Credit Suisse Investment Banking Pitch Book
Maine royalty sensitivity analysis
Per share estimate for royalty (¹)
($ per share, except where otherwise indicated)
Case 1- RPS resource / risking (2)
Case 2 Maine management resource / RPS risking (3)
Case 3- Maine Management resource / risking (3)
-
Resource
Risking
Implied price per Maine share (NAV analysis)
Implied price per Maine share assuming:
5% royalty on resource potential
CREDIT SUISSE
Maine price per share - ultra-deep royalty rate sensitivity
($ per fully diluted share outstanding, except where otherwise indicated)
13.1%
(2)
(3)
13.1%
30.0%
Net implied
risked resource (Tcfe)
2.8
8.3
19.1
RPS resource
estimate (²)
Case 1
RPS risking
$16.11
15.09
Royalty
5.0%
$1.34
$3.70
8.29
Production estimate (Mmcfe/d)
2014E
Assumes 21.5 Tcfe of unrisked ultra-deep resource potential plus 200 Bcfe for Davy Jones.
Assumes 63.5 Tcfe of unrisked ultra-deep resource potential plus 200 Bcfe for Davy Jones.
2013E
44.7
44.7
44.7
Case 2
RPS risking
$32.48
Note: Royalty interest not on 8/8¹ basis.
(1)
Royalty payment based on revenue from ultra-deep prospects for 2012 through end of resource life. Analysis based on
forward curve pricing as of 11/30/12 and illustrative discount rate of 12%.
Maine management
resource estimate(³)
30.32
121.8
220.0
410.7
2015E
222.3
517.1
1,089.2
Case 3
Maine risking
$64.27
59.26
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