Cash Flow Projection

Oil Price (/bbl)

Year

Infilation

1
2
3
4
5
6
7
8

Production
MMbbl
0.00
0.00
3.30
4.10
2.90
2.60
1.60
1.10

Capital Allowance

Factor
1.037
1.075
1.115
1.156
1.199
1.244
1.290
1.337

25%

72.3

Inflation

Revenue
BYR
MOD
m
m
0
0.000
0
0.000
238.59
266.065
296.43
342.797
209.67
251.438
187.98
233.768
115.68
149.180
79.53
106.356

Discount Cash Flow Percentage

Effective tax rate

3.7%

CAPEX
BYC
m
197.0
143.0

Tot Capex

CAPEX
OPEX
BYC
BYR
MOD
IRR
NPV

60%

OPEX

Capital
MOD
Allowance
m
204.289
153.778
89.517
89.517
89.517
89.517

358.067

Capital Expenditure
Operation Expenditure
Base Year Capital
Base Year Revenue
Money Of the Day
Internal rate of return
Net Present Value

11.70%

BYC
m
0.0
4.0
22.0
25.0
21.0
19.0
15.0
12.0

MOD
m
0.000
4.301
24.533
28.910
25.183
23.628
19.344
16.048

Taxable
Income
m
0.000
0.000
152.015
224.370
136.737
120.623
129.836
90.308

Taxation
m
0.000
0.000
91.209
134.622
82.042
72.374
77.901
54.185
Total

Cash Flow
MOD
Real
m
m
-204.289
-197.000
-158.079
-147.000
150.323
134.800
179.265
155.017
144.212
120.256
137.766
110.782
51.934
40.272
36.123
27.012

337.254

244.139

IRR
m
-176.365
-117.818
96.723
99.579
69.158
57.036
18.562
11.146

58.021 NPV

Oil
Inflation
Capex1
Capex2

Base Price
72.30
0.037
197.00
143

Oil
-30%
-20%
-10%
0
10%
20%
30%

10%
79.530
0.041
216.700
157.300

NPV
50.610
57.840
65.070
72.300
79.530
86.760
93.990

-21.792
4.812
31.417
58.021
84.630
111.230
137.834

20%
86.760
0.044
236.400
171.600

30%
93.990
0.048
256.100
185.900

Inflation
NPV
0.026
61.546
0.030
60.240
0.033
59.280
0.037
58.021
0.041
56.780
0.044
55.862
0.048
54.657

-40%

-30%

-40%

-30%

-10%
65.070
0.033
177.300
128.700

-20%
57.840
0.030
157.600
114.400

Opex2
Opex3
Opex4
Opex5
Opex6
Opex7
Opex8

-30%
50.610
0.026
137.900
100.100

4.0
22.0
25.0
21.0
19.0
15.0
12.0

10%
4.400
24.200
27.500
23.100
20.900
16.500
13.200

Capex1
Capex2
Tot Capex
NPV
Opex2
Opex3
Opex4
137.900
100.100
238.000 111.597989
2.800
15.400
17.500
157.600
114.400
272.000 93.7390083
3.200
17.600
20.000
177.300
128.700
306.000 75.8800275
3.600
19.800
22.500
197.00
143.000
340.000
58.021
4.000
22.0
25.000
216.700
157.300
374.000 40.1620659
4.400
27.500
27.500
236.400
171.600
408.000 22.3030852
4.800
30.000
30.000
256.100
185.900
442.000 4.44410441
5.200
32.500
32.500
160.000

140.000

120.000

100.000

80.000

60.000

40.000

20.000

0.000
-30%

-20%

-10%

0%

10%

20%

-30%

-20%

-10%

0%
-20.000

-40.000

10%

20%

20%
4.800
26.400
30.000
25.200
22.800
18.000
14.400

30%
5.200
28.600
32.500
27.300
24.700
19.500
15.600

-10%
3.600
19.800
22.500
18.900
17.100
13.500
10.800

-20%
3.200
17.600
20.000
16.800
15.200
12.000
9.600

-30%
2.800
15.400
17.500
14.700
13.300
10.500
8.400

Opex5
Opex6
Opex7
Opex8
Tot Opex
NPV
14.700
13.300
10.500
8.400
82.600 66.8511712
16.800
15.200
12.000
9.600
94.400 63.9077964
18.900
17.100
13.500
10.800
106.200 60.9644215
21.0
19.0
15.0
12.0
118.000
58.021
23.100
20.900
16.500
13.200
133.100 54.1305314
25.200
22.800
18.000
14.400
145.200 51.1010529
27.300
24.700
19.500
15.600
157.300 48.0715743

Oil
Inflation
Capex

Opex

30%

40%

30%

40%