Cash Calculation from DrillaHill
R$814 (R$2,74/share) Final Cash 2Q
=
R$365 (R$1,23/share) non restricted cash 2Q13
+
R$449 (R$1,51/share) restricted cash 2Q13
Ricardo Bottas C.C. 2Q13:
We expect to release most part of restricted cash after the closing of Polvo
deal and the conclusion of drilling campaign in Namibia, both forecasted to
occur during the 4Q.
About the Polvo transition and the Polvo deal, we have that cash as a guarantee of the PSA to support the transition and the PSA agreement, and as soon as we have the closing, we receive that money current in escrow account, and the purchase price will be adjusted with the results from the asset since January 1st. So, that is the simple way to make the calculations. So, that US$135 million, minus 10% already paid, we have to deduct from those amounts the results from the asset since January, and then we will use the funds in escrow to pay the difference.
I understand most part > 50% or
> R$225 (R$0,76/share) expected to be released in Q4
Potential Cash/share (09/05/13)
+ > R$225 (R$0,76/share) potential restricted cash to be released in 4Q13
+ R$365 (R$1,23/share) non restricted final cash 2Q13
+ R$54 (R$0,18/share) received cash from sale AA (09/03/13)
- R$67 (R$0,23/share) av. forecasted CB Q3(07/01-09/05)
----------------------------------------------
= R$577 (R$1,94/share)
Forecasted Cash Burn Rates (Do not include inflows from revenues)
CBR 3Q13 R$1,5/d * 92d = R$138 (R$0,46/share)
CBR 4Q14 R$1,2/d * 92d= R$110 (R$0,37/share)
Potential Cash/share (12/31/13)
+ > R$225 (R$0,76/share) potential restricted cash to be released in 4Q13
+ R$365 (R$1,23/share) non restricted final cash 2Q13
+ R$54 (R$0,18/share) received cash from sale AA (09/03/13)
- R$138 (R$0,46/share) forecasted CBR 3Q13 R$1,5/d * 92d
- R$110 (R$0,37/share) forecasted CBR 4Q14 R$1,2/d * 92d
------------------------------------------------
= R$396 (R$1,33/ share) (further potential revenues not included)
Further potential revenues:
AA up to US$70 = R$165 (R$0,56/share)
Rigs up to US$50=R$118 (R$0,40/share)
IPEX up to XXX??
Farm Down Namibia & Solimoes up to XXX??
Potential additional Cash from revenues in 2013/2014
+ R$111 (R$0,37/share)
contingent upon meeting certain contractual terms with EAA
and the sale from remaining AA up to US$47
+ R$118 (R$0,40/share)
from the sale of drilling rigs up to US$50
+ R$236 (R$0,79/share)
??? R$ subsidiary IPEX sale > US$100 ???
+ R$708 (R$2,38/share)
??? R$ Farm Down Solimoes (20-30%) & Namibia(20-30%) >US$300 ???
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+ R$1173 (R$3,95/share) potential cash-upside
(+Further Cash from Polvo oil production revenues)
'THE VAN'
