presentation kuningan block investor mr.aa
TRANSCRIPT
PRESENTATION
KUNINGAN BLOCK
SKK MIGAS – PT. Ekuator Energi Kuningan
Farm Out – 40% WI and Equity PT.EKENKU
KUNINGAN BLOCK
SKK MIGAS – PT. Ekuator Energi Kuningan
Play map around Kuningan Area at Talang Akar Formation overlay with Talang Akar and Baturaja
Formations Leads.
Vertical Derrivative gravity order 1 and 2 maping Bouger Gravity Map
Interpretation of Seismic Profile 89 KTW - 06 aligned North - South
Interpretation of Seismic Profile 89 RDG - 13 aligned North - South
Hydrocarbon play concept of Kuningan Block Area
Leads area map of Kuningan Block at Baturaja Formation
Hydrocarbon resources at Kuningan Area
PSC EXPLORATION KUNINGAN BLOCK WORK PROGRAM AND COMMITMENT
NO CONTRACT
YEARS
DESCRIPTION COMMITMENT
ACTIVITY BUDGET
UNIT AMOUNT UNIT AMOUNT
A. BONUS
I Signature Bonus 1 US.$ 1.000.000
II Equipment and/or Services Bonus 1 US.$ 100.000
III Production Bonus:
At Cumulative 25 MMBOE US.$ 1.000.000
At Cumulative 50 MMBOE US.$ 1.500.000
At Cumulative 75 MMBOE US.$ 2.000.000
B YEARLY COMMITMENT
FIRM EXPLORATION COMMITMENT
I First G and G 1 US.$ 700.000
Seismic 2D Acquisition and processing KM 200 US.$ 2.400.000
Seismic 3DAcquisition and Processing KM2 US.$
Exploratory well Well US.$
II Second G and G 1 US.$ 200.000
Seismic 2D Acquisition and processing KM US.$
Seismic 3D Acquisition and processing KM2 US.$
Exploratory well Well US.$
III Third G and G 1 US.$ 150.000
Seismic 2D Acquisition and processing KM US.$ -
Seismic 3D Acquisition and processing KM2 US.$
Exploratory well Well 1 US.$ 6.500.000
THE SECOND 3 YEARS EXPLORATION COMMITMENT
IV Fourth G and G 1 US.$ 100.000
Seismic 2D Acquisition and processing KM US.$
Seismic 3D Acquisition and processing KM2 100 US.$ 4.500.000
Exploratory well Well 1 US.$ 6.500.000
V Fifth G and G 1 US.$ 200.000
Seismic 2D Acquisition and processing KM US.$
Seismic 3D Acquisition and processing KM2 US.$
Exploratory well Well US.$
VI Sixth G and G US.$
Seismic 2D Acquisition and processing KM US.$
Seismic 3D Acquisition and processing KM2 US.$
Exploratory well Well 1 US.$ 6.500.000
1 Three (3) Years Firm Commitment Work Program US$ 27,750,000.00
EXECUTIVE SUMMARY OF KUNINGAN BLOCK
The Information of Kuningan Block
The Kuningan Block is located approximately 183 km South East of
Jakarta, in the most eastern part of West Java Province with total area of
2790.42 square kilometers. And this Oil Block is Production sharing
Contract (PSC), has been signed in year 2012 and the end of the
contract in year 2041 (30 years contract with Goverment). It is largely
covered by volcanoes and volcaniclastics rocks.The Block is part of
areas previously operated and explored by major oil companies. A total
of 72 MMBO has been produced from part of this block.
Several potential reservoir rocks in the study area are could be devided
into three groups; sandstone, volcanic sandstone, and carbonate
reservoir. Sandstone reservoir is sandstone from Talangakar equivalent
Formation. The volcanic sandstone comes from Halang Formation. And
the last are possible carbonate reservoir from Kalipucang Formation.
Based on our reservoir engineering, the Oil in place is 1,104 MMBO and
the Oil recoverable is 244 MMBO. And Oil production forecast (for 3
wells drilling) will be in year 2015 with average perday 2,234 BOP, and
during 6 years the average oil production perday is 1,198 BOP. Total
production crude oil during 5 years is 3,061,425 Barrels. The cost of
the project for 1st and 2nd three year explorations (G&G, Seicmic and 3
Wells drilling) will be US$ 25 Million (discovery Oil production) and to
build-up the facilities of production will be US$ 2.9 Million, so the total
cost of this project is US$ 27.9 Million.
The Parameter Economics
1. Cost Recovery, Maximum 100% 2. Contractor’s Profit split for Oil is 35% 3. Contractor’s Profit split for gas is 40% 4. Contractor’s Tax is 40% 5. DMO is 25% 6. DMO Fees is 25% 7. First Trance Petroleum is 20% 8. IRR is 46.22%
Model Of Business Strategic This oil block will be offered to Investors through Farm-out : 1. Farm-out of working interest & equity/shares company is
40% with the prices US$ 25 Million, and cost of the 1st and 2nd three year explorations as well as to build-up the facilities of production will be funded 100% by the Investor.
Ownership Company The ownership of this oil block is 100% equity belong to PT. Ekuator Energi Kuningan, and the company under holding company for Oil and Gas is PT. Equator Energy. PT. Ekuator Energi Kuningan has experienced to operate oil & gas field with supported by good management which has experienced in the oil and gas more than 30 years. Contact Person
Albert P Pasaribu Project & Business Development Director PT. Equator Energy – Holding Company
PROJECT PSC - PT. Ekuator Energi Kuningan for Kuningan Block
Kuningan Regency, West Java, Indonesia from 2012 to 2042 (Remaining : 29 Years)
STATUS -
OPERATOR PT. Ekuator Energi Kuningan
FINANCE LOAN Proposed Project Loan US$ - 25% Of Working Interest and Euqity PT. EKENKU
PHASE 1 - After Signing HOA US$ -
PHASE 2 - On Second Well Drilling US$ -
40% Of Working Interest
40% Of Equity or Shares
AFTER SIGNING MOU US$ 5,000,000.00 Will be deducted on FP
AFTER SIGNING HOA US$ 20,000,000.00
COST FOR 6 YEARS COMMITMENTS US$ 27,750,000.00
1. Cost Recovery Will be Taken First by Investor
3. Joint Management
FINAL PAYMENT
US$ - Will be deducted on Phase 1
Alternative - 1
Alternative - 2
INITIAL PAYMENT
INITIAL CASH CALL
FARM OUT
WORK PROGRAM -
SKK MIGAS
4. After Commercialty, Majority Shares Has A Right First to Go to Bank to Set
Arrangement of The Loan to Develop This Project
2. After BEP, Contractor Profit Sharing Will be Split According on The portion Specified
or Indicated on The Contract PSC
US$ 25,000,000.00
EXECUTIVE SUMMARY OF PROJECT FINANCE - KUNINGAN BLOCK
CASH CALL FUND
DRAWDOWN OF
DRAWDOWN
AFTER SIGNING MOU AND ENTERING
DUE DILIGENT
PROJECT PSC - PT. Ekuator Energi Kuningan for Kuningan Block
Kuningan Regency, West Java, Indonesia from 2012 to 2042 (Remaining : 29 Years)
STATUS -
OPERATOR PT. Ekuator Energi Kuningan
FINANCE LOAN Proposed Project Loan US$ 27,993,601.00
PAY BACK LOAN Term Loan (Including GP) Years 8
Grace Period (GP) Year 2
Project Loan US$ 27,993,601.00
Interest ( 5 %)-will be negotiated to LIBOR US$ 3,849,120.14 During 5 Years
Pay to Finance Company/Investor US$ 31,842,721.14
NET REVENUE Running Operation Years 8
Oil Produced 6 Years 3,061,425.30 BBLS
Oil Price Flat US$ 70.00 BBLS
Gross Revenue after tax US$ 83,976,737.34
Operating Cost US$ 19,685,404.32
Pay to Finance Company US$ 31,842,721.14
Net Revenue after Tax US$ 32,448,611.89
FINANCIAL RESULTS Interest % 5
Internal Rate Of Return (IRR) % 46.22
NPV Contractors (10%) US$ 15,566,657.97
Pay Out Time After GP Years 3.06
EQUITY PORTIONS :
PT.EKENKU 60% During pay out time, the equity of PT.EKENKU
will be held 100% by finance company & investor
Finance Company ( FC)/Investor 40% US$ 12,979,444.76
SPLIT NET REVENUE :
PT.EKENKU 60% US$ 19,469,167.13
Investor - Farm in 40% 24% US$ 7,787,666.85
Finance Company 16% US$ 5,191,777.90
EQUITY FC
Without Interest 40.00%
With Interest 51.86% US$ 16,828,564.89
PROJECT FINANCE - KUNINGAN BLOCK
PROJECT Production Sharing Contract (PSC) between SKK MIGAS/Government and PT. EKENKUN
the name : SKK Migas - PT. EKENKUN from 2012 to 2042 (Remaining : 29 Years)
TERM OF CONTRACT Cost Recovery Max/year 100.00% Contractor shares (bt) 44.64%
Tax 44.00% SKK MIGAS shares (bt) 55.36%
First Trance Petroleum (FTP) 20.00%
CONTRACT HOLDER PT. Ekuator Energi Kuningan - 100% share, active shareholder
AREA Kuningan Regency, West Java, INDONESIA
Area : approximately 2,790.42 sq.km
STATUS FIELD Exploration and Explotation
Field History Based on previous operator, the Kuningan block consists of basin with high and lows strcutural
grains, and also oil and gas fields located in the western part and it shows that petroleum systems
are present in the block.
OBJECTIVES Main objectives : Baturaja Build up Carbonates Formation
Second objectives : Talangakar Build up Carbonates Formation
CUMMULATIVE OIL PROD. -
RESERVE 8 Leads (L1, L2, L3, L4, L5, L6, L7, L8)
OOIP(P50) = 1,104 MMBO
Oil Recoverable = 245 MMBO
Initial Oil Recoverable = 21 MMBO
POINT OF DELIVERY Kuningan Port
SELLING POINT Cirebon Port
UPSIDE POTENTIAL -
PARAMETER PROJECT Total Project Loan - in M US$ 27,993.60 Total Wells (Drilling Exploration) 3
Oil Price Flat per Barrel - in US$ 70.00 Running Operation - in Year 8
Total Production - in MMBO 3,061.43 Average Production - in BOPD 1,198.21
Total Net Revenue - in M US$ 32,448.61 IRR 46.22%
Pay out Time (POT) - in Year 3.06 NPV Contractor/PT.EKENKU 10% - in M US$ 15,566.66
PROJECT PROFILE - KUNINGAN BLOCK
COMPANY : PSC - PT. Ekuator Energi KuninganPROJECT : KUNINGAN BLOCK
AREA : KUNINGAN REGENCY, WEST JAVA - INDONESIA
Description Unit Cost RemarkA. PROJECT COST US$
Study Geology, Geophysical & Reservoir 1 lot 750,000 Study with Consultant and Purchased New Work Station
Production Facilities 1 lot 1,686,000 Storage Tank 4 x10,000 bbls, Separator Test and Production,
Wash Tank, Manifold, Savety Equipment, Office & Room Control
Pipeline 40 Km Field to Jetty/Terminal 1 lot - Pipeline to port, Test laboratorium and land clearance and Government permits
Flow Line 1 lot 500,000 Flowline from wells to terminal block station
Seismic 3D/2D Survey 1 lot 2,250,000 1 times seismic survey and process in 2013 and 2014
Development wells 1 lot - Drilled 2 development wells
Exploration/Delineation wells 1 lot 20,400,000 Drilled 3 exploration wells
Operating Cost and G&A 1 lot 2,407,601 Only for 2 years, before commercial production
Payment to BP. MIGAS 1 lot - Pay for bonus production to BP Migas (Cummulative production 25MMBO)
TOTAL PROJECT COST 27,993,601
B. OPERATION COST
General and Administration 1 lot 6,554,398 G&A cost per year Jakarta & Field US$ 1,092,399.67
Insurance 0.4% from Asset 1 lot 518,408 Weighted insurance asset per year US$ 64,801.00
Field Production Expenses 1 lot 6,183,605 Operating and maintenance based on oil production
Oil Transportation 1 lot 6,428,993 Pipeline cost from field to Terminal/Jetty
Development Wells 1 lot -
Work Over Wells 1 lot -
Total Operating Cost and G&A 19,685,404
Interest 5% 3,849,120 Weighted interest per year US$ 769,824.03 during 5 years
TOTAL OPERATION COST 23,534,524
C. REVENUE
Total oil production bbls 3,061,425 Total oil production for 6 years only
Oil Price/flat US$ 70 Oil Price assumtion
Total Gross Revenue 1 lot 214,299,771 Based on oil production for 6 years
Less : Government Entitlement 1 lot 130,323,034 Entitlement 73.2%, FTP Fee & Tax Income
Contractor Shares/Gross Income Contractors 1 lot 83,976,737 After Tax
Less :
Total Investment (Project) 1 lot 27,993,601
Total Operating Cost 1 lot 23,534,524
Total Investment & Operating Cost 1 lot 51,528,125
TOTAL NET REVENUE 32,448,612
Page 1
D. BREAK DOWN NET REVENUE
PT. Ekuator Energi Kuningan has equity portion 60% 22,714,028
Finance Company has equity portion 40% 9,734,584 (NOTE : The interest will be negotiated upto below the lowest rate)
E. PARAMETER ECONOMIC
PARAMETER ADMINISTRATION
Long Term Contract 30 2012-2042period of contract (remaining 29 years)
Running Operation 8 Years
Running Oil Production 6 Years
Type of Contract PSC Production Sharing Contract with SKK MIGAS based on production sharing contract
Operator PT. Ekuator Energi Kuningan has 100% working interest and equity
Max Cost Recovery per years 100% All cost will be recovered with max Cost recovery per year; 100% from gross income after deducted FTP
PT. EKENKU portion 44.6% Before Tax 44%
BP Migas/Government Portion 55.4%
FTP 20.0% First Run Petroleum will be taken first by SKK Migas/Government
Tax 44.0%
PARAMETER PRODUCTION
Oil Price Flat (US$) 70.00 Oil price based on Pertamina Assumption
Total Wells 3 During 8 years
Total Production in MMBO 3,061.43 During 8 years
Peak Production in BOPD 2,233.71 In year 2015
Average Production in BOPD 1,198.21 During 6 years
PARAMETER ECONOMIC
Total Loan 27,993.60 in M US$
Term Loan 8 Including grace period 2 year
Net Revenue Contractors 32,448.61 in M US$
IRR 46.22% Internal Rate of Return
NPV Contractors 10% 15,566.66 Net Present Value in M US$
Pay out Time 3.06 in Years
Grace Period 2 Years
Suncost/Cost recovery to be recovered - in M US$
Page 2
av BOPY
YEARS BOPD in that year
2,013 - - -
2,014 - - -
2,015 2,234 815,305 815,305
2,016 1,914 698,455 1,513,760
2,017 1,487 542,870 2,056,630
2,018 1,156 421,943 2,478,573
2,019 899 327,953 2,806,526
2,020 698 254,900 3,061,425
2,021 - - 3,061,425
3,061,425
EXECUTIVE RESERVOIR :
ORIGINAL OIL IN PLACE 1,104.08 MMBO
ULTIMATE RECOVER RESERVE 244.94 MMBO
CUMMULATIVE PRODUCTION - MMBO
OIL RECOVERABLE 8.57% FRM URR 20.99 MMBO
TOTAL OIL WILL BE PRODUCED 3.06 MMBO
Cummulative
BOPY
SKKMIGAS - PT. EKUATOR ENERGI KUNINGANProduction Profile of Kuningan Block
ASSUMPTION ECONOMIC
RECOVERABLE RESERVE OIL 3,061.4 MMSTB NET PRESENT VALUE 10% 15,566,658 US$
CRUDE OIL PRICE 70.00 US$ / BBL INTERNAL RATE OF RETURN 46.22%
DISCOUNT RATE FACTOR 10.00% Per Year
PROJECT LIFE 8 Years
INVESTMENT MONEY 27,993,601 US$ PAY OUT TIME 3.06 Years
GROSS REVENUE OIL (CONTRACTOR) 214,299,771 US$ INTEREST - LIBOR 5% Per/Yrs
OPERATION COST & INVESTMENTS 51,528,125 US$
NET PROFIT - PT.EKENKU (After Tax) 32,448,612 US$
PARAMETER ECONOMIC PSC DISTRIBUTION REVENUE
CONTRACTOR SHARE (BEFORE TAX) 44.64% - SKK MIGAS REVENUE 101,803,387 US$
SKK MIGAS SHARE 55.36% - GOVERNMENT TAXS 28,519,647 US$
MAX COST RECOVERY 100% X GROSS REVENUE - CONTRACTOR REVENUE 83,976,737 US$
FTP 20% TOTAL DISTRIBUTION REVENUE 214,299,771 US$
INCOME TAX 44%
PARAMETER ECONOMIC ANALYSIS OF KUNINGAN BLOCK
SKK MIGAS - PT. EKUATOR ENERGI KUNINGAN
PSC - PT. Ekuator Energi KuninganKUNINGAN BLOCK
KUNINGAN REGENCY, WEST JAVA - INDONESIA
Case : Oil Price $ 70
Budget Summary ( thousand US$)
TOTAL PROJECT 2013 2014 2015 2016 2017 2018 2019 2020 Total
Total Oil - BOPD - - 2,234 1,914 1,487 1,156 899 698 1,048
Total Yearly Production Mbbl - - 815.305 698.455 542.870 421.943 327.953 254.900 3,061
Crude Price - $ US/bbl 70.00 70.00 70.00 70.00 70.00 70.00 70.00 70.00
Total Production Rev - - 57,071 48,892 38,001 29,536 22,957 17,843 23,811
G & A EXPENSES
Jakarta Office Costs 508 573 573 573 573 573 573 573 4,518
Field Office Costs 526 526 526 526 526 526 526 526 4,208
Other 80 80 80 80 80 80 80 80 640
Total 1,114 1,179 1,179 1,179 1,179 1,179 1,179 1,179 9,366
OPERATING EXPENSES
Field Production Expenses 25 89 1,200 1,146 1,053 980 924 880 6,298
Oil Transportation Expenses 0 0 1,712 1,467 1,140 886 689 535 6,429
Total 25 89 2,912 2,613 2,193 1,866 1,613 1,415 12,727
CAPITAL DEVELOPMENT
Pipeline 40 Km to port Cirebon 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -
Basecamp Construction 400.0 175.0 0.0 0.0 0.0 0.0 0.0 0.0 575
Production Facilities 486 625 0 0 0 0 0 0 1,111
Flow line 0 500 0 0 0 0 0 0 500
Drilling Expl.(3wells)& Exp.(2 wells) 0 13,600 6,800 0 0 0 0 0 20,400
GGR Study 750 0 0 0 0 0 0 0 750
Seismic Acquisition & processing 2,000 250 0 0 0 0 0 0 2,250
Total 3,636 15,150 6,800 0 0 0 0 0 25,586
Comprising of :
Tangible Capital Costs 886 3,340 1,020 0 0 0 0 0 5,246
Non Capital Costs 2,750 11,810 5,780 0 0 0 0 0 20,340
Total Expenditures 4,775 16,418 10,891 3,792 3,372 3,045 2,791 2,594 47,679
Activity : KUNINGAN BLOCK
Oil Price: 70 US$/BBL 3.00 2.00 5.00 6.00 7.00 8.00
2013 2014 2015 2016 2017 2018 2019 2020
A. INVESTMENT
Capital MUS$ 886.00 3,340.00 1,020.00 - - - - - 5,246
Non Capital MUS$ 2,750.00 11,810.00 5,780.00 - - - - - 20,340
Initial Cost (Cost recovery) MUS$
Bonus Production MUS$ -
Total MUS$ 3,636.00 15,150.00 6,800.00 - - - - - 25,586
B. PRODUCTION
Total MSTB - - 815.31 698.45 542.87 421.94 327.95 254.90 3,061Cumulative Production MSTB - - 815.31 1,513.76 2,056.63 2,478.57 2,806.53 3,061.43
C. GROSS REVENUE MUS$ - - 57,071.36 48,891.82 38,000.91 29,536.00 22,956.70 17,842.98 214,300
FTP 10% MUS$ - - 5,707.14 4,889.18 3,800.09 2,953.60 2,295.67 1,784.30 21,430
Available Revenue after FTP MUS$ - - 51,364.23 44,002.63 34,200.82 26,582.40 20,661.03 16,058.68 192,870
Max. Cost Recoverable MUS$ 3,889.40 17,189.10 28,061.10 4,797.67 4,126.14 3,821.30 3,955.83 2,916.96 0
Max.Cost Recovery value 100% MUS$ - - 51,364.23 44,002.63 34,200.82 26,582.40 20,661.03 16,058.68 192,870-
Investmen Credit MUS$ - Operating Cost MUS$ 1,139.40 1,268.20 4,090.87 3,791.83 3,371.75 3,045.25 2,791.47 2,594.23 22,093Depreciation MUS$ - 221.50 1,001.13 1,005.84 754.39 776.05 1,164.36 322.73 5,246Non-Capital Investment MUS$ 2,750.00 11,810.00 5,780.00 - - - - - 20,340
Total expenses MUS$ 3,889.40 13,299.70 10,872.00 4,797.67 4,126.14 3,821.30 3,955.83 2,916.96 47,679
Total Cost To Be Recovered MUS$ 3,889.40 13,299.70 10,872.00 4,797.67 4,126.14 3,821.30 3,955.83 2,916.96 47,679Cost Recovery Paid MUS$ - - 28,061.10 4,797.67 4,126.14 3,821.30 3,955.83 2,916.96 47,679Carry Over Current MUS$ 3,889.40 17,189.10 - - - - - - 0Carry Over Last Year MUS$ -
D. EQUITY TO BE SPLITTotal Equity To Be Split MUS$ - - 23,303.12 39,204.96 30,074.68 22,761.10 16,705.20 13,141.72 145,191Unrecovered cost MUS$ - - - - - - - - 0
Total Equity To Be Split MUS$ - - 23,303.12 39,204.96 30,074.68 22,761.10 16,705.20 13,141.72 145,191
Goverment's Entitlement 55.36% MUS$ - - 12,899.93 21,702.73 16,648.47 12,599.89 9,247.51 7,274.88 80,373
Contractor's Entitlement 44.64% MUS$ - - 10,403.19 17,502.23 13,426.21 10,161.22 7,457.69 5,866.85 64,817E. CONTRACTOR
Investment MUS$ (3,636.00) (15,150.00) (6,800.00) - - - - - (25,586)Production Cost MUS$ (1,139.40) (1,268.20) (4,090.87) (3,791.83) (3,371.75) (3,045.25) (2,791.47) (2,594.23) (22,093)
Total Cost MUS$ (4,775.40) (16,418.20) (10,890.87) (3,791.83) (3,371.75) (3,045.25) (2,791.47) (2,594.23) (47,679)Investmen Credit MUS$ - - - - - - - - 0Contractor's Entitlement MUS$ - - 10,403.19 17,502.23 13,426.21 10,161.22 7,457.69 5,866.85 64,817DMO MUS$ - - - - - - - - 0DMO Fee MUS$ - - - - - - - - 0
Taxable Income MUS$ - - 10,403.19 17,502.23 13,426.21 10,161.22 7,457.69 5,866.85 64,817CF Before Tax MUS$ (4,775.40) (16,418.20) 27,573.42 18,508.08 14,180.60 10,937.27 8,622.05 6,189.57 64,817Cumulative CF Before Tax MUS$ (4,775.40) (21,193.60) 6,379.82 24,887.89 39,068.49 50,005.76 58,627.80 64,817.38 Company Tax (44%) MUS$ - - (4,577.40) (7,700.98) (5,907.53) (4,470.94) (3,281.38) (2,581.41) (28,520)
Total Contractor Share MUS$ - - 33,886.89 14,598.92 11,644.82 9,511.58 8,132.14 6,202.39 83,977Total Cost MUS$ (4,775.40) (16,418.20) (10,890.87) (3,791.83) (3,371.75) (3,045.25) (2,791.47) (2,594.23) (47,679)
Net Income MUS$ (4,775.40) (16,418.20) 22,996.01 10,807.09 8,273.06 6,466.34 5,340.66 3,608.16 36,298CummNet Income (4,775.40) (21,193.60) 1,802.41 12,609.51 20,882.57 27,348.91 32,689.57 36,297.73
F. PERTAMINADMO Net MUS$ - - - - - - - 0SKK MIGAS Entitlement MUS$ - - 12,899.93 21,702.73 16,648.47 12,599.89 9,247.51 7,274.88 80,373SKK MIGAS Tax (56%) MUS$ - - (7,223.96) (12,153.53) (9,323.14) (7,055.94) (5,178.61) (5,178.61) (46,114)
Net Income MUS$ - - 5,675.97 9,549.20 7,325.33 5,543.95 4,068.91 2,096.27 34,260G. GOVERNMENT
Company Tax (44%) MUS$ - - 4,577.40 7,700.98 5,907.53 4,470.94 3,281.38 2,581.41 28,520
SKK MIGAS Tax (56%) MUS$ - - 7,223.96 12,153.53 9,323.14 7,055.94 5,178.61 5,178.61 46,114
Income MUS$ - - 11,801.37 19,854.51 15,230.67 11,526.87 8,459.99 7,760.02 74,633
F. GOVERNMENTGoverment's Entitlement 73.2.% MUS$ - - 12,899.93 21,702.73 16,648.47 12,599.89 9,247.51 7,274.88 80,373
FTP MUS$ - - 5,707.14 4,889.18 3,800.09 2,953.60 2,295.67 1,784.30 21,430
DMO Fee MUS$ - - - - - - - - 0
Government TAX INCOME MUS$ - - 4,577.40 7,700.98 5,907.53 4,470.94 3,281.38 2,581.41 28,520
Net Income for Government MUS$ - - 23,184.47 34,292.89 26,356.09 20,024.42 14,824.57 11,640.59 130,323
PRODUCTION COST PER BARREL US$/BBL 0.0 0.0 5.0 5.4 6.2 7.2 8.5 10.2 7.22
OPERATING COST PER BARREL US$/BBL 0.0 0.0 13.4 5.4 6.2 7.2 8.5 10.2 15.57
Total
EVALUATION FOR KUNINGAN BLOCK
FINANCIAL CALCULATION
DESCRIPTION 2,013YEARS
Activity : KUNINGAN BLOCK
Oil Price: 70 US$/BBL
2013 2014 2015 2016 2017 2018 2019 2020 TOTAL
DESCRIPTIONCASH OUTFLOW
Investment - (3,636.00) (15,150.00) (6,800.00) - - - - - (25,586)
Production Cost (1,139.40) (1,268.20) (4,090.87) (3,791.83) (3,371.75) (3,045.25) (2,791.47) (2,594.23) (22,093)
FTP - - - - - - - - 0
Pay Bank Loan - 0
Interest Bank . - (1,329.70) (1,049.76) (769.82) (489.89) (209.95) (0.00) (0.00) (3,849)
Tax - - (4,577.40) (7,700.98) (5,907.53) (4,470.94) (3,281.38) (2,581.41) (28,520)
Total Cash Outflow - (4,775.40) (17,747.90) (16,518.04) (12,262.63) (9,769.17) (7,726.13) (6,072.86) (5,175.64) (80,048)
CASH INFLOW
Contractor Entitlement - - 10,403.19 17,502.23 13,426.21 10,161.22 7,457.69 5,866.85 64,817
DMO Fee - - - - - - - - 0
Cost Recovery Paid - - 28,061.10 4,797.67 4,126.14 3,821.30 3,955.83 2,916.96 47,679
Total Cash Inflow - - 38,464.29 22,299.90 17,552.35 13,982.52 11,413.52 8,783.80 112,496
CONTRACTOR'S NET CASH FLOW - (4,775.40) (17,747.90) 21,946.25 10,037.27 7,783.18 6,256.38 5,340.66 3,608.16 32,449
CONTRACTOR CUM. NET CASH FLOW - (4,775.40) (22,523.30) (577.04) 9,460.23 17,243.40 23,499.79 28,840.45 32,448.61
PAY BACK LOAN TO THE INVESTOR 100% - 21,946.25 6,047.35 27,993.60
Contractor'S NPV @ 10.00% 15,567
INTEREST RATE OF RETURN (IRR) 46.22%
PAY OUT TIME (POT), Years 3.06
Profit Invesment Ratio ($/$) 1.27
CASH FLOW PERFORMANCE
DRILLING & WOROVER SUMMARY 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 total
EXPLORATION WELL 0 2 1 0 0 0 0 0 0 0 3
Shallow GUF WELL 0 0 0 0 0 0 0 0 0 0 0
DEVELOPMENT WELL 0 0 0 0 0 0 0 0 0 0 0
WOROVER-COMPLETION 0 0 0 0 0 0 0 0 0 0 0
WELLS SERVICES 0 0 0 0 0 0 0 0 0 0 0
0
1
1
2
2
3
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
To
tal W
ells
Years
DRILLING & WORKOVER ACTIVITIES
Shallow GUF WELL
DEVELOPMENT WELL
EXPLORATION