)
13
Location 5
Subsea
Keeper Wells
14
New Subsea
Wells (D&C)
Wells
Main
Structure
Topsides
Subsea &
Flowline
Export Pipeline
Engineering &
Proj Man
553.1
99.5
453.5
-
256.9
7.7
89.1
160.1
-
Shuttle
Tankers
Contingency
0
37.7%
prev
Total
62.3%
Devel Year
Main
Structure
Wells
Subsea &
Flowline
Topsides
Export
Pipeline
Engineering &
Proj Man
Shuttle
Tankers
Contingency
Prelim Eng
Total
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
10.9
2.4
8.5
-
8.9
8.9
-
478.8
295.9
182.9
-
8.9
8.9
-
478.8
295.9
182.9
-
8.9
8.9
-
419.0
266.0
153.0
-
1,403.2
884.5
518.7
-
534.0
70.3
237.1
226.5
-
747.9
226.5
521.4
-
500.4
246.4
254.0
-
www.indeva.com
200.0
200.0
-
518.5
15.6
179.7
323.1
-
4,724.8
2.4
8.5
93.7
1,078.4
3,023.1
518.7
-
0
0
0
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Inflated Capital Costs ($M)
Prelim Eng
Inflated Post Abandon ($M)
Wells
Main
Structure
Topsides
Subsea &
Flowline
Engineering &
Export Pipeline Proj Man
Shuttle Tankers Contingency
Total
Prelim Eng
Wells
Tax Classes ($M)
Main
Structure
Topsides
Subsea &
Flowline
Export Pipeline
Engineering &
Proj Man
Shuttle Tankers
Contingency
Total
CDE
Royalty ($M)
CCA41
CCA8 /
CCA 49
11.7
2.5
9.2
-
1,642.3
1,025.7
616.6
-
608.6
77.6
268.3
262.7
-
861.0
256.3
604.7
-
573.3
278.8
294.5
-
638.6
112.6
525.9
-
295.0
8.5
100.8
185.7
-
231.9
231.9
-
595.3
17.2
203.4
374.7
-
5,457.7
2.5
9.2
103.4
1,220.1
3,505.8
616.6
-
11.7
2.5
9.2
-
1,642.3
1,025.7
616.6
-
608.6
77.6
268.3
262.7
-
861.0
256.3
604.7
-
573.3
278.8
294.5
-
638.6
112.6
525.9
-
295.0
8.5
100.8
185.7
-
231.9
231.9
-
595.3
17.2
203.4
374.7
-
5,457.7
2.5
9.2
103.4
1,220.1
3,505.8
616.6
-
1,852.3
138.8
71.2
1,025.7
616.6
-
www.indeva.com
3,815.4
2.5
9.2
103.4
1,220.1
2,480.2
-
Risked Development ($M)
Capital for
Royalty
uplift
1%
5,512.3
2.5
9.2
104.5
1,232.3
3,540.9
622.8
-
Probability
Prelim Eng
26.3%
3.1
0.7
2.4
-
Main
Subsea &
Export
Engineering Shuttle
Wells
Structure Topsides Flowline
Pipeline
& Proj Man
Tankers
Contingency
26.3%
26.3%
26.3%
26.3%
26.3%
26.3%
26.3%
26.3%
431.1
269.2
161.9
-
159.8
20.4
70.4
69.0
-
226.0
67.3
158.7
-
150.5
73.2
77.3
-
167.6
29.6
138.1
-
77.4
2.2
26.4
48.7
-
60.9
60.9
-
156.3
4.5
53.4
98.4
-
Total
1,432.6
0.7
2.4
27.1
320.3
920.3
161.9
-
Unrisked
Facilities
3,803.7
103.4
1,220.1
2,480.2
-
Prospect X
Guide
Input
Gas and Liquids Production Model
Production Date
Production Year
Production Month
Reserves
Time to Plateau
min - no plateau
Initial Rate
Plateau Rate
adjusted Plateau Rate
Reserves end Plateau
Decline per Year
Ramp Rate
exponential factor
decline length
4-Nov-18
2018
11
300 mmbbl
98.3 Days
650.6 Days
37.93 MBOPD
82.19 MBOPD
82.19
120.00 mmbbl
15.0%
0.45038 MBOPD/D
0.00045
8295.1
Dates
First Production
At Plateau
End Plateau
4-Nov-18
10-Feb-19
29-Nov-22
Cum Prod
mmbbl
0.0
5.9
120.0
Year
2018
2019
2022
Gas Production
Associated Gas Production

Year
days
Ramp
mmbbl
Total
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
366
365
365
365
366
365
365
365
366
365
365
365
366
365
365
365
366
365
365
365
366
365
365
365
366
365
365
365
366
365
365
365
366
365
365
365
366
365
365
365
Plateau
mmbbl
5.9
114.1
2.9
3.0
-
26.6
30.1
30.0
27.4
-
Decline
Days
31.5
396.5
762.5
1,127.5
1,492.5
1,857.5
2,223.5
2,588.5
2,953.5
3,318.5
3,684.5
4,049.5
4,414.5
4,779.5
5,145.5
5,510.5
5,875.5
6,240.5
6,606.5
6,971.5
7,336.5
7,701.5
8,067.5
8,295.1
8,295.1
8,295.1
8,295.1
8,295.1
8,295.1
8,295.1
Decline
mmbbl
Total
mmbbl
180.0
300.0
2.6
27.3
23.3
19.7
16.8
14.2
12.1
10.3
8.7
7.4
6.3
5.4
4.6
3.9
3.3
2.8
2.4
2.0
1.7
1.5
1.2
1.1
0.9
0.5
-
2.9
29.6
30.1
30.0
30.0
27.3
23.3
19.7
16.8
14.2
12.1
10.3
8.7
7.4
6.3
5.4
4.6
3.9
3.3
2.8
2.4
2.0
1.7
1.5
1.2
1.1
0.9
0.5
-
Av rate
MBOPD/D
Total
BCF
Av Rate
MMSCFD
Fuel & Shrinkage

Prod
days
Prod
ratio
Gas
BCF
1,000.0
50.8
81.1
82.2
82.2
82.1
74.8
63.6
54.0
45.9
39.0
33.2
28.2
24.0
20.4
17.3
14.7
12.5
10.6
9.0
7.7
6.5
5.5
4.7
4.0
3.4
2.9
2.5
2.2
-
9.6
98.7
100.3
100.0
99.9
91.0
77.6
65.7
55.9
47.5
40.5
34.3
29.1
24.8
21.1
17.9
15.2
12.9
11.0
9.3
7.9
6.7
5.7
4.9
4.1
3.5
3.0
1.6
-
169.2
270.5
274.0
274.0
273.8
249.3
211.9
180.1
153.1
130.1
110.6
94.0
79.9
67.9
57.7
49.0
41.7
35.4
30.1
25.6
21.7
18.5
15.7
13.3
11.3
9.6
8.2
7.2
-
57.0
365.0
366.0
365.0
365.0
365.0
366.0
365.0
365.0
365.0
366.0
365.0
365.0
365.0
366.0
365.0
365.0
365.0
366.0
365.0
365.0
365.0
366.0
365.0
365.0
365.0
366.0
227.5
-
0.2
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
0.6
-
Oil
mmbbl
43.2
0.4
4.3
4.3
4.3
4.3
3.9
3.4
2.8
2.4
2.1
1.7
1.5
1.3
1.1
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.3
0.2
0.2
0.2
0.2
0.1
0.1
-
www.indeva.com
Override
0
37.70%
62.30%
Year
2016
Override Sales Volumes
Devel year
Gas
BCF
Sales Volume
Oil
mmbbl
Gas Liquids
mmbbl
Gas
BCF
Oil
mmbbl
Gas Liquids
mmbbl
Sales Volume
Post Abandonment
Gas
Oil
bcf
mmbbl
Risked Sales Post Abandon

Gas Liquids
mmbbl
Probability
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
13.0
14.0
15.0
16.0
17.0
18.0
19.0
20.0
21.0
22.0
23.0
24.0
25.0
26.0
27.0
28.0
29.0
30.0
31.0
32.0
33.0
34.0
35.0
36.0
956.8
300.0
949.0
297.6
9.2
94.5
95.9
95.7
95.6
87.1
74.2
62.9
53.5
45.4
38.7
32.8
27.9
23.7
20.2
17.1
14.6
12.4
10.5
8.9
7.6
6.5
5.5
4.7
4.0
3.4
2.9
1.6
-
2.9
29.6
30.1
30.0
30.0
27.3
23.3
19.7
16.8
14.2
12.1
10.3
8.7
7.4
6.3
5.4
4.6
3.9
3.3
2.8
2.4
2.0
1.7
1.5
1.2
1.1
0.9
0.5
-
9.2
94.5
95.9
95.7
95.6
87.1
74.2
62.9
53.5
45.4
38.7
32.8
27.9
23.7
20.2
17.1
14.6
12.4
10.5
8.9
7.6
6.5
5.5
4.7
4.0
-
2.9
29.6
30.1
30.0
30.0
27.3
23.3
19.7
16.8
14.2
12.1
10.3
8.7
7.4
6.3
5.4
4.6
3.9
3.3
2.8
2.4
2.0
1.7
1.5
1.2
-
Gas
bcf
26.3%
249.1
2.4
24.8
25.2
25.1
25.1
22.9
19.5
16.5
14.0
11.9
10.2
8.6
7.3
6.2
5.3
4.5
3.8
3.2
2.8
2.3
2.0
1.7
1.4
1.2
1.0
-
Unrisked Sales Post Abandonment
Oil
Gas Liquids
MMBBL
MMBBL
26.3%
26.3%
78.1
0.8
7.8
7.9
7.9
7.9
7.2
6.1
5.2
4.4
3.7
3.2
2.7
2.3
2.0
1.7
1.4
1.2
1.0
0.9
0.7
0.6
0.5
0.5
0.4
0.3
-
Gas
bcf
949.0
9.2
94.5
95.9
95.7
95.6
87.1
74.2
62.9
53.5
45.4
38.7
32.8
27.9
23.7
20.2
17.1
14.6
12.4
10.5
8.9
7.6
6.5
5.5
4.7
4.0
-
www.indeva.com
Unrisked Sales Post Abandonment

Oil
MMBBL
Gas Liquids
MMBBL
Total
MMBOE
297.6
495.3
2.9
29.6
30.1
30.0
30.0
27.3
23.3
19.7
16.8
14.2
12.1
10.3
8.7
7.4
6.3
5.4
4.6
3.9
3.3
2.8
2.4
2.0
1.7
1.5
1.2
-
4.8
49.3
50.1
49.9
49.9
45.4
38.7
32.8
27.9
23.7
20.2
17.1
14.6
12.4
10.5
8.9
7.6
6.5
5.5
4.7
4.0
3.4
2.9
2.4
2.1
-
MBOE/day
13.2
135.1
137.2
136.8
136.7
124.5
106.1
89.9
76.4
65.0
55.4
46.9
39.9
33.9
28.9
24.5
20.8
17.7
15.1
12.8
10.9
9.2
7.9
6.7
5.7
-
www.indeva.com
Guide
Input
Prospect X Revenue Calculations

Unrisked Revenue Pre Abandon
Year
Total
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
Gas
Sales
BCF
956.8
9.2
94.5
95.9
95.7
95.6
87.1
74.2
62.9
53.5
45.4
38.7
32.8
27.9
23.7
20.2
17.1
14.6
12.4
10.5
8.9
7.6
6.5
5.5
4.7
4.0
3.4
2.9
1.6
-
Gas Revenue
$/MCF
133.2
$M
2,627.9
2.0
2.0
2.1
2.1
2.2
2.2
2.3
2.3
2.4
2.5
2.5
2.6
2.7
2.7
2.8
2.9
2.9
3.0
3.1
3.2
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.8
3.9
4.0
4.1
4.2
4.4
4.5
4.6
4.7
4.8
4.9
5.1
5.2
Risked Revenue Post Abandonment
Revenue Post Abandon
Gas Price
21.2
221.9
231.0
236.1
241.9
225.8
197.2
171.3
149.2
130.0
113.6
98.7
86.0
74.9
65.4
56.8
49.5
43.1
37.7
32.7
28.5
24.8
21.7
18.8
16.4
14.3
12.5
7.0
-
Oil
Sales
MMBBL
300.0
Oil
Price
$/BBL
2.9
29.6
30.1
30.0
30.0
27.3
23.3
19.7
16.8
14.2
12.1
10.3
8.7
7.4
6.3
5.4
4.6
3.9
3.3
2.8
2.4
2.0
1.7
1.5
1.2
1.1
0.9
0.5
-
101.0
103.5
106.1
108.8
111.5
114.3
117.1
120.1
123.1
126.1
129.3
132.5
135.8
139.2
142.7
146.3
149.9
153.7
157.5
161.5
165.5
169.6
173.9
178.2
182.7
187.2
191.9
196.7
201.6
206.7
211.9
217.2
222.6
228.1
233.8
239.7
245.7
251.8
258.1
264.6
Oil
Revenue
$M
42,116.4
339.0
3,555.7
3,701.9
3,784.1
3,876.3
3,618.2
3,160.3
2,745.3
2,391.8
2,083.9
1,820.2
1,581.1
1,377.5
1,200.2
1,048.3
910.6
793.4
691.2
603.8
524.5
456.9
398.1
347.7
302.1
263.2
229.3
200.3
111.7
-
Gas Liquids
Sales
MMBBL
Gas Liquids
Price
$/BBL
108.8
111.5
114.3
117.2
120.1
123.1
126.2
129.4
132.6
135.9
139.3
142.8
146.4
150.0
153.8
157.6
161.5
165.6
169.7
174.0
178.3
182.8
187.3
192.0
196.8
201.7
206.8
212.0
217.3
222.7
228.3
234.0
239.8
245.8
252.0
258.3
264.7
271.3
278.1
285.1
Gas Liquids
Revenue
$M
Total
Revenue
$M
44,744.3
360.1
3,777.5
3,932.9
4,020.2
4,118.2
3,844.0
3,357.5
2,916.6
2,541.1
2,213.9
1,933.7
1,679.8
1,463.5
1,275.1
1,113.7
967.4
842.9
734.4
641.4
557.2
485.5
423.0
369.4
320.9
279.6
243.6
212.8
118.7
-
Gas
Revenue
$M
2,594.1
21.2
221.9
231.0
236.1
241.9
225.8
197.2
171.3
149.2
130.0
113.6
98.7
86.0
74.9
65.4
56.8
49.5
43.1
37.7
32.7
28.5
24.8
21.7
18.8
16.4
-
Oil
Revenue
$M
41,575.1
339.0
3,555.7
3,701.9
3,784.1
3,876.3
3,618.2
3,160.3
2,745.3
2,391.8
2,083.9
1,820.2
1,581.1
1,377.5
1,200.2
1,048.3
910.6
793.4
691.2
603.8
524.5
456.9
398.1
347.7
302.1
263.2
-
Gas Liquids
Revenue
$M
-
Total
Revenue
$M
44,169.3
360.1
3,777.5
3,932.9
4,020.2
4,118.2
3,844.0
3,357.5
2,916.6
2,541.1
2,213.9
1,933.7
1,679.8
1,463.5
1,275.1
1,113.7
967.4
842.9
734.4
641.4
557.2
485.5
423.0
369.4
320.9
279.6
-
Gas
Revenue
26.3%
681.0
5.6
58.2
60.6
62.0
63.5
59.3
51.8
45.0
39.2
34.1
29.8
25.9
22.6
19.7
17.2
14.9
13.0
11.3
9.9
8.6
7.5
6.5
5.7
4.9
4.3
-
Oil
Gas Liquids
Revenue
Revenue
26.3%
26.3%
10,913.5
-
89.0
933.4
971.7
993.3
1,017.5
949.8
829.6
720.6
627.9
547.0
477.8
415.0
361.6
315.0
275.2
239.0
208.3
181.4
158.5
137.7
119.9
104.5
91.3
79.3
69.1
-
Total
Revenue
$M
11,594.4
94.5
991.6
1,032.4
1,055.3
1,081.0
1,009.0
881.3
765.6
667.0
581.1
507.6
440.9
384.2
334.7
292.3
254.0
221.3
192.8
168.4
146.3
127.4
111.0
97.0
84.2
73.4
-
www.indeva.com
Unrisked Post Abandon

Total
Revenue
$M
44,169.3
360.1
3,777.5
3,932.9
4,020.2
4,118.2
3,844.0
3,357.5
2,916.6
2,541.1
2,213.9
1,933.7
1,679.8
1,463.5
1,275.1
1,113.7
967.4
842.9
734.4
641.4
557.2
485.5
423.0
369.4
320.9
279.6
-
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www.indeva.com
Prospect X
Gas Tariff Rate
Facility Type
Row
Facility Fixed
Facility Variable
Export Rate
Subsea Intervention
Surface Intervention
FPSO & Tanker Rental
Override Operating Cost
Year
Total
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
Guide
Input
Operating Costs Model

0.40 $/MCF
oil sweet
12.02 M$/year
2.50 $/BBL
3.25 M$/year
4.00 M$/year/well
0.00 M$/year/well
0.00 K$/day
0
Unrisked and Uniflated ($M)
Facilities
1,071.9
9.1
86.1
87.2
87.0
87.0
80.3
70.2
61.3
53.9
47.6
42.4
37.7
33.9
30.6
27.9
25.4
23.4
21.7
20.3
19.0
18.0
17.1
16.3
15.7
15.1
14.7
14.3
8.7
-
Well
Intervention
2,785.1
16.2
104.0
104.0
104.0
104.0
104.0
104.0
104.0
104.0
104.0
104.0
104.0
104.0
104.0
104.0
104.0
104.0
104.0
104.0
104.0
104.0
104.0
104.0
104.0
104.0
104.0
104.0
64.8
-
Override ($M)
Lease
Export
Tariff
Total
Total
Inflated ($M)
Total
Post Abandon ($M)
Risked Post Abandon ($M)
Total
probability
87.0
0.5
3.3
3.3
3.3
3.3
3.3
3.3
3.3
3.3
3.3
3.3
3.3
3.3
3.3
3.3
3.3
3.3
3.3
3.3
3.3
3.3
3.3
3.3
3.3
3.3
3.3
3.3
2.0
-
1,153.3
67.7
108.2
109.6
109.6
109.5
99.7
84.8
72.0
61.2
52.0
44.2
37.6
31.9
27.2
23.1
19.6
16.7
14.2
12.0
10.2
8.7
7.4
6.3
5.3
4.5
3.9
3.3
2.9
-
5,097.3
93.6
301.5
304.1
303.9
303.7
287.3
262.2
240.6
222.4
206.9
193.8
182.6
173.1
165.0
158.2
152.3
147.3
143.1
139.6
136.5
133.9
131.7
129.9
128.3
126.9
125.8
124.8
78.4
-
7,928.4
108.5
358.4
370.5
379.5
388.8
376.9
352.6
331.7
314.2
299.7
287.8
277.8
269.9
263.8
259.2
255.8
253.7
252.6
252.4
253.1
254.5
256.6
259.3
262.5
266.2
270.4
275.0
177.2
-
7,205.8
108.5
358.4
370.5
379.5
388.8
376.9
352.6
331.7
314.2
299.7
287.8
277.8
269.9
263.8
259.2
255.8
253.7
252.6
252.4
253.1
254.5
256.6
259.3
262.5
266.2
-
Total
26.3%
uplift
1,891.5
28.5
94.1
97.2
99.6
102.1
98.9
92.6
87.1
82.5
78.7
75.5
72.9
70.9
69.2
68.0
67.1
66.6
66.3
66.3
66.4
66.8
67.3
68.1
68.9
69.9
-
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for Royalty
10% (1% for Lease)
7,926.4
119.3
394.2
407.5
417.4
427.7
414.6
387.9
364.8
345.7
329.7
316.5
305.6
296.9
290.2
285.1
281.4
279.0
277.8
277.7
278.4
279.9
282.2
285.2
288.7
292.8
-
www.indeva.com
Prospect X
Devl Year
Abandon Year
Abandon Cost
Adjusted
Resource Life
Guide
Input
Abandonment Schedule & Costs Model

2016
2043 Economic
167.50
167.50
25
Unrisked Development Cash Flows ($M)
Year
Revenue
Capital
Operating
Cash Flow
Total
44,744.3
5,457.7
7,928.4
31,358.2
Cum
Cash Flow
Abandon
Cost
Abandon
Flag
probability
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
360.1
3,777.5
3,932.9
4,020.2
4,118.2
3,844.0
3,357.5
2,916.6
2,541.1
2,213.9
1,933.7
1,679.8
1,463.5
1,275.1
1,113.7
967.4
842.9
734.4
641.4
557.2
485.5
423.0
369.4
320.9
279.6
243.6
212.8
118.7
-
2.5
9.2
103.4
1,220.1
3,505.8
616.6
-
108.5
358.4
370.5
379.5
388.8
376.9
352.6
331.7
314.2
299.7
287.8
277.8
269.9
263.8
259.2
255.8
253.7
252.6
252.4
253.1
254.5
256.6
259.3
262.5
266.2
270.4
275.0
177.2
-
-2.5
-9.2
-103.4
-1,220.1
-3,254.2
2,802.6
3,562.4
3,640.7
3,729.4
3,467.1
3,004.9
2,584.9
2,226.8
1,914.2
1,646.0
1,402.0
1,193.6
1,011.3
854.5
711.6
589.2
481.8
389.0
304.1
231.0
166.4
110.2
58.4
13.4
-26.8
-62.3
-58.5
-
-2.5
-11.7
-115.1
-1,335.2
-4,589.5
-1,786.9
1,775.5
5,416.2
9,145.5
12,612.6
15,617.5
18,202.4
20,429.2
22,343.4
23,989.4
25,391.3
26,584.9
27,596.2
28,450.7
29,162.3
29,751.6
30,233.3
30,622.3
30,926.4
31,157.4
31,323.8
31,433.9
31,492.4
31,505.8
31,479.0
31,416.7
31,358.2
31,358.2
31,358.2
31,358.2
31,358.2
31,358.2
31,358.2
360.1
-
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
-
www.indeva.com
Structure
5,000.0
Manifolds
Surface Wells
Subsea Wells
Pipeline
Total
9,000.0
91,000.0
62,500.0
167,500.0
Risked
Abandon Cost
26.3%
94.5
-
www.indeva.com
Prospect X
1
Year
Total
Historic
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
Guide
Input
Royalty Calculation ($M)

2
Revenue
3
Pre-Devel
Costs
4
Capital
Costs
5
Operating
Costs
6
Abandonment
Cost
44,169.3
277.7
5,512.3
7,926.4
360.1
360.1
3,777.5
3,932.9
4,020.2
4,118.2
3,844.0
3,357.5
2,916.6
2,541.1
2,213.9
1,933.7
1,679.8
1,463.5
1,275.1
1,113.7
967.4
842.9
734.4
641.4
557.2
485.5
423.0
369.4
320.9
279.6
-
11.0
67.7
138.8
71.2
-
2.5
9.2
104.5
1,232.3
3,540.9
622.8
-
119.3
394.2
407.5
417.4
427.7
414.6
387.9
364.8
345.7
329.7
316.5
305.6
296.9
290.2
285.1
281.4
279.0
277.8
277.7
278.4
279.9
282.2
285.2
288.7
292.8
-
360.1
-
www.indeva.com
7
Pre-Payout
Full-year
Royalty
8
Allowable
Field Costs
161.4
14,237.9
7.2
75.6
78.7
-
11.0
67.7
138.8
73.7
9.2
104.5
1,232.3
3,667.4
1,092.5
486.2
417.4
427.7
414.6
387.9
364.8
345.7
329.7
316.5
305.6
296.9
290.2
285.1
281.4
279.0
277.8
277.7
278.4
279.9
282.2
285.2
288.7
292.8
360.1
-
9
Simple Payout
Closing
Balance
11.0
78.7
217.6
291.3
300.5
405.0
1,637.3
4,944.7
2,259.7
-1,187.0
-4,789.8
-8,480.2
-11,909.6
-14,879.2
-17,431.0
-19,626.4
-21,510.6
-23,127.8
-24,502.0
-25,668.5
-26,653.4
-27,482.0
-28,168.1
-28,732.0
-29,188.5
-29,552.2
-29,831.0
-30,036.6
-30,177.3
-30,261.5
-30,293.7
-30,280.5
-29,920.3
-29,920.3
-29,920.3
-29,920.3
-29,920.3
-29,920.3
-29,920.3
-29,920.3
-29,920.3
10
Months
Pre-Payout
7.0
12.0
12.0
12.0
2.0
12.0
12.0
12.0
7.0
-
11
Weighted
Av Bal
52.3
1,072.5
3,428.8
3,490.3
647.9
-
12
13
Return Allowance
Primary
Secondary
5.0%
20.0%
651.9
1,955.6
3.9
80.4
257.2
261.8
48.6
-
11.8
241.3
771.5
785.3
145.8
-
www.indeva.com
14
15
n Allowance
Final
45.0%
Primary
16
Payout Balances
Secondary
17
Final
18
Cum Prod
Months
19
Months at Royalty Rate
Pre-Payout GR
4,128.6
24.8
509.4
1,628.7
1,657.9
307.8
-
11.0
78.7
217.6
291.3
300.5
408.9
1,721.7
5,286.2
2,862.9
-535.1
-4,137.9
-7,828.4
-11,257.7
-14,227.3
-16,779.1
-18,974.5
-20,858.7
-22,475.9
-23,850.1
-25,016.7
-26,001.6
-26,830.2
-27,516.2
-28,080.1
-28,536.6
-28,900.3
-29,179.2
-29,384.7
-29,525.4
-29,609.6
-29,641.8
-29,628.6
-29,268.5
-29,268.5
-29,268.5
-29,268.5
-29,268.5
-29,268.5
-29,268.5
-29,268.5
-29,268.5
11.0
78.7
217.6
291.3
300.5
416.7
1,890.4
5,969.2
4,069.5
768.6
-2,834.1
-6,524.6
-9,954.0
-12,923.6
-15,475.3
-17,670.7
-19,555.0
-21,172.1
-22,546.3
-23,712.9
-24,697.8
-25,526.4
-26,212.5
-26,776.3
-27,232.8
-27,596.6
-27,875.4
-28,080.9
-28,221.6
-28,305.9
-28,338.1
-28,324.8
-27,964.7
-27,964.7
-27,964.7
-27,964.7
-27,964.7
-27,964.7
-27,964.7
-27,964.7
-27,964.7
11.0
78.7
217.6
291.3
300.5
429.8
2,171.6
7,107.6
6,080.5
2,941.6
-661.2
-4,351.7
-7,781.0
-10,750.6
-13,302.4
-15,497.8
-17,382.0
-18,999.2
-20,373.4
-21,539.9
-22,524.9
-23,353.4
-24,039.5
-24,603.4
-25,059.9
-25,423.6
-25,702.5
-25,908.0
-26,048.7
-26,132.9
-26,165.1
-26,151.9
-25,791.7
-25,791.7
-25,791.7
-25,791.7
-25,791.7
-25,791.7
-25,791.7
-25,791.7
-25,791.7
11.0
23.0
35.0
47.0
59.0
71.0
83.0
95.0
107.0
119.0
131.0
143.0
155.0
167.0
179.0
191.0
203.0
215.0
227.0
239.0
251.0
263.0
275.0
287.0
299.0
311.0
323.0
335.0
347.0
359.0
371.0
383.0
395.0
407.0
9.0
12.0
3.5
11.0
12.0
10.5
-
www.indeva.com
20
21
Months at Royalty Rate

Post-Payout GR
Tier 1 NR
22
Tier 2 NR
23
Net
Revenue
30,092.7
2.0
1.5
2.5
-
5.0
7.0
-
1.5
12.0
2.5
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
-67.7
-138.8
-73.7
-9.2
-104.5
-1,232.3
-3,300.1
2,760.6
3,525.3
3,602.7
3,690.5
3,429.4
2,969.6
2,551.7
2,195.4
1,884.2
1,617.2
1,374.2
1,166.6
984.9
828.6
686.1
563.9
456.5
363.7
278.8
205.5
140.7
84.2
32.2
-13.2
-360.1
-
www.indeva.com
24
25
26
Full Year Royalty Liability at each Tier

Pre-Payout GR
Post-Payout GR
Tier 1 NR
2%
5%
20%
27
Tier 2 NR
0.35
883.4
3,247.5
10,552.4
18,382.1
7.2
75.6
78.7
80.4
82.4
76.9
67.2
58.3
50.8
44.3
38.7
33.6
29.3
25.5
22.3
19.3
16.9
14.7
12.8
11.1
9.7
8.5
7.4
6.4
5.6
-
60.9
317.6
326.6
333.9
18.0
188.9
196.6
201.0
205.9
192.2
167.9
145.8
127.1
110.7
96.7
84.0
73.2
63.8
55.7
48.4
42.1
36.7
32.1
27.9
24.3
21.1
18.5
16.0
14.0
-
60.9
988.4
1,177.7
1,203.6
18.0
552.1
705.1
720.5
738.1
685.9
593.9
510.3
439.1
376.8
323.4
274.8
233.3
197.0
165.7
137.2
112.8
91.3
72.7
55.8
41.1
28.1
18.5
16.0
14.0
-
60.9
1,729.8
2,061.0
2,106.3
18.0
966.2
1,233.9
1,261.0
1,291.7
1,200.3
1,039.4
893.1
768.4
659.5
566.0
481.0
408.3
344.7
290.0
240.1
197.3
159.8
127.3
97.6
71.9
49.3
29.5
16.0
14.0
-
28
29
Royalty Liability at each Tier

Pre-Payout GR
Post-Payout GR
2%
5%
7.2
75.6
68.8
-
24.6
41.9
-
www.indeva.com
30
ability at each Tier

Tier 1 NR
20%
31
Tier 2 NR
0.35
32
Royalty
Liability
33
Loss To
Carry Back
34
Profit for
Carry Back
9,846.2
420.3
-
262.7
1,291.7
1,200.3
1,039.4
893.1
768.4
659.5
566.0
481.0
408.3
344.7
290.0
240.1
197.3
159.8
127.3
97.6
71.9
49.3
29.5
16.0
14.0
-
7.2
75.6
93.4
724.9
1,291.7
1,200.3
1,039.4
893.1
768.4
659.5
566.0
481.0
408.3
344.7
290.0
240.1
197.3
159.8
127.3
97.6
71.9
49.3
29.5
16.0
14.0
-
123.1
129.3
132.5
135.8
191.7
201.4
206.5
211.6
216.9
295.6
310.5
252.7
433.4
472.2
484.0
445.7
360.1
521.2
534.2
387.8
397.5
-
2,760.6
3,525.3
3,602.7
3,690.5
3,429.4
2,969.6
2,551.7
2,195.4
1,884.2
1,617.2
1,374.2
1,166.6
984.9
828.6
686.1
563.9
456.5
363.7
278.8
205.5
140.7
84.2
32.2
-
35
Loss
Recovered
36
Revised
Royalty
360.1
9,771.0
103.0
140.7
84.2
32.2
-
7.2
75.6
93.4
724.9
1,291.7
1,200.3
1,039.4
893.1
768.4
659.5
566.0
481.0
408.3
344.7
290.0
240.1
197.3
159.8
127.3
97.6
35.9
21.1
18.5
16.0
14.0
-
www.indeva.com
Loss Rec
Royalty Rec
Repayment
Amount
360.13
75.16
Royalty
Royalty with
Repayment
Abandon
Receipt
75.2
75.2
9,771.0
36.0
28.1
11.0
-
75.2
-
7.2
75.6
93.4
724.9
1,291.7
1,200.3
1,039.4
893.1
768.4
659.5
566.0
481.0
408.3
344.7
290.0
240.1
197.3
159.8
127.3
97.6
71.9
49.3
29.5
16.0
14.0
-75.2
-
Simple
August-20
December-99
December-99
December-99
December-99
December-99
December-99
December-99
August-20
August-20
August-20
August-20
August-20
August-20
August-20
August-20
August-20
August-20
August-20
August-20
August-20
August-20
August-20
August-20
August-20
August-20
August-20
August-20
August-20
August-20
August-20
August-20
August-20
August-20
August-20
August-20
August-20
August-20
August-20
August-20
www.indeva.com
Payout Month
Primary
Secondary
November-20
December-99
December-99
December-99
December-99
December-99
December-99
December-99
November-20
November-20
November-20
November-20
November-20
November-20
November-20
November-20
November-20
November-20
November-20
November-20
November-20
November-20
November-20
November-20
November-20
November-20
November-20
November-20
November-20
November-20
November-20
November-20
November-20
November-20
November-20
November-20
November-20
November-20
November-20
November-20
March-21
December-99
December-99
December-99
December-99
December-99
December-99
December-99
December-99
March-21
March-21
March-21
March-21
March-21
March-21
March-21
March-21
March-21
March-21
March-21
March-21
March-21
March-21
March-21
March-21
March-21
March-21
March-21
March-21
March-21
March-21
March-21
March-21
March-21
March-21
March-21
March-21
March-21
March-21
March-21
Final
October-21
December-99
December-99
December-99
December-99
December-99
December-99
December-99
December-99
October-21
October-21
October-21
October-21
October-21
October-21
October-21
October-21
October-21
October-21
October-21
October-21
October-21
October-21
October-21
October-21
October-21
October-21
October-21
October-21
October-21
October-21
October-21
October-21
October-21
October-21
October-21
October-21
October-21
October-21
October-21
www.indeva.com
Prospect X
Year
Total
Revenue
44,169.3
Operating
Costs
7,566.0
360.1
3,777.5
3,932.9
4,020.2
4,118.2
3,844.0
3,357.5
2,916.6
2,541.1
2,213.9
1,933.7
1,679.8
1,463.5
1,275.1
1,113.7
967.4
842.9
734.4
641.4
557.2
485.5
423.0
369.4
320.9
279.6
-
108.5
358.4
370.5
379.5
388.8
376.9
352.6
331.7
314.2
299.7
287.8
277.8
269.9
263.8
259.2
255.8
253.7
252.6
252.4
253.1
254.5
256.6
259.3
262.5
266.2
360.1
-
Historic
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
Guide
Input
Federal Corporate Income Tax Calculation ($M)
Costs
for CCA41
3,815.4
Adjusted to
First Prod
3,815.4
Balance
CCA41
25%
3,815.4
2.5
9.2
103.4
1,220.1
2,480.2
-
Costs for
CCA8 / CCA49
-
Adjusted to
First Prod
Opening
Balance
-
3,815.4
-
1,907.7
1,907.7
1,430.8
1,430.8
1,073.1
1,073.1
804.8
804.8
603.6
603.6
452.7
452.7
339.5
339.5
254.6
254.6
191.0
191.0
143.2
143.2
107.4
107.4
80.6
80.6
60.4
60.4
45.3
-
476.9
476.9
357.7
357.7
268.3
268.3
201.2
201.2
150.9
150.9
113.2
113.2
84.9
84.9
63.7
63.7
47.7
47.7
35.8
35.8
26.9
26.9
20.1
20.1
15.1
60.4
45.3
-
CCA8 / CCA49
8%
-
Resource
Profit
32,787.9
-225.3
2,942.2
3,204.7
3,283.0
3,461.1
3,198.8
2,803.7
2,383.7
2,075.9
1,763.3
1,532.8
1,288.8
1,108.7
926.4
790.9
648.0
541.5
434.0
353.2
268.3
204.1
139.5
90.0
38.3
-1.7
-420.6
-45.3
-
Royalty
9,771.0
Costs
For CDE
1,852.3
7.2
75.6
93.4
724.9
1,291.7
1,200.3
1,039.4
893.1
768.4
659.5
566.0
481.0
408.3
344.7
290.0
240.1
197.3
159.8
127.3
97.6
71.9
49.3
29.5
16.0
14.0
-75.2
-
138.8
71.2
1,025.7
616.6
-
CDE
30%
1,852.3
Balance
138.8
168.3
117.8
82.5
57.7
1,066.1
1,362.9
954.0
667.8
467.5
327.2
229.1
160.3
112.2
78.6
55.0
38.5
26.9
18.9
13.2
9.2
6.5
4.5
3.2
2.2
1.6
1.1
0.8
0.5
0.4
0.3
-
41.7
50.5
35.4
24.7
17.3
319.8
408.9
286.2
200.3
140.2
98.2
68.7
48.1
33.7
23.6
16.5
11.5
8.1
5.7
4.0
2.8
1.9
1.4
1.0
0.7
0.5
0.3
0.2
0.2
0.1
0.3
-
CEE
78.7
Profit before
Loss cb/cf
21,085.9
11.0
-11.0
67.7
-
-67.7
-41.7
-50.5
-35.4
-24.7
-17.3
-552.3
2,457.8
2,825.1
2,357.8
2,029.2
1,900.3
1,695.6
1,442.5
1,273.9
1,080.3
950.3
796.3
692.3
576.0
496.9
405.1
342.2
272.9
224.9
170.1
131.7
89.9
60.3
22.1
-15.8
-345.7
-45.3
-
Loss to cb
avail cb
next period
Loss to
Carry Forward
-98.2
Taxable
Profit
21,096.9
Tax Rate
Tax
Liability
4,005.2
-11.0
-15.8
-82.4
-
-22.1
-
-78.7
-120.4
-170.9
-206.2
-231.0
-248.3
-800.7
-263.3
-308.6
-308.6
-308.6
-308.6
-308.6
-308.6
-308.6
-308.6
-67.7
-41.7
-50.5
-35.4
-24.7
-17.3
-552.3
2,457.8
2,825.1
2,357.8
2,029.2
1,900.3
1,695.6
1,442.5
1,273.9
1,080.3
950.3
796.3
692.3
576.0
496.9
405.1
342.2
272.9
224.9
170.1
131.7
89.9
60.3
22.1
-15.8
-345.7
-45.3
-
22.1%
20.5%
20.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
19.0%
-15.0
-8.5
-10.1
-6.7
-4.7
-3.3
-104.9
467.0
536.8
448.0
385.5
361.1
322.2
274.1
242.0
205.2
180.6
151.3
131.5
109.4
94.4
77.0
65.0
51.9
42.7
32.3
25.0
17.1
11.5
4.2
-3.0
-65.7
-8.6
-
www.indeva.com
Prospect X
Provincial Corporate Income Tax Calculation ($M)
Year
Revenue
Total
44,169.3
Operating
Costs
7,566.0
Costs
for CCA41
3,815.4
Adjusted to
First Prod
3,815.4
0.0
0.0
0.0
0.0
0.0
0.0
360.1
3,777.5
3,932.9
4,020.2
4,118.2
3,844.0
3,357.5
2,916.6
2,541.1
2,213.9
1,933.7
1,679.8
1,463.5
1,275.1
1,113.7
967.4
842.9
734.4
641.4
557.2
485.5
423.0
369.4
320.9
279.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
108.5
358.4
370.5
379.5
388.8
376.9
352.6
331.7
314.2
299.7
287.8
277.8
269.9
263.8
259.2
255.8
253.7
252.6
252.4
253.1
254.5
256.6
259.3
262.5
266.2
360.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2.5
9.2
103.4
1,220.1
2,480.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3,815.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Historic
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
Guide
Input
Balance
0.0
0.0
0.0
0.0
0.0
0.0
1,907.7
3,338.5
2,503.8
1,877.9
1,408.4
1,056.3
792.2
594.2
445.6
334.2
250.7
188.0
141.0
105.8
79.3
59.5
44.6
33.5
25.1
18.8
14.1
10.6
7.9
6.0
4.5
3.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
CCA41
25%
3,815.4
Costs for
CCA8 / CCA49
0.0
0.0
0.0
0.0
0.0
0.0
0.0
476.9
834.6
626.0
469.5
352.1
264.1
198.1
148.5
111.4
83.6
62.7
47.0
35.3
26.4
19.8
14.9
11.2
8.4
6.3
4.7
3.5
2.6
2.0
1.5
1.1
3.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Adjusted to
First Prod
Opening
Balance
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
CCA8 / CCA49
8%
0.0
Resource
Profit
32,787.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-225.3
2,584.5
2,936.4
3,171.2
3,377.3
3,203.0
2,806.8
2,436.4
2,115.4
1,830.7
1,583.3
1,355.0
1,158.3
984.8
834.7
696.8
578.1
473.4
382.7
299.4
227.4
163.7
108.2
56.9
12.3
-363.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Royalty
9,771.0
Costs
For CDE
1,852.3
0.0
0.0
0.0
0.0
0.0
0.0
7.2
75.6
93.4
724.9
1,291.7
1,200.3
1,039.4
893.1
768.4
659.5
566.0
481.0
408.3
344.7
290.0
240.1
197.3
159.8
127.3
97.6
71.9
49.3
29.5
16.0
14.0
-75.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
138.8
71.2
0.0
0.0
0.0
1,025.7
616.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Balance
0.0
0.0
138.8
168.3
117.8
82.5
57.7
1,066.1
1,362.9
954.0
667.8
467.5
327.2
229.1
160.3
112.2
78.6
55.0
38.5
26.9
18.9
13.2
9.2
6.5
4.5
3.2
2.2
1.6
1.1
0.8
0.5
0.4
0.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
CDE
30%
1,852.3
0.0
41.7
50.5
35.4
24.7
17.3
319.8
408.9
286.2
200.3
140.2
98.2
68.7
48.1
33.7
23.6
16.5
11.5
8.1
5.7
4.0
2.8
1.9
1.4
1.0
0.7
0.5
0.3
0.2
0.2
0.1
0.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
CEE
78.7
Profit before
Loss cb/cf
21,085.9
11.0
67.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-11.0
-67.7
-41.7
-50.5
-35.4
-24.7
-17.3
-552.3
2,100.1
2,556.8
2,246.0
1,945.3
1,904.5
1,698.7
1,495.2
1,313.4
1,147.6
1,000.8
862.4
741.9
634.5
540.7
453.9
378.8
312.3
254.4
201.2
155.0
114.2
78.5
40.7
-1.8
-288.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Loss to cb
avail cb
next period
Loss to
Carry Forward
-121.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-1.8
-119.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-40.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-11.0
-78.7
-120.4
-170.9
-206.2
-231.0
-248.3
-800.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-169.4
-169.4
-169.4
-169.4
-169.4
-169.4
-169.4
-169.4
-169.4
Taxable
Tax Rate
Profit
21,096.9
-67.7
-41.7
-50.5
-35.4
-24.7
-17.3
-552.3
2,100.1
2,556.8
2,246.0
1,945.3
1,904.5
1,698.7
1,495.2
1,313.4
1,147.6
1,000.8
862.4
741.9
634.5
540.7
453.9
378.8
312.3
254.4
201.2
155.0
114.2
78.5
40.7
-1.8
-288.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
16.00%
Tax
Liability
-10.8
-6.7
-8.1
-5.7
-4.0
-2.8
-88.4
336.0
409.1
359.4
311.3
304.7
271.8
239.2
210.1
183.6
160.1
138.0
118.7
101.5
86.5
72.6
60.6
50.0
40.7
32.2
24.8
18.3
12.6
6.5
-0.3
-46.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
www.indeva.com
Prospect X
Success Case Project Cash Flow ($Millions)
Guide
Input
2012
Year
Gas
Revenue
Total
Discounted @ 10.0 %
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
Oil
Revenue
Gas Liquids
Revenue
Total
Revenue
Exploration
Cost
Capital
Costs
Abandon
Cost
Operating
Cost
Total
Costs
Net Cash Flow

Before Tax
Royalty
Provincial
Income Tax
Federal
Income Tax
Total
Gov. Take
Net Cash Flow

After Tax
2,594.1
-
41,575.1
-
44,169.3
0.0
277.7
0.0
5,457.7
0.0
360.1
0.0
7,205.8
0.0
13,301.4
0.0
30,867.9
0.0
9,771.0
0.0
3,375.5
0.0
4,005.2
0.0
17,151.7
0.0
13,716.2
0.0
21.2
221.9
231.0
236.1
241.9
225.8
197.2
171.3
149.2
130.0
113.6
98.7
86.0
74.9
65.4
56.8
49.5
43.1
37.7
32.7
28.5
24.8
21.7
18.8
16.4
-
339.0
3,555.7
3,701.9
3,784.1
3,876.3
3,618.2
3,160.3
2,745.3
2,391.8
2,083.9
1,820.2
1,581.1
1,377.5
1,200.2
1,048.3
910.6
793.4
691.2
603.8
524.5
456.9
398.1
347.7
302.1
263.2
-
0.0
0.0
0.0
0.0
0.0
0.0
360.1
3,777.5
3,932.9
4,020.2
4,118.2
3,844.0
3,357.5
2,916.6
2,541.1
2,213.9
1,933.7
1,679.8
1,463.5
1,275.1
1,113.7
967.4
842.9
734.4
641.4
557.2
485.5
423.0
369.4
320.9
279.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
67.7
138.8
71.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2.5
9.2
103.4
1,220.1
3,505.8
616.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
360.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
108.5
358.4
370.5
379.5
388.8
376.9
352.6
331.7
314.2
299.7
287.8
277.8
269.9
263.8
259.2
255.8
253.7
252.6
252.4
253.1
254.5
256.6
259.3
262.5
266.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
67.7
138.8
73.7
9.2
103.4
1,220.1
3,614.3
975.0
370.5
379.5
388.8
376.9
352.6
331.7
314.2
299.7
287.8
277.8
269.9
263.8
259.2
255.8
253.7
252.6
252.4
253.1
254.5
256.6
259.3
262.5
266.2
360.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-67.7
-138.8
-73.7
-9.2
-103.4
-1,220.1
-3,254.2
2,802.6
3,562.4
3,640.7
3,729.4
3,467.1
3,004.9
2,584.9
2,226.8
1,914.2
1,646.0
1,402.0
1,193.6
1,011.3
854.5
711.6
589.2
481.8
389.0
304.1
231.0
166.4
110.2
58.4
13.4
-360.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
7.2
75.6
93.4
724.9
1,291.7
1,200.3
1,039.4
893.1
768.4
659.5
566.0
481.0
408.3
344.7
290.0
240.1
197.3
159.8
127.3
97.6
71.9
49.3
29.5
16.0
14.0
-75.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-10.8
-6.7
-8.1
-5.7
-4.0
-2.8
-88.4
336.0
409.1
359.4
311.3
304.7
271.8
239.2
210.1
183.6
160.1
138.0
118.7
101.5
86.5
72.6
60.6
50.0
40.7
32.2
24.8
18.3
12.6
6.5
-0.3
-46.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-15.0
-8.5
-10.1
-6.7
-4.7
-3.3
-104.9
467.0
536.8
448.0
385.5
361.1
322.2
274.1
242.0
205.2
180.6
151.3
131.5
109.4
94.4
77.0
65.0
51.9
42.7
32.3
25.0
17.1
11.5
4.2
-3.0
-65.7
-8.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-25.8
-15.2
-18.2
-12.4
-8.7
-6.1
-186.1
878.6
1,039.3
1,532.2
1,988.5
1,866.1
1,633.3
1,406.4
1,220.6
1,048.3
906.7
770.2
658.5
555.7
470.9
389.7
323.0
261.6
210.8
162.1
121.8
84.6
53.5
26.8
10.7
-187.0
-8.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-41.9
-123.6
-55.5
3.2
-94.8
-1,214.1
-3,068.1
1,924.0
2,523.1
2,108.5
1,740.9
1,601.0
1,371.6
1,178.5
1,006.3
865.9
739.3
631.7
535.0
455.6
383.6
321.9
266.3
220.2
178.2
142.0
109.2
81.8
56.7
31.7
2.7
-173.1
8.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Cumulative
Cash Flow
-11.0
-52.9
-176.6
-232.0
-228.8
-323.6
-1,537.7
-4,605.8
-2,681.8
-158.6
1,949.8
3,690.7
5,291.7
6,663.2
7,841.7
8,848.0
9,713.9
10,453.1
11,084.9
11,619.9
12,075.5
12,459.1
12,781.0
13,047.3
13,267.4
13,445.7
13,587.7
13,696.9
13,778.7
13,835.3
13,867.0
13,869.7
13,696.6
13,705.2
13,705.2
13,705.2
13,705.2
13,705.2
13,705.2
13,705.2
13,705.2
Payout
Date
28-Jan-21
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
28-Jan-21
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
30-Dec-99
www.indeva.com
Prospect X
Fully Risked Project Cash Flow ($Millions)
Year
Gas
Revenue
Total
Discounted @ 10.0 %
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
Oil
Revenue
681.0
228.4
10,913.5
3,660.1
0.0
0.0
0.0
0.0
0.0
0.0
5.6
58.2
60.6
62.0
63.5
59.3
51.8
45.0
39.2
34.1
29.8
25.9
22.6
19.7
17.2
14.9
13.0
11.3
9.9
8.6
7.5
6.5
5.7
4.9
4.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
89.0
933.4
971.7
993.3
1,017.5
949.8
829.6
720.6
627.9
547.0
477.8
415.0
361.6
315.0
275.2
239.0
208.3
181.4
158.5
137.7
119.9
104.5
91.3
79.3
69.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Gas Liquids
Revenue
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Total
Revenue
Exploration
Cost
11,594.4
3,888.5
135.1
63.6
0.0
0.0
0.0
0.0
0.0
0.0
94.5
991.6
1,032.4
1,055.3
1,081.0
1,009.0
881.3
765.6
667.0
581.1
507.6
440.9
384.2
334.7
292.3
254.0
221.3
192.8
168.4
146.3
127.4
111.0
97.0
84.2
73.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
67.7
44.5
22.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
www.indeva.com
Guide
Input
Capital
Costs
Abandon
Cost
Operating
Cost
Total
Costs
Net Cash Flow

Before Tax
Royalty
1,432.6
889.9
94.5
5.3
1,891.5
484.4
3,553.8
1,443.2
8,040.6
2,445.3
2,564.9
784.1
0.0
0.0
0.7
2.4
27.1
320.3
920.3
161.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
94.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
28.5
94.1
97.2
99.6
102.1
98.9
92.6
87.1
82.5
78.7
75.5
72.9
70.9
69.2
68.0
67.1
66.6
66.3
66.3
66.4
66.8
67.3
68.1
68.9
69.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
67.7
44.5
23.5
2.4
27.1
320.3
948.8
255.9
97.2
99.6
102.1
98.9
92.6
87.1
82.5
78.7
75.5
72.9
70.9
69.2
68.0
67.1
66.6
66.3
66.3
66.4
66.8
67.3
68.1
68.9
69.9
94.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-67.7
-44.5
-23.5
-2.4
-27.1
-320.3
-854.2
735.7
935.1
955.7
979.0
910.1
788.8
678.5
584.5
502.5
432.1
368.0
313.3
265.5
224.3
186.8
154.7
126.5
102.1
79.8
60.6
43.7
28.9
15.3
3.5
-94.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.9
19.8
24.5
190.3
339.1
315.1
272.8
234.4
201.7
173.1
148.6
126.3
107.2
90.5
76.1
63.0
51.8
41.9
33.4
25.6
18.9
12.9
7.7
4.2
3.7
-19.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
www.indeva.com
Provincial
Income Tax
Federal
Income Tax
Total
Gov. Take
Net Cash Flow

After Tax
886.1
304.4
1,051.4
375.5
4,502.3
1,464.0
3,538.3
981.3
-2.8
-1.7
-2.1
-1.5
-1.0
-0.7
-23.2
88.2
107.4
94.3
81.7
80.0
71.3
62.8
55.2
48.2
42.0
36.2
31.2
26.6
22.7
19.1
15.9
13.1
10.7
8.4
6.5
4.8
3.3
1.7
-0.1
-12.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-3.9
-2.2
-2.7
-1.8
-1.2
-0.9
-27.5
122.6
140.9
117.6
101.2
94.8
84.6
71.9
63.5
53.9
47.4
39.7
34.5
28.7
24.8
20.2
17.1
13.6
11.2
8.5
6.6
4.5
3.0
1.1
-0.8
-17.2
-2.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-6.8
-4.0
-4.8
-3.2
-2.3
-1.6
-48.9
230.6
272.8
402.2
522.0
489.8
428.7
369.2
320.4
275.2
238.0
202.2
172.9
145.9
123.6
102.3
84.8
68.7
55.3
42.5
32.0
22.2
14.0
7.0
2.8
-49.1
-2.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-61.0
-40.6
-18.7
0.8
-24.9
-318.7
-805.4
505.1
662.3
553.5
457.0
420.3
360.0
309.4
264.1
227.3
194.1
165.8
140.4
119.6
100.7
84.5
69.9
57.8
46.8
37.3
28.7
21.5
14.9
8.3
0.7
-45.4
2.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
www.indeva.com
Prospect X
Guide
Input
Selected Economic Assumptions
Scenario
Offset
Estimate Year
5
40
2012
1
Ring Fence
Gas Liquids
US$/BBL
Year
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
108.82
111.54
114.33
117.19
120.12
123.12
126.20
129.35
132.59
135.90
139.30
142.78
146.35
150.01
153.76
157.60
161.54
165.58
169.72
173.97
178.31
182.77
187.34
192.02
196.83
201.75
206.79
211.96
217.26
222.69
228.26
233.96
239.81
245.81
251.95
258.25
264.71
271.33
278.11
285.06
Flat Real
2
Ring Fence
Oil
US$/BBL
101.00
103.53
106.11
108.77
111.49
114.27
117.13
120.06
123.06
126.14
129.29
132.52
135.83
139.23
142.71
146.28
149.94
153.68
157.53
161.46
165.50
169.64
173.88
178.23
182.68
187.25
191.93
196.73
201.65
206.69
211.85
217.15
222.58
228.14
233.85
239.69
245.69
251.83
258.12
264.58
3
Ring Fence
Gas Price
US$/MMBTU
1.90
1.95
2.00
2.05
2.10
2.15
2.20
2.26
2.31
2.37
2.43
2.49
2.56
2.62
2.68
2.75
2.82
2.89
2.96
3.04
3.11
3.19
3.27
3.35
3.44
3.52
3.61
3.70
3.79
3.89
3.99
4.09
4.19
4.29
4.40
4.51
4.62
4.74
4.86
4.98
4
Exchange Rate
5
Cost
Inflation
US$/$Cdn
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
6
Long-term
Bond
Rate
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
Inflation
Index
1.0000
1.0250
1.0506
1.0769
1.1038
1.1314
1.1597
1.1887
1.2184
1.2489
1.2801
1.3121
1.3449
1.3785
1.4130
1.4483
1.4845
1.5216
1.5597
1.5987
1.6386
1.6796
1.7216
1.7646
1.8087
1.8539
1.9003
1.9478
1.9965
2.0464
2.0976
2.1500
2.2038
2.2589
2.3153
2.3732
2.4325
2.4933
2.5557
2.6196
Index
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
www.indeva.com
Guide
Input
Guide
Input
Guide
Input
Guide
Input
Guide
Input

NS Oil and Gas Exploration Economic Model

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Oil and Gas Exploration Economics Model

SOEP Venture Production Centre

Deep Panuke Production Centre

Nova Scotia Exploration Economics Model

Goldboro Gas Plant

Deepwater Oil Floating Production Storage and Offloading (FPSO)

Gas Subsea to Infrastructure

Semi-Submersible Deepwater Gas Production System

Deepwater Oil Cylindrical FPSO

Zoom and Scroll to Explore Map. It is recommended that Users

Nova Scotia Exploration Economics Model

Nova Scotia Department of Energy

Exploration Economics Model

Assumptions and Overrides

Model Calculation Pages

Risked Cash Flow

Five User Pages are provided for user's own calculations

User Calculation Pages

Nova Scotia Exploration Economics Model

Minimum Processing Platform

Aasta Hansteen Field SPAR 1400

Huntingdon Field FPSO UK North Sea

Deepwater Oil Field Greater than 200 Metres

Skarv Field FPSO Norwegian Sea

Chinook / Cascade FPSO development 2400 metres Gulf of

Nova Scotia Exploration Economics Model

Nova Scotia Exploration Economics Model

Total days Pre-spud

Post Drill No of Hole

How do I Evaluate a Prospect in Basic Mode?

How do I change the Prices in the Model?

How are the Costs Derived in the model and how

How does the model determine the number of

Can I override Costs derived by the Model?

Does the model calculate Tariffs? How do I

How are the well drilling and completion times

Prospect X Decision Flow

Note: NPV and Costs in $m discounted to 1-May-13

NPV @ 10.0 % ($M)

Internal rate of Return

Tax / Royalty Parameters

Discounted Return on Investment

Risk Parameters (Chance of Proceeding to Next Stage)

FALSE Associated Gas Revenue

Discounted Values ($M)

Pipeline Percent Deepwater

Prospect X Value Waterfall Chart ($M)

Overall Chance of Development

Current Project Stage

Prospect X Summary Evaluation Parameters

Nova Scotia Exploration Economics Model

Prospect X Cash Flow

Tax / Royalty Parameters

Nova Scotia Exploration Economics Model

Cumulative Cash Flow

Nova Scotia Exploration Economics Model

030 2032 2034 2036

Federal Income Tax

Nova Scotia Exploration Economics Model

Success Case Cash Flow ($M)

10.8366545 6.66454255 8.08075784 5.65653049

-11 -41.910761 -123.64115 -55.49557 3.21793634

Federal Income Tax

Nova Scotia Exploration Economics Model