OTCPK:MAUXF - Post by User
Comment by
oullinson Apr 26, 2011 5:58pm
357 Views
Post# 18491270
RE: RE: No Respect
RE: RE: No RespectHere is the CF calculation for April
First column is with repayment to ENI and the second is without.
| Reporting date | 4/1/2011 | 4/1/2011 | Notes |
| | | | |
| Umusadege JV | UMU-1 5 6 | UMU-1 5 6 | UMU 6 partial production during Q1 |
| BOPD | 10,000 | 10,000 | |
| Field Production bbl | 250,000 | 250,000 | 25 days of production per month (Jan actual) |
| ENI repayment bbl | 50,000 | | Reimbursment of ENI for allocated pipeline credit in Q4 2010 |
| NetField Production bbl | 200,000 | 250,000 | |
| Sales Price US$/bbl | $126 | $126 | Average price per bbl for Bonny oil |
| JV Oil Revenue US$ | $25,200,000 | $31,500,000 | |
| Royalty US$ | $2,772,000 | $3,465,000 | Variable royalty rate |
| OPEX US$ | $2,268,000 | $2,835,000 | |
| G&A US$ | $800,000 | $800,000 | |
| Abandonment US$ | $60,000 | $60,000 | |
| NDDC US$ | $170,000 | $170,000 | |
| Total Expense US$ | $6,070,000 | $7,330,000 | |
| Field Netback US$ | $19,130,000 | $24,170,000 | |
| | | | |
| Mart Share of JV: | | | |
| Cost Oil Recovered | $3,000,000 | $3,000,000 | Exploration expenses returned to Mart. Assuming 1 well per quarter |
| Profit Oil US$ | $9,565,000 | $12,085,000 | |
| G&A US$ | $170,000 | $170,000 | |
| Mart cashflow | $12,735,000 | $15,255,000 | |
| | | | |
| Mart Cashflow anualized | $152,820,000 | $183,060,000 | |
| | | | |
| cashflow per share |
.46 |
.55 | |
| | | | |
| Share price at 3X cashflow | $1.37 | $1.64 | |
| Share price at 5X cashflow | $2.29 | $2.74 | |