LONG TERM CASH FLOW FOR INDONESIA PRODUCTION SHARING CONTRACT

YEAR 0 1 2
Production, MMSCFD 0 0 45
Production, BSCF 0 0 16.4
Heating capacity BTU/SCF 1000 1000 1000
Production, MMBTU 0 0 16,425,000
Gas Price, $/MMBTU 5 5 5
Gross Revenue, M$ 0 0 82,125
First Trance (20% Gross Revenue) 0 0 16,425
80% Gross Revenue 0 0 65,700
COST RECOVERY, M$ :
Non Capital Expenditure 20,000 30,000 41,063
Unrecovered Other Costs 0 25,100 58,500
Depreciation 0 0 6,000

TOTAL COST RECOVERY 20,000 55,100 105,563

Investment Credit 17% 5,100 3,400 0
---- 80% Gross Revenue
TOTAL RECOVERABLE 0 0 65,700

Equity to be Split 0 0 0

Gavernment Share 46.4286%

FTP Share 0 0 7,626
Equity share 0 0 0
Domestic Requiremet (DMO) 0 0 9,899
Adjustment of DMO 0 0 -1,100
Tax 0 0 0
Total Government Share 0 0 16,425
Contractor Share 53.5714%
FTP Share 0 0 8,799
Equity share 0 0 0
Domestic Requiremet 0 0 -9,899
Adjustment of DMO 0 0 1,100
Contractor Share 0 0 0
Depreciation 6,000
Investment Credit 5,100
Taxable Contractor Share 0 0 -11,100
Tax 44% 0 0 0
NET CASH FLOW -30,000 -20,000 6,000

Summmary
Net Contractor Share -30,000 -20,000 6,000
Cost RecoVery 0 0 65,700
Total Contractor Share -30,000 -20,000 71,700
Government Share 0 0 16,425
Total Share -30,000 -20,000 88,125

DMO Calculation
Production, MMBTU 0 0 16,425,000
Contractor Share 53.5714% 0 0 8,799,107
Gasl Price, $/MMBTU 5 5 5
DMO (25% Con Share) 25% 0 0 2,200
Price DMO 10% 0.5 0.5 0.5
Contractor Share 0 0 1,100
Contractor Loss for GOI 0 0 9,899

EXPENDITURE BUDGET - SUM

Yearly 0 1 2

CAPITAL EXPENDITURE
Exploration Drilling (Tangible) 0 0 0
Development Drilling (Tangible) 0 0 0
Artificial Lift 0 0 0
Production Facilities (Incl Pipeline) 0 0 0
Pipe line 0 0 0
Office & Housing Movables 0 0 0

TOTAL CAPITAL 30,000 20,000 0

NON CAPITAL EXPENDITURE EXPENSE)

(OR OPERATING EXPENDITURE OR OPEX)
Seismic 0 0 0
Geological & Geophysical 0 0 0
Exploration Drilling (Intangible) 20,000 30,000 0
Development Drilling (Intangible) 0 0 0
Workover 0 0 0
Production Operations 2 0 0 32,850
General Administration 0 0 8,213
Floating Barge 0 0 0
Maintenance 0 0 0
P/L fee 0 0 0

TOTAL NON CAPITAL EXPENDITURE 20,000 30,000 41,063

TOTAL EXPENDITURES 50,000 50,000 41,063

Depreciation
0 1 2
Capital Investment 30,000 20,000 0
Depretiation-1 6000 4800 3840
Depretiation-2 4000 3200
Total Depreciation 6000 8800 7040

PROFITABLITY ANALYSIS
YEAR 0 1 2
NET CASH FLOW -30,000 -20,000 6,000
CUMULATIVE NCF -30,000 -50,000 -44,000
1 1
1.0 1.0
PROFITABILITY ANALYSIS

PARAMETERS
Recoverable Gas, BSCF 148
Peak Rate, MMSCFD 45
Capital Investment, M$ 50,000
Expense Investment, M$ 50,000
TOTAL EXPENDITURE, M$ 100,000

YARDSTICKS:
Average Gas Price, $/MMBTU 5
Max Cash Impairement, M$ (50,000)
Net Cash Flow, M$ 42,482
NPV @ 15% Discount, M$ -5,918
IRR, % 12%
P/I Ratio 0.4
Payout , years 5.8

GOVERMENT TAKE, M$ 218,580

COST RECOVERY, M$ 478,063
GROSS REVENUE, M$ 739,125
NET CONTRACTOR SHARE, M$ 42,482

CROSS CHECK GT+CR+NCS 739,125

GR 739,125
DELTA OK

Cross Check
Gov.take+cost Rec+NC) 739,125
delta 0%
G CONTRACT
3 4 5 6 7 8
45 45 45 45 45 45
16.4 16.4 16.4 16.4 16.4 16.4
1000 1000 1000 1000 1000 1000
16,425,000 16,425,000 16,425,000 16,425,000 16,425,000 16,425,000
5 5 5 5 5 5
82,125 82,125 82,125 82,125 82,125 82,125
16,425 16,425 16,425 16,425 16,425 16,425
65,700 65,700 65,700 65,700 65,700 65,700

41,063 41,063 41,063 41,063 41,063 41,063

39,863 24,025 6,428 0 0 0
8,800 7,040 5,632 14,336 8,192 0

89,725 72,128 53,122 55,399 49,255 41,063

0 0 0 0 0 0

65,700 65,700 53,122 55,399 49,255 41,063

0 0 12,578 10,302 16,446 24,638

7,626 7,626 7,626 7,626 7,626 7,626

0 0 5,840 4,783 7,635 11,439
9,899 9,899 9,899 9,899 9,899 9,899
-1,100 -1,100 -1,100 -1,100 -1,100 -1,100
0 0 487 0 272 5,807
16,425 16,425 22,752 21,208 24,332 33,671

8,799 8,799 8,799 8,799 8,799 8,799

0 0 6,738 5,519 8,810 13,199
-9,899 -9,899 -9,899 -9,899 -9,899 -9,899
1,100 1,100 1,100 1,100 1,100 1,100
0 0 6,738 5,519 8,810 13,199
8,800 7,040 5,632 14,336 8,192 0
3,400 0 0 0 0
-12,200 -7,040 1,106 -8,817 618 13,199
0 0 487 0 272 5,807
8,800 7,040 11,883 19,855 16,730 7,391

8,800 7,040 11,883 19,855 16,730 7,391

65,700 65,700 53,122 55,399 49,255 41,063
74,500 72,740 65,005 75,253 65,985 48,454
16,425 16,425 22,752 21,208 24,332 33,671
 90,925 89,165 87,757 96,461 90,317 82,125

16,425,000 16,425,000 16,425,000 16,425,000 16,425,000 16,425,000

8,799,107 8,799,107 8,799,107 8,799,107 8,799,107 8,799,107
5 5 5 5 5 5
2,200 2,200 2,200 2,200 2,200 2,200
0.5 0.5 0.5 0.5 0.5 0.5
1,100 1,100 1,100 1,100 1,100 1,100
9,899 9,899 9,899 9,899 9,899 9,899

XPENDITURE BUDGET - SUMMARY

3 4 5 6 7 8

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
32,850 32,850 32,850 32,850 32,850 32,850
8,213 8,213 8,213 8,213 8,213 8,213
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

41,063 41,063 41,063 41,063 41,063 41,063

41,063 41,063 41,063 41,063 41,063 41,063

 3 4 5 6 7 8
0 0 0 0 0 0
3072 12288
2560 2048 8192 0 0 0
5632 14336 8192 0 0 0

3 4 5 6 7 8
8,800 7,040 11,883 19,855 16,730 7,391
-35,200 -28,160 -16,277 3,578 20,308 27,700
1 1 1 0.0 0 0
60,000
1.0 1.0 1.0 0.8

40,000

20,000 CONTRACTOR vs GOI

Profit Sharing 30% 70%
TAX 44%
CONTRACTOR 0 SHARE 53.5714% Row 105
GOI SHARE 0 1 2 3 4 5 6 746.4286%
8 9 10

-20,000

-40,000

-60,000
 9 10 TOTAL
45 45
16.4 16.4 148
1000 1000
16,425,000 16,425,000
5 5
82,125 82,125 739,125
16,425 16,425 147,825
65,700 65,700 591,300

41,063 41,063 419,563

0 0
0 0 50,000

41,063 41,063
0 0 8,500

41,063 41,063 478,063

24,638 24,638 113,238

0
0
7,626 7,626 68,633
11,439 11,439 52,575
9,899 9,899 89,091
-1,100 -1,100 -9,899
5,807 5,807 18,181
33,671 33,671 218,580
0
8,799 8,799 79,192
13,199 13,199 60,663
-9,899 -9,899 -89,091
1,100 1,100 9,899
13,199 13,199 60,663
0 0 50,000

13,199 13,199 2,163

5,807 5,807 18,181
7,391 7,391 42,482

7,391 7,391 42,482

41,063 41,063 478,063
48,454 48,454 520,545
33,671 33,671 218,580
 82,125 82,125 739,125
the value vave to equal GR 739,125
Delta 0 OK
16,425,000 16,425,000 147,825,000
8,799,107 8,799,107 79,191,964
5 5 55
2,200 2,200 19,798
0.5 0.5
1,100 1,100 9,899
9,899 9,899 89,091

9 10

0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0
0 0 50,000
0
0
0
0 0 0
0 0 0
0 0 50,000
0 0 0
0 0 0
32,850 32,850 295,650
8,213 8,213 73,913
0 0 0
0 0 0
0 0 0
0
41,063 41,063 419,563

41,063 41,063 469,563

 9 10
0 0 50,000
30,000
0 0 20,000
0 0 50,000

9 10
7,391 7,391 42,482
35,091 42,482
0 0
5.8

Row 105
10
LONG TERM CASH FLOW FOR INDONESIA PRODUCTION SHARING CONTRACT OIL FIELD
YEAR 0 1 2
Production, BOPD 0 0 1,000
Production, MBO/YEAR 0 0 365
Oil prce, $/BO 50 50 50
Gross Revenue, M$ 0 0 18,250
First Trance (20% Gross Revenue) 0 0 3,650
80% Gross Revenue 0 0 14,600
COST RECOVERY, M$ :
Non Capital Expenditure 14,000 21,000 5,931
Unrecovered Other Costs 0 14,000 35,000
Depreciation 0 0 4,750

TOTAL COST RECOVERY 14,000 35,000 45,681

Investment Credit 17% 680 8,500 0
---- 80% Gross Revenue
TOTAL RECOVERABLE 0 0 14,600

Equity to be Split 0 0 0

Gavernment Share 73.2143%

FTP Share 0 0 2,672
Equity share 0 0 0
Domestic Requiremet (DMO) 0 0 1,100
Adjustment of DMO 0 0 -122
Tax 0 0 0
Total Government Share 0 0 3,650
Contractor Share 26.7857%
FTP Share 0 0 978
Equity share 0 0 0
Domestic Requiremet 0 0 -1,100
Adjustment of DMO 0 0 122
Contractor Share 0 0 0
Depreciation 0 4,750
Investment Credit 680
Taxable Contractor Share 0 0 -5,430
Tax 44% 0 0 0
Pfofit after tax & inv cred 0 0 -5,430
Net Cash Flow -33,000 -92,000 8,669

Summmary
Net Cash Flow -33,000 -92,000 8,669
Cost RecoVery 0 0 14,600
Total Contractor Share -33,000 -92,000 23,269
Government Share 0 0 3,650
Total Share -33,000 -92,000 26,919
DMO Calculation Without DMO 0
Production, MBO 0 0 365
Contractor Share 26.7857% 0 0 98
Gasl Price, $/MMBTU 50 50 50
DMO (25% Con Share) 25% 0 0 24
Price DMO 10% 5.0 5.0 5.0
Contractor Share 0 0 122
Contractor Loss for GOI 0 0 1,100

EXPENDITURE BUDGET - S

Yearly 0 1 2
10000
2 3
CAPITAL EXPENDITURE
Exploration Drilling (Tangible) 3,000 0 0
Development Drilling (Tangible) 3,000 9,000 0
Artificial Lift 2,000 2,000 0
Production Facilities (Incl Pipeline) 4,000 50,000 0
Pipe line 5,000 10,000 0
Office & Housing Movables 2,000 0 0

TOTAL CAPITAL 19,000 71,000 0

NON CAPITAL EXPENDITURE EXPENSE)

(OR OPERATING EXPENDITURE OR OPEX)
Seismic 0 0 0
Geological & Geophysical 0 0 0
Exploration Drilling (Intangible) 7,000 0 0
Development Drilling (Intangible) 7,000 21,000 0
Workover 0 0 0
Production Operations , $/Bbl 13 0 0 4,745
General Administration 0 0 1,186
Floating Barge 0 0 0
Maintenance 0 0 0
P/L fee 0 0 0

TOTAL NON CAPITAL EXPENDITURE 14,000 21,000 5,931

TOTAL EXPENDITURES 33,000 92,000 5,931

Depreciation
0 1 2
Capital Investment 19,000 71,000 0
Depretiation-0
Depretiation-1 4750 3563 2671
Depretiation-2 17750 13313
Depretiation-3 0
Depretiation-4
Depretiation-5
Depretiation-6
Depretiation-7
Depretiation-8
Depretiation-9
Depretiation-10
Total Depreciation 4750 21312.5 15983.9

PROFITABLITY ANALYSIS
YEAR 0 1 2
NET CASH FLOW -33,000 -92,000 8,669
CUMULATIVE NCF -33,000 -125,000 -116,331
1 1
1.0 1.0
PROFITABILITY ANALYSIS

PARAMETERS
Recoverable Oil, MBO 18,676
Peak Rate, MBOPD 10,000
Capital Investment, M$ 90,000
Expense Investment, M$ 35,000
TOTAL EXPENDITURE, M$ 125,000

YARDSTICKS:
Average Oil Price, $/bbl 50
Max Cash Impairement, M$ (125,000)
Net Cash Flow, M$ 71,893
NPV @ 15% Discount, M$ -9,077
IRR, % 12%
P/I Ratio 0.6
Payout , years 4.9

GOVERMENT TAKE, M$ 433,437

COST RECOVERY, M$ 428,493
GROSS REVENUE, M$ 933,823
NET CONTRACTOR SHARE, M$ 71,893
CROSS CHECK GT+CR+NCS 933,823
GR 933,823
DELTA OK

Cross Check
Gov.take+cost Rec+NC) 933,823
ONTRACT OIL FIELD
3 4 5 6 7 8 9
10,000 8,607 7,408 6,376 5,488 4,724 4,066
3,650 3,142 2,704 2,327 2,003 1,724 1,484
50 50 50 50 50 50 50
182,500 157,079 135,199 116,367 100,158 86,207 74,199
36,500 31,416 27,040 23,273 20,032 17,241 14,840
146,000 125,663 108,159 93,094 80,126 68,966 59,359

59,313 51,051 43,940 37,819 32,551 28,017 24,115

31,081 0 0 0 0 0 0
21,313 15,984 11,987 13,502 22,464 0 0

111,706 67,035 55,927 51,321 55,016 28,017 24,115

0 0 0 0 0 0 0

111,706 67,035 55,927 51,321 55,016 28,017 24,115

34,294 58,629 52,233 41,772 25,111 40,948 35,245

26,723 23,001 19,797 17,039 14,666 12,623 10,865

25,108 42,925 38,242 30,583 18,385 29,980 25,804
10,999 9,467 8,148 7,013 6,036 5,196 4,472
-1,222 -1,052 -905 -779 -671 -577 -497
0 0 882 0 0 4,826 4,154
61,608 74,340 66,163 53,857 38,416 52,047 44,798

9,777 8,415 7,243 6,234 5,366 4,618 3,975

9,186 15,704 13,991 11,189 6,726 10,968 9,440
-10,999 -9,467 -8,148 -7,013 -6,036 -5,196 -4,472
1,222 1,052 905 779 671 577 497
9,186 15,704 13,991 11,189 6,726 10,968 9,440
21,313 15,984 11,987 13,502 22,464 0 0
8,500 0 0 0 0
-20,627 -280 2,004 -2,313 -15,738 10,968 9,440
0 0 882 0 0 4,826 4,154
-20,627 -280 1,122 -2,313 -15,738 6,142 5,287
61,580 31,688 25,096 24,691 29,190 6,142 5,287

61,580 31,688 25,096 24,691 29,190 6,142 5,287

111,706 67,035 55,927 51,321 55,016 28,017 24,115
173,286 98,723 81,023 76,013 84,206 34,159 29,401
61,608 74,340 66,163 53,857 38,416 52,047 44,798
234,894 173,063 147,186 129,869 122,623 86,207 74,199
 0 0 0 0
3,650 3,142 2,704 2,327 2,003 1,724 1,484
978 841 724 623 537 462 397
50 50 50 50 50 50 50
244 210 181 156 134 115 99
5.0 5.0 5.0 5.0 5.0 5.0 5.0
1,222 1,052 905 779 671 577 497
10,999 9,467 8,148 7,013 6,036 5,196 4,472

PENDITURE BUDGET - SUMMARY

3 4 5 6 7 8 9

0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0

0 0 0 0 0 0 0

0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
47,450 40,841 35,152 30,255 26,041 22,414 19,292
11,863 10,210 8,788 7,564 6,510 5,603 4,823
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0

59,313 51,051 43,940 37,819 32,551 28,017 24,115

59,313 51,051 43,940 37,819 32,551 28,017 24,115

 3 4 5 6 7 8 9
0 0 0 0 0 0 0

2005 6012 0
9983 7491 22464 0
0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0
0 0 0 0
0 0 0
0 0
0
11987.1 13502.1 22464.4 0 0 0 0

3 4 5 6 7 8 9
61,580 31,688 25,096 24,691 29,190 6,142 5,287
-54,752 -23,064 2,033 26,724 55,914 62,056 67,343
1 1 0 0.0 0 0 0
1.0 1.0 0.9

Profit Sharing CONTRACTOR vs GOI 15% 85%

TAX 44%
CONTRACTOR SHARE 26.7857%
GOI SHARE 73.2143%

100,000

50,000

0
0 1 2 3 4 5 6 7 8 9 10
Row 113
-50,000

-100,000
 0
0 1 2 3 4 5 6 7 8 9 10
Row 113
-50,000

-100,000

-150,000
 10 TOTAL
3,499
1,277 18,676
50
63,864 933,823
12,773 186,765
51,091 747,059

20,756 338,493
0
0 90,000 428,493

20,756 508,574
0 9,180
Total cost delta
20,756 428,493 428,493 0

30,335 318,566

9,351 136,738
22,210 233,236
3,849 56,280
-428 -6,253
3,575 13,437
38,558 433,437

3,421 50,026
8,126 85,330
-3,849 -56,280
428 6,253
8,126 85,330
0 90,000
9,180
8,126 -13,850
3,575 13,437
4,550 -27,287
4,550 71,893

4,550 71,893
20,756 428,493
25,306 500,386
38,558 433,437
63,864 933,823
 the value have to equal GR 933,823
Delta 0 OK
1,277 18,676
342 5,003
50
86 1,251
5.0
428 6,253
3,849 56,280

10

0 3,000
0 12,000
0 4,000
0 54,000
0 15,000
0 2,000
0
0 90,000
0
0
0
0 0
0 0
0 7,000
0 28,000
0 0
16,605 242,794
4,151 60,699
0 0
0 0
0 0

20,756 338,493

20,756 428,493 0
 10
0 90,000
0
19,000
71,000
0
0
0
0
0 0
0 0
0 0
0 0
0 90,000

10
4,550 71,893
71,893
0
4.9
CONCESSIONARY CALCULATION PR
Production, BO 750,000 900000 5000
Oil Price, $/B 50 53
Revenue, $ 37,500,000
Royalty, $ 20% 7,500,000
Net Revenue, $ 30,000,000
Deductions, $ 40.0% 15,000,000 45%
Taxable Income, $ 15,000,000
Provincial Tax 10%, $ 10% 1,500,000
Net of Prov Tax, $ 13,500,000
Federation Tax 40%, $ 40% 5,400,000
Net after tax, $ 8,100,000

Government Take, $ 14,400,000 38%

ContractorTake, $ 23,100,000 62%
Total, $ 37,500,000

PSC CALCULATION

> 5 years 5 yrs for new oil PR

with DMO w/o DMO
Production, bo 750,000 100 5000
Crude Price 50 50 53
Gross Revenue, $ 37,500,000 5,000
First Trance Production, $ 20% 7,500,000 1,000
Revenue after FTP 30,000,000 4,000
Cost Recovery 40% 15,000,000 2,000 45%
Equity to be Split 15,000,000 2,000

Gavernment Share 73.2143%

FTP Share 5,491,073 732
Equity share 10,982,145 1,464
Domestic Requiremet (DMO) 2,260,043 -
Adjustment of DMO -251,116 -
Tax 1,767,856 354
Total Government Share 20,250,001 2,550
Contractor Share 26.7857%
FTP Share 2,008,928 268
Equity share 4,017,855 536
Domestic Requiremet -2,260,043 -
Adjustment of DMO 251,116 -
Taxable Contractor Share 4,017,855 804
Tax 44% -1,767,856 (354)
Net Contractor Share 2,249,999 450

Summmary
Net Contractor Share 2,249,999 450
Recoverable 15,000,000 2,000
Total Contractor Share 17,249,999 2,450
Government Share 20,250,001 2,550
Total Share 37,500,000 5,000
-300
DMO Calculation
Production, bo 750,000
Contractor Share 26.7857% 200,893
Oil Price, $/b 50
DMO (25% Con Share) 25% 50,223
Price DMO 10% 5
Contractor Share 251,116
Contractor Loss for GOI 2,260,043

PSC YEMEN
Production, BO 1
Price, $/B 100
Revenue, $ 100
Royalty 10% 10
Net Revenue 90
Cost Recovery 17% 15 15
Profit oil 75
Contractor Profit OIL 25% 19
Government Profit oil 71% 53
YOGC Profit oil 4% 3

Government share
Royalty 10
Profit oil 53
YOGC Share 3
Sub Total 66
Contractor share
Profit oil 19
Cost recovery 15
Sub Total 34

Grand Total 100

PSC OMAN
Production, BO 1
Price, $/B 100
Revenue, $ 100
Royalty 0% 0
Net Revenue 100
Cost Recovery 15% 15
Profit oil 85
Contractor Profit OIL 20% 17
Government Profit oil 80% 68
(Assumption prod < 10 MBOPD) 0

Government share
Royalty 0
Profit oil 68
Sub Total 68
Contractor share
Profit oil 17
Cost recovery 15
Sub Total 32

Grand Total 100

KSO CONTRACT

Production 20
Crude Price 50
Gross Revenu 1,000
Cost Recovery 30% 300
Equity to be split 700
Government Share
Equity share 32.7731% 229
DMO 168
DMO fee -168
Income tax from PN 138
Income tax from Con 52
Total Government Share 420

Pertamina share
Equity share 42.0169% 294
DMO 63
DMO fee -16
Taxable income 341
Tax 40.50% 138
Total Pertamina Share 203

Contractor share
Equity share 25.2100% 176
DMO loss -63
DMO fee 16
Taxable income 129
Tax 40.50% 52
Total Contractor Share 77

Cross Check (rev-CR-PNT-CONT - GOVT) 0

KSO PSC SYSTEM
 Net Cash Flow (NCF)
YEAR 0 1 2 3 4
1 Revenue 10 10 10
2 Investment 10 10
3 Expense 4 4 4
4 Depreciation 2 2 2
5 TAX - 50% (1-3-4)*50% 2 2 2
Net Cash Flow (NCF) 1-2-3-5 -10 -10 4 4 4

CROSS CHECK
Revenue 79
Investment 20
Expense 31
Tax 14

Input 79
Output 65
Total NCF 14 This number have to equal with NCF on the table

Total NCF on the table 14 OK

YEAR 0 1 2 3
1 Revenue 100 1000
2 Investment 1000 100
3 Expense 200 400
4 Depreciation 200 220
5 TAX 0 0 152
Net Cash Flow (NCF) -1000 -100 -100 448

CROSS CHECK
Revenue 4400
Investment 1100
Expense 1840
Tax 704 Inv. yr-1 1000 200 200
Inv. yr-2 100 20
Input 4400 200 220
Output 3644
Total NCF 756 This number have to equal with NCF on the table

Total NCF on the table 756 OK

 5 6 7 8 9 10 11 TOTAL
10 9 8 7 6 5 4 79
20
4 3 3 3 2 2 2 31
2 2 2 2 2 2 2 20
2 2 1.5 1 1 0.5 0 14
4 4 3.5 3 3 2.5 2 14

h NCF on the table

4 5 6 7 8 9 10 TOTAL
800 700 600 500 400 200 100 4400
1100
400 300 200 100 100 100 40 1840
220 220 220 20 1100
72 72 72 152 120 40 24 704
328 328 328 248 180 60 36 756

Depresiasi 20%/tahun selama 5 tahun setelah ada revenue

Tax 40%
Tax adalah 0 apabila masih rugi
Depresiasi apabila sudah ada revenue
200 200 200
20 20 20 20
220 220 220 20
Capital , M$ 100

Straight line depreciation

YEAR-1 YEAR-2 YEAR-3 YEAR-4 YEAR-5 YEAR-6 YEAR-7 YEAR-8
n 5 20 20 20 20 20

Declining balance
n 5 20 16 12.8 10.24 40.96
n 4 25 18.75 14.06 10.55 31.64 for depreciation distribu
n 8 12.50 10.94 9.57 8.37 7.33 6.41 5.61 39.27
Double DB
n 5 40 24 14.4 8.64 12.96

PROBLEM-1 Calculate NCF based on declining balance depreciation for 5 years

YEAR 0 1 2 3 4 5 6
1 Revenue 100 1000 800 700 600
2 Capital Investment 1000 100
3 Expense 200 400 400 300 200
4 Depreciation 200 180 144 115.2 419.84
Taxable income -300 420 256 284.8 -19.84
5 TAX 40% 0 168 102.4 113.92 0
Net Cash Flow (NCF) -1000 -100 -100 432 297.6 286.08 400

C1 200 160 128 102.4 409.6

C2 20 16 12.8 10.24 40.96
Total 200 180 144 115.2 419.84 40.96

PROBLEM-2 Calculate NCF based on double declining balance depreciation for 5 years

YEAR 0 1 2 3 4 5 6
1 Revenue 100 1000 800 700 600
2 Capital Investment 1000 100
3 Expense 200 400 400 300 200
4 Depreciation
Taxable income
5 TAX 40%
Net Cash Flow (NCF)

C1
C2
Total
Total
100

100
100 Medco oil
100 Medco gas

100

7 8 9 10 TOTAL
500 400 200 100 4400
1100
100 100 100 40 1840
40.96 1100
359.04 300 100 60
143.62 120 40 24
256.38 180 60 36 748.06
0

7 8 9 10 TOTAL
500 400 200 100 4400
1100
100 100 100 40 1840
 Contoh Perhitungan Discounted Net Cash Flow
Tentukan discount rate agar cumulative NCF = 0
Cumul.
Year 0 1 2 3 4 5 NCF
Net Cash Flow (NCF)
0% -20.0 5.0 12.0 15.0 10.0 10.0 32.0 IRR=
i= 5% -20.0 4.8 10.9 13.0 8.2 7.8 24.7
i= 10% -20.0 4.5 9.9 11.3 6.8 6.2 18.8
i= 15% -20.0 4.3 9.1 9.9 5.7 5.0 14.0
i= 20% -20.0 4.2 8.3 8.7 4.8 4.0 10.0
i= 25% -20.0 4.0 7.7 7.7 4.1 3.3 6.7
i= 30% -20.0 3.8 7.1 6.8 3.5 2.7 4.0
i= 35% -20.0 3.7 6.6 6.1 3.0 2.2 1.6
i= 40% -20.0 3.6 6.1 5.5 2.6 1.9 -0.4
IRR yaitu sekitar 39% karena cumulative discount NCF = 0

Contoh Perhitungan Discounted Net Cash Flow irr

Cumul.
40.0
Year 0 1 2 3 4 5 NCF
30.0
Net Cash Flow (NCF)
Dicount rate -20.0 5.0 20.0 12.0
Cum NCF

15.0 10.0 10.0 32.0

irr
5% 24.7 ==> NPV@5%10.0 discount rate
10% 18.8 ==> NPV@10% discount rate
0.0
15% 14.0 ==> NPV@15% 0%discount
5% 10%rate
15% 20% 25% 30% 35% 40% 45%
20% -10.0
10.0 ==> NPV@20% discount rate
25% 6.7 ==> NPV@25% discount ratediscount rate
30% 4.0 ==> NPV@30% discount rate
35% 1.6 ==> NPV@35% discount rate
40% -0.4 ==> NPV@40% discount rate
PROBLE Calculate NCF based on declining balance depreciation for 5 years

YEAR 0 1 2 3 4 5
1 Revenue 100 1000 800 700
2 Capital Investment 1000 100
3 Expense 200 400 400 300
4 Depreciation 200 180 144 115.2
Taxable income -300 420 256 284.8
5 TAX 40% 0 168 102.4 113.92
Net Cash Flow (NCF) -1000 -100 -100 432 297.6 286.08
IRR= 10%
NPV= 13
C1 200 160 128 102.4 409.6
C2 20 16 12.8 10.24 40.96
Total 200 180 144 115.2 419.84 40.96

Discount rate 10%

0 1 2 3 4 5
 Net Cash Flow (NCF)
0 -20.0 5.0 12.0 15.0 10.0 10.0
0 -20.0
1 4.545455
2 9.917355
3 11.26972
4 6.830135
5 6.209213
NPV 18.8

NPV 18.8

PROBLE Calculate NCF based on declining balance depreciation for 5 years

YEAR 0 1 2 3 4 5
1 Revenue 100 1000 800 700
2 Capital Investment 1000 100
3 Expense 200 400 400 300
4 Depreciation 200 180 144 115.2
Taxable income -300 420 256 284.8
5 TAX 40% 0 168 102.4 113.92
Net Cash Flow (NCF) -1000 -100 -100 432 297.6 286.08
Cumulative NCF -1000 -1100 -1200 -768 -470.4 -184.32
IRR= 10%
NPV= 13
C1 200 160 128 102.4 409.6
C2 20 16 12.8 10.24 40.96
Total 200 180 144 115.2 419.84 40.96

P/I Ratio undiscounted

Discount rate 10%
0 1 2 3 4 5
Net Cash Flow (NCF)
0 -20.0 5.0 12.0 15.0 10.0 10.0
0 -20.0
1 4.545455
2 9.917355
3 11.26972
4 6.830135
5 6.209213
NPV 18.8

NPV 18.8

NPV Investment $1,090.91

NPV cash flow $12.56
PROBLEM -1 Calculate IRR, NPV@12%, Payout, P/I Ratio undiscounted, UNIR for the following cash flow

YEAR 0 1 2 3 4 5
1 Revenue 100 1000 1000 2000
2 Capital Investment 1000 500
3 Expense 200 400 400 300
4 Depreciation 200 260 208 166.4
Taxable income -300 340 392 1533.6
5 TAX 40% 0 136 156.8 613.44
Net Cash Flow (NCF) -1000 -500 -100 464 443.2 1086.56
Cumulative NCF -1000 -1500 -1600 -1136 -692.8 393.76
IRR= 22%
NPV= 788
C1 200 160 128 102.4 409.6
C2 100 80 64 51.2 204.8
Total 200 260 208 166.4 460.8 204.8

P/I Ratio undiscounted

NPV 18.8

NPV Investment $1,446.43

NPV cash flow $788.44

Chart Title
4000

3000

2000

1000
NCF

Row 111
0
0 1 2 3 4 5 6 7 8 9 10 11
-1000

-2000
Time, years
payout= 4.6 years
 39%

6 7 8 9 10 TOTAL
600 500 400 200 100 4400
1100
200 100 100 100 40 1840
419.84 40.96 1100
-19.84 359.04 300 100 60
0 143.616 120 40 24
400 256.384 180 60 36 748.064
0.10243

1000
100

Chart Title
1000
 Chart Title
1000

500

0 Row 72
0 1 2 3 4 5 6 7 8 9 10 11
-500

-1000

-1500

6 7 8 9 10 TOTAL
600 500 400 200 100 4400
1100
200 100 100 100 40 1840
419.84 40.96 1100
-19.84 359.04 300 100 60
0 143.616 120 40 24
400 256.384 180 60 36 748.064
215.68 472.064 652.064 712.064 748.064
0.10243
Payout 4.6 Years lihat gambar
1000
100

undiscounted 0.68 < 1 investasi ini tidak menarik

P/I Ratio discounted 10% 0.011517 < 0.75 investasi tidak menarik
 UNIR 0.623387

Assumption Hurdle rate = 20% Proyek ini tidak menarik atau tidak diterima oleh investor

ollowing cash flow

6 7 8 9 10 TOTAL
1500 1000 1000 500 100 8200
1500
200 100 100 100 40 1840
460.8 204.8 1500
839.2 695.2 900 400 60 4860
335.68 278.08 360 160 24 2064
964.32 621.92 540 240 36 2796
1358.08 1980 2520 2760 2796
0.21708
Payout 4.6 Years menarik
1000
500

undiscounted 1.86 >1 investasi ini menarik

P/I Ratio discounted 10% 0.545092 < 0.75 investasi tidak menarik
UNIR 1.7475

Assumption Hurdle rate = 20% Proyek ini menarik atau diterima oleh investor

Parameter
Investment 1500

Yardsticks
Payout 4.6 years < 5 years
IRR 22% > hurdle rate 20%
P/I Ratio UD 1.86 > 1
P/I Ratio dict 0.545092
UNIR 1.7475 >1
Row 111
Kesimpulan
1
This proyect is profiatable
OPERATOR : PT. MEDCO E&P INDONESIAA
Contract Area : Rimau Extention Block
Budget Year : Long Range Forecast
(In Thousand of US. Dollars) NET CASH FLOW

Yearly 1 2
Forecast Forecast

Total Lifting/Production - Oil MBOPD 0.000 0.598

Lifting/Production - Oil MBO 0 218
- Gas MMCF - -
Price - Oil per BBL 40 40

GROSS REVENUE, M$ 0 8,736

FIRST TRANCHE (20% Gross Revenue) 0 1,747
80% Gross Revenue 0 6,989
COST RECOVERY, M$ :
Non Capital Expenditure 768 11,992
Unrecovered Other Costs 0 768
Depreciation - 1,461
2,097 5,719
TOTAL COST RECOVERY 768 14,221
Investment Credit 0 243
431,227
TOTAL RECOVERABLE 0 6,989

EQUITY TOBE SPLIT 0 0

INDONESIA SHARE :
Pertamina Equity Share 0 0
Lifting Price Variance / FTP 0 1,279
Domestic Requirement 0 0
Government Tax Entitlement 0 313

TOTAL INDONESIA SHARE 0 1,592

CONTRACTOR SHARE :
Contractor Equity Share 0 0
Lifting Price Variance / FTP 0 468
DMO LOSS (Table - 19) 0 0

Add : Investment Credit 0 243

 Taxable Share 0 711
Government Tax Entitlement 0 (313)

Net Contractor Share 0 398

Total Cost Recovery 768 14,221
TOTAL CONTRACTOR SHARE 768 14,619

NET CASH FLOW

- Stand Alone Analysis (1,060) (10,182)
CUMULATIVE NCF (1,060) (11,242)
# of negative years in cum NCF 1 1
IRR 98%
NPV @ 15% DISCOUNT $44,984
PAY OUT TIME, YEARS 3.5

- Integrated Analysis (292) (3,475)

CUMULATIVE NCF (292) (3,767)
# of negative years 3.00 1 1
IRR 139%
NPV @ 15% DISCOUNT $45,932
PAY OUT TIME, YEARS 3.5

OPERATOR : PT. MEDCO E&P INDONESIAA

Contract Area : Rimau Extention Block
Table - 2
(In Thousand of US. Dollars)

Yearly 1 2
Forecast Forecast

CAPITAL EXPENDITURE
Exploration Drilling (Tangible) 0 0
Development Drilling (Tangible) 292 3,796
 Artificial Lift 0 0
Production Facilities (Incl Pipeline) 0 1,538
Pipe line 0 0
Office & Housing Movables 0 0

TOTAL CAPITAL 292 5,334

NON CAPITAL EXPENDITURE EXPENSE)

(OR OPERATING EXPENDITURE OR OPEX)
Seismic 0 0
Geological & Geophysical 0 0
Exploration Drilling (Intangible) 0 0
Development Drilling (Intangible) 768 9,984
Workover 0 0
Production Operations 0 1,530
General Administration 0 382
Floating Barge 0 0
Maintenance 0 0
P/L fee 0 96

TOTAL NON CAPITAL EXPENDITURE 768 11,992

TOTAL EXPENDITURES 1,060 17,326

Production Operations ($/bbl) 6.80 7.00

DOMESTIC REQUIREMENT

1 2
Forecast Forecast

KAJI+SEMOGA, MBOPD 0.00 0.60

OTHER RIMAU, MBOPD 0.00 0.00
ICP KJ&SM 40.0 40.0
ICP OTH. RIM 39.5 39.5
DMO LOSS KS 0 497
DMO LOSS OTH. RIM 0 0
TOTAL DMO LOSS 0 497

DEPRECIATION
 1 2
Forecast Forecast

CAPITAL 292 5334

Year-1 73 55
Year-2 1333
Year-3
Year-4
Year-5
DEP >= 1999 73 1388
Total depreciation 73 1,388

PIPE LINE FEE

1 2
Forecast Forecast
PRODUCTION
KAJI+SEMOGA 0.000 0.598
OTHER RIMAU 0.00 0.00
Total 0 1
Production
Proration
PL Pengabuan 0.6 0 0
PL Tempino 0.1 0 0
Export 0.3 0 0
P/L Fee P/L Toll Fee
PL Pengabuan 0.13 0 17
PL Tempino 0.62 0 14
Export 1.00 0 66
Total P/L fee 0 96
 Table - 1
NET CASH FLOW ANALYSIS

3 4 5 6 7 8 9 10
Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast

4.240 16.772 16.312 13.947 11.894 10.143 8.650 7.377

1,548 6,122 5,954 5,091 4,341 3,702 3,157 2,693
- - - - - - - -
40 40 40 40 40 40 40 40

61,904 244,878 238,161 203,622 173,651 148,091 126,293 107,704

12,381 48,976 47,632 40,724 34,730 29,618 25,259 21,541
49,523 195,902 190,528 162,898 138,921 118,473 101,035 86,163

23,701 59,864 59,581 52,401 45,972 40,332 35,386 31,047

7,475 0 0 0 0 0 0 0
5,750 6,593 5,292 5,166 7,079 3,003 353 -
6,583 4,937 5,693 6,215 2,903 2,903 2,903 2,903
36,927 66,457 64,873 57,568 53,051 43,335 35,739 31,047
2,443 1,393 176 0 0 0 0 0

39,369 67,850 65,049 57,568 53,051 43,335 35,739 31,047

10,154 128,052 125,479 105,330 85,870 75,137 65,296 55,116

7,434 93,753 91,869 77,117 62,869 55,011 47,806 40,353

9,065 35,857 34,874 29,816 25,427 21,685 18,493 15,771
0 0 0 0 9884 8429 7189 6130
3,731 21,477 20,479 17,213 9,865 8,637 7,510 6,337

20,230 151,087 147,222 124,146 108,045 93,762 80,998 68,591

2,720 34,299 33,610 28,213 23,001 20,126 17,490 14,763

3,316 13,119 12,758 10,908 9,303 7,933 6,766 5,770
0 0 0 0 (9,884) (8,429) (7,189) (6,130)

2,443 1,393 176 0 0 0 0 0

 8,478 48,811 46,544 39,121 22,420 19,630 17,067 14,402
(3,731) (21,477) (20,479) (17,213) (9,865) (8,637) (7,510) (6,337)

4,747 27,334 26,065 21,908 12,555 10,993 9,557 8,065

36,927 66,457 64,873 57,568 53,051 43,335 35,739 31,047
41,674 93,791 90,938 79,476 65,606 54,328 45,296 39,112

(864) 24,807 30,242 27,074 19,634 13,996 9,910 8,065

(12,106) 12,701 42,943 70,017 89,651 103,647 113,557 121,622
1 0 0 0 0 0 0 0

(8,340) 24,807 30,242 27,074 19,634 13,996 9,910 8,065

(12,106) 12,701 42,943 70,017 89,651 103,647 113,557 121,622
1 0 0 0 0 0 0 0

EXPENDITURE BUDGET - SUMMARY

3 4 5 6 7 8 9 10
Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast

0 0 0 0 0 0 0 0
3,358 292 0 0 0 0 0 0
 0 0 0 0 0 0 0 0
15,479 8,828 1,116 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

18,837 9,120 1,116 0 0 0 0 0

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
8,832 768 0 0 0 0 0 0
0 0 0 0 0 0 0 0
11,165 45,489 45,569 40,129 35,249 30,963 27,197 23,890
2,791 11,372 11,392 10,032 8,812 7,741 6,799 5,972
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
913 2,235 2,620 2,240 1,910 1,629 1,389 1,185

23,701 59,864 59,581 52,401 45,972 40,332 35,386 31,047

42,538 68,984 60,696 52,401 45,972 40,332 35,386 31,047

7.21 7.43 7.65 7.88 8.12 8.36 8.61 8.87

Table -3
OMESTIC REQUIREMENT

3 4 5 6 7 8 9 10
Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast

4.24 16.77 16.31 13.95 11.89 10.14 8.65 7.38

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0
39.5 39.5 39.5 39.5 39.5 39.5 39.5 39.5
3524 13938 13556 11590 9884 8429 7189 6130
0 0 0 0 0 0 0 0
3524 13938 13556 11590 9884 8429 7189 6130

Table - 4
DEPRECIATION
 3 4 5 6 7 8 9 10
Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast

18837 9120 1116 0 0 0 0 0

41 31 92 0
1000 750 563 1688 0
4709 3532 2649 1987 5960 0
2280 1710 1282 962 2885 0
279 209 157 118 353 0
5750 6593 5292 5166 7079 3003 353 0
5,750 6,593 5,292 5,166 7,079 3,003 353 0

Table - 5
PIPE LINE FEE

3 4 5 6 7 8 9 10
Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast

4.240 16.772 16.312 13.947 11.894 10.143 8.650 7.377

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4 17 16 14 12 10 9 7

3 10 10 8 7 6 5 4
0 2 2 1 1 1 1 1
1 5 5 4 4 3 3 2

121 478 464 397 339 289 246 210

96 380 369 316 269 230 196 167
696 1377 1786 1527 1302 1111 947 808
913 2235 2620 2240 1910 1629 1389 1185
 PROFITABILITY ANALYSIS
11 TOTAL Stand alone - Integrated
Forecast Forecast
Recoverable Oil, MBO 35,122 35,122
6.291 Peak Rate, MBOPD 16.772 16.772
2,296 35,122 Capital Investment, M$ 34,698 34,698
- - Expense Investment, M$ 768 768
40 TOTAL EXPENDITURE, M$ 35,466 35,466

91,851 1,404,891 YARDSTICKS:

18,370 280,978 Average Oil Price, $/bbl 40 40
73,481 1,123,912 Max Cash Impairement, M$ (12,106) (12,106)
Net Cash Flow, M$ 128,385 128,385
27,241 388,286 NPV @ 15% Discount, M$ 44,984 45,932
0 0 IRR, % 98% 139%
- 34,698 P/I Ratio 3.6 3.6
2,903 Payout , years 3.5 3.5
27,241 422,984
0 4,254
GOVERMENT TAKE, M$ 853,520 853,520
27,241 427,238 COST RECOVERY, M$ 422,984 422,984
GROSS REVENUE, M$ 1,404,891 1,404,891
46,239 696,674 NET CONTRACTOR SHARE, M$ 128,385 128,385

33,854 510,066
13,450 205,717
5228 36,861
5,314 100,876 Cross Check
Gov.take+cost Rec+NC) 1,404,889 1,404,889
57,846 853,520 delta 0% 0%

12,385 186,607
4,920 75,261
(5,228) (36,861)

0 4,254
 12,077 229,262
(5,314) (100,876)

6,763 128,385
27,241 431,227
34,004 559,612

0
6,763 128,385 0
128,385
0 3

6,763 128,385
128,385
0 3
0

11 TOTAL
Forecast Forecast

0 0
0 7,738
 0 0
0 26,960
0 0
0 0

0 34,698

0 0
0 0
0 0
0 20,352
0 0
20,985 282,166
5,246 70,541
0 0
0 0
1,010 15,227

27,241 388,286

27,241 422,984

9.14 7.44

11
Forecast Forecast

6.29
0.00
40.0
39.5
5228 79,966
0 0
5228 79,966
 11 0
Forecast Forecast

0 34,698
292
5,334
18,837
9,120
1,116
0 31,342
0 34,698

11 0
Forecast Forecast

6.291
0.00
6

4
1
2

179 2,740
142 2,178
689 10,310
1010 15227
OPERATOR : P.T. MEDCO E&P INDONESIA Lapangan Y
Contract Area : PSC - South Sumatra Extension
Budget Year : Long Range Forecast 1
NET CASH FLOW ANALYSIS - GAS PROD

1 SCF=1150 BTU 1 2
SCF to BTU 1.15 Forecast Forecast

Gas Sales - MMSCFD For the project 0.0 2.0

Total Gas Sales (sales/field as per attachment), BBTUD 0.0 2.3
Lifting/Production - BBTU/year 0 840
- Gas MMCF - - - -
Average Gas Price $ per MMBTU 0.00 1.60

GROSS REVENUE, M$ 0 1,343

FIRST TRANCHE 20% 0 269
80% Gross Revenue 0 1,075
COST RECOVERY :
Operating Expenditure (Non Capital) 850 717
Unrecovered Other Costs 0 850
Depreciation - 613

TOTAL COST RECOVERY 850 2,180

Investment Credit 0 187

TOTAL RECOVERABLE 0 1,075

EQUITY TOBE SPLIT 0 0

INDONESIA SHARE :
Government Equity Share 0 0
Lifting Price Variance / FTP 0 101
Domestic Requirement 0 0
Government Tax Entitlement 0 159

TOTAL INDONESIA SHARE 0 260

CONTRACTOR SHARE :
Contractor Equity Share 0 0
Lifting Price Variance / FTP 0 168
DMO LOSS (Table - 19) 0 0

Add : Investment Credit 0 187

 Taxable Share 0 355
Government Tax 44.75% 0 (159)

Net Contractor Share 0 196

Total Cost Recovery 0 1,075
TOTAL CONTRACTOR SHARE 0 1,271

NET CASH FLOW

- Stand Alone (2,250) 366
CUMULATIVE NCF (2,250) (1,884)
# of negative years 60 0 1 1
IRR 3%
NPV @ 15% DISCOUNT ($685)
PAY OUT TIME, YEARS 10.3

- Integrated (1,400) 809

CUMULATIVE NCF (1,400) (591)
# of negative years 40 0 1 1
IRR 18%
NPV @ 15% DISCOUNT $73
PAY OUT TIME, YEARS 6.0

Table - 2 ASSUMPTION
EXPENDITURE BUDGET - SUMMARY,

1 2
Forecast Forecast

CAPITAL #REF! #REF!

Sunk Cost 0 0
Exploration Drilling (Tangible) 0 0
Development Drilling (Tangible) 300 0
Production Facilities (inc. P/L) 1,100 0
Stimulation 0
Office & Housing Movables 0 0

TOTAL CAPITAL 1,400 0

1
NON CAPITAL EXPENDITURE
(OR OPERATING EXPENDITURE OR EXPENSE)
Seismic
Geological & Geophysical
Exploration Drilling (Intangible)
Development Drilling (Intangible)
Production Operations
General Administration
Floating Barge
Worover/well service
P/L fee
0 0
0 0
0 0
700 0
0 258
0 65
0 0
150 0
0.00 0 395

TOTAL OPERATING EXPENDITURE 850 717

1

TOTAL EXPENDITURES 2,250 717

Production Operations +F/L Fee - 653
Production Operations ($/MMBTU) 0.30 0.31

Table -3
DOMESTIC REQUIREMENT

1 2
Forecast Forecast

Table - 3
DEPRECIATION

1 2
Forecast Forecast

CAPITAL
1400 0

DEP 350 263

Total depreciation 350 263

Table-4 Gas Sales, BBTUD

1 2
Forecast Forecast
0.0 2.3
Total 0.0 2.3
Table-5 Gas Price, $/MMBTU

1 2
Forecast Forecast

1.60 1.60 1.60

Table-6 Revenue, M$

1 2
Forecast Forecast

MMB 0 1,343
Total Revenue 0 1,343

Table-6 PIPE LINE FEE, M$

P/L 1 2
Toll Fee Forecast Forecast
$/MMBTU
MMB 0.47 0 395
Total Revenue 0 395

#DIV/0! 0.47
 Lapangan Y
Coy
1 1 1 242

ANALYSIS - GAS PRODUCTION, In Thousand of US. Dollars

3 4 5 6 7 TOTAL
Forecast Forecast Forecast Forecast Forecast Forecast

2.0 2.0 2.0 2.0 2.0 PROFITABILITY

2.3 2.3 2.3 2.3 2.3
840 840 840 840 840 5,037 Gas Price, $/MMBTU
- - - - - -
1.60 1.60 1.60 1.60 1.60 1.37 Gas Sales, BSCF
Peak Rate, MMSCFD
1,343 1,343 1,343 1,343 1,343 8,059 Investment, M$
269 269 269 269 269 1,612 Capital Investment
1,075 1,075 1,075 1,075 1,075 6,447 Expense Investment

725 734 742 751 760 5,279 Total Investment

1,292 1,140 947 1,057 733 418
197 148 443 - - 1,400 YARDSTICKS:
Max Cash Impairement, M$
2,214 2,021 2,132 1,808 1,493 6,679 Net Cash Flow, M$
NPV @ 15% Discount, M$
0 0 0 0 0 187 IRR, %
P/I Ratio
1,075 1,075 1,075 1,075 1,075 6,447 Payout , years

0 0 0 0 0 0 GOVERNMENT TAKE, M$
COST RECOVERY, M$
NET CONTRACTOR SHARE, M$
0 0 0 0 0 0 GROSS REVENUE, M$
101 101 101 101 101 604
0 0 0 0 0 0
75 75 75 75 75 534 Cross check: GR=GT+CR+NCS

176 176 176 176 176 1,139

0 0 0 0 0 0
168 168 168 168 168 1,007
0 0 0 0 0 0

0 0 0 0 0 187
 168 168 168 168 168 1,194
(75) (75) (75) (75) (75) (534)

93 93 93 93 93 660
1,075 1,075 1,075 1,075 1,075 6,447
1,167 1,167 1,167 1,167 1,167 7,107

442 434 425 417 408 242

(1,442) (1,008) (583) (166) 242
1 1 1 1 0 #NAME?

290 240 536 93 93 660

(302) (61) 474 567 660
1 1 0 0 0

ENDITURE BUDGET - SUMMARY, In Thousand of US. Dollars

Lapangan Y

3 4 5 6 7 TOTAL
Forecast Forecast Forecast Forecast Forecast Forecast

#REF! #REF! #REF! #REF!

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 300
0 0 0 0 0 1,100

0 0 0 0 0 0

0 0 0 0 0 1,400
 0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 700
265 271 278 285 292 1,649
66 68 69 71 73 412
0 0 0 0 0 0
0 0 0 0 0 150
395 395 395 395 395 2,367

725 734 742 751 760 5,279

725 734 742 751 760 6,679

659 666 673 680 687 4,016
0.32 0.32 0.33 0.34 0.35

UIREMENT

3 4 5 6 7 TOTAL
Forecast Forecast Forecast Forecast Forecast Forecast

3 4 5 6 7 TOTAL
Forecast Forecast Forecast Forecast Forecast Forecast

0 0 0 0 0 1,400

197 148 443 0 0 1,400

197 148 443 0 0 1,400

3 4 5 6 7 #REF!
Forecast Forecast Forecast Forecast Forecast Forecast
2.3 2.3 2.3 2.3 2.3
2.3 2.3 2.3 2.3 2.3
 3 4 5 6 7 #REF!
Forecast Forecast Forecast Forecast Forecast Forecast

1.60 1.60 1.60 1.60 1.60

3 4 5 6 7 1400
Forecast Forecast Forecast Forecast Forecast Forecast

1,343 1,343 1,343 1,343 1,343 8,059

1,343 1,343 1,343 1,343 1,343 8,059

3 4 5 6 7 TOTAL
Forecast Forecast Forecast Forecast Forecast Forecast

395 395 395 395 395 2,367

395 395 395 395 395 2,367

0.47 0.47 0.47 0.47 0.47 #DIV/0!

 PROFITABILITY ANALYSIS
Stand alone Integrated
e, $/MMBTU 1.60 1.60

0.0 0.0
e, MMSCFD 2.00 2.00

1,100 1,100
Investment 850 850

1,950 1,950

h Impairement, M$ (2,250) (1,400)

242 660
5% Discount, M$ (685) 73
3% 18%
0.1 0.3
10.3 6.0

MENT TAKE, M$ 1,139 1,139

COVERY, M$ 6,679 6,679
NTRACTOR SHARE, M$ 242 660
REVENUE, M$ 8,059 8,059

ck: GR=GT+CR+NCS 8,059 8,478

PSC CALCULATION

0 1 2 3 4
Production, bo 100 1,000 861 741 638
Crude Price 50 50 50 50 50
Gross Revenue, $ 5,000 50,000 43,035 37,041 31,881
First Trance 20% 1,000 10,000 8,607 7,408 6,376
Revenue after FTP 4,000 40,000 34,428 29,633 25,505
Cost Recov 40% 2,000 20,000 17,214 14,816 12,753
Equity to be Split 2,000 20,000 17,214 14,816 12,753

Gavernment 73.2143%
FTP Share 732 7,321 6,302 5,424 4,668
Equity share 1,464 14,643 12,603 10,848 9,337
Domestic Requiremet (DMO) 301 3,013 2,594 2,232 1,921
Adjustment of DMO -33 -335 -288 -248 -213
Tax 236 2,357 2,029 1,746 1,503
Total Government Share 2,700 27,000 23,239 20,002 17,216
Contractor 26.7857%
FTP Share 268 2,679 2,305 1,984 1,708
Equity share 536 5,357 4,611 3,969 3,416
Domestic Requiremet -301 -3,013 -2,594 -2,232 -1,921
Adjustment of DMO 33 335 288 248 213
Taxable Contractor Share 536 5,357 4,611 3,969 3,416
Tax 44% -236 -2,357 -2,029 -1,746 -1,503
Net Contractor Share 300 3,000 2,582 2,222 1,913

Summmary
Net Contractor Share 300 3,000 2,582 2,222 1,913
Recoverable 2,000 20,000 17,214 14,816 12,753
Total Contractor Share 2,300 23,000 19,796 17,039 14,665
Government Share 2,700 27,000 23,239 20,002 17,216
Total Share 5,000 50,000 43,035 37,041 31,881

DMO Calculation
Production, bo 100 1,000 861 741 638
Contractor 26.7857% 27 268 231 198 171
Oil Price, $/b 50 50 50 50 50
DMO (25% C 25% 7 67 58 50 43
Price DMO 10% 5 5 5 5 5
Contractor Share 33 335 288 248 213
Contractor Loss for GOI 301 3,013 2,594 2,232 1,921
 5 6 7 8 9 10
549 472 407 350 301 259
50 50 50 50 50 50
27,441 23,618 20,328 17,497 15,060 12,962
5,488 4,724 4,066 3,499 3,012 2,592
21,952 18,895 16,263 13,998 12,048 10,370
10,976 9,447 8,131 6,999 6,024 5,185
10,976 9,447 8,131 6,999 6,024 5,185

4,018 3,458 2,977 2,562 2,205 1,898

8,036 6,917 5,953 5,124 4,410 3,796
1,654 1,423 1,225 1,054 908 781
-184 -158 -136 -117 -101 -87
1,294 1,113 958 825 710 611
14,818 12,754 10,977 9,448 8,132 6,999

1,470 1,265 1,089 937 807 694

2,940 2,531 2,178 1,875 1,614 1,389
-1,654 -1,423 -1,225 -1,054 -908 -781
184 158 136 117 101 87
2,940 2,531 2,178 1,875 1,614 1,389
-1,294 -1,113 -958 -825 -710 -611
1,646 1,417 1,220 1,050 904 778

1,646 1,417 1,220 1,050 904 778

10,976 9,447 8,131 6,999 6,024 5,185
12,623 10,864 9,351 8,049 6,927 5,963
14,818 12,754 10,977 9,448 8,132 6,999
27,441 23,618 20,328 17,497 15,060 12,962

549 472 407 350 301 259

147 127 109 94 81 69
50 50 50 50 50 50
37 32 27 23 20 17
5 5 5 5 5 5
184 158 136 117 101 87
1,654 1,423 1,225 1,054 908 781