Excel Ekonomi Skenario BTZ 1

WORKOVER / KUPL (WELL) 0
DRILLING ( WELL ) 3
WELL SERVICE 3
PERIOD 2021
NO UNIT COST
WORK ITEM COST (USD)
(USD)
I. CAPITAL COST
DRILLING 459443.382 1378330.14635

Semen
Fluida Lumpur
Cementing Unit
RIG
1
Bit
Casing
DP
DC
Stabilizer
COMPLETION 18000 18000

Production Casing
Tubing
Packer
2 Landing Nipple
Flow Coupling
Blast Joint
Circulation Device
SSSV
WORKOVER & WELL

9000 27000
3 SERVICE
Logging
PRODUCTION & SURFACE

618751.13 1856253.39299
FACILITIES
Flowline
Manifold
Xmasstree
Separator
4
FWKO
Gas Scrubber
Water Storage Tank
Oil Storage Tank
Oil Skimmer
ESP
Flare
HSE & CSR 141117.6 423352.8
Health
Safety Work
5 Environment
Education
Heatlth
Entrepreneurship
ASR 143522.157148 430566.471444

Plugging
Rig
H2S Safety
6
Destruction Prod. Facilities
Transportation
Storage
Restoration
SUB TOTAL CAPITAL 4133502.81078
II. NONCAPITAL COST
DRILLING 306295.588 918886.764236

Semen
Fluida Lumpur
Cementing Unit
RIG
1
Bit
Casing
DP
DC
Stabilizer
COMPLETION 6000 18000

Production Casing
Tubing
Packer
2 Landing Nipple
Flow Coupling
Blast Joint
Circulation Device
SSSV
WORKOVER & WELL

10000 30000
3 SERVICE
Logging
PRODUCTION & SURFACE

412500.75 1237502.26199
FACILITIES
4
Flowline
Manifold
Separator
FWKO
4
Gas Scrubber
Water Storage Tank
Oil Storage Tank
Oil Skimmer
ESP
Flare
HSE & CSR 94078.4 282235.2

Health
Safety Work
5 Environment
Education
Heatlth
Entrepreneurship
ASR 95681.43809866 287044.314296

Plugging
Rig
H2S Safety
6
Destruction Prod. Facilities
Transportation
Storage
Restoration
SUNK COST 0 0
7 Geological, Geophysical &
Engineering Study
SUB TOTAL NON CAPITAL 2773668.54052

III. OPERATING EXPENDITURE
GENERAL &
390000 390000
ADMINISTRATION
Finance & Administration 50000
Technical Services 250000
1
Transportation Cost 30000
Salary & Personnel
50000
Expenditure
Community Development 10000
OPERATING COST 220000 220000
Ordinary Operating Costs 100000
Maintenance 50000
2
Modifications 30000
Logistics Costs 30000
2
other Operational Support 10000

SUB TOTAL OPERATING EXPENDITURE 610000
TOTAL INVESMENT 15034342.7026
0 0 0 0 0 0 0 0
1 1 0 0 0 0 0 0
0 0 0 0 3 0 0 0
2022 2023 2024 2025 2026 2027 2028 2029
COST COST COST COST COST
COST (USD) COST (USD) COST (USD)
(USD) (USD) (USD) (USD) (USD)
459443.38212 459443.382 0 0 0 0 0 0
18000 18000 0 0 0 0 0 0
0 0 0 0 27000 0 0 0
618751.131 618751.131 0 0 0 0 0 0
141117.6 141117.6 0 0 0 0 0 0
574088.62859 574088.629 574088.6286 22080.331869 22080.33 22080.33 22080.33 22080.33
1811400.7417 1811400.74 574088.6286 22080.331869 49080.33 22080.33 22080.33 22080.33
306295.58808 306295.588 0 0 0 0 0 0
6000 6000 0 0 0 0 0 0
0 0 0 0 30000 0 0 0
412500.754 412500.754 0 0 0 0 0 0
94078.4 94078.4 0 0 0 0 0 0
382725.75239 382725.752 382725.7524 14720.221246 14720.22 14720.22 14720.22 14720.22
0 0 0 0 0 0 0 0
1201600.4945 1201600.49 382725.7524 14720.221246 44720.22 14720.22 14720.22 14720.22
390000 390000 390000 390000 390000 390000 390000 390000
220000 220000 220000 220000 220000 220000 220000 220000

610000 610000 610000 610000 610000 610000 610000 610000
7246002.4724 7246002.47 3133628.762 1293601.1062 1407601 1293601 1293601 1293601
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 3 0 0 0 0 3 0 0 0
2030 2031 2032 2033 2034 2035 2036 2037 2038 2039
COST COST COST COST COST COST COST COST COST COST
(USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD)
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 27000 0 0 0 0 27000 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
22080.33 22080.332 22080.33 22080.33 22080.33 22080.33 22080.33 22080.33 22080.33 22080.33
22080.33 49080.332 22080.33 22080.33 22080.33 22080.33 49080.33 22080.33 22080.33 22080.33
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 30000 0 0 0 0 30000 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
14720.22 14720.221 14720.22 14720.22 14720.22 14720.22 14720.22 14720.22 14720.22 14720.22
0 0 0 0 0 0 0 0 0 0
14720.22 44720.221 14720.22 14720.22 14720.22 14720.22 44720.22 14720.22 14720.22 14720.22
390000 390000 390000 390000 390000 390000 390000 390000 390000 390000
220000 220000 220000 220000 220000 220000 220000 220000 220000 220000
610000 610000 610000 610000 610000 610000 610000 610000 610000 610000
1293601 1407601 1293601 1293601 1293601 1293601 1407601 1293601 1293601 1293601
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 3 0 0 0 0 3 0 0 0
2040 2041 2042 2043 2044 2045 2046 2047 2048 2049
COST COST COST COST COST COST COST COST COST COST
(USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD) (USD)
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 27000 0 0 0 0 27000 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
22080.33 22080.332 22080.33 22080.33 22080.33 22080.33 22080.33 22080.33 22080.33 22080.33
22080.33 49080.332 22080.33 22080.33 22080.33 22080.33 49080.33 22080.33 22080.33 22080.33
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 30000 0 0 0 0 30000 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
14720.22 14720.221 14720.22 14720.22 14720.22 14720.22 14720.22 14720.22 14720.22 14720.22
0 0 0 0 0 0 0 0 0 0
14720.22 44720.221 14720.22 14720.22 14720.22 14720.22 44720.22 14720.22 14720.22 14720.22
390000 390000 390000 390000 390000 390000 390000 390000 390000 390000
220000 220000 220000 220000 220000 220000 220000 220000 220000 220000
610000 610000 610000 610000 610000 610000 610000 610000 610000 610000
1293601 1407601 1293601 1293601 1293601 1293601 1407601 1293601 1293601 1293601
0 0
0 0
0 3
2050 2051
COST COST TOTAL
(USD) (USD)
0 0 2297216.9106
0 0 54000
0 27000 189000
0 0 3093755.655
0 0 705588
22080.33 22080.332 2749001.3177
22080.33 49080.332 9088561.8832
0 0 1531478
0 0 30000
0 30000 210000
0 0 2062503.77
0 0 470392
14720.22 14720.221 1832667.5451
0 0 0
14720.22 44720.221 6137041
390000 390000 12090000
220000 220000 6820000

610000 610000 18910000
1293601 1407601 68271206.277
CUMULATIF OIL PRODUCTION SKENARIO 1
Cum Oil Production SENSITIVITAS
No. Year
MMSTB 50% 100% 150%
0 2012 0.0104 0.005 0.010 0.016
1 2013 0.0346 0.017 0.035 0.052
2 2014 0.0597 0.030 0.060 0.090
3 2015 0.0854 0.043 0.085 0.128
4 2016 0.1120 0.056 0.112 0.168
5 2017 0.1393 0.070 0.139 0.209
6 2018 0.1659 0.083 0.166 0.249
7 2019 0.1925 0.096 0.193 0.289
8 2020 0.2200 0.110 0.220 0.330
9 2021 0.2481 0.124 0.248 0.372
10 2022 0.5482 0.274 0.548 0.822
11 2023 0.8389 0.419 0.839 1.258
12 2024 1.0507 0.525 1.051 1.576
13 2025 1.1950 0.597 1.195 1.792
14 2026 1.3079 0.654 1.308 1.962
15 2027 1.3993 0.700 1.399 2.099
16 2028 1.4746 0.737 1.475 2.212
17 2029 1.5389 0.769 1.539 2.308
18 2030 1.5946 0.797 1.595 2.392
19 2031 1.6432 0.822 1.643 2.465
20 2032 1.6862 0.843 1.686 2.529
21 2033 1.7217 0.861 1.722 2.583
22 2034 1.7529 0.876 1.753 2.629
23 2035 1.7811 0.891 1.781 2.672
24 2036 1.8075 0.904 1.808 2.711
25 2037 1.8319 0.916 1.832 2.748
26 2038 1.8543 0.927 1.854 2.781
27 2039 1.8748 0.937 1.875 2.812
28 2040 1.8937 0.947 1.894 2.841
29 2041 1.9111 0.956 1.911 2.867
30 2042 1.9272 0.964 1.927 2.891
31 2043 1.9421 0.971 1.942 2.913
32 2044 1.9536 0.977 1.954 2.930
33 2045 1.9636 0.982 1.964 2.945
34 2046 1.9710 0.986 1.971 2.957
35 2047 1.9780 0.989 1.978 2.967
36 2048 1.9849 0.992 1.985 2.977
37 2049 1.9916 0.996 1.992 2.987
38 2050 1.9982 0.999 1.998 2.997
39 2051 2.0047 1.002 2.005 3.007
INCREMENTAL OIL PRODUCTION PER YEAR SKENARIO 1
Oil Production SENSITIVITAS
No. Year
MMSTB 50% 100% 150%
0 2012 0 0.005 0.010 0.016
1 2013 0.02425 0.012 0.024 0.036
2 2014 0.02508 0.013 0.025 0.038
3 2015 0.02572 0.013 0.026 0.039
4 2016 0.02652 0.013 0.027 0.040
5 2017 0.02730 0.014 0.027 0.041
6 2018 0.02666 0.013 0.027 0.040
7 2019 0.02662 0.013 0.027 0.040
8 2020 0.02746 0.014 0.027 0.041
9 2021 0.02816 0.014 0.028 0.042
10 2022 0.30006 0.150 0.300 0.450
11 2023 0.29073 0.145 0.291 0.436
12 2024 0.21178 0.106 0.212 0.318
13 2025 0.14423 0.072 0.144 0.216
14 2026 0.11298 0.056 0.113 0.169
15 2027 0.09137 0.046 0.091 0.137
16 2028 0.07527 0.038 0.075 0.113
17 2029 0.06431 0.032 0.064 0.096
18 2030 0.05570 0.028 0.056 0.084
19 2031 0.04866 0.024 0.049 0.073
20 2032 0.04292 0.021 0.043 0.064
21 2033 0.03553 0.018 0.036 0.053
22 2034 0.03115 0.016 0.031 0.047
23 2035 0.02821 0.014 0.028 0.042
24 2036 0.02645 0.013 0.026 0.040
25 2037 0.02443 0.012 0.024 0.037
26 2038 0.02236 0.011 0.022 0.034
27 2039 0.02051 0.010 0.021 0.031
28 2040 0.01891 0.009 0.019 0.028
29 2041 0.01740 0.009 0.017 0.026
30 2042 0.01611 0.008 0.016 0.024
31 2043 0.01488 0.007 0.015 0.022
32 2044 0.01149 0.006 0.011 0.017
33 2045 0.01001 0.005 0.010 0.015
34 2046 0.00745 0.004 0.007 0.011
35 2047 0.00696 0.003 0.007 0.010
36 2048 0.00689 0.003 0.007 0.010
37 2049 0.00670 0.003 0.007 0.010
38 2050 0.00659 0.003 0.007 0.010
39 2051 0.00648 0.003 0.006 0.010
Skenario Pengembangan Lapangan
No Parameter Keekonomian
Skenario 1
1 Oil prod (MMSTB) 1.785
2 Oil price (US$/STB) 101.4
3 Gross Revenue (MMUS$) 203.291
4 Investment (MMUS$) 15.502
5 Opex 23.201
7 Net Government Take (MMUS$) 117.558
8 Net Contractor Take (MMUS$) 33.800
9 NPV @10% 999.503
10 ROR (%) 114.78%
11 DPIR 64.477
12 PIR 3.034
13 POT (years) 1.790
Metode Depresiasi : Declining Balance Balloon
Depresiasi dilakukan selama 5 tahun
Di = K*R(1-R)^(i-1)
R= 1/N = 0.200
N= 5 thn
0 1 2 3
Investasi Capital
Tahun Ke- Tahun 2021 2022 2023 2024
(MMUSD) (MMUSD) (MMUSD) (MMUSD) (MMUSD)
0 2021 4.134 0.82670 0.66136 0.52909
1 2022 1.811 0.28982 0.23186
2 2023 1.811 0.23186
3 2024 0.574
4 2025 0.022
5 2026 0.049
6 2027 0.022
7 2028 0.022
8 2029 0.022
9 2030 0.022
10 2031 0.049
11 2032 0.022
12 2033 0.022
13 2034 0.022
14 2035 0.022
15 2036 0.049
16 2037 0.022
17 2038 0.022
18 2039 0.022
19 2040 0.022
20 2041 0.049
21 2042 0.022
22 2043 0.022
23 2044 0.022
24 2045 0.022
25 2046 0.049
26 2047 0.022
27 2048 0.022
28 2049 0.022
29 2050 0.022
30 2051 0.049
Total 9.088562 - 0.83 0.95 0.99
4 5 6 7 8 9 10
2025 2026 2027 2028 2029 2030 2031
(MMUSD) (MMUSD) (MMUSD) (MMUSD) (MMUSD) (MMUSD) (MMUSD)
0.42327 0.33862 1.02081
0.18549 0.14839 0.11871 1.62620
0.18549 0.14839 0.11871 0.09497 2.00473
0.05879 0.04703 0.03762 0.03010 0.02408 0.56471
0.00181 0.00145 0.00116 0.00093 0.00074 0.02400
0.00322 0.00257 0.00206 0.00165 0.00132
0.00116 0.00093 0.00074 0.00059
0.00093 0.00074 0.00059
0.00074 0.00059
0.00059
0.85 0.68 1.30 1.76 2.03 0.57 0.03

11 12 13 14 15 16 17 18
2032 2033 2034 2035 2036 2037 2038 2039
(MMUSD) (MMUSD) (MMUSD) (MMUSD) (MMUSD) (MMUSD) (MMUSD) (MMUSD)
0.04688
0.00047 0.02728
0.00047 0.00038 0.02845
0.00047 0.00038 0.00030 0.02938
0.00047 0.00038 0.00030 0.00024 0.03013
0.00105 0.00084 0.00067 0.00054 0.00043 0.05578
0.00038 0.00030 0.00024 0.00019 0.00016 0.03121
0.00030 0.00024 0.00019 0.00016 0.00012 0.03159
0.00024 0.00019 0.00016 0.00012 0.00010
0.00019 0.00016 0.00012 0.00010
0.00035 0.00028 0.00022
0.00012 0.00010
0.00010
0.05 0.03 0.03 0.03 0.03 0.06 0.03 0.03

19 20 21 22 23 24 25 26
2040 2041 2042 2043 2044 2045 2046 2047
(MMUSD) (MMUSD) (MMUSD) (MMUSD) (MMUSD) (MMUSD) (MMUSD) (MMUSD)
0.03190
0.00008 0.03214
0.00018 0.00014 0.05870
0.00008 0.00006 0.00005 0.03249
0.00008 0.00006 0.00005 0.00004 0.03262
0.00008 0.00006 0.00005 0.00004 0.00003 0.03272
0.00006 0.00005 0.00004 0.00003 0.00003 0.03280
0.00011 0.00009 0.00007 0.00006 0.00005 0.05965
0.00004 0.00003 0.00003 0.00002 0.00002
0.00003 0.00003 0.00002 0.00002
0.00003 0.00002 0.00002
0.00002 0.00002
0.00004
0.03 0.03 0.06 0.03 0.03 0.03 0.03 0.06

27 28 29 30 Total
2048 2049 2050 2051 Depretiation
(MMUSD) (MMUSD) (MMUSD) (MMUSD) US$
3.79984
2.60047
2.78414
0.76232
0.03008
0.05769
0.03117
0.03156
0.03188
0.03212
0.05932
0.03248
0.03261
0.03271
0.03279
0.05986
0.03291
0.03295
0.03299
0.03301
0.06003
0.03292 0.03305
0.00001 0.03292 0.03302
0.00001 0.00001 0.03292 0.03300
0.00001 0.00001 0.00001 0.02201 0.02208
0.00003 0.00002 0.00002 0.04897 0.04908
0.00001 0.00001 0.00001 0.02205 0.02208
0.00001 0.00001 0.02206 0.02208
0.00001 0.02207 0.02208
0.02208 0.02208
0.04908 0.04908
0.03 0.03 0.03 0.21
FIELD ECONOMIC
ASSUMPTION :
INVESTMENT : 15.5018 MMUSD

OIL PRICE : 101.43 USD/STB
DISCOUNT RATE : 10%
ESCALATION RATE : 2%
FTP : 20%
1 2 3 4 5 6
Time Annual Prod. INVESTMENT Eskalasi
Y Capital Non Capital

e
a
r 2%
Year MMSTB (MMUS$) (MMUS$)
0 2021 0.02816 4.13350 2.7736685 0.980

1 2022 0.30006 1.81140 1.2016005 1.000
2 2023 0.29073 1.81140 1.2016005 1.020
3 2024 0.21178 0.57409 0.3827258 1.040
4 2025 0.14423 0.02208 0.0147202 1.061
5 2026 0.11298 0.04908 0.0447202 1.082
6 2027 0.09137 0.02208 0.0147202 1.104
7 2028 0.07527 0.02208 0.0147202 1.126
8 2029 0.06431 0.02208 0.0147202 1.149
9 2030 0.05570 0.02208 0.0147202 1.172
10 2031 0.04866 0.04908 0.0447202 1.195
11 2032 0.04292 0.02208 0.0147202 1.219
12 2033 0.03553 0.02208 0.0147202 1.243
13 2034 0.03115 0.02208 0.0147202 1.268
14 2035 0.02821 0.02208 0.0147202 1.294
15 2036 0.02645 0.04908 0.0447202 1.319
16 2037 0.02443 0.02208 0.0147202 1.346
17 2038 0.02236 0.02208 0.0147202 1.373
18 2039 0.02051 0.02208 0.0147202 1.400
19 2040 0.01891 0.02208 0.0147202 1.428
20 2041 0.01740 0.04908 0.0447202 1.457
21 2042 0.01611 0.02208 0.0147202 1.486
22 2043 0.01488 0.02208 0.0147202 1.516
23 2044 0.01149 0.02208 0.0147202 1.546
24 2045 0.01001 0.02208 0.0147202 1.577
25 2046 0.00745 0.04908 0.0447202 1.608
26 2047 0.00696 0.02208 0.0147202 1.641
27 2048 0.00689 0.02208 0.0147202 1.673
28 2049 0.00670 0.02208 0.0147202 1.707
29 2050 0.00659 0.02208 0.0147202 1.741
30 2051 0.00648 0.04908 0.0447202 1.776
1.78467 9.089 6.137 41.54847
PROJECT :
"KOMPRETULESYEN-19" FIELD SHARE BEFORE TAX
GOVERNMENT SHARE BEFORE TAX
INVESTMENT CREDIT
OPEX
DMO
DMO Fee
Surface Facility Cost
INCOME TAX
SHARE AFTER TAX
7 8 9 10
INVESTMENT Depreciation Esc. Oil Price Operating Gross Revenue
ESKALASI Decline Cost
Capital ( DDL ) ( Opex ) ( GR )
(MMUS$) (MMUS$) (MMUS$) (MMUS$) (MMUS$)
4.052 0.0000000 99.441 0.366 2.800

1.811 0.8267006 101.430 3.901 30.435
1.848 0.9511846 103.459 3.779 30.078
0.597 1.70 105.528 2.753 22.348
0.023 1.45 107.638 1.875 15.525
0.053 1.16 109.791 1.469 12.404
0.024 0.67 111.987 1.188 10.233
0.025 0.67 114.227 0.979 8.598
0.025 0.67 116.511 0.836 7.493
0.026 0.67 118.841 0.724 6.620
0.059 0.67 121.218 0.633 5.899
0.027 0.67 123.643 0.558 5.307
0.027 0.67 126.115 0.462 4.481
0.028 0.67 128.638 0.405 4.008
0.029 0.67 131.211 0.367 3.702
0.065 0.67 133.835 0.344 3.540
0.030 0.67 136.511 0.318 3.335
0.030 0.67 139.242 0.291 3.113
0.031 0.67 142.026 0.267 2.913
0.032 0.67 144.867 0.246 2.739
0.072 0.67 147.764 0.226 2.570
0.033 0.67 150.720 0.209 2.428
0.033 0.67 153.734 0.193 2.287
0.034 0.67 156.809 0.149 1.802
0.035 0.67 159.945 0.130 1.601
0.079 0.67 163.144 0.097 1.215
0.036 0.67 166.407 0.090 1.158
0.037 0.67 169.735 0.090 1.169
0.038 0.67 173.129 0.087 1.160
0.038 0.67 176.592 0.086 1.164
0.087 0.67 180.124 0.084 1.167
9.36478 22.92512 4,214.26145 23.20075 203.29111
NCF dan POT

1200.00000
1000.00000
800.00000
600.00000
400.00000
200.00000
0.00000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
-200.00000
NCF POT
ECONOMIC :
: 40% Total NCF
: 60% NPV @ DF=10%
: 0% ROR (Rate Of Return)
: 13.0 USD/STB PIR
: 25% DPIR
: 25% POT (Pay Out Time)
: 0 USD/STB
: 30%
: 30%
11 12 13 14 15
FTP GR - FTP Recoverable Cost
20% UR CR REC
0.560 2.240 0 3.140 2.140

6.087 24.348 3 5.929 8.069
6.016 24.063 0 5.932 4.932
4.470 17.879 6 4.840 9.772
3.105 12.420 0 3.341 2.341
2.481 9.924 3 2.678 5.019
2.047 8.186 0 1.876 0.876
1.720 6.878 2 1.666 2.542
1.499 5.994 0 1.524 0.524
1.324 5.296 2 1.412 1.936
1.180 4.719 0 1.350 0.350
1.061 4.246 1 1.246 1.596
0.896 3.585 0 1.150 0.150
0.802 3.206 1 1.093 1.243
0.740 2.962 0 1.055 0.055
0.708 2.832 1 1.062 1.116
0.667 2.668 0 1.005 0.005
0.623 2.490 1 0.978 0.984
0.583 2.330 0 0.954 -0.046
0.548 2.191 1 0.934 0.888
0.514 2.056 2 0.944 1.832
0.486 1.942 0 0.897 -0.103
0.457 1.830 1 0.881 0.778
0.360 1.442 2 0.837 1.616
0.320 1.281 0 0.818 -0.182
0.243 0.972 1 0.815 0.633
0.232 0.926 2 0.778 1.411
0.234 0.935 0 0.777 -0.223
0.232 0.928 1 0.775 0.552
0.233 0.931 2 0.773 1.326
0.233 0.933 0 0.802 -0.198
40.65822 162.63288 30.67111 52.26291 51.93401
NCF dan POT 20.000
15.000
10.000
5.000
0.000
1 2 3 4 5 6 7 8 9 10 11 1
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
-5.000
NCF POT
SUMMARY :
: 47.03 MMUS$ Gross Income :
: 999.50 MMUS$ :
: 114.78% Investment :
: 3.03 Operating Cost :
: 64.48 Net Contractor Take :
: 1.79 Years Net Government Take :
: Total :
0.00
16 17 18 19 20 21
Equity to be Government Contractor DMO
Split Share Share
( ETS ) ( GS ) ( PS ) Gross DMO DMO fee DMO
(MMUS$) (MMUS$) (MMUS$) (MMUS$) (MMUS$) (MMUS$)
0.101 0.060 0.040 0.010 0.003 0.0075426

16.279 9.768 6.512 1.628 0.407 1.2209587
19.130 11.478 7.652 1.913 0.478 1.4347785
8.106 4.864 3.242 0.811 0.203 0.6079597
10.079 6.047 4.031 1.008 0.252 0.7559014
4.905 2.943 1.962 0.490 0.123 0.3678409
7.310 4.386 2.924 0.731 0.183 0.5482867
4.336 2.602 1.734 0.434 0.108 0.3252185
5.470 3.282 2.188 0.547 0.137 0.4102710
3.360 2.016 1.344 0.336 0.084 0.2520008
4.368 2.621 1.747 0.437 0.109 0.3276336
2.649 1.590 1.060 0.265 0.066 0.1987003
3.435 2.061 1.374 0.343 0.086 0.2576235
1.964 1.178 0.785 0.196 0.049 0.1472726
2.907 1.744 1.163 0.291 0.073 0.2180280
1.716 1.029 0.686 0.172 0.043 0.1286658
2.662 1.597 1.065 0.266 0.067 0.1996729
1.507 0.904 0.603 0.151 0.038 0.1129893
2.376 1.426 0.950 0.238 0.059 0.1781964
1.303 0.782 0.521 0.130 0.033 0.0977229
0.224 0.135 0.090 0.022 0.006 0.0168302
2.045 1.227 0.818 0.204 0.051 0.1533703
1.051 0.631 0.421 0.105 0.026 0.0788480
-0.174 -0.104 -0.070 -0.017 0.000 -0.0173791
1.463 0.878 0.585 0.146 0.037 0.1096967
0.340 0.204 0.136 0.034 0.008 0.0254745
-0.485 -0.291 -0.194 -0.048 0.000 -0.0484665
1.158 0.695 0.463 0.116 0.029 0.0868524
0.376 0.226 0.150 0.038 0.009 0.0282072
-0.395 -0.237 -0.158 -0.039 0.000 -0.0394513
1.131 0.679 0.453 0.113 0.028 0.0848446
110.69887 66.41932 44.27955 11.06989 2.79380 8.27609
NCT dan NGT
N
C
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 T
NCT NGT
203.29 MMUS$
15.50 MMUS$
23.20 MMUS$
33.80 MMUS$
117.56 MMUS$
190.06 MMUS$
22 23 24 25 24 25
Taxable Tax Net Net Undiscounted Contractor Cash Flow
Income Contractor Government
( TI ) ( Take
NCT ) Take )
( NGT Cash In Cash Out
(TCS) (EXP)
0.313 0.125 0.188 0.473 2.327 7.192

8.334 3.334 5.001 17.366 13.070 6.914
9.225 3.690 5.535 19.611 10.467 6.829
4.869 1.948 2.922 9.654 12.694 3.733
4.828 1.931 2.897 10.287 5.238 1.913
2.834 1.134 1.701 5.685 6.720 1.567
3.399 1.360 2.040 7.318 2.915 1.227
2.269 0.908 1.361 4.694 3.903 1.018
2.527 1.011 1.516 5.453 2.040 0.876
1.754 0.702 1.052 3.632 2.988 0.765
2.010 0.804 1.206 4.342 1.556 0.736
1.392 0.557 0.835 2.876 2.431 0.600
1.564 0.626 0.939 3.392 1.088 0.504
1.039 0.416 0.623 2.142 1.866 0.448
1.315 0.526 0.789 2.858 0.844 0.410
0.912 0.365 0.547 1.877 1.663 0.453
1.199 0.479 0.719 2.610 0.725 0.362
0.801 0.320 0.481 1.649 1.464 0.336
1.063 0.425 0.638 2.320 0.593 0.312
0.697 0.279 0.418 1.432 1.306 0.292
0.330 0.132 0.198 0.541 2.030 0.342
0.907 0.363 0.544 1.986 0.442 0.257
0.570 0.228 0.342 1.167 1.121 0.242
0.128 0.051 0.077 0.110 1.692 0.198
0.635 0.254 0.381 1.402 0.199 0.180
0.232 0.093 0.139 0.444 0.772 0.220
-0.030 -0.012 -0.018 -0.235 1.393 0.141
0.493 0.197 0.296 1.096 0.073 0.141
0.238 0.095 0.143 0.465 0.695 0.140
-0.002 -0.001 -0.001 -0.161 1.325 0.139
0.484 0.194 0.291 1.074 0.093 0.216
56.33257 22.53303 33.79954 117.55755 85.73355 38.70257
N
C
30 31 T
26 27 28 29 30 31
Contractor Cash Flow Cumulatif Discount Factor Discounted Contractor Cash Flow
Net Cash Cash In Cash Out Net Cash

Flow NCF (DF) Flow
(NCF) (Undisc. 12% (TCS) (EXP) (NPV)
NCF)
-4.865 -4.865 0.99051 2.30533 7.12400 -4.81867

6.156 1.291 0.99051 12.94554 6.84824 1.27862
3.639 4.930 0.99051 10.36808 6.76391 4.88279
8.961 13.891 0.99051 12.57364 3.69768 13.75874
3.325 17.216 0.99051 5.18864 1.89506 17.05232
5.153 22.369 0.99051 6.65596 1.55176 22.15652
1.688 24.057 0.99051 2.88752 1.21532 23.82872
2.885 26.942 0.99051 3.86638 1.00843 26.68666
1.164 28.106 0.99051 2.02072 0.86778 27.83960
2.223 30.330 0.99051 2.95977 0.75746 30.04191
0.820 31.150 0.99051 1.54139 0.72898 30.85432
1.832 32.981 0.99051 2.40814 0.59392 32.66854
0.584 33.566 0.99051 1.07803 0.49928 33.24729
1.418 34.984 0.99051 1.84817 0.44349 34.65198
0.434 35.417 0.99051 0.83558 0.40618 35.08138
1.210 36.627 0.99051 1.64736 0.44901 36.27973
0.363 36.990 0.99051 0.71770 0.35856 36.63888
1.129 38.118 0.99051 1.45044 0.33248 37.75684
0.280 38.399 0.99051 0.58690 0.30931 38.03444
1.014 39.413 0.99051 1.29401 0.28925 39.03920
1.688 41.101 0.99051 2.01068 0.33912 40.71076
0.185 41.285 0.99051 0.43743 0.25449 40.89370
0.879 42.164 0.99051 1.11000 0.23930 41.76441
1.494 43.659 0.99051 1.67642 0.19639 43.24444
0.020 43.678 0.99051 0.19726 0.17793 43.26376
0.551 44.229 0.99051 0.76437 0.21841 43.80972
1.252 45.481 0.99051 1.37978 0.14004 45.04947
-0.068 45.413 0.99051 0.07263 0.13988 44.98221
0.556 45.969 0.99051 0.68867 0.13822 45.53266
1.186 47.154 0.99051 1.31206 0.13754 46.70718
-0.123 47.031 0.99051 0.09171 0.21402 46.58486
47.03099 1,009.07480 30.70594 84.92031 38.33544 999.50298
32
Cumulatif
Discounted
Contractor
NCF
(Disc. NPV)
(MMUS$)
-4.81867
-3.54005
1.34274
15.10148
32.15380
54.31033
78.13904
104.82571
132.66531
162.70723
193.56155
226.23008
259.47738
294.12935
329.21073
365.49046
402.12934
439.88618
477.92061
516.95981
557.67057
598.56427
640.32868
683.57311
726.83687
770.64660
815.69607
860.67828
906.21094
952.91811
999.50298
12,590.50889
FIELD ECONOMIC
ASSUMPTION :

DISCOUNT RATE : 10%
FTP : 20%
1 2 3 4 5 6

e
a
r 4%
0 2021 0.01408 4.13350 2.7736685 0.980

1 2022 0.15003 1.81140 1.2016005 1.000
2 2023 0.14536 1.81140 1.2016005 1.020
3 2024 0.10589 0.57409 0.3827258 1.040
4 2025 0.07212 0.02208 0.0147202 1.061
5 2026 0.05649 0.04908 0.0447202 1.082
6 2027 0.04569 0.02208 0.0147202 1.104
7 2028 0.03763 0.02208 0.0147202 1.126
8 2029 0.03215 0.02208 0.0147202 1.149
9 2030 0.02785 0.02208 0.0147202 1.172
10 2031 0.02433 0.04908 0.0447202 1.195
11 2032 0.02146 0.02208 0.0147202 1.219
12 2033 0.01776 0.02208 0.0147202 1.243
13 2034 0.01558 0.02208 0.0147202 1.268
14 2035 0.01411 0.02208 0.0147202 1.294
15 2036 0.01322 0.04908 0.0447202 1.319
16 2037 0.01221 0.02208 0.0147202 1.346
17 2038 0.01118 0.02208 0.0147202 1.373
18 2039 0.01026 0.02208 0.0147202 1.400
19 2040 0.00945 0.02208 0.0147202 1.428
20 2041 0.00870 0.04908 0.0447202 1.457
21 2042 0.00805 0.02208 0.0147202 1.486
22 2043 0.00744 0.02208 0.0147202 1.516
23 2044 0.00575 0.02208 0.0147202 1.546
24 2045 0.00500 0.02208 0.0147202 1.577
25 2046 0.00372 0.04908 0.0447202 1.608
26 2047 0.00348 0.02208 0.0147202 1.641
27 2048 0.00344 0.02208 0.0147202 1.673
28 2049 0.00335 0.02208 0.0147202 1.707
29 2050 0.00330 0.02208 0.0147202 1.741
30 2051 0.00324 0.04908 0.0447202 1.776
0.89234 9.089 6.137 41.54847
PROJECT :
INVESTMENT CREDIT
OPEX
DMO
DMO Fee
INCOME TAX
SHARE AFTER TAX
7 8 9 10
ESKALASI Double Decline Cost
4.052 0.0000000 99.441 0.183 1.400

1.811 0.8267006 101.430 1.950 15.218
1.848 0.9511846 103.459 1.890 15.039
0.597 1.70 105.528 1.377 11.174
0.023 1.45 107.638 0.938 7.763
0.053 1.16 109.791 0.734 6.202
0.024 0.67 111.987 0.594 5.116
0.025 0.67 114.227 0.489 4.299
0.025 0.67 116.511 0.418 3.746
0.026 0.67 118.841 0.362 3.310
0.059 0.67 121.218 0.316 2.949
0.027 0.67 123.643 0.279 2.653
0.027 0.67 126.115 0.231 2.240
0.028 0.67 128.638 0.203 2.004
0.029 0.67 131.211 0.183 1.851
0.065 0.67 133.835 0.172 1.770
0.030 0.67 136.511 0.159 1.667
0.030 0.67 139.242 0.145 1.556
0.031 0.67 142.026 0.133 1.456
0.032 0.67 144.867 0.123 1.369
0.072 0.67 147.764 0.113 1.285
0.033 0.67 150.720 0.105 1.214
0.033 0.67 153.734 0.097 1.144
0.034 0.67 156.809 0.075 0.901
0.035 0.67 159.945 0.065 0.800
0.079 0.67 163.144 0.048 0.608
0.036 0.67 166.407 0.045 0.579
0.037 0.67 169.735 0.045 0.585
0.038 0.67 173.129 0.044 0.580
0.038 0.67 176.592 0.043 0.582
0.087 0.67 180.124 0.042 0.583
9.36478 22.92512 4,214.26145 11.60038 101.64555
NCF dan POT

500.00000
400.00000
300.00000
200.00000
100.00000
0.00000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
-100.00000
NCF POT
ECONOMIC :
: 40% Total NCF
: 60% NPV @ DF=10%
: 13.0 USD/STB PIR
: 25% DPIR
: 0 USD/STB
: 30%
: 30%
11 12 13 14 15
20% UR CR REC
0.280 1.120 0 2.957 1.957

3.044 12.174 3 3.979 5.935
3.008 12.031 0 4.043 3.043
2.235 8.939 4 3.464 6.506
1.553 6.210 0 2.404 1.404
1.240 4.962 2 1.943 3.347
1.023 4.093 0 1.282 0.282
0.860 3.439 1 1.177 1.459
0.749 2.997 0 1.106 0.106
0.662 2.648 1 1.050 1.156
0.590 2.359 0 1.034 0.034
0.531 2.123 1 0.967 1.001
0.448 1.792 0 0.919 -0.081
0.401 1.603 1 0.890 0.809
0.370 1.481 2 0.871 1.680
0.354 1.416 0 0.890 -0.110
0.333 1.334 1 0.847 0.736
0.311 1.245 2 0.833 1.569
0.291 1.165 0 0.821 -0.179
0.274 1.095 1 0.811 0.632
0.257 1.028 2 0.831 1.463
0.243 0.971 0 0.792 -0.208
0.229 0.915 1 0.785 0.577
0.180 0.721 2 0.763 1.340
0.160 0.640 0 0.753 -0.247
0.122 0.486 1 0.766 0.519
0.116 0.463 2 0.733 1.252
0.117 0.468 0 0.733 -0.267
0.116 0.464 1 0.731 0.464
0.116 0.466 1 0.731 1.195
0.117 0.467 0 0.760 -0.240
20.32911 81.31644 27.46950 40.66253 37.13203
NCF dan POT

10.000
8.000
6.000
4.000
2.000
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 0.000
1 2 3 4 5 6 7 8 9 10 11 1
-2.000
NCF POT
SUMMARY :
: 470.43 MMUS$ :
: Total :
0.00
16 17 18 19 20 21
Split Share Share
-0.837 -0.502 -0.335 -0.084 0.000 -0.0836550

6.239 3.743 2.495 0.624 0.156 0.4679055
8.989 5.393 3.596 0.899 0.225 0.6741598
2.433 1.460 0.973 0.243 0.061 0.1824831
4.806 2.884 1.922 0.481 0.120 0.3604599
1.615 0.969 0.646 0.161 0.040 0.1210998
3.811 2.287 1.525 0.381 0.095 0.2858507
1.980 1.188 0.792 0.198 0.050 0.1485241
2.891 1.735 1.156 0.289 0.072 0.2168429
1.492 0.895 0.597 0.149 0.037 0.1119152
2.325 1.395 0.930 0.233 0.058 0.1743992
1.122 0.673 0.449 0.112 0.028 0.0841400
1.874 1.124 0.749 0.187 0.047 0.1405192
0.794 0.476 0.318 0.079 0.020 0.0595511
-0.199 -0.120 -0.080 -0.020 0.000 -0.0199434
1.526 0.916 0.610 0.153 0.038 0.1144625
0.598 0.359 0.239 0.060 0.015 0.0448151
-0.324 -0.195 -0.130 -0.032 0.000 -0.0324257
1.344 0.806 0.538 0.134 0.034 0.1008056
0.464 0.278 0.185 0.046 0.012 0.0347763
-0.435 -0.261 -0.174 -0.043 0.000 -0.0434502
1.179 0.707 0.471 0.118 0.029 0.0883926
0.338 0.203 0.135 0.034 0.008 0.0253388
-0.619 -0.371 -0.247 -0.062 0.000 -0.0618599
0.887 0.532 0.355 0.089 0.022 0.0665558
-0.033 -0.020 -0.013 -0.003 0.000 -0.0032973
-0.789 -0.473 -0.316 -0.079 0.000 -0.0789036
0.735 0.441 0.294 0.074 0.018 0.0551336
0.000 0.000 0.000 0.000 0.000 0.0000184
-0.729 -0.437 -0.292 -0.073 0.000 -0.0728960
0.707 0.424 0.283 0.071 0.018 0.0530047
44.18441 26.51064 17.67376 4.41844 1.20372 3.21472
NCT dan NGT
N
C
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 T
NCT NGT
101.65 MMUS$
15.50 MMUS$
11.60 MMUS$
14.77 MMUS$
49.74 MMUS$
91.62 MMUS$
22 23 24 25 24 25
( TI ) ( Take
NCT ) Take )
(TCS) (EXP)
-0.111 -0.044 -0.067 -0.490 1.890 7.009

3.549 1.420 2.130 7.153 8.065 4.963
4.425 1.770 2.655 9.341 5.698 4.939
1.908 0.763 1.145 3.523 7.651 2.357
2.338 0.935 1.403 4.956 2.807 0.976
1.145 0.458 0.687 2.168 4.034 0.832
1.750 0.700 1.050 3.784 1.332 0.633
1.073 0.429 0.644 2.196 2.103 0.529
1.314 0.526 0.789 2.852 0.894 0.458
0.816 0.326 0.490 1.665 1.645 0.403
1.051 0.420 0.630 2.285 0.664 0.420
0.630 0.252 0.378 1.275 1.379 0.321
0.833 0.333 0.500 1.822 0.419 0.273
0.458 0.183 0.275 0.920 1.084 0.245
0.125 0.050 0.075 0.096 1.755 0.227
0.673 0.269 0.404 1.476 0.294 0.281
0.361 0.144 0.217 0.714 0.953 0.203
0.058 0.023 0.035 -0.048 1.604 0.190
0.582 0.233 0.349 1.286 0.171 0.179
0.288 0.115 0.173 0.565 0.804 0.169
-0.002 -0.001 -0.001 -0.176 1.462 0.229
0.504 0.202 0.303 1.119 0.095 0.152
0.224 0.090 0.134 0.432 0.711 0.145
-0.095 -0.038 -0.057 -0.381 1.282 0.124
0.368 0.147 0.221 0.826 -0.026 0.115
0.051 0.020 0.031 0.058 0.550 0.172
-0.179 -0.072 -0.107 -0.566 1.145 0.096
0.297 0.119 0.178 0.674 -0.089 0.096
0.058 0.023 0.035 0.081 0.499 0.096
-0.160 -0.064 -0.096 -0.516 1.098 0.096
0.288 0.115 0.173 0.651 -0.067 0.174
24.62360 9.84944 14.77416 49.73936 51.90619 27.10219
N
C
30 31 T
26 27 28 29 30 31

Flow NCF (DF) Flow
NCF)
-5.119 -5.119 0.99051 1.87222 6.94269 -5.07046

3.102 -2.017 0.99051 7.98855 4.91633 -1.99825
0.759 -1.259 0.99051 5.64363 4.89211 -1.24673
5.295 4.036 0.99051 7.57851 2.33420 3.99759
1.831 5.867 0.99051 2.78027 0.96642 5.81144
3.202 9.069 0.99051 3.99586 0.82434 8.98296
0.699 9.768 0.99051 1.31929 0.62702 9.67523
1.574 11.342 0.99051 2.08293 0.52382 11.23434
0.436 11.778 0.99051 0.88589 0.45374 11.66649
1.243 13.021 0.99051 1.62963 0.39883 12.89729
0.245 13.266 0.99051 0.65819 0.41569 13.13979
1.058 14.324 0.99051 1.36578 0.31758 14.18798
0.145 14.469 0.99051 0.41455 0.27053 14.33201
0.839 15.308 0.99051 1.07383 0.24290 15.16294
1.529 16.837 0.99051 1.73876 0.22453 16.67717
0.012 16.849 0.99051 0.29073 0.27873 16.68917
0.750 17.599 0.99051 0.94381 0.20129 17.43170
1.414 19.013 0.99051 1.58921 0.18854 18.83237
-0.008 19.004 0.99051 0.16898 0.17726 18.82410
0.635 19.640 0.99051 0.79675 0.16753 19.45332
1.232 20.872 0.99051 1.44772 0.22712 20.67391
-0.057 20.815 0.99051 0.09425 0.15078 20.61738
0.567 21.381 0.99051 0.70475 0.14351 21.17861
1.159 22.540 0.99051 1.27007 0.12239 22.32629
-0.141 22.399 0.99051 -0.02584 0.11350 22.18696
0.378 22.777 0.99051 0.54438 0.17045 22.56089
1.049 23.826 0.99051 1.13394 0.09525 23.59957
-0.185 23.640 0.99051 -0.08815 0.09553 23.41589
0.403 24.043 0.99051 0.49408 0.09507 23.81490
1.002 25.045 0.99051 1.08789 0.09510 24.80769
-0.241 24.804 0.99051 -0.06665 0.17233 24.56872
24.80400 474.93640 30.70594 51.41382 26.84511 470.43127
32
Cumulatif
Discounted
Contractor
NCF
(Disc. NPV)
(MMUS$)
-5.07046
-7.06871
-8.31544
-4.31784
1.49360
10.47656
20.15179
31.38613
43.05262
55.94991
69.08970
83.27769
97.60969
112.77263
129.44980
146.13897
163.57067
182.40304
201.22714
220.68046
241.35437
261.97175
283.15036
305.47666
327.66361
350.22450
373.82407
397.23996
421.05486
445.86256
470.43127
5,422.21191
FIELD ECONOMIC
ASSUMPTION :

DISCOUNT RATE : 10%
FTP : 20%
1 2 3 4 5 6

e
a
r 4%
0 2021 0.02816 4.13350 2.7736685 0.980

1 2022 0.30006 1.81140 1.2016005 1.000
2 2023 0.29073 1.81140 1.2016005 1.020
3 2024 0.21178 0.57409 0.3827258 1.040
4 2025 0.14423 0.02208 0.0147202 1.061
5 2026 0.11298 0.04908 0.0447202 1.082
6 2027 0.09137 0.02208 0.0147202 1.104
7 2028 0.07527 0.02208 0.0147202 1.126
8 2029 0.06431 0.02208 0.0147202 1.149
9 2030 0.05570 0.02208 0.0147202 1.172
10 2031 0.04866 0.04908 0.0447202 1.195
11 2032 0.04292 0.02208 0.0147202 1.219
12 2033 0.03553 0.02208 0.0147202 1.243
13 2034 0.03115 0.02208 0.0147202 1.268
14 2035 0.02821 0.02208 0.0147202 1.294
15 2036 0.02645 0.04908 0.0447202 1.319
16 2037 0.02443 0.02208 0.0147202 1.346
17 2038 0.02236 0.02208 0.0147202 1.373
18 2039 0.02051 0.02208 0.0147202 1.400
19 2040 0.01891 0.02208 0.0147202 1.428
20 2041 0.01740 0.04908 0.0447202 1.457
21 2042 0.01611 0.02208 0.0147202 1.486
22 2043 0.01488 0.02208 0.0147202 1.516
23 2044 0.01149 0.02208 0.0147202 1.546
24 2045 0.01001 0.02208 0.0147202 1.577
25 2046 0.00745 0.04908 0.0447202 1.608
26 2047 0.00696 0.02208 0.0147202 1.641
27 2048 0.00689 0.02208 0.0147202 1.673
28 2049 0.00670 0.02208 0.0147202 1.707
29 2050 0.00659 0.02208 0.0147202 1.741
30 2051 0.00648 0.04908 0.0447202 1.776
1.78467 9.089 6.137 41.54847
PROJECT :
INVESTMENT CREDIT
OPEX
DMO
DMO Fee
INCOME TAX
SHARE AFTER TAX
7 8 9 10
4.052 0.0000000 99.441 0.366 2.800

1.811 0.8267006 101.430 3.901 30.435
1.848 0.9511846 103.459 3.779 30.078
0.597 1.70 105.528 2.753 22.348
0.023 1.45 107.638 1.875 15.525
0.053 1.16 109.791 1.469 12.404
0.024 0.67 111.987 1.188 10.233
0.025 0.67 114.227 0.979 8.598
0.025 0.67 116.511 0.836 7.493
0.026 0.67 118.841 0.724 6.620
0.059 0.67 121.218 0.633 5.899
0.027 0.67 123.643 0.558 5.307
0.027 0.67 126.115 0.462 4.481
0.028 0.67 128.638 0.405 4.008
0.029 0.67 131.211 0.367 3.702
0.065 0.67 133.835 0.344 3.540
0.030 0.67 136.511 0.318 3.335
0.030 0.67 139.242 0.291 3.113
0.031 0.67 142.026 0.267 2.913
0.032 0.67 144.867 0.246 2.739
0.072 0.67 147.764 0.226 2.570
0.033 0.67 150.720 0.209 2.428
0.033 0.67 153.734 0.193 2.287
0.034 0.67 156.809 0.149 1.802
0.035 0.67 159.945 0.130 1.601
0.079 0.67 163.144 0.097 1.215
0.036 0.67 166.407 0.090 1.158
0.037 0.67 169.735 0.090 1.169
0.038 0.67 173.129 0.087 1.160
0.038 0.67 176.592 0.086 1.164
0.087 0.67 180.124 0.084 1.167
9.36478 22.92512 4,214.26145 23.20075 203.29111
NCF dan POT

1200.00000
1000.00000
800.00000
600.00000
400.00000
200.00000
0.00000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
-200.00000
NCF POT
ECONOMIC :
: 40% Total NCF
: 60% NPV @ DF=10%
: 13.0 USD/STB PIR
: 25% DPIR
: 0 USD/STB
: 30%
: 30%
11 12 13 14 15
20% UR CR REC
0.560 2.240 0 3.140 2.140

6.087 24.348 3 5.929 8.069
6.016 24.063 0 5.932 4.932
4.470 17.879 6 4.840 9.772
3.105 12.420 0 3.341 2.341
2.481 9.924 3 2.678 5.019
2.047 8.186 0 1.876 0.876
1.720 6.878 2 1.666 2.542
1.499 5.994 0 1.524 0.524
1.324 5.296 2 1.412 1.936
1.180 4.719 0 1.350 0.350
1.061 4.246 1 1.246 1.596
0.896 3.585 0 1.150 0.150
0.802 3.206 1 1.093 1.243
0.740 2.962 0 1.055 0.055
0.708 2.832 1 1.062 1.116
0.667 2.668 0 1.005 0.005
0.623 2.490 1 0.978 0.984
0.583 2.330 0 0.954 -0.046
0.548 2.191 1 0.934 0.888
0.514 2.056 2 0.944 1.832
0.486 1.942 0 0.897 -0.103
0.457 1.830 1 0.881 0.778
0.360 1.442 2 0.837 1.616
0.320 1.281 0 0.818 -0.182
0.243 0.972 1 0.815 0.633
0.232 0.926 2 0.778 1.411
0.234 0.935 0 0.777 -0.223
0.232 0.928 1 0.775 0.552
0.233 0.931 2 0.773 1.326
0.233 0.933 0 0.802 -0.198
40.65822 162.63288 30.67111 52.26291 51.93401
NCF dan POT

20.000
15.000
10.000
5.000
0.000
1 2 3 4 5 6 7 8 9 10 11 1
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
-5.000
NCF POT
SUMMARY :
: 999.50 MMUS$ :
: Total :
0.00
16 17 18 19 20 21
Split Share Share
0.101 0.060 0.040 0.010 0.003 0.0075426

16.279 9.768 6.512 1.628 0.407 1.2209587
19.130 11.478 7.652 1.913 0.478 1.4347785
8.106 4.864 3.242 0.811 0.203 0.6079597
10.079 6.047 4.031 1.008 0.252 0.7559014
4.905 2.943 1.962 0.490 0.123 0.3678409
7.310 4.386 2.924 0.731 0.183 0.5482867
4.336 2.602 1.734 0.434 0.108 0.3252185
5.470 3.282 2.188 0.547 0.137 0.4102710
3.360 2.016 1.344 0.336 0.084 0.2520008
4.368 2.621 1.747 0.437 0.109 0.3276336
2.649 1.590 1.060 0.265 0.066 0.1987003
3.435 2.061 1.374 0.343 0.086 0.2576235
1.964 1.178 0.785 0.196 0.049 0.1472726
2.907 1.744 1.163 0.291 0.073 0.2180280
1.716 1.029 0.686 0.172 0.043 0.1286658
2.662 1.597 1.065 0.266 0.067 0.1996729
1.507 0.904 0.603 0.151 0.038 0.1129893
2.376 1.426 0.950 0.238 0.059 0.1781964
1.303 0.782 0.521 0.130 0.033 0.0977229
0.224 0.135 0.090 0.022 0.006 0.0168302
2.045 1.227 0.818 0.204 0.051 0.1533703
1.051 0.631 0.421 0.105 0.026 0.0788480
-0.174 -0.104 -0.070 -0.017 0.000 -0.0173791
1.463 0.878 0.585 0.146 0.037 0.1096967
0.340 0.204 0.136 0.034 0.008 0.0254745
-0.485 -0.291 -0.194 -0.048 0.000 -0.0484665
1.158 0.695 0.463 0.116 0.029 0.0868524
0.376 0.226 0.150 0.038 0.009 0.0282072
-0.395 -0.237 -0.158 -0.039 0.000 -0.0394513
1.131 0.679 0.453 0.113 0.028 0.0848446
110.69887 66.41932 44.27955 11.06989 2.79380 8.27609
NCT dan NGT
N
C
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 T
NCT NGT
203.29 MMUS$
15.50 MMUS$
23.20 MMUS$
33.80 MMUS$
117.56 MMUS$
190.06 MMUS$
22 23 24 25 24 25
( TI ) ( Take
NCT ) Take )
(TCS) (EXP)
0.313 0.125 0.188 0.473 2.327 7.192

8.334 3.334 5.001 17.366 13.070 6.914
9.225 3.690 5.535 19.611 10.467 6.829
4.869 1.948 2.922 9.654 12.694 3.733
4.828 1.931 2.897 10.287 5.238 1.913
2.834 1.134 1.701 5.685 6.720 1.567
3.399 1.360 2.040 7.318 2.915 1.227
2.269 0.908 1.361 4.694 3.903 1.018
2.527 1.011 1.516 5.453 2.040 0.876
1.754 0.702 1.052 3.632 2.988 0.765
2.010 0.804 1.206 4.342 1.556 0.736
1.392 0.557 0.835 2.876 2.431 0.600
1.564 0.626 0.939 3.392 1.088 0.504
1.039 0.416 0.623 2.142 1.866 0.448
1.315 0.526 0.789 2.858 0.844 0.410
0.912 0.365 0.547 1.877 1.663 0.453
1.199 0.479 0.719 2.610 0.725 0.362
0.801 0.320 0.481 1.649 1.464 0.336
1.063 0.425 0.638 2.320 0.593 0.312
0.697 0.279 0.418 1.432 1.306 0.292
0.330 0.132 0.198 0.541 2.030 0.342
0.907 0.363 0.544 1.986 0.442 0.257
0.570 0.228 0.342 1.167 1.121 0.242
0.128 0.051 0.077 0.110 1.692 0.198
0.635 0.254 0.381 1.402 0.199 0.180
0.232 0.093 0.139 0.444 0.772 0.220
-0.030 -0.012 -0.018 -0.235 1.393 0.141
0.493 0.197 0.296 1.096 0.073 0.141
0.238 0.095 0.143 0.465 0.695 0.140
-0.002 -0.001 -0.001 -0.161 1.325 0.139
0.484 0.194 0.291 1.074 0.093 0.216
56.33257 22.53303 33.79954 117.55755 85.73355 38.70257
N
C
30 31 T
26 27 28 29 30 31

Flow NCF (DF) Flow
NCF)
-4.865 -4.865 0.99051 2.30533 7.12400 -4.81867

6.156 1.291 0.99051 12.94554 6.84824 1.27862
3.639 4.930 0.99051 10.36808 6.76391 4.88279
8.961 13.891 0.99051 12.57364 3.69768 13.75874
3.325 17.216 0.99051 5.18864 1.89506 17.05232
5.153 22.369 0.99051 6.65596 1.55176 22.15652
1.688 24.057 0.99051 2.88752 1.21532 23.82872
2.885 26.942 0.99051 3.86638 1.00843 26.68666
1.164 28.106 0.99051 2.02072 0.86778 27.83960
2.223 30.330 0.99051 2.95977 0.75746 30.04191
0.820 31.150 0.99051 1.54139 0.72898 30.85432
1.832 32.981 0.99051 2.40814 0.59392 32.66854
0.584 33.566 0.99051 1.07803 0.49928 33.24729
1.418 34.984 0.99051 1.84817 0.44349 34.65198
0.434 35.417 0.99051 0.83558 0.40618 35.08138
1.210 36.627 0.99051 1.64736 0.44901 36.27973
0.363 36.990 0.99051 0.71770 0.35856 36.63888
1.129 38.118 0.99051 1.45044 0.33248 37.75684
0.280 38.399 0.99051 0.58690 0.30931 38.03444
1.014 39.413 0.99051 1.29401 0.28925 39.03920
1.688 41.101 0.99051 2.01068 0.33912 40.71076
0.185 41.285 0.99051 0.43743 0.25449 40.89370
0.879 42.164 0.99051 1.11000 0.23930 41.76441
1.494 43.659 0.99051 1.67642 0.19639 43.24444
0.020 43.678 0.99051 0.19726 0.17793 43.26376
0.551 44.229 0.99051 0.76437 0.21841 43.80972
1.252 45.481 0.99051 1.37978 0.14004 45.04947
-0.068 45.413 0.99051 0.07263 0.13988 44.98221
0.556 45.969 0.99051 0.68867 0.13822 45.53266
1.186 47.154 0.99051 1.31206 0.13754 46.70718
-0.123 47.031 0.99051 0.09171 0.21402 46.58486
47.03099 1,009.07480 30.70594 84.92031 38.33544 999.50298
32
Cumulatif
Discounted
Contractor
NCF
(Disc. NPV)
(MMUS$)
-4.81867
-3.54005
1.34274
15.10148
32.15380
54.31033
78.13904
104.82571
132.66531
162.70723
193.56155
226.23008
259.47738
294.12935
329.21073
365.49046
402.12934
439.88618
477.92061
516.95981
557.67057
598.56427
640.32868
683.57311
726.83687
770.64660
815.69607
860.67828
906.21094
952.91811
999.50298
12,590.50889
FIELD ECONOMIC
ASSUMPTION :

DISCOUNT RATE : 10%
FTP : 20%
1 2 3 4 5 6

e
a
r 4%
0 2021 0.04224 4.13350 2.7736685 0.980

1 2022 0.45010 1.81140 1.2016005 1.000
2 2023 0.43609 1.81140 1.2016005 1.020
3 2024 0.31766 0.57409 0.3827258 1.040
4 2025 0.21635 0.02208 0.0147202 1.061
5 2026 0.16947 0.04908 0.0447202 1.082
6 2027 0.13706 0.02208 0.0147202 1.104
7 2028 0.11290 0.02208 0.0147202 1.126
8 2029 0.09646 0.02208 0.0147202 1.149
9 2030 0.08355 0.02208 0.0147202 1.172
10 2031 0.07299 0.04908 0.0447202 1.195
11 2032 0.06438 0.02208 0.0147202 1.219
12 2033 0.05329 0.02208 0.0147202 1.243
13 2034 0.04673 0.02208 0.0147202 1.268
14 2035 0.04232 0.02208 0.0147202 1.294
15 2036 0.03967 0.04908 0.0447202 1.319
16 2037 0.03664 0.02208 0.0147202 1.346
17 2038 0.03353 0.02208 0.0147202 1.373
18 2039 0.03077 0.02208 0.0147202 1.400
19 2040 0.02836 0.02208 0.0147202 1.428
20 2041 0.02609 0.04908 0.0447202 1.457
21 2042 0.02416 0.02208 0.0147202 1.486
22 2043 0.02232 0.02208 0.0147202 1.516
23 2044 0.01724 0.02208 0.0147202 1.546
24 2045 0.01501 0.02208 0.0147202 1.577
25 2046 0.01117 0.04908 0.0447202 1.608
26 2047 0.01044 0.02208 0.0147202 1.641
27 2048 0.01033 0.02208 0.0147202 1.673
28 2049 0.01005 0.02208 0.0147202 1.707
29 2050 0.00989 0.02208 0.0147202 1.741
30 2051 0.00971 0.04908 0.0447202 1.776
2.67701 9.089 6.137 41.54847
PROJECT :
INVESTMENT CREDIT
OPEX
DMO
DMO Fee
INCOME TAX
SHARE AFTER TAX
7 8 9 10
4.052 0.0000000 99.441 0.549 4.201

1.811 0.8267006 101.430 5.851 45.653
1.848 0.9511846 103.459 5.669 45.117
0.597 1.70 105.528 4.130 33.522
0.023 1.45 107.638 2.813 23.288
0.053 1.16 109.791 2.203 18.607
0.024 0.67 111.987 1.782 15.349
0.025 0.67 114.227 1.468 12.897
0.025 0.67 116.511 1.254 11.239
0.026 0.67 118.841 1.086 9.930
0.059 0.67 121.218 0.949 8.848
0.027 0.67 123.643 0.837 7.960
0.027 0.67 126.115 0.693 6.721
0.028 0.67 128.638 0.608 6.012
0.029 0.67 131.211 0.550 5.553
0.065 0.67 133.835 0.516 5.310
0.030 0.67 136.511 0.476 5.002
0.030 0.67 139.242 0.436 4.669
0.031 0.67 142.026 0.400 4.369
0.032 0.67 144.867 0.369 4.108
0.072 0.67 147.764 0.339 3.856
0.033 0.67 150.720 0.314 3.641
0.033 0.67 153.734 0.290 3.431
0.034 0.67 156.809 0.224 2.703
0.035 0.67 159.945 0.195 2.401
0.079 0.67 163.144 0.145 1.823
0.036 0.67 166.407 0.136 1.736
0.037 0.67 169.735 0.134 1.754
0.038 0.67 173.129 0.131 1.741
0.038 0.67 176.592 0.129 1.746
0.087 0.67 180.124 0.126 1.750
9.36478 22.92512 4,214.26145 34.80113 304.93666
NCF dan POT

1800.00000
1600.00000
1400.00000
1200.00000
1000.00000
800.00000
600.00000
400.00000
200.00000
0.00000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
-200.00000
NCF POT
ECONOMIC :
: 40% Total NCF
: 60% NPV @ DF=10%
: 13.0 USD/STB PIR
: 25% DPIR
: 0 USD/STB
: 30%
: 30%
11 12 13 14 15
20% UR CR REC
0.840 3.361 0 3.323 2.323

9.131 36.523 3 7.880 10.202
9.023 36.094 0 7.822 6.822
6.704 26.818 8 6.217 13.039
4.658 18.630 0 4.279 3.279
3.721 14.885 4 3.412 6.691
3.070 12.279 0 2.470 1.470
2.579 10.317 2 2.156 3.625
2.248 8.991 0 1.942 0.942
1.986 7.944 2 1.774 2.716
1.770 7.078 0 1.667 0.667
1.592 6.368 2 1.525 2.191
1.344 5.377 0 1.381 0.381
1.202 4.809 1 1.295 1.676
1.111 4.442 0 1.238 0.238
1.062 4.248 1 1.234 1.472
1.000 4.001 0 1.164 0.164
0.934 3.735 1 1.124 1.288
0.874 3.496 0 1.088 0.088
0.822 3.286 1 1.056 1.144
0.771 3.085 0 1.057 0.057
0.728 2.913 1 1.002 1.059
0.686 2.745 0 0.978 -0.022
0.541 2.163 1 0.912 0.890
0.480 1.921 2 0.883 1.773
0.365 1.458 0 0.863 -0.137
0.347 1.389 1 0.823 0.687
0.351 1.403 2 0.822 1.509
0.348 1.393 0 0.819 -0.181
0.349 1.397 1 0.816 0.635
0.350 1.400 2 0.844 1.479
60.98733 243.94933 35.30008 63.86328 68.16336
NCF dan POT

30.000
25.000
20.000
15.000
10.000
5.000
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
0.000
1 2 3 4 5 6 7 8 9 10 11 1
NCF POT
SUMMARY :
: 1545.41 MMUS$ :
: Total :
0.00
16 17 18 19 20 21
Split Share Share
1.038 0.623 0.415 0.104 0.026 0.0778264

26.320 15.792 10.528 2.632 0.658 1.9740120
29.272 17.563 11.709 2.927 0.732 2.1953972
13.779 8.267 5.512 1.378 0.344 1.0334363
15.351 9.211 6.140 1.535 0.384 1.1513429
8.194 4.917 3.278 0.819 0.205 0.6145820
10.810 6.486 4.324 1.081 0.270 0.8107226
6.692 4.015 2.677 0.669 0.167 0.5019129
8.049 4.830 3.220 0.805 0.201 0.6036992
5.228 3.137 2.091 0.523 0.131 0.3920864
6.412 3.847 2.565 0.641 0.160 0.4808680
4.177 2.506 1.671 0.418 0.104 0.3132607
4.996 2.998 1.999 0.500 0.125 0.3747278
3.133 1.880 1.253 0.313 0.078 0.2349940
4.204 2.523 1.682 0.420 0.105 0.3153345
2.776 1.666 1.110 0.278 0.069 0.2082089
3.837 2.302 1.535 0.384 0.096 0.2878019
2.448 1.469 0.979 0.245 0.061 0.1835691
3.408 2.045 1.363 0.341 0.085 0.2555872
2.142 1.285 0.857 0.214 0.054 0.1606696
3.028 1.817 1.211 0.303 0.076 0.2270631
1.854 1.113 0.742 0.185 0.046 0.1390720
2.767 1.660 1.107 0.277 0.069 0.2074990
1.273 0.764 0.509 0.127 0.032 0.0954681
0.148 0.089 0.059 0.015 0.004 0.0111001
1.595 0.957 0.638 0.160 0.040 0.1196431
0.703 0.422 0.281 0.070 0.018 0.0526991
-0.106 -0.063 -0.042 -0.011 0.000 -0.0105565
1.574 0.944 0.630 0.157 0.039 0.1180557
0.762 0.457 0.305 0.076 0.019 0.0571547
-0.079 -0.047 -0.032 -0.008 0.000 -0.0079065
175.78596 105.47158 70.31439 17.57860 4.39926 13.17933
NCT dan NGT
N
C
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 T
NCT NGT
304.94 MMUS$
15.50 MMUS$
34.80 MMUS$
52.58 MMUS$
184.20 MMUS$
287.08 MMUS$
22 23 24 25 24 25
( TI ) ( Take
NCT ) Take )
(TCS) (EXP)
0.757 0.303 0.454 1.423 2.777 7.375

13.119 5.248 7.872 27.579 18.074 8.864
14.025 5.610 8.415 29.880 15.237 8.718
7.830 3.132 4.698 15.785 17.737 5.110
7.318 2.927 4.391 15.618 7.670 2.851
4.524 1.810 2.714 9.201 9.405 2.301
5.048 2.019 3.029 10.851 4.498 1.821
3.465 1.386 2.079 7.193 5.704 1.507
3.740 1.496 2.244 8.053 3.186 1.294
2.692 1.077 1.615 5.599 4.331 1.127
2.969 1.187 1.781 6.400 2.448 1.052
2.153 0.861 1.292 4.477 3.484 0.879
2.296 0.918 1.378 4.963 1.758 0.735
1.619 0.648 0.972 3.364 2.648 0.650
1.922 0.769 1.153 4.162 1.391 0.593
1.433 0.573 0.860 2.978 2.331 0.625
1.747 0.699 1.048 3.789 1.213 0.521
1.262 0.505 0.757 2.624 2.045 0.481
1.544 0.618 0.927 3.355 1.014 0.446
1.107 0.443 0.664 2.300 1.808 0.415
1.370 0.548 0.822 2.977 0.879 0.455
0.967 0.387 0.580 2.003 1.639 0.362
1.242 0.497 0.745 2.707 0.723 0.338
0.684 0.274 0.410 1.403 1.300 0.273
0.288 0.115 0.173 0.455 1.946 0.245
0.701 0.280 0.420 1.539 0.284 0.269
0.402 0.161 0.241 0.809 0.928 0.187
0.144 0.057 0.086 0.159 1.595 0.186
0.686 0.274 0.411 1.511 0.230 0.183
0.422 0.169 0.253 0.858 0.888 0.182
0.151 0.061 0.091 0.180 1.570 0.258
87.62872 35.05149 52.57723 184.19606 120.74059 50.30294
N
C
30 31 T
26 27 28 29 30 31

Flow NCF (DF) Flow
NCF)
-4.598 -4.598 0.99051 2.75086 7.30531 -4.55445

9.210 4.612 0.99051 17.90253 8.78015 4.56793
6.519 11.130 0.99051 15.09252 8.63572 11.02473
12.627 23.758 0.99051 17.56876 5.06117 23.53232
4.819 28.577 0.99051 7.59701 2.82369 28.30564
7.104 35.681 0.99051 9.31606 2.27918 35.34251
2.678 38.358 0.99051 4.45575 1.80362 37.99464
4.197 42.555 0.99051 5.64982 1.49304 42.15142
1.892 44.447 0.99051 3.15554 1.28182 44.02514
3.204 47.651 0.99051 4.28991 1.11609 47.19897
1.396 49.047 0.99051 2.42459 1.04228 48.58128
2.605 51.651 0.99051 3.45050 0.87026 51.16152
1.023 52.675 0.99051 1.74152 0.72803 52.17501
1.997 54.672 0.99051 2.62251 0.64407 54.15344
0.798 55.470 0.99051 1.37784 0.58784 54.94345
1.706 57.176 0.99051 2.30933 0.61929 56.63349
0.692 57.868 0.99051 1.20102 0.51583 57.31869
1.564 59.432 0.99051 2.02591 0.47641 58.86819
0.569 60.001 0.99051 1.00482 0.44136 59.43165
1.394 61.394 0.99051 1.79127 0.41097 60.81196
0.423 61.818 0.99051 0.87038 0.45111 61.23123
1.277 63.095 0.99051 1.62344 0.35819 62.49647
0.385 63.480 0.99051 0.71639 0.33508 62.87778
1.027 64.507 0.99051 1.28792 0.27039 63.89531
1.701 66.208 0.99051 1.92725 0.24236 65.58019
0.015 66.223 0.99051 0.28081 0.26637 65.59464
0.741 66.964 0.99051 0.91892 0.18483 66.32873
1.409 68.373 0.99051 1.57975 0.18423 67.72424
0.047 68.420 0.99051 0.22772 0.18138 67.77058
0.707 69.126 0.99051 0.87980 0.17998 68.47040
1.312 70.438 0.99051 1.55482 0.25572 69.76950
70.43765 1,560.20628 30.70594 119.59528 49.82578 1,545.40657
32
Cumulatif
Discounted
Contractor
NCF
(Disc. NPV)
(MMUS$)
-4.55445
0.01348
11.03820
34.57052
62.87616
98.21867
136.21331
178.36472
222.38987
269.58884
318.17012
369.33163
421.50664
475.66009
530.60354
587.23703
644.55572
703.42391
762.85556
823.66752
884.89874
947.39522
1010.27299
1074.16830
1139.74849
1205.34313
1271.67186
1339.39609
1407.16667
1475.63707
1545.40657
19,946.83618
FIELD ECONOMIC
ASSUMPTION :

DISCOUNT RATE : 10%
FTP : 20%
1 2 3 4 5 6

e
a
r 4%
0 2021 0.02816 4.13350 2.7736685 0.980

1 2022 0.30006 1.81140 1.2016005 1.000
2 2023 0.29073 1.81140 1.2016005 1.020
3 2024 0.21178 0.57409 0.3827258 1.040
4 2025 0.14423 0.02208 0.0147202 1.061
5 2026 0.11298 0.04908 0.0447202 1.082
6 2027 0.09137 0.02208 0.0147202 1.104
7 2028 0.07527 0.02208 0.0147202 1.126
8 2029 0.06431 0.02208 0.0147202 1.149
9 2030 0.05570 0.02208 0.0147202 1.172
10 2031 0.04866 0.04908 0.0447202 1.195
11 2032 0.04292 0.02208 0.0147202 1.219
12 2033 0.03553 0.02208 0.0147202 1.243
13 2034 0.03115 0.02208 0.0147202 1.268
14 2035 0.02821 0.02208 0.0147202 1.294
15 2036 0.02645 0.04908 0.0447202 1.319
16 2037 0.02443 0.02208 0.0147202 1.346
17 2038 0.02236 0.02208 0.0147202 1.373
18 2039 0.02051 0.02208 0.0147202 1.400
19 2040 0.01891 0.02208 0.0147202 1.428
20 2041 0.01740 0.04908 0.0447202 1.457
21 2042 0.01611 0.02208 0.0147202 1.486
22 2043 0.01488 0.02208 0.0147202 1.516
23 2044 0.01149 0.02208 0.0147202 1.546
24 2045 0.01001 0.02208 0.0147202 1.577
25 2046 0.00745 0.04908 0.0447202 1.608
26 2047 0.00696 0.02208 0.0147202 1.641
27 2048 0.00689 0.02208 0.0147202 1.673
28 2049 0.00670 0.02208 0.0147202 1.707
29 2050 0.00659 0.02208 0.0147202 1.741
30 2051 0.00648 0.04908 0.0447202 1.776
1.78467 9.089 6.137 41.54847
PROJECT :
INVESTMENT CREDIT
OPEX
DMO
DMO Fee
INCOME TAX
SHARE AFTER TAX
7 8 9 10
4.052 0.0000000 49.721 0.366 1.400

1.811 0.8267006 50.715 3.901 15.218
1.848 0.9511846 51.729 3.779 15.039
0.597 1.70 52.764 2.753 11.174
0.023 1.45 53.819 1.875 7.763
0.053 1.16 54.896 1.469 6.202
0.024 0.67 55.993 1.188 5.116
0.025 0.67 57.113 0.979 4.299
0.025 0.67 58.256 0.836 3.746
0.026 0.67 59.421 0.724 3.310
0.059 0.67 60.609 0.633 2.949
0.027 0.67 61.821 0.558 2.653
0.027 0.67 63.058 0.462 2.240
0.028 0.67 64.319 0.405 2.004
0.029 0.67 65.605 0.367 1.851
0.065 0.67 66.917 0.344 1.770
0.030 0.67 68.256 0.318 1.667
0.030 0.67 69.621 0.291 1.556
0.031 0.67 71.013 0.267 1.456
0.032 0.67 72.434 0.246 1.369
0.072 0.67 73.882 0.226 1.285
0.033 0.67 75.360 0.209 1.214
0.033 0.67 76.867 0.193 1.144
0.034 0.67 78.404 0.149 0.901
0.035 0.67 79.972 0.130 0.800
0.079 0.67 81.572 0.097 0.608
0.036 0.67 83.203 0.090 0.579
0.037 0.67 84.867 0.090 0.585
0.038 0.67 86.565 0.087 0.580
0.038 0.67 88.296 0.086 0.582
0.087 0.67 90.062 0.084 0.583
9.36478 22.92512 2,107.13073 23.20075 101.64555
NCF dan POT

600.00000
500.00000
400.00000
300.00000
200.00000
100.00000
0.00000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
-100.00000
NCF POT
ECONOMIC :
: 40% Total NCF
: 60% NPV @ DF=10%
: 13.0 USD/STB PIR
: 25% DPIR
: 0 USD/STB
: 30%
: 30%
11 12 13 14 15
20% UR CR REC
0.280 1.120 0 3.140 2.140

3.044 12.174 3 5.929 8.069
3.008 12.031 0 5.932 4.932
2.235 8.939 6 4.840 9.772
1.553 6.210 0 3.341 2.341
1.240 4.962 3 2.678 5.019
1.023 4.093 0 1.876 0.876
0.860 3.439 2 1.666 2.542
0.749 2.997 0 1.524 0.524
0.662 2.648 2 1.412 1.936
0.590 2.359 0 1.350 0.350
0.531 2.123 1 1.246 1.596
0.448 1.792 0 1.150 0.150
0.401 1.603 1 1.093 1.243
0.370 1.481 0 1.055 0.055
0.354 1.416 1 1.062 1.116
0.333 1.334 0 1.005 0.005
0.311 1.245 1 0.978 0.984
0.291 1.165 0 0.954 -0.046
0.274 1.095 1 0.934 0.888
0.257 1.028 2 0.944 1.832
0.243 0.971 0 0.897 -0.103
0.229 0.915 1 0.881 0.778
0.180 0.721 2 0.837 1.616
0.160 0.640 0 0.818 -0.182
0.122 0.486 1 0.815 0.633
0.116 0.463 2 0.778 1.411
0.117 0.468 0 0.777 -0.223
0.116 0.464 1 0.775 0.552
0.116 0.466 2 0.773 1.326
0.117 0.467 0 0.802 -0.198
20.32911 81.31644 30.67111 52.26291 51.93401
NCF dan POT

8.000
7.000
6.000
5.000
4.000
3.000
2.000
1.000
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
0.000
1 2 3 4 5 6 7 8 9 10 11 1
-1.000
NCF POT
SUMMARY :
: 485.60 MMUS$ :
: Total :
0.00
16 17 18 19 20 21
Split Share Share
-1.020 -0.612 -0.408 -0.102 0.000 -0.1019601

4.105 2.463 1.642 0.411 0.103 0.3078958
7.099 4.259 2.840 0.710 0.177 0.5324300
-0.833 -0.500 -0.333 -0.083 0.000 -0.0833165
3.869 2.321 1.547 0.387 0.097 0.2901454
-0.057 -0.034 -0.023 -0.006 0.000 -0.0057249
3.217 1.930 1.287 0.322 0.080 0.2413059
0.897 0.538 0.359 0.090 0.022 0.0672854
2.473 1.484 0.989 0.247 0.062 0.1854927
0.712 0.427 0.285 0.071 0.018 0.0534104
2.009 1.205 0.804 0.201 0.050 0.1506772
0.527 0.316 0.211 0.053 0.013 0.0394939
1.643 0.986 0.657 0.164 0.041 0.1231985
0.361 0.216 0.144 0.036 0.009 0.0270425
1.426 0.856 0.570 0.143 0.036 0.1069668
0.300 0.180 0.120 0.030 0.007 0.0224746
1.328 0.797 0.531 0.133 0.033 0.0996356
0.261 0.157 0.105 0.026 0.007 0.0196027
1.211 0.726 0.484 0.121 0.030 0.0908069
0.207 0.124 0.083 0.021 0.005 0.0155614
-0.804 -0.482 -0.322 -0.080 0.000 -0.0803772
1.074 0.644 0.430 0.107 0.027 0.0805403
0.136 0.082 0.055 0.014 0.003 0.0102339
-0.895 -0.537 -0.358 -0.089 0.000 -0.0894706
0.822 0.493 0.329 0.082 0.021 0.0616771
-0.146 -0.088 -0.059 -0.015 0.000 -0.0146440
-0.948 -0.569 -0.379 -0.095 0.000 -0.0947722
0.690 0.414 0.276 0.069 0.017 0.0517754
-0.088 -0.053 -0.035 -0.009 0.000 -0.0088100
-0.860 -0.516 -0.344 -0.086 0.000 -0.0860154
0.665 0.399 0.266 0.066 0.017 0.0498474
29.38243 17.62946 11.75297 2.93824 0.87583 2.06241
NCT dan NGT
N
C
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 T
NCT NGT
101.65 MMUS$
15.50 MMUS$
23.20 MMUS$
11.91 MMUS$
37.80 MMUS$
88.41 MMUS$
22 23 24 25 24 25
( TI ) ( Take
NCT ) Take )
(TCS) (EXP)
-0.166 -0.066 -0.100 -0.640 2.040 7.192

2.856 1.142 1.714 5.435 9.782 6.914
3.811 1.524 2.287 7.820 7.219 6.829
0.867 0.347 0.520 0.881 10.293 3.733
2.034 0.813 1.220 4.201 3.562 1.913
0.603 0.241 0.362 0.821 5.381 1.567
1.557 0.623 0.934 3.306 1.810 1.227
0.721 0.289 0.433 1.324 2.975 1.018
1.178 0.471 0.707 2.515 1.231 0.876
0.562 0.225 0.337 1.037 2.273 0.765
0.948 0.379 0.569 2.030 0.919 0.736
0.436 0.175 0.262 0.795 1.858 0.600
0.758 0.303 0.455 1.636 0.604 0.504
0.318 0.127 0.191 0.571 1.433 0.448
0.649 0.259 0.389 1.407 0.444 0.410
0.274 0.110 0.165 0.489 1.281 0.453
0.598 0.239 0.359 1.303 0.364 0.362
0.241 0.096 0.144 0.428 1.128 0.336
0.539 0.216 0.323 1.179 0.278 0.312
0.204 0.082 0.123 0.359 1.011 0.292
-0.113 -0.045 -0.068 -0.479 1.764 0.342
0.470 0.188 0.282 1.034 0.179 0.257
0.159 0.063 0.095 0.270 0.874 0.242
-0.178 -0.071 -0.107 -0.607 1.509 0.198
0.347 0.139 0.208 0.774 0.026 0.180
0.017 0.007 0.010 -0.035 0.643 0.220
-0.226 -0.091 -0.136 -0.696 1.275 0.141
0.283 0.113 0.170 0.638 -0.053 0.141
0.032 0.013 0.019 0.009 0.571 0.140
-0.200 -0.080 -0.120 -0.624 1.206 0.139
0.274 0.110 0.165 0.617 -0.033 0.216
19.85512 7.94205 11.91307 37.79847 63.84708 38.70257
N
C
30 31 T
26 27 28 29 30 31

Flow NCF (DF) Flow
NCF)
-5.152 -5.152 0.99051 2.02090 7.12400 -5.10310

2.869 -2.283 0.99051 9.68969 6.84824 -2.26165
0.390 -1.893 0.99051 7.15044 6.76391 -1.87513
6.560 4.667 0.99051 10.19530 3.69768 4.62249
1.648 6.315 0.99051 3.52782 1.89506 6.25526
3.814 10.129 0.99051 5.32983 1.55176 10.03333
0.583 10.712 0.99051 1.79287 1.21532 10.61088
1.957 12.669 0.99051 2.94663 1.00843 12.54907
0.355 13.024 0.99051 1.21919 0.86778 12.90049
1.508 14.533 0.99051 2.25163 0.75746 14.39465
0.183 14.716 0.99051 0.91039 0.72898 14.57606
1.258 15.974 0.99051 1.84043 0.59392 15.82257
0.100 16.074 0.99051 0.59869 0.49928 15.92199
0.985 17.060 0.99051 1.41945 0.44349 16.89795
0.034 17.093 0.99051 0.43956 0.40618 16.93132
0.828 17.921 0.99051 1.26870 0.44901 17.75101
0.002 17.923 0.99051 0.36099 0.35856 17.75344
0.792 18.716 0.99051 1.11744 0.33248 18.53840
-0.034 18.682 0.99051 0.27529 0.30931 18.50438
0.719 19.400 0.99051 1.00104 0.28925 19.21616
1.422 20.822 0.99051 1.74764 0.33912 20.62469
-0.077 20.745 0.99051 0.17773 0.25449 20.54793
0.632 21.377 0.99051 0.86534 0.23930 21.17397
1.310 22.687 0.99051 1.49433 0.19639 22.47191
-0.153 22.534 0.99051 0.02603 0.17793 22.32001
0.422 22.956 0.99051 0.63654 0.21841 22.73814
1.134 24.089 0.99051 1.26282 0.14004 23.86093
-0.194 23.895 0.99051 -0.05245 0.13988 23.66859
0.432 24.327 0.99051 0.56583 0.13822 24.09620
1.067 25.394 0.99051 1.19445 0.13754 25.15311
-0.249 25.145 0.99051 -0.03309 0.21402 24.90600
25.14452 490.25146 30.70594 63.24145 38.33544 485.60106
32
Cumulatif
Discounted
Contractor
NCF
(Disc. NPV)
(MMUS$)
-5.10310
-7.36475
-9.23988
-4.61739
1.63787
11.67120
22.28208
34.83115
47.73163
62.12629
76.70235
92.52492
108.44690
125.34485
142.27617
160.02717
177.78061
196.31901
214.82339
234.03955
254.66425
275.21218
296.38615
318.85806
341.17807
363.91622
387.77714
411.44574
435.54194
460.69505
485.60106
5,713.51589
FIELD ECONOMIC
ASSUMPTION :

DISCOUNT RATE : 10%
FTP : 20%
1 2 3 4 5 6

e
a
r 4%
0 2021 0.02816 4.13350 2.7736685 0.980

1 2022 0.30006 1.81140 1.2016005 1.000
2 2023 0.29073 1.81140 1.2016005 1.020
3 2024 0.21178 0.57409 0.3827258 1.040
4 2025 0.14423 0.02208 0.0147202 1.061
5 2026 0.11298 0.04908 0.0447202 1.082
6 2027 0.09137 0.02208 0.0147202 1.104
7 2028 0.07527 0.02208 0.0147202 1.126
8 2029 0.06431 0.02208 0.0147202 1.149
9 2030 0.05570 0.02208 0.0147202 1.172
10 2031 0.04866 0.04908 0.0447202 1.195
11 2032 0.04292 0.02208 0.0147202 1.219
12 2033 0.03553 0.02208 0.0147202 1.243
13 2034 0.03115 0.02208 0.0147202 1.268
14 2035 0.02821 0.02208 0.0147202 1.294
15 2036 0.02645 0.04908 0.0447202 1.319
16 2037 0.02443 0.02208 0.0147202 1.346
17 2038 0.02236 0.02208 0.0147202 1.373
18 2039 0.02051 0.02208 0.0147202 1.400
19 2040 0.01891 0.02208 0.0147202 1.428
20 2041 0.01740 0.04908 0.0447202 1.457
21 2042 0.01611 0.02208 0.0147202 1.486
22 2043 0.01488 0.02208 0.0147202 1.516
23 2044 0.01149 0.02208 0.0147202 1.546
24 2045 0.01001 0.02208 0.0147202 1.577
25 2046 0.00745 0.04908 0.0447202 1.608
26 2047 0.00696 0.02208 0.0147202 1.641
27 2048 0.00689 0.02208 0.0147202 1.673
28 2049 0.00670 0.02208 0.0147202 1.707
29 2050 0.00659 0.02208 0.0147202 1.741
30 2051 0.00648 0.04908 0.0447202 1.776
1.78467 9.089 6.137 41.54847
PROJECT :
INVESTMENT CREDIT
OPEX
DMO
DMO Fee
INCOME TAX
SHARE AFTER TAX
7 8 9 10
4.052 0.0000000 99.441 0.366 2.800

1.811 0.8267006 101.430 3.901 30.435
1.848 0.9511846 103.459 3.779 30.078
0.597 1.70 105.528 2.753 22.348
0.023 1.45 107.638 1.875 15.525
0.053 1.16 109.791 1.469 12.404
0.024 0.67 111.987 1.188 10.233
0.025 0.67 114.227 0.979 8.598
0.025 0.67 116.511 0.836 7.493
0.026 0.67 118.841 0.724 6.620
0.059 0.67 121.218 0.633 5.899
0.027 0.67 123.643 0.558 5.307
0.027 0.67 126.115 0.462 4.481
0.028 0.67 128.638 0.405 4.008
0.029 0.67 131.211 0.367 3.702
0.065 0.67 133.835 0.344 3.540
0.030 0.67 136.511 0.318 3.335
0.030 0.67 139.242 0.291 3.113
0.031 0.67 142.026 0.267 2.913
0.032 0.67 144.867 0.246 2.739
0.072 0.67 147.764 0.226 2.570
0.033 0.67 150.720 0.209 2.428
0.033 0.67 153.734 0.193 2.287
0.034 0.67 156.809 0.149 1.802
0.035 0.67 159.945 0.130 1.601
0.079 0.67 163.144 0.097 1.215
0.036 0.67 166.407 0.090 1.158
0.037 0.67 169.735 0.090 1.169
0.038 0.67 173.129 0.087 1.160
0.038 0.67 176.592 0.086 1.164
0.087 0.67 180.124 0.084 1.167
9.36478 22.92512 4,214.26145 23.20075 203.29111
NCF dan POT

1200.00000
1000.00000
800.00000
600.00000
400.00000
200.00000
0.00000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
-200.00000
NCF POT
ECONOMIC :
: 40% Total NCF
: 60% NPV @ DF=10%
: 13.0 USD/STB PIR
: 25% DPIR
: 0 USD/STB
: 30%
: 30%
11 12 13 14 15
20% UR CR REC
0.560 2.240 0 3.140 2.140

6.087 24.348 3 5.929 8.069
6.016 24.063 0 5.932 4.932
4.470 17.879 6 4.840 9.772
3.105 12.420 0 3.341 2.341
2.481 9.924 3 2.678 5.019
2.047 8.186 0 1.876 0.876
1.720 6.878 2 1.666 2.542
1.499 5.994 0 1.524 0.524
1.324 5.296 2 1.412 1.936
1.180 4.719 0 1.350 0.350
1.061 4.246 1 1.246 1.596
0.896 3.585 0 1.150 0.150
0.802 3.206 1 1.093 1.243
0.740 2.962 0 1.055 0.055
0.708 2.832 1 1.062 1.116
0.667 2.668 0 1.005 0.005
0.623 2.490 1 0.978 0.984
0.583 2.330 0 0.954 -0.046
0.548 2.191 1 0.934 0.888
0.514 2.056 2 0.944 1.832
0.486 1.942 0 0.897 -0.103
0.457 1.830 1 0.881 0.778
0.360 1.442 2 0.837 1.616
0.320 1.281 0 0.818 -0.182
0.243 0.972 1 0.815 0.633
0.232 0.926 2 0.778 1.411
0.234 0.935 0 0.777 -0.223
0.232 0.928 1 0.775 0.552
0.233 0.931 2 0.773 1.326
0.233 0.933 0 0.802 -0.198
40.65822 162.63288 30.67111 52.26291 51.93401
NCF dan POT

20.000
15.000
10.000
5.000
0.000
1 2 3 4 5 6 7 8 9 10 11 1
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
-5.000
NCF POT
SUMMARY :
: 999.50 MMUS$ :
: Total :
0.00
16 17 18 19 20 21
Split Share Share
0.101 0.060 0.040 0.010 0.003 0.0075426

16.279 9.768 6.512 1.628 0.407 1.2209587
19.130 11.478 7.652 1.913 0.478 1.4347785
8.106 4.864 3.242 0.811 0.203 0.6079597
10.079 6.047 4.031 1.008 0.252 0.7559014
4.905 2.943 1.962 0.490 0.123 0.3678409
7.310 4.386 2.924 0.731 0.183 0.5482867
4.336 2.602 1.734 0.434 0.108 0.3252185
5.470 3.282 2.188 0.547 0.137 0.4102710
3.360 2.016 1.344 0.336 0.084 0.2520008
4.368 2.621 1.747 0.437 0.109 0.3276336
2.649 1.590 1.060 0.265 0.066 0.1987003
3.435 2.061 1.374 0.343 0.086 0.2576235
1.964 1.178 0.785 0.196 0.049 0.1472726
2.907 1.744 1.163 0.291 0.073 0.2180280
1.716 1.029 0.686 0.172 0.043 0.1286658
2.662 1.597 1.065 0.266 0.067 0.1996729
1.507 0.904 0.603 0.151 0.038 0.1129893
2.376 1.426 0.950 0.238 0.059 0.1781964
1.303 0.782 0.521 0.130 0.033 0.0977229
0.224 0.135 0.090 0.022 0.006 0.0168302
2.045 1.227 0.818 0.204 0.051 0.1533703
1.051 0.631 0.421 0.105 0.026 0.0788480
-0.174 -0.104 -0.070 -0.017 0.000 -0.0173791
1.463 0.878 0.585 0.146 0.037 0.1096967
0.340 0.204 0.136 0.034 0.008 0.0254745
-0.485 -0.291 -0.194 -0.048 0.000 -0.0484665
1.158 0.695 0.463 0.116 0.029 0.0868524
0.376 0.226 0.150 0.038 0.009 0.0282072
-0.395 -0.237 -0.158 -0.039 0.000 -0.0394513
1.131 0.679 0.453 0.113 0.028 0.0848446
110.69887 66.41932 44.27955 11.06989 2.79380 8.27609
NCT dan NGT
N
C
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 T
NCT NGT
203.29 MMUS$
15.50 MMUS$
23.20 MMUS$
33.80 MMUS$
117.56 MMUS$
190.06 MMUS$
22 23 24 25 24 25
( TI ) ( Take
NCT ) Take )
(TCS) (EXP)
0.313 0.125 0.188 0.473 2.327 7.192

8.334 3.334 5.001 17.366 13.070 6.914
9.225 3.690 5.535 19.611 10.467 6.829
4.869 1.948 2.922 9.654 12.694 3.733
4.828 1.931 2.897 10.287 5.238 1.913
2.834 1.134 1.701 5.685 6.720 1.567
3.399 1.360 2.040 7.318 2.915 1.227
2.269 0.908 1.361 4.694 3.903 1.018
2.527 1.011 1.516 5.453 2.040 0.876
1.754 0.702 1.052 3.632 2.988 0.765
2.010 0.804 1.206 4.342 1.556 0.736
1.392 0.557 0.835 2.876 2.431 0.600
1.564 0.626 0.939 3.392 1.088 0.504
1.039 0.416 0.623 2.142 1.866 0.448
1.315 0.526 0.789 2.858 0.844 0.410
0.912 0.365 0.547 1.877 1.663 0.453
1.199 0.479 0.719 2.610 0.725 0.362
0.801 0.320 0.481 1.649 1.464 0.336
1.063 0.425 0.638 2.320 0.593 0.312
0.697 0.279 0.418 1.432 1.306 0.292
0.330 0.132 0.198 0.541 2.030 0.342
0.907 0.363 0.544 1.986 0.442 0.257
0.570 0.228 0.342 1.167 1.121 0.242
0.128 0.051 0.077 0.110 1.692 0.198
0.635 0.254 0.381 1.402 0.199 0.180
0.232 0.093 0.139 0.444 0.772 0.220
-0.030 -0.012 -0.018 -0.235 1.393 0.141
0.493 0.197 0.296 1.096 0.073 0.141
0.238 0.095 0.143 0.465 0.695 0.140
-0.002 -0.001 -0.001 -0.161 1.325 0.139
0.484 0.194 0.291 1.074 0.093 0.216
56.33257 22.53303 33.79954 117.55755 85.73355 38.70257
N
C
30 31 T
26 27 28 29 30 31

Flow NCF (DF) Flow
NCF)
-4.865 -4.865 0.99051 2.30533 7.12400 -4.81867

6.156 1.291 0.99051 12.94554 6.84824 1.27862
3.639 4.930 0.99051 10.36808 6.76391 4.88279
8.961 13.891 0.99051 12.57364 3.69768 13.75874
3.325 17.216 0.99051 5.18864 1.89506 17.05232
5.153 22.369 0.99051 6.65596 1.55176 22.15652
1.688 24.057 0.99051 2.88752 1.21532 23.82872
2.885 26.942 0.99051 3.86638 1.00843 26.68666
1.164 28.106 0.99051 2.02072 0.86778 27.83960
2.223 30.330 0.99051 2.95977 0.75746 30.04191
0.820 31.150 0.99051 1.54139 0.72898 30.85432
1.832 32.981 0.99051 2.40814 0.59392 32.66854
0.584 33.566 0.99051 1.07803 0.49928 33.24729
1.418 34.984 0.99051 1.84817 0.44349 34.65198
0.434 35.417 0.99051 0.83558 0.40618 35.08138
1.210 36.627 0.99051 1.64736 0.44901 36.27973
0.363 36.990 0.99051 0.71770 0.35856 36.63888
1.129 38.118 0.99051 1.45044 0.33248 37.75684
0.280 38.399 0.99051 0.58690 0.30931 38.03444
1.014 39.413 0.99051 1.29401 0.28925 39.03920
1.688 41.101 0.99051 2.01068 0.33912 40.71076
0.185 41.285 0.99051 0.43743 0.25449 40.89370
0.879 42.164 0.99051 1.11000 0.23930 41.76441
1.494 43.659 0.99051 1.67642 0.19639 43.24444
0.020 43.678 0.99051 0.19726 0.17793 43.26376
0.551 44.229 0.99051 0.76437 0.21841 43.80972
1.252 45.481 0.99051 1.37978 0.14004 45.04947
-0.068 45.413 0.99051 0.07263 0.13988 44.98221
0.556 45.969 0.99051 0.68867 0.13822 45.53266
1.186 47.154 0.99051 1.31206 0.13754 46.70718
-0.123 47.031 0.99051 0.09171 0.21402 46.58486
47.03099 1,009.07480 30.70594 84.92031 38.33544 999.50298
32
Cumulatif
Discounted
Contractor
NCF
(Disc. NPV)
(MMUS$)
-4.81867
-3.54005
1.34274
15.10148
32.15380
54.31033
78.13904
104.82571
132.66531
162.70723
193.56155
226.23008
259.47738
294.12935
329.21073
365.49046
402.12934
439.88618
477.92061
516.95981
557.67057
598.56427
640.32868
683.57311
726.83687
770.64660
815.69607
860.67828
906.21094
952.91811
999.50298
12,590.50889
FIELD ECONOMIC
ASSUMPTION :

DISCOUNT RATE : 10%
FTP : 20%
1 2 3 4 5 6

e
a
r 4%
0 2021 0.02816 4.13350 2.7736685 0.980

1 2022 0.30006 1.81140 1.2016005 1.000
2 2023 0.29073 1.81140 1.2016005 1.020
3 2024 0.21178 0.57409 0.3827258 1.040
4 2025 0.14423 0.02208 0.0147202 1.061
5 2026 0.11298 0.04908 0.0447202 1.082
6 2027 0.09137 0.02208 0.0147202 1.104
7 2028 0.07527 0.02208 0.0147202 1.126
8 2029 0.06431 0.02208 0.0147202 1.149
9 2030 0.05570 0.02208 0.0147202 1.172
10 2031 0.04866 0.04908 0.0447202 1.195
11 2032 0.04292 0.02208 0.0147202 1.219
12 2033 0.03553 0.02208 0.0147202 1.243
13 2034 0.03115 0.02208 0.0147202 1.268
14 2035 0.02821 0.02208 0.0147202 1.294
15 2036 0.02645 0.04908 0.0447202 1.319
16 2037 0.02443 0.02208 0.0147202 1.346
17 2038 0.02236 0.02208 0.0147202 1.373
18 2039 0.02051 0.02208 0.0147202 1.400
19 2040 0.01891 0.02208 0.0147202 1.428
20 2041 0.01740 0.04908 0.0447202 1.457
21 2042 0.01611 0.02208 0.0147202 1.486
22 2043 0.01488 0.02208 0.0147202 1.516
23 2044 0.01149 0.02208 0.0147202 1.546
24 2045 0.01001 0.02208 0.0147202 1.577
25 2046 0.00745 0.04908 0.0447202 1.608
26 2047 0.00696 0.02208 0.0147202 1.641
27 2048 0.00689 0.02208 0.0147202 1.673
28 2049 0.00670 0.02208 0.0147202 1.707
29 2050 0.00659 0.02208 0.0147202 1.741
30 2051 0.00648 0.04908 0.0447202 1.776
1.78467 9.089 6.137 41.54847
PROJECT :
INVESTMENT CREDIT
OPEX
DMO
DMO Fee
INCOME TAX
SHARE AFTER TAX
7 8 9 10
4.052 0.0000000 149.162 0.366 4.201

1.811 0.8267006 152.145 3.901 45.653
1.848 0.9511846 155.188 3.779 45.117
0.597 1.70 158.292 2.753 33.522
0.023 1.45 161.457 1.875 23.288
0.053 1.16 164.687 1.469 18.607
0.024 0.67 167.980 1.188 15.349
0.025 0.67 171.340 0.979 12.897
0.025 0.67 174.767 0.836 11.239
0.026 0.67 178.262 0.724 9.930
0.059 0.67 181.827 0.633 8.848
0.027 0.67 185.464 0.558 7.960
0.027 0.67 189.173 0.462 6.721
0.028 0.67 192.957 0.405 6.012
0.029 0.67 196.816 0.367 5.553
0.065 0.67 200.752 0.344 5.310
0.030 0.67 204.767 0.318 5.002
0.030 0.67 208.862 0.291 4.669
0.031 0.67 213.040 0.267 4.369
0.032 0.67 217.301 0.246 4.108
0.072 0.67 221.647 0.226 3.856
0.033 0.67 226.079 0.209 3.641
0.033 0.67 230.601 0.193 3.431
0.034 0.67 235.213 0.149 2.703
0.035 0.67 239.917 0.130 2.401
0.079 0.67 244.716 0.097 1.823
0.036 0.67 249.610 0.090 1.736
0.037 0.67 254.602 0.090 1.754
0.038 0.67 259.694 0.087 1.741
0.038 0.67 264.888 0.086 1.746
0.087 0.67 270.186 0.084 1.750
9.36478 22.92512 6,321.39218 23.20075 304.93666
NCF dan POT

1800.00000
1600.00000
1400.00000
1200.00000
1000.00000
800.00000
600.00000
400.00000
200.00000
0.00000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
-200.00000
NCF POT
ECONOMIC :
: 40% Total NCF
: 60% NPV @ DF=10%
: 13.0 USD/STB PIR
: 25% DPIR
: 0 USD/STB
: 30%
: 30%
11 12 13 14 15
20% UR CR REC
0.840 3.361 0 3.140 2.140

9.131 36.523 3 5.929 8.069
9.023 36.094 0 5.932 4.932
6.704 26.818 6 4.840 9.772
4.658 18.630 0 3.341 2.341
3.721 14.885 3 2.678 5.019
3.070 12.279 0 1.876 0.876
2.579 10.317 2 1.666 2.542
2.248 8.991 0 1.524 0.524
1.986 7.944 2 1.412 1.936
1.770 7.078 0 1.350 0.350
1.592 6.368 1 1.246 1.596
1.344 5.377 0 1.150 0.150
1.202 4.809 1 1.093 1.243
1.111 4.442 0 1.055 0.055
1.062 4.248 1 1.062 1.116
1.000 4.001 0 1.005 0.005
0.934 3.735 1 0.978 0.984
0.874 3.496 0 0.954 -0.046
0.822 3.286 1 0.934 0.888
0.771 3.085 2 0.944 1.832
0.728 2.913 0 0.897 -0.103
0.686 2.745 1 0.881 0.778
0.541 2.163 2 0.837 1.616
0.480 1.921 0 0.818 -0.182
0.365 1.458 1 0.815 0.633
0.347 1.389 2 0.778 1.411
0.351 1.403 0 0.777 -0.223
0.348 1.393 1 0.775 0.552
0.349 1.397 2 0.773 1.326
0.350 1.400 0 0.802 -0.198
60.98733 243.94933 30.67111 52.26291 51.93401
NCF dan POT

35.000
30.000
25.000
20.000
15.000
10.000
5.000
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
0.000
1 2 3 4 5 6 7 8 9 10 11 1
NCF POT
SUMMARY :
: 1514.46 MMUS$ :
: Total :
0.00
16 17 18 19 20 21
Split Share Share
1.221 0.732 0.488 0.122 0.031 0.0915552

28.454 17.072 11.381 2.845 0.711 2.1340217
31.162 18.697 12.465 3.116 0.779 2.3371269
17.045 10.227 6.818 1.705 0.426 1.2784068
16.289 9.773 6.516 1.629 0.407 1.2216574
9.866 5.920 3.947 0.987 0.247 0.7399755
11.404 6.842 4.561 1.140 0.285 0.8552674
7.775 4.665 3.110 0.778 0.194 0.5831516
8.467 5.080 3.387 0.847 0.212 0.6350493
6.008 3.605 2.403 0.601 0.150 0.4505912
6.728 4.037 2.691 0.673 0.168 0.5045900
4.772 2.863 1.909 0.477 0.119 0.3579067
5.227 3.136 2.091 0.523 0.131 0.3920485
3.567 2.140 1.427 0.357 0.089 0.2675026
4.388 2.633 1.755 0.439 0.110 0.3290891
3.131 1.879 1.253 0.313 0.078 0.2348570
3.996 2.398 1.598 0.400 0.100 0.2997101
2.752 1.651 1.101 0.275 0.069 0.2063759
3.541 2.125 1.416 0.354 0.089 0.2655859
2.398 1.439 0.959 0.240 0.060 0.1798845
1.253 0.752 0.501 0.125 0.031 0.0939433
3.016 1.810 1.206 0.302 0.075 0.2262003
1.966 1.180 0.786 0.197 0.049 0.1474620
0.547 0.328 0.219 0.055 0.014 0.0410342
2.103 1.262 0.841 0.210 0.053 0.1577163
0.826 0.495 0.330 0.083 0.021 0.0619319
-0.022 -0.013 -0.009 -0.002 0.000 -0.0021609
1.626 0.975 0.650 0.163 0.041 0.1219294
0.840 0.504 0.336 0.084 0.021 0.0630219
0.071 0.043 0.028 0.007 0.002 0.0053345
1.598 0.959 0.639 0.160 0.040 0.1198418
192.01531 115.20919 76.80612 19.20153 4.80092 14.40061
NCT dan NGT
N
C
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 T
NCT NGT
304.94 MMUS$
15.50 MMUS$
23.20 MMUS$
55.74 MMUS$
197.26 MMUS$
291.71 MMUS$
22 23 24 25 24 25
( TI ) ( Take
NCT ) Take )
(TCS) (EXP)
0.817 0.327 0.490 1.571 2.630 7.192

13.813 5.525 8.288 29.297 16.357 6.914
14.639 5.856 8.784 31.402 13.716 6.829
8.892 3.557 5.335 18.415 15.108 3.733
7.623 3.049 4.574 16.373 6.915 1.913
5.067 2.027 3.040 10.547 8.059 1.567
5.241 2.096 3.145 11.329 4.020 1.227
3.817 1.527 2.290 8.065 4.832 1.018
3.876 1.550 2.325 8.390 2.849 0.876
2.946 1.178 1.767 6.226 3.703 0.765
3.071 1.229 1.843 6.655 2.193 0.736
2.347 0.939 1.408 4.956 3.004 0.600
2.371 0.948 1.423 5.149 1.572 0.504
1.760 0.704 1.056 3.713 2.299 0.448
1.981 0.793 1.189 4.310 1.243 0.410
1.549 0.619 0.929 3.264 2.045 0.453
1.799 0.720 1.079 3.917 1.085 0.362
1.361 0.544 0.817 2.869 1.801 0.336
1.588 0.635 0.953 3.462 0.907 0.312
1.190 0.476 0.714 2.506 1.602 0.292
0.793 0.317 0.476 1.548 2.308 0.342
1.344 0.538 0.807 2.938 0.704 0.257
0.982 0.393 0.589 2.063 1.368 0.242
0.448 0.179 0.269 0.819 1.885 0.198
0.924 0.369 0.554 2.029 0.372 0.180
0.451 0.180 0.270 0.920 0.903 0.220
0.167 0.067 0.100 0.225 1.511 0.141
0.704 0.281 0.422 1.554 0.200 0.141
0.447 0.179 0.268 0.920 0.821 0.140
0.198 0.079 0.119 0.302 1.444 0.139
0.694 0.278 0.417 1.531 0.219 0.216
92.89918 37.15967 55.73951 197.26313 107.67352 38.70257
N
C
30 31 T
26 27 28 29 30 31

Flow NCF (DF) Flow
NCF)
-4.562 -4.562 0.99051 2.60490 7.12400 -4.51909

9.443 4.880 0.99051 16.20139 6.84824 4.83405
6.887 11.767 0.99051 13.58572 6.76391 11.65585
11.375 23.142 0.99051 14.96435 3.69768 22.92252
5.002 28.144 0.99051 6.84946 1.89506 27.87692
6.493 34.637 0.99051 7.98294 1.55176 34.30809
2.793 37.430 0.99051 3.98217 1.21532 37.07494
3.814 41.244 0.99051 4.78613 1.00843 40.85263
1.973 43.217 0.99051 2.82224 0.86778 42.80710
2.938 46.155 0.99051 3.66792 0.75746 45.71755
1.457 47.613 0.99051 2.17239 0.72898 47.16096
2.405 50.017 0.99051 2.97585 0.59392 49.54288
1.068 51.086 0.99051 1.55737 0.49928 50.60098
1.851 52.937 0.99051 2.27689 0.44349 52.43439
0.833 53.770 0.99051 1.23161 0.40618 53.25981
1.592 55.362 0.99051 2.02602 0.44901 54.83683
0.723 56.085 0.99051 1.07442 0.35856 55.55269
1.465 57.550 0.99051 1.78344 0.33248 57.00366
0.595 58.144 0.99051 0.89852 0.30931 57.59287
1.310 59.455 0.99051 1.58699 0.28925 58.89061
1.965 61.420 0.99051 2.28565 0.33912 60.83714
0.447 61.867 0.99051 0.69713 0.25449 61.27979
1.126 62.993 0.99051 1.35467 0.23930 62.39516
1.686 64.679 0.99051 1.86664 0.19639 64.06541
0.192 64.871 0.99051 0.36849 0.17793 64.25597
0.682 65.554 0.99051 0.89437 0.21841 64.93193
1.370 66.923 0.99051 1.49674 0.14004 66.28863
0.058 66.982 0.99051 0.19771 0.13988 66.34646
0.681 67.663 0.99051 0.81281 0.13822 67.02105
1.306 68.968 0.99051 1.43073 0.13754 68.31424
0.003 68.971 0.99051 0.21650 0.21402 68.31672
68.97096 1,528.96207 30.70594 106.65216 38.33544 1,514.45873
32
Cumulatif
Discounted
Contractor
NCF
(Disc. NPV)
(MMUS$)
-4.51909
0.31495
11.97080
34.89332
62.77024
97.07833
134.15327
175.00591
217.81301
263.53056
310.69152
360.23441
410.83539
463.26977
516.52958
571.36641
626.91910
683.92276
741.51564
800.40625
861.24339
922.52318
984.91834
1048.98375
1113.23972
1178.17165
1244.46028
1310.80674
1377.82778
1446.14202
1514.45873
19,481.47770
FIELD ECONOMIC
ASSUMPTION :

DISCOUNT RATE : 10%
FTP : 20%
1 2 3 4 5 6

e
a
r 4%
0 2021 0.02816 4.13350 2.7736685 0.980

1 2022 0.30006 1.81140 1.2016005 1.000
2 2023 0.29073 1.81140 1.2016005 1.020
3 2024 0.21178 0.57409 0.3827258 1.040
4 2025 0.14423 0.02208 0.0147202 1.061
5 2026 0.11298 0.04908 0.0447202 1.082
6 2027 0.09137 0.02208 0.0147202 1.104
7 2028 0.07527 0.02208 0.0147202 1.126
8 2029 0.06431 0.02208 0.0147202 1.149
9 2030 0.05570 0.02208 0.0147202 1.172
10 2031 0.04866 0.04908 0.0447202 1.195
11 2032 0.04292 0.02208 0.0147202 1.219
12 2033 0.03553 0.02208 0.0147202 1.243
13 2034 0.03115 0.02208 0.0147202 1.268
14 2035 0.02821 0.02208 0.0147202 1.294
15 2036 0.02645 0.04908 0.0447202 1.319
16 2037 0.02443 0.02208 0.0147202 1.346
17 2038 0.02236 0.02208 0.0147202 1.373
18 2039 0.02051 0.02208 0.0147202 1.400
19 2040 0.01891 0.02208 0.0147202 1.428
20 2041 0.01740 0.04908 0.0447202 1.457
21 2042 0.01611 0.02208 0.0147202 1.486
22 2043 0.01488 0.02208 0.0147202 1.516
23 2044 0.01149 0.02208 0.0147202 1.546
24 2045 0.01001 0.02208 0.0147202 1.577
25 2046 0.00745 0.04908 0.0447202 1.608
26 2047 0.00696 0.02208 0.0147202 1.641
27 2048 0.00689 0.02208 0.0147202 1.673
28 2049 0.00670 0.02208 0.0147202 1.707
29 2050 0.00659 0.02208 0.0147202 1.741
30 2051 0.00648 0.04908 0.0447202 1.776
1.78467 9.089 6.137 41.54847
PROJECT :
INVESTMENT CREDIT
OPEX
DMO
DMO Fee
INCOME TAX
SHARE AFTER TAX
7 8 9 10
4.052 0.0000000 99.441 0.183 2.800

1.811 0.8267006 101.430 1.950 30.435
1.848 0.9511846 103.459 1.890 30.078
0.597 1.70 105.528 1.377 22.348
0.023 1.45 107.638 0.938 15.525
0.053 1.16 109.791 0.734 12.404
0.024 0.67 111.987 0.594 10.233
0.025 0.67 114.227 0.489 8.598
0.025 0.67 116.511 0.418 7.493
0.026 0.67 118.841 0.362 6.620
0.059 0.67 121.218 0.316 5.899
0.027 0.67 123.643 0.279 5.307
0.027 0.67 126.115 0.231 4.481
0.028 0.67 128.638 0.203 4.008
0.029 0.67 131.211 0.183 3.702
0.065 0.67 133.835 0.172 3.540
0.030 0.67 136.511 0.159 3.335
0.030 0.67 139.242 0.145 3.113
0.031 0.67 142.026 0.133 2.913
0.032 0.67 144.867 0.123 2.739
0.072 0.67 147.764 0.113 2.570
0.033 0.67 150.720 0.105 2.428
0.033 0.67 153.734 0.097 2.287
0.034 0.67 156.809 0.075 1.802
0.035 0.67 159.945 0.065 1.601
0.079 0.67 163.144 0.048 1.215
0.036 0.67 166.407 0.045 1.158
0.037 0.67 169.735 0.045 1.169
0.038 0.67 173.129 0.044 1.160
0.038 0.67 176.592 0.043 1.164
0.087 0.67 180.124 0.042 1.167
9.36478 22.92512 4,214.26145 11.60038 203.29111
NCF dan POT

1200.00000
1000.00000
800.00000
600.00000
400.00000
200.00000
0.00000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
-200.00000
NCF POT
ECONOMIC :
: 40% Total NCF
: 60% NPV @ DF=10%
: 6.5 USD/STB PIR
: 25% DPIR
: 0 USD/STB
: 30%
: 30%
11 12 13 14 15
20% UR CR REC
0.560 2.240 0 2.957 1.957

6.087 24.348 3 3.979 5.935
6.016 24.063 0 4.043 3.043
4.470 17.879 4 3.464 6.506
3.105 12.420 0 2.404 1.404
2.481 9.924 2 1.943 3.347
2.047 8.186 0 1.282 0.282
1.720 6.878 1 1.177 1.459
1.499 5.994 0 1.106 0.106
1.324 5.296 1 1.050 1.156
1.180 4.719 0 1.034 0.034
1.061 4.246 1 0.967 1.001
0.896 3.585 0 0.919 -0.081
0.802 3.206 1 0.890 0.809
0.740 2.962 2 0.871 1.680
0.708 2.832 0 0.890 -0.110
0.667 2.668 1 0.847 0.736
0.623 2.490 2 0.833 1.569
0.583 2.330 0 0.821 -0.179
0.548 2.191 1 0.811 0.632
0.514 2.056 2 0.831 1.463
0.486 1.942 0 0.792 -0.208
0.457 1.830 1 0.785 0.577
0.360 1.442 2 0.763 1.340
0.320 1.281 0 0.753 -0.247
0.243 0.972 1 0.766 0.519
0.232 0.926 2 0.733 1.252
0.234 0.935 0 0.733 -0.267
0.232 0.928 1 0.731 0.464
0.233 0.931 1 0.731 1.195
0.233 0.933 0 0.760 -0.240
40.65822 162.63288 27.46950 40.66253 37.13203
NCF dan POT

25.000
20.000
15.000
10.000
5.000
0.000
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 1 2 3 4 5 6 7 8 9 10 11 1
-5.000
NCF POT
SUMMARY :
: 984.75 MMUS$ :
: Total :
0.00
16 17 18 19 20 21
Split Share Share
0.284 0.170 0.113 0.028 0.007 0.0212713

18.413 11.048 7.365 1.841 0.460 1.3809684
21.020 12.612 8.408 2.102 0.526 1.5765082
11.372 6.823 4.549 1.137 0.284 0.8529302
11.016 6.610 4.406 1.102 0.275 0.8262159
6.576 3.946 2.631 0.658 0.164 0.4932345
7.904 4.743 3.162 0.790 0.198 0.5928315
5.419 3.252 2.168 0.542 0.135 0.4064572
5.888 3.533 2.355 0.589 0.147 0.4416212
4.140 2.484 1.656 0.414 0.104 0.3105056
4.685 2.811 1.874 0.468 0.117 0.3513556
3.245 1.947 1.298 0.324 0.081 0.2433464
3.666 2.200 1.466 0.367 0.092 0.2749442
2.397 1.438 0.959 0.240 0.060 0.1797812
1.281 0.769 0.513 0.128 0.032 0.0961036
2.942 1.765 1.177 0.294 0.074 0.2206537
1.931 1.159 0.773 0.193 0.048 0.1448523
0.921 0.553 0.368 0.092 0.023 0.0690673
2.509 1.506 1.004 0.251 0.063 0.1881951
1.559 0.936 0.624 0.156 0.039 0.1169378
0.594 0.356 0.237 0.059 0.015 0.0445254
2.150 1.290 0.860 0.215 0.054 0.1612226
1.253 0.752 0.501 0.125 0.031 0.0939528
0.102 0.061 0.041 0.010 0.003 0.0076736
1.528 0.917 0.611 0.153 0.038 0.1145754
0.453 0.272 0.181 0.045 0.011 0.0339845
-0.326 -0.196 -0.130 -0.033 0.000 -0.0325979
1.203 0.722 0.481 0.120 0.030 0.0902106
0.464 0.279 0.186 0.046 0.012 0.0348331
-0.263 -0.158 -0.105 -0.026 0.000 -0.0263320
1.173 0.704 0.469 0.117 0.029 0.0880019
125.50085 75.30051 50.20034 12.55008 3.15225 9.39783
NCT dan NGT
N
C
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 T
NCT NGT
203.29 MMUS$
15.50 MMUS$
11.60 MMUS$
36.68 MMUS$
129.48 MMUS$
193.26 MMUS$
22 23 24 25 24 25
( TI ) ( Take
NCT ) Take )
(TCS) (EXP)
0.372 0.149 0.223 0.620 2.180 7.009

9.028 3.611 5.417 19.083 11.352 4.963
9.839 3.936 5.904 21.132 8.946 4.939
5.931 2.372 3.559 12.284 10.065 2.357
5.133 2.053 3.080 11.042 4.484 0.976
3.378 1.351 2.027 7.031 5.374 0.832
3.592 1.437 2.155 7.796 2.437 0.633
2.621 1.048 1.573 5.566 3.031 0.529
2.663 1.065 1.598 5.789 1.704 0.458
2.007 0.803 1.204 4.260 2.360 0.403
2.112 0.845 1.267 4.597 1.302 0.420
1.585 0.634 0.951 3.355 1.952 0.321
1.640 0.656 0.984 3.578 0.902 0.273
1.180 0.472 0.708 2.491 1.517 0.245
0.787 0.315 0.472 1.550 2.152 0.227
1.310 0.524 0.786 2.864 0.676 0.281
0.961 0.384 0.577 2.022 1.313 0.203
0.611 0.244 0.366 1.177 1.936 0.190
1.107 0.443 0.664 2.428 0.485 0.179
0.781 0.312 0.468 1.639 1.100 0.169
0.450 0.180 0.270 0.838 1.733 0.229
0.941 0.377 0.565 2.070 0.357 0.152
0.636 0.254 0.382 1.329 0.959 0.145
0.213 0.085 0.128 0.335 1.468 0.124
0.657 0.263 0.394 1.454 0.147 0.115
0.269 0.108 0.161 0.535 0.680 0.172
0.018 0.007 0.011 -0.105 1.263 0.096
0.508 0.203 0.305 1.132 0.037 0.096
0.267 0.107 0.160 0.536 0.624 0.096
0.037 0.015 0.022 -0.053 1.217 0.096
0.498 0.199 0.299 1.108 0.059 0.174
61.13162 24.45265 36.67897 129.48010 73.81101 27.10219
N
C
30 31 T
26 27 28 29 30 31

Flow NCF (DF) Flow
NCF)
-4.829 -4.829 0.99051 2.15937 6.94269 -4.78332

6.389 1.560 0.99051 11.24439 4.91633 1.54475
4.007 5.567 0.99051 8.86127 4.89211 5.51391
7.708 13.275 0.99051 9.96923 2.33420 13.14894
3.508 16.783 0.99051 4.44109 0.96642 16.62361
4.542 21.324 0.99051 5.32283 0.82434 21.12210
1.804 23.128 0.99051 2.41394 0.62702 22.90902
2.503 25.631 0.99051 3.00269 0.52382 25.38788
1.245 26.877 0.99051 1.68742 0.45374 26.62156
1.958 28.834 0.99051 2.33778 0.39883 28.56050
0.882 29.716 0.99051 1.28919 0.41569 29.43400
1.631 31.347 0.99051 1.93348 0.31758 31.04990
0.629 31.977 0.99051 0.89389 0.27053 31.67327
1.272 33.248 0.99051 1.50255 0.24290 32.93292
1.926 35.174 0.99051 2.13183 0.22453 34.84021
0.394 35.568 0.99051 0.66939 0.27873 35.23088
1.110 36.678 0.99051 1.30053 0.20129 36.33012
1.745 38.423 0.99051 1.91740 0.18854 38.05898
0.306 38.730 0.99051 0.48060 0.17726 38.36232
0.931 39.661 0.99051 1.08973 0.16753 39.28452
1.503 41.164 0.99051 1.71623 0.22712 40.77364
0.205 41.369 0.99051 0.35395 0.15078 40.97680
0.814 42.183 0.99051 0.94942 0.14351 41.78270
1.344 43.527 0.99051 1.45368 0.12239 43.11399
0.032 43.559 0.99051 0.14539 0.11350 43.14589
0.508 44.067 0.99051 0.67389 0.17045 43.64933
1.167 45.234 0.99051 1.25090 0.09525 44.80497
-0.059 45.175 0.99051 0.03693 0.09553 44.74637
0.528 45.703 0.99051 0.61823 0.09507 45.26953
1.121 46.824 0.99051 1.20550 0.09510 46.37993
-0.115 46.709 0.99051 0.05814 0.17233 46.26575
46.70881 994.18555 30.70594 73.11085 26.84511 984.75496
32
Cumulatif
Discounted
Contractor
NCF
(Disc. NPV)
(MMUS$)
-4.78332
-3.23857
2.27534
15.42428
32.04789
53.16999
76.07901
101.46689
128.08845
156.64895
186.08295
217.13286
248.80612
281.73904
316.57925
351.81013
388.14025
426.19923
464.56156
503.84608
544.61971
585.59651
627.37921
670.49321
713.63909
757.28842
802.09339
846.83976
892.10929
938.48922
984.75496
12,305.37915
FIELD ECONOMIC
ASSUMPTION :

DISCOUNT RATE : 10%
FTP : 20%
1 2 3 4 5 6

e
a
r 4%
0 2021 0.02816 4.13350 2.7736685 0.980

1 2022 0.30006 1.81140 1.2016005 1.000
2 2023 0.29073 1.81140 1.2016005 1.020
3 2024 0.21178 0.57409 0.3827258 1.040
4 2025 0.14423 0.02208 0.0147202 1.061
5 2026 0.11298 0.04908 0.0447202 1.082
6 2027 0.09137 0.02208 0.0147202 1.104
7 2028 0.07527 0.02208 0.0147202 1.126
8 2029 0.06431 0.02208 0.0147202 1.149
9 2030 0.05570 0.02208 0.0147202 1.172
10 2031 0.04866 0.04908 0.0447202 1.195
11 2032 0.04292 0.02208 0.0147202 1.219
12 2033 0.03553 0.02208 0.0147202 1.243
13 2034 0.03115 0.02208 0.0147202 1.268
14 2035 0.02821 0.02208 0.0147202 1.294
15 2036 0.02645 0.04908 0.0447202 1.319
16 2037 0.02443 0.02208 0.0147202 1.346
17 2038 0.02236 0.02208 0.0147202 1.373
18 2039 0.02051 0.02208 0.0147202 1.400
19 2040 0.01891 0.02208 0.0147202 1.428
20 2041 0.01740 0.04908 0.0447202 1.457
21 2042 0.01611 0.02208 0.0147202 1.486
22 2043 0.01488 0.02208 0.0147202 1.516
23 2044 0.01149 0.02208 0.0147202 1.546
24 2045 0.01001 0.02208 0.0147202 1.577
25 2046 0.00745 0.04908 0.0447202 1.608
26 2047 0.00696 0.02208 0.0147202 1.641
27 2048 0.00689 0.02208 0.0147202 1.673
28 2049 0.00670 0.02208 0.0147202 1.707
29 2050 0.00659 0.02208 0.0147202 1.741
30 2051 0.00648 0.04908 0.0447202 1.776
1.78467 9.089 6.137 41.54847
PROJECT :
INVESTMENT CREDIT
OPEX
DMO
DMO Fee
INCOME TAX
SHARE AFTER TAX
7 8 9 10
4.052 0.0000000 99.441 0.366 2.800

1.811 0.8267006 101.430 3.901 30.435
1.848 0.9511846 103.459 3.779 30.078
0.597 1.70 105.528 2.753 22.348
0.023 1.45 107.638 1.875 15.525
0.053 1.16 109.791 1.469 12.404
0.024 0.67 111.987 1.188 10.233
0.025 0.67 114.227 0.979 8.598
0.025 0.67 116.511 0.836 7.493
0.026 0.67 118.841 0.724 6.620
0.059 0.67 121.218 0.633 5.899
0.027 0.67 123.643 0.558 5.307
0.027 0.67 126.115 0.462 4.481
0.028 0.67 128.638 0.405 4.008
0.029 0.67 131.211 0.367 3.702
0.065 0.67 133.835 0.344 3.540
0.030 0.67 136.511 0.318 3.335
0.030 0.67 139.242 0.291 3.113
0.031 0.67 142.026 0.267 2.913
0.032 0.67 144.867 0.246 2.739
0.072 0.67 147.764 0.226 2.570
0.033 0.67 150.720 0.209 2.428
0.033 0.67 153.734 0.193 2.287
0.034 0.67 156.809 0.149 1.802
0.035 0.67 159.945 0.130 1.601
0.079 0.67 163.144 0.097 1.215
0.036 0.67 166.407 0.090 1.158
0.037 0.67 169.735 0.090 1.169
0.038 0.67 173.129 0.087 1.160
0.038 0.67 176.592 0.086 1.164
0.087 0.67 180.124 0.084 1.167
9.36478 22.92512 4,214.26145 23.20075 203.29111
NCF dan POT

1200.00000
1000.00000
800.00000
600.00000
400.00000
200.00000
0.00000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
-200.00000
NCF POT
ECONOMIC :
: 40% Total NCF
: 60% NPV @ DF=10%
: 13.0 USD/STB PIR
: 25% DPIR
: 0 USD/STB
: 30%
: 30%
11 12 13 14 15
20% UR CR REC
0.560 2.240 0 3.140 2.140

6.087 24.348 3 5.929 8.069
6.016 24.063 0 5.932 4.932
4.470 17.879 6 4.840 9.772
3.105 12.420 0 3.341 2.341
2.481 9.924 3 2.678 5.019
2.047 8.186 0 1.876 0.876
1.720 6.878 2 1.666 2.542
1.499 5.994 0 1.524 0.524
1.324 5.296 2 1.412 1.936
1.180 4.719 0 1.350 0.350
1.061 4.246 1 1.246 1.596
0.896 3.585 0 1.150 0.150
0.802 3.206 1 1.093 1.243
0.740 2.962 0 1.055 0.055
0.708 2.832 1 1.062 1.116
0.667 2.668 0 1.005 0.005
0.623 2.490 1 0.978 0.984
0.583 2.330 0 0.954 -0.046
0.548 2.191 1 0.934 0.888
0.514 2.056 2 0.944 1.832
0.486 1.942 0 0.897 -0.103
0.457 1.830 1 0.881 0.778
0.360 1.442 2 0.837 1.616
0.320 1.281 0 0.818 -0.182
0.243 0.972 1 0.815 0.633
0.232 0.926 2 0.778 1.411
0.234 0.935 0 0.777 -0.223
0.232 0.928 1 0.775 0.552
0.233 0.931 2 0.773 1.326
0.233 0.933 0 0.802 -0.198
40.65822 162.63288 30.67111 52.26291 51.93401
NCF dan POT

20.000
15.000
10.000
5.000
0.000
1 2 3 4 5 6 7 8 9 10 11 1
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
-5.000
NCF POT
SUMMARY :
: 999.50 MMUS$ :
: Total :
0.00
16 17 18 19 20 21
Split Share Share
0.101 0.060 0.040 0.010 0.003 0.0075426

16.279 9.768 6.512 1.628 0.407 1.2209587
19.130 11.478 7.652 1.913 0.478 1.4347785
8.106 4.864 3.242 0.811 0.203 0.6079597
10.079 6.047 4.031 1.008 0.252 0.7559014
4.905 2.943 1.962 0.490 0.123 0.3678409
7.310 4.386 2.924 0.731 0.183 0.5482867
4.336 2.602 1.734 0.434 0.108 0.3252185
5.470 3.282 2.188 0.547 0.137 0.4102710
3.360 2.016 1.344 0.336 0.084 0.2520008
4.368 2.621 1.747 0.437 0.109 0.3276336
2.649 1.590 1.060 0.265 0.066 0.1987003
3.435 2.061 1.374 0.343 0.086 0.2576235
1.964 1.178 0.785 0.196 0.049 0.1472726
2.907 1.744 1.163 0.291 0.073 0.2180280
1.716 1.029 0.686 0.172 0.043 0.1286658
2.662 1.597 1.065 0.266 0.067 0.1996729
1.507 0.904 0.603 0.151 0.038 0.1129893
2.376 1.426 0.950 0.238 0.059 0.1781964
1.303 0.782 0.521 0.130 0.033 0.0977229
0.224 0.135 0.090 0.022 0.006 0.0168302
2.045 1.227 0.818 0.204 0.051 0.1533703
1.051 0.631 0.421 0.105 0.026 0.0788480
-0.174 -0.104 -0.070 -0.017 0.000 -0.0173791
1.463 0.878 0.585 0.146 0.037 0.1096967
0.340 0.204 0.136 0.034 0.008 0.0254745
-0.485 -0.291 -0.194 -0.048 0.000 -0.0484665
1.158 0.695 0.463 0.116 0.029 0.0868524
0.376 0.226 0.150 0.038 0.009 0.0282072
-0.395 -0.237 -0.158 -0.039 0.000 -0.0394513
1.131 0.679 0.453 0.113 0.028 0.0848446
110.69887 66.41932 44.27955 11.06989 2.79380 8.27609
NCT dan NGT
N
C
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 T
NCT NGT
203.29 MMUS$
15.50 MMUS$
23.20 MMUS$
33.80 MMUS$
117.56 MMUS$
190.06 MMUS$
22 23 24 25 24 25
( TI ) ( Take
NCT ) Take )
(TCS) (EXP)
0.313 0.125 0.188 0.473 2.327 7.192

8.334 3.334 5.001 17.366 13.070 6.914
9.225 3.690 5.535 19.611 10.467 6.829
4.869 1.948 2.922 9.654 12.694 3.733
4.828 1.931 2.897 10.287 5.238 1.913
2.834 1.134 1.701 5.685 6.720 1.567
3.399 1.360 2.040 7.318 2.915 1.227
2.269 0.908 1.361 4.694 3.903 1.018
2.527 1.011 1.516 5.453 2.040 0.876
1.754 0.702 1.052 3.632 2.988 0.765
2.010 0.804 1.206 4.342 1.556 0.736
1.392 0.557 0.835 2.876 2.431 0.600
1.564 0.626 0.939 3.392 1.088 0.504
1.039 0.416 0.623 2.142 1.866 0.448
1.315 0.526 0.789 2.858 0.844 0.410
0.912 0.365 0.547 1.877 1.663 0.453
1.199 0.479 0.719 2.610 0.725 0.362
0.801 0.320 0.481 1.649 1.464 0.336
1.063 0.425 0.638 2.320 0.593 0.312
0.697 0.279 0.418 1.432 1.306 0.292
0.330 0.132 0.198 0.541 2.030 0.342
0.907 0.363 0.544 1.986 0.442 0.257
0.570 0.228 0.342 1.167 1.121 0.242
0.128 0.051 0.077 0.110 1.692 0.198
0.635 0.254 0.381 1.402 0.199 0.180
0.232 0.093 0.139 0.444 0.772 0.220
-0.030 -0.012 -0.018 -0.235 1.393 0.141
0.493 0.197 0.296 1.096 0.073 0.141
0.238 0.095 0.143 0.465 0.695 0.140
-0.002 -0.001 -0.001 -0.161 1.325 0.139
0.484 0.194 0.291 1.074 0.093 0.216
56.33257 22.53303 33.79954 117.55755 85.73355 38.70257
N
C
30 31 T
26 27 28 29 30 31

Flow NCF (DF) Flow
NCF)
-4.865 -4.865 0.99051 2.30533 7.12400 -4.81867

6.156 1.291 0.99051 12.94554 6.84824 1.27862
3.639 4.930 0.99051 10.36808 6.76391 4.88279
8.961 13.891 0.99051 12.57364 3.69768 13.75874
3.325 17.216 0.99051 5.18864 1.89506 17.05232
5.153 22.369 0.99051 6.65596 1.55176 22.15652
1.688 24.057 0.99051 2.88752 1.21532 23.82872
2.885 26.942 0.99051 3.86638 1.00843 26.68666
1.164 28.106 0.99051 2.02072 0.86778 27.83960
2.223 30.330 0.99051 2.95977 0.75746 30.04191
0.820 31.150 0.99051 1.54139 0.72898 30.85432
1.832 32.981 0.99051 2.40814 0.59392 32.66854
0.584 33.566 0.99051 1.07803 0.49928 33.24729
1.418 34.984 0.99051 1.84817 0.44349 34.65198
0.434 35.417 0.99051 0.83558 0.40618 35.08138
1.210 36.627 0.99051 1.64736 0.44901 36.27973
0.363 36.990 0.99051 0.71770 0.35856 36.63888
1.129 38.118 0.99051 1.45044 0.33248 37.75684
0.280 38.399 0.99051 0.58690 0.30931 38.03444
1.014 39.413 0.99051 1.29401 0.28925 39.03920
1.688 41.101 0.99051 2.01068 0.33912 40.71076
0.185 41.285 0.99051 0.43743 0.25449 40.89370
0.879 42.164 0.99051 1.11000 0.23930 41.76441
1.494 43.659 0.99051 1.67642 0.19639 43.24444
0.020 43.678 0.99051 0.19726 0.17793 43.26376
0.551 44.229 0.99051 0.76437 0.21841 43.80972
1.252 45.481 0.99051 1.37978 0.14004 45.04947
-0.068 45.413 0.99051 0.07263 0.13988 44.98221
0.556 45.969 0.99051 0.68867 0.13822 45.53266
1.186 47.154 0.99051 1.31206 0.13754 46.70718
-0.123 47.031 0.99051 0.09171 0.21402 46.58486
47.03099 1,009.07480 30.70594 84.92031 38.33544 999.50298
32
Cumulatif
Discounted
Contractor
NCF
(Disc. NPV)
(MMUS$)
-4.81867
-3.54005
1.34274
15.10148
32.15380
54.31033
78.13904
104.82571
132.66531
162.70723
193.56155
226.23008
259.47738
294.12935
329.21073
365.49046
402.12934
439.88618
477.92061
516.95981
557.67057
598.56427
640.32868
683.57311
726.83687
770.64660
815.69607
860.67828
906.21094
952.91811
999.50298
12,590.50889
FIELD ECONOMIC
ASSUMPTION :

DISCOUNT RATE : 10%
FTP : 20%
1 2 3 4 5 6

e
a
r 4%
0 2021 0.02816 4.13350 2.7736685 0.980

1 2022 0.30006 1.81140 1.2016005 1.000
2 2023 0.29073 1.81140 1.2016005 1.020
3 2024 0.21178 0.57409 0.3827258 1.040
4 2025 0.14423 0.02208 0.0147202 1.061
5 2026 0.11298 0.04908 0.0447202 1.082
6 2027 0.09137 0.02208 0.0147202 1.104
7 2028 0.07527 0.02208 0.0147202 1.126
8 2029 0.06431 0.02208 0.0147202 1.149
9 2030 0.05570 0.02208 0.0147202 1.172
10 2031 0.04866 0.04908 0.0447202 1.195
11 2032 0.04292 0.02208 0.0147202 1.219
12 2033 0.03553 0.02208 0.0147202 1.243
13 2034 0.03115 0.02208 0.0147202 1.268
14 2035 0.02821 0.02208 0.0147202 1.294
15 2036 0.02645 0.04908 0.0447202 1.319
16 2037 0.02443 0.02208 0.0147202 1.346
17 2038 0.02236 0.02208 0.0147202 1.373
18 2039 0.02051 0.02208 0.0147202 1.400
19 2040 0.01891 0.02208 0.0147202 1.428
20 2041 0.01740 0.04908 0.0447202 1.457
21 2042 0.01611 0.02208 0.0147202 1.486
22 2043 0.01488 0.02208 0.0147202 1.516
23 2044 0.01149 0.02208 0.0147202 1.546
24 2045 0.01001 0.02208 0.0147202 1.577
25 2046 0.00745 0.04908 0.0447202 1.608
26 2047 0.00696 0.02208 0.0147202 1.641
27 2048 0.00689 0.02208 0.0147202 1.673
28 2049 0.00670 0.02208 0.0147202 1.707
29 2050 0.00659 0.02208 0.0147202 1.741
30 2051 0.00648 0.04908 0.0447202 1.776
1.78467 9.089 6.137 41.54847
PROJECT :
INVESTMENT CREDIT
OPEX
DMO
DMO Fee
INCOME TAX
SHARE AFTER TAX
7 8 9 10
4.052 0.0000000 99.441 0.549 2.800

1.811 0.8267006 101.430 5.851 30.435
1.848 0.9511846 103.459 5.669 30.078
0.597 1.70 105.528 4.130 22.348
0.023 1.45 107.638 2.813 15.525
0.053 1.16 109.791 2.203 12.404
0.024 0.67 111.987 1.782 10.233
0.025 0.67 114.227 1.468 8.598
0.025 0.67 116.511 1.254 7.493
0.026 0.67 118.841 1.086 6.620
0.059 0.67 121.218 0.949 5.899
0.027 0.67 123.643 0.837 5.307
0.027 0.67 126.115 0.693 4.481
0.028 0.67 128.638 0.608 4.008
0.029 0.67 131.211 0.550 3.702
0.065 0.67 133.835 0.516 3.540
0.030 0.67 136.511 0.476 3.335
0.030 0.67 139.242 0.436 3.113
0.031 0.67 142.026 0.400 2.913
0.032 0.67 144.867 0.369 2.739
0.072 0.67 147.764 0.339 2.570
0.033 0.67 150.720 0.314 2.428
0.033 0.67 153.734 0.290 2.287
0.034 0.67 156.809 0.224 1.802
0.035 0.67 159.945 0.195 1.601
0.079 0.67 163.144 0.145 1.215
0.036 0.67 166.407 0.136 1.158
0.037 0.67 169.735 0.134 1.169
0.038 0.67 173.129 0.131 1.160
0.038 0.67 176.592 0.129 1.164
0.087 0.67 180.124 0.126 1.167
9.36478 22.92512 4,214.26145 34.80113 203.29111
NCF dan POT

1200.00000
1000.00000
800.00000
600.00000
400.00000
200.00000
0.00000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
-200.00000
NCF POT
ECONOMIC :
: 40% Total NCF
: 60% NPV @ DF=10%
: 19.5 USD/STB PIR
: 25% DPIR
: 0 USD/STB
: 30%
: 30%
11 12 13 14 15
20% UR CR REC
0.560 2.240 0 3.323 2.323

6.087 24.348 3 7.880 10.202
6.016 24.063 0 7.822 6.822
4.470 17.879 8 6.217 13.039
3.105 12.420 0 4.279 3.279
2.481 9.924 4 3.412 6.691
2.047 8.186 0 2.470 1.470
1.720 6.878 2 2.156 3.625
1.499 5.994 0 1.942 0.942
1.324 5.296 2 1.774 2.716
1.180 4.719 0 1.667 0.667
1.061 4.246 2 1.525 2.191
0.896 3.585 0 1.381 0.381
0.802 3.206 1 1.295 1.676
0.740 2.962 0 1.238 0.238
0.708 2.832 1 1.234 1.472
0.667 2.668 0 1.164 0.164
0.623 2.490 1 1.124 1.288
0.583 2.330 0 1.088 0.088
0.548 2.191 1 1.056 1.144
0.514 2.056 0 1.057 0.057
0.486 1.942 1 1.002 1.059
0.457 1.830 0 0.978 -0.022
0.360 1.442 1 0.912 0.890
0.320 1.281 2 0.883 1.773
0.243 0.972 0 0.863 -0.137
0.232 0.926 1 0.823 0.687
0.234 0.935 2 0.822 1.509
0.232 0.928 0 0.819 -0.181
0.233 0.931 1 0.816 0.635
0.233 0.933 2 0.844 1.479
40.65822 162.63288 35.30008 63.86328 68.16336
NCF dan POT

20.000
15.000
10.000
5.000
0.000
1 2 3 4 5 6 7 8 9 10 11 1
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
-5.000
NCF POT
SUMMARY :
: 1030.51 MMUS$ :
: Total :
0.00
16 17 18 19 20 21
Split Share Share
-0.082 -0.049 -0.033 -0.008 0.000 -0.0082483

14.146 8.488 5.658 1.415 0.354 1.0609491
17.241 10.344 6.896 1.724 0.431 1.2930487
4.840 2.904 1.936 0.484 0.121 0.3629892
9.141 5.485 3.656 0.914 0.229 0.6855869
3.233 1.940 1.293 0.323 0.081 0.2424474
6.717 4.030 2.687 0.672 0.168 0.5037418
3.253 1.952 1.301 0.325 0.081 0.2439799
5.052 3.031 2.021 0.505 0.126 0.3789209
2.580 1.548 1.032 0.258 0.064 0.1934960
4.052 2.431 1.621 0.405 0.101 0.3039116
2.054 1.232 0.822 0.205 0.051 0.1540543
3.204 1.922 1.282 0.320 0.080 0.2403028
1.530 0.918 0.612 0.153 0.038 0.1147640
2.724 1.634 1.089 0.272 0.068 0.2042734
1.360 0.816 0.544 0.136 0.034 0.1020177
2.504 1.502 1.001 0.250 0.063 0.1877647
1.202 0.721 0.481 0.120 0.030 0.0901826
2.243 1.346 0.897 0.224 0.056 0.1681977
1.047 0.628 0.419 0.105 0.026 0.0785080
1.999 1.200 0.800 0.200 0.050 0.1499501
0.883 0.530 0.353 0.088 0.022 0.0662420
1.852 1.111 0.741 0.185 0.046 0.1388850
0.552 0.331 0.221 0.055 0.014 0.0413996
-0.492 -0.295 -0.197 -0.049 0.000 -0.0492261
1.109 0.665 0.444 0.111 0.028 0.0831856
0.240 0.144 0.096 0.024 0.006 0.0179699
-0.573 -0.344 -0.229 -0.057 0.000 -0.0573258
1.110 0.666 0.444 0.111 0.028 0.0832411
0.296 0.178 0.119 0.030 0.007 0.0222317
-0.546 -0.327 -0.218 -0.055 0.000 -0.0545694
94.46952 56.68171 37.78781 9.44695 2.40408 7.04287
NCT dan NGT
N
C
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 T
NCT NGT
203.29 MMUS$
15.50 MMUS$
34.80 MMUS$
30.64 MMUS$
104.48 MMUS$
185.43 MMUS$
22 23 24 25 24 25
( TI ) ( Take
NCT ) Take )
(TCS) (EXP)
0.255 0.102 0.153 0.324 2.476 7.375

7.641 3.056 4.585 15.648 14.787 8.864
8.611 3.444 5.167 18.090 11.989 8.718
3.808 1.523 2.285 7.025 15.323 5.110
4.523 1.809 2.714 9.532 5.993 2.851
2.291 0.916 1.375 4.339 8.066 2.301
3.206 1.282 1.924 6.839 3.393 1.821
1.917 0.767 1.150 3.822 4.775 1.507
2.391 0.957 1.435 5.116 2.377 1.294
1.500 0.600 0.900 3.004 3.616 1.127
1.907 0.763 1.144 4.088 1.811 1.052
1.198 0.479 0.719 2.396 2.910 0.879
1.489 0.596 0.894 3.207 1.274 0.735
0.898 0.359 0.539 1.793 2.215 0.650
1.255 0.502 0.753 2.711 0.991 0.593
0.796 0.318 0.478 1.591 1.949 0.625
1.147 0.459 0.688 2.482 0.852 0.521
0.702 0.281 0.421 1.404 1.709 0.481
1.020 0.408 0.612 2.213 0.700 0.446
0.614 0.246 0.368 1.226 1.513 0.415
0.907 0.363 0.544 1.969 0.601 0.455
0.530 0.212 0.318 1.051 1.377 0.362
0.831 0.332 0.498 1.811 0.476 0.338
0.360 0.144 0.216 0.697 1.106 0.273
0.012 0.005 0.007 -0.180 1.780 0.245
0.482 0.193 0.289 1.063 0.152 0.269
0.194 0.077 0.116 0.355 0.803 0.187
-0.055 -0.022 -0.033 -0.306 1.476 0.186
0.477 0.191 0.286 1.056 0.105 0.183
0.213 0.085 0.128 0.402 0.763 0.182
-0.047 -0.019 -0.028 -0.284 1.451 0.258
51.07405 20.42962 30.64443 104.48331 98.80779 50.30294
N
C
30 31 T
26 27 28 29 30 31

Flow NCF (DF) Flow
NCF)
-4.899 -4.899 0.99051 2.45251 7.30531 -4.85280

5.923 1.023 0.99051 14.64668 8.78015 1.01373
3.270 4.294 0.99051 11.87488 8.63572 4.25289
10.214 14.507 0.99051 15.17805 5.06117 14.36977
3.142 17.650 0.99051 5.93619 2.82369 17.48227
5.765 23.414 0.99051 7.98908 2.27918 23.19217
1.572 24.987 0.99051 3.36110 1.80362 24.74965
3.268 28.255 0.99051 4.73007 1.49304 27.98667
1.082 29.337 0.99051 2.35402 1.28182 29.05887
2.489 31.826 0.99051 3.58177 1.11609 31.52455
0.759 32.585 0.99051 1.79359 1.04228 32.27587
2.032 34.617 0.99051 2.88279 0.87026 34.28840
0.539 35.156 0.99051 1.26218 0.72803 34.82255
1.565 36.721 0.99051 2.19379 0.64407 36.37226
0.398 37.118 0.99051 0.98182 0.58784 36.76624
1.324 38.442 0.99051 1.93067 0.61929 38.07762
0.332 38.774 0.99051 0.84431 0.51583 38.40610
1.228 40.002 0.99051 1.69291 0.47641 39.62260
0.254 40.256 0.99051 0.69320 0.44136 39.87444
1.098 41.354 0.99051 1.49830 0.41097 40.96177
0.146 41.500 0.99051 0.59541 0.45111 41.10607
1.015 42.515 0.99051 1.36374 0.35819 42.11161
0.138 42.653 0.99051 0.47172 0.33508 42.24825
0.833 43.485 0.99051 1.09512 0.27039 43.07298
1.536 45.021 0.99051 1.76333 0.24236 44.59394
-0.117 44.904 0.99051 0.15081 0.26637 44.47839
0.616 45.520 0.99051 0.79508 0.18483 45.08864
1.290 46.810 0.99051 1.46161 0.18423 46.36602
-0.079 46.731 0.99051 0.10358 0.18138 46.28821
0.581 47.312 0.99051 0.75527 0.17998 46.86350
1.193 48.505 0.99051 1.43696 0.25572 48.04474
48.50485 1,040.37669 30.70594 97.87053 49.82578 1,030.50795
32
Cumulatif
Discounted
Contractor
NCF
(Disc. NPV)
(MMUS$)
-4.85280
-3.83907
0.41382
14.78358
32.26585
55.45801
80.20766
108.19433
137.25320
168.77776
201.05362
235.34202
270.16457
306.53683
343.30307
381.38068
419.78678
459.40938
499.28382
540.24559
581.35166
623.46327
665.71151
708.78449
753.37844
797.85683
842.94547
889.31149
935.59970
982.46320
1030.50795
13,056.54269
FIELD ECONOMIC
ASSUMPTION :

DISCOUNT RATE : 10%
FTP : 20%
1 2 3 4 5 6

e
a
r 4%
0 2021 0.02816 2.06675 1.3868343 0.980

1 2022 0.30006 0.90570 0.6008002 1.000
2 2023 0.29073 0.90570 0.6008002 1.020
3 2024 0.21178 0.28704 0.1913629 1.040
4 2025 0.14423 0.01104 0.0073601 1.061
5 2026 0.11298 0.02454 0.0223601 1.082
6 2027 0.09137 0.01104 0.0073601 1.104
7 2028 0.07527 0.01104 0.0073601 1.126
8 2029 0.06431 0.01104 0.0073601 1.149
9 2030 0.05570 0.01104 0.0073601 1.172
10 2031 0.04866 0.02454 0.0223601 1.195
11 2032 0.04292 0.01104 0.0073601 1.219
12 2033 0.03553 0.01104 0.0073601 1.243
13 2034 0.03115 0.01104 0.0073601 1.268
14 2035 0.02821 0.01104 0.0073601 1.294
15 2036 0.02645 0.02454 0.0223601 1.319
16 2037 0.02443 0.01104 0.0073601 1.346
17 2038 0.02236 0.01104 0.0073601 1.373
18 2039 0.02051 0.01104 0.0073601 1.400
19 2040 0.01891 0.01104 0.0073601 1.428
20 2041 0.01740 0.02454 0.0223601 1.457
21 2042 0.01611 0.01104 0.0073601 1.486
22 2043 0.01488 0.01104 0.0073601 1.516
23 2044 0.01149 0.01104 0.0073601 1.546
24 2045 0.01001 0.01104 0.0073601 1.577
25 2046 0.00745 0.02454 0.0223601 1.608
26 2047 0.00696 0.01104 0.0073601 1.641
27 2048 0.00689 0.01104 0.0073601 1.673
28 2049 0.00670 0.01104 0.0073601 1.707
29 2050 0.00659 0.01104 0.0073601 1.741
30 2051 0.00648 0.02454 0.0223601 1.776
1.78467 4.544 3.069 41.54847
PROJECT :
INVESTMENT CREDIT
OPEX
DMO
DMO Fee
INCOME TAX
SHARE AFTER TAX
7 8 9 10
2.026 0.0000000 99.441 0.366 2.800

0.906 0.8267006 101.430 3.901 30.435
0.924 0.9511846 103.459 3.779 30.078
0.299 1.70 105.528 2.753 22.348
0.012 1.45 107.638 1.875 15.525
0.027 1.16 109.791 1.469 12.404
0.012 0.67 111.987 1.188 10.233
0.012 0.67 114.227 0.979 8.598
0.013 0.67 116.511 0.836 7.493
0.013 0.67 118.841 0.724 6.620
0.029 0.67 121.218 0.633 5.899
0.013 0.67 123.643 0.558 5.307
0.014 0.67 126.115 0.462 4.481
0.014 0.67 128.638 0.405 4.008
0.014 0.67 131.211 0.367 3.702
0.032 0.67 133.835 0.344 3.540
0.015 0.67 136.511 0.318 3.335
0.015 0.67 139.242 0.291 3.113
0.015 0.67 142.026 0.267 2.913
0.016 0.67 144.867 0.246 2.739
0.036 0.67 147.764 0.226 2.570
0.016 0.67 150.720 0.209 2.428
0.017 0.67 153.734 0.193 2.287
0.017 0.67 156.809 0.149 1.802
0.017 0.67 159.945 0.130 1.601
0.039 0.67 163.144 0.097 1.215
0.018 0.67 166.407 0.090 1.158
0.018 0.67 169.735 0.090 1.169
0.019 0.67 173.129 0.087 1.160
0.019 0.67 176.592 0.086 1.164
0.044 0.67 180.124 0.084 1.167
4.68239 22.92512 4,214.26145 23.20075 203.29111
NCF dan POT

1200.00000
1000.00000
800.00000
600.00000
400.00000
200.00000
0.00000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
-200.00000
NCF POT
ECONOMIC :
: 40% Total NCF
: 60% NPV @ DF=10%
: 13.0 USD/STB PIR
: 25% DPIR
: 0 USD/STB
: 30%
: 30%
11 12 13 14 15
20% UR CR REC
0.560 2.240 0 1.753 0.753

6.087 24.348 2 5.328 6.081
6.016 24.063 0 5.331 4.331
4.470 17.879 5 4.649 8.980
3.105 12.420 0 3.334 2.334
2.481 9.924 3 2.655 4.989
2.047 8.186 0 1.868 0.868
1.720 6.878 2 1.659 2.527
1.499 5.994 0 1.516 0.516
1.324 5.296 2 1.405 1.921
1.180 4.719 0 1.328 0.328
1.061 4.246 1 1.238 1.566
0.896 3.585 0 1.142 0.142
0.802 3.206 1 1.085 1.228
0.740 2.962 0 1.047 0.047
0.708 2.832 1 1.039 1.087
0.667 2.668 0 0.998 -0.002
0.623 2.490 1 0.971 0.969
0.583 2.330 2 0.947 1.916
0.548 2.191 0 0.926 -0.074
0.514 2.056 1 0.922 0.848
0.486 1.942 2 0.890 1.738
0.457 1.830 0 0.874 -0.126
0.360 1.442 1 0.830 0.704
0.320 1.281 2 0.811 1.514
0.243 0.972 0 0.792 -0.208
0.232 0.926 1 0.771 0.563
0.234 0.935 2 0.770 1.333
0.232 0.928 0 0.768 -0.232
0.233 0.931 1 0.766 0.534
0.233 0.933 2 0.780 1.313
40.65822 162.63288 30.29618 49.19439 48.49057
NCF dan POT

25.000
20.000
15.000
10.000
5.000
0.000
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 1 2 3 4 5 6 7 8 9 10 11 1
-5.000
NCF POT
SUMMARY :
: 1110.07 MMUS$ :
: Total :
0.00
16 17 18 19 20 21
Split Share Share
1.487 0.892 0.595 0.149 0.037 0.1115551

18.267 10.960 7.307 1.827 0.457 1.3700313
19.731 11.839 7.892 1.973 0.493 1.4798385
8.898 5.339 3.559 0.890 0.222 0.6673720
10.086 6.052 4.034 1.009 0.252 0.7564534
4.934 2.961 1.974 0.493 0.123 0.3700699
7.318 4.391 2.927 0.732 0.183 0.5488387
4.351 2.611 1.740 0.435 0.109 0.3263225
5.478 3.287 2.191 0.548 0.137 0.4108231
3.375 2.025 1.350 0.337 0.084 0.2531048
4.391 2.634 1.756 0.439 0.110 0.3293106
2.679 1.607 1.072 0.268 0.067 0.2009293
3.442 2.065 1.377 0.344 0.086 0.2581755
1.978 1.187 0.791 0.198 0.049 0.1483766
2.914 1.749 1.166 0.291 0.073 0.2185800
1.745 1.047 0.698 0.175 0.044 0.1308948
2.670 1.602 1.068 0.267 0.067 0.2002249
1.521 0.913 0.608 0.152 0.038 0.1140933
0.414 0.249 0.166 0.041 0.010 0.0310686
2.265 1.359 0.906 0.226 0.057 0.1698575
1.209 0.725 0.483 0.121 0.030 0.0906418
0.205 0.123 0.082 0.020 0.005 0.0153380
1.956 1.174 0.782 0.196 0.049 0.1466896
0.738 0.443 0.295 0.074 0.018 0.0553593
-0.234 -0.140 -0.093 -0.023 0.000 -0.0233722
1.180 0.708 0.472 0.118 0.029 0.0884940
0.363 0.218 0.145 0.036 0.009 0.0272217
-0.398 -0.239 -0.159 -0.040 0.000 -0.0397766
1.161 0.696 0.464 0.116 0.029 0.0870608
0.398 0.239 0.159 0.040 0.010 0.0298171
-0.380 -0.228 -0.152 -0.038 0.000 -0.0380099
114.14232 68.48539 45.65693 11.41423 2.87885 8.53538
NCT dan NGT
N
C
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 T
NCT NGT
203.29 MMUS$
7.75 MMUS$
23.20 MMUS$
34.47 MMUS$
120.33 MMUS$
185.75 MMUS$
22 23 24 25 24 25
( TI ) ( Take
NCT ) Take )
(TCS) (EXP)
0.763 0.305 0.458 1.589 1.211 3.779

8.980 3.592 5.388 18.966 11.469 5.407
9.420 3.768 5.652 20.095 9.984 5.304
5.127 2.051 3.076 10.292 12.056 3.243
4.830 1.932 2.898 10.293 5.232 1.894
2.844 1.138 1.706 5.709 6.696 1.518
3.402 1.361 2.041 7.323 2.909 1.207
2.274 0.910 1.364 4.706 3.892 0.998
2.529 1.012 1.518 5.458 2.034 0.856
1.759 0.704 1.055 3.643 2.976 0.744
2.017 0.807 1.210 4.360 1.538 0.684
1.401 0.561 0.841 2.900 2.407 0.579
1.567 0.627 0.940 3.398 1.082 0.483
1.044 0.417 0.626 2.154 1.854 0.426
1.317 0.527 0.790 2.864 0.838 0.388
0.921 0.368 0.553 1.900 1.639 0.399
1.201 0.480 0.721 2.616 0.719 0.340
0.806 0.322 0.483 1.660 1.452 0.313
0.426 0.170 0.256 0.741 2.172 0.289
1.010 0.404 0.606 2.207 0.532 0.269
0.650 0.260 0.390 1.333 1.238 0.284
0.309 0.124 0.186 0.505 1.923 0.233
0.864 0.346 0.519 1.895 0.392 0.217
0.420 0.168 0.252 0.847 0.956 0.174
0.090 0.036 0.054 0.032 1.568 0.155
0.505 0.202 0.303 1.120 0.095 0.159
0.234 0.093 0.140 0.454 0.703 0.116
-0.002 -0.001 -0.001 -0.162 1.332 0.115
0.493 0.197 0.296 1.097 0.064 0.113
0.246 0.098 0.147 0.483 0.681 0.112
0.003 0.001 0.002 -0.148 1.315 0.150
57.45065 22.98026 34.47039 120.33015 82.96096 30.95166
N
C
30 31 T
26 27 28 29 30 31

Flow NCF (DF) Flow
NCF)
-2.568 -2.568 0.99051 1.19952 3.74331 -2.54380

6.062 3.494 0.99051 11.36067 5.35603 3.46084
4.680 8.174 0.99051 9.88902 5.25376 8.09610
8.813 16.987 0.99051 11.94199 3.21233 16.82577
3.338 20.325 0.99051 5.18277 1.87616 20.13238
5.178 25.503 0.99051 6.63226 1.50330 25.26134
1.702 27.205 0.99051 2.88165 1.19596 26.94703
2.893 30.098 0.99051 3.85464 0.98883 29.81284
1.178 31.276 0.99051 2.01485 0.84793 30.97976
2.232 33.508 0.99051 2.94803 0.73736 33.19044
0.854 34.362 0.99051 1.52356 0.67778 34.03621
1.828 36.191 0.99051 2.38444 0.57330 35.84735
0.599 36.790 0.99051 1.07217 0.47839 36.44113
1.428 38.218 0.99051 1.83643 0.42233 37.85523
0.449 38.667 0.99051 0.82971 0.38475 38.30020
1.241 39.908 0.99051 1.62366 0.39479 39.52908
0.379 40.287 0.99051 0.71184 0.33655 39.90436
1.139 41.426 0.99051 1.43870 0.31017 41.03289
1.882 43.308 0.99051 2.15110 0.28671 42.89728
0.263 43.571 0.99051 0.52711 0.26634 43.15805
0.953 44.525 0.99051 1.22595 0.28156 44.10244
1.690 46.215 0.99051 1.90492 0.23095 45.77642
0.175 46.390 0.99051 0.38874 0.21543 45.94973
0.782 47.172 0.99051 0.94671 0.17219 46.72424
1.413 48.585 0.99051 1.55334 0.15340 48.12418
-0.063 48.522 0.99051 0.09437 0.15716 48.06140
0.587 49.109 0.99051 0.69672 0.11481 48.64331
1.216 50.325 0.99051 1.31908 0.11429 49.84809
-0.050 50.276 0.99051 0.06297 0.11227 49.79879
0.569 50.845 0.99051 0.67463 0.11121 50.36220
1.165 52.009 0.99051 1.30246 0.14871 51.51595
52.00930 1,120.70193 30.70594 82.17401 30.65806 1,110.07124
32
Cumulatif
Discounted
Contractor
NCF
(Disc. NPV)
(MMUS$)
-2.54380
0.91704
9.01314
25.83891
45.97128
71.23262
98.17965
127.99249
158.97225
192.16269
226.19890
262.04626
298.48739
336.34262
374.64282
414.17189
454.07626
495.10915
538.00643
581.16449
625.26693
671.04335
716.99308
763.71732
811.84151
859.90290
908.54621
958.39429
1008.19308
1058.55528
1110.07124
14,200.50767
FIELD ECONOMIC
ASSUMPTION :

DISCOUNT RATE : 10%
FTP : 20%
1 2 3 4 5 6

e
a
r 4%
0 2021 0.02816 4.13350 2.7736685 0.980

1 2022 0.30006 1.81140 1.2016005 1.000
2 2023 0.29073 1.81140 1.2016005 1.020
3 2024 0.21178 0.57409 0.3827258 1.040
4 2025 0.14423 0.02208 0.0147202 1.061
5 2026 0.11298 0.04908 0.0447202 1.082
6 2027 0.09137 0.02208 0.0147202 1.104
7 2028 0.07527 0.02208 0.0147202 1.126
8 2029 0.06431 0.02208 0.0147202 1.149
9 2030 0.05570 0.02208 0.0147202 1.172
10 2031 0.04866 0.04908 0.0447202 1.195
11 2032 0.04292 0.02208 0.0147202 1.219
12 2033 0.03553 0.02208 0.0147202 1.243
13 2034 0.03115 0.02208 0.0147202 1.268
14 2035 0.02821 0.02208 0.0147202 1.294
15 2036 0.02645 0.04908 0.0447202 1.319
16 2037 0.02443 0.02208 0.0147202 1.346
17 2038 0.02236 0.02208 0.0147202 1.373
18 2039 0.02051 0.02208 0.0147202 1.400
19 2040 0.01891 0.02208 0.0147202 1.428
20 2041 0.01740 0.04908 0.0447202 1.457
21 2042 0.01611 0.02208 0.0147202 1.486
22 2043 0.01488 0.02208 0.0147202 1.516
23 2044 0.01149 0.02208 0.0147202 1.546
24 2045 0.01001 0.02208 0.0147202 1.577
25 2046 0.00745 0.04908 0.0447202 1.608
26 2047 0.00696 0.02208 0.0147202 1.641
27 2048 0.00689 0.02208 0.0147202 1.673
28 2049 0.00670 0.02208 0.0147202 1.707
29 2050 0.00659 0.02208 0.0147202 1.741
30 2051 0.00648 0.04908 0.0447202 1.776
1.78467 9.089 6.137 41.54847
PROJECT :
INVESTMENT CREDIT
OPEX
DMO
DMO Fee
INCOME TAX
SHARE AFTER TAX
7 8 9 10
4.052 0.0000000 99.441 0.366 2.800

1.811 0.8267006 101.430 3.901 30.435
1.848 0.9511846 103.459 3.779 30.078
0.597 1.70 105.528 2.753 22.348
0.023 1.45 107.638 1.875 15.525
0.053 1.16 109.791 1.469 12.404
0.024 0.67 111.987 1.188 10.233
0.025 0.67 114.227 0.979 8.598
0.025 0.67 116.511 0.836 7.493
0.026 0.67 118.841 0.724 6.620
0.059 0.67 121.218 0.633 5.899
0.027 0.67 123.643 0.558 5.307
0.027 0.67 126.115 0.462 4.481
0.028 0.67 128.638 0.405 4.008
0.029 0.67 131.211 0.367 3.702
0.065 0.67 133.835 0.344 3.540
0.030 0.67 136.511 0.318 3.335
0.030 0.67 139.242 0.291 3.113
0.031 0.67 142.026 0.267 2.913
0.032 0.67 144.867 0.246 2.739
0.072 0.67 147.764 0.226 2.570
0.033 0.67 150.720 0.209 2.428
0.033 0.67 153.734 0.193 2.287
0.034 0.67 156.809 0.149 1.802
0.035 0.67 159.945 0.130 1.601
0.079 0.67 163.144 0.097 1.215
0.036 0.67 166.407 0.090 1.158
0.037 0.67 169.735 0.090 1.169
0.038 0.67 173.129 0.087 1.160
0.038 0.67 176.592 0.086 1.164
0.087 0.67 180.124 0.084 1.167
9.36478 22.92512 4,214.26145 23.20075 203.29111
NCF dan POT

1200.00000
1000.00000
800.00000
600.00000
400.00000
200.00000
0.00000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
-200.00000
NCF POT
ECONOMIC :
: 40% Total NCF
: 60% NPV @ DF=10%
: 13.0 USD/STB PIR
: 25% DPIR
: 0 USD/STB
: 30%
: 30%
11 12 13 14 15
20% UR CR REC
0.560 2.240 0 3.140 2.140

6.087 24.348 3 5.929 8.069
6.016 24.063 0 5.932 4.932
4.470 17.879 6 4.840 9.772
3.105 12.420 0 3.341 2.341
2.481 9.924 3 2.678 5.019
2.047 8.186 0 1.876 0.876
1.720 6.878 2 1.666 2.542
1.499 5.994 0 1.524 0.524
1.324 5.296 2 1.412 1.936
1.180 4.719 0 1.350 0.350
1.061 4.246 1 1.246 1.596
0.896 3.585 0 1.150 0.150
0.802 3.206 1 1.093 1.243
0.740 2.962 0 1.055 0.055
0.708 2.832 1 1.062 1.116
0.667 2.668 0 1.005 0.005
0.623 2.490 1 0.978 0.984
0.583 2.330 0 0.954 -0.046
0.548 2.191 1 0.934 0.888
0.514 2.056 2 0.944 1.832
0.486 1.942 0 0.897 -0.103
0.457 1.830 1 0.881 0.778
0.360 1.442 2 0.837 1.616
0.320 1.281 0 0.818 -0.182
0.243 0.972 1 0.815 0.633
0.232 0.926 2 0.778 1.411
0.234 0.935 0 0.777 -0.223
0.232 0.928 1 0.775 0.552
0.233 0.931 2 0.773 1.326
0.233 0.933 0 0.802 -0.198
40.65822 162.63288 30.67111 52.26291 51.93401
NCF dan POT

20.000
15.000
10.000
5.000
0.000
1 2 3 4 5 6 7 8 9 10 11 1
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
-5.000
NCF POT
SUMMARY :
: 999.50 MMUS$ :
: Total :
0.00
16 17 18 19 20 21
Split Share Share
0.101 0.060 0.040 0.010 0.003 0.0075426

16.279 9.768 6.512 1.628 0.407 1.2209587
19.130 11.478 7.652 1.913 0.478 1.4347785
8.106 4.864 3.242 0.811 0.203 0.6079597
10.079 6.047 4.031 1.008 0.252 0.7559014
4.905 2.943 1.962 0.490 0.123 0.3678409
7.310 4.386 2.924 0.731 0.183 0.5482867
4.336 2.602 1.734 0.434 0.108 0.3252185
5.470 3.282 2.188 0.547 0.137 0.4102710
3.360 2.016 1.344 0.336 0.084 0.2520008
4.368 2.621 1.747 0.437 0.109 0.3276336
2.649 1.590 1.060 0.265 0.066 0.1987003
3.435 2.061 1.374 0.343 0.086 0.2576235
1.964 1.178 0.785 0.196 0.049 0.1472726
2.907 1.744 1.163 0.291 0.073 0.2180280
1.716 1.029 0.686 0.172 0.043 0.1286658
2.662 1.597 1.065 0.266 0.067 0.1996729
1.507 0.904 0.603 0.151 0.038 0.1129893
2.376 1.426 0.950 0.238 0.059 0.1781964
1.303 0.782 0.521 0.130 0.033 0.0977229
0.224 0.135 0.090 0.022 0.006 0.0168302
2.045 1.227 0.818 0.204 0.051 0.1533703
1.051 0.631 0.421 0.105 0.026 0.0788480
-0.174 -0.104 -0.070 -0.017 0.000 -0.0173791
1.463 0.878 0.585 0.146 0.037 0.1096967
0.340 0.204 0.136 0.034 0.008 0.0254745
-0.485 -0.291 -0.194 -0.048 0.000 -0.0484665
1.158 0.695 0.463 0.116 0.029 0.0868524
0.376 0.226 0.150 0.038 0.009 0.0282072
-0.395 -0.237 -0.158 -0.039 0.000 -0.0394513
1.131 0.679 0.453 0.113 0.028 0.0848446
110.69887 66.41932 44.27955 11.06989 2.79380 8.27609
NCT dan NGT
N
C
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 T
NCT NGT
203.29 MMUS$
15.50 MMUS$
23.20 MMUS$
33.80 MMUS$
117.56 MMUS$
190.06 MMUS$
22 23 24 25 24 25
( TI ) ( Take
NCT ) Take )
(TCS) (EXP)
0.313 0.125 0.188 0.473 2.327 7.192

8.334 3.334 5.001 17.366 13.070 6.914
9.225 3.690 5.535 19.611 10.467 6.829
4.869 1.948 2.922 9.654 12.694 3.733
4.828 1.931 2.897 10.287 5.238 1.913
2.834 1.134 1.701 5.685 6.720 1.567
3.399 1.360 2.040 7.318 2.915 1.227
2.269 0.908 1.361 4.694 3.903 1.018
2.527 1.011 1.516 5.453 2.040 0.876
1.754 0.702 1.052 3.632 2.988 0.765
2.010 0.804 1.206 4.342 1.556 0.736
1.392 0.557 0.835 2.876 2.431 0.600
1.564 0.626 0.939 3.392 1.088 0.504
1.039 0.416 0.623 2.142 1.866 0.448
1.315 0.526 0.789 2.858 0.844 0.410
0.912 0.365 0.547 1.877 1.663 0.453
1.199 0.479 0.719 2.610 0.725 0.362
0.801 0.320 0.481 1.649 1.464 0.336
1.063 0.425 0.638 2.320 0.593 0.312
0.697 0.279 0.418 1.432 1.306 0.292
0.330 0.132 0.198 0.541 2.030 0.342
0.907 0.363 0.544 1.986 0.442 0.257
0.570 0.228 0.342 1.167 1.121 0.242
0.128 0.051 0.077 0.110 1.692 0.198
0.635 0.254 0.381 1.402 0.199 0.180
0.232 0.093 0.139 0.444 0.772 0.220
-0.030 -0.012 -0.018 -0.235 1.393 0.141
0.493 0.197 0.296 1.096 0.073 0.141
0.238 0.095 0.143 0.465 0.695 0.140
-0.002 -0.001 -0.001 -0.161 1.325 0.139
0.484 0.194 0.291 1.074 0.093 0.216
56.33257 22.53303 33.79954 117.55755 85.73355 38.70257
N
C
30 31 T
26 27 28 29 30 31

Flow NCF (DF) Flow
NCF)
-4.865 -4.865 0.99051 2.30533 7.12400 -4.81867

6.156 1.291 0.99051 12.94554 6.84824 1.27862
3.639 4.930 0.99051 10.36808 6.76391 4.88279
8.961 13.891 0.99051 12.57364 3.69768 13.75874
3.325 17.216 0.99051 5.18864 1.89506 17.05232
5.153 22.369 0.99051 6.65596 1.55176 22.15652
1.688 24.057 0.99051 2.88752 1.21532 23.82872
2.885 26.942 0.99051 3.86638 1.00843 26.68666
1.164 28.106 0.99051 2.02072 0.86778 27.83960
2.223 30.330 0.99051 2.95977 0.75746 30.04191
0.820 31.150 0.99051 1.54139 0.72898 30.85432
1.832 32.981 0.99051 2.40814 0.59392 32.66854
0.584 33.566 0.99051 1.07803 0.49928 33.24729
1.418 34.984 0.99051 1.84817 0.44349 34.65198
0.434 35.417 0.99051 0.83558 0.40618 35.08138
1.210 36.627 0.99051 1.64736 0.44901 36.27973
0.363 36.990 0.99051 0.71770 0.35856 36.63888
1.129 38.118 0.99051 1.45044 0.33248 37.75684
0.280 38.399 0.99051 0.58690 0.30931 38.03444
1.014 39.413 0.99051 1.29401 0.28925 39.03920
1.688 41.101 0.99051 2.01068 0.33912 40.71076
0.185 41.285 0.99051 0.43743 0.25449 40.89370
0.879 42.164 0.99051 1.11000 0.23930 41.76441
1.494 43.659 0.99051 1.67642 0.19639 43.24444
0.020 43.678 0.99051 0.19726 0.17793 43.26376
0.551 44.229 0.99051 0.76437 0.21841 43.80972
1.252 45.481 0.99051 1.37978 0.14004 45.04947
-0.068 45.413 0.99051 0.07263 0.13988 44.98221
0.556 45.969 0.99051 0.68867 0.13822 45.53266
1.186 47.154 0.99051 1.31206 0.13754 46.70718
-0.123 47.031 0.99051 0.09171 0.21402 46.58486
47.03099 1,009.07480 30.70594 84.92031 38.33544 999.50298
32
Cumulatif
Discounted
Contractor
NCF
(Disc. NPV)
(MMUS$)
-4.81867
-3.54005
1.34274
15.10148
32.15380
54.31033
78.13904
104.82571
132.66531
162.70723
193.56155
226.23008
259.47738
294.12935
329.21073
365.49046
402.12934
439.88618
477.92061
516.95981
557.67057
598.56427
640.32868
683.57311
726.83687
770.64660
815.69607
860.67828
906.21094
952.91811
999.50298
12,590.50889
FIELD ECONOMIC
ASSUMPTION :

DISCOUNT RATE : 10%
FTP : 20%
1 2 3 4 5 6

e
a
r 4%
0 2021 0.02816 6.20025 4.1605028 0.980

1 2022 0.30006 2.71710 1.8024007 1.000
2 2023 0.29073 2.71710 1.8024007 1.020
3 2024 0.21178 0.86113 0.5740886 1.040
4 2025 0.14423 0.03312 0.0220803 1.061
5 2026 0.11298 0.07362 0.0670803 1.082
6 2027 0.09137 0.03312 0.0220803 1.104
7 2028 0.07527 0.03312 0.0220803 1.126
8 2029 0.06431 0.03312 0.0220803 1.149
9 2030 0.05570 0.03312 0.0220803 1.172
10 2031 0.04866 0.07362 0.0670803 1.195
11 2032 0.04292 0.03312 0.0220803 1.219
12 2033 0.03553 0.03312 0.0220803 1.243
13 2034 0.03115 0.03312 0.0220803 1.268
14 2035 0.02821 0.03312 0.0220803 1.294
15 2036 0.02645 0.07362 0.0670803 1.319
16 2037 0.02443 0.03312 0.0220803 1.346
17 2038 0.02236 0.03312 0.0220803 1.373
18 2039 0.02051 0.03312 0.0220803 1.400
19 2040 0.01891 0.03312 0.0220803 1.428
20 2041 0.01740 0.07362 0.0670803 1.457
21 2042 0.01611 0.03312 0.0220803 1.486
22 2043 0.01488 0.03312 0.0220803 1.516
23 2044 0.01149 0.03312 0.0220803 1.546
24 2045 0.01001 0.03312 0.0220803 1.577
25 2046 0.00745 0.07362 0.0670803 1.608
26 2047 0.00696 0.03312 0.0220803 1.641
27 2048 0.00689 0.03312 0.0220803 1.673
28 2049 0.00670 0.03312 0.0220803 1.707
29 2050 0.00659 0.03312 0.0220803 1.741
30 2051 0.00648 0.07362 0.0670803 1.776
1.78467 13.633 9.206 41.54847
PROJECT :
INVESTMENT CREDIT
OPEX
DMO
DMO Fee
INCOME TAX
SHARE AFTER TAX
7 8 9 10
6.079 0.0000000 99.441 0.366 2.800

2.717 0.8267006 101.430 3.901 30.435
2.771 0.9511846 103.459 3.779 30.078
0.896 1.70 105.528 2.753 22.348
0.035 1.45 107.638 1.875 15.525
0.080 1.16 109.791 1.469 12.404
0.037 0.67 111.987 1.188 10.233
0.037 0.67 114.227 0.979 8.598
0.038 0.67 116.511 0.836 7.493
0.039 0.67 118.841 0.724 6.620
0.088 0.67 121.218 0.633 5.899
0.040 0.67 123.643 0.558 5.307
0.041 0.67 126.115 0.462 4.481
0.042 0.67 128.638 0.405 4.008
0.043 0.67 131.211 0.367 3.702
0.097 0.67 133.835 0.344 3.540
0.045 0.67 136.511 0.318 3.335
0.045 0.67 139.242 0.291 3.113
0.046 0.67 142.026 0.267 2.913
0.047 0.67 144.867 0.246 2.739
0.107 0.67 147.764 0.226 2.570
0.049 0.67 150.720 0.209 2.428
0.050 0.67 153.734 0.193 2.287
0.051 0.67 156.809 0.149 1.802
0.052 0.67 159.945 0.130 1.601
0.118 0.67 163.144 0.097 1.215
0.054 0.67 166.407 0.090 1.158
0.055 0.67 169.735 0.090 1.169
0.057 0.67 173.129 0.087 1.160
0.058 0.67 176.592 0.086 1.164
0.131 0.67 180.124 0.084 1.167
14.04716 22.92512 4,214.26145 23.20075 203.29111
NCF dan POT

1000.00000
800.00000
600.00000
400.00000
200.00000
0.00000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
-200.00000
NCF POT
ECONOMIC :
: 40% Total NCF
: 60% NPV @ DF=10%
: 13.0 USD/STB PIR
: 25% DPIR
: 0 USD/STB
: 30%
: 30%
11 12 13 14 15
20% UR CR REC
0.560 2.240 0 4.527 3.527

6.087 24.348 5 6.530 10.057
6.016 24.063 0 6.533 5.533
4.470 17.879 7 5.032 10.565
3.105 12.420 0 3.349 2.349
2.481 9.924 3 2.700 5.049
2.047 8.186 0 1.883 0.883
1.720 6.878 2 1.674 2.557
1.499 5.994 0 1.531 0.531
1.324 5.296 2 1.419 1.950
1.180 4.719 0 1.373 0.373
1.061 4.246 1 1.253 1.626
0.896 3.585 0 1.157 0.157
0.802 3.206 1 1.100 1.257
0.740 2.962 0 1.062 0.062
0.708 2.832 1 1.084 1.146
0.667 2.668 0 1.013 0.013
0.623 2.490 1 0.986 0.999
0.583 2.330 0 0.962 -0.038
0.548 2.191 1 0.941 0.903
0.514 2.056 2 0.966 1.869
0.486 1.942 0 0.905 -0.095
0.457 1.830 1 0.889 0.793
0.360 1.442 2 0.845 1.638
0.320 1.281 0 0.825 -0.175
0.243 0.972 1 0.837 0.662
0.232 0.926 2 0.786 1.448
0.234 0.935 0 0.785 -0.215
0.232 0.928 1 0.782 0.567
0.233 0.931 2 0.781 1.348
0.233 0.933 0 0.824 -0.176
40.65822 162.63288 32.82858 55.33143 57.16001
NCF dan POT

20.000
15.000
10.000
5.000
0.000
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 1 2 3 4 5 6 7 8 9 10 11 1
-5.000
NCF POT
SUMMARY :
: 900.77 MMUS$ :
: Total :
0.00
16 17 18 19 20 21
Split Share Share
-1.286 -0.772 -0.515 -0.129 0.000 -0.1286267

14.292 8.575 5.717 1.429 0.357 1.0718862
18.530 11.118 7.412 1.853 0.463 1.3897185
7.314 4.388 2.926 0.731 0.183 0.5485475
10.071 6.043 4.029 1.007 0.252 0.7553494
4.875 2.925 1.950 0.487 0.122 0.3656119
7.303 4.382 2.921 0.730 0.183 0.5477347
4.322 2.593 1.729 0.432 0.108 0.3241145
5.463 3.278 2.185 0.546 0.137 0.4097190
3.345 2.007 1.338 0.335 0.084 0.2508968
4.346 2.608 1.738 0.435 0.109 0.3259566
2.620 1.572 1.048 0.262 0.065 0.1964713
3.428 2.057 1.371 0.343 0.086 0.2570715
1.949 1.169 0.780 0.195 0.049 0.1461686
2.900 1.740 1.160 0.290 0.072 0.2174759
1.686 1.011 0.674 0.169 0.042 0.1264368
2.655 1.593 1.062 0.265 0.066 0.1991208
1.492 0.895 0.597 0.149 0.037 0.1118853
2.369 1.421 0.947 0.237 0.059 0.1776444
1.288 0.773 0.515 0.129 0.032 0.0966189
0.187 0.112 0.075 0.019 0.005 0.0140492
2.038 1.223 0.815 0.204 0.051 0.1528183
1.037 0.622 0.415 0.104 0.026 0.0777439
-0.196 -0.118 -0.078 -0.020 0.000 -0.0195872
1.455 0.873 0.582 0.146 0.036 0.1091447
0.310 0.186 0.124 0.031 0.008 0.0232455
-0.522 -0.313 -0.209 -0.052 0.000 -0.0521745
1.151 0.690 0.460 0.115 0.029 0.0863004
0.361 0.217 0.145 0.036 0.009 0.0271032
-0.417 -0.250 -0.167 -0.042 0.000 -0.0416594
1.109 0.665 0.444 0.111 0.028 0.0831676
105.47287 63.28372 42.18915 10.54729 2.69733 7.84995
NCT dan NGT
N
C
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 T
NCT NGT
203.29 MMUS$
23.25 MMUS$
23.20 MMUS$
32.80 MMUS$
113.33 MMUS$
192.58 MMUS$
22 23 24 25 24 25
( TI ) ( Take
NCT ) Take )
(TCS) (EXP)
-0.106 -0.042 -0.064 -0.663 3.463 10.605

7.688 3.075 4.613 15.766 14.670 8.420
9.030 3.612 5.418 19.127 10.951 8.353
4.612 1.845 2.767 9.016 13.332 4.223
4.826 1.930 2.895 10.281 5.244 1.932
2.825 1.130 1.695 5.661 6.744 1.616
3.397 1.359 2.038 7.312 2.921 1.247
2.264 0.906 1.359 4.683 3.915 1.038
2.525 1.010 1.515 5.447 2.046 0.896
1.749 0.700 1.050 3.620 3.000 0.785
2.002 0.801 1.201 4.324 1.574 0.788
1.382 0.553 0.829 2.852 2.455 0.620
1.562 0.625 0.937 3.387 1.094 0.525
1.034 0.414 0.620 2.130 1.878 0.469
1.313 0.525 0.788 2.853 0.850 0.432
0.902 0.361 0.541 1.853 1.687 0.508
1.196 0.479 0.718 2.604 0.731 0.384
0.796 0.318 0.478 1.637 1.476 0.358
1.061 0.424 0.637 2.315 0.598 0.335
0.693 0.277 0.416 1.420 1.318 0.315
0.318 0.127 0.191 0.511 2.060 0.400
0.905 0.362 0.543 1.980 0.448 0.281
0.566 0.226 0.339 1.155 1.132 0.266
0.121 0.049 0.073 0.092 1.711 0.223
0.633 0.253 0.380 1.396 0.205 0.204
0.222 0.089 0.133 0.420 0.796 0.282
-0.041 -0.016 -0.024 -0.266 1.423 0.167
0.491 0.196 0.295 1.090 0.079 0.167
0.233 0.093 0.140 0.453 0.707 0.166
-0.009 -0.003 -0.005 -0.179 1.343 0.165
0.477 0.191 0.286 1.056 0.111 0.282
54.66831 21.86732 32.80098 113.33011 89.96099 46.45348
N
C
30 31 T
26 27 28 29 30 31

Flow NCF (DF) Flow
NCF)
-7.142 -7.142 0.99051 3.43025 10.50469 -7.07443

6.249 -0.893 0.99051 14.53041 8.34045 -0.88448
2.598 1.705 0.99051 10.84713 8.27407 1.68858
9.109 10.813 0.99051 13.20528 4.18304 10.71083
3.312 14.125 0.99051 5.19451 1.91395 13.99138
5.128 19.253 0.99051 6.67966 1.60022 19.07082
1.675 20.928 0.99051 2.89339 1.23469 20.72952
2.877 23.805 0.99051 3.87811 1.02804 23.57960
1.150 24.955 0.99051 2.02659 0.88763 24.71855
2.215 27.170 0.99051 2.97151 0.77756 26.91250
0.786 27.957 0.99051 1.55922 0.78018 27.69154
1.835 29.791 0.99051 2.43184 0.61454 29.50883
0.569 30.361 0.99051 1.08390 0.52017 30.07257
1.409 31.769 0.99051 1.85991 0.46465 31.46783
0.418 32.187 0.99051 0.84145 0.42762 31.88166
1.179 33.366 0.99051 1.67106 0.50323 33.04949
0.346 33.712 0.99051 0.72357 0.38056 33.39250
1.118 34.830 0.99051 1.46218 0.35478 34.49990
0.263 35.094 0.99051 0.59277 0.33191 34.76076
1.003 36.097 0.99051 1.30575 0.31216 35.75435
1.659 37.756 0.99051 2.04024 0.39667 37.39792
0.167 37.923 0.99051 0.44330 0.27803 37.56319
0.867 38.790 0.99051 1.12174 0.26316 38.42177
1.488 40.278 0.99051 1.69435 0.22059 39.89554
0.001 40.278 0.99051 0.20313 0.20247 39.89620
0.513 40.792 0.99051 0.78807 0.27965 40.40461
1.257 42.048 0.99051 1.40990 0.16527 41.64924
-0.088 41.960 0.99051 0.07850 0.16547 41.56227
0.541 42.502 0.99051 0.70041 0.16418 42.09849
1.177 43.679 0.99051 1.33000 0.16387 43.26462
-0.171 43.508 0.99051 0.10954 0.27934 43.09482
43.50752 909.39728 30.70594 89.10765 46.01283 900.77098
32
Cumulatif
Discounted
Contractor
NCF
(Disc. NPV)
(MMUS$)
-7.07443
-7.95891
-6.27033
4.44050
18.43188
37.50270
58.23222
81.81182
106.53037
133.44287
161.13441
190.64324
220.71581
252.18364
284.06531
317.11480
350.50730
385.00720
419.76796
455.52231
492.92023
530.48342
568.90519
608.80073
648.69693
689.10154
730.75078
772.31305
814.41154
857.67616
900.77098
11,070.58123
NPV
Sensitivity Oil Production Oil Price OPEX
50% 470.43 485.60 984.75
100% 999.50 999.50 999.50
150% 1545.41 1514.46 1030.51
DPIR
50% 30.35 31.33 63.53
100% 64.48 64.48 64.48
150% 99.69 97.70 66.48
ROR
50% 0.49 0.49 1.17
100% 1.15 1.15 1.15
150% 1.89 1.94 1.13
PIR
50% 1.60 1.62 3.01
100% 3.03 3.03 3.03
150% 4.54 4.45 3.13
Investment NPV
1110.07 1,800.00
999.50
352.00 1,600.00
1,400.00
Investment
42.40 1,200.00
64.48
38.74 1,000.00
800.00
Investment
0.91
600.00
1.15
0.73
400.00
Investment 200.00
1.80
3.03 0.00
40% 60% 80% 100%
1.87
Sensitivitas
ROR
5.00
4.50
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
2.00
1.50
1.00
0.50
40% 60% 80% 0.00

100%
Sensitivitas
NPV
1,800.00
1,600.00
1,400.00
1,200.00
1,000.00 Oil Prod

Oil Price
Opex
800.00
Investment
600.00
400.00
200.00
0.00
100% 120% 140% 160% 40% 60% 80%
Sensitivitas
ROR
5.00
4.50
4.00
3.50
3.00 Oil Prod

Oil Price
2.50 Opex
Investment
2.00
1.50
1.00
0.50
2.00
1.50
1.00
0.50
0.00
100% 120% 140% 160% 40% 60% 80%
Sensitivitas
DPIR
120.00
100.00
80.00
Oil Prod
Oil Price
60.00
Opex
Investment
40.00
20.00
0.00
60% 80% 100% 120% 140% 160%
Sensitivitas
PIR
5.00
4.50
4.00
3.50
3.00
Oil Prod
Oil Price
2.50
Opex
Investment
2.00
1.50
1.00
0.50
0.00
1.50
1.00
0.50
0.00
% 80% 100% 120% 140% 160%
Sensitivitas

Excel Ekonomi Skenario BTZ 1

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Excel Ekonomi Skenario BTZ 1

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WORKOVER / KUPL (WELL) 0

DRILLING 459443.382 1378330.14635

COMPLETION 18000 18000

WORKOVER & WELL

PRODUCTION & SURFACE

ASR 143522.157148 430566.471444

SUB TOTAL CAPITAL 4133502.81078

II. NONCAPITAL COST

DRILLING 306295.588 918886.764236

COMPLETION 6000 18000

WORKOVER & WELL

PRODUCTION & SURFACE

HSE & CSR 94078.4 282235.2

ASR 95681.43809866 287044.314296

SUB TOTAL NON CAPITAL 2773668.54052

other Operational Support 10000

574088.62859 574088.629 574088.6286 22080.331869 22080.33 22080.33 22080.33 22080.33

1811400.7417 1811400.74 574088.6286 22080.331869 49080.33 22080.33 22080.33 22080.33

382725.75239 382725.752 382725.7524 14720.221246 14720.22 14720.22 14720.22 14720.22

1201600.4945 1201600.49 382725.7524 14720.221246 44720.22 14720.22 14720.22 14720.22

390000 390000 390000 390000 390000 390000 390000 390000

220000 220000 220000 220000 220000 220000 220000 220000

22080.33 22080.332 2749001.3177

22080.33 49080.332 9088561.8832

14720.22 14720.221 1832667.5451

14720.22 44720.221 6137041

390000 390000 12090000

220000 220000 6820000

0.85 0.68 1.30 1.76 2.03 0.57 0.03

0.05 0.03 0.03 0.03 0.03 0.06 0.03 0.03

0.03 0.03 0.06 0.03 0.03 0.03 0.03 0.06

INVESTMENT : 15.5018 MMUSD

Y Capital Non Capital

0 2021 0.02816 4.13350 2.7736685 0.980

(MMUS$) (MMUS$) (MMUS$) (MMUS$) (MMUS$)

4.052 0.0000000 99.441 0.366 2.800

NCF dan POT

(MMUS$) (MMUS$) (MMUS$) (MMUS$) (MMUS$)

0.560 2.240 0 3.140 2.140

NCF dan POT 20.000

(MMUS$) (MMUS$) (MMUS$) (MMUS$) (MMUS$) (MMUS$)

0.101 0.060 0.040 0.010 0.003 0.0075426

NCT dan NGT

0.313 0.125 0.188 0.473 2.327 7.192

Net Cash Cash In Cash Out Net Cash

-4.865 -4.865 0.99051 2.30533 7.12400 -4.81867

INVESTMENT : 15.5018 MMUSD

Y Capital Non Capital

0 2021 0.01408 4.13350 2.7736685 0.980

(MMUS$) (MMUS$) (MMUS$) (MMUS$) (MMUS$)

4.052 0.0000000 99.441 0.183 1.400

NCF dan POT

(MMUS$) (MMUS$) (MMUS$) (MMUS$) (MMUS$)

0.280 1.120 0 2.957 1.957

NCF dan POT

(MMUS$) (MMUS$) (MMUS$) (MMUS$) (MMUS$) (MMUS$)

-0.837 -0.502 -0.335 -0.084 0.000 -0.0836550

NCT dan NGT

-0.111 -0.044 -0.067 -0.490 1.890 7.009

Net Cash Cash In Cash Out Net Cash

-5.119 -5.119 0.99051 1.87222 6.94269 -5.07046

INVESTMENT : 15.5018 MMUSD

Y Capital Non Capital

0 2021 0.02816 4.13350 2.7736685 0.980