Text, page 31 from recent Afren presentation
Significant upside:
‘High impact' rather than ‘high risk / high reward'
Prospective risked reserves of one billion bbl
Low exploration risk - structure traps analogous to Total's
nearby fields (Akpo, Egina) in OML130
150 ft oil and gas column proven in Obo-1 (Q1 06)
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Established valuation benchmark:
CNOOC acquisition of 45% working interest in OML 130
(US$2.3 billion) announced
Implied multiple of US$4.6/boe on P50 undeveloped
reserves
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Attraktive PSC:
Signed 1 February 2005
Signature bonus of US$123 million (paid)
Sliding scale Royalty up to 5%
Cost recovery up to 80% of production
Profit share on sliding scale from 25% to 80% (contractor)
50% PPT
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page 10 says:
São Tomé & Príncipe
Chevron JDZ Block 1 Up to 1,000 MMbbl
4.41%
Possible Drilling H2 07