ORTOIRE INDEPENDENT PROSPECT EVALUATION - Jan.17, 2019Check out the expectation for light and medium oil. And the present value of unrisked potential discoveries and then consider that the company found more than expected with both the gas and the oil discovery. And yes that is a best case net present value at 0% discount of $1.7 billion.
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Summary of Total Company Interest Prospective Resources (Prospect)(5)(7)(8)(9)(10)
The following is a summary of GLJ's estimate of the Risked Recoverable Volumes associated with the Company's Prospective Resources (Prospect) including Light and Medium Oil, Residue Gas, Natural Gas Liquids, and Oil Equivalent for the Company's Ortoire exploration prospects. For the Company's Prospective Resources, GLJ estimated the average Chance of Commerciality of these targets to be 33.9% as the calculated product of the Chance of Development (average 95.0%) and Chance of Discovery (average 35.7%).
Product Type
Risked
Low Estimate(2)
Best Estimate(3)
High Estimate(4) Gross Net(1) Gross Net(1) Gross Net(1)
Light & Medium Oil (Mbbl) 678 542 2,668 2,134 8,024 6,419
Residue Gas (MMcf) 6,250 5,000 27,184 21,747 71,895 57,516
Natural Gas Liquids (Mbbl) 146 117 783 626 2,543 2,034
Oil Equivalent (Mboe) 1,865 1,492 7,981 6,385 22,549 18,039
Net Present Value
Summary of Total Company Interest Net Present Value Contingent Resources (Development Pending)(1)
The following table summarizes GLJ's estimate of the Unrisked Net Present Value associated with the Company's Contingent Resources (Development Pending).
Net Present Values Before Income Taxes Discounted at (% per year) ($000's)
Unrisked
Low Estimate(2) Best Estimate(3) High Estimate(4)
0% 19,615 61,287 158,627
5% 14,352 45,901 114,309
10% 10,585 35,434 86,860
15% 7,817 28,001 68,452 20% 5,736 22,540 55,405
Summary of Total Company Interest Net Present Value Prospective Resources (Prospect)(1)
Below is a summary of GLJ's estimate of the Unrisked Net Present Value associated with the Company's Prospective Resources (Prospect).
Net Present Values Before Income Taxes Discounted at (% per year) ($000's)
Unrisked
Low Estimate(2) Best Estimate(3) High Estimate(4)
0% 74,045 487,947 1,712,406
5% 48,020 319,851 1,009,326
10% 31,410 219,666 649,688
15% 20,421 156,236 443,369
20% 12,940 114,176 315,803