Open Fiscal LNG Model

Multi-Field Natural Gas Upstream, Pi
PSA Based on Mozambique Petroleum Law No 27/2014

Developed by T.M. Mitro, Co-Director Graduate Certificate in G
BACKGROUND & PURPOSE

About fiscal modeling
A financial/fiscal model provides forecasted returns of a project to the investor and government. These estimates a
which are forward looking assumptions. Investors use financial models to determine whether to go ahead with a pa
with their peer countries and to assess how much revenue will flow into the state coffers from a particular project.
About this model in particular
This model allows users to assess the financial returns of up to three upstream oil/gas fields, a pipeline and LNG pla
these projects individually, the users can compare the returns of the main structures that are used in LNG projects
tolling fee for its services, and an equity sale structure, whereby the gas is sold from the upstream stage to the LNG
Objectives
This model has been developed for training purposes. It models the gas value chain from the upstream project to th
power generation. It allows users to assess the different LNG structures that can be considered when producing LN
Related Party Plant Owner/Buyer Model. It provides various fiscal regime options for the upstream and mid-stream
private take returns. It also allows for users to add additional upstream fields to the LNG project and understand w
shared.
NAVIGATING THE MODEL
This model contains several tabs:
Cover Present tab, which gives background information on how to operate this model.
Assumptions & Results Assumptions are inputted and key results are presented graphically
Field 1 Depr Depreciation schedule of the capital expenditure of Field 1
Field 1 Fiscal Computation of the fiscal terms paid by upstream gas investors of Field 1
Field 1 Investor Calculation of the financial return of the investor and of the government take for Field 1
Field 2 Fiscal Computation of the fiscal terms paid upstream gas investor of Field 2
Field 3 Fiscal Computation of the fiscal terms paid by upstream gas investor of Field 3
Gas PL Economics, financial returns and government take of the gas pipeline
LNG Equity Computation of LNG project economics of Equity/buyer structure, whereby LNG owners
the LNG plantof
Computation owners are theeconomics
LNG project upstream of
operators)
tolling structure, whereby the LNG plant does
LNG Tolling purposes
Consolidated LNG Equity Consolidation of the economics of all 3 elements of the projects (upstream, pipeline and
Consolidated LNG Tolling Consolidation of the economics of all 3 elements of the projects (upstream, pipeline and
The cells are color coded:
Light blue Input variables that can be changed by the user. Price, production, cost and fiscal inputs s
be analysed can be chosen in cell C155 of that tab
Light green Section dividers
Yellow Checks that allow the user to see whether errors have occurred in the model. This color h
which results are valid and invalid.
Red
White
Key results
Distribution of projected 2015 petroleum receipts
Fields that are linked by a formula in the model and should not be changed by inexperien
Red font Explanatory notes within the model
DISCLAIMER
This has been prepared for educational purposes and is not meant to give an accurate picture of the impact of a fis
a need for a more sophisticated model taking into account additional cost variables. The model is only meant to giv
OPEN LICENSING
This work is licensed under the Cre
To view a copy of this license, v
Feb-16
ural Gas Upstream, Pipeline and LNG Economics

etroleum Law No 27/2014
o-Director Graduate Certificate in Global Energy, Development and Sustainability at the University of Houston.
and government. These estimates are based on fiscal, market, technical and corporate input variables, many of
mine whether to go ahead with a particular investment. Governments use models to compare their fiscal regimes
te coffers from a particular project.
oil/gas fields, a pipeline and LNG plant project. Apart from being able to assess the financial flows from each of
tures that are used in LNG projects - namely a tolling regime whereby the LNG plant charges the upstream users a
rom the upstream stage to the LNG stage (either between related or unrelated owners) and is taxed separately.
hain from the upstream project to the use of gas under the form of LPG, LNG or as feedstock for local industrial or
n be considered when producing LNG: the tolling structure, the Independent Plant Owner/Buyer Model and the
ns for the upstream and mid-stream sectors to understand the impacts of changes on the government take and the
the LNG project and understand what impact this has on the LNG economics when the processing facilities are
how to operate this model.

ed graphically
eld 1
investors of Field 1
of the government take for Field 1
eld 2
vestor of Field 2
eld 3
investor of Field 3
the gas pipeline
er structure, whereby LNG owners take title to gas from upstream and sell to 3rd parties (irrespective of whether
cture, whereby the LNG plant does not take title to gas and the gas owners pay a toll (i.e: a fee) for processing
he projects (upstream, pipeline and LNG facility) under the LNG Equity model
he projects (upstream, pipeline and LNG facility) under the LNG-Tolling structure
, production, cost and fiscal inputs should be all edited in the 'assumptions and results' worksheet. The structure to
e occurred in the model. This color has also been used to highlight which model structure is activated and therefore
ojected 2015 petroleum receipts

hould not be changed by inexperienced modelers, as changing them may result in the model not functioning properl
curate picture of the impact of a fiscal regime on government take and project profitability. To do so, there will be
bles. The model is only meant to give an indication of the magnitude of impacts and trends.
This work is licensed under the Creative Commons Attribution 4.0 International License.
To view a copy of this license, visit http://creativecommons.org/licenses/by/4.0/
versity of Houston.
t variables, many of
re their fiscal regimes
flows from each of

s the upstream users a
d is taxed separately.
k for local industrial or

uyer Model and the
vernment take and the
cessing facilities are
respective of whether
fee) for processing
ksheet. The structure to
activated and therefore
l not functioning properl
To do so, there will be

Assumptions and Results
INPUT ITEMS:
a. PRICES:
Upstream Gas Transfer Price
Upstream Gas Transfer Price % of FOB
FOB LNG Sales Price for sensitivity analysis
FOB LNG Sales Price
Tanker Charter Hire Rate
DES LNG Sales Price
Domestic Gas Sales Price
LPG FOB Sales Price
b. PRODUCTION:
Choose whether LPG extracted and sold by: Upstream Investors = 1, LNG Owners = 2, or no LPG extracted =
0
Gas production starting date - Field 1

Gas production peak
Gas production decline start date - Field 1
Decline rate
Upstream Gas Production - Field/Block 1 for sensitivity analysis
Upstream Gas Production - Field/Block 1
Product Loss at LNG Plant
LNG Plant Uptime
Domestic Gas Sales
Gas Volume Converted to LPG
Conversion Factor: 1 Gas MCF = X LPG Bbl
c. CAPITAL EXPENDITURES:
1. Field/Block 1 Capital Expenditures - UPSTREAM
Development Drilling
Feasability and Engineering
Offshore Platforms
Gathering Lines
LPG Extraction Plant (only if built by upstream partners and upstream fiscal terms)
Other
Total Upstream Capital Expenditures Block 1

Offshore Platforms
Gathering Lines
Other

Offshore Platforms
Gathering Lines
Other
4. Capital Expenditures - GAS PIPELINES

Choose how capital expenditures can be deducted: Allowed as Upstream Cost Recovery = 1, Part of Gas
Pipeline Tax Regime = 2
Construction and Installation
Other
Total
Split of Gas PL Deductions between Fields/Blocks:

Field 1
Field 2
Field 3
(Must Total 100%)
5. Capital Expenditures - LNG Plant and Facilities

In the case of related party between LNG owners and buyers, choose how capital expenditures can be
deducted: Allowed as Upstream Cost Recovery = 1, Part of LNG Tax Regime = 2
Feasability and Engineering and Design
Land Clearing, Land Fill, Docks and Offices
LPG Extraction Plant & Facilities (if built by LNG Plant owners)
Refrigeration Units, Pipelines, Storage
Other 1
Other 2
Project Management
Total LNG Capital Expenditures
Split of LNG Deductions between Fields/Blocks:

Field 1
Field 2
Field 3
(Must Total to 100%)
d. OPERATING AND MAINTENANCE COSTS, TARIFFS AND FEES:

Gas Pipeline Tariff
Gas Pipeline Paid by LNG owners =(1) or Paid by Upstream (=2)?
LNG Plant Tolling Fee (if Tolling) - for sensitivity analysis
LNG Plant Tolling Fee (if Tolling)
Upstream Opex
Costs to Deliver to DomGas PL
LPG Plant operating costs
Gas PL Costs as % of Tariffs
Refrigerated Tankers Chartered
LNG Plant Operating Costs
Maintenance Costs for Gas PL when down
Maintenance Costs for LNG Plant when down
Field 1 -Maintenance and Decommissioning Costs
e. Pre-Project Cost Recovery and Tax Loss Carryforward (only recovery items and not counted as costs in economics)
Field 1 - Cost Recovery & Tax Loss Carryforward Allowed from pre-project costs
f. FISCAL TERMS AND TAXES:

Upstream Cost Recovery Cap
Depreciation Life for CR and Tax
Upstream Income Taxes
Gas Pipeline Tax Rate
LNG Tax Rate
Petroleum Production Tax (IPP)
LNG Special Tax
Upstream Tax Rate Discount-Annual Input
Profit Sharing (R Factor 1, Production based 2)

R Factor at this level or higher
Govt Profit Share
Profit Sharing Thresholds: Based on Daily Production Rate

Threshold 1
Threshold 2
Threshold 3
Threshold 4
Threshold 5
Government share - Tranche 1
g. DISCOUNT RATES
Upstream Field 1
Upstream Field 2
Upstream Field 3
Gas pipeline
Tolling LNG
Equity LNG
Government
h. MODEL : Independent or Related Party Plant Owner/ Buyer ("LNG Equity") or Tolling?
Choose Whether: LNG Plant Charges Toll to Upstream = 1 (Tolling model), Gas Purchased by or Title Passed
to LNG Owners (LNG Equity) = 2*
*If Tolling, Pipeline Tariff & Tolling Fee paid by Upstream; if LNG Equity model, Pipeline Tariff paid by LNG
h. Sensitivity analysis
Production Field 1
Prices
% FOB Price for transfer pricing
Tolling fees
Capex Upstream Field 1
Capex LNG
KEY RESULTS AND INDICATORS:

BY COMPONENTS (UPSTREAM, PIPELINE, LNG PLANT)
Investor IRR Field 1
Investor IRR pipeline
Investor IRR LNG Project - LNG equity model
Investor IRR LNG Project - Tolling model
Undiscounted Government Take Field 1
Undiscounted Government Take Pipeline
Undiscounted Government Take LNG Project - LNG Equity model
Undiscounted Government Take LNG Project - Tolling model
Discounted Government Take Field 1
Discounted Government Take Pipeline
Discounted Government Take LNG Project - LNG Equity model
Discounted Government Take LNG Project - Tolling model
FOR THE WHOLE PROJECT, INTEGRATING THE RESULTS OF THE 3 COMPONENTS

1) GOVERNMENTS REVENUES
Total Government Revenues Tolling model
Profit Share Gas
Upstream Royalties
Upstream Income Tax
Pipeline Income Tax
LNG Income Tax
Total
Total Government Revenues LNG Equity model
Profit Share Gas
Upstream royalties
LNG special tax
Upstream Income Tax
Pipeline Income Tax
LNG Income Tax
Total
2) GOVERNMENT AND PRIVATE TAKES
Takes - Tolling model

US$ m (Nominal)
Net Present Value
Discount Rate
Project Cashflow
Investor Cashflow
Government Revenue
Take (%)
Investor
Government
Takes - LNG Equity model

US$ MM
Net Present Value
Discount Rate
Project Cashflow
Investor Cashflow
Government Revenue
Take (%)
Investor
Government
3) Investor IRR
Tolling model
LNG Equity model
4) SENSITIVITY ANALYSIS
Tolling model
Gas Production
Government Take (%)

Government Take NPV
Investor IRR
Investor NPV
LNG FOB Prices
Government Take (%)

Government Take NPV
Investor IRR
Investor NPV
Tolling fees
Government Take (%)

Government Take NPV
Investor IRR
Investor NPV
Capex Field 1
Government Take (%)

Government Take NPV
Investor IRR
investor NPV
Capex LNG Plant
Government Take (%)

Government Take NPV
Investor IRR
Investor NPV
Starting date for production Field 1
Government Take (%)

Government Take NPV
Investor IRR
Investor NPV
LNG Equity model
Gas Production
Government Take (%)

Government Take NPV
Investor IRR
Investor NPV
LNG FOB Prices
Government Take (%)

Government Take NPV
Investor IRR
Investor NPV
Capex Field 1
Government Take (%)

Government Take NPV
Investor IRR
investor NPV
Capex LNG
Government Take (%)

Government Take NPV
Investor IRR
Investor NPV
Starting date for production Field 1
Government Take (%)

Government Take NPV
Investor IRR
Investor NPV
Transfer price
Government Take (%)

Government Take NPV
Investor IRR
Investor NPV
YEARS---> (input first year only, and others will calculate)
Value 2016 2017 2018 2019 2020 2021
$/MCF $ 4.25 $ 4.25 $ 4.25 $ 4.25 $ 4.25 $ 4.25

% 50% 50% 50% 50% 50% 50%
$/MCF $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50
$/MCF $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50
$M/Day $ 40 $ 40 $ 40 $ 40 $ 40 $ 40
$/MCF $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50
$/MCF $2.50 $2.50 $2.50 $2.50 $2.50 $2.50
$/Bbl $75.00 $75.00 $75.00 $75.00 $75.00 $75.00
2020
MMCF/Day 1650
2050
% 97%
MMCF/Day - - - - 825 1,650
MMCF/Day 0 0 0 0 825 1650
MMCF/Day - - - - 825 1,650
MMCF/Day - - - - - -
% of Gas Production 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
% of Year 100% 100% 100% 100% 100% 100%
% of Gas Production 2% 2% 2% 2% 2% 2%
% of Gas Production 0% 8% 8% 8% 8% 8%
Bbls per MCF 0.250 0.250 0.250 0.250 0.250 0.250
$MM - 100.0 200.0 500.0 500.0 -

$MM 200.0 300.0 300.0 300.0 - -
$MM - 300.0 1,000.0 1,000.0 200.0
$MM - - 50.0 100.0 50.0
$MM
$MM - 20.0 50.0 50.0 50.0 20.0
$MM 200.0 420.0 850.0 1,900.0 1,650.0 270.0
$MM - 100.0 200.0 500.0 500.0 -

$MM 200.0 300.0 300.0 300.0 - -
$MM - 300.0 1,000.0 1,000.0 200.0
$MM - - 50.0 100.0 50.0
$MM
$MM - 20.0 50.0 50.0 50.0 20.0
$MM 200.0 420.0 850.0 1,900.0 1,650.0 270.0
$MM - - - - - -
$MM - - - - - -
$MM - - - - - -
$MM - - - - - -
$MM
$MM - - - - - -
$MM - - - - - -
$MM 2 - 30.0 - - - -
$MM 2 - 450.0 600.0 - - -
$MM 2 - 65.0 45.0 - - -
$MM - 545.0 645.0 - - -
0.50
0.50
0.00
1.00 VALID
$MM 2 334.0 334.0 - - -

$MM 2 - 167.0 501.0 334.0 - -
$MM 2 - - - - -
$MM 2 - 3,340.0 5,010.0 6,680.0 - -
$MM 2 - - - - - -
$MM 2 - - - - - -
$MM 2 17.0 17.0 17.0 17.0 - -
$MM 17.0 3,858.0 5,862.0 7,031.0 - -
0.50
0.50
0.00
1.00 VALID
$/MCF of all production $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25

2
$/MCF $ 4.50 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00
$/MCF $ 4.50 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00
$/MCF of all production $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
$/MCF of Dom Gas volumes $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08
$/MCF of LPG volumes $ 2.00 $ 2.00 $ 2.00 $ 2.00 $ 2.00 $ 2.00
% 30% 30% 30% 30% 30% 30%
# of Tankers - - - - - -
$MM - - - - 500.0 1,000.0
$MM 15.0 15.0 15.0 15.0 15.0 15.0
$MM 100.0 100.0 100.0 100.0 100.0 100.0
$MM - - - - - -
$MM - - - - - -
$MM - - - - - -
costs in economics)
$MM 1,000.0
$MM 1,000.0
$MM -
% of Annual Prod 65%

Straight Line 4
% of Net Income 32%
% of Net Income 32%
% of Net Income 32%
% of Gr Prodn 3%
% of Gross Revenue 0%
% of Net Income 0% 0% 0% 0% 0% 8%
1
0 1 1.5 2 2.5 3 4
% 10% 20% 20% 30% 30% 50% 60%
mmscf/day 300
mmscf/day 600
mmscf/day 900
mmscf/day 1200
mmscf/day 1500
% 30.0%
% 35.0%
% 37.5%
% 40.0%
% 45.0%
% 50.0%
% 10%
% 10%
% 10%
% 10%
% 10%
% 10%
% 10%
100%
100%
100%
100%
100%
100%
% 19%
VALID
% 19%
% Err:523
% 11%
% NA Project Economics - Tolling
% 13%
% 67% 15,000
% 67%
10,000
Project Economics - Tolling
15,000
% #DIV/0!
% 32% 10,000
% NA
% 30%
% 67% 5,000
% 67%
Million USD
% #DIV/0!
% 69% 0
% NA 16 18 20 22 24 26 28 30 32 34 3 6 38 40 42
% 52% 20 20 20 20 2 0 20 20 2 0 20 20 20 20 20 20
-5,000
OMPONENTS
-10,000
$MM 36,374.0
$MM 7,704.5
$MM 10,620.6 -15,000
$MM 1,500.7
Revenue (left axis) OPEX (left axis)
$MM 23,446.5
CAPEX (left axis) Cash flow (right
$MM 79,646.3
$MM NA Tollng- Govt. Revenues

$MM NA 4,000
$MM NA 3,500
$MM NA 3,000
$MM NA 2,500
$MM NA
Million USD
2,000
$MM NA
1,500
1,000
500
0
VALID
16 0 18 0 20 0 22 02 4 0 26 0 28 0 30 0 32 0 34 03 6 0 3
20 2 2 2 2 2 2 2 2 2 2 2
0 10% LNG Income Tax Pipeline Income Tax Upstream Incom

159,869.6 19,998.1 Profit Gas
80,223.2 7,686.1
79,646.3 12,312.0
Undiscounted Discounted Total Govt. Revenues - Tolling

50% 38%
50% 62%
Not Applicable
29%
0 10% 29%
179847.4 24235.7
186331.0 30760.8 46%
129579.4 22543.3
Undiscounted Discounted
104% 127% 2%
72% 93% 13%
10%
% 15%
% NA
VALID
Gas production: 60% 80% 100% 120% 150%

49.82%
$12,312
Im
14.68% 11% 13% 15% 16% 18% 70%
768607.49% 2141.3 4992.7 7686.1 10319.7 14141.6 60%
50%
IRR/ Govt Take

40%
30%
Prices: 60% 80% 100% 120% 150% 20%
49.82% 10%
$12,312 #N/A 0%
14.68% #VALUE! 11% 15% 17% 21% 60% 80% 1
768607.49% #N/A 2329.4 7686.1 11704.1 17303.1 Percentage
Tolling fees 60% 80% 100% 120% 150%

49.82%
Im
$12,312 70%
14.68% 13% 14% 15% 15% 15% 60%
50%
IRR/ Govt Take
768607.49% 4323.9 6181.4 7686.1 8927.0 9712.6

40%
30%
20%
Capex Field 1: 60% 80% 100% 120% 150%
10%
49.82% 0%
$12,312 60% 80% 1
14.68% 15% 15% 15% 14% 14% Percent
768607.49% 8288.6 8037.5 7686.1 7334.8 6639.7
Capex LNG: 60% 80% 100% 120% 150%
49.82% 70%
$12,312 60%
14.68% 19% 17% 15% 13% 11% 50%
IRR/ Govt Take

768607.49% 11762.0 9745.8 7686.1 5586.8 2369.5 40%
30%
20%
10%
Starting date 2018 2020 2022 2030 2040
0%
49.82% 60% 80%
$12,312
Percentag
14.68% 19% 15% 13% 9% 6%
768607.49% 11463.9 7686.1 4578.9 -2863.2 -6681.2
Not Applicable
Gas production 60% 80% 100% 120% 150%

72.05%
$22,543
I
NA NA NA NA NA NA 70%
3076076.31% 20827.8 25861.8 30760.8 35619.1 42774.4 60%
3076076.31% 50%
IRR/ Govt Take

40%
60% 80% 100% 120% 150% 30%
Prices
20%
72.05%
10%
$22,543 #N/A
0%
NA NA NA NA NA NA 60% 80%
3076076.31% #N/A 18531.5 30760.8 41641.9 57488.4
Percenta
3076076.31%
Capex Field 1 60% 80% 100% 120% 150%

72.05% I
$22,543
70%
NA NA NA NA NA NA
60%
3076076.31% 31363.3 31112.2 30760.8 30409.5 29714.3 50%
IRR/ Govt Take
3076076.31% 40%
30%
Capex LNG 60% 80% 100% 120% 150% 20%
72.05% 10%
$22,543 0%
60% 80%
NA NA NA NA NA NA
Perce
3076076.31% 34556.3 32674.3 30760.8 28829.4 25882.7
3076076.31%
Starting Date 2018 2020 2022 2030 2040
72.05%
$22,543 70%
60%
NA NA NA NA NA NA
50%
IRR/ Govt Take

3076076.31% 37067.1 30760.8 25601.4 13267.8 6645.7 40%
30%
20%
Transfer price 50% 100% 200% 300% 400% 10%
72.05% 0%
60% 80%
$22,543
NA NA NA NA NA NA Percentag
3076076.31% 30761 30761 30761 30761 30761
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
$ 4.25 $ 4.25 $ 4.25 $ 4.25 $ 4.25 $ 4.25 $ 4.25 $ 4.25 $ 4.25 $ 4.25
50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50
$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50
$ 40 $ 40 $ 40 $ 40 $ 40 $ 40 $ 40 $ 40 $ 40 $ 40
$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50
$2.50 $2.50 $2.50 $2.50 $2.50 $2.50 $2.50 $2.50 $2.50 $2.50
$75.00 $75.00 $75.00 $75.00 $75.00 $75.00 $75.00 $75.00 $75.00 $75.00
1,650 1,650 1,650 1,650 1,650 1,650 1,650 1,650 1,650 1,650
1650 1650 1650 1650 1650 1650 1650 1650 1650 1650
1,650 1,650 1,650 1,650 1,650 1,650 1,650 1,650 1,650 1,650
- - - - - - - - - -
10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
100% 95% 100% 100% 100% 100% 95% 100% 100% 100%
2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
8% 8% 8% 8% 8% 8% 8% 8% 8% 8%
0.250 0.250 0.250 0.250 0.250 0.250 0.250 0.250 0.250 0.250
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
$ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25
$ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00
$ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
$ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08
$ 2.00 $ 2.00 $ 2.00 $ 2.00 $ 2.00 $ 2.00 $ 2.00 $ 2.00 $ 2.00 $ 2.00
30% 30% 30% 30% 30% 30% 30% 30% 30% 30%
- - - - - - - - - -
1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0
15.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
8% 8% 8% 8% 8% 8% 8% 0% 0% 0%
5 6
60% 60%
ALID Not Applicable
onomics - Tolling Project Economics - LNG Equi

8,000
15,000
6,000
4,000 10,000
2,000
onomics - Tolling Project Economics - LNG Equi
8,000
15,000
6,000
4,000 10,000
2,000
5,000
0
Million USD
Million USD
-2,000
0
30 0 32 0 34 03 6 0 38 0 40 0 42 0 44 0 46 0 48
2 2 2 2 2 2 2 2 2 -4,000 0 16 0 18 0 20 0 22 0 24 0 26 0 28 0 30 0 32 0 34 0 36 038 0 40 0 4
2 2 2 2 2 2 2 2 2 2 2 2 2 2
-6,000 -5,000
-8,000
-10,000
-10,000
-12,000
-15,000
xis) OPEX (left axis)
Revenue (left axis) OPEX (left ax
) Cash flow (right axis)
CAPEX (left axis) Cash flow (r
Govt. Revenues
Govt. Revenues - LNG Equit
6,000
5,000
4,000
Million USD
3,000
2,000
1,000
0
28 0 30 0 32 0 34 03 6 0 38 0 40 0 42 0 44 0 46 0 48
2 2 2 2 2 2 2 2 2 2 16 0 18 0 20 0 22 0 24 0 26 0 28 0 30 0 32 034 0 36
20 2 2 2 2 2 2 2 2 2 2
ome Tax Upstream Income Tax Upstream Royalties
LNG Income Tax Pipeline Income Tax
LNG special tax Upstream Royalties
Revenues - Tolling Total Govt. Revenues - LNG Eq
Profit Share Gas

Upstream Royalties
Profit Share Gas
Upstream Royalties
Upstream Income Tax
46% Pipeline Income Tax
LNG Income Tax
VALID
Impact of gas production Impact of C
70% 16000.0 70%
60% 14000.0 60%
50% 12000.0 50%
IRR/ Govt Take
IRR/ Govt Take

Government Take (%)
10000.0
NPV (US$)
40% Investor IRR 40%

8000.0
30% 6000.0 Government Take NPV 30%
20% 4000.0 Investor NPV 20%
10% 2000.0 10%
0% 0.0 0%
60% 80% 100% 120% 150% 60% 80% 100% 120%
Percentage of Base Production Percentage of Base Field 1 Cap
Impact of LNG FOB Prices Impact of LN

70% 20000.0 70%
60% 60%
16000.0
50%
IRR/ Govt Take
50%
IRR/ Govt Take
Government Take (%)

NPV (US$)
40% 12000.0 Investor IRR 40%

30% Government Take NPV 30%
8000.0
20% Investor NPV 20%
4000.0 10%
10%
0% 0.0 0%
60% 80% 100% 120% 150% 60% 80% 100% 120%
Percentage of Base Price Percentage of Base LNG Plant C
Impact of Tolling fees Impact of prod
70% 12000.0 70%
60% 10000.0 60%
50%
IRR/ Govt Take
8000.0 Government Take (%) 50%
IRR/ Govt Take

NPV (US$)
40% Investor IRR 40%
6000.0
30% Government Take NPV 30%
20% 4000.0
Investor NPV 20%
10% 2000.0
10%
0% 0.0 0%
60% 80% 100% 120% 150% 2018 2020 2022 2030
Percentage of Base Tolling fee Delay in production start
Not Applicable
Impact of gas production Impact of
70% 45000.0
40000.0 70%
60%
35000.0 60%
50%
IRR/ Govt Take
30000.0 Government Take (%) 50%
IRR/ Govt Take

NPV (US$)
40% 25000.0 Investor IRR 40%

20% 15000.0 Investor NPV
10000.0 20%
10% 5000.0 10%
0% 0.0 0%
60% 80% 100% 120% 150% 60% 80% 100% 120%
Percentage of Base Production Percentage of Base LNG Pla
Impact of LNG FOB Prices Impact of pr

70% 70000.0 70%
60% 60000.0 60%
50% 50000.0
IRR/ Govt Take
Government Take (%) 50%

IRR/ Govt Take
NPV (US$)
40% 40000.0 Investor IRR 40%

20% 20000.0 Investor NPV 20%
10% 10000.0 10%
0% 0.0 0%
60% 80% 100% 120% 150% 2018 2020 2022 203
Percentage of Base Price Delay in productions s
Impact of Capex Field 1 Impact of
70% 32000.0 70%
60% 31500.0 60%
50%
IRR/ Govt Take

50% 31000.0
IRR/ Govt Take
Government Take (%)
NPV (US$)
40% 30500.0 Investor IRR 40%
20% 29500.0 investor NPV 20%
10% 29000.0 10%
0% 28500.0 0%
60% 80% 100% 120% 150% 50% 100% 200% 30
Percentage of Base FIeld 1 Capex % of FOB price
2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
$ 4.25 $ 4.25 $ 4.25 $ 4.25 $ 4.25 $ 4.25 $ 4.25 $ 4.25 $ 4.25 $ 4.25
50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50
$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50
$ 40 $ 40 $ 40 $ 40 $ 40 $ 40 $ 40 $ 40 $ 40 $ 40
$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50
$2.50 $2.50 $2.50 $2.50 $2.50 $2.50 $2.50 $2.50 $2.50 $2.50
$75.00 $75.00 $75.00 $75.00 $75.00 $75.00 $75.00 $75.00 $75.00 $75.00
1,650 1,650 1,650 1,650 1,650 1,650 1,650 1,650 1,650 1,650
1650 1650 1650 1650 1650 1650 1650 1650 1650 1650
1,650 1,650 1,650 1,650 1,650 1,650 1,650 1,650 1,650 1,650
- - - - - - - - - -
10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
100% 95% 100% 100% 100% 100% 95% 100% 100% 100%
2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
8% 8% 8% 8% 8% 8% 8% 8% 8% 8%
0.250 0.250 0.250 0.250 0.250 0.250 0.250 0.250 0.250 0.250
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
$ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25
$ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00
$ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
$ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08
$ 2.00 $ 2.00 $ 2.00 $ 2.00 $ 2.00 $ 2.00 $ 2.00 $ 2.00 $ 2.00 $ 2.00
30% 30% 30% 30% 30% 30% 30% 30% 30% 30%
- - - - - - - - - -
1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0
15.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Applicable
onomics - LNG Equity

15,000
10,000
onomics - LNG Equity
15,000
10,000
5,000
Million USD
0
8 30 32 34 36 38 40 42 44 46 48
20 20 20 20 2 0 20 20 20 20 20
-5,000
-10,000
-15,000
axis) OPEX (left axis)

xis) Cash flow (right axis)
venues - LNG Equity
6 28 0 30 0 32 034 0 36 0 38 04 0 0 42 0 44 0 46 0 48
20 2 2 2 2 2 2 2 2 2 2
Pipeline Income Tax Upstream Income Tax

Upstream Royalties Profit Gas
. Revenues - LNG Equity
Profit Share Gas

Upstream royalties
LNG special tax
Profit Share Gas
Upstream royalties
LNG special tax
Upstream Income Tax
Pipeline Income Tax
LNG Income Tax
Impact of Capex Field 1

9000.0
8000.0
7000.0
6000.0 Government Take (%)
NPV (US$)
5000.0 Investor IRR

4000.0 Government Take NPV
3000.0
investor NPV
2000.0
1000.0
0.0
80% 100% 120% 150%
rcentage of Base Field 1 Capex
Impact of LNG plant Capex

14000.0
12000.0
10000.0 Government Take (%)
NPV (US$)
8000.0 Investor IRR

4000.0 Investor NPV
2000.0
0.0
80% 100% 120% 150%
centage of Base LNG Plant Capex
Impact of production start date
15000.0
10000.0
Government Take (%)
NPV (US$)
5000.0 Investor IRR
Investor NPV
-5000.0
-10000.0
2020 2022 2030 2040
Delay in production start
Impact of LNG plant Capex

40000.0
35000.0
30000.0
Government Take (%)
25000.0
NPV (US$)
20000.0 Investor IRR

10000.0 Investor NPV
5000.0
0.0
80% 100% 120% 150%
Percentage of Base LNG Plant Capex
Impact of production start date

40000.0
35000.0
30000.0
Government Take (%)
25000.0
NPV (US$)
20000.0 Investor IRR

10000.0 Investor NPV
5000.0
0.0
8 2020 2022 2030 2040
Delay in productions start
Impact of Transfer Pricing
35000
30000
25000 Government Take (%)
NPV (US$)
20000 Investor IRR
15000 Government Take NPV
10000 Investor NPV
5000
0
% 100% 200% 300% 400%
% of FOB price
2042 2043 2044 2045 2046 2047 2048 TOTALS
$ 4.25 $ 4.25 $ 4.25 $ 4.25 $ 4.25 $ 4.25 $ 4.25

50% 50% 50% 50% 50% 50% 50%
$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50
$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50
$ 40 $ 40 $ 40 $ 40 $ 40 $ 40 $ 40
$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50
$2.50 $2.50 $2.50 $2.50 $2.50 $2.50 $2.50
$75.00 $75.00 $75.00 $75.00 $75.00 $75.00 $75.00
1,650 1,650 1,650 1,650 1,650 1,650 1,650 47,025.0

1650 1650 1650 1650 1650 1650 1650 47,025.0
1,650 1,650 1,650 1,650 1,650 1,650 1,650 47,025.0
- - - - - - - -
10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
100% 95% 100% 100% 100% 100% 100%
2% 2% 2% 2% 2% 2% 2%
8% 8% 8% 8% 8% 8% 8%
0.250 0.250 0.250 0.250 0.250 0.250 0.250
- - - - - - - 1,300.0
- - - - - - - 1,100.0
- - - - - - - 2,500.0
- - - - - - - 200.0
-
- - - - - - - 190.0
- - - - - - - 5,290.0
- - - - - - - 1,300.0
- - - - - - - 1,100.0
- - - - - - - 2,500.0
- - - - - - - 200.0
-
- - - - - - - 190.0
- - - - - - - 5,290.0
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
-
- - - - - - - -
- - - - - - - -
- - - - - - - 30.0
- - - - - - - 1,050.0
- - - - - - - 110.0
- - - - - - - 1,190.0
- - - - - - - 668.0
- - - - - - - 1,002.0
- - - - - - - -
- - - - - - - 15,030.0
- - - - - - - -
- - - - - - - -
- - - - - - - 68.0
- - - - - - - 16,768.0
$ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25
$ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00

$ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
$ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08
$ 2.00 $ 2.00 $ 2.00 $ 2.00 $ 2.00 $ 2.00 $ 2.00
30% 30% 30% 30% 30% 30% 30%
- - - - - - -
1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0
15.0 15.0 15.0 15.0 15.0 15.0 15.0
100.0 100.0 100.0 100.0 100.0 100.0 100.0
- - - - 300.0 300.0 600.0 1,200.0
- - - - 300.0 300.0 600.0 1,200.0
- - - - - - - -
0% 0% 0% 0% 0% 0% 0%
Capital Depreciation Schedule for Upstream Field 1
Year:--> 2016 2017 2018
Depreciation Life Straight Line 4
Capital Expenditures from Upstream sector only $MM 200.0 420.0 850.0
Capex permitted against Upstream Fiscal Terms from:

Gas PL $MM - - -
LNG Plant $MM - - -
Capital Eligible for Upstream Depreciation* $MM 200.0 420.0 850.0
*Including capital from other segments, where allowed
Year of Expd:
Depreciation of Capex ($MM) made in Year: --> 2016 50.0 50.0 50.0
2017 105.0 105.0
2018 212.5
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
Total Depreciation by Fiscal Year $MM 50.0 155.0 367.5
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
1,900.0 1,650.0 270.0 - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
1,900.0 1,650.0 270.0 - - - - - - -
50.0 - - - - - - - - -
105.0 105.0 - - - - - - - -
212.5 212.5 212.5 - - - - - - -
475.0 475.0 475.0 475.0 - - - - - -
412.5 412.5 412.5 412.5 - - - - -
67.5 67.5 67.5 67.5 - - - -
- - - - - - -
- - - - - -
- - - - -
- - - -
- - -
- -
-
842.5 1,205.0 1,167.5 955.0 480.0 67.5 - - - -
2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - -
- - - - - - - -
- - - - - - -
- - - - - -
- - - - -
- - - -
- - -
- -
-
- - - - - - - - - -
2039 2040 2041 2042 2043 2044 2045 2046 2047 2048
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - -
- - - - - - - -
- - - - - - -
- - - - - -
- - - - -
- - - -
- - -
- -
-
- - - - - - - - - -
TOTALS
5,290.0
-
-
5,290.0
200.0
420.0
850.0
1,900.0
1,650.0
270.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,290.0 -
Cross Check VALID
Gas Field 1 - Computation of Fiscal Terms by Upstream Gas Investors
YEARS---> 2016 2017 2018 2019
Total Revenues $MM - - - -
Less: LNG Tolling Fee $MM - - - -
Equals: Net Revenue for Profit Gas/CR $MM - - - -
Total Other Optg Costs, excl LNG Toll $MM - - - -
Capital Eligible for Upstream Depreciation* $MM 200.0 420.0 850.0 1,900.0
Depreciation and Cost Recovery (CR)

Depreciation for CR and Tax $MM 50.0 155.0 367.5 842.5
CR/Tax Loss from pre-production period $MM 1,000.0
Total CR Pool Generated in Current Year $MM 1,050.0 155.0 367.5 842.5
CR Limit - Current Year $MM - - - -

CR Surplus Generated in Current Year $MM 1,050.0 155.0 367.5 842.5
CR Used $MM - - - -
Cumulative CR Surplus Pool to be Carried Over $MM 1,050.0 1,205.0 1,572.5 2,415.0
Profit Gas and Tax Computation

IPP( Petroleum Production Tax) $MM - - - -
R-FACTOR BASED
Accum Cash Receipts (Conc Profit Gas+Cost Gas-Ope$MM - - - -
Accum Investment Expenses $MM 200.0 620.0 1,470.0 3,370.0
Ratio of Accum Receipts to Accum Investments - - - -
Govt Profit Gas Share % 10% 10% 10% 10%
PRODUCTION BASED
Daily Production rate Gas 0 0 0 0
Tranche 1 - - - -
Tranche 2 - - - -
Tranche 3 - - - -
Tranche 4 - - - -
Tranche 5 - - - -
Tranche 6 - - - -
Govt Profit Gas share 0% 0% 0% 0%
Profit Gas - Value $MM - - - -

Government Profit Gas Share $MM - - - -
Concessionaire Profit Gas Share $MM - - - -
Taxable Income / (Loss) $MM (1,050.0) (155.0) (367.5) (842.5)
Loss Carryforward at end of Year $MM (1,050.0) (1,205.0) (1,572.5) (2,415.0)
Taxable Income after Carryforward of Losses $MM - - -
Income Tax Due $MM - - - -
2020 2021 2022 2023 2024 2025 2026 2027 2028
2,272.6 4,545.2 4,545.2 4,319.4 4,545.2 4,545.2 4,545.2 4,545.2 4,319.4
1,062.4 2,124.7 2,124.7 1,917.6 2,124.7 2,124.7 2,124.7 2,124.7 1,917.6
1,210.2 2,420.4 2,420.4 2,401.9 2,420.4 2,420.4 2,420.4 2,420.4 2,401.9
376.9 753.8 753.8 746.2 753.8 753.8 753.8 753.8 746.2
1,650.0 270.0 - - - - - - -
1,205.0 1,167.5 955.0 480.0 67.5 - - - -
1,581.9 1,921.3 1,708.8 1,226.2 821.3 753.8 753.8 753.8 746.2
786.6 1,573.3 1,573.3 1,561.2 1,573.3 1,573.3 1,573.3 1,573.3 1,561.2

795.2 348.0 135.5 - - - - - -
786.6 1,573.3 1,573.3 1,561.2 1,573.3 1,573.3 1,573.3 1,573.3 894.5
3,210.2 3,558.2 3,693.7 3,358.8 2,606.8 1,787.2 967.7 148.2 -
68.2 136.4 136.4 129.6 136.4 136.4 136.4 136.4 129.6
791.0 2,372.9 3,954.9 5,526.4 7,023.7 8,520.9 10,018.1 11,515.4 12,718.7

5,020.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0
0.2 0.4 0.7 1.0 1.3 1.6 1.9 2.2 2.4
10% 10% 10% 10% 20% 20% 20% 20% 30%
825 1650 1650 1650 1650 1650 1650 1650 1650

300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
225.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
- 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
- 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
- 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0
34% 39% 39% 39% 39% 39% 39% 39% 39%
423.6 847.2 847.2 840.6 847.2 847.2 847.2 847.2 1,507.4

42.4 84.7 84.7 84.1 169.4 169.4 169.4 169.4 452.2
381.2 762.4 762.4 756.6 677.7 677.7 677.7 677.7 1,055.2
(482.2) 278.1 490.6 962.0 1,293.4 1,360.9 1,360.9 1,360.9 1,073.8
(2,897.2) (2,619.1) (2,128.5) (1,166.6) - - - - -
- - - - 126.8 1,360.9 1,360.9 1,360.9 1,073.8
- - - - 30.4 326.6 326.6 326.6 257.7
2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
4,545.2 4,545.2 4,545.2 4,545.2 4,319.4 4,545.2 4,545.2 4,545.2 4,545.2 4,319.4
2,124.7 2,124.7 2,124.7 2,124.7 1,917.6 2,124.7 2,124.7 2,124.7 2,124.7 1,917.6
2,420.4 2,420.4 2,420.4 2,420.4 2,401.9 2,420.4 2,420.4 2,420.4 2,420.4 2,401.9
753.8 753.8 753.8 753.8 746.2 753.8 753.8 753.8 753.8 746.2
- - - - - - - - - -
- - - - - - - - - -
753.8 753.8 753.8 753.8 746.2 753.8 753.8 753.8 753.8 746.2
1,573.3 1,573.3 1,573.3 1,573.3 1,561.2 1,573.3 1,573.3 1,573.3 1,573.3 1,561.2
- - - - - - - - - -
753.8 753.8 753.8 753.8 746.2 753.8 753.8 753.8 753.8 746.2
- - - - - - - - - -
136.4 136.4 136.4 136.4 129.6 136.4 136.4 136.4 136.4 129.6
13,885.4 15,052.1 16,218.7 17,052.1 17,879.9 18,713.2 19,546.5 20,379.9 21,213.2 21,875.5
5,290.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0
2.6 2.8 3.1 3.2 3.4 3.5 3.7 3.9 4.0 4.1
30% 30% 30% 50% 50% 50% 50% 50% 50% 60%
1650 1650 1650 1650 1650 1650 1650 1650 1650 1650
300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0
39% 39% 39% 39% 39% 39% 39% 39% 39% 39%
1,666.7 1,666.7 1,666.7 1,666.7 1,655.6 1,666.7 1,666.7 1,666.7 1,666.7 1,655.6
500.0 500.0 500.0 833.3 827.8 833.3 833.3 833.3 833.3 993.4
1,166.7 1,166.7 1,166.7 833.3 827.8 833.3 833.3 833.3 833.3 662.2
1,030.3 1,030.3 1,030.3 697.0 698.2 697.0 697.0 697.0 697.0 532.7
- - - - - - - - - -
1,030.3 1,030.3 1,030.3 697.0 698.2 697.0 697.0 697.0 697.0 532.7
329.7 329.7 329.7 223.0 223.4 223.0 223.0 223.0 223.0 170.5
2039 2040 2041 2042 2043 2044 2045 2046 2047 2048
4,545.2 4,545.2 4,545.2 4,545.2 4,319.4 4,545.2 4,545.2 4,545.2 4,545.2 4,545.2
2,124.7 2,124.7 2,124.7 2,124.7 1,917.6 2,124.7 2,124.7 2,124.7 2,124.7 2,124.7
2,420.4 2,420.4 2,420.4 2,420.4 2,401.9 2,420.4 2,420.4 2,420.4 2,420.4 2,420.4
753.8 753.8 753.8 753.8 746.2 753.8 753.8 1,053.8 1,053.8 1,353.8
- - - - - - - - - -
- - - - - - - - - -
753.8 753.8 753.8 753.8 746.2 753.8 753.8 1,053.8 1,053.8 1,353.8
1,573.3 1,573.3 1,573.3 1,573.3 1,561.2 1,573.3 1,573.3 1,573.3 1,573.3 1,573.3
- - - - - - - - - -
753.8 753.8 753.8 753.8 746.2 753.8 753.8 1,053.8 1,053.8 1,353.8
- - - - - - - - - -
136.4 136.4 136.4 136.4 129.6 136.4 136.4 136.4 136.4 136.4
22,542.1 23,208.8 23,875.5 24,542.1 25,204.4 25,871.0 26,537.7 27,084.4 27,631.0 28,057.7
5,290.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0
4.3 4.4 4.5 4.6 4.8 4.9 5.0 5.1 5.2 5.3
60% 60% 60% 60% 60% 60% 60% 60% 60% 60%
1650 1650 1650 1650 1650 1650 1650 1650 1650 1650
300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0
39% 39% 39% 39% 39% 39% 39% 39% 39% 39%
1,666.7 1,666.7 1,666.7 1,666.7 1,655.6 1,666.7 1,666.7 1,366.7 1,366.7 1,066.7
1,000.0 1,000.0 1,000.0 1,000.0 993.4 1,000.0 1,000.0 820.0 820.0 640.0
666.7 666.7 666.7 666.7 662.2 666.7 666.7 546.7 546.7 426.7
530.3 530.3 530.3 530.3 532.7 530.3 530.3 410.3 410.3 290.3
- - - - - - - - - -
530.3 530.3 530.3 530.3 532.7 530.3 530.3 410.3 410.3 290.3
169.7 169.7 169.7 169.7 170.5 169.7 169.7 131.3 131.3 92.9
TOTALS
128,408.9
59,519.2
68,889.7
22,645.0
5,290.0
5,290.0
28,935.0
44,778.3
3,693.7
28,935.0
3,852.3
47,025.0
39,954.7
18,187.0
21,767.7
17,915.4
17,915.4
5,310.3
Upstream Gas Investors Field 1 - Financial Returns and Government Take
YEARS---> 2016 2017
Total Upstream Capital Expenditures Block 1 $MM 200.0 420.0
Production and Revenue - Upstream

Production capacity, Thousands of MCFD M MCFD - -
Production capacity, Millions of MCF per Year Millions MCF - -
Domestic Dry Gas Sales, Millons of MCF per Year Millions MCF 0 0.0
Gas volume lost as converted to LPG (if done by upstream) Millions MCF 0 -
Gas Sold as LPG, Millions of Barrels p.a. (if sold by upstream) Millions of Bbls 0 0.0
Total Gas Transferred to LNG Plant per year, net of downtime Millions MCF - -
Total Gas exported as LNG by Upstream after LNG product loss
(Tolling Case) Millions MCF - -
Price for gas sold to LNG Plant Owners (under Equity Case) or for
Export Buyers (under Tolling Case) $/MCF $ 8.50 $ 8.50
Revenue from Domestic Dry Gas $MM - -
Revenue from LPG (if sold by upstream) $MM - -
Revenues from selling to Lng Plant Owners $MM - -
Revenues from selling to Export buyers (Tolling case) $MM - -
Total Revenues $MM $ - $ -
Other Costs
Upstream Operating Costs $MM - -
Maintenance and Decommissioning Costs $MM - -
Pipeline Tariff $MM - -
LNG Tolling Fee $MM - -
LPG Operating Costs (if operated by Upstream) $MM - -
Costs to deliver to Dom Gas pipeline entry point $MM - -
Total Other Costs $MM - -
Upstream Government Take (from separate worksheet)

IPP (Petroleum Production Tax) $MM - -
Government Profit Gas Share $MM - -
Income Tax Due $MM - -
Total Government Taxes $MM - -
Net Cash Flow and NPV to Investors

Net Cash Flow After Tax - Upstream $MM (200.0) (420.0)
NPV @ 10.0% 2,155.5
Internal Rate of Return 19%
Government Take
Total to be Shared - Cash Basis $MM (200.0) (420.0)
Total to Govt $MM - -
% to Govt % 0.0% 0.0%
Total Government Revenue 27,349.5
Government Revenue NPV @ 10% 4,282.8
Total Government Take Undiscounted 67%
Total Government Take Discounted 67%
NOTE: In situations where special fiscal incentive arrangements may have been agreed,
the Cash Flows and NPV for Upstream Investors include the fiscal benefits of taking cost recovery or
tax depreciation from an agreed portion of the capital invested by other segments.
But all of the cash OUTFLOWS from those expenditures are counted against the
financial returns of those other segments, either Gas PL or LNG.
2018 2019 2020 2021 2022 2023 2024 2025
850.0 1,900.0 1,650.0 270.0 - - - -
- - 825.0 1,650.0 1,650.0 1,650.0 1,650.0 1,650.0

- - 301.1 602.3 602.3 602.3 602.3 602.3
0.0 0.0 6.0 12.0 12.0 12.0 12.0 12.0
- - - - - - - -
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
- - 295.1 590.2 590.2 560.7 590.2 590.2
- - 265.6 531.2 531.2 504.6 531.2 531.2
$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50

- - 15.1 30.1 30.1 30.1 30.1 30.1
- - - - - - - -
- - - - - - - -
- - 2,257.5 4,515.1 4,515.1 4,289.3 4,515.1 4,515.1
$ - $ - $ 2,272.6 $ 4,545.2 $ 4,545.2 $ 4,319.4 $ 4,545.2 $ 4,545.2
- - 301.1 602.3 602.3 602.3 602.3 602.3

- - - - - - - -
- - 75.3 150.6 150.6 143.0 150.6 150.6
- - 1,062.4 2,124.7 2,124.7 1,917.6 2,124.7 2,124.7
- - - - - - - -
- - 0.5 1.0 1.0 1.0 1.0 1.0
- - 1,439.3 2,878.5 2,878.5 2,663.8 2,878.5 2,878.5
- - 68.2 136.4 136.4 129.6 136.4 136.4

- - 42.4 84.7 84.7 84.1 169.4 169.4
- - - - - - 30.4 326.6
- - 110.5 221.1 221.1 213.6 336.2 632.4
(850.0) (1,900.0) (927.2) 1,175.6 1,445.6 1,442.0 1,330.4 1,034.3
(850.0) (1,900.0) (816.7) 1,396.7 1,666.7 1,655.6 1,666.7 1,666.7

- - 110.5 221.1 221.1 213.6 336.2 632.4
0.0% 0.0% -13.5% 15.8% 13.3% 12.9% 20.2% 37.9%
2026 2027 2028 2029 2030 2031 2032 2033
- - - - - - - -
1,650.0 1,650.0 1,650.0 1,650.0 1,650.0 1,650.0 1,650.0 1,650.0

602.3 602.3 602.3 602.3 602.3 602.3 602.3 602.3
12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0
- - - - - - - -
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
590.2 590.2 560.7 590.2 590.2 590.2 590.2 560.7
531.2 531.2 504.6 531.2 531.2 531.2 531.2 504.6
$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50

30.1 30.1 30.1 30.1 30.1 30.1 30.1 30.1
- - - - - - - -
- - - - - - - -
4,515.1 4,515.1 4,289.3 4,515.1 4,515.1 4,515.1 4,515.1 4,289.3
$ 4,545.2 $ 4,545.2 $ 4,319.4 $ 4,545.2 $ 4,545.2 $ 4,545.2 $ 4,545.2 $ 4,319.4
602.3 602.3 602.3 602.3 602.3 602.3 602.3 602.3

- - - - - - - -
150.6 150.6 143.0 150.6 150.6 150.6 150.6 143.0
2,124.7 2,124.7 1,917.6 2,124.7 2,124.7 2,124.7 2,124.7 1,917.6
- - - - - - - -
1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
2,878.5 2,878.5 2,663.8 2,878.5 2,878.5 2,878.5 2,878.5 2,663.8
136.4 136.4 129.6 136.4 136.4 136.4 136.4 129.6

169.4 169.4 452.2 500.0 500.0 500.0 833.3 827.8
326.6 326.6 257.7 329.7 329.7 329.7 223.0 223.4
632.4 632.4 839.5 966.1 966.1 966.1 1,192.7 1,180.8
1,034.3 1,034.3 816.1 700.6 700.6 700.6 473.9 474.8
1,666.7 1,666.7 1,655.6 1,666.7 1,666.7 1,666.7 1,666.7 1,655.6

632.4 632.4 839.5 966.1 966.1 966.1 1,192.7 1,180.8
37.9% 37.9% 50.7% 58.0% 58.0% 58.0% 71.6% 71.3%
2034 2035 2036 2037 2038 2039 2040 2041
- - - - - - - -
1,650.0 1,650.0 1,650.0 1,650.0 1,650.0 1,650.0 1,650.0 1,650.0

602.3 602.3 602.3 602.3 602.3 602.3 602.3 602.3
12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0
- - - - - - - -
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
590.2 590.2 590.2 590.2 560.7 590.2 590.2 590.2
531.2 531.2 531.2 531.2 504.6 531.2 531.2 531.2
$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50

30.1 30.1 30.1 30.1 30.1 30.1 30.1 30.1
- - - - - - - -
- - - - - - - -
4,515.1 4,515.1 4,515.1 4,515.1 4,289.3 4,515.1 4,515.1 4,515.1
$ 4,545.2 $ 4,545.2 $ 4,545.2 $ 4,545.2 $ 4,319.4 $ 4,545.2 $ 4,545.2 $ 4,545.2
602.3 602.3 602.3 602.3 602.3 602.3 602.3 602.3

- - - - - - - -
150.6 150.6 150.6 150.6 143.0 150.6 150.6 150.6
2,124.7 2,124.7 2,124.7 2,124.7 1,917.6 2,124.7 2,124.7 2,124.7
- - - - - - - -
1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
2,878.5 2,878.5 2,878.5 2,878.5 2,663.8 2,878.5 2,878.5 2,878.5
136.4 136.4 136.4 136.4 129.6 136.4 136.4 136.4

833.3 833.3 833.3 833.3 993.4 1,000.0 1,000.0 1,000.0
223.0 223.0 223.0 223.0 170.5 169.7 169.7 169.7
1,192.7 1,192.7 1,192.7 1,192.7 1,293.4 1,306.1 1,306.1 1,306.1
473.9 473.9 473.9 473.9 362.2 360.6 360.6 360.6
1,666.7 1,666.7 1,666.7 1,666.7 1,655.6 1,666.7 1,666.7 1,666.7

1,192.7 1,192.7 1,192.7 1,192.7 1,293.4 1,306.1 1,306.1 1,306.1
71.6% 71.6% 71.6% 71.6% 78.1% 78.4% 78.4% 78.4%
2042 2043 2044 2045 2046 2047 2048 TOTALS
- - - - - - - 5,290.0
1,650.0 1,650.0 1,650.0 1,650.0 1,650.0 1,650.0 1,650.0

602.3 602.3 602.3 602.3 602.3 602.3 602.3 17,164.1
12.0 12.0 12.0 12.0 12.0 12.0 12.0 343.3
- - - - - - - -
0.0 0.0 0.0 0.0 0.0 0.0 0.0 -
590.2 560.7 590.2 590.2 590.2 590.2 590.2 16,673.3
531.2 504.6 531.2 531.2 531.2 531.2 531.2 15,006.0
$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50

30.1 30.1 30.1 30.1 30.1 30.1 30.1 858.2
- - - - - - - -
- - - - - - -
4,515.1 4,289.3 4,515.1 4,515.1 4,515.1 4,515.1 4,515.1 127,550.7
$ 4,545.2 $ 4,319.4 $ 4,545.2 $ 4,545.2 $ 4,545.2 $ 4,545.2 $ 4,545.2 128,408.9
602.3 602.3 602.3 602.3 602.3 602.3 602.3 17,164.1

- - - - 300.0 300.0 600.0 1,200.0
150.6 143.0 150.6 150.6 150.6 150.6 150.6 4,253.4
2,124.7 1,917.6 2,124.7 2,124.7 2,124.7 2,124.7 2,124.7 59,519.2
- - - - - - - -
1.0 1.0 1.0 1.0 1.0 1.0 1.0 27.5
2,878.5 2,663.8 2,878.5 2,878.5 3,178.5 3,178.5 3,478.5 82,164.2
136.4 129.6 136.4 136.4 136.4 136.4 136.4 3,852.3

1,000.0 993.4 1,000.0 1,000.0 820.0 820.0 640.0 18,187.0
169.7 170.5 169.7 169.7 131.3 131.3 92.9 5,310.3
1,306.1 1,293.4 1,306.1 1,306.1 1,087.7 1,087.7 869.3 27,349.5
360.6 362.2 360.6 360.6 279.0 279.0 197.4 13,605.2
1,666.7 1,655.6 1,666.7 1,666.7 1,366.7 1,366.7 1,066.7 40,954.7

1,306.1 1,293.4 1,306.1 1,306.1 1,087.7 1,087.7 869.3 27,349.5
78.4% 78.1% 78.4% 78.4% 79.6% 79.6% 81.5% 66.8%
Year:--> 2016 2017 2018
Capital Expenditures from Upstream sector only $MM 0 200.0 420.0

Gas PL $MM - - -
LNG Plant $MM - - -
Capital Eligible for Upstream Depreciation* $MM 200.0 420.0 850.0
Year of Expd:
Depreciation of Capex ($MM) made in Year: --> 2016 50.0 50.0 50.0
2017 105.0 105.0
2018 212.5
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
Total Depreciation by Fiscal Year 50.0 155.0 367.5
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
850.0 1,900.0 1,650.0 270.0 - - - - - -
- - - - - - - - - -
- - - - - - - - - -
1,900.0 1,650.0 270.0 - - - - - - -
50.0 - - - - - - - - -
105.0 105.0 - - - - - - - -
212.5 212.5 212.5 - - - - - - -
475.0 475.0 475.0 475.0 - - - - - -
412.5 412.5 412.5 412.5 - - - - -
67.5 67.5 67.5 67.5 - - - -
- - - - - - -
- - - - - -
- - - - -
- - - -
- - -
- -
-
842.5 1,205.0 1,167.5 955.0 480.0 67.5 - - - -
2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - -
- - - - - - - -
- - - - - - -
- - - - - -
- - - - -
- - - -
- - -
- -
-
- - - - - - - - - -
2039 2040 2041 2042 2043 2044 2045 2046 2047 2048
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - -
- - - - - - - -
- - - - - - -
- - - - - -
- - - - -
- - - -
- - -
- -
-
- - - - - - - - - -
TOTALS
5,290.0
-
-
5,290.0
200.0
420.0
850.0
1,900.0
1,650.0
270.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,290.0 -
Cross Check VALID
YEARS---> 2016 2017 2018 2019
Total Other Optg Costs, excl LNG Toll $MM - - - -
Capital Eligible for Upstream Depreciation* $MM 200.0 420.0 850.0 1,900.0

Depreciation for CR and Tax $MM 50.0 155.0 367.5 842.5
CR/Tax Loss from pre-production period $MM 1,000.0
Total CR Pool Generated in Current Year $MM 1,050.0 155.0 367.5 842.5

CR Surplus Generated in Current Year $MM 1,050.0 155.0 367.5 842.5
CR Used $MM - - - -
Cumulative CR Surplus Pool to be Carried Over $MM 1,050.0 1,205.0 1,572.5 2,415.0

R-FACTOR BASED
Accum Investment Expenses $MM 200.0 620.0 1,470.0 3,370.0
PRODUCTION BASED
Tranche 1 - - - -
Tranche 2 - - - -
Tranche 3 - - - -
Tranche 4 - - - -
Tranche 5 - - - -
Tranche 6 - - - -

Taxable Income / (Loss) $MM (1,050.0) (155.0) (367.5) (842.5)
Loss Carryforward at end of Year $MM (1,050.0) (1,205.0) (1,572.5) (2,415.0)
2020 2021 2022 2023 2024 2025 2026 2027 2028
2,272.6 4,545.2 4,545.2 4,319.4 4,545.2 4,545.2 4,545.2 4,545.2 4,319.4
1,062.4 2,124.7 2,124.7 1,917.6 2,124.7 2,124.7 2,124.7 2,124.7 1,917.6
1,210.2 2,420.4 2,420.4 2,401.9 2,420.4 2,420.4 2,420.4 2,420.4 2,401.9
376.9 753.8 753.8 746.2 753.8 753.8 753.8 753.8 746.2
1,650.0 270.0 - - - - - - -
1,205.0 1,167.5 955.0 480.0 67.5 - - - -
1,581.9 1,921.3 1,708.8 1,226.2 821.3 753.8 753.8 753.8 746.2
786.6 1,573.3 1,573.3 1,561.2 1,573.3 1,573.3 1,573.3 1,573.3 1,561.2

795.2 348.0 135.5 - - - - - -
786.6 1,573.3 1,573.3 1,561.2 1,573.3 1,573.3 1,573.3 1,573.3 894.5
3,210.2 3,558.2 3,693.7 3,358.8 2,606.8 1,787.2 967.7 148.2 -
68.2 136.4 136.4 129.6 136.4 136.4 136.4 136.4 129.6
791.0 2,372.9 3,954.9 5,526.4 7,023.7 8,520.9 10,018.1 11,515.4 12,718.7

5,020.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0
0.2 0.4 0.7 1.0 1.3 1.6 1.9 2.2 2.4
10% 10% 10% 10% 20% 20% 20% 20% 30%
825 1650 1650 1650 1650 1650 1650 1650 1650

300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
225.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
- 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
- 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
- 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0
34% 39% 39% 39% 39% 39% 39% 39% 39%
423.6 847.2 847.2 840.6 847.2 847.2 847.2 847.2 1,507.4

42.4 84.7 84.7 84.1 169.4 169.4 169.4 169.4 452.2
381.2 762.4 762.4 756.6 677.7 677.7 677.7 677.7 1,055.2
(482.2) 278.1 490.6 962.0 1,293.4 1,360.9 1,360.9 1,360.9 1,073.8
(2,897.2) (2,619.1) (2,128.5) (1,166.6) - - - - -
- - - - 126.8 1,360.9 1,360.9 1,360.9 1,073.8
- - - - 30.4 326.6 326.6 326.6 257.7
2029 2030 2031 2032 2033 2034 2035 2036 2037
4,545.2 4,545.2 4,545.2 4,545.2 4,319.4 4,545.2 4,545.2 4,545.2 4,545.2
2,124.7 2,124.7 2,124.7 2,124.7 1,917.6 2,124.7 2,124.7 2,124.7 2,124.7
2,420.4 2,420.4 2,420.4 2,420.4 2,401.9 2,420.4 2,420.4 2,420.4 2,420.4
753.8 753.8 753.8 753.8 746.2 753.8 753.8 753.8 753.8
- - - - - - - - -
- - - - - - - - -
753.8 753.8 753.8 753.8 746.2 753.8 753.8 753.8 753.8
1,573.3 1,573.3 1,573.3 1,573.3 1,561.2 1,573.3 1,573.3 1,573.3 1,573.3

- - - - - - - - -
753.8 753.8 753.8 753.8 746.2 753.8 753.8 753.8 753.8
- - - - - - - - -
136.4 136.4 136.4 136.4 129.6 136.4 136.4 136.4 136.4
13,885.4 15,052.1 16,218.7 17,052.1 17,879.9 18,713.2 19,546.5 20,379.9 21,213.2

5,290.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0
2.6 2.8 3.1 3.2 3.4 3.5 3.7 3.9 4.0
30% 30% 30% 50% 50% 50% 50% 50% 50%
1650 1650 1650 1650 1650 1650 1650 1650 1650

300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0
39% 39% 39% 39% 39% 39% 39% 39% 39%
1,666.7 1,666.7 1,666.7 1,666.7 1,655.6 1,666.7 1,666.7 1,666.7 1,666.7

500.0 500.0 500.0 833.3 827.8 833.3 833.3 833.3 833.3
1,166.7 1,166.7 1,166.7 833.3 827.8 833.3 833.3 833.3 833.3
1,030.3 1,030.3 1,030.3 697.0 698.2 697.0 697.0 697.0 697.0
- - - - - - - - -
1,030.3 1,030.3 1,030.3 697.0 698.2 697.0 697.0 697.0 697.0
329.7 329.7 329.7 223.0 223.4 223.0 223.0 223.0 223.0
2038 2039 2040 2041 2042 2043 2044 2045 2046
4,319.4 4,545.2 4,545.2 4,545.2 4,545.2 4,319.4 4,545.2 4,545.2 4,545.2
1,917.6 2,124.7 2,124.7 2,124.7 2,124.7 1,917.6 2,124.7 2,124.7 2,124.7
2,401.9 2,420.4 2,420.4 2,420.4 2,420.4 2,401.9 2,420.4 2,420.4 2,420.4
746.2 753.8 753.8 753.8 753.8 746.2 753.8 753.8 1,053.8
- - - - - - - - -
- - - - - - - - -
746.2 753.8 753.8 753.8 753.8 746.2 753.8 753.8 1,053.8
1,561.2 1,573.3 1,573.3 1,573.3 1,573.3 1,561.2 1,573.3 1,573.3 1,573.3

- - - - - - - - -
746.2 753.8 753.8 753.8 753.8 746.2 753.8 753.8 1,053.8
- - - - - - - - -
129.6 136.4 136.4 136.4 136.4 129.6 136.4 136.4 136.4
21,875.5 22,542.1 23,208.8 23,875.5 24,542.1 25,204.4 25,871.0 26,537.7 27,084.4

5,290.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0 5,290.0
4.1 4.3 4.4 4.5 4.6 4.8 4.9 5.0 5.1
60% 60% 60% 60% 60% 60% 60% 60% 60%
1650 1650 1650 1650 1650 1650 1650 1650 1650

300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0
39% 39% 39% 39% 39% 39% 39% 39% 39%
1,655.6 1,666.7 1,666.7 1,666.7 1,666.7 1,655.6 1,666.7 1,666.7 1,366.7

993.4 1,000.0 1,000.0 1,000.0 1,000.0 993.4 1,000.0 1,000.0 820.0
662.2 666.7 666.7 666.7 666.7 662.2 666.7 666.7 546.7
532.7 530.3 530.3 530.3 530.3 532.7 530.3 530.3 410.3
- - - - - - - - -
532.7 530.3 530.3 530.3 530.3 532.7 530.3 530.3 410.3
170.5 169.7 169.7 169.7 169.7 170.5 169.7 169.7 131.3
2047 2048 TOTALS
4,545.2 4,545.2 128,408.9
2,124.7 2,124.7 59,519.2
2,420.4 2,420.4 68,889.7
1,053.8 1,353.8 22,645.0
- - 5,290.0
- - 5,290.0
1,053.8 1,353.8 28,935.0

-
1,573.3 1,573.3 44,778.3
- - 3,693.7
1,053.8 1,353.8 28,935.0
- -
136.4 136.4 3,852.3
27,631.0 28,057.7
5,290.0 5,290.0
5.2 5.3
60% 60%
1650 1650 47,025.0

300.0 300.0
300.0 300.0
300.0 300.0
300.0 300.0
300.0 300.0
150.0 150.0
39% 39%
1,366.7 1,066.7 39,954.7

820.0 640.0 18,187.0
546.7 426.7 21,767.7
410.3 290.3 17,915.4
- -
410.3 290.3 17,915.4
131.3 92.9 5,310.3
YEARS---> 2016 2017
Total Upstream Capital Expenditures Block 2 $MM 200.0 420.0

Domestic Dry Gas Sales, Millons of MCF per Year Millions MCF - -
Gas Sold as LPG, Millions of Barrels p.a. (if sold by upstream) Millions of Bbls 0 0
Other Costs

IPP( Petroleum Production Tax) $MM - -

Net Cash Flow After Tax - Upstream $MM (200.0) (420.0)
NPV @ 10.0% 2,155.5
Government Take
Total to be Shared - Cash Basis $MM (200.0) (420.0)
% to Govt % 0.0% 0.0%
ment Take
2018 2019 2020 2021 2022 2023 2024 2025 2026
850.0 1,900.0 1,650.0 270.0 - - - - -
- - 825.0 1,650.0 1,650.0 1,650.0 1,650.0 1,650.0 1,650.0

- - 301.1 602.3 602.3 602.3 602.3 602.3 602.3
- - 6.0 12.0 12.0 12.0 12.0 12.0 12.0
- - - - - - - - -
0 0 0 0 0 0 0 0 0
- - 295.1 590.2 590.2 560.7 590.2 590.2 590.2
- - 265.6 531.2 531.2 504.6 531.2 531.2 531.2
$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50

- - 15.1 30.1 30.1 30.1 30.1 30.1 30.1
- - - - - - - - -
- - - - - - - - -
- - 2,257.5 4,515.1 4,515.1 4,289.3 4,515.1 4,515.1 4,515.1
$ - $ - $ 2,272.6 $ 4,545.2 $ 4,545.2 $ 4,319.4 $ 4,545.2 $ 4,545.2 $ 4,545.2
- - 301.1 602.3 602.3 602.3 602.3 602.3 602.3

- - - - - - - - -
- - 75.3 150.6 150.6 143.0 150.6 150.6 150.6
- - 1,062.4 2,124.7 2,124.7 1,917.6 2,124.7 2,124.7 2,124.7
- - - - - - - - -
- - 0.5 1.0 1.0 1.0 1.0 1.0 1.0
- - 1,439.3 2,878.5 2,878.5 2,663.8 2,878.5 2,878.5 2,878.5
- - 68.2 136.4 136.4 129.6 136.4 136.4 136.4

- - 42.4 84.7 84.7 84.1 169.4 169.4 169.4
- - - - - - 30.4 326.6 326.6
- - 110.5 221.1 221.1 213.6 336.2 632.4 632.4
(850.0) (1,900.0) (927.2) 1,175.6 1,445.6 1,442.0 1,330.4 1,034.3 1,034.3
(850.0) (1,900.0) (816.7) 1,396.7 1,666.7 1,655.6 1,666.7 1,666.7 1,666.7

- - 110.5 221.1 221.1 213.6 336.2 632.4 632.4
0.0% 0.0% -13.5% 15.8% 13.3% 12.9% 20.2% 37.9% 37.9%
2027 2028 2029 2030 2031 2032 2033 2034 2035
- - - - - - - - -
1,650.0 1,650.0 1,650.0 1,650.0 1,650.0 1,650.0 1,650.0 1,650.0 1,650.0

602.3 602.3 602.3 602.3 602.3 602.3 602.3 602.3 602.3
12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0
- - - - - - - - -
0 0 0 0 0 0 0 0 0
590.2 560.7 590.2 590.2 590.2 590.2 560.7 590.2 590.2
531.2 504.6 531.2 531.2 531.2 531.2 504.6 531.2 531.2
$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50

30.1 30.1 30.1 30.1 30.1 30.1 30.1 30.1 30.1
- - - - - - - - -
- - - - - - - - -
4,515.1 4,289.3 4,515.1 4,515.1 4,515.1 4,515.1 4,289.3 4,515.1 4,515.1
$ 4,545.2 $ 4,319.4 $ 4,545.2 $ 4,545.2 $ 4,545.2 $ 4,545.2 $ 4,319.4 $ 4,545.2 $ 4,545.2
602.3 602.3 602.3 602.3 602.3 602.3 602.3 602.3 602.3

- - - - - - - - -
150.6 143.0 150.6 150.6 150.6 150.6 143.0 150.6 150.6
2,124.7 1,917.6 2,124.7 2,124.7 2,124.7 2,124.7 1,917.6 2,124.7 2,124.7
- - - - - - - - -
1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
2,878.5 2,663.8 2,878.5 2,878.5 2,878.5 2,878.5 2,663.8 2,878.5 2,878.5
136.4 129.6 136.4 136.4 136.4 136.4 129.6 136.4 136.4

169.4 452.2 500.0 500.0 500.0 833.3 827.8 833.3 833.3
326.6 257.7 329.7 329.7 329.7 223.0 223.4 223.0 223.0
632.4 839.5 966.1 966.1 966.1 1,192.7 1,180.8 1,192.7 1,192.7
1,034.3 816.1 700.6 700.6 700.6 473.9 474.8 473.9 473.9
1,666.7 1,655.6 1,666.7 1,666.7 1,666.7 1,666.7 1,655.6 1,666.7 1,666.7

632.4 839.5 966.1 966.1 966.1 1,192.7 1,180.8 1,192.7 1,192.7
37.9% 50.7% 58.0% 58.0% 58.0% 71.6% 71.3% 71.6% 71.6%
2036 2037 2038 2039 2040 2041 2042 2043
- - - - - - - -
1,650.0 1,650.0 1,650.0 1,650.0 1,650.0 1,650.0 1,650.0 1,650.0

602.3 602.3 602.3 602.3 602.3 602.3 602.3 602.3
12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0
- - - - - - - -
0 0 0 0 0 0 0 0
590.2 590.2 560.7 590.2 590.2 590.2 590.2 560.7
531.2 531.2 504.6 531.2 531.2 531.2 531.2 504.6
$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50

30.1 30.1 30.1 30.1 30.1 30.1 30.1 30.1
- - - - - - - -
- - - - - - - -
4,515.1 4,515.1 4,289.3 4,515.1 4,515.1 4,515.1 4,515.1 4,289.3
$ 4,545.2 $ 4,545.2 $ 4,319.4 $ 4,545.2 $ 4,545.2 $ 4,545.2 $ 4,545.2 $ 4,319.4
602.3 602.3 602.3 602.3 602.3 602.3 602.3 602.3

- - - - - - - -
150.6 150.6 143.0 150.6 150.6 150.6 150.6 143.0
2,124.7 2,124.7 1,917.6 2,124.7 2,124.7 2,124.7 2,124.7 1,917.6
- - - - - - - -
1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
2,878.5 2,878.5 2,663.8 2,878.5 2,878.5 2,878.5 2,878.5 2,663.8
136.4 136.4 129.6 136.4 136.4 136.4 136.4 129.6

833.3 833.3 993.4 1,000.0 1,000.0 1,000.0 1,000.0 993.4
223.0 223.0 170.5 169.7 169.7 169.7 169.7 170.5
1,192.7 1,192.7 1,293.4 1,306.1 1,306.1 1,306.1 1,306.1 1,293.4
473.9 473.9 362.2 360.6 360.6 360.6 360.6 362.2
1,666.7 1,666.7 1,655.6 1,666.7 1,666.7 1,666.7 1,666.7 1,655.6

1,192.7 1,192.7 1,293.4 1,306.1 1,306.1 1,306.1 1,306.1 1,293.4
71.6% 71.6% 78.1% 78.4% 78.4% 78.4% 78.4% 78.1%
2044 2045 2046 2047 2048 TOTALS
- - - - - 5,290.0
1,650.0 1,650.0 1,650.0 1,650.0 1,650.0

602.3 602.3 602.3 602.3 602.3 17,164.1
12.0 12.0 12.0 12.0 12.0 343.3
- - - - - -
0 0 0 0 0 -
590.2 590.2 590.2 590.2 590.2 16,673.3
531.2 531.2 531.2 531.2 531.2 15,006.0
$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50

30.1 30.1 30.1 30.1 30.1 858.2
- - - - - -
- - - - -
4,515.1 4,515.1 4,515.1 4,515.1 4,515.1 127,550.7
$ 4,545.2 $ 4,545.2 $ 4,545.2 $ 4,545.2 $ 4,545.2 128,408.9
602.3 602.3 602.3 602.3 602.3 17,164.1

- - 300.0 300.0 600.0 1,200.0
150.6 150.6 150.6 150.6 150.6 4,253.4
2,124.7 2,124.7 2,124.7 2,124.7 2,124.7 59,519.2
- - - - - -
1.0 1.0 1.0 1.0 1.0 27.5
2,878.5 2,878.5 3,178.5 3,178.5 3,478.5 82,164.2
136.4 136.4 136.4 136.4 136.4 3,852.3

1,000.0 1,000.0 820.0 820.0 640.0 18,187.0
169.7 169.7 131.3 131.3 92.9 5,310.3
1,306.1 1,306.1 1,087.7 1,087.7 869.3 27,349.5
360.6 360.6 279.0 279.0 197.4 13,605.2
1,666.7 1,666.7 1,366.7 1,366.7 1,066.7 40,954.7

1,306.1 1,306.1 1,087.7 1,087.7 869.3 27,349.5
78.4% 78.4% 79.6% 79.6% 81.5% 66.8%
Year:--> 2016 2017 2018 2019
Capital Expenditures from Upstream sector only $MM - - - -

Gas PL - - - -
LNG Plant - - - -
Capital Eligible for Upstream Depreciation* $MM - - - -
Year of Expd:
Depreciation of Capex ($MM) made in Year: --> 2016 - - - -
2017 - - -
2018 - -
2019 -
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
Total Depreciation by Fiscal Year - - - -
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - -
- - - - - - - -
- - - - - - -
- - - - - -
- - - - -
- - - -
- - -
- -
-
- - - - - - - - - -
2030 2031 2032 2033 2034 2035 2036 2037 2038 2039
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - -
- - - - - - - -
- - - - - - -
- - - - - -
- - - - -
- - - -
- - -
- -
-
- - - - - - - - - -
2040 2041 2042 2043 2044 2045 2046 2047 2048 TOTALS
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - -
- - - - - - - -
- - - - - - -
- - - - - -
- - - - -
- - - -
- - -
- -
- - - - - - - - - -
Cross Check
-
VALID
YEARS---> 2016 2017 2018 2019
Total Other Costs $MM - - - -
Capital Eligible for Upstream Depreciation* $MM - - - -

Depreciation for CR and Tax $MM - - - -
CR/Tax Loss from pre-production period $MM -
Total CR Pool Generated in Current Year $MM - - - -

CR Surplus Generated in Current Year $MM - - - -
CR Used $MM - - - -
Cumulative CR Surplus Pool to be Carried Over $MM - - - -

R-FACTOR BASED
Accum Investment Expenses $MM - - - -
PRODUCTION BASED
Tranche 1 - - - -
Tranche 2 - - - -
Tranche 3 - - - -
Tranche 4 - - - -
Tranche 5 - - - -
Tranche 6 - - - -

Taxable Income / (Loss) $MM - - - -
Loss Carryforward at end of Year $MM - - - -
2020 2021 2022 2023 2024 2025 2026 2027 2028
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
10% 10% 10% 10% 10% 10% 10% 10% 10%
0 0 0 0 0 0 0 0 0
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
0% 0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
2029 2030 2031 2032 2033 2034 2035 2036 2037
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
10% 10% 10% 10% 10% 10% 10% 10% 10%
0 0 0 0 0 0 0 0 0
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
0% 0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
2038 2039 2040 2041 2042 2043 2044 2045 2046
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
10% 10% 10% 10% 10% 10% 10% 10% 10%
0 0 0 0 0 0 0 0 0
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
0% 0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
2047 2048 TOTALS
- - -
- - -
- - -
- - -
- - -
- - -
- - -
-
- - -
- - -
- - -
- -
- - -
- -
- -
- -
10% 10%
0 0 -
- -
- -
- -
- -
- -
- -
0% 0%
- - -
- - -
- - -
- - -
- -
- - -
- - -
YEARS---> 2016 2017
Total Upstream Capital Expenditures Block 3 $MM - -

Domestic Dry Gas Sales, Millons of MCF per Year Millions MCF - -
Gas Sold as LPG, Millions of Barrels p.a. (if sold by upstream) Millions of Bbls 0 0
Other Costs

IPP( Petroleum Production Tax) $MM - -

Net Cash Flow After Tax - Upstream $MM - -
NPV @ 10.0% -
Internal Rate of Return Err:523
Government Take
Total to be Shared - Cash Basis $MM - -
% to Govt % #DIV/0! #DIV/0!
Total Government Revenue -
Government Revenue NPV @ 10% -
Total Government Take Undiscounted #DIV/0!
Total Government Take Discounted #DIV/0!
ment Take
2018 2019 2020 2021 2022 2023 2024 2025 2026
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
0 0 0 0 0 0 0 0 0
- - - - - - - - -
- - - - - - - - -
$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
$ - $ - $ - $ - $ - $ - $ - $ - $ -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
2027 2028 2029 2030 2031 2032 2033 2034 2035
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
0 0 0 0 0 0 0 0 0
- - - - - - - - -
- - - - - - - - -
$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
$ - $ - $ - $ - $ - $ - $ - $ - $ -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
2036 2037 2038 2039 2040 2041 2042 2043 2044
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
0 0 0 0 0 0 0 0 0
- - - - - - - - -
- - - - - - - - -
$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
$ - $ - $ - $ - $ - $ - $ - $ - $ -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
2045 2046 2047 2048 TOTALS
- - - - -
- - - -
- - - - -
- - - - -
- - - - -
0 0 0 0 -
- - - - -
- - - - -
$ 8.50 $ 8.50 $ 8.50 $ 8.50

- - - - -
- - - - -
- - - -
- - - - -
$ - $ - $ - $ - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Gas Pipelines from Upstream to Onshore Base and LNG Plant
YEARS---> 2016 2017 2018 2019
Total Gas PL Capital Expenditures $MM - 545.0 645.0 -
Total Gas PL Capex from above permitted for $MM - - - -
Net Capex deductible under Gas PL Fiscal Term$MM - 545.0 645.0 -
Annual Operating Costs

Operating Costs $MM - - - -
Maintenance Costs $MM - - - -
Production and Revenues

Throughput Field 1- Million MCF Year MM MCF - - - -
Throughput Field 2 - Million MCF Year MM MCF - - - -
Throughput Field 3 - Million MCF Year MM MCF - - - -
Total Throughput all Fields MM MCF - - - -
Tariff Revenue from Field 1 $MM - - - -

Total Tariff Revenue from all Fields $MM - - - -
Tax Depreciation and Taxes Due

Tax Depreciation $MM - 136.3 297.5 297.5
Taxable Income / (Loss) $MM - (136.3) (297.5) (297.5)

Loss Carryforward $MM - (136.3) (433.8) (731.3)

Net Cash Flow After Tax - Gas Pipeline $MM - (545.0) (645.0) -
NPV @ 10.0% $ 100.57
Government Take
Total to be Shared $MM - (545.0) (645.0) -
Total to Govt $MM - - - -
% to Govt % #DIV/0! 0.0% 0.0% #DIV/0!
Government Revenue NPV @ 10% 219.4
2020 2021 2022 2023 2024 2025 2026 2027 2028
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
45.2 90.3 90.3 85.8 90.3 90.3 90.3 90.3 85.8

- - - 15.0 - - - - 15.0
301.1 602.3 602.3 572.1 602.3 602.3 602.3 602.3 572.1

301.1 602.3 602.3 572.1 602.3 602.3 602.3 602.3 572.1
- - - - - - - - -
602.3 1,204.5 1,204.5 1,144.3 1,204.5 1,204.5 1,204.5 1,204.5 1,144.3
75.3 150.6 150.6 143.0 150.6 150.6 150.6 150.6 143.0

75.3 150.6 150.6 143.0 150.6 150.6 150.6 150.6 143.0
- - - - - - - - -
150.6 301.1 301.1 286.1 301.1 301.1 301.1 301.1 286.1
297.5 161.3 - - - - - - -
(192.1) 49.5 210.8 185.2 210.8 210.8 210.8 210.8 185.2

(923.4) (873.8) (663.0) (477.8) (267.0) (56.2) - - -
- - - - - - 154.6 210.8 185.2
- - - - - - 49.5 67.5 59.3
105.4 210.8 210.8 185.2 210.8 210.8 161.3 143.3 126.0
105.4 210.8 210.8 185.2 210.8 210.8 210.8 210.8 185.2

- - - - - - 49.5 67.5 59.3
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 23.5% 32.0% 32.0%
2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
90.3 90.3 90.3 90.3 85.8 90.3 90.3 90.3 90.3 85.8
- - - - 15.0 - - - - 15.0
602.3 602.3 602.3 602.3 572.1 602.3 602.3 602.3 602.3 572.1
602.3 602.3 602.3 602.3 572.1 602.3 602.3 602.3 602.3 572.1
- - - - - - - - - -
1,204.5 1,204.5 1,204.5 1,204.5 1,144.3 1,204.5 1,204.5 1,204.5 1,204.5 1,144.3
150.6 150.6 150.6 150.6 143.0 150.6 150.6 150.6 150.6 143.0
150.6 150.6 150.6 150.6 143.0 150.6 150.6 150.6 150.6 143.0
- - - - - - - - - -
301.1 301.1 301.1 301.1 286.1 301.1 301.1 301.1 301.1 286.1
- - - - - - - - - -
210.8 210.8 210.8 210.8 185.2 210.8 210.8 210.8 210.8 185.2
- - - - - - - - - -
210.8 210.8 210.8 210.8 185.2 210.8 210.8 210.8 210.8 185.2
67.5 67.5 67.5 67.5 59.3 67.5 67.5 67.5 67.5 59.3
143.3 143.3 143.3 143.3 126.0 143.3 143.3 143.3 143.3 126.0
210.8 210.8 210.8 210.8 185.2 210.8 210.8 210.8 210.8 185.2
67.5 67.5 67.5 67.5 59.3 67.5 67.5 67.5 67.5 59.3
32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0%
2039 2040 2041 2042 2043 2044 2045 2046 2047 2048
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
90.3 90.3 90.3 90.3 85.8 90.3 90.3 90.3 90.3 90.3
- - - - 15.0 - - - - -
602.3 602.3 602.3 602.3 572.1 602.3 602.3 602.3 602.3 602.3
602.3 602.3 602.3 602.3 572.1 602.3 602.3 602.3 602.3 602.3
- - - - - - - - - -
1,204.5 1,204.5 1,204.5 1,204.5 1,144.3 1,204.5 1,204.5 1,204.5 1,204.5 1,204.5
150.6 150.6 150.6 150.6 143.0 150.6 150.6 150.6 150.6 150.6
150.6 150.6 150.6 150.6 143.0 150.6 150.6 150.6 150.6 150.6
- - - - - - - - - -
301.1 301.1 301.1 301.1 286.1 301.1 301.1 301.1 301.1 301.1
- - - - - - - - - -
210.8 210.8 210.8 210.8 185.2 210.8 210.8 210.8 210.8 210.8
- - - - - - - - - -
210.8 210.8 210.8 210.8 185.2 210.8 210.8 210.8 210.8 210.8
67.5 67.5 67.5 67.5 59.3 67.5 67.5 67.5 67.5 67.5
143.3 143.3 143.3 143.3 126.0 143.3 143.3 143.3 143.3 143.3
210.8 210.8 210.8 210.8 185.2 210.8 210.8 210.8 210.8 210.8
67.5 67.5 67.5 67.5 59.3 67.5 67.5 67.5 67.5 67.5
32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0%
TOTALS
1,190.0
1,190.0
2,552.0
75.0
17,013.6
17,013.6
-
34,027.1
4,253.4
4,253.4
-
8,506.8
1,190.0
4,689.7
(4,562.4)
4,689.7
1,500.7
3,189.0
4,689.7
1,500.7
32.0%
LNG Owners Take Title to Gas from Upstream and Sell to 3rd Parties (whether the LN
INVALID NOTE: This Spreadsheet Only V
YEARS---> 2016
Capital Costs
Total LNG Capital Costs $MM 17.0
LNG Equity Capex from above permitted for Upstream Cost Recovery or Tax $MM -
Net Capex deductible under LNG Equity Fiscal Terms $MM 17.0
Annual Costs
LNG Plant Annual Operating Costs $MM 0
LNG Plant Maintenance Costs $MM -
LPG Plant Operating Costs (if operated by LNG Plant owners) $MM -
Pipeline Tariff (if paid by LNG plant owners) $MM -
LNG Tanker Charter Hire Costs (only if sold on DES basis) $MM -
Total Opex, including Input items $MM -
Purchase Price Paid to Upstream Field 1 for Gas $MM -

Purchase Price Paid to ALL Upstream Fields for Gas $MM -

LNG Sales Volume, net of Domestic Sales and Upstream LPG conversion and ne
MM MCF -
LNG Price DES (from Input sheet) $/MCF $ 8.50
LNG Price FOB (from Input sheet) $/MCF $ 8.50
Less: Gas volume lost as converted to LPG (if done by LNG owners) Millions MCF -
LNG Gross Revenues $MM -
Gas Sold as LPG, Millions of Barrels (if extracted by LNG owners) Millions of Bbls -
LPG Price FOB (from Input sheet) $/Bbl $75.00
LPG Gross Revenues if sold by LNG Plant $MM -
Gross Revenue from Sales of LNG and LPG $ MM -
LNG Special Tax $MM -

Tax Depreciation $MM 4.3
Taxable Income / (Loss) $MM (4.3)
Loss Carryforward $MM (4.3)
Taxable Income after Carryforward of Losses $MM -
Income Tax Due $MM -

Net Cash Flow After Tax - LNG $MM (17.0)
NPV @ 10.0% $ 26,349.23
Government Take
Total to be Shared $MM (17.0)
Total to Govt $MM -
% to Govt % 0.0%
ties (whether the LNG Plant is owned by the upstream operators or not)
TE: This Spreadsheet Only VALID IF CELL C156 in "Assumptions & Results" = 2
2017 2018 2019 2020 2021 2022 2023 2024 2025
3,858.0 5,862.0 7,031.0 - - - - - -

- - - - - - - - -
3,858.0 5,862.0 7,031.0 - - - - - -
0 0 0 500 1000 1000 1000 1000 1000

- - - - - - 100.0 - -
- - - 85.0 170.0 170.0 161.5 170.0 170.0
- - - - - - - - -
- - - - - - - - -
- - - 585.0 1,170.0 1,170.0 1,261.5 1,170.0 1,170.0
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - 531.2 1,062.4 1,062.4 1,009.3 1,062.4 1,062.4

$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50
$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50
- - - 42.5 85.0 85.0 80.7 85.0 85.0
- - - 4,153.9 8,307.7 8,307.7 7,892.3 8,307.7 8,307.7
- - - 10.6 21.2 21.2 20.2 21.2 21.2
$75.00 $75.00 $75.00 $75.00 $75.00 $75.00 $75.00 $75.00 $75.00
- - - 796.8 1,593.6 1,593.6 1,513.9 1,593.6 1,593.6
- - - 4,950.6 9,901.3 9,901.3 9,406.2 9,901.3 9,901.3
- - - - - - - - -
968.8 2,434.3 4,192.0 4,187.8 3,223.3 1,757.8 - - -

(968.8) (2,434.3) (4,192.0) 177.9 5,508.1 6,973.6 8,144.7 8,731.3 8,731.3
(973.0) (3,407.3) (7,599.3) (7,421.3) (1,913.3) - - - -
- - - - - 5,060.3 8,144.7 8,731.3 8,731.3
- - - - - 1,619.3 2,606.3 2,794.0 2,794.0
(3,858.0) (5,862.0) (7,031.0) 4,365.7 8,731.3 7,112.0 5,538.4 5,937.3 5,937.3

(3,858.0) (5,862.0) (7,031.0) 4,365.7 8,731.3 8,731.3 8,144.7 8,731.3 8,731.3
- - - - - 1,619.3 2,606.3 2,794.0 2,794.0
0.0% 0.0% 0.0% 0.0% 0.0% 18.5% 32.0% 32.0% 32.0%
2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
1000 1000 1000 1000 1000 1000 1000 1000 1000 1000
- - 100.0 - - - - 100.0 - -
170.0 170.0 161.5 170.0 170.0 170.0 170.0 161.5 170.0 170.0
- - - - - - - - - -
- - - - - - - - - -
1,170.0 1,170.0 1,261.5 1,170.0 1,170.0 1,170.0 1,170.0 1,261.5 1,170.0 1,170.0
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
1,062.4 1,062.4 1,009.3 1,062.4 1,062.4 1,062.4 1,062.4 1,009.3 1,062.4 1,062.4
$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50
$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50
85.0 85.0 80.7 85.0 85.0 85.0 85.0 80.7 85.0 85.0
8,307.7 8,307.7 7,892.3 8,307.7 8,307.7 8,307.7 8,307.7 7,892.3 8,307.7 8,307.7
21.2 21.2 20.2 21.2 21.2 21.2 21.2 20.2 21.2 21.2
$75.00 $75.00 $75.00 $75.00 $75.00 $75.00 $75.00 $75.00 $75.00 $75.00
1,593.6 1,593.6 1,513.9 1,593.6 1,593.6 1,593.6 1,593.6 1,513.9 1,593.6 1,593.6
9,901.3 9,901.3 9,406.2 9,901.3 9,901.3 9,901.3 9,901.3 9,406.2 9,901.3 9,901.3
- - - - - - - - - -
- - - - - - - - - -
8,731.3 8,731.3 8,144.7 8,731.3 8,731.3 8,731.3 8,731.3 8,144.7 8,731.3 8,731.3
- - - - - - - - - -
8,731.3 8,731.3 8,144.7 8,731.3 8,731.3 8,731.3 8,731.3 8,144.7 8,731.3 8,731.3
2,794.0 2,794.0 2,606.3 2,794.0 2,794.0 2,794.0 2,794.0 2,606.3 2,794.0 2,794.0
5,937.3 5,937.3 5,538.4 5,937.3 5,937.3 5,937.3 5,937.3 5,538.4 5,937.3 5,937.3
8,731.3 8,731.3 8,144.7 8,731.3 8,731.3 8,731.3 8,731.3 8,144.7 8,731.3 8,731.3
2,794.0 2,794.0 2,606.3 2,794.0 2,794.0 2,794.0 2,794.0 2,606.3 2,794.0 2,794.0
32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0%
2036 2037 2038 2039 2040 2041 2042 2043 2044 2045
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
1000 1000 1000 1000 1000 1000 1000 1000 1000 1000
- - 100.0 - - - - 100.0 - -
170.0 170.0 161.5 170.0 170.0 170.0 170.0 161.5 170.0 170.0
- - - - - - - - - -
- - - - - - - - - -
1,170.0 1,170.0 1,261.5 1,170.0 1,170.0 1,170.0 1,170.0 1,261.5 1,170.0 1,170.0
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
1,062.4 1,062.4 1,009.3 1,062.4 1,062.4 1,062.4 1,062.4 1,009.3 1,062.4 1,062.4
$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50
$ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50 $ 8.50
85.0 85.0 80.7 85.0 85.0 85.0 85.0 80.7 85.0 85.0
8,307.7 8,307.7 7,892.3 8,307.7 8,307.7 8,307.7 8,307.7 7,892.3 8,307.7 8,307.7
21.2 21.2 20.2 21.2 21.2 21.2 21.2 20.2 21.2 21.2
$75.00 $75.00 $75.00 $75.00 $75.00 $75.00 $75.00 $75.00 $75.00 $75.00
1,593.6 1,593.6 1,513.9 1,593.6 1,593.6 1,593.6 1,593.6 1,513.9 1,593.6 1,593.6
9,901.3 9,901.3 9,406.2 9,901.3 9,901.3 9,901.3 9,901.3 9,406.2 9,901.3 9,901.3
- - - - - - - - - -
- - - - - - - - - -
8,731.3 8,731.3 8,144.7 8,731.3 8,731.3 8,731.3 8,731.3 8,144.7 8,731.3 8,731.3
- - - - - - - - - -
8,731.3 8,731.3 8,144.7 8,731.3 8,731.3 8,731.3 8,731.3 8,144.7 8,731.3 8,731.3
2,794.0 2,794.0 2,606.3 2,794.0 2,794.0 2,794.0 2,794.0 2,606.3 2,794.0 2,794.0
5,937.3 5,937.3 5,538.4 5,937.3 5,937.3 5,937.3 5,937.3 5,538.4 5,937.3 5,937.3
8,731.3 8,731.3 8,144.7 8,731.3 8,731.3 8,731.3 8,731.3 8,144.7 8,731.3 8,731.3
2,794.0 2,794.0 2,606.3 2,794.0 2,794.0 2,794.0 2,794.0 2,606.3 2,794.0 2,794.0
32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0%
2046 2047 33 TOTALS
- - - 16,768.0
- - - -
- - - 16,768.0
1000 1000 1000 28,500.0

- - - 500.0
170.0 170.0 - 4,631.9
- - - -
- - - -
1,170.0 1,170.0 1,000.0 33,631.9
- - - -
- - - -
- - - -
- - - -
1,062.4 1,062.4 1,062.4 30,011.9

$ 8.50 $ 8.50 $ 8.50
$ 8.50 $ 8.50 $ 8.50
85.0 85.0 85.0 2,401.0
8,307.7 8,307.7 8,307.7 234,693.2
21.2 21.2 21.2 600.2
$75.00 $75.00 $75.00
1,593.6 1,593.6 1,593.6 45,017.9
9,901.3 9,901.3 9,901.3 279,711.1
- - - -
- - - 16,768.0
8,731.3 8,731.3 8,901.3 229,311.2
- - -
8,731.3 8,731.3 8,901.3 229,311.2
2,794.0 2,794.0 2,848.4 73,379.6
5,937.3 5,937.3 6,052.9 155,931.6

8,731.3 8,731.3 8,901.3 229,311.2
2,794.0 2,794.0 2,848.4 73,379.6
32.0% 32.0% 32.0% 32.0%
LNG Tolling Option - Plant does not take title to gas or LNG
VALID NOTE: This Spreadsheet Only VALID IF CELL C15
YEARS---> 2016 2017 2018
Total LNG Capital Expds and Allowable for Tax $MM 17.0 3,858.0 5,862.0
Annual Costs
LNG Plant Operating Costs $MM - - -
LNG Plant Maintenance Costs $MM - - -
Pipeline Tariff (if paid by LNG plant owners) $MM - - -
LNG Tanker Charter Hire (Not Applicable for Tolling) $MM - - -
Total Opex, including Input items $MM - - -

LNG throughput Volume, Net of Dom and LPG from Field 1 MM MCF - - -
TOTAL LNG throughput Volume, Net of Dom and LPG from ALL MM MCF - - -
Gross Revenue from Tolls from Field 1 $MM - - -

Total Gross Revenue from Tolls from ALL Fields $MM - - -

Tax Depreciation $MM 4.3 968.8 2,434.3
Taxable Income / (Loss) $MM (4.3) (968.8) (2,434.3)
Loss Carryforward $MM (4.3) (973.0) (3,407.3)
Income Tax Due $MM - - -

Net Cash Flow After Tax - LNG $MM (17.0) (3,858.0) (5,862.0)
NPV @ 10.0% $ 3,274.54
Government Take
Total to be Shared $MM (17.0) (3,858.0) (5,862.0)
Total to Govt $MM - - -
% to Govt 0.0% 0.0% 0.0%
t Only VALID IF CELL C156 in "Assumptions & Results" = 1
2019 2020 2021 2022 2023 2024 2025 2026
7,031.0 - - - - - - -
- 500.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0

- - - - 100.0 - - -
- - - - - - - -
- - - - - - - -
- 500.0 1,000.0 1,000.0 1,100.0 1,000.0 1,000.0 1,000.0
- 265.6 531.2 531.2 479.4 531.2 531.2 531.2

- 265.6 531.2 531.2 479.4 531.2 531.2 531.2
- - - - - - - -
- 531.2 1,062.4 1,062.4 958.8 1,062.4 1,062.4 1,062.4
- 1,062.4 2,124.7 2,124.7 1,917.6 2,124.7 2,124.7 2,124.7

- 1,062.4 2,124.7 2,124.7 1,917.6 2,124.7 2,124.7 2,124.7
- - - - - - - -
- 2,124.7 4,249.5 4,249.5 3,835.2 4,249.5 4,249.5 4,249.5
4,192.0 4,187.8 3,223.3 1,757.8 - - - -

(4,192.0) (2,563.0) 26.2 1,491.7 2,735.2 3,249.5 3,249.5 3,249.5
(7,599.3) (10,162.3) (10,136.0) (8,644.3) (5,909.2) (2,659.7) - -
- - - - - - 589.8 3,249.5
- - - - - - 188.7 1,039.8
(7,031.0) 1,624.7 3,249.5 3,249.5 2,735.2 3,249.5 3,060.7 2,209.6
(7,031.0) 1,624.7 3,249.5 3,249.5 2,735.2 3,249.5 3,249.5 3,249.5

- - - - - - 188.7 1,039.8
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 5.8% 32.0%
2027 2028 2029 2030 2031 2032 2033 2034 2035
- - - - - - - - -
1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0

- 100.0 - - - - 100.0 - -
- - - - - - - - -
- - - - - - - - -
1,000.0 1,100.0 1,000.0 1,000.0 1,000.0 1,000.0 1,100.0 1,000.0 1,000.0
531.2 479.4 531.2 531.2 531.2 531.2 479.4 531.2 531.2

531.2 479.4 531.2 531.2 531.2 531.2 479.4 531.2 531.2
- - - - - - - - -
1,062.4 958.8 1,062.4 1,062.4 1,062.4 1,062.4 958.8 1,062.4 1,062.4
2,124.7 1,917.6 2,124.7 2,124.7 2,124.7 2,124.7 1,917.6 2,124.7 2,124.7

2,124.7 1,917.6 2,124.7 2,124.7 2,124.7 2,124.7 1,917.6 2,124.7 2,124.7
- - - - - - - - -
4,249.5 3,835.2 4,249.5 4,249.5 4,249.5 4,249.5 3,835.2 4,249.5 4,249.5
- - - - - - - - -
3,249.5 2,735.2 3,249.5 3,249.5 3,249.5 3,249.5 2,735.2 3,249.5 3,249.5
- - - - - - - - -
3,249.5 2,735.2 3,249.5 3,249.5 3,249.5 3,249.5 2,735.2 3,249.5 3,249.5
1,039.8 875.2 1,039.8 1,039.8 1,039.8 1,039.8 875.2 1,039.8 1,039.8
2,209.6 1,859.9 2,209.6 2,209.6 2,209.6 2,209.6 1,859.9 2,209.6 2,209.6
3,249.5 2,735.2 3,249.5 3,249.5 3,249.5 3,249.5 2,735.2 3,249.5 3,249.5

1,039.8 875.2 1,039.8 1,039.8 1,039.8 1,039.8 875.2 1,039.8 1,039.8
32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0%
2036 2037 2038 2039 2040 2041 2042 2043 2044 2045
- - - - - - - - - -
1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0
- - 100.0 - - - - 100.0 - -
- - - - - - - - - -
- - - - - - - - - -
1,000.0 1,000.0 1,100.0 1,000.0 1,000.0 1,000.0 1,000.0 1,100.0 1,000.0 1,000.0
531.2 531.2 479.4 531.2 531.2 531.2 531.2 479.4 531.2 531.2
531.2 531.2 479.4 531.2 531.2 531.2 531.2 479.4 531.2 531.2
- - - - - - - - - -
1,062.4 1,062.4 958.8 1,062.4 1,062.4 1,062.4 1,062.4 958.8 1,062.4 1,062.4
2,124.7 2,124.7 1,917.6 2,124.7 2,124.7 2,124.7 2,124.7 1,917.6 2,124.7 2,124.7
2,124.7 2,124.7 1,917.6 2,124.7 2,124.7 2,124.7 2,124.7 1,917.6 2,124.7 2,124.7
- - - - - - - - - -
4,249.5 4,249.5 3,835.2 4,249.5 4,249.5 4,249.5 4,249.5 3,835.2 4,249.5 4,249.5
- - - - - - - - - -
3,249.5 3,249.5 2,735.2 3,249.5 3,249.5 3,249.5 3,249.5 2,735.2 3,249.5 3,249.5
- - - - - - - - - -
3,249.5 3,249.5 2,735.2 3,249.5 3,249.5 3,249.5 3,249.5 2,735.2 3,249.5 3,249.5
1,039.8 1,039.8 875.2 1,039.8 1,039.8 1,039.8 1,039.8 875.2 1,039.8 1,039.8
2,209.6 2,209.6 1,859.9 2,209.6 2,209.6 2,209.6 2,209.6 1,859.9 2,209.6 2,209.6
3,249.5 3,249.5 2,735.2 3,249.5 3,249.5 3,249.5 3,249.5 2,735.2 3,249.5 3,249.5
1,039.8 1,039.8 875.2 1,039.8 1,039.8 1,039.8 1,039.8 875.2 1,039.8 1,039.8
32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0%
2046 2047 2048 TOTALS
- - - 16,768.0
1,000.0 1,000.0 1,000.0 28,500.0

- - - 500.0
- - - -
- - - -
1,000.0 1,000.0 1,000.0 29,000.0
531.2 531.2 531.2 14,879.8

531.2 531.2 531.2 14,879.8
- - - -
1,062.4 1,062.4 1,062.4 29,759.6
2,124.7 2,124.7 2,124.7 59,519.2

2,124.7 2,124.7 2,124.7 59,519.2
- - - -
4,249.5 4,249.5 4,249.5 119,038.4
- - - 16,768.0
3,249.5 3,249.5 3,249.5 73,270.4
- - -
3,249.5 3,249.5 3,249.5 73,270.4
1,039.8 1,039.8 1,039.8 23,446.5
-
2,209.6 2,209.6 2,209.6 49,823.9
3,249.5 3,249.5 3,249.5 77,145.4

1,039.8 1,039.8 1,039.8 23,446.5
32.0% 32.0% 32.0% 30.4%
Consolidated Results - Upstream, Gas Pipeline, LNG Equity Plant
INVALID NOTE: This Spreadsheet Only VALID IF CELL C156 in "Assumptions &
YEARS---> 2016 2017 2018 2019
Total Net Revenues $MM - - - -
Total Operating and Maint Costs $MM - - - -
Total Capital Expenditures $MM (417.0) (5,243.0) (8,207.0) ###
Net to be Shared $MM (417.0) (5,243.0) (8,207.0) ###
Total Govt Profit Share Gas $MM - - - -
Total Special Taxes/Royalties $MM - - - -

Upstream royalties $MM - - - -
LNG special tax $MM - - - -
Total Income Taxes $MM - - - -

Upstream Income Tax $MM - - - -
Pipeline Income Tax $MM - - - -
LNG Income Tax $MM - - - -
Total to Govt $MM - - - -
Net Cash Flow after Tax and Govt Shar $MM (417.0) (5,243.0) (8,207.0) ###
Cross Check $MM (417.0) (5,243.0) (8,207.0) ###
Govt Share as % of Net to be Shared % 0.0% 0.0% 0.0% 0.0%
Investors NPV @ 10.0% $ 30,760.76


IF CELL C156 in "Assumptions & Results" = 2
2020 2021 2022 2023 2024 2025 2026 2027 2028
4,980.8 9,961.5 9,961.5 9,466.4 9,961.5 9,961.5 9,961.5 9,961.5 9,466.4
(1,233.4) (2,466.7) (2,466.7) (2,568.7) (2,466.7) (2,466.7) (2,466.7) (2,466.7) (2,568.7)
(3,300.0) (540.0) - - - - - - -
447.4 6,954.8 7,494.8 6,897.7 7,494.8 7,494.8 7,494.8 7,494.8 6,897.7
84.7 169.4 169.4 168.1 338.9 338.9 338.9 338.9 904.4
136.4 272.7 272.7 259.2 272.7 272.7 272.7 272.7 259.2

136.4 272.7 272.7 259.2 272.7 272.7 272.7 272.7 259.2
- - - - - - - - -
- - 1,619.3 2,606.3 2,854.9 3,447.2 3,496.7 3,514.7 3,181.0

- - - - 60.9 653.2 653.2 653.2 515.4
- - - - - - 49.5 67.5 59.3
- - 1,619.3 2,606.3 2,794.0 2,794.0 2,794.0 2,794.0 2,606.3
221.1 442.1 2,061.4 3,033.6 3,466.5 4,058.8 4,108.3 4,126.3 4,344.6
2,616.6 11,293.3 10,214.0 8,607.6 8,809.0 8,216.6 8,167.1 8,149.2 7,296.6
226.3 6,512.6 5,433.3 3,864.1 4,028.3 3,435.9 3,386.5 3,368.5 2,553.1
49.4% 6.4% 27.5% 44.0% 46.3% 54.2% 54.8% 55.1% 63.0%

2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
9,961.5 9,961.5 9,961.5 9,961.5 9,466.4 9,961.5 9,961.5 9,961.5 9,961.5 9,466.4
(2,466.7) (2,466.7) (2,466.7) (2,466.7) (2,568.7) (2,466.7) (2,466.7) (2,466.7) (2,466.7) (2,568.7)
- - - - - - - - - -
7,494.8 7,494.8 7,494.8 7,494.8 6,897.7 7,494.8 7,494.8 7,494.8 7,494.8 6,897.7
1,000.0 1,000.0 1,000.0 1,666.7 1,655.6 1,666.7 1,666.7 1,666.7 1,666.7 1,986.7
272.7 272.7 272.7 272.7 259.2 272.7 272.7 272.7 272.7 259.2
272.7 272.7 272.7 272.7 259.2 272.7 272.7 272.7 272.7 259.2
- - - - - - - - - -
3,520.9 3,520.9 3,520.9 3,307.5 3,112.5 3,307.5 3,307.5 3,307.5 3,307.5 3,006.5
659.4 659.4 659.4 446.1 446.9 446.1 446.1 446.1 446.1 340.9
67.5 67.5 67.5 67.5 59.3 67.5 67.5 67.5 67.5 59.3
2,794.0 2,794.0 2,794.0 2,794.0 2,606.3 2,794.0 2,794.0 2,794.0 2,794.0 2,606.3
4,793.6 4,793.6 4,793.6 5,246.9 5,027.2 5,246.9 5,246.9 5,246.9 5,246.9 5,252.4
7,481.8 7,481.8 7,481.8 7,028.5 6,614.0 7,028.5 7,028.5 7,028.5 7,028.5 6,388.8
2,701.2 2,701.2 2,701.2 2,247.8 1,870.5 2,247.8 2,247.8 2,247.8 2,247.8 1,645.3
64.0% 64.0% 64.0% 70.0% 72.9% 70.0% 70.0% 70.0% 70.0% 76.1%
2039 2040 2041 2042 2043 2044 2045 2046 2047 2048
9,961.5 9,961.5 9,961.5 9,961.5 9,466.4 9,961.5 9,961.5 9,961.5 9,961.5 9,961.5
(2,466.7) (2,466.7) (2,466.7) (2,466.7) (2,568.7) (2,466.7) (2,466.7) (3,066.7) (3,066.7) (3,496.8)
- - - - - - - - - -
7,494.8 7,494.8 7,494.8 7,494.8 6,897.7 7,494.8 7,494.8 6,894.8 6,894.8 6,464.7
2,000.0 2,000.0 2,000.0 2,000.0 1,986.7 2,000.0 2,000.0 1,640.0 1,640.0 1,280.0
272.7 272.7 272.7 272.7 259.2 272.7 272.7 272.7 272.7 272.7
272.7 272.7 272.7 272.7 259.2 272.7 272.7 272.7 272.7 272.7
- - - - - - - - - -
3,200.9 3,200.9 3,200.9 3,200.9 3,006.5 3,200.9 3,200.9 3,124.1 3,124.1 3,101.7
339.4 339.4 339.4 339.4 340.9 339.4 339.4 262.6 262.6 185.8
67.5 67.5 67.5 67.5 59.3 67.5 67.5 67.5 67.5 67.5
2,794.0 2,794.0 2,794.0 2,794.0 2,606.3 2,794.0 2,794.0 2,794.0 2,794.0 2,848.4
5,473.6 5,473.6 5,473.6 5,473.6 5,252.4 5,473.6 5,473.6 5,036.8 5,036.8 4,654.4
6,801.8 6,801.8 6,801.8 6,801.8 6,388.8 6,801.8 6,801.8 6,638.6 6,638.6 6,591.0
2,021.2 2,021.2 2,021.2 2,021.2 1,645.3 2,021.2 2,021.2 1,858.0 1,858.0 1,810.4
73.0% 73.0% 73.0% 73.0% 76.1% 73.0% 73.0% 73.1% 73.1% 72.0%
TOTALS
281,427.5
(73,042.1)
(28,538.0)
179,847.4
36,374.0
7,704.5
7,704.5
-
85,500.9
10,620.6
1,500.7
73,379.6
129,579.4
186,331.0
50,268.0 ERROR
72.0%
Consolidated Results - Upstream, Gas Pipeline, LNG Tolling Arrangement
VALID NOTE: This Spreadsheet Only VALID IF CELL C156 in "Assumptions & R
YEARS-- 2016 2017 2018 2019 2020
Total Net Revenues $MM - - - - 4,545.2
Total Operating and Main Costs $MM - - - - (1,148.4)
Total Capital Expenditures $MM (417.0) (5,243.0) (8,207.0) ### (3,300.0)
Net to be Shared $MM (417.0) (5,243.0) (8,207.0) ### 96.8
Total Govt Profit Share Gas $MM - - - - 84.7
Total Royalties $MM - - - - 136.4
Total Income Taxes $MM - - - - -

Upstream Income Taxes $MM - - - - -
Pipeline Income Taxes $MM - - - - -
LNG Income Taxes $MM - - - - -
Total to Govt $MM - - - - 221.1
Net Cash Flow after Tax and Govt Share $MM (417.0) (5,243.0) (8,207.0) ### (124.3)
Cross Check $MM (417.0) (5,243.0) (8,207.0) ### (124.3)
Govt Share as % of Net to be Shared % 0.0% 0.0% 0.0% 0.0% 228.4%
Investors NPV @ 10% $ 7,686.07


6 in "Assumptions & Results" = 1
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
9,090.4 9,090.4 8,638.9 9,090.4 9,090.4 9,090.4 9,090.4 8,638.9 9,090.4 9,090.4
(2,296.8) (2,296.8) (2,407.2) (2,296.8) (2,296.8) (2,296.8) (2,296.8) (2,407.2) (2,296.8) (2,296.8)
(540.0) - - - - - - - - -
6,253.6 6,793.6 6,231.6 6,793.6 6,793.6 6,793.6 6,793.6 6,231.6 6,793.6 6,793.6
169.4 169.4 168.1 338.9 338.9 338.9 338.9 904.4 1,000.0 1,000.0
272.7 272.7 259.2 272.7 272.7 272.7 272.7 259.2 272.7 272.7
- - - 60.9 842.0 1,742.5 1,760.5 1,450.0 1,766.7 1,766.7

- - - 60.9 653.2 653.2 653.2 515.4 659.4 659.4
- - - - - 49.5 67.5 59.3 67.5 67.5
- - - - 188.7 1,039.8 1,039.8 875.2 1,039.8 1,039.8
442.1 442.1 427.3 672.4 1,453.5 2,354.1 2,372.1 2,613.6 3,039.4 3,039.4
5,811.5 6,351.5 5,804.3 6,121.1 5,340.1 4,439.5 4,421.5 3,618.1 3,754.2 3,754.2
5,811.5 6,351.5 5,804.3 6,121.1 5,340.1 4,439.5 4,421.5 3,618.1 3,754.2 3,754.2
7.1% 6.5% 6.9% 9.9% 21.4% 34.7% 34.9% 41.9% 44.7% 44.7%
2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
9,090.4 9,090.4 8,638.9 9,090.4 9,090.4 9,090.4 9,090.4 8,638.9 9,090.4 9,090.4
(2,296.8) (2,296.8) (2,407.2) (2,296.8) (2,296.8) (2,296.8) (2,296.8) (2,407.2) (2,296.8) (2,296.8)
- - - - - - - - - -
6,793.6 6,793.6 6,231.6 6,793.6 6,793.6 6,793.6 6,793.6 6,231.6 6,793.6 6,793.6
1,000.0 1,666.7 1,655.6 1,666.7 1,666.7 1,666.7 1,666.7 1,986.7 2,000.0 2,000.0
272.7 272.7 259.2 272.7 272.7 272.7 272.7 259.2 272.7 272.7
1,766.7 1,553.4 1,381.4 1,553.4 1,553.4 1,553.4 1,553.4 1,275.4 1,446.7 1,446.7
659.4 446.1 446.9 446.1 446.1 446.1 446.1 340.9 339.4 339.4
67.5 67.5 59.3 67.5 67.5 67.5 67.5 59.3 67.5 67.5
1,039.8 1,039.8 875.2 1,039.8 1,039.8 1,039.8 1,039.8 875.2 1,039.8 1,039.8
3,039.4 3,492.7 3,296.2 3,492.7 3,492.7 3,492.7 3,492.7 3,521.3 3,719.4 3,719.4
3,754.2 3,300.9 2,935.4 3,300.9 3,300.9 3,300.9 3,300.9 2,710.3 3,074.2 3,074.2
3,754.2 3,300.9 2,935.4 3,300.9 3,300.9 3,300.9 3,300.9 2,710.3 3,074.2 3,074.2
44.7% 51.4% 52.9% 51.4% 51.4% 51.4% 51.4% 56.5% 54.7% 54.7%
2041 2042 2043 2044 2045 2046 2047 2048 TOTALS
9,090.4 9,090.4 8,638.9 9,090.4 9,090.4 9,090.4 9,090.4 9,090.4 256,817.8
(2,296.8) (2,296.8) (2,407.2) (2,296.8) (2,296.8) (2,896.8) (2,896.8) (3,496.8) (68,410.2)
- - - - - - - - (28,538.0)
6,793.6 6,793.6 6,231.6 6,793.6 6,793.6 6,193.6 6,193.6 5,593.6 159,869.6
2,000.0 2,000.0 1,986.7 2,000.0 2,000.0 1,640.0 1,640.0 1,280.0 36,374.0
272.7 272.7 259.2 272.7 272.7 272.7 272.7 272.7 7,704.5
1,446.7 1,446.7 1,275.4 1,446.7 1,446.7 1,369.9 1,369.9 1,293.1 35,567.8

339.4 339.4 340.9 339.4 339.4 262.6 262.6 185.8 10,620.6
67.5 67.5 59.3 67.5 67.5 67.5 67.5 67.5 1,500.7
1,039.8 1,039.8 875.2 1,039.8 1,039.8 1,039.8 1,039.8 1,039.8 23,446.5
3,719.4 3,719.4 3,521.3 3,719.4 3,719.4 3,282.6 3,282.6 2,845.8 79,646.3
3,074.2 3,074.2 2,710.3 3,074.2 3,074.2 2,911.0 2,911.0 2,747.8 80,223.2
3,074.2 3,074.2 2,710.3 3,074.2 3,074.2 2,911.0 2,911.0 2,747.8 80,223.2
54.7% 54.7% 56.5% 54.7% 54.7% 53.0% 53.0% 50.9% 49.8%

Open Fiscal LNG Model

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Open Fiscal LNG Model

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Multi-Field Natural Gas Upstream, Pi

PSA Based on Mozambique Petroleum Law No 27/2014

BACKGROUND & PURPOSE

ural Gas Upstream, Pipeline and LNG Economics

how to operate this model.

ojected 2015 petroleum receipts

flows from each of

k for local industrial or

ksheet. The structure to

activated and therefore

l not functioning properl

To do so, there will be

Gas production starting date - Field 1

2. Field/Block 2 Capital Expenditures - UPSTREAM

3. Field/Block 3 Capital Expenditures - UPSTREAM

4. Capital Expenditures - GAS PIPELINES

Split of Gas PL Deductions between Fields/Blocks:

5. Capital Expenditures - LNG Plant and Facilities

Split of LNG Deductions between Fields/Blocks:

d. OPERATING AND MAINTENANCE COSTS, TARIFFS AND FEES:

f. FISCAL TERMS AND TAXES:

Profit Sharing (R Factor 1, Production based 2)

Profit Sharing Thresholds: Based on Daily Production Rate

KEY RESULTS AND INDICATORS:

FOR THE WHOLE PROJECT, INTEGRATING THE RESULTS OF THE 3 COMPONENTS

2) GOVERNMENT AND PRIVATE TAKES

Takes - Tolling model

Takes - LNG Equity model

Government Take (%)

LNG FOB Prices

Government Take (%)

Government Take (%)

Government Take (%)

Government Take (%)

Starting date for production Field 1

Government Take (%)

LNG Equity model

Government Take (%)

LNG FOB Prices

Government Take (%)

Government Take (%)

Government Take (%)

Government Take (%)

Government Take (%)

$/MCF $ 4.25 $ 4.25 $ 4.25 $ 4.25 $ 4.25 $ 4.25

$MM - 100.0 200.0 500.0 500.0 -

$MM - 100.0 200.0 500.0 500.0 -

$MM 2 334.0 334.0 - - -

$/MCF of all production $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25

% of Annual Prod 65%

$MM NA Tollng- Govt. Revenues

0 10% LNG Income Tax Pipeline Income Tax Upstream Incom

Undiscounted Discounted Total Govt. Revenues - Tolling

Gas production: 60% 80% 100% 120% 150%

IRR/ Govt Take

Tolling fees 60% 80% 100% 120% 150%

768607.49% 4323.9 6181.4 7686.1 8927.0 9712.6

IRR/ Govt Take

Gas production 60% 80% 100% 120% 150%

IRR/ Govt Take

Capex Field 1 60% 80% 100% 120% 150%

IRR/ Govt Take