EXHIBIT 99.13
EVALUATION OF THE P&NG RESERVES
OF
AUSTRAL-PACIFIC ENERGY LIMITED
IN THE CHEAL AREA OF NEW ZEALAND
(As of December 31, 2007)
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Introduction — Page 1 |
Introduction
This report was prepared by Sproule International Limited (“Sproule”) at the request of Mr. Thompson Jewel, CEO and President, Austral-Pacific Energy Limited. Austral-Pacific Energy Limited is hereinafter referred to as “the Company.” The effective date of this report is December 31, 2007.
The report consists of an evaluation of the P&NG reserves associated with the Company’s interest in the Cheal Field, New Zealand. It was prepared during the months of December and January for the purpose of evaluating the Company’s P&NG reserves according to Canadian Oil and Gas Evaluation Handbook (COGEH) reserve definitions that are consistent with the standards of National Instrument 51-101. This report was prepared for the Company’s corporate purposes.
This one volume report consists of an Introduction, Summary, Discussion, National Instrument 51-101, and Appendices. The Introduction includes the summary of the evaluation standards and procedures and pertinent author certificates; the Summary includes high-level summaries of the evaluation; and the Discussion includes general commentaries pertaining to the evaluation of the P&NG reserves. The National Instrument 51-101 section presents Form 51-101F2 — Report on Reserves Data by Independent Qualified Reserves Evaluator or Auditor, Tables 1 to 5 using Forecast Prices and Costs, and the Engagement Agreement. Reserves definitions, abbreviations, units, and conversion factors are included in Appendices A and B.
Field Operations
In the preparation of this evaluation, a field inspection of the properties was not performed. The relevant engineering data were made available by the Company or obtained from public sources and the non-confidential files at Sproule International Limited. No material Information regarding the reserves evaluation would have been obtained by an on-site visit.
Historical Data, Interests and Burdens
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1. | All historical production, revenue and expense data, product prices actually received, and other data that were obtained from the Company or from public sources were accepted as represented, without any further investigation by Sproule International Limited. |
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Introduction — Page 2 |
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2. | Property descriptions, details of interests held, and well data, as supplied by the Company, were accepted as represented. No investigation was made into either the legal titles held or any operating agreements in place relating to the subject properties. |
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3. | Lessor and overriding royalties and other burdens were obtained from the Company. No further investigation was undertaken by Sproule International Limited. |
Evaluation Standards
This report has been prepared by Sproule International Limited using current geological and engineering knowledge, techniques and computer software. It has been prepared within the Code of Ethics of the Association of Professional Engineers, Geologists and Geophysicists of Alberta (“APEGGA”). This report adheres in all material aspects to the “best practices” recommended in the COGE Handbook, which are in accordance with principles and definitions established by the Calgary Chapter of the Society of Petroleum Evaluation Engineers. The COGE Handbook is incorporated by reference in National Instrument 51-101.
Evaluation Procedures
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1. | The Company provided Sproule with recent revenue statements to determine certain economic parameters. |
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2. | The forecasts of product prices used in this evaluation were based on Sproule’s December 31, 2007 price forecasts. |
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3. | Well abandonment and disconnect costs were included in this report at the entity level for wells which have reserves assigned. No allowances for reclamation or salvage values were made. |
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4. | The Company has informed us that their tax pools exceed the forecasted taxable income from the Cheal property; consequently, income taxes have not been deducted in this report. |
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Introduction — Page 3 |
Evaluation Results
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1. | The accuracy of reserves estimates and associated economic analysis is, in part, a function of the quality and quantity of available data and of engineering and geological interpretation and judgment. Given the data provided at the time this report was prepared, the estimates presented herein are considered reasonable. However, they should be accepted with the understanding that reservoir and financial performance subsequent to the date of the estimates may necessitate revision. These revisions may be material. |
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2. | The net present values of the reserves presented in this report simply represent discounted future cash flow values at several discount rates. Though net present values form an integral part of fair market value estimations, without consideration for other economic criteria, they are not to be construed as Sproule’s opinion of fair market value. |
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3. | The dollar values presented throughout the report are in United States dollars, unless otherwise stated. An exchange rate of 0.7676 United States dollars per New Zealand dollar was used to convert budget information supplied by the Company. This rate was based on the exchange rate for December 31, 2007, as obtained from the Bank of Canada website. |
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4. | Due to rounding, certain totals may not be consistent from one presentation to the next. |
BOE Cautionary Statement
BOE’s (or ‘McfGE’s’ or other applicable units of equivalency) may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1bbl (or ‘An McfGE conversion ratio of 1 bbl:6 Mcf’) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Forward-Looking Statements
This report may contain forward-looking statements including expectations of future production revenues and capital expenditures. Information concerning reserves may also be deemed to be forward-looking as estimates involve the implied assessment that the reserves described can be profitably produced in future. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to: the underlying risks of the oil and gas industry (i.e., corporate commitment, regulatory approval, operational risks in development, exploration and production; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserves estimations; the
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Introduction — Page 4 |
uncertainty of estimates and projections relating to production; costs and expenses, and health, safety and environmental factors), commodity price and exchange rate fluctuation.
Exclusivity
This report has been prepared for the exclusive use of Austral-Pacific Energy Limited. It may not be reproduced, distributed, or made available to any other company or person, regulatory body, or organization without the knowledge and written consent of Sproule International Limited, and without the complete contents of the report being made available to that party.
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Introduction — Page 5 |
Certification
Report Preparation
The report entitled “Evaluation of the P&NG Reserves of Austral-Pacific Energy Limited in the Cheal Area of New Zealand (As of December 31, 2007),” was prepared by the following Sproule personnel:
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| Jeffrey R. Duer, R. Eng., Project Leader |
| Intermediate Reservoir Engineer |
| 04 /03 /2008 dd/mm/yr |
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| Barrie F. Jose, P. Geoph. |
| Manager, Geoscience |
| 04/03/2008 dd/mm/yr |
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Introduction — Page 6 |
Sproule Executive Endorsement
This report has been reviewed and endorsed by the following Executive of Sproule:
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| Douglas J. Carsted, P. Geol. |
| Vice-President, Geoscience - International |
| 04/03/2008 dd/mm/yr |
Permit to Practice
Sproule International Limited is a member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta and our permit number is P6151.
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Introduction — Page 7 |
Certificate
Jeffrey R. Duer, B.Sc., P.Eng.
I, Jeff Duer, Intermediate Reservoir Engineer at Sproule International Limited, 900, 140 Fourth Ave SW, Calgary, Alberta, declare the following:
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1. | I hold the following degree: | |
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| a. | B.Sc., Chemical Engineering (2002), University of Calgary, Calgary AB, Canada |
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2. | I am a registered professional: | |
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| a. | Professional Engineer (P.Eng.), Province of Alberta, Canada |
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3. | I am a member of the following professional organizations: | |
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| a. | Association of Professional Engineers, Geologists and Geophysicists of Alberta (APEGGA) |
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| b. | Petroleum Society of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) |
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| c. | Society of Petroleum Engineers (SPE) |
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4. | My contribution to the report entitled “Evaluation of the P&NG Reserves of Austral-Pacific Energy Limited in the Cheal Area of New Zealand (As of December 31, 2007)” is based on my engineering knowledge and the data provided to me by the Company, from public sources, and from the non-confidential files of Sproule International Limited. I did not undertake a field inspection of the properties. | |
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5. | I have no interest, direct or indirect, nor do I expect to receive any interest, direct or indirect, in the properties described in the above-named report or in the securities of Austral-Pacific Energy Limited. |
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| Jeffrey R. Duer, P.Eng. |
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Introduction — Page 8 |
Certificate
Barrie F. Jose, M.Sc., P.Geoph.
I, Barrie F. Jose, Manager, Geoscience, and Associate at Sproule International Limited, 900, 140 Fourth Ave SW, Calgary, Alberta, declare the following:
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1. | I hold the following degrees: | |
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| a. | M.Sc. Geophysics (1979) University of British Columbia, Vancouver BC, Canada |
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| b. | B.Sc. (Honours) Geological Science with Physics (1977) Queens University, Kingston ON, Canada |
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2. | I am a registered professional: | |
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| a. | Professional Geophysicist (P.Geoph.) Province of Alberta, Canada |
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3. | I am a member of the following professional organizations: | |
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| a. | Association of Professional Engineers, Geologists and Geophysicists of Alberta (APEGGA) |
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| b. | Canadian Society of Exploration Geophysicists (CSEG) |
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| c. | Society of Exploration Geophysicists (SEG) |
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| d. | Canadian Society of Petroleum Geologists (CSPG) |
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| e. | American Association of Petroleum Geologists (AAPG) |
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| f. | Petroleum Exploration Society of Great Britain (PESGB) |
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| g. | European Association of Geoscientists and Engineers (EAGE) |
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4. | I am a qualified evaluator and auditor as defined in National Instrument 51 -101. | |
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5. | My contribution to the report entitled “Evaluation of the P&NG Reserves of Austral-Pacific Energy Limited in the Cheal Area of New Zealand (As of December 31, 2007)” is based on my geophysical knowledge and the data provided to me by the Company, from public sources, and from the non-confidential files of Sproule International Limited. I did not undertake a field inspection of the properties. | |
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6. | I have no interest, direct or indirect, nor do I expect to receive any interest, direct or indirect, in the properties described in the above-named report or in the securities of Austral-Pacific Energy Limited. |
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| Barrie F. Jose, P.Geoph. |
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Introduction — Page 9 |
Certificate
Douglas J. Carsted, B.Sc., P.Geol.
I, Douglas J. Carsted, Vice-President, Geoscience, and Director at Sproule International Limited, 900, 140 Fourth Ave SW, Calgary, Alberta, declare the following:
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1. | I hold the following degrees: | |
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| a. | B.Sc. (Honours) Geology (1982) University of Manitoba, Winnipeg MB, Canada |
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| b. | B.Sc. Chemistry (1979) University of Winnipeg, Winnipeg MB, Canada |
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2. | I am a registered professional: | |
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| a. | Professional Geologist (P.Geol.) Province of Alberta, Canada |
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3. | I am a member of the following professional organizations: | |
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| a. | Association of Professional Engineers, Geologists and Geophysicists of Alberta (APEGGA) |
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| b. | Canadian Society of Petroleum Geologists (CSPG) |
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| c. | American Association of Petroleum Geologists (AAPG) |
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| d. | Petroleum Society of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) |
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| e. | Canadian Well Logging Society (CWLS) |
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| f. | Indonesian Petroleum Association, Professional Division (IPA) |
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4. | I am a qualified evaluator and auditor as defined in National Instrument 51 -101. | |
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5. | My contribution to the report entitled “Evaluation of the P&NG Reserves of Austral-Pacific Energy Limited in the Cheal Area of New Zealand (As of December 31, 2007)” is based on my geological knowledge and the data provided to me by the Company, from public sources, and from the non-confidential files of Sproule International Limited. I did not undertake a field inspection of the properties. | |
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6. | I have no interest, direct or indirect, nor do I expect to receive any interest, direct or indirect, in the properties described in the above-named report or in the securities of Austral-Pacific Energy Limited. |
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| Douglas J. Carsted, P.Geol. |
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Summary — Page 1 |
Summary
Table S-1, on the following page, summarizes our evaluation of the P&NG reserves associated with the Company’s interest in the Cheal Field, New Zealand. The Company has informed us that their tax pools exceed the forecasted taxable income from the Cheal property and therefore, income taxes have not been deducted in this report. The effective date of the evaluation is December 31, 2007. A map showing the location of the Company’s Petroleum Exploration Permit encompassing the Cheal property is included as Figure S-1.
The reserves were estimated deterministically for the proved, proved plus probable, and proved plus probable plus possible reserves categories. The oil reserves are presented in thousands of barrels, at stock tank conditions. The pipeline gas reserves are presented in millions of cubic feet, at base conditions of 14.65 psia and 60 degrees Fahrenheit:
The reserves definitions and ownership classification used in this evaluation are in accordance with the standards defined by COGEH reserves definitions and are consistent with NI 51-101. The net present values of the reserves are presented in thousands of United States dollars, and are based on annual projections of net revenue, which were discounted at various rates using the mid-period discounting method. The price forecasts that formed the basis for the revenue projections in the evaluation were based on Sproule’s December 31, 2007 pricing model. Table S-2 presents a summary of the forecasts used. Operating and capital costs were escalated at 2 percent per year as set out in Table S-2.
Well abandonment and disconnect costs were included in this report for wells which have reserves assigned. No allowances for reclamation or salvage values were made.
Summary forecasts of production and cash flow for the various reserves categories are included as Tables S-3 through S-3D.
Figures S-2 through S-4 present the results of our evaluation in graphical form.
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Summary — Page 2 |
Table S-1
Austral Pacific Energy Ltd
Summary of the Evaluation of the Company’s P&NG Reserves
In the Cheal Area of New Zealand
(As of December 31, 2007)
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| Remaining Reserves |
| Net Present Values |
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| Company |
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| Gross |
| Gross |
| Net |
| At |
| At |
| At |
| At |
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Light/Medium Oil (Mbbl) |
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Proved Developed Producing |
| 843 |
| 586 |
| 503 |
| 31,362 |
| 29,481 |
| 27,841 |
| 26,400 |
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Proved Undeveloped |
| 518 |
| 360 |
| 308 |
| 18,453 |
| 16,548 |
| 14,934 |
| 13,554 |
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Total Proved |
| 1,360 |
| 946 |
| 811 |
| 49,816 |
| 46,029 |
| 42,775 |
| 39,954 |
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Total Probable |
| 1,131 |
| 786 |
| 673 |
| 42,555 |
| 35,170 |
| 29,481 |
| 25,023 |
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Total Proved plus Probable |
| 2,492 |
| 1,732 |
| 1,484 |
| 92,371 |
| 81,199 |
| 72,256 |
| 64,977 |
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Total Possible |
| 1,030 |
| 716 |
| 608 |
| 40,881 |
| 30,251 |
| 23,031 |
| 17,980 |
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Total |
| 3,521 |
| 2,447 |
| 2,091 |
| 133,252 |
| 111,450 |
| 95,287 |
| 82,956 |
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Solution Gas (MMcf) - values included with it/med oil - | |||||||||||||||
Proved Developed Producing |
| 717 |
| 498 |
| 323 |
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Proved Undeveloped |
| 492 |
| 342 |
| 219 |
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Total Proved |
| 1,209 |
| 840 |
| 542 |
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Total Probable |
| 1,278 |
| 888 |
| 572 |
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Total Proved plus Probable |
| 2,487 |
| 1,728 |
| 1,113 |
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Total Possible |
| 1,366 |
| 949 |
| 608 |
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Total |
| 3,852 |
| 2,677 |
| 1,721 |
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GRAND TOTAL (Mboe) | |||||||||||||||
Proved Developed Producing |
| 962 |
| 671 |
| 557 |
| 31,362 |
| 29,481 |
| 27,841 |
| 26,400 |
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Proved Undeveloped |
| 600 |
| 416 |
| 345 |
| 18,453 |
| 16,548 |
| 14,934 |
| 13,554 |
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Total Proved |
| 1,562 |
| 1,086 |
| 901 |
| 49,816 |
| 46,029 |
| 42,775 |
| 39,954 |
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Total Probable |
| 1,344 |
| 934 |
| 768 |
| 42,555 |
| 35,170 |
| 29,481 |
| 25,023 |
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Total Proved plus Probable |
| 2,906 |
| 2,020 |
| 1,670 |
| 92,371 |
| 81,199 |
| 72,256 |
| 64,977 |
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Total Possible |
| 1,257 |
| 874 |
| 709 |
| 40,881 |
| 30,251 |
| 23,031 |
| 17,980 |
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Total |
| 4,163 |
| 2,894 |
| 2,378 |
| 133,252 |
| 111,450 |
| 95,287 |
| 82,956 |
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Summary — Page 3 |
Table S-2
Summary of Selected Price Forecasts and Inflation Rate Assumptions
(Effective December 31, 2007)
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Year |
| TAPIS |
| Cheal |
| Inflation Rate |
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Historical |
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| 2001 |
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| 2.0 |
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| 2002 |
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| 2.7 |
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| 2003 |
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| 2.5 |
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| 2004 |
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| 1.3 |
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| 2005 |
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| 1.6 |
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| 2006 |
| 70.12 |
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| 1.5 |
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| 2007 |
| 77.26 |
| 2.81 |
| 2.0 |
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Forecast |
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| 2008 |
| 93.61 |
| 3.91 |
| 2.0 |
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| 2009 |
| 90.09 |
| 3.99 |
| 2.0 |
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| 2010 |
| 88.81 |
| 4.07 |
| 2.0 |
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| 2011 |
| 87.02 |
| 4.15 |
| 2.0 |
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| 2012 |
| 86.59 |
| 4.23 |
| 2.0 |
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| 2013 |
| 87.22 |
| 4.32 |
| 2.0 |
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| 2014 |
| 88.97 |
| 4.40 |
| 2.0 |
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| 2015 |
| 90.75 |
| 4.49 |
| 2.0 |
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| 2016 |
| 92.56 |
| 4.58 |
| 2.0 |
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| 2017 |
| 94.41 |
| 4.67 |
| 2.0 |
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Escalation rate of 2.0% thereafter |
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(1) | Inflation rates for forecasting prices and costs. |
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| NZ Economic Summary (Company) | Table S-3 |
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| Austral 3P | Total Proved + Probable + Possible |
| (Nominal values) |
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NZ Company Economic Indicators::New Zealand R/T (1995) | ||||||||
Disc. Rate |
| BT NPV |
| AT NPV |
| BT PIR |
| AT PIR |
0 |
| 133,252 |
| 133,252 |
| 12.55 |
| 12.55 |
5.0 |
| 111,450 |
| 111,450 |
| 11.77 |
| 11.77 |
10.0 |
| 95,287 |
| 95,287 |
| 10.85 |
| 10.85 |
15.0 |
| 82,956 |
| 82,956 |
| 9.96 |
| 9.96 |
20.0 |
| 73,313 |
| 73,313 |
| 9.15 |
| 9.15 |
25.0 |
| 65,607 |
| 65,607 |
| 8.44 |
| 8.44 |
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AT ROR (%) |
| >800.00 |
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AT Payout (yrs) |
| 0.00 |
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NZComp. Economics (per Unit)::New Zealand R/T (1995) | ||||||
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| (%) |
| ($US/BOE) |
Net Revenue |
| 195,999 |
| 100.00 |
| 82.47 |
Less: |
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Bonuses & Fees |
| 0 |
| 0.00 |
| 0.00 |
Operating Costs |
| 52,127 |
| 26.60 |
| 21.93 |
Tariffs |
| 0 |
| 0.00 |
| 0.00 |
Prod & Asset Taxes |
| 0 |
| 0.00 |
| 0.00 |
Capital Costs |
| 10,620 |
| 5.42 |
| 4.47 |
Other Income/Expense |
| 0 |
| 0.00 |
| 0.00 |
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Before Tax Cash Flow |
| 133,252 |
| 67.99 |
| 56.07 |
Less Income Tax |
| 0 |
| 0.00 |
| 0.00 |
After Tax Cash Flow |
| 133,252 |
| 67.99 |
| 56.07 |
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NZ Prod Summary::New Zealand R/T (1995) |
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Date |
| Oil |
| Proj. |
| Proj. |
| Comp. |
| Net |
| Net |
| Proj. |
| Proj. |
| Comp. |
| Net |
| Net |
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| Bbl/d |
| MSTB |
| MSTB |
| MSTB |
| $US/Bbl |
| mcf/d |
| MMSCF |
| MMSCF |
| MMSCF |
| $US/mcf |
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2008(12) |
| 5.5 |
| 1,172.6 |
| 429 |
| 298 |
| 265 |
| 93.11 |
| 820.8 |
| 300 |
| 209 |
| 139 |
| 3.91 |
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2009(12) |
| 10.0 |
| 1,719.1 |
| 627 |
| 436 |
| 360 |
| 89.58 |
| 1,547.2 |
| 565 |
| 392 |
| 243 |
| 3.99 |
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2010(12) |
| 10.0 |
| 1,400.6 |
| 511 |
| 355 |
| 295 |
| 88.29 |
| 1,260.5 |
| 460 |
| 320 |
| 199 |
| 4.07 |
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2011(12) |
| 10.0 |
| 1,141.1 |
| 416 |
| 289 |
| 242 |
| 86.49 |
| 1,255.2 |
| 458 |
| 318 |
| 199 |
| 4.15 |
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2012(12) |
| 10.0 |
| 927.1 |
| 339 |
| 236 |
| 198 |
| 86.05 |
| 1,019.8 |
| 373 |
| 259 |
| 164 |
| 4.23 |
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2013(12) |
| 10.0 |
| 757.4 |
| 276 |
| 192 |
| 163 |
| 86.67 |
| 984.6 |
| 359 |
| 250 |
| 159 |
| 4.32 |
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2014(12) |
| 10.0 |
| 617.0 |
| 225 |
| 157 |
| 134 |
| 88.40 |
| 802.1 |
| 293 |
| 203 |
| 130 |
| 4.40 |
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2015(12) |
| 10.0 |
| 502.7 |
| 183 |
| 128 |
| 110 |
| 90.17 |
| 754.0 |
| 275 |
| 191 |
| 124 |
| 4.49 |
|
2016(12) |
| 10.0 |
| 408.4 |
| 149 |
| 104 |
| 91 |
| 91.98 |
| 612.6 |
| 224 |
| 156 |
| 102 |
| 4.58 |
|
2017(12) |
| 10.0 |
| 333.7 |
| 122 |
| 85 |
| 75 |
| 93.81 |
| 500.5 |
| 183 |
| 127 |
| 85 |
| 4.67 |
|
2018(12) |
| 10.0 |
| 271.8 |
| 99 |
| 69 |
| 63 |
| 95.69 |
| 407.8 |
| 149 |
| 103 |
| 70 |
| 4.77 |
|
2019(12) |
| 10.0 |
| 221.5 |
| 81 |
| 56 |
| 52 |
| 97.60 |
| 332.2 |
| 121 |
| 84 |
| 59 |
| 4.86 |
|
2020(12) |
| 10.0 |
| 181.7 |
| 61 |
| 42 |
| 42 |
| 99.56 |
| 272.5 |
| 91 |
| 63 |
| 48 |
| 4.96 |
|
Total |
| — |
| — |
| 3,521 |
| 2,447 |
| 2,090 |
| — |
| — |
| 3,852 |
| 2,677 |
| 1,721 |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NZ Comp Cash Flow:: New Zealand R/T (1995) | |||||||||||||||||||||||
Date |
| WI |
| WI |
| Price / BOE |
| Sales |
| Royalty |
| OperatingCosts |
| CapitalCosts |
| Capital |
| Before Tax |
| IncomeTaxes |
| After TaxCash Flow |
|
|
| BOE/d |
| MSTB |
| $US/Bbl |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
|
2008(12) |
| 910 |
| 333.1 |
| 85.50 |
| 28,476 |
| 3,156 |
| 3,837 |
| 8,548 |
| 0 |
| 12,935 |
| 0 |
| 12,935 |
|
2009(12) |
| 1,374 |
| 501.5 |
| 80.58 |
| 40,415 |
| 7,055 |
| 5,013 |
| 0 |
| 0 |
| 28,346 |
| 0 |
| 28,346 |
|
2010(12) |
| 1,119 |
| 408.6 |
| 79.52 |
| 32,490 |
| 5,539 |
| 4,680 |
| 0 |
| 0 |
| 22,271 |
| 0 |
| 22,271 |
|
2011(12) |
| 938 |
| 342.5 |
| 76.42 |
| 26,174 |
| 4,330 |
| 4,414 |
| 0 |
| 0 |
| 17,430 |
| 0 |
| 17,430 |
|
2012(12) |
| 762 |
| 279.1 |
| 76.11 |
| 21,240 |
| 3,386 |
| 4,203 |
| 0 |
| 0 |
| 13,651 |
| 0 |
| 13,651 |
|
2013(12) |
| 640 |
| 233.8 |
| 75.21 |
| 17,582 |
| 2,688 |
| 4,039 |
| 0 |
| 0 |
| 10,854 |
| 0 |
| 10,854 |
|
2014(12) |
| 522 |
| 190.4 |
| 76.72 |
| 14,610 |
| 2,120 |
| 3,913 |
| 0 |
| 0 |
| 8,577 |
| 0 |
| 8,577 |
|
2015(12) |
| 437 |
| 159.4 |
| 76.79 |
| 12,240 |
| 1,665 |
| 3,820 |
| 0 |
| 0 |
| 6,755 |
| 0 |
| 6,755 |
|
2016(12) |
| 355 |
| 129.9 |
| 78.32 |
| 10,171 |
| 1,265 |
| 3,754 |
| 0 |
| 0 |
| 5,153 |
| 0 |
| 5,153 |
|
2017(12) |
| 290 |
| 105.8 |
| 79.89 |
| 8,452 |
| 930 |
| 3,710 |
| 0 |
| 0 |
| 3,812 |
| 0 |
| 3,812 |
|
2018(12) |
| 236 |
| 86.2 |
| 81.49 |
| 7,024 |
| 649 |
| 3,686 |
| 0 |
| 0 |
| 2,689 |
| 0 |
| 2,689 |
|
2019(12) |
| 192 |
| 70.2 |
| 83.12 |
| 5,837 |
| 413 |
| 3,678 |
| 0 |
| 0 |
| 1,745 |
| 0 |
| 1,745 |
|
2020(12) |
| 158 |
| 52.9 |
| 84.78 |
| 4,483 |
| 0 |
| 3,379 |
| 0 |
| 2,071 |
| -967 |
| 0 |
| -967 |
|
Total |
| — |
| 2,893.3 |
| — |
| 229,195 |
| 33,197 |
| 52,127 |
| 8,548 |
| 2,071 |
| 133,252 |
| 0 |
| 133,252 |
|
|
|
|
| NZ Economic Summary (Company) | Table S-3A |
|
|
|
| Austral 2P | Total Proved + Probable |
| (Nominal values) |
|
|
|
|
|
|
|
|
|
|
NZ Company Economic Indicators::New Zealand R/T (1995) | ||||||||
Disc. Rate |
| BT NPV |
| AT NPV(M$US) |
| BT PIR |
| AT PIR |
0 |
| 92,371 |
| 92,371 |
| 8.83 |
| 8.83 |
5.0 |
| 81,199 |
| 81,199 |
| 8.45 |
| 8.45 |
10.0 |
| 72,256 |
| 72,256 |
| 8.03 |
| 8.03 |
15.0 |
| 64,977 |
| 64,977 |
| 7.60 |
| 7.60 |
20.0 |
| 58,963 |
| 58,963 |
| 7.18 |
| 7.18 |
25.0 |
| 53,928 |
| 53,928 |
| 6.80 |
| 6.80 |
| ||||||||
AT ROR (%) |
| >800.00 |
|
|
|
|
|
|
AT Payout (yrs) |
| 0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NZComp. Economics (per Unit)::New Zealand R/T (1995) | ||||||
|
| (M$US) |
| (%) |
| ($US/BOE) |
Net Revenue |
| 137,398 |
| 100.00 |
| 82.37 |
Less: |
|
|
|
|
|
|
Bonuses & Fees |
| 0 |
| 0.00 |
| 0.00 |
Operating Costs |
| 34,565 |
| 25.16 |
| 20.72 |
Tariffs |
| 0 |
| 0.00 |
| 0.00 |
Prod & Asset Taxes |
| 0 |
| 0.00 |
| 0.00 |
Capital Costs |
| 10,462 |
| 7.61 |
| 6.27 |
Other Income/Expense |
| 0 |
| 0.00 |
| 0.00 |
|
|
|
|
|
|
|
Before Tax Cash Flow |
| 92,371 |
| 67.23 |
| 55.37 |
Less Income Tax |
| 0 |
| 0.00 |
| 0.00 |
After Tax Cash Flow |
| 92,371 |
| 67.23 |
| 55.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NZ Prod Summary::New Zealand R/T (1995) | |||||||||||||||||||||||
Date |
| Oil |
| Proj. |
| Proj. |
| Comp. |
| Net |
| Net |
| Proj. |
| Proj. |
| Comp. |
| Net |
| Net |
|
|
|
|
| Bbl/d |
| MSTB |
| MSTB |
| MSTB |
| $US/Bbl |
| mcf/d |
| MMSCF |
| MMSCF |
| MMSCF |
| $US/mcf |
|
2008(12) |
| 5.5 |
| 1,172.6 |
| 429 |
| 298 |
| 265 |
| 93.11 |
| 820.8 |
| 300 |
| 209 |
| 139 |
| 3.91 |
|
2009(12) |
| 10.0 |
| 1,637.3 |
| 598 |
| 415 |
| 343 |
| 89.58 |
| 1,473.6 |
| 538 |
| 374 |
| 232 |
| 3.99 |
|
2010(12) |
| 10.0 |
| 1,204.8 |
| 440 |
| 306 |
| 254 |
| 88.29 |
| 1,084.3 |
| 396 |
| 275 |
| 172 |
| 4.07 |
|
2011(12) |
| 10.0 |
| 886.5 |
| 324 |
| 225 |
| 189 |
| 86.49 |
| 975.2 |
| 356 |
| 247 |
| 156 |
| 4.15 |
|
2012(12) |
| 10.0 |
| 650.5 |
| 238 |
| 165 |
| 141 |
| 86.05 |
| 715.6 |
| 262 |
| 182 |
| 116 |
| 4.23 |
|
2013(12) |
| 10.0 |
| 480.0 |
| 175 |
| 122 |
| 106 |
| 86.67 |
| 624.0 |
| 228 |
| 158 |
| 103 |
| 4.32 |
|
2014(12) |
| 10.0 |
| 353.2 |
| 129 |
| 90 |
| 79 |
| 88.40 |
| 459.2 |
| 168 |
| 116 |
| 77 |
| 4.40 |
|
2015(12) |
| 10.0 |
| 259.9 |
| 95 |
| 66 |
| 60 |
| 90.17 |
| 389.8 |
| 142 |
| 99 |
| 68 |
| 4.49 |
|
2016(12) |
| 10.0 |
| 193.3 |
| 65 |
| 45 |
| 45 |
| 91.98 |
| 290.0 |
| 97 |
| 68 |
| 51 |
| 4.58 |
|
Total |
| — |
| — |
| 2,492 |
| 1,732 |
| 1,483 |
| — |
| — |
| 2,487 |
| 1,728 |
| 1,113 |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NZ Comp Cash Flow::New Zealand R/T (1995) | |||||||||||||||||||||||
Date |
| Wl |
| WI |
| Price / BOE |
| Sales |
| RoyaltyTotal |
| OperatingCosts |
| Capital |
| Capital |
| Before Tax |
| Income |
| After Tax |
|
|
| BOE/d |
| MSTB |
| $US/Bbl |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
|
2008(12) |
| 910 |
| 333.1 |
| 85.50 |
| 28,476 |
| 3,164 |
| 3,797 |
| 8,548 |
| 0 |
| 12,966 |
| 0 |
| 12,966 |
|
2009(12) |
| 1,309 |
| 477.7 |
| 80.58 |
| 38,492 |
| 6,697 |
| 4,883 |
| 0 |
| 0 |
| 26,912 |
| 0 |
| 26,912 |
|
2010(12) |
| 963 |
| 351.5 |
| 79.52 |
| 27,948 |
| 4,689 |
| 4,392 |
| 0 |
| 0 |
| 18,867 |
| 0 |
| 18,867 |
|
2011(12) |
| 729 |
| 266.1 |
| 76.42 |
| 20,336 |
| 3,239 |
| 4,039 |
| 0 |
| 0 |
| 13,057 |
| 0 |
| 13,057 |
|
2012(12) |
| 535 |
| 195.8 |
| 76.11 |
| 14,904 |
| 2,204 |
| 3,789 |
| 0 |
| 0 |
| 8,912 |
| 0 |
| 8,912 |
|
2013(12) |
| 406 |
| 148.1 |
| 75.21 |
| 11,143 |
| 1,487 |
| 3,616 |
| 0 |
| 0 |
| 6,039 |
| 0 |
| 6,039 |
|
2014(12) |
| 299 |
| 109.0 |
| 76.72 |
| 8,363 |
| 955 |
| 3,502 |
| 0 |
| 0 |
| 3,907 |
| 0 |
| 3,907 |
|
2015(12) |
| 226 |
| 82.4 |
| 76.79 |
| 6,328 |
| 562 |
| 3,432 |
| 0 |
| 0 |
| 2,334 |
| 0 |
| 2,334 |
|
2016(12) |
| 168 |
| 56.3 |
| 78.32 |
| 4,407 |
| 0 |
| 3,116 |
| 0 |
| 1,914 |
| -622 |
| 0 |
| -622 |
|
Total |
| — |
| 2,020.0 |
| — |
| 160,396 |
| 22,998 |
| 34,565 |
| 8,548 |
| 1,914 |
| 92,371 |
| 0 |
| 92,371 |
|
|
|
|
| NZ Economic Summary (Company) | Table S-3B |
| Austral 1P | Total Proved |
| (Nominal values) |
|
|
|
|
|
|
|
|
|
|
NZ Company Economic Indicators::New Zealand R/T (1995) | ||||||||
Disc. Rate |
| BT NPV |
| AT NPV |
| BT PIR |
| AT PIR |
(%) |
| (M$US) |
| (M$US) |
| (fraction) |
| (fraction) |
0 |
| 49,816 |
| 49,816 |
| 8.77 |
| 8.77 |
5.0 |
| 46,029 | �� | 46,029 |
| 8.78 |
| 8.78 |
10.0 |
| 42,775 |
| 42,775 |
| 8.74 |
| 8.74 |
15.0 |
| 39,954 |
| 39,954 |
| 8.64 |
| 8.64 |
20.0 |
| 37,489 |
| 37,489 |
| 8.52 |
| 8.52 |
25.0 |
| 35,320 |
| 35,320 |
| 8.38 |
| 8.38 |
|
|
|
|
|
|
|
|
|
AT ROR (%) |
| >800.00 |
|
|
|
|
|
|
AT Payout (yrs) |
| 0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NZComp. Economics (per Unit)::New Zealand R/T (1995) | ||||||
|
| (M$US) |
| (%) |
| ($US/BOE) |
Net Revenue |
| 75,215 |
| 100.00 |
| 83.50 |
Less: |
|
|
|
|
|
|
Bonuses & Fees |
| 0 |
| 0.00 |
| 0.00 |
Operating Costs |
| 19,717 |
| 26.21 |
| 21.89 |
Tariffs |
| 0 |
| 0.00 |
| 0.00 |
Prod & Asset Taxes |
| 0 |
| 0.00 |
| 0.00 |
Capital Costs |
| 5,682 |
| 7.55 |
| 6.31 |
Other Income/Expense |
| 0 |
| 0.00 |
| 0.00 |
|
|
|
|
|
|
|
Before Tax Cash Flow |
| 49,816 |
| 66.23 |
| 55.31 |
Less Income Tax |
| 0 |
| 0.00 |
| 0.00 |
After Tax Cash Flow |
| 49,816 |
| 66.23 |
| 55.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NZ Prod Summary::New Zealand R/T (1995) | ||||||||||||||||||||||
Date |
| Oil |
| Proj. |
| Proj. |
| Comp. |
| Net |
| Net |
| Proj. |
| Proj. |
| Comp. |
| Net |
| Net |
|
|
|
| Bbl/d |
| MSTB |
| MSTB |
| MSTB |
| $US/Bbl |
| mcf/d |
| MMSCF |
| MMSCF |
| MMSCF |
| $US/mcf |
2008(12) |
| 5.5 |
| 1,097.7 |
| 402 |
| 279 |
| 240 |
| 93.11 |
| 768.4 |
| 281 |
| 195 |
| 126 |
| 3.91 |
2009(12) |
| 8.0 |
| 1,168.4 |
| 426 |
| 296 |
| 246 |
| 89.58 |
| 1,051.6 |
| 384 |
| 267 |
| 166 |
| 3.99 |
2010(12) |
| 8.0 |
| 692.0 |
| 253 |
| 176 |
| 148 |
| 88.29 |
| 622.8 |
| 227 |
| 158 |
| 100 |
| 4.07 |
2011(12) |
| 8.0 |
| 409.8 |
| 150 |
| 104 |
| 90 |
| 86.49 |
| 450.8 |
| 165 |
| 114 |
| 75 |
| 4.15 |
2012(12) |
| 8.0 |
| 242.0 |
| 89 |
| 62 |
| 56 |
| 86.05 |
| 266.2 |
| 97 |
| 68 |
| 46 |
| 4.23 |
2013(12) |
| 8.0 |
| 153.1 |
| 42 |
| 29 |
| 29 |
| 86.67 |
| 199.1 |
| 54 |
| 38 |
| 28 |
| 4.32 |
Total |
| — |
| — |
| 1,361 |
| 946 |
| 810 |
| — |
| — |
| 1,209 |
| 840 |
| 542 |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NZ Comp Cash Flow::New Zealand R/T (1995) | ||||||||||||||||||||||
Date |
| Wl |
| Wl |
| Price / BOE |
| Sales |
| Royalty |
| Operating |
| Capital |
| Capital |
| Before Tax |
| Income |
| After Tax |
|
| BOE/d |
| MSTB |
| $US/Bbl |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
2008(12) |
| 852 |
| 311.8 |
| 85.50 |
| 26,659 |
| 3,704 |
| 3,699 |
| 4,239 |
| 0 |
| 15,016 |
| 0 |
| 15,016 |
2009(12) |
| 934 |
| 340.9 |
| 80.58 |
| 27,467 |
| 4,657 |
| 4,079 |
| 0 |
| 0 |
| 18,731 |
| 0 |
| 18,731 |
2010(12) |
| 553 |
| 201.9 |
| 79.52 |
| 16,052 |
| 2,490 |
| 3,513 |
| 0 |
| 0 |
| 10,048 |
| 0 |
| 10,048 |
2011(12) |
| 337 |
| 123.0 |
| 76.42 |
| 9,400 |
| 1,226 |
| 3,192 |
| 0 |
| 0 |
| 4,982 |
| 0 |
| 4,982 |
2012(12) |
| 199 |
| 72.9 |
| 76.11 |
| 5,545 |
| 490 |
| 3,020 |
| 0 |
| 0 |
| 2,035 |
| 0 |
| 2,035 |
2013(12) |
| 129 |
| 35.3 |
| 75.21 |
| 2,659 |
| 0 |
| 2,213 |
| 0 |
| 1,443 |
| -997 |
| 0 |
| -997 |
Total |
| — |
| 1,085.7 |
| — |
| 87,782 |
| 12,567 |
| 19,717 |
| 4,239 |
| 1,443 |
| 49,816 |
| 0 |
| 49,816 |
|
|
|
| NZ Economic Summary (Company) | Table S-3C |
| Austral PDP | Proved Developed Producing |
| (Nominal values) |
|
|
|
|
|
|
|
|
|
|
NZ Company Economic Indicators::New Zealand R/T(1995) | ||||||||
Disc. Rate |
| BT NPV |
| AT NPV |
| BT PIR |
| AT PIR |
(%) |
| (M$US) |
| (M$US) |
| (fraction) |
| (fraction) |
0 |
| 31,362 |
| 31,362 |
| 22.88 |
| 22.88 |
5.0 |
| 29,481 |
| 29,481 |
| 24.89 |
| 24.89 |
10.0 |
| 27,841 |
| 27,841 |
| 26.78 |
| 26.78 |
15.0 |
| 26,400 |
| 26,400 |
| 28.54 |
| 28.54 |
20.0 |
| 25,124 |
| 25,124 |
| 30.15 |
| 30.15 |
25.0 |
| 23,986 |
| 23,986 |
| 31.60 |
| 31.60 |
| ||||||||
AT ROR (%) |
| >800.00 |
|
|
|
|
|
|
AT Payout (yrs) |
| 0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NZComp. Economics (per Unit)::New Zealand R/T (1995) | ||||||
|
| (M$US) |
| (%) |
| ($US/BOE) |
Net Revenue |
| 47,122 |
| 100.00 |
| 84.63 |
Less: |
|
|
|
|
|
|
Bonuses & Fees |
| 0 |
| 0.00 |
| 0.00 |
Operating Costs |
| 14,389 |
| 30.54 |
| 25.84 |
Tariffs |
| 0 |
| 0.00 |
| 0.00 |
Prod & Asset Taxes |
| 0 |
| 0.00 |
| 0.00 |
Capital Costs |
| 1,370 |
| 2.91 |
| 2.46 |
Other Income/Expense |
| 0 |
| 0.00 |
| 0.00 |
|
|
|
|
|
|
|
Before Tax Cash Flow |
| 31,362 |
| 66.56 |
| 56.33 |
Less Income Tax |
| 0 |
| 0.00 |
| 0.00 |
After Tax Cash Flow |
| 31,362 |
| 66.56 |
| 56.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NZ Prod Summary::New Zealand R/T (1995) | ||||||||||||||||||||||
Date |
| Oil |
| Proj. |
| Proj. |
| Comp. |
| Net |
| Net |
| Proj. |
| Proj. |
| Comp. |
| Net |
| Net |
|
|
|
| Bbl/d |
| MSTB |
| MSTB |
| MSTB |
| $US/Bbl |
| mcf/d |
| MMSCF |
| MMSCF |
| MMSCF |
| $US/mcf |
2008(12) |
| 5.0 |
| 941.6 |
| 345 |
| 240 |
| 200 |
| 93.61 |
| 659.1 |
| 241 |
| 168 |
| 105 |
| 3.91 |
2009(12) |
| 5.0 |
| 619.6 |
| 226 |
| 157 |
| 133 |
| 90.09 |
| 557.7 |
| 204 |
| 141 |
| 89 |
| 3.99 |
2010(12) |
| 5.0 |
| 379.9 |
| 139 |
| 96 |
| 83 |
| 88.81 |
| 341.9 |
| 125 |
| 87 |
| 56 |
| 4.07 |
2011(12) |
| 5.0 |
| 232.9 |
| 85 |
| 59 |
| 53 |
| 87.02 |
| 256.2 |
| 94 |
| 65 |
| 44 |
| 4.15 |
2012(12) |
| 5.0 |
| 145.3 |
| 49 |
| 34 |
| 34 |
| 86.59 |
| 159.8 |
| 54 |
| 37 |
| 28 |
| 4.23 |
Total |
| — |
| — |
| 843 |
| 586 |
| 503 |
| — |
| — |
| 717 |
| 498 |
| 323 |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NZ Comp Cash Flow::New Zealand R/T (1995) | ||||||||||||||||||||||
Date |
| Wl |
| Wl |
| Price / BOE |
| Sales |
| Royalty |
| Operating |
| Capital |
| Capital |
| Before Tax |
| Income |
| After Tax |
|
| BOE/d |
| MSTB |
| $US/Bbl |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
2008(12) |
| 731 |
| 267.5 |
| 85.94 |
| 22,986 |
| 3,792 |
| 3,444 |
| 486 |
| 0 |
| 15,265 |
| 0 |
| 15,265 |
2009(12) |
| 495 |
| 180.8 |
| 81.03 |
| 14,647 |
| 2,298 |
| 3,080 |
| 0 |
| 0 |
| 9,269 |
| 0 |
| 9,269 |
2010(12) |
| 304 |
| 110.8 |
| 79.97 |
| 8,862 |
| 1,195 |
| 2,816 |
| 0 |
| 0 |
| 4,851 |
| 0 |
| 4,851 |
2011(12) |
| 192 |
| 69.9 |
| 76.86 |
| 5,374 |
| 528 |
| 2,668 |
| 0 |
| 0 |
| 2,178 |
| 0 |
| 2,178 |
2012(12) |
| 120 |
| 40.0 |
| 76.57 |
| 3,065 |
| 0 |
| 2,382 |
| 0 |
| 884 |
| -200 |
| 0 |
| -200 |
Total |
| — |
| 669.0 |
| — |
| 54,935 |
| 7,813 |
| 14,389 |
| 486 |
| 884 |
| 31,362 |
| 0 |
| 31,362 |
|
|
NZ Economic Summary (Company) | Table S-3D |
Austral PUD | Proved Undeveloped |
(Nominal values) |
|
|
|
|
|
|
|
|
|
|
|
NZ Company Economic Indicators::New Zealand R/T (1995) | |||||||||
Disc. Rate |
| BT NPV |
| AT NPV |
| BT PIR |
| AT PIR | |
0 |
|
| 18,453 |
| 18,453 |
| 4.28 |
| 4.28 |
5.0 |
|
| 16,548 |
| 16,548 |
| 4.08 |
| 4.08 |
10.0 |
|
| 14,934 |
| 14,934 |
| 3.87 |
| 3.87 |
15.0 |
|
| 13,554 |
| 13,554 |
| 3.67 |
| 3.67 |
20.0 |
|
| 12,365 |
| 12,365 |
| 3.47 |
| 3.47 |
25.0 |
|
| 11,334 |
| 11,334 |
| 3.28 |
| 3.28 |
|
|
|
|
|
|
|
|
| |
AT ROR (%) |
| >800.00 |
|
|
|
|
|
| |
AT Payout (yrs) |
| 0.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NZComp. Economics (per Unit)::New Zealand R/T (1995) | ||||||
|
| (M$US) |
| (%) |
| ($US/BOE) |
Net Revenue |
| 28,093 |
| 100.00 |
| 81.67 |
Less: |
|
|
|
|
|
|
Bonuses & Fees |
| 0 |
| 0.00 |
| 0.00 |
Operating Costs |
| 5,328 |
| 18.96 |
| 15.49 |
Tariffs |
| 0 |
| 0.00 |
| 0.00 |
Prod & Asset Taxes |
| 0 |
| 0.00 |
| 0.00 |
Capital Costs |
| 4,312 |
| 15.35 |
| 12.54 |
Other Income/Expense |
| 0 |
| 0.00 |
| 0.00 |
| ||||||
Before Tax Cash Flow |
| 18,453 |
| 65.69 |
| 53.65 |
Less Income Tax |
| 0 |
| 0.00 |
| 0.00 |
After Tax Cash Flow |
| 18,453 |
| 65.69 |
| 53.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
NZ Prod Summary::New Zealand R/T (1995) | ||||||||||||||||||||||
Date |
| Oil |
| Proj. |
| Proj. |
| Comp. |
| Net |
| Net |
| Proj. |
| Proj. |
| Comp. |
| Net |
| Net |
|
|
|
| Bbl/d |
| MSTB |
| MSTB |
| MSTB |
| $US/Bbl |
| mcf/d |
| MMSCF |
| MMSCF |
| MMSCF |
| $US/mcf |
2008(12) |
| 0.5 |
| 156.1 |
| 57 |
| 40 |
| 40 |
| 45.81 |
| 109.3 |
| 40 |
| 28 |
| 21 |
| 1.96 |
2009(12) |
| 3.0 |
| 548.8 |
| 200 |
| 139 |
| 114 |
| 89.00 |
| 493.9 |
| 180 |
| 125 |
| 77 |
| 3.99 |
2010(12) |
| 3.0 |
| 312.1 |
| 114 |
| 79 |
| 65 |
| 87.65 |
| 280.9 |
| 103 |
| 71 |
| 44 |
| 4.07 |
2011(12) |
| 3.0 |
| 176.9 |
| 65 |
| 45 |
| 37 |
| 85.79 |
| 194.6 |
| 71 |
| 49 |
| 31 |
| 4.15 |
2012(12) |
| 3.4 |
| 109.0 |
| 40 |
| 28 |
| 22 |
| 85.34 |
| 119.9 |
| 44 |
| 31 |
| 18 |
| 4.23 |
2013(12) |
| 8.0 |
| 153.1 |
| 42 |
| 29 |
| 29 |
| 86.67 |
| 199.1 |
| 54 |
| 38 |
| 28 |
| 4.32 |
Total |
| — |
| — |
| 518 |
| 360 |
| 307 |
| — |
| — |
| 492 |
| 342 |
| 219 |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NZ Comp Cash Flow::New Zealand R/T (1995) | ||||||||||||||||||||||
Date |
| Wl |
| Wl |
| Price / BOE |
| Sales |
| Royalty |
| Operating Costs |
| Capital |
| Capital |
| Before Tax |
| Income Taxes |
| After Tax |
|
| BOE/d |
| MSTB |
| $US/Bbl |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
2008(12) |
| 121 |
| 44.4 |
| 84.60 |
| 3,672 |
| -87 |
| 256 |
| 3,753 |
| 0 |
| -249 |
| 0 |
| -249 |
2009(12) |
| 439 |
| 160.1 |
| 80.06 |
| 12,821 |
| 2,359 |
| 999 |
| 0 |
| 0 |
| 9,462 |
| 0 |
| 9,462 |
2010(12) |
| 249 |
| 91.0 |
| 78.95 |
| 7,190 |
| 1,295 |
| 698 |
| 0 |
| 0 |
| 5,197 |
| 0 |
| 5,197 |
2011(12) |
| 145 |
| 53.1 |
| 75.80 |
| 4,027 |
| 698 |
| 524 |
| 0 |
| 0 |
| 2,805 |
| 0 |
| 2,805 |
2012(12) |
| 90 |
| 32.8 |
| 76.11 |
| 2,480 |
| 490 |
| 638 |
| 0 |
| -884 |
| 2,235 |
| 0 |
| 2,235 |
2013(12) |
| 129 |
| 35.3 |
| 75.21 |
| 2,659 |
| 0 |
| 2,213 |
| 0 |
| 1,443 |
| -997 |
| 0 |
| -997 |
Total |
| — |
| 416.8 |
| — |
| 32,847 |
| 4,755 |
| 5,328 |
| 3,753 |
| 559 |
| 18,453 |
| 0 |
| 18,453 |
|
|
NZ Economic Summary (Company) | Table S-3E |
Austral Probable | Probable |
(Nominal values) |
|
|
|
|
|
|
|
|
|
|
|
NZ Company Economic Indicators::New Zealand R/T (1995) | |||||||||
Disc. Rate |
| BT NPV |
| AT NPV |
| BT PIR |
| AT PIR | |
0 |
|
| 42,555 |
| 42,555 |
| 8.90 |
| 8.90 |
5.0 |
|
| 35,170 |
| 35,170 |
| 8.06 |
| 8.06 |
10.0 |
|
| 29,481 |
| 29,481 |
| 7.18 |
| 7.18 |
15.0 |
|
| 25,023 |
| 25,023 |
| 6.36 |
| 6.36 |
20.0 |
|
| 21,474 |
| 21,474 |
| 5.64 |
| 5.64 |
25.0 |
|
| 18,608 |
| 18,608 |
| 5.00 |
| 5.00 |
| |||||||||
AT ROR (%) |
| 403.40 |
|
|
|
|
|
| |
AT Payout (yrs) |
| 0.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NZComp. Economics (per Unit)::New Zealand R/T (1995) | ||||||
|
| (M$US) |
| (%) |
| ($US/BOE) |
Net Revenue |
| 62,184 |
| 100.00 |
| 81.03 |
Less: |
|
|
|
|
|
|
Bonuses & Fees |
| 0 |
| 0.00 |
| 0.00 |
Operating Costs |
| 14,848 |
| 23.88 |
| 19.35 |
Tariffs |
| 0 |
| 0.00 |
| 0.00 |
Prod & Asset Taxes |
| 0 |
| 0.00 |
| 0.00 |
Capital Costs |
| 4,780 |
| 7.69 |
| 6.23 |
Other Income/Expense |
| 0 |
| 0.00 |
| 0.00 |
| ||||||
Before Tax Cash Flow |
| 42,555 |
| 68.43 |
| 55.45 |
Less Income Tax |
| 0 |
| 0.00 |
| 0.00 |
After Tax Cash Flow |
| 42,555 |
| 68.43 |
| 55.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
NZ Prod Summary::New Zealand R/T (1995) | ||||||||||||||||||||||
Date |
| Oil |
| Proj. |
| Proj. |
| Comp. |
| Net |
| Net |
| Proj. |
| Proj. |
| Comp. |
| Net |
| Net |
|
|
|
| Bbl/d |
| MSTB |
| MSTB |
| MSTB |
| $US/Bbl |
| mcf/d |
| MMSCF |
| MMSCF |
| MMSCF |
| $US/mcf |
2008(12) |
| 0.0 |
| 74.8 |
| 27 |
| 19 |
| 25 |
| 46.55 |
| 52.4 |
| 19 |
| 13 |
| 13 |
| 1.95 |
2009(12) |
| 2.0 |
| 468.9 |
| 171 |
| 119 |
| 97 |
| 89.58 |
| 422.1 |
| 154 |
| 107 |
| 65 |
| 3.99 |
2010(12) |
| 2.0 |
| 512.8 |
| 187 |
| 130 |
| 106 |
| 88.29 |
| 461.6 |
| 168 |
| 117 |
| 72 |
| 4.07 |
2011(12) |
| 2.0 |
| 476.7 |
| 174 |
| 121 |
| 99 |
| 86.49 |
| 524.4 |
| 191 |
| 133 |
| 81 |
| 4.15 |
2012(12) |
| 2.0 |
| 408.5 |
| 150 |
| 104 |
| 85 |
| 86.05 |
| 449.4 |
| 164 |
| 114 |
| 70 |
| 4.23 |
2013(12) |
| 4.0 |
| 365.5 |
| 133 |
| 93 |
| 76 |
| 86.67 |
| 475.1 |
| 173 |
| 121 |
| 75 |
| 4.32 |
2014(12) |
| 10.0 |
| 353.2 |
| 129 |
| 90 |
| 79 |
| 88.40 |
| 459.2 |
| 168 |
| 116 |
| 77 |
| 4.40 |
2015(12) |
| 10.0 |
| 259.9 |
| 95 |
| 66 |
| 60 |
| 90.17 |
| 389.8 |
| 142 |
| 99 |
| 68 |
| 4.49 |
2016(12) |
| 10.0 |
| 193.3 |
| 65 |
| 45 |
| 45 |
| 91.98 |
| 290.0 |
| 97 |
| 68 |
| 51 |
| 4.58 |
Total |
| — |
| — |
| 1,131 |
| 786 |
| 672 |
| — |
| — |
| 1,278 |
| 888 |
| 572 |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NZ Comp Cash Flow::New Zealand R/T (1995) | ||||||||||||||||||||||
Date |
| Wl |
| Wl |
| Price / BOE |
| Sales Revenue Total |
| Royalty |
| Operating Costs |
| Capital |
| Capital |
| Before Tax |
| Income Taxes |
| After Tax |
|
| BOE/d |
| MSTB |
| $US/Bbl |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
2008(12) |
| 58 |
| 21.3 |
| 85.50 |
| 1,818 |
| -540 |
| 98 |
| 4,309 |
| 0 |
| -2,049 |
| 0 |
| -2,049 |
2009(12) |
| 375 |
| 136.8 |
| 80.58 |
| 11,024 |
| 2,040 |
| 804 |
| 0 |
| 0 |
| 8,181 |
| 0 |
| 8,181 |
2010(12) |
| 410 |
| 149.6 |
| 79.52 |
| 11,897 |
| 2,199 |
| 879 |
| 0 |
| 0 |
| 8,818 |
| 0 |
| 8,818 |
2011(12) |
| 392 |
| 143.1 |
| 76.42 |
| 10,935 |
| 2,013 |
| 847 |
| 0 |
| 0 |
| 8,075 |
| 0 |
| 8,075 |
2012(12) |
| 336 |
| 123.0 |
| 76.11 |
| 9,359 |
| 1,714 |
| 769 |
| 0 |
| 0 |
| 6,876 |
| 0 |
| 6,876 |
2013(12) |
| 309 |
| 112.8 |
| 75.21 |
| 8,484 |
| 1,487 |
| 1,403 |
| 0 |
| -1,443 |
| 7,036 |
| 0 |
| 7,036 |
2014(12) |
| 299 |
| 109.0 |
| 76.72 |
| 8,363 |
| 955 |
| 3,502 |
| 0 |
| 0 |
| 3,907 |
| 0 |
| 3,907 |
2015(12) |
| 226 |
| 82.4 |
| 76.79 |
| 6,328 |
| 562 |
| 3,432 |
| 0 |
| 0 |
| 2,334 |
| 0 |
| 2,334 |
2016(12) |
| 168 |
| 56.3 |
| 78.32 |
| 4,407 |
| 0 |
| 3,116 |
| 0 |
| 1,914 |
| -622 |
| 0 |
| -622 |
Total |
| — |
| 934.2 |
| — |
| 72,615 |
| 10,431 |
| 14,848 |
| 4,309 |
| 471 |
| 42,555 |
| 0 |
| 42,555 |
|
|
NZ Economic Summary (Company) | Table S-3F |
Austral Possible | Possible |
|
|
|
|
|
|
|
|
|
|
|
NZ Company Economic Indicators::New Zealand R/T | ||||||||||
Disc. Rate |
| BT NPV |
| AT NPV |
| BT PIR |
| AT PIR |
| |
0 |
|
| 40,881 |
| 40,881 |
| 259.16 |
| 259.16 |
|
5.0 |
|
| 30,251 |
| 30,251 |
| -218.60 |
| -218.60 |
|
10.0 |
|
| 23,031 |
| 23,031 |
| -103.80 |
| -103.80 |
|
15.0 |
|
| 17,980 |
| 17,980 |
| -80.87 |
| -80.87 |
|
20.0 |
|
| 14,351 |
| 14,351 |
| -73.90 |
| -73.90 |
|
25.0 |
|
| 11,679 |
| 11,679 |
| -73.07 |
| -73.07 |
|
| ||||||||||
AT ROR (%) |
| >800.00 |
|
|
|
|
|
|
| |
AT Payout (yrs) |
| 1.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NZComp. Economics (per Unit)::New Zealand R/T (1995) |
| ||||||
|
| (M$US) |
| (%) |
| ($US/BOE) |
|
Net Revenue |
| 58,600 |
| 100.00 |
| 82.71 |
|
Less: |
|
|
|
|
|
|
|
Bonuses & Fees |
| 0 |
| 0.00 |
| 0.00 |
|
Operating Costs |
| 17,562 |
| 29.97 |
| 24.79 |
|
Tariffs |
| 0 |
| 0.00 |
| 0.00 |
|
Prod & Asset Taxes |
| 0 |
| 0.00 |
| 0.00 |
|
Capital Costs |
| 158 |
| 0.27 |
| 0.22 |
|
Other Income/Expense |
| 0 |
| 0.00 |
| 0.00 |
|
|
|
|
|
|
|
|
|
Before Tax Cash Flow |
| 40,881 |
| 69.76 |
| 57.70 |
|
Less Income Tax |
| 0 |
| 0.00 |
| 0.00 |
|
After Tax Cash Flow |
| 40,881 |
| 69.76 |
| 57.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NZ Prod Summary::New Zealand R/T (1995) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| |||||||||||||||||||||||
Date |
| Oil |
| Proj. |
| Proj. |
| Comp. |
| Net |
| Net |
| Proj. |
| Proj. |
| Comp. |
| Net |
| Net |
|
| |||||||||||||||||||||||
|
|
|
| Bbl/d |
| MSTB |
| MSTB |
| MSTB |
| $US/Bbl |
| mcf/d |
| MMSCF |
| MMSCF |
| MMSCF |
| $US/mcf |
|
| |||||||||||||||||||||||
2008(12) |
| 0.0 |
| 0.0 |
| 0 |
| 0 |
| 0 |
| 0.00 |
| 0.0 |
| 0 |
| 0 |
| 0 |
| 0.00 |
|
2009(12) |
| 0.0 |
| 81.8 |
| 30 |
| 21 |
| 17 |
| 89.58 |
| 73.6 |
| 27 |
| 19 |
| 11 |
| 3.99 |
|
2010(12) |
| 0.0 |
| 195.8 |
| 71 |
| 50 |
| 40 |
| 88.29 |
| 176.2 |
| 64 |
| 45 |
| 27 |
| 4.07 |
|
2011(12) |
| 0.0 |
| 254.5 |
| 93 |
| 65 |
| 53 |
| 86.49 |
| 280.0 |
| 102 |
| 71 |
| 43 |
| 4.15 |
|
2012(12) |
| 0.0 |
| 276.5 |
| 101 |
| 70 |
| 57 |
| 86.05 |
| 304.2 |
| 111 |
| 77 |
| 47 |
| 4.23 |
|
2013(12) |
| 0.0 |
| 277.4 |
| 101 |
| 70 |
| 57 |
| 86.67 |
| 360.6 |
| 132 |
| 91 |
| 56 |
| 4.32 |
|
2014(12) |
| 0.0 |
| 263.8 |
| 96 |
| 67 |
| 54 |
| 88.40 |
| 343.0 |
| 125 |
| 87 |
| 53 |
| 4.40 |
|
2015(12) |
| 0.0 |
| 242.8 |
| 89 |
| 62 |
| 50 |
| 90.17 |
| 364.2 |
| 133 |
| 92 |
| 56 |
| 4.49 |
|
2016(12) |
| 0.8 |
| 231.5 |
| 85 |
| 59 |
| 46 |
| 91.98 |
| 347.2 |
| 127 |
| 88 |
| 52 |
| 4.58 |
|
2017(12) |
| 10.0 |
| 333.7 |
| 122 |
| 85 |
| 75 |
| 93.81 |
| 500.5 |
| 183 |
| 127 |
| 85 |
| 4.67 |
|
2018(12) |
| 10.0 |
| 271.8 |
| 99 |
| 69 |
| 63 |
| 95.69 |
| 407.8 |
| 149 |
| 103 |
| 70 |
| 4.77 |
|
2019(12) |
| 10.0 |
| 221.5 |
| 81 |
| 56 |
| 52 |
| 97.60 |
| 332.2 |
| 121 |
| 84 |
| 59 |
| 4.86 |
|
2020(12) |
| 10.0 |
| 181.7 |
| 61 |
| 42 |
| 42 |
| 99.56 |
| 272.5 |
| 91 |
| 63 |
| 48 |
| 4.96 |
|
Total |
| — |
| — |
| 1,029 |
| 715 |
| 607 |
| — |
| — |
| 1,366 |
| 949 |
| 608 |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NZ Comp Cash Flow::New Zealand R/T (1995) |
|
|
|
|
|
|
|
|
|
| |||||||||||||
| |||||||||||||||||||||||
Date |
| Wl |
| Wl |
| Price / BOE |
| Sales |
| Royalty |
| Operating |
| Capital |
| Capital |
| Before Tax |
| Income |
| After Tax |
|
|
| BOE/d |
| MSTB |
| $US/Bbl |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
| M$US |
|
2008(12) |
| 0 |
| 0.0 |
| 0.00 |
| 0 |
| -8 |
| 39 |
| 0 |
| 0 |
| -31 |
| 0 |
| -31 |
|
2009(12) |
| 65 |
| 23.9 |
| 80.58 |
| 1,923 |
| 358 |
| 130 |
| 0 |
| 0 |
| 1,435 |
| 0 |
| 1,435 |
|
2010(12) |
| 156 |
| 57.1 |
| 79.52 |
| 4,542 |
| 849 |
| 288 |
| 0 |
| 0 |
| 3,405 |
| 0 |
| 3,405 |
|
2011(12) |
| 209 |
| 76.4 |
| 76.42 |
| 5,839 |
| 1,091 |
| 375 |
| 0 |
| 0 |
| 4,373 |
| 0 |
| 4,373 |
|
2012(12) |
| 227 |
| 83.2 |
| 76.11 |
| 6,336 |
| 1,182 |
| 415 |
| 0 |
| 0 |
| 4,739 |
| 0 |
| 4,739 |
|
2013(12) |
| 235 |
| 85.6 |
| 75.21 |
| 6,439 |
| 1,201 |
| 423 |
| 0 |
| 0 |
| 4,815 |
| 0 |
| 4,815 |
|
2014(12) |
| 223 |
| 81.4 |
| 76.72 |
| 6,247 |
| 1,165 |
| 412 |
| 0 |
| 0 |
| 4,671 |
| 0 |
| 4,671 |
|
2015(12) |
| 211 |
| 77.0 |
| 76.79 |
| 5,912 |
| 1,103 |
| 388 |
| 0 |
| 0 |
| 4,421 |
| 0 |
| 4,421 |
|
2016(12) |
| 201 |
| 73.6 |
| 78.32 |
| 5,765 |
| 1,265 |
| 638 |
| 0 |
| -1,914 |
| 5,775 |
| 0 |
| 5,775 |
|
2017(12) |
| 290 |
| 105.8 |
| 79.89 |
| 8,452 |
| 930 |
| 3,710 |
| 0 |
| 0 |
| 3,812 |
| 0 |
| 3,812 |
|
2018(12) |
| 236 |
| 86.2 |
| 81.49 |
| 7,024 |
| 649 |
| 3,686 |
| 0 |
| 0 |
| 2,689 |
| 0 |
| 2,689 |
|
2019(12) |
| 192 |
| 70.2 |
| 83.12 |
| 5,837 |
| 413 |
| 3,678 |
| 0 |
| 0 |
| 1,745 |
| 0 |
| 1,745 |
|
2020(12) |
| 158 |
| 52.9 |
| 84.78 |
| 4,483 |
| 0 |
| 3,379 |
| 0 |
| 2,071 |
| -967 |
| 0 |
| -967 |
|
Total |
| — |
| 873.4 |
| — |
| 68,799 |
| 10,198 |
| 17,562 |
| 0 |
| 158 |
| 40,881 |
| 0 |
| 40,881 |
|
Figure S-1
Map of New Zealand Highlighting
Petroleum Exploration Permit (PEP) 38783
|
|
|
|
| |
|
|
Figure S-2
CHEAL, NEW ZEALAND
DAILY COMPANY GROSS BARRELS OF OIL EQUIVALENT (BOE) FORECAST
Daily Company Gross Barrels of Oil Equivalent (BOE) Forecast
|
|
|
|
| |
|
|
Figure S-3
CHEAL, NEW ZEALAND
ANNUAL CASH FLOW (BEFORE INCOME TAX)
Annual Cash Flow (Before Income Tax)3
|
|
|
|
| |
|
|
Figure S-4
CHEAL, NEW ZEALAND
NET PRESENT VALUE (BEFORE INCOME TAX)
Net Present Value (Before Income Tax)
|
|
|
|
| |
|
|
FORM 51-101F3
REPORT OF MANAGEMENT AND DIRECTORS
ON RESERVES DATA AND OTHER INFORMATION
Management of Austral Pacific Energy Ltd. (the “Company”) are responsible for the preparation and disclosure of information with respect to the Company’s oil and gas activities in accordance with securities regulatory requirements. This information includes reserves data which are estimates of proved and probable reserves and related future net revenue as at December 31, 2007, estimated using forecast prices and costs.
An independent qualified reserves evaluator has evaluated the Company’s reserves data. The report of the independent qualified reserves evaluator will be filed with securities regulatory authorities concurrently with this report.
The Board of Directors of the Company has:
|
|
(a) | reviewed the Company’s procedures for providing information to the independent qualified reserves evaluator; |
|
|
(b) | met with the independent qualified reserves evaluator to determine whether any restrictions affected the ability of the independent qualified reserves evaluator to report without reservation; and |
|
|
(c) | reviewed the reserves data with management and the independent qualified reserves evaluator. |
The Board of Directors of the Company has reviewed the Company’s procedures for assembling and reporting other information associated with oil and gas activities and has reviewed that information with management. The Board of Directors of the Company has approved:
|
|
(a) | the content and filing with securities regulatory authorities of Form 51-101F1 containing reserves data and other oil and gas information; |
|
|
(b) | the filing of Form 51-101F2 which is the report of the independent qualified reserves evaluator on the reserves data; and |
|
|
(c) | the content and filing of this report. |
Because the reserves data are based on judgements regarding future events, actual results will vary and the variations may be material. However, any variations should be consistent with the fact that reserves are categorized according to the probability of their recovery.
|
|
|
“TB Jewell” |
| “JG Johnston” |
|
|
|
| ||
Thompson Bruce Jewell |
| Joseph Gerard Johnston |
Chief Executive Officer |
| Petroleum Engineering Manager |
|
|
|
“DAR Newman” |
| “PJ Hill” |
|
|
|
| ||
David Arthur Ross Newman |
| Peter Hill |
Director |
| Director |
|
|
|
Date: 28 March 2008 |
|
|