Investor Presentaiton
Dulisma - Potential Areas of Value Creation
$MM
900
800
700
600
500
$410 MM
400
300
200
100
$87 MM
$193 MM
Purchase Price:
$148 MM
URALS ENERGY
$57 MM
$855 MM
$108 MM
0
(1)
2P - NPV 10
UPT Holiday Benefit
(3)
Lower Pipe Cost
(4)
Gas
(5)
Condensate
Total
Notes
1.
Estimated by DeGolyer & MacNaughton as at 31 March 2006
2.
3.
4.
Company estimates based on D&M report as at 31 March 2006 assuming exemption from Unified Production Tax (UPT) and appropriate capital structure to reduce corporation tax impact, UPT of $77.40/tonne as of 31 March 2006
NPV of pipeline cost investment made in 2008 and 2009, based on D&M
Assumes a 1.9$/B bl discounted by 80% for the 1.68 TCF gas possible reserves as stated in D&M Dulis ma report, as per Morgan Stanley estimate
5.
Assumes 2P NPV10 $/bbl multiple discounted by 80% for the 76.6 mmboe condensate possible reserves as stated in D&M Dulis ma report, as per Morgan Stanley estimate
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