O&G Modeling - One Individual Field Field name: Lackawanna

Total/other 2021
General assumptions 1.0
Last year of license 2027
Valuation date is 1 January 2021
Mid-year assumption year # 0.5
Inflation rate % 1.5%
Mid-year inflation index x.x 1.01
Discount rate % 10.0%
Mid-year discount factor x.x 0.95
Oil price Real 2021 $ / b 60.0
Oil price Adjusted $/b 60.4
Royalty rate % of revenue 12.5%
Depreciation: Straight line period (useful life) years 5 --> NOTA: metodo simplificado asumiendo un
Undepreciated balance in terminal year assumed not to be written off in that year
Income tax rate % 30.0%

Field assumptions (no ELT)

Production and CAPEX Total 2021
Field "Lackawanna" oil type curve mb 476.0
Field "Lackawanna" oil production mmb 9.5 -
Field "Lackawanna" CAPEX Real 2021 $mm 240.0 240.0

CAPEX simplified assumptions: Total

Active rigs # drilling year 2.0
Wells # per year per rig 10.0
CAPEX per well Real 2021 $mm 12.0

Opex and abandonment Total

Initial annual fixed opex Real 2021 $mm 10.0 --> NOTA: unicamente años con produccion
Initial variable opex Real 2021 $/ b 7.0 --> NOTA: unicamente años con produccion
Abandonment cost (final balloon payment) Real 2021 $mm 18.0 --> NOTA: unico pago al final del concesion

Other tax deductions: Total

Balance of prior, carriable NOLs Current $mm 10

Oil production @ Lackawanna (ignoring ELT)

4
3 Lackawanna
mmb

3
2
2
1
1
-
 3 Lackawanna

mmb
3
2
2
1
1
-
2021 2022 2023 2024 2025 2026 202

Chart 2021
Lackawanna -
Title
Oil production @ Lackawanna (ignoring ELT)

Model - Lackawanna field Memo: initial oil price = $60

Lackawanna (ignoring ELT) Total/other 2021
Oil production mmb 9.5 -
Revenue Current $mm 600.0 -
Royalty Current $mm 75.0 -
Fixed opex Current $mm 63.7 -
Variable opex Current $mm 70.0 -
Gross operating cashflow (GOCF) Current $mm 391.3 0.0
Cumulative GOCF Current $mm 391.3 0.0

Lackawanna CAPEX, depreciation & abandonment Total/other 2021

Oil production mmb 9.5 -
Revenue Current $mm 600.0 -
Royalty Current $mm 75.0 -
Fixed opex Current $mm 63.7 -
Variable opex Current $mm 70.0 -
CAPEX Current $mm 241.8 241.8
Total Depreciation Current $mm 241.8
Abandonment cost Current $mm 19.8 -
Lackawanna income tax calculation Total/other 2021
Revenue Current $mm 600.0 0.0
Royalty, opex & depreciation Current $mm 450.5 0.0
Abandonment Current $mm 19.8 0.0
Taxable income / (untaxable loss) (w/o NOLs) 0.0
Prior NOLs Current $mm 10.0
Taxable income / (untaxable loss) Current $mm (10.0)
NOLs, carried forward Current $mm (10.0)
Effective Income tax charge Current $mm 35.9 -
Lackawanna Net cashflow & NPV Total/other 2021
Oil production mmb 9.5 -
Revenue Current $mm 600.0 -
Royalty Current $mm 75.0 -
Total Opex Current $mm 133.7 -
CAPEX Current $mm 241.8 241.8
Abandonment cost Current $mm 19.8 -
Effective Income tax charge Current $mm 35.9 -
Net cashflow Current $mm 93.8 (241.8)
Discounted Net Cashflow Current $mm 21.2 << NPV (230.5)
Internal Rate of Return % 14% << IRR

Undiscounted current $mm

Lackawanna Field
Memo: initial oil price = $60
Total undiscounted net cashflow= $94 mm
400

300

200

100

0
2021 2022 2023 2024 2025 2026
-100

-200

-300
Effective Income tax charge
CAPEX
Royalty, opex & abandonment
Revenue
Net Cashflow

Datos para grafico (todas las salidas de fondo en negativo)

Lackawanna Field
2021
0 Revenue 0.0
0 Royalty, opex & abandonment 0.0
0 CAPEX -241.8
0 Effective Income tax charge 0.0
0 Net Cashflow -241.8

Date 6/30/2021
 Lackawanna

2022 2023 2024 2025 2026 2027

1.5 2.5 3.5 4.5 5.5 6.5

1.02 1.04 1.05 1.07 1.09 1.10

0.87 0.79 0.72 0.65 0.59 0.54

60.0 60.0 60.0 60.0 60.0 60.0
61.4 62.3 63.2 64.2 65.1 66.1

metodo simplificado asumiendo un solo año de CAPEX

2022 2023 2024 2025 2026 2027

162.84 85.99 68.16 58.63 52.42 47.95
3.26 1.72 1.36 1.17 1.05 0.96
- - - - - -

nicamente años con produccion

nicamente años con produccion
nico pago al final del concesion

wanna (ignoring ELT)

Lackawanna
 Lackawanna

2024 2025 2026 2027

2022 2023 2024 2025 2026 2027

3.3 1.7 1.4 1.2 1.0 1.0

wanna (ignoring ELT)

2022 2023 2024 2025 2026 2027

3.3 1.7 1.4 1.2 1.0 1.0
199.8 107.1 86.2 75.2 68.3 63.4
25.0 13.4 10.8 9.4 8.5 7.9
10.2 10.4 10.5 10.7 10.9 11.0
23.3 12.5 10.1 8.8 8.0 7.4
141.3 70.8 54.8 46.4 40.9 37.0
141.3 212.1 267.0 313.3 354.2 391.3

2022 2023 2024 2025 2026 2027

3.3 1.7 1.4 1.2 1.0 1.0
199.8 107.1 86.2 75.2 68.3 63.4
25.0 13.4 10.8 9.4 8.5 7.9
10.2 10.4 10.5 10.7 10.9 11.0
23.3 12.5 10.1 8.8 8.0 7.4
- - - - - -
48.4 48.4 48.4 48.4 48.4
- - - - - 19.8
2022 2023 2024 2025 2026 2027
199.8 107.1 86.2 75.2 68.3 63.4
106.9 84.6 79.7 77.2 75.7 26.3
0.0 0.0 0.0 0.0 0.0 19.8
92.9 22.5 6.5 -2.0 -7.4 17.2
10.0 0.0 0.0 0.0 2.0 9.4
82.9 22.5 6.5 (2.0) (9.4) 7.8
0.0 0.0 0.0 (2.0) (9.4) 0.0
24.9 6.7 1.9 - - 2.3
2022 2023 2024 2025 2026 2027
3.3 1.7 1.4 1.2 1.0 1.0
199.8 107.1 86.2 75.2 68.3 63.4
25.0 13.4 10.8 9.4 8.5 7.9
 33.5 22.9 20.6 19.5 18.8 18.4
- - - - - -
- - - - - 19.8
24.9 6.7 1.9 - - 2.3
116.4 64.1 52.9 46.4 40.9 14.9
100.9 50.5 37.9 30.2 24.2 8.0

awanna Field
al oil price = $60
et cashflow= $94 mm

2024 2025 2026 2027

ncome tax charge

pex & abandonment
flow

2022 2023 2024 2025 2026 2027 Total

199.8 107.1 86.2 75.2 68.3 63.4 600.0
-58.5 -36.3 -31.4 -28.9 -27.4 -46.2 -228.5
0.0 0.0 0.0 0.0 0.0 0.0 -241.8
-24.9 -6.7 -1.9 0.0 0.0 -2.3 -35.9 Para titulo
116.4 64.1 52.9 46.4 40.9 14.9 93.8 Total undiscounted net cashflow= $94 mm

6/30/2022 6/30/2023 6/30/2024 6/30/2025 6/30/2026 6/30/2027

nted net cashflow= $94 mm