WISR Ltd V.WZR

RE:Evaluation comparison

[FreddW]

Oops, I was too quick and forgot to adjust for WZR working interest of 40%. So it will be between 0,62  to 1,28 dollar / barrel instead. But I was on the other hand a bit conservative with Shamarans 3.3 dollars / barrel. Removing the gas like I did for WZR changes it to 3.7 dollar / barrel. Also looking at the fiscal terms, WZR pays a capacity building bonus of  3% and Shamaran 30% of profit oil and R-factor is 16% to 35% for WZR and looks like its (from the latest presentation) 12% to 23% for Atrush which translates to that WZR gets 1.85 to 2.11 times more from profit oil or 6.8 to 7.8 dollars/barrel. But this is after cost recover which complicates it. However WZR has 533 million dollars of cost recovery pool and if I read Shamarans Q1 report correcty, then they have 58 million dollars in cost recovery pool. So I think 6.8 to 7.8 dollars per barrel is ok to use then and Shamarans debt is still not included which would increase it further.  I hope I got it fairly correct this time.