There r no Royalties. Their fiscal terms are straight fwd.
- Phase-1 target is 240 mmbbls as per CNE. (no mention of timeframe to deplete this b4 phase-2 production bolts on to this. As an example Jubilee has produced 242 mmbbls from Nov2011 to Sept 2018 ie 7 yrs avg 34.5 mmbbls).
- SNE Tenure is 25 yrs (plus extension of 10yrs if requested)
- Cost recovery to JV is 75% per year capped.
- Capex is depreciated over 5 yrs as in Straight line depr (eg: phase-1 cost USD2.3bil/5yrs = USD460 mil/yr)
- Profit oil is shared in slabs, i.e
85% to JV-15% to Govt for 0-50k bopd, 80% to JV & 20% to Govt for 50-100k bopd, 75-25 for 100-150k bopd
- Tax is 30%
- Petrosen can increase their interest from 10% to 18% & they pay their pro-rata share of development costs
- I dont remember any milestone payments on first oil, 10mil bbls, 100 mmbbls etc (eg: USD 100mil production bonus was paid for Chinguetti
- JV pays an annual rent/sqkm for acreage &
- JV spends a set amount on training of Local personnel
For USD60/bbl CNE estimates an NPV of USD7/bbl, ie 240 mmbbls * USD$7 = USD1680mil gross basis for SNE phase-1 production from the 500 series of blocky sands that sit around VR-1-SNE1-SNE2 area. Phase-2 oil is from 400 series sands.
Hope this helps.
----------
For a snapshot version of the above, refer CNE's slide-10, 11.
https://www.cairnenergy.com/media/2126/half-yearly-results-final-tuesday-22-august-2017.pdf
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