{"text_format":"1","workbook":"xlsx","n_sheets":4,"sheets":["Terms","ReadMe","Petroleum model","Mining model"],"not_rendered":{"charts":10,"images":5,"macros":1,"external_links":0,"defined_names":0,"comments":2,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Terms","index":0,"n_rows":4,"n_cols":4,"rows_kept":4,"cut":false,"hidden":false,"merged":[[3,3,3,7]]}
[]
[]
[]
[null,null,null,"FARI TERMS OF USE"]

{"sheet":"ReadMe","index":1,"n_rows":17,"n_cols":8,"rows_kept":17,"cut":false,"hidden":false,"merged":[[2,3,2,6]]}
[]
[null,"Authors",null,"Oana Luca, Diego Mesa Puyo, Nate Vernon"]
[null,"Contact authors",null,"oluca@imf.org, dmesapuyo@imf.org, nvernon@img.org"]
[null,"Owner",null,"© IMF Fiscal Affairs Department. All rights reserved"]
[]
[null,"Overall model check",null,{"$f":"AND(C10:C11)","v":true}]
[]
[null,"Navigation"]
[null,"Sheets","Checks",null,"Location",null,"Sheet","Sheet"]
[null,"Petroleum model",{"$f":"'Petroleum model'!C1","v":true},null,"Fiscal Regime Assumptions",null,"Petroleum","Mining"]
[null,"Mining model",{"$f":"'Mining model'!C1","v":true},null,"Project Data",null,"Petroleum","Mining"]
[null,null,null,null,"Results - Project Life",null,"Petroleum","Mining"]
[null,null,null,null,"Results - Annual",null,"Petroleum","Mining"]
[null,null,null,null,"Sensitivities",null,"Petroleum","Mining"]
[null,null,null,null,"Breakeven price",null,"Petroleum","Mining"]
[]
[null,"QUICK USER GUIDE: this set of instructions is inteded as a brief step-by-step explanation of how the model is set up, and how to operate it. This model is accompanied by a technical note and manual, which should be read before using the model."]

{"sheet":"Petroleum model","index":2,"n_rows":613,"n_cols":21,"rows_kept":613,"cut":false,"hidden":false,"merged":[]}
["ReadMe Sheet",null,{"$f":"AND(A:A)","v":true},null,"year",null,1,{"$f":"G1+1","v":2},{"$f":"H1+1","v":3},4,5,6,7,8,9,10,11,12,13]
[]
["INPUTS"]
[]
[null,null,null,"Fiscal Regime Assumptions"]
[null,null,null,"Regime name",null,{"$f":"INDEX(H6:L6,$F$7)","v":"DROP"},null,"DROP","Rfactor","Royalty + CIT","Alt1","Alt2",null,"SNAPSHOT RESULTS"]
[null,null,null,"Select regime number",null,1,null,1,{"$f":"H7+1","v":2},{"$f":"I7+1","v":3},4,5]
[null,null,null,"Bonus",null,null,null,null,null,null,null,null,null,"NPV results"]
[null,null,null,"Production bonus (start of production)","$mm",{"$f":"INDEX(H9:L9,$F$7)","v":50},null,50,50,50,null,null,null,null,null,null,null,{"$f":"G435","v":0},{"$f":"H435","v":0.1},0.125,0.15]
[null,null,null,"Royalty rate","%",{"$f":"INDEX(H10:L10,$F$7)","v":0},null,0,0,0.15]
[null,null,null,"Royalty base (net/gross)","switch","net",null,"net","net","net",null,null,null,"Project pre-tax cash flow",null,null,"$mm const",{"$f":"G436","v":2119.5760320000009},{"$f":"H436","v":1021.0099740198245},841.62093541749618,687.94789990756794]
[null,null,null,"Decommissioning provision (yes/no)","switch","yes",null,"yes","yes","yes",null,null,null,"Total benefits",null,null,"$mm const",{"$f":"G441","v":2869.5760320000009},{"$f":"H441","v":1725.5554285652793},1536.0653798619408,1372.7305086032202]
[null,null,null,"Commencement of decommissioning provision","% depletion",0.6,null,0.6,0.6,0.6,null,null,null,"Contractor NPV",null,null,"$mm const",{"$f":"G438","v":620.52112183265831},{"$f":"H438","v":192.13182263601215},125.41136991301306,69.057871403616446]
[null,null,null,"Cost Recovery",null,null,null,null,null,null,null,null,null,"Government NPV",null,null,"$mm const",{"$f":"G437","v":1499.4007702765025},{"$f":"H437","v":854.06958803161979},751.18092251740927,663.51510194167781]
[null,null,null,"Cost recovery ceiling","%",0.8,null,0.8,0.8,1,null,null,null,"Average Effective Tax Rate (AETR)",null,null,"$mm const",{"$f":"R14/R11","v":0.70740598480050276},{"$f":"S14/S11","v":0.83649485290438175},{"$f":"T14/T11","v":0.89254068061505265},{"$f":"U14/U11","v":0.96448452278265129}]
[null,null,null,"Development and replacement capital cost depreciation period","years",5,null,5,5,null,null,null,null,"Govt. share of total benefits",null,null,"$mm const",{"$f":"R14/R12","v":0.52251648102575943},{"$f":"S14/S12","v":0.49495343579993817},{"$f":"T14/T12","v":0.48902926422632109},{"$f":"U14/U12","v":0.48335423288349383}]
[null,null,null,"Investment uplift (yes/no)","switch","no",null,"no","yes","no"]
[null,null,null,"Investment uplift","%",0,null,null,0.15,null,null,null,null,"Real terms results"]
[null,null,null,"Uplift limit","years",10,null,10,10,null,null,null,null,"METR",null,null,{"$f":"INDEX($I$609:$I$613,F7,)","v":0.58618602746883552}]
[null,null,null,"Profit petroleum sharing","switch","DROP",null,"DROP","Rfactor","Tax/Royalty",null,null,null,"Pre-tax IRR",null,null,{"$f":"C84","v":0.35457462421423069}]
[null,null,null,"DROP tiers",null,null,null,null,null,null,null,null,null,"Hurdle rate",null,null,{"$f":"F52","v":0.125}]
[null,null,null,"Profit petroleum tier 1","Mbpd",{"$f":"INDEX(H22:L22,$F$7)","v":15},null,15,null,null,null,null,null,"Post-tax IRR on total funds",null,null,{"$f":"C433","v":0.15320364465252601}]
[null,null,null,"Profit petroleum tier 2","Mbpd",{"$f":"INDEX(H23:L23,$F$7)","v":30},null,30,null,null,null,null,null,"Difference",null,null,{"$f":"Q21-Q22","v":-2.8203644652526005E-2}]
[null,null,null,"Profit petroleum tier 3","Mbpd",{"$f":"INDEX(H24:L24,$F$7)","v":45},null,45,null,null,null,null,null,"Breakeven price",null,null,{"$f":"INDEX($G$609:$G$613,F7,)","v":56.534847677806106}]
[null,null,null,"Profit petroleum tier 4","Mbpd",{"$f":"INDEX(H25:L25,$F$7)","v":60},null,60]
[null,null,null,"R-Factor tiers"]
[null,null,null,"R factor tier 1","R-factor",{"$f":"INDEX(H27:L27,$F$7)","v":0},null,null,1]
[null,null,null,"R factor tier 2","R-factor",{"$f":"INDEX(H28:L28,$F$7)","v":0},null,null,1.5]
[null,null,null,"R factor tier 3","R-factor",{"$f":"INDEX(H29:L29,$F$7)","v":0},null,null,2]
[null,null,null,"R factor tier 4","R-factor",{"$f":"INDEX(H30:L30,$F$7)","v":0},null,null,2.5]
[null,null,null,"Govt. share profit petroleum"]
[null,null,null,"Govt. share tier 1","%",{"$f":"INDEX(H32:L32,$F$7)","v":0.4},null,0.4,0.4]
[null,null,null,"Govt. share tier 2","%",0.5,null,0.5,0.5]
[null,null,null,"Govt. share tier 3","%",0.6,null,0.6,0.6]
[null,null,null,"Govt. share tier 4","%",0.65,null,0.65,0.65]
[null,null,null,"Govt. share tier 5","%",0.75,null,0.75,0.75]
[null,null,null,"Corporate Income Tax rate","%",0.2,null,0.2,0.2,0.3]
[null,null,null,"Exploration costs (expensing)","switch","deferred",null,"deferred","deferred","deferred"]
[null,null,null,"Development costs (depreciation)","switch","deferred",null,"deferred","deferred","deferred"]
[null,null,null,"Development costs and replacement capital depreciation (years)","years",10,null,10,5,5]
[null,null,null,"Dividend Withholding Tax","%",0.05,null,0.05,0.05,0.05]
[null,null,null,"State owned company (SOC) participation in joint venture","%",0.1,null,0.1,0.1,0.1]
[null,null,null,"Participation from development or production","switch","development",null,"development","development","development"]
[]
[null,null,null,"Financing assumptions"]
[null,null,null,"Percent of development costs borrowed","%",0.7]
[null,null,null,"Repayment period (beginning production)","years",5]
[null,null,null,"Real interest rate","%",0.05]
[]
[null,null,null,"Economic assumptions"]
[null,null,null,"Discount rate government","%",0.1]
[null,null,null,"Discount rate contractor","%",0.125]
[null,null,null,"Inflation rate","%",0.02]
[null,null,null,"Production days per year","days",365]
[null,null,null,"Oil price","US $/bbl",60]
[]
[null,null,null,"PETROLEUM PROJECT"]
[null,null,"Total ","Raw Project Data","year",null,1,2,3,4,5,6,7,8,9,10,11,12,13]
[null,null,null,"Oil production","Mbpd",null,0,0,10,25,75,{"$f":"K59*0.8","v":60},48,38.400000000000006,30.720000000000006,24.576000000000008,19.660800000000009,0,0]
[null,null,{"$f":"SUM(G60:S60)","v":120.945232},"Oil production","MMBbl",null,{"$f":"G59*$F$54/1000","v":0},0,3.65,9.125,27.375,21.9,17.52,14.016000000000002,11.212800000000003,8.970240000000004,7.1761920000000039,0,0]
[null,null,{"$f":"SUM(G61:S61)","v":483.78092800000002},"Transport costs post-fiscal point","$mm const",null,{"$f":"G60*4","v":0},{"$f":"H60*4","v":0},14.6,36.5,109.5,87.6,70.08,56.064000000000007,44.851200000000013,35.880960000000016,28.704768000000016,0,0]
[null,null,{"$f":"SUM(G62:S62)","v":250},"Exploration costs (expensed)","$mm const",null,250,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,500,"Development costs (depreciable)","$mm const",null,0,500,0,0,0,0,0,0,0,0,0,0,0]
[null,null,75,"Replacement capital costs (depreciable)","$mm const",null,0,0,15,15,15,15,15,0,0,0,0,0,0]
[null,null,3628.3569600000001,"Operating costs","$mm const",null,0,0,109.5,273.75,821.25,657,525.6,420.48,336.38400000000001,269.10719999999998,215.28576000000001,0,0]
[null,null,200,"Decommissioning costs","$mm const",null,0,0,0,0,0,0,0,0,0,0,0,200,0]
[]
[null,null,null,"Price assumptions"]
[null,null,null,"Oil sales price","$/bbl const",null,{"$f":"$F$55","v":60},{"$f":"$F$55","v":60},60,60,60,60,60,60,60,60,60,60,60]
[]
[null,null,null,"Project Pre-Tax Cash Flow: Real","year",null,1,{"$f":"G71+1","v":2},{"$f":"H71+1","v":3},4,5,6,7,8,9,10,11,12,13]
[null,null,{"$f":"SUM(G72:S72)","v":120.945232},"Oil production","MMBbl",null,{"$f":"G60","v":0},0,3.65,9.125,27.375,21.9,17.52,14.016000000000002,11.212800000000003,8.970240000000004,7.1761920000000039,0,0]
[null,null,{"$f":"SUM(G73:S73)","v":7256.7139200000011},"Gross revenue","$mm const",null,{"$f":"G72*G69","v":0},0,219,547.5,1642.5,1314,1051.2,840.96000000000015,672.76800000000014,538.2144000000003,430.57152000000025,0,0]
[null,null,483.78092800000002,"Transport costs post-fiscal point","$mm const",null,{"$f":"G61","v":0},{"$f":"H61","v":0},14.6,36.5,109.5,87.6,70.08,56.064000000000007,44.851200000000013,35.880960000000016,28.704768000000016,0,0]
[{"$f":"ROUND(C75-(C73-C74),5)=0","v":true},null,6772.9329920000009,"Net revenue","$mm const",null,{"$f":"G73-G74","v":0},{"$f":"H73-H74","v":0},204.4,511,1533,1226.4000000000001,981.12,784.89600000000019,627.91680000000008,502.33344000000028,401.86675200000025,0,0]
[null,null,250,"Exploration costs (expensed)","$mm const",null,{"$f":"G62","v":250},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,500,"Development costs (depreciable)","$mm const",null,{"$f":"G63","v":0},500,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"SUM(G78:S78)","v":75},"Replacement capital costs (depreciable)","$mm const",null,{"$f":"G64","v":0},0,15,15,15,15,15,0,0,0,0,0,0]
[null,null,3628.3569600000001,"Operating costs","$mm const",null,{"$f":"G65","v":0},0,109.5,273.75,821.25,657,525.6,420.48,336.38400000000001,269.10719999999998,215.28576000000001,0,0]
[null,null,200,"Decommissioning costs","$mm const",null,0,0,0,0,0,0,0,0,0,0,0,200,0]
[null,null,4653.3569600000001,"Total costs","$mm const",null,{"$f":"SUM(G76:G80)","v":250},{"$f":"SUM(H76:H80)","v":500},124.5,288.75,836.25,672,540.6,420.48,336.38400000000001,269.10719999999998,215.28576000000001,200,0]
[{"$f":"ROUND(C82-(C75-SUM(C76:C80)),5)=0","v":true},null,2119.5760320000009,"Project pre-tax cashflow","$mm const",null,{"$f":"G75-G81","v":-250},{"$f":"H75-H81","v":-500},79.900000000000006,222.25,696.75,554.40000000000009,440.52,364.41600000000017,291.53280000000007,233.2262400000003,186.58099200000024,-200,0]
[]
[null,null,{"$f":"IFERROR(IRR(G82:S82),0)","v":0.35457462421423069},"Internal rate of return (real)","%",null,{"$f":"IFERROR(IRR($G82:G82),\"--\")","v":"--"},{"$f":"IFERROR(IRR($G82:H82),\"--\")","v":"--"},{"$f":"IFERROR(IRR($G82:I82),\"--\")","v":"--"},{"$f":"IFERROR(IRR($G82:J82),\"--\")","v":-0.35649721532975631},{"$f":"IFERROR(IRR($G82:K82),\"--\")","v":0.10231474239903537},{"$f":"IFERROR(IRR($G82:L82),\"--\")","v":0.23950029340852108},{"$f":"IFERROR(IRR($G82:M82),\"--\")","v":0.2990662127946162},{"$f":"IFERROR(IRR($G82:N82),\"--\")","v":0.32926549631860014},{"$f":"IFERROR(IRR($G82:O82),\"--\")","v":0.3450111362958046},{"$f":"IFERROR(IRR($G82:P82),\"--\")","v":0.35356173250930811},{"$f":"IFERROR(IRR($G82:Q82),\"--\")","v":0.35832807537635847},{"$f":"IFERROR(IRR($G82:R82),\"--\")","v":0.35457462421423069},{"$f":"IFERROR(IRR($G82:S82),\"--\")","v":0.35457462421423069}]
[null,null,{"$f":"NPV($F$51,$H$82:$S$82)+$G$82","v":1021.0099740198245},{"$f":"\"Project pre-tax cash flow NPV\"&$F$51*100","v":"Project pre-tax cash flow NPV10"},"$mm const"]
[]
[null,null,null,"Flags"]
[null,null,{"$f":"MAX(G88:S88)","v":13},"Project years","years",null,{"$f":"(SUM($G$59:G66)>0)*1+F88","v":1},{"$f":"(SUM($G$59:H66)>0)*1+G88","v":2},{"$f":"(SUM($G$59:I66)>0)*1+H88","v":3},{"$f":"(SUM($G$59:J66)>0)*1+I88","v":4},{"$f":"(SUM($G$59:K66)>0)*1+J88","v":5},{"$f":"(SUM($G$59:L66)>0)*1+K88","v":6},{"$f":"(SUM($G$59:M66)>0)*1+L88","v":7},{"$f":"(SUM($G$59:N66)>0)*1+M88","v":8},{"$f":"(SUM($G$59:O66)>0)*1+N88","v":9},{"$f":"(SUM($G$59:P66)>0)*1+O88","v":10},{"$f":"(SUM($G$59:Q66)>0)*1+P88","v":11},{"$f":"(SUM($G$59:R66)>0)*1+Q88","v":12},{"$f":"(SUM($G$59:S66)>0)*1+R88","v":13}]
[null,null,{"$f":"MAX(G89:S89)","v":9},"Production years","years",null,{"$f":"((G59>0)*1+F89)*(G59>0)","v":0},0,1,2,3,4,5,6,7,8,9,0,0]
[null,null,9,"Remaining production years","years",null,{"$f":"($C$89-G89+1)*(G59>0)","v":0},0,9,8,7,6,5,4,3,2,1,0,0]
[null,null,12,"Development years","years",null,{"$f":"1*(SUM(G$77:$G77)>0)+F91","v":0},{"$f":"1*(SUM($G$77:H77)>0)+G91","v":1},{"$f":"1*(SUM($G$77:I77)>0)+H91","v":2},{"$f":"1*(SUM($G$77:J77)>0)+I91","v":3},{"$f":"1*(SUM($G$77:K77)>0)+J91","v":4},{"$f":"1*(SUM($G$77:L77)>0)+K91","v":5},{"$f":"1*(SUM($G$77:M77)>0)+L91","v":6},{"$f":"1*(SUM($G$77:N77)>0)+M91","v":7},{"$f":"1*(SUM($G$77:O77)>0)+N91","v":8},{"$f":"1*(SUM($G$77:P77)>0)+O91","v":9},{"$f":"1*(SUM($G$77:Q77)>0)+P91","v":10},{"$f":"1*(SUM($G$77:R77)>0)+Q91","v":11},{"$f":"1*(SUM($G$77:S77)>0)+R91","v":12}]
[]
[null,null,null,"Payback period"]
[null,null,null,"Project pre-tax cash flow","$mm const",null,{"$f":"G82","v":-250},-500,79.900000000000006,222.25,696.75,554.40000000000009,440.52,364.41600000000017,291.53280000000007,233.2262400000003,186.58099200000024,-200,0]
[null,null,null,"Cumulative project pre-tax cash flow","$mm const",null,{"$f":"F95+G94","v":-250},{"$f":"G95+H94","v":-750},-670.1,-447.85,248.89999999999998,803.30000000000007,1243.8200000000002,1608.2360000000003,1899.7688000000003,2132.9950400000007,2319.5760320000009,2119.5760320000009,2119.5760320000009]
[null,null,{"$f":"SUM(G96:S96)","v":4.6427700035880877},"Payback period","years",null,{"$f":"IF(AND(G95<=0,H95>0),G88+(-G95/H94),0)","v":0},{"$f":"IF(AND(H95<=0,I95>0),H88+(-H95/I94),0)","v":0},0,4.6427700035880877,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Inflation"]
[null,null,null,"Inflation index","index",null,{"$f":"IF(G$58=1,1,(1+$F$53)^(G$58-1))","v":1},{"$f":"IF(H$58=1,1,(1+$F$53)^(H$58-1))","v":1.02},1.0404,1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.1486856676492798,1.1716593810022655,1.1950925686223108,1.2189944199947571,1.243374308394652,1.2682417945625453]
[]
[null,null,null,"Project Pre-Tax Cash Flow: Nominal","year",null,1,{"$f":"G101+1","v":2},{"$f":"H101+1","v":3},4,5,6,7,8,9,10,11,12,13]
[null,null,{"$f":"SUM(G102:S102)","v":8143.6718608937663},"Gross revenue","$mm nominal",null,{"$f":"G73*G$99","v":0},0,227.8476,581.01137999999992,1777.8948227999999,1450.7621754048,1183.8219351303169,965.99869906633853,788.25493843813229,643.21602976551617,524.86428028866123,0,0]
[null,null,{"$f":"SUM(G103:S103)","v":542.91145739291767},"Transport costs post-fiscal point","$mm nominal",null,{"$f":"G74*G$99","v":0},0,15.18984,38.734091999999997,118.52632152,96.717478360320001,78.92146234202113,64.399913271089233,52.550329229208828,42.881068651034411,34.990952019244084,0,0]
[{"$f":"ROUND(C104-(C102-C103),5)=0","v":true},null,7600.760403500848,"Net revenue","$mm nominal",null,{"$f":"G75*G$99","v":0},0,212.65776,542.277288,1659.3685012799999,1354.04469704448,1104.9004727882957,901.59878579524934,735.70460920892344,600.33496111448176,489.87332826941719,0,0]
[null,null,250,"Exploration costs (expensed)","$mm nominal",null,{"$f":"G76*G$99","v":250},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,510,"Development costs (depreciable)","$mm nominal",null,{"$f":"G77*G$99","v":0},510,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"SUM(G107:S107)","v":81.214250736959997},"Replacement capital costs (depreciable)","$mm nominal",null,{"$f":"G78*G$99","v":0},0,15.606,15.918119999999998,16.2364824,16.561212048000002,16.892436288960003,0,0,0,0,0,0]
[null,null,4071.8359304468818,"Operating costs","$mm nominal",null,{"$f":"G79*G$99","v":0},0,113.9238,290.50568999999996,888.94741139999996,725.38108770240001,591.91096756515844,482.99934953316921,394.12746921906609,321.60801488275791,262.4321401443305,0,0]
[null,null,248.6748616789304,"Decommissioning costs","$mm nominal",null,{"$f":"G80*G$99","v":0},0,0,0,0,0,0,0,0,0,0,248.6748616789304,0]
[null,null,5161.7250428627722,"Total costs","$mm nominal",null,{"$f":"SUM(G105:G109)","v":250},{"$f":"SUM(H105:H109)","v":510},129.52979999999999,306.42380999999995,905.18389379999996,741.94229975040003,608.80340385411841,482.99934953316921,394.12746921906609,321.60801488275791,262.4321401443305,248.6748616789304,0]
[{"$f":"ROUND(C111-(C104-SUM(C105:C109)),5)=0","v":true},null,2439.035360638075,"Project-pre tax cashflow","$mm nominal",null,{"$f":"G104-G110","v":-250},{"$f":"H104-H110","v":-510},83.127960000000002,235.85347800000005,754.18460747999995,612.10239729407999,496.09706893417729,418.59943626208013,341.57713998985736,278.72694623172384,227.44118812508668,-248.6748616789304,0]
[]
[null,null,{"$f":"IFERROR(IRR(G111:S111),0)","v":0.3816661166962787},"Internal rate of return (nominal)","%",null,{"$f":"IFERROR(IRR($G111:G111),\"--\")","v":"--"},{"$f":"IFERROR(IRR($G111:H111),\"--\")","v":"--"},{"$f":"IFERROR(IRR($G111:I111),\"--\")","v":"--"},{"$f":"IFERROR(IRR($G111:J111),\"--\")","v":-0.34362715963553048},{"$f":"IFERROR(IRR($G111:K111),\"--\")","v":0.12436103724595005},{"$f":"IFERROR(IRR($G111:L111),\"--\")","v":0.26429029927663361},{"$f":"IFERROR(IRR($G111:M111),\"--\")","v":0.3250475370606396},{"$f":"IFERROR(IRR($G111:N111),\"--\")","v":0.35585080624495835},{"$f":"IFERROR(IRR($G111:O111),\"--\")","v":0.3719113590213845},{"$f":"IFERROR(IRR($G111:P111),\"--\")","v":0.38063296715688422},{"$f":"IFERROR(IRR($G111:Q111),\"--\")","v":0.38549463687321506},{"$f":"IFERROR(IRR($G111:R111),\"--\")","v":0.3816661166962787},{"$f":"IFERROR(IRR($G111:S111),\"--\")","v":0.3816661166962787}]
[null,null,{"$f":"NPV($F$51,$H$111:$S$111)+$G$111","v":1200.376957563258},{"$f":"\"Project pre-tax cash flow NPV\"&$F$51*100","v":"Project pre-tax cash flow NPV10"},"$mm nominal"]
[]
["Fiscal Calculations"]
[]
[null,null,"Total ","Decommissioning"]
[null,null,{"$f":"SUM(G119:S119)","v":12},"Decommissioning year","years",null,{"$f":"G58*(G120>0)","v":0},{"$f":"H58*(H120>0)","v":0},0,0,0,0,0,0,0,0,0,12,0]
[null,null,{"$f":"SUM(G120:S120)","v":248.6748616789304},"Decommissioning costs spent","$mm nominal",null,{"$f":"G109","v":0},{"$f":"H109","v":0},0,0,0,0,0,0,0,0,0,248.6748616789304,0]
[null,null,200,"Decommissioning costs real terms","$mm const",null,{"$f":"G120/G99","v":0},{"$f":"H120/H99","v":0},0,0,0,0,0,0,0,0,0,200,0]
[null,null,null,"Escalated decommissioning costs, end of year ","$mm nominal",null,{"$f":"$C$121*G99*(G58<=$C$119)*(1+$F$53)","v":204},{"$f":"$C$121*H99*(H58<=$C$119)*(1+$F$53)","v":208.08},212.24159999999998,216.48643199999998,220.81616064000002,225.23248385279999,229.73713352985601,234.33187620045308,239.01851372446217,243.79888399895142,248.67486167893045,253.648358912509,0]
[]
[null,null,null,"% reserves produced, end of year","%",null,{"$f":"SUM($G$60:G60)/$C$60","v":0},{"$f":"SUM($G$60:H60)/$C$60","v":0},{"$f":"SUM($G$60:I60)/$C$60","v":3.0178949096562976E-2},{"$f":"SUM($G$60:J60)/$C$60","v":0.10562632183797042},{"$f":"SUM($G$60:K60)/$C$60","v":0.33196844006219278},{"$f":"SUM($G$60:L60)/$C$60","v":0.51304213464157067},{"$f":"SUM($G$60:M60)/$C$60","v":0.65790109030507293},{"$f":"SUM($G$60:N60)/$C$60","v":0.77378825483587477},{"$f":"SUM($G$60:O60)/$C$60","v":0.86649798646051623},{"$f":"SUM($G$60:P60)/$C$60","v":0.94066577176022947},{"$f":"SUM($G$60:Q60)/$C$60","v":1},{"$f":"SUM($G$60:R60)/$C$60","v":1},{"$f":"SUM($G$60:S60)/$C$60","v":1}]
[null,null,null,"Remaining recoverable reserves, end of year","MMBbl",null,{"$f":"$C$60-SUM($G$60:G60)","v":120.945232},{"$f":"$C$60-SUM($G$60:H60)","v":120.945232},{"$f":"$C$60-SUM($G$60:I60)","v":117.295232},{"$f":"$C$60-SUM($G$60:J60)","v":108.170232},{"$f":"$C$60-SUM($G$60:K60)","v":80.795231999999999},{"$f":"$C$60-SUM($G$60:L60)","v":58.895232000000007},{"$f":"$C$60-SUM($G$60:M60)","v":41.375232000000011},{"$f":"$C$60-SUM($G$60:N60)","v":27.359232000000006},{"$f":"$C$60-SUM($G$60:O60)","v":16.146432000000004},{"$f":"$C$60-SUM($G$60:P60)","v":7.1761920000000003},{"$f":"$C$60-SUM($G$60:Q60)","v":0},{"$f":"$C$60-SUM($G$60:R60)","v":0},{"$f":"$C$60-SUM($G$60:S60)","v":0}]
[null,null,null,"Decommissioning fund flag","flag",null,{"$f":"1*(G124>$F$13)*(G59>0)","v":0},0,0,0,0,0,1,1,1,1,1,0,0]
[null,null,{"$f":"SUM(G127:S127)","v":58.895232000000007},"Production during decommissioning period","MMBbl",null,{"$f":"G126*G60","v":0},0,0,0,0,0,17.52,14.016000000000002,11.212800000000003,8.970240000000004,7.1761920000000039,0,0]
[null,null,202.41907200000003,"Cumulative production during decommissioning period","MMBbl",null,{"$f":"(G127+F128)*G126","v":0},{"$f":"(H127+G128)*H126","v":0},0,0,0,0,17.52,31.536000000000001,42.748800000000003,51.719040000000007,58.895232000000007,0,0]
[null,null,824.71912504670684,"Decommissioning fund opening balance","$mm nominal",null,{"$f":"F133","v":0},{"$f":"G133","v":0},0,0,0,0,0,68.341603263284142,124.57137051842267,171.47593740614377,211.65535217992581,248.67486167893048,0]
[null,null,248.67486167893048,"Provision allowed current period","$mm nominal",null,{"$f":"IF(G126<>0,(G122-G129)*IFERROR(G127/F125,1)*($F$12=\"yes\"),0)","v":0},0,0,0,0,0,{"$f":"IF(M126<>0,(M122-M129)*IFERROR(M127/L125,1)*($F$12=\"yes\"),0)","v":68.341603263284142},56.229767255138519,46.90456688772111,40.179414773782042,37.019509499004656,0,0]
[null,null,-248.6748616789304,"Withdrawal to meet decommissioning costs","$mm nominal",null,{"$f":"MIN(G120,F133)*-1","v":0},{"$f":"MIN(H120,G133)*-1","v":0},0,0,0,0,0,0,0,0,0,-248.6748616789304,0]
[null,null,-8.5265128291212022E-14,"Surplus balance into profit petroleum","$mm nominal",null,{"$f":"(G131<>0)*(G129+G131)*-1","v":0},0,0,0,0,0,0,0,0,0,0,-8.5265128291212022E-14,0]
[null,null,null,"Closing balance","$mm nominal",null,{"$f":"SUM(G129:G132)","v":0},{"$f":"SUM(H129:H132)","v":0},{"$f":"SUM(I129:I132)","v":0},0,0,0,68.341603263284142,124.57137051842267,171.47593740614377,211.65535217992581,248.67486167893048,0,0]
[]
[null,null,null,"Royalty"]
[null,null,{"$f":"SUM(G136:S136)","v":8143.6718608937663},"Gross revenue","$mm nominal",null,{"$f":"G102","v":0},{"$f":"H102","v":0},227.8476,581.01137999999992,1777.8948227999999,1450.7621754048,1183.8219351303169,965.99869906633853,788.25493843813229,643.21602976551617,524.86428028866123,0,0]
[null,null,7600.760403500848,"Net revenue","$mm nominal",null,{"$f":"G104","v":0},{"$f":"H104","v":0},212.65776,542.277288,1659.3685012799999,1354.04469704448,1104.9004727882957,901.59878579524934,735.70460920892344,600.33496111448176,489.87332826941719,0,0]
[null,null,7600.760403500848,{"$f":"\"Royalty base: \"&$F$11&\" revenue\"","v":"Royalty base: net revenue"},"$mm nominal",null,{"$f":"IF(G89=0,0,IF($F$11=\"gross\",G136,G137))","v":0},{"$f":"IF(H89=0,0,IF($F$11=\"gross\",H136,H137))","v":0},212.65776,542.277288,1659.3685012799999,1354.04469704448,1104.9004727882957,901.59878579524934,735.70460920892344,600.33496111448176,489.87332826941719,0,0]
[null,null,0,"Royalty payable","$mm nominal",null,{"$f":"G138*$F$10","v":0},{"$f":"H138*$F$10","v":0},0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Bonus"]
[null,null,null,"Oil production",{"$f":"E59","v":"Mbpd"},null,{"$f":"G59","v":0},0,10,25,75,60,48,38.400000000000006,30.720000000000006,24.576000000000008,19.660800000000009,0,0]
[null,null,{"$f":"SUM(G143:S143)","v":50},"Production bonus","$mm nominal",null,{"$f":"IF(AND(G142>0,SUM($F$142:F142)<=0),$F$9,0)","v":0},{"$f":"IF(AND(H142>0,SUM($F$142:G142)<=0),$F$9,0)","v":0},{"$f":"IF(AND(I142>0,SUM($F$142:H142)<=0),$F$9,0)","v":50},{"$f":"IF(AND(J142>0,SUM($F$142:I142)<=0),$F$9,0)","v":0},{"$f":"IF(AND(K142>0,SUM($F$142:J142)<=0),$F$9,0)","v":0},{"$f":"IF(AND(L142>0,SUM($F$142:K142)<=0),$F$9,0)","v":0},{"$f":"IF(AND(M142>0,SUM($F$142:L142)<=0),$F$9,0)","v":0},{"$f":"IF(AND(N142>0,SUM($F$142:M142)<=0),$F$9,0)","v":0},{"$f":"IF(AND(O142>0,SUM($F$142:N142)<=0),$F$9,0)","v":0},{"$f":"IF(AND(P142>0,SUM($F$142:O142)<=0),$F$9,0)","v":0},{"$f":"IF(AND(Q142>0,SUM($F$142:P142)<=0),$F$9,0)","v":0},{"$f":"IF(AND(R142>0,SUM($F$142:Q142)<=0),$F$9,0)","v":0},{"$f":"IF(AND(S142>0,SUM($F$142:R142)<=0),$F$9,0)","v":0}]
[]
[null,null,null,"Project net cash flow after decommissioning, royalty and bonus"]
[null,null,{"$f":"SUM(G146:S146)","v":7600.760403500848},"Net revenue after royalty","$mm nominal",null,{"$f":"G104-G139","v":0},{"$f":"H104-H139","v":0},212.65776,542.277288,1659.3685012799999,1354.04469704448,1104.9004727882957,901.59878579524934,735.70460920892344,600.33496111448176,489.87332826941719,0,0]
[null,null,250,"Exploration costs (expensed)","$mm nominal",null,{"$f":"G105","v":250},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,510,"Development costs (depreciable)","$mm nominal",null,{"$f":"G106","v":0},510,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"SUM(G149:S149)","v":81.214250736959997},"Replacement capital costs (depreciable)","$mm nominal",null,{"$f":"G107","v":0},0,15.606,15.918119999999998,16.2364824,16.561212048000002,16.892436288960003,0,0,0,0,0,0]
[null,null,4071.8359304468818,"Operating costs","$mm nominal",null,{"$f":"G108","v":0},0,113.9238,290.50568999999996,888.94741139999996,725.38108770240001,591.91096756515844,482.99934953316921,394.12746921906609,321.60801488275791,262.4321401443305,0,0]
[null,null,248.6748616789304,"Decommissioning provision/costs","$mm nominal",null,{"$f":"G120+G130+G131+G132","v":0},{"$f":"H120+H130+H131+H132","v":0},0,0,0,0,68.341603263284142,56.229767255138519,46.90456688772111,40.179414773782042,37.019509499004656,-8.5265128291212022E-14,0]
[null,null,50,"Production bonus","$mm nominal",null,{"$f":"G143","v":0},{"$f":"H143","v":0},50,0,0,0,0,0,0,0,0,0,0]
[null,null,2389.035360638075,"Net cash flow","$mm nominal",null,{"$f":"G146-SUM(G147:G152)","v":-250},-510,33.127960000000002,235.85347800000005,754.18460747999995,612.10239729407999,427.75546567089316,362.36966900694165,294.67257310213625,238.54753145794177,190.42167862608204,8.5265128291212022E-14,0]
[]
[null,null,null,"Joint venture sharing of project cash flow"]
[null,null,null,"Development starts","flag",null,{"$f":"1*(SUM(G$77:$G77)>0)","v":0},{"$f":"1*(SUM($G$77:H77)>0)","v":1},{"$f":"1*(SUM($G$77:I77)>0)","v":1},{"$f":"1*(SUM($G$77:J77)>0)","v":1},{"$f":"1*(SUM($G$77:K77)>0)","v":1},{"$f":"1*(SUM($G$77:L77)>0)","v":1},{"$f":"1*(SUM($G$77:M77)>0)","v":1},{"$f":"1*(SUM($G$77:N77)>0)","v":1},{"$f":"1*(SUM($G$77:O77)>0)","v":1},{"$f":"1*(SUM($G$77:P77)>0)","v":1},{"$f":"1*(SUM($G$77:Q77)>0)","v":1},{"$f":"1*(SUM($G$77:R77)>0)","v":1},{"$f":"1*(SUM($G$77:S77)>0)","v":1}]
[null,null,null,"Production starts","flag",null,{"$f":"1*(G60>0)","v":0},0,1,1,1,1,1,1,1,1,1,0,0]
[null,null,null,{"$f":"\"Selected: \"&F43","v":"Selected: development"},"flag",null,{"$f":"IF($F$43=\"development\",G156,G157)","v":0},1,1,1,1,1,1,1,1,1,1,1,1]
[]
[null,null,null,"SOC (state-owned company)","%",null,{"$f":"G158*$F$42","v":0},{"$f":"H158*$F$42","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[null,null,null,"Contractor","%",null,{"$f":"1-G160","v":1},{"$f":"1-H160","v":0.9},0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9]
[]
[null,null,null,"Contractor share of JV"]
[null,null,{"$f":"SUM(G164:S164)","v":6840.6843631507627},"Net revenue after royalty","$mm nominal",null,{"$f":"G$161*G146","v":0},0,191.39198400000001,488.04955920000003,1493.4316511519999,1218.640227340032,994.41042550946611,811.43890721572438,662.13414828803116,540.30146500303363,440.88599544247546,0,0]
[null,null,250,"Exploration costs (expensed)","$mm nominal",null,{"$f":"G$161*G147","v":250},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,459,"Development costs (depreciable)","$mm nominal",null,{"$f":"G$161*G148","v":0},459,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"SUM(G167:S167)","v":73.092825663263994},"Replacement capital costs (depreciable)","$mm nominal",null,{"$f":"G$161*G149","v":0},0,14.045400000000001,14.326307999999999,14.61283416,14.905090843200002,15.203192660064003,0,0,0,0,0,0]
[null,null,3664.6523374021936,"Operating costs","$mm nominal",null,{"$f":"G$161*G150","v":0},0,102.53142,261.45512099999996,800.05267026000001,652.84297893216001,532.71987080864267,434.69941457985232,354.71472229715948,289.44721339448211,236.18892612989745,0,0]
[null,null,223.80737551103735,"Decommissioning provision/costs","$mm nominal",null,{"$f":"G$161*G151","v":0},0,0,0,0,0,61.507442936955727,50.606790529624668,42.214110198949001,36.161473296403841,33.317558549104191,-7.6738615462090825E-14,0]
[null,null,45,"Production bonus","$mm nominal",null,{"$f":"G$161*G152","v":0},0,45,0,0,0,0,0,0,0,0,0,0]
[null,null,2125.1318245742673,"Net cash flow","$mm nominal",null,{"$f":"G164-SUM(G165:G170)","v":-250},{"$f":"H164-SUM(H165:H170)","v":-459},29.81516400000001,212.26813020000009,678.76614673199981,550.89215756467195,384.9799191038037,326.13270210624739,265.20531579192266,214.69277831214765,171.37951076347383,7.6738615462090825E-14,0]
[]
[null,null,null,"SOC share of JV"]
[null,null,{"$f":"SUM(G174:S174)","v":760.07604035008478},"Net revenue after royalty","$mm nominal",null,{"$f":"G$160*G146","v":0},0,21.265776000000002,54.227728800000001,165.936850128,135.40446970444802,110.49004727882958,90.159878579524943,73.570460920892344,60.03349611144818,48.987332826941724,0,0]
[null,null,0,"Exploration costs (expensed)","$mm nominal",null,{"$f":"G$160*G147","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,51,"Development costs (depreciable)","$mm nominal",null,{"$f":"G$160*G148","v":0},51,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"SUM(G177:S177)","v":8.121425073695999},"Replacement capital costs (depreciable)","$mm nominal",null,{"$f":"G$160*G149","v":0},0,1.5606,1.591812,1.6236482400000001,1.6561212048000002,1.6892436288960004,0,0,0,0,0,0]
[null,null,407.18359304468822,"Operating costs","$mm nominal",null,{"$f":"G$160*G150","v":0},0,11.392380000000001,29.050568999999996,88.894741140000008,72.538108770240001,59.191096756515847,48.299934953316921,39.41274692190661,32.160801488275794,26.24321401443305,0,0]
[null,null,24.867486167893041,"Decommissioning provision/costs","$mm nominal",null,{"$f":"G$160*G151","v":0},0,0,0,0,0,6.8341603263284147,5.6229767255138521,4.6904566887721115,4.0179414773782041,3.7019509499004659,-8.5265128291212035E-15,0]
[null,null,5,"Production bonus","$mm nominal",null,{"$f":"G$160*G152","v":0},0,5,0,0,0,0,0,0,0,0,0,0]
[{"$f":"ROUND(C153-C171-C181,5)=0","v":true},null,263.90353606380756,"Net cash flow","$mm nominal",null,{"$f":"G174-SUM(G175:G180)","v":0},{"$f":"H174-SUM(H175:H180)","v":-51},3.3127960000000023,23.585347800000005,75.418460748000001,61.210239729408016,42.775546567089322,36.236966900694171,29.467257310213625,23.854753145794184,19.04216786260821,8.5265128291212035E-15,0]
[]
[null,null,null,"Joint venture cost recovery","year",null,1,{"$f":"G183+1","v":2},{"$f":"H183+1","v":3},4,5,6,7,8,9,10,11,12,13]
[null,null,{"$f":"SUM(G184:S184)","v":7600.760403500848},"Net revenue after royalty","$mm nominal",null,{"$f":"G146","v":0},{"$f":"H146","v":0},212.65776,542.277288,1659.3685012799999,1354.04469704448,1104.9004727882957,901.59878579524934,735.70460920892344,600.33496111448176,489.87332826941719,0,0]
[null,null,6080.6083228006783,"Cost recovery ceiling","$mm nominal",null,{"$f":"$F$15*G184","v":0},{"$f":"$F$15*H184","v":0},170.12620800000002,433.82183040000001,1327.494801024,1083.2357576355842,883.92037823063663,721.27902863619954,588.56368736713875,480.26796889158544,391.89866261553379,0,0]
[null,null,250,"Exploration costs (expensed)","$mm nominal",null,{"$f":"G147","v":250},{"$f":"H147","v":0},0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Depreciation switch","flag",null,{"$f":"(MAX(G$89:$S89)>1)*1","v":1},{"$f":"(MAX(H$89:$S89)>1)*1","v":1},{"$f":"(MAX(I$89:$S89)>1)*1","v":1},{"$f":"(MAX(J$89:$S89)>1)*1","v":1},{"$f":"(MAX(K$89:$S89)>1)*1","v":1},{"$f":"(MAX(L$89:$S89)>1)*1","v":1},{"$f":"(MAX(M$89:$S89)>1)*1","v":1},{"$f":"(MAX(N$89:$S89)>1)*1","v":1},{"$f":"(MAX(O$89:$S89)>1)*1","v":1},{"$f":"(MAX(P$89:$S89)>1)*1","v":1},{"$f":"(MAX(Q$89:$S89)>1)*1","v":1},{"$f":"(MAX(R$89:$S89)>1)*1","v":0},{"$f":"(MAX(S$89:$S89)>1)*1","v":0}]
[]
[null,null,591.21425073696003,"Development and replacement capital costs (depreciable)","$mm nominal",null,{"$f":"G148+G149","v":0},{"$f":"H148+H149","v":510},15.606,15.918119999999998,16.2364824,16.561212048000002,16.892436288960003,0,0,0,0,0,0]
[null,null,591.21425073696003,"Development and replacement capital costs (depreciable, deferred)","$mm nominal",null,{"$f":"IF(G89=0,0,IF(G89=1,SUM($G190:G190),G190))*($F$16>0)","v":0},{"$f":"IF(H89=0,0,IF(H89=1,SUM($G190:H190),H190))*($F$16>0)","v":0},{"$f":"IF(I89=0,0,IF(I89=1,SUM($G190:I190),I190))*($F$16>0)","v":525.60599999999999},{"$f":"IF(J89=0,0,IF(J89=1,SUM($G190:J190),J190))*($F$16>0)","v":15.918119999999998},{"$f":"IF(K89=0,0,IF(K89=1,SUM($G190:K190),K190))*($F$16>0)","v":16.2364824},{"$f":"IF(L89=0,0,IF(L89=1,SUM($G190:L190),L190))*($F$16>0)","v":16.561212048000002},{"$f":"IF(M89=0,0,IF(M89=1,SUM($G190:M190),M190))*($F$16>0)","v":16.892436288960003},{"$f":"IF(N89=0,0,IF(N89=1,SUM($G190:N190),N190))*($F$16>0)","v":0},{"$f":"IF(O89=0,0,IF(O89=1,SUM($G190:O190),O190))*($F$16>0)","v":0},{"$f":"IF(P89=0,0,IF(P89=1,SUM($G190:P190),P190))*($F$16>0)","v":0},{"$f":"IF(Q89=0,0,IF(Q89=1,SUM($G190:Q190),Q190))*($F$16>0)","v":0},{"$f":"IF(R89=0,0,IF(R89=1,SUM($G190:R190),R190))*($F$16>0)","v":0},{"$f":"IF(S89=0,0,IF(S89=1,SUM($G190:S190),S190))*($F$16>0)","v":0}]
[null,{"$f":"IF($F$16=0,0,1/$F$16)","v":0.2},118.24285014739201,"Depreciation year 1","$mm nominal",null,{"$f":"G$191*$B192*G$188","v":0},{"$f":"H$191*$B192*H$188","v":0},105.1212,3.183624,3.2472964800000002,3.3122424096000005,3.3784872577920009,0,0,0,0,0,0]
[null,{"$f":"IF($F$16=0,0,MIN(1/$F$16,1-SUM($B$192:B192)))","v":0.2},118.24285014739201,"Depreciation year 2","$mm nominal",null,null,{"$f":"G$191*$B193*H$188","v":0},{"$f":"H$191*$B193*I$188","v":0},105.1212,3.183624,3.2472964800000002,3.3122424096000005,3.3784872577920009,0,0,0,0,0]
[null,{"$f":"IF($F$16=0,0,MIN(1/$F$16,1-SUM($B$192:B193)))","v":0.2},118.24285014739201,"Depreciation year 3","$mm nominal",null,null,null,{"$f":"G$191*$B194*I$188","v":0},{"$f":"H$191*$B194*J$188","v":0},105.1212,3.183624,3.2472964800000002,3.3122424096000005,3.3784872577920009,0,0,0,0]
[null,{"$f":"IF($F$16=0,0,MIN(1/$F$16,1-SUM($B$192:B194)))","v":0.2},118.24285014739201,"Depreciation year 4","$mm nominal",null,null,null,null,{"$f":"G$191*$B195*J$188","v":0},{"$f":"H$191*$B195*K$188","v":0},105.1212,3.183624,3.2472964800000002,3.3122424096000005,3.3784872577920009,0,0,0]
[null,{"$f":"IF($F$16=0,0,MIN(1/$F$16,1-SUM($B$192:B195)))","v":0.19999999999999996},118.24285014739198,"Depreciation year 5","$mm nominal",null,null,null,null,null,{"$f":"G$191*$B196*K$188","v":0},{"$f":"H$191*$B196*L$188","v":0},105.12119999999997,3.1836239999999991,3.2472964799999993,3.3122424095999996,3.378487257792,0,0]
[null,{"$f":"IF($F$16=0,0,MIN(1/$F$16,1-SUM($B$192:B196)))","v":0},0,"Depreciation year 6","$mm nominal",null,null,null,null,null,null,{"$f":"G$191*$B197*L$188","v":0},{"$f":"H$191*$B197*M$188","v":0},0,0,0,0,0,0]
[null,{"$f":"IF($F$16=0,0,MIN(1/$F$16,1-SUM($B$192:B197)))","v":0},0,"Depreciation year 7","$mm nominal",null,null,null,null,null,null,null,{"$f":"G$191*$B198*M$188","v":0},{"$f":"H$191*$B198*N$188","v":0},0,0,0,0,0]
[null,{"$f":"IF($F$16=0,0,MIN(1/$F$16,1-SUM($B$192:B198)))","v":0},0,"Depreciation year 8","$mm nominal",null,null,null,null,null,null,null,null,{"$f":"G$191*$B199*N$188","v":0},{"$f":"H$191*$B199*O$188","v":0},0,0,0,0]
[null,{"$f":"IF($F$16=0,0,MIN(1/$F$16,1-SUM($B$192:B199)))","v":0},0,"Depreciation year 9","$mm nominal",null,null,null,null,null,null,null,null,null,{"$f":"G$191*$B200*O$188","v":0},{"$f":"H$191*$B200*P$188","v":0},0,0,0]
[null,{"$f":"IF($F$16=0,0,MIN(1/$F$16,1-SUM($B$192:B200)))","v":0},0,"Depreciation year 10","$mm nominal",null,null,null,null,null,null,null,null,null,null,{"$f":"G$191*$B201*P$188","v":0},{"$f":"H$191*$B201*Q$188","v":0},0,0]
[{"$f":"ROUND(C190-C202-C206,5)=0","v":true},null,591.21425073695991,"Development costs depreciation","$mm nominal",null,{"$f":"SUM(G192:G201)","v":0},{"$f":"SUM(H192:H201)","v":0},105.1212,108.304824,111.55212048,114.8643628896,118.24285014739198,13.121650147392,9.9380261473920015,6.6907296673920005,3.378487257792,0,0]
[]
[null,null,{"$f":"INDEX(G204:S204,,MATCH($C$89,$G$89:$S$89,0))","v":591.21425073696003},"Cumulative development and replacement capital costs (depreciable)","$mm nominal",null,{"$f":"(F204+G190+F206)*G188","v":0},510,525.60599999999999,541.52412000000004,557.76060240000004,574.32181444800005,591.21425073696003,591.21425073696003,591.21425073696003,{"$f":"(O204+P190+O206)*P188","v":591.21425073696003},{"$f":"(P204+Q190+P206)*Q188","v":591.21425073696003},0,0]
[null,null,{"$f":"INDEX(G205:S205,,MATCH($C$89,$G$89:$S$89,0))","v":591.21425073695991},"Cumulative depreciation","$mm nominal",null,{"$f":"(F205+G202)*G188","v":0},{"$f":"(G205+H202)*H188","v":0},105.1212,213.42602399999998,324.97814447999997,439.84250736959996,558.08535751699196,571.20700766438392,581.14503381177587,587.83576347916789,591.21425073695991,0,0]
[{"$f":"ROUND(C204-C205-C206,5)=0","v":true},null,{"$f":"SUM(G206:S206)","v":1.1368683772161603E-13},"Undepreciated balance at the end of the project","$mm nominal",null,{"$f":"(G204-G205)*(G90=1)","v":0},{"$f":"(H204-H205)*(H90=1)","v":0},0,0,0,0,0,0,0,0,1.1368683772161603E-13,0,0]
[]
[null,null,null,"Opening balance","$mm nominal",null,{"$f":"F216","v":0},{"$f":"G216","v":250},250,298.91879199999994,263.90747559999994,0,0,0,0,0,0,0,0]
[null,null,{"$f":"SUM(G209:S209)","v":250},"Exploration with uplift (if applicable)","$mm nominal",null,{"$f":"IF(AND($F$17=\"yes\",G91<=$F$19),G186*(1+$F$18),G186)","v":250},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,591.21425073695991,"Depreciation of development and replacement capital costs with uplift (if applicable)","$mm nominal",null,{"$f":"IF(AND($F$17=\"yes\",G91<=$F$19),G202*(1+$F$18),G202)","v":0},0,105.1212,108.304824,111.55212048,114.8643628896,118.24285014739198,13.121650147392,9.9380261473920015,6.6907296673920005,3.378487257792,0,0]
[null,null,4071.8359304468818,"Operating costs","$mm nominal",null,{"$f":"G150","v":0},{"$f":"H150","v":0},113.9238,290.50568999999996,888.94741139999996,725.38108770240001,591.91096756515844,482.99934953316921,394.12746921906609,321.60801488275791,262.4321401443305,0,0]
[null,null,248.6748616789304,"Decommissioning provision/costs","$mm nominal",null,{"$f":"G151","v":0},0,0,0,0,0,68.341603263284142,56.229767255138519,46.90456688772111,40.179414773782042,37.019509499004656,-8.5265128291212022E-14,0]
[null,null,75.685871683679949,"Joint venture's proceeds from the sale of undepreciated assets","$mm nominal",null,{"$f":"SUM(G281:G282)","v":0},{"$f":"SUM(H281:H282)","v":0},0,0,0,0,0,0,0,0,75.685871683679949,0,0]
[null,null,6148.865438779093,"Total recoverable costs","$mm nominal",null,{"$f":"SUM(G208:G212)-G213","v":250},{"$f":"SUM(H208:H212)-H213","v":250},469.04499999999996,697.72930599999995,1264.4070074799999,840.245450592,778.49542097583458,552.35076693569977,450.9700622541792,368.478159323932,227.14426521744721,-8.5265128291212022E-14,0]
[null,null,5086.0391711790935,"Cost petroleum","$mm nominal",null,{"$f":"MIN(G214,G185)","v":0},{"$f":"MIN(H214,H185)","v":0},170.12620800000002,433.82183040000001,1264.4070074799999,840.245450592,778.49542097583458,552.35076693569977,450.9700622541792,368.478159323932,227.14426521744721,-8.5265128291212022E-14,0]
[null,null,null,"Closing balance","$mm nominal",null,{"$f":"G214-G215","v":250},{"$f":"H214-H215","v":250},{"$f":"I214-I215","v":298.91879199999994},{"$f":"J214-J215","v":263.90747559999994},0,0,0,0,0,0,0,0,0]
[]
[null,null,{"$f":"SUM(G218:S218)","v":5086.0391711790935},"Cost petroleum","$mm nominal",null,{"$f":"G215","v":0},{"$f":"H215","v":0},170.12620800000002,433.82183040000001,1264.4070074799999,840.245450592,778.49542097583458,552.35076693569977,450.9700622541792,368.478159323932,227.14426521744721,-8.5265128291212022E-14,0]
[null,null,4577.4352540611835,"Cost petroleum to contractor","$mm nominal",null,{"$f":"G218*G$161","v":0},{"$f":"H218*H$161","v":0},153.11358720000001,390.43964736000004,1137.966306732,756.22090553279997,700.6458788782511,497.1156902421298,405.87305602876131,331.63034339153882,204.4298386957025,-7.6738615462090825E-14,0]
[null,null,{"$f":"SUM(G220:S220)","v":508.6039171179093},"Cost petroleum to state owned company (SOC)","$mm nominal",null,{"$f":"G218*G$160","v":0},{"$f":"H218*H$160","v":0},17.012620800000004,43.382183040000001,126.440700748,84.024545059200008,77.849542097583466,55.23507669356998,45.097006225417921,36.847815932393203,22.714426521744723,-8.5265128291212035E-15,0]
[]
[null,null,{"$f":"SUM(G222:S222)","v":2514.7212323217545},"Profit petroleum","$mm nominal",null,{"$f":"G184-G218","v":0},{"$f":"H184-H218","v":0},42.531551999999976,108.45545759999999,394.96149379999997,513.79924645248002,326.40505181246112,349.24801885954957,284.73454695474425,231.85680179054975,262.72906305197,8.5265128291212022E-14,0]
[]
[null,null,null,"Alternative profit petroleum sharing mechanisms"]
[]
[null,null,null,"Daily Rate of Profit Petroleum","year",null,1,{"$f":"G226+1","v":2},{"$f":"H226+1","v":3},4,5,6,7,8,9,10,11,12,13]
[null,null,{"$f":"SUM(G227:S227)","v":2514.7212323217545},"Profit petroleum","$mm nominal",null,{"$f":"G222","v":0},{"$f":"H222","v":0},{"$f":"I222","v":42.531551999999976},108.45545759999999,394.96149379999997,513.79924645248002,326.40505181246112,349.24801885954957,284.73454695474425,231.85680179054975,262.72906305197,8.5265128291212022E-14,0]
[]
[null,"Govt. share","Mpbd","Daily rate of production ","Mpbd",null,{"$f":"G59","v":0},{"$f":"H59","v":0},10,25,75,60,48,38.400000000000006,30.720000000000006,24.576000000000008,19.660800000000009,0,0]
[null,{"$f":"$F$32","v":0.4},{"$f":"$F$22","v":15},"Tranche 1","Mpbd",null,{"$f":"MIN(G229,$C$230)","v":0},{"$f":"MIN(H229,$C$230)","v":0},{"$f":"MIN(I229,$C$230)","v":10},15,15,15,15,15,15,15,15,0,0]
[null,{"$f":"$F$33","v":0.5},{"$f":"$F$23","v":30},"Tranche 2","Mpbd",null,{"$f":"AND(G229>$C230)*(G229-$C230-G232-G233-G234)","v":0},0,0,10,15,15,15,15,15,9.5760000000000076,4.6608000000000089,0,0]
[null,{"$f":"$F$34","v":0.6},{"$f":"$F$24","v":45},"Tranche 3","Mpbd",null,{"$f":"AND(G229>$C231)*(G229-$C231-G233-G234)","v":0},0,0,0,15,15,15,8.4000000000000057,0.72000000000000597,0,0,0,0]
[null,{"$f":"$F$35","v":0.65},{"$f":"$F$25","v":60},"Tranche 4","Mpbd",null,{"$f":"AND(G229>$C232)*(G229-$C232-G234)","v":0},0,0,0,15,15,3,0,0,0,0,0,0]
[null,{"$f":"$F$36","v":0.75},{"$f":"\"> \"&C233","v":"> 60"},"Tranche 5","Mpbd",null,{"$f":"AND(G229>$C233)*(G229-$C233)","v":0},0,0,0,15,0,0,0,0,0,0,0,0]
[{"$f":"ROUND(C235,5)=0","v":true},null,{"$f":"SUM(G235:S235)","v":0},"Check",null,null,{"$f":"SUM(G230:G234)-G229","v":0},0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(S230:S234)-S229","v":0}]
[null,null,null,"Government share","%",null,{"$f":"IF(G229>0,SUMPRODUCT(G230:G234*$B$230:$B$234)/G229,0)+AND(G229=0,G227>0)*F236","v":0},{"$f":"IF(H229>0,SUMPRODUCT(H230:H234*$B$230:$B$234)/H229,0)+AND(H229=0,H227>0)*G236","v":0},0.4,0.44,0.57999999999999996,0.53749999999999998,0.50937500000000002,0.48281249999999998,0.45351562500000003,0.43896484375,0.42370605468750006,0.42370605468750006,0]
[]
[null,null,null,"R-Factor Profit Petroleum","year",null,1,{"$f":"G238+1","v":2},{"$f":"H238+1","v":3},4,5,6,7,8,9,10,11,12,13]
[null,null,{"$f":"SUM(G239:S239)","v":5086.0391711790935},"Cost petroleum","$mm nominal",null,{"$f":"G218","v":0},{"$f":"H218","v":0},170.12620800000002,433.82183040000001,1264.4070074799999,840.245450592,778.49542097583458,552.35076693569977,450.9700622541792,368.478159323932,227.14426521744721,-8.5265128291212022E-14,0]
[null,null,1267.6311208838183,"Joint venture profit petroleum","$mm nominal",null,{"$f":"G255","v":0},{"$f":"H255","v":0},{"$f":"I255","v":25.518931199999987},60.735056256,165.88382739600002,237.63215148427201,160.14247854548873,180.62670975392331,155.60298093347154,130.07981702018637,151.40916829447636,4.9137777180519038E-14,0]
[null,null,{"$f":"SUM(G241:S241)","v":81.214250736959997},"(deduct) replacement capital","$mm nominal",null,{"$f":"G149","v":0},{"$f":"H149","v":0},15.606,15.918119999999998,16.2364824,16.561212048000002,16.892436288960003,0,0,0,0,0,0]
[null,null,4071.8359304468818,"(deduct) opex","$mm nominal",null,{"$f":"G150","v":0},{"$f":"H150","v":0},113.9238,290.50568999999996,888.94741139999996,725.38108770240001,591.91096756515844,482.99934953316921,394.12746921906609,321.60801488275791,262.4321401443305,0,0]
[null,null,248.6748616789304,"(deduct) decommissioning provision/costs","$mm nominal",null,{"$f":"G151","v":0},{"$f":"H151","v":0},0,0,0,0,68.341603263284142,56.229767255138519,46.90456688772111,40.179414773782042,37.019509499004656,-8.5265128291212022E-14,0]
[null,null,null,"Cumulative net contractor revenue","$mm nominal",null,{"$f":"G239+G240-G241-G242-G243+F244","v":0},0,66.115339200000022,254.24841585600009,779.35535693200018,1115.2906592578722,1376.7835516617929,1570.5319115631082,1736.0729186439717,1872.8434653315501,1951.9452492001385,1951.9452492001385,1951.9452492001385]
[]
[null,null,{"$f":"SUM(G246:S246)","v":760},"Investment (exploration and development)","$mm nominal",null,{"$f":"G147+G148","v":250},{"$f":"H147+H148","v":510},0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Cumulative investment","$mm nominal",null,{"$f":"G246+F247","v":250},{"$f":"H246+G247","v":760},760,760,760,760,760,760,760,760,760,760,760]
[null,null,null,"R-Factor (previous period)",null,null,{"$f":"IFERROR(F244/F247,0)","v":0},0,0,8.6993867368421088E-2,0.33453738928421067,1.0254675749105266,1.4674877095498318,1.8115573048181486,2.0664893573198793,2.2843064718999626,2.4642677175415133,2.5683490121054455,2.5683490121054455]
[null,null,null,"Government share","%",null,{"$f":"IF(G248<$F$27,$F$32,IF(G248<$F$28,$F$33,IF(G248<$F$29,$F$34,IF(G248<$F$30,$F$35,$F$36))))","v":0.75},0.75,0.75,0.75,0.75,0.75,0.75,0.75,0.75,0.75,0.75,0.75,0.75]
[]
[null,null,null,{"$f":"\"Government share: \"&$F$20","v":"Government share: DROP"},"%",null,{"$f":"IF($F$20=\"Tax/Royalty\",0,IF($F$20=\"Rfactor\",G249,G236))","v":0},0,0.4,0.44,0.57999999999999996,0.53749999999999998,0.50937500000000002,0.48281249999999998,0.45351562500000003,0.43896484375,0.42370605468750006,0.42370605468750006,0]
[null,null,null,"Joint venture share","%",null,{"$f":"1-G251","v":1},{"$f":"1-H251","v":1},{"$f":"1-I251","v":0.6},0.56000000000000005,0.42000000000000004,0.46250000000000002,0.49062499999999998,0.51718750000000002,0.54648437499999991,0.56103515625,0.5762939453125,0.5762939453125,1]
[]
[null,null,{"$f":"SUM(G254:S254)","v":1247.0901114379362},"Government profit petroleum","$mm nominal",null,{"$f":"G251*G222","v":0},0,17.01262079999999,47.720401343999995,229.07766640399996,276.167094968208,166.2625732669724,168.62130910562627,129.1315660212727,101.7769847703634,111.31989475749366,3.6127351110692991E-14,0]
[null,null,1267.6311208838183,"Joint venture profit petroleum","$mm nominal",null,{"$f":"G252*G222","v":0},0,25.518931199999987,60.735056256,165.88382739600002,237.63215148427201,160.14247854548873,180.62670975392331,155.60298093347154,130.07981702018637,151.40916829447636,4.9137777180519038E-14,0]
[null,null,{"$f":"SUM(G256:S256)","v":1140.8680087954365},"Profit petroleum to contractor","$mm nominal",null,{"$f":"G255*G$161","v":0},{"$f":"H255*H$161","v":0},22.967038079999988,54.661550630400001,149.29544465640001,213.86893633584481,144.12823069093986,162.56403877853097,140.0426828401244,117.07183531816773,136.26825146502873,4.4223999462467137E-14,0]
[{"$f":"ROUND(C254+C256+C257-C222,5)=0","v":true},null,{"$f":"SUM(G257:S257)","v":126.76311208838185},"Profit petroleum to SOC","$mm nominal",null,{"$f":"G255*G$160","v":0},{"$f":"H255*H$160","v":0},2.551893119999999,6.0735056256000002,16.588382739600004,23.763215148427204,16.014247854548874,18.062670975392333,15.560298093347155,13.007981702018638,15.140916829447637,4.9137777180519044E-15,0]
[]
[null,null,null,"Depreciation"]
[null,null,{"$f":"SUM(G260:S260)","v":250},"Exploration costs","$mm nominal",null,{"$f":"G165","v":250},{"$f":"H165","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,250,{"$f":"\"Expensing of exploration costs (\"&$F$38&\")\"","v":"Expensing of exploration costs (deferred)"},"$mm nominal",null,{"$f":"IF($F$38=\"immediate\",G260,IF(G89=0,0,IF(G89=1,SUM($G$260:G260),G260)))","v":0},{"$f":"IF($F$38=\"immediate\",H260,IF(H89=0,0,IF(H89=1,SUM($G$260:H260),H260)))","v":0},{"$f":"IF($F$38=\"immediate\",I260,IF(I89=0,0,IF(I89=1,SUM($G$260:I260),I260)))","v":250},{"$f":"IF($F$38=\"immediate\",J260,IF(J89=0,0,IF(J89=1,SUM($G$260:J260),J260)))","v":0},{"$f":"IF($F$38=\"immediate\",K260,IF(K89=0,0,IF(K89=1,SUM($G$260:K260),K260)))","v":0},{"$f":"IF($F$38=\"immediate\",L260,IF(L89=0,0,IF(L89=1,SUM($G$260:L260),L260)))","v":0},{"$f":"IF($F$38=\"immediate\",M260,IF(M89=0,0,IF(M89=1,SUM($G$260:M260),M260)))","v":0},{"$f":"IF($F$38=\"immediate\",N260,IF(N89=0,0,IF(N89=1,SUM($G$260:N260),N260)))","v":0},{"$f":"IF($F$38=\"immediate\",O260,IF(O89=0,0,IF(O89=1,SUM($G$260:O260),O260)))","v":0},{"$f":"IF($F$38=\"immediate\",P260,IF(P89=0,0,IF(P89=1,SUM($G$260:P260),P260)))","v":0},{"$f":"IF($F$38=\"immediate\",Q260,IF(Q89=0,0,IF(Q89=1,SUM($G$260:Q260),Q260)))","v":0},{"$f":"IF($F$38=\"immediate\",R260,IF(R89=0,0,IF(R89=1,SUM($G$260:R260),R260)))","v":0},{"$f":"IF($F$38=\"immediate\",S260,IF(S89=0,0,IF(S89=1,SUM($G$260:S260),S260)))","v":0}]
[]
[null,null,null,"Depreciation switch","flag",null,{"$f":"(MAX(G$89:$S89)>1)*1","v":1},{"$f":"(MAX(H$89:$S89)>1)*1","v":1},{"$f":"(MAX(I$89:$S89)>1)*1","v":1},{"$f":"(MAX(J$89:$S89)>1)*1","v":1},{"$f":"(MAX(K$89:$S89)>1)*1","v":1},{"$f":"(MAX(L$89:$S89)>1)*1","v":1},{"$f":"(MAX(M$89:$S89)>1)*1","v":1},{"$f":"(MAX(N$89:$S89)>1)*1","v":1},{"$f":"(MAX(O$89:$S89)>1)*1","v":1},{"$f":"(MAX(P$89:$S89)>1)*1","v":1},{"$f":"(MAX(Q$89:$S89)>1)*1","v":1},{"$f":"(MAX(R$89:$S89)>1)*1","v":0},{"$f":"(MAX(S$89:$S89)>1)*1","v":0}]
[]
[null,null,{"$f":"SUM(G265:S265)","v":532.09282566326397},"Development and replacement capital costs (depreciable)","$mm nominal",null,{"$f":"G166+G167","v":0},{"$f":"H166+H167","v":459},14.045400000000001,14.326307999999999,14.61283416,14.905090843200002,15.203192660064003,0,0,0,0,0,0]
[null,null,532.09282566326397,{"$f":"\"Development costs for depreciation (\"&$F$39&\")\"","v":"Development costs for depreciation (deferred)"},"$mm nominal",null,{"$f":"IF($F$39=\"immediate\",G265,IF(G89=0,0,IF(G89=1,SUM($G$265:G265),G265)))","v":0},{"$f":"IF($F$39=\"immediate\",H265,IF(H89=0,0,IF(H89=1,SUM($G$265:H265),H265)))","v":0},{"$f":"IF($F$39=\"immediate\",I265,IF(I89=0,0,IF(I89=1,SUM($G$265:I265),I265)))","v":473.04539999999997},{"$f":"IF($F$39=\"immediate\",J265,IF(J89=0,0,IF(J89=1,SUM($G$265:J265),J265)))","v":14.326307999999999},{"$f":"IF($F$39=\"immediate\",K265,IF(K89=0,0,IF(K89=1,SUM($G$265:K265),K265)))","v":14.61283416},{"$f":"IF($F$39=\"immediate\",L265,IF(L89=0,0,IF(L89=1,SUM($G$265:L265),L265)))","v":14.905090843200002},{"$f":"IF($F$39=\"immediate\",M265,IF(M89=0,0,IF(M89=1,SUM($G$265:M265),M265)))","v":15.203192660064003},{"$f":"IF($F$39=\"immediate\",N265,IF(N89=0,0,IF(N89=1,SUM($G$265:N265),N265)))","v":0},{"$f":"IF($F$39=\"immediate\",O265,IF(O89=0,0,IF(O89=1,SUM($G$265:O265),O265)))","v":0},{"$f":"IF($F$39=\"immediate\",P265,IF(P89=0,0,IF(P89=1,SUM($G$265:P265),P265)))","v":0},{"$f":"IF($F$39=\"immediate\",Q265,IF(Q89=0,0,IF(Q89=1,SUM($G$265:Q265),Q265)))","v":0},{"$f":"IF($F$39=\"immediate\",R265,IF(R89=0,0,IF(R89=1,SUM($G$265:R265),R265)))","v":0},{"$f":"IF($F$39=\"immediate\",S265,IF(S89=0,0,IF(S89=1,SUM($G$265:S265),S265)))","v":0}]
[null,{"$f":"IF($F$40=0,0,1/$F$40)","v":0.1},53.209282566326408,"Depreciation year 1","$mm nominal",null,{"$f":"G$266*$B267*G$263","v":0},{"$f":"H$266*$B267*H$263","v":0},47.304540000000003,1.4326308000000001,1.4612834160000001,1.4905090843200002,1.5203192660064004,0,0,0,0,0,0]
[null,{"$f":"IF($F$40=0,0,MIN(1/$F$40,1-SUM($B$267:B267)))","v":0.1},53.209282566326408,"Depreciation year 2","$mm nominal",null,null,{"$f":"G$266*$B268*H$263","v":0},{"$f":"H$266*$B268*I$263","v":0},47.304540000000003,1.4326308000000001,1.4612834160000001,1.4905090843200002,1.5203192660064004,0,0,0,0,0]
[null,{"$f":"IF($F$40=0,0,MIN(1/$F$40,1-SUM($B$267:B268)))","v":0.1},53.209282566326408,"Depreciation year 3","$mm nominal",null,null,null,{"$f":"G$266*$B269*I$263","v":0},{"$f":"H$266*$B269*J$263","v":0},47.304540000000003,1.4326308000000001,1.4612834160000001,1.4905090843200002,1.5203192660064004,0,0,0,0]
[null,{"$f":"IF($F$40=0,0,MIN(1/$F$40,1-SUM($B$267:B269)))","v":0.1},53.209282566326408,"Depreciation year 4","$mm nominal",null,null,null,null,{"$f":"G$266*$B270*J$263","v":0},{"$f":"H$266*$B270*K$263","v":0},47.304540000000003,1.4326308000000001,1.4612834160000001,1.4905090843200002,1.5203192660064004,0,0,0]
[null,{"$f":"IF($F$40=0,0,MIN(1/$F$40,1-SUM($B$267:B270)))","v":0.1},53.209282566326408,"Depreciation year 5","$mm nominal",null,null,null,null,null,{"$f":"G$266*$B271*K$263","v":0},{"$f":"H$266*$B271*L$263","v":0},47.304540000000003,1.4326308000000001,1.4612834160000001,1.4905090843200002,1.5203192660064004,0,0]
[null,{"$f":"IF($F$40=0,0,MIN(1/$F$40,1-SUM($B$267:B271)))","v":0.1},51.688963300320005,"Depreciation year 6","$mm nominal",null,null,null,null,null,null,{"$f":"G$266*$B272*L$263","v":0},{"$f":"H$266*$B272*M$263","v":0},47.304540000000003,1.4326308000000001,1.4612834160000001,1.4905090843200002,0,0]
[null,{"$f":"IF($F$40=0,0,MIN(1/$F$40,1-SUM($B$267:B272)))","v":0.1},50.198454216000002,"Depreciation year 7","$mm nominal",null,null,null,null,null,null,null,{"$f":"G$266*$B273*M$263","v":0},{"$f":"H$266*$B273*N$263","v":0},47.304540000000003,1.4326308000000001,1.4612834160000001,0,0]
[null,{"$f":"IF($F$40=0,0,MIN(1/$F$40,1-SUM($B$267:B273)))","v":0.1},48.737170800000001,"Depreciation year 8","$mm nominal",null,null,null,null,null,null,null,null,{"$f":"G$266*$B274*N$263","v":0},{"$f":"H$266*$B274*O$263","v":0},47.304540000000003,1.4326308000000001,0,0]
[null,{"$f":"IF($F$40=0,0,MIN(1/$F$40,1-SUM($B$267:B274)))","v":0.1},47.304540000000003,"Depreciation year 9","$mm nominal",null,null,null,null,null,null,null,null,null,{"$f":"G$266*$B275*O$263","v":0},{"$f":"H$266*$B275*P$263","v":0},47.304540000000003,0,0]
[null,{"$f":"IF($F$40=0,0,MIN(1/$F$40,1-SUM($B$267:B275)))","v":0.1},0,"Depreciation year 10","$mm nominal",null,null,null,null,null,null,null,null,null,null,{"$f":"G$266*$B276*P$263","v":0},{"$f":"H$266*$B276*Q$263","v":0},0,0]
[{"$f":"ROUND(C265-C277-C281,5)=0","v":true},null,463.97554114795201,"Development costs depreciation","$mm nominal",null,{"$f":"SUM(G267:G276)","v":0},{"$f":"SUM(H267:H276)","v":0},47.304540000000003,48.737170800000001,50.198454216000002,51.688963300320005,53.209282566326408,53.209282566326408,53.209282566326408,53.209282566326408,53.209282566326408,0,0]
[]
[null,null,{"$f":"INDEX(G279:S279,,MATCH($C$89,$G$89:$S$89,0))","v":532.09282566326397},"Cumulative development and replacement capital costs (depreciable)","$mm nominal",null,{"$f":"(F279+G265+F281)*G263","v":0},{"$f":"(G279+H265+G281)*H263","v":459},473.04539999999997,487.37170799999996,501.98454215999993,516.88963300319995,532.09282566326397,532.09282566326397,532.09282566326397,532.09282566326397,532.09282566326397,0,0]
[null,null,{"$f":"INDEX(G280:S280,,MATCH($C$89,$G$89:$S$89,0))","v":463.97554114795201},"Cumulative depreciation","$mm nominal",null,{"$f":"(F280+G277)*G263","v":0},{"$f":"(G280+H277)*H263","v":0},47.304540000000003,96.041710800000004,146.24016501599999,197.92912831632,251.13841088264641,304.34769344897279,357.5569760152992,410.76625858162561,463.97554114795201,0,0]
[{"$f":"ROUND(C279-C280-C281,5)=0","v":true},null,{"$f":"SUM(G281:S281)","v":68.117284515311951},"Contractor's undepreciated balance at the end of the project","$mm nominal",null,{"$f":"(G279-G280)*(G90=1)","v":0},{"$f":"(H279-H280)*(H90=1)","v":0},0,0,0,0,0,0,0,0,68.117284515311951,0,0]
[null,null,{"$f":"SUM(G282:S282)","v":7.5685871683679942},"SOC's undepreciated balance at the end of the project (grossed up)","$mm nominal",null,{"$f":"G281*$F$42/(1-$F$42)","v":0},{"$f":"H281*$F$42/(1-$F$42)","v":0},0,0,0,0,0,0,0,0,7.5685871683679942,0,0]
[]
[null,null,null,"Corporate Income Tax"]
[null,null,{"$f":"SUM(G285:S285)","v":4577.4352540611835},"Contractor cost recovery","$mm nominal",null,{"$f":"G219","v":0},{"$f":"H219","v":0},153.11358720000001,390.43964736000004,1137.966306732,756.22090553279997,700.6458788782511,497.1156902421298,405.87305602876131,331.63034339153882,204.4298386957025,-7.6738615462090825E-14,0]
[null,null,1140.8680087954365,"Contractor profit petroleum","$mm nominal",null,{"$f":"G256","v":0},{"$f":"H256","v":0},22.967038079999988,54.661550630400001,149.29544465640001,213.86893633584481,144.12823069093986,162.56403877853097,140.0426828401244,117.07183531816773,136.26825146502873,4.4223999462467137E-14,0]
[null,null,250,"Exploration costs (expensed)","$mm nominal",null,{"$f":"G261","v":0},{"$f":"H261","v":0},250,0,0,0,0,0,0,0,0,0,0]
[null,null,463.97554114795201,"Development and replacement capital costs (depreciated)","$mm nominal",null,{"$f":"G277","v":0},{"$f":"H277","v":0},47.304540000000003,48.737170800000001,50.198454216000002,51.688963300320005,53.209282566326408,53.209282566326408,53.209282566326408,53.209282566326408,53.209282566326408,0,0]
[null,null,3664.6523374021936,"Operating costs","$mm nominal",null,{"$f":"G168","v":0},{"$f":"H168","v":0},102.53142,261.45512099999996,800.05267026000001,652.84297893216001,532.71987080864267,434.69941457985232,354.71472229715948,289.44721339448211,236.18892612989745,0,0]
[null,null,223.80737551103735,"Decommissioning provision/costs","$mm nominal",null,{"$f":"G169","v":0},0,0,0,0,0,61.507442936955727,50.606790529624668,42.214110198949001,36.161473296403841,33.317558549104191,-7.6738615462090825E-14,0]
[null,null,71.560055989967438,"Interest payment","$mm nominal",null,{"$f":"G301","v":0},{"$f":"H301","v":0},22.812300000000054,18.853360504942511,14.613336305735881,10.072270388385581,5.208788790903407,0,0,0,0,0,0]
[null,null,1044.3079528054691,"Taxable income before prior period losses","$mm nominal",null,{"$f":"G285+G286-SUM(G287:G291)","v":0},{"$f":"H285+H286-SUM(H287:H291)","v":0},-246.56763472000006,116.05554568545756,422.39729060666411,255.48562924777912,192.12872446636277,121.16424134485737,95.777623806450777,69.884209452494247,17.982322915403188,4.4223999462467137E-14,0]
[null,null,-377.07972375454256,"Prior period losses carried forward","$mm nominal",null,{"$f":"F294*(F294<0)","v":0},{"$f":"G294*(G294<0)","v":0},0,-246.56763472000006,-130.5120890345425,0,0,0,0,0,0,0,0]
[null,null,667.22822905092653,"Taxable income after losses","$mm nominal",null,{"$f":"SUM(G292:G293)","v":0},{"$f":"SUM(H292:H293)","v":0},-246.56763472000006,-130.5120890345425,291.88520157212162,255.48562924777912,192.12872446636277,121.16424134485737,95.777623806450777,69.884209452494247,17.982322915403188,4.4223999462467137E-14,0]
[null,null,208.86159056109386,"CIT payable","$mm nominal",null,{"$f":"G294*(G294>0)*$F$37","v":0},{"$f":"H294*(H294>0)*$F$37","v":0},0,0,58.377040314424328,51.097125849555823,38.425744893272558,24.232848268971477,19.155524761290156,13.97684189049885,3.5964645830806377,8.8447998924934273E-15,0]
[]
[null,null,null,"Lender Cash Flow"]
[null,null,{"$f":"SUM(G298:S298)","v":321.29999999999995},"Financing during development","$mm nominal",null,{"$f":"G166*$F$46*(G89=0)","v":0},321.29999999999995,0,0,0,0,0,0,0,0,0,0,0]
[null,null,392.86005598996746,"Loan repayment","$mm nominal",null,{"$f":"PMT((1+$F$48)*(1+$F$53)-1,$F$47,$C$298)*AND(G89>0,G89<=$F$47)*-1","v":0},0,78.57201119799349,78.57201119799349,78.57201119799349,78.57201119799349,78.57201119799349,0,0,0,0,0,0]
[null,null,71.560055989967523,"Lender net cash flow","$mm nominal",null,{"$f":"G299-G298","v":0},{"$f":"H299-H298","v":-321.29999999999995},78.57201119799349,78.57201119799349,78.57201119799349,78.57201119799349,78.57201119799349,0,0,0,0,0,0]
[null,null,71.560055989967438,"Interest payment","$mm nominal",null,{"$f":"IF(AND(G89>0,G89<=$F$47),-1*IPMT((1+$F$48)*(1+$F$53)-1,G89,$F$47,$C$298),0)","v":0},0,22.812300000000054,18.853360504942511,14.613336305735881,10.072270388385581,5.208788790903407,0,0,0,0,0,0]
[]
[null,null,null,"Dividend Withholding Tax"]
[null,null,{"$f":"SUM(G304:S304)","v":4577.4352540611835},"Contractor cost recovery","$mm nominal",null,{"$f":"G219","v":0},{"$f":"H219","v":0},153.11358720000001,390.43964736000004,1137.966306732,756.22090553279997,700.6458788782511,497.1156902421298,405.87305602876131,331.63034339153882,204.4298386957025,-7.6738615462090825E-14,0]
[null,null,{"$f":"SUM(G305:S305)","v":1140.8680087954365},"Contractor profit petroleum","$mm nominal",null,{"$f":"G256","v":0},{"$f":"H256","v":0},22.967038079999988,54.661550630400001,149.29544465640001,213.86893633584481,144.12823069093986,162.56403877853097,140.0426828401244,117.07183531816773,136.26825146502873,4.4223999462467137E-14,0]
[null,null,{"$f":"SUM(G306:U306)","v":68.117284515311951},"Contractor's proceeds from the sale of undepreciated assets","$mm nominal",null,{"$f":"G281","v":0},{"$f":"H281","v":0},0,0,0,0,0,0,0,0,68.117284515311951,0,0]
[null,null,250,"Exploration costs","$mm nominal",null,{"$f":"G165","v":250},{"$f":"H165","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,459,"Development costs","$mm nominal",null,{"$f":"G166","v":0},{"$f":"H166","v":459},0,0,0,0,0,0,0,0,0,0,0]
[null,null,73.092825663263994,"Replacement capital costs","$mm nominal",null,{"$f":"G167","v":0},{"$f":"H167","v":0},14.045400000000001,14.326307999999999,14.61283416,14.905090843200002,15.203192660064003,0,0,0,0,0,0]
[null,null,3664.6523374021936,"Operating costs","$mm nominal",null,{"$f":"G168","v":0},0,102.53142,261.45512099999996,800.05267026000001,652.84297893216001,532.71987080864267,434.69941457985232,354.71472229715948,289.44721339448211,236.18892612989745,0,0]
[null,null,223.80737551103735,"Decommissioning provision/costs","$mm nominal",null,0,0,0,0,0,0,61.507442936955727,50.606790529624668,42.214110198949001,36.161473296403841,33.317558549104191,-7.6738615462090825E-14,0]
[null,null,45,"Production bonus","$mm nominal",null,0,0,45,0,0,0,0,0,0,0,0,0,0]
[null,null,71.560055989967523,"Lender net cash flow","$mm nominal",null,{"$f":"G300","v":0},{"$f":"H300","v":-321.29999999999995},78.57201119799349,78.57201119799349,78.57201119799349,78.57201119799349,78.57201119799349,0,0,0,0,0,0]
[null,null,208.86159056109386,"Corporate Income Tax","$mm nominal",null,{"$f":"G295","v":0},{"$f":"H295","v":0},0,0,58.377040314424328,51.097125849555823,38.425744893272558,24.232848268971477,19.155524761290156,13.97684189049885,3.5964645830806377,8.8447998924934273E-15,0]
[null,null,790.44636224437511,"Contractor cash flow before distributions","$mm nominal",null,{"$f":"G304+G305+G306-SUM(G307:G314)","v":-250},{"$f":"H304+H305+H306-SUM(H307:H314)","v":-137.70000000000005},-64.06820591799351,90.74775779240656,335.64719545598211,172.67263504573543,118.34584707226259,150.14067564221227,129.83138161148702,109.11665012832174,135.71242541396089,3.5379199569973709E-14,0]
[null,null,2924.5589204675757,"Cumulative contractor cash flow before distributions","$mm nominal",null,{"$f":"SUM($G$315:G315)","v":-250},{"$f":"SUM($G$315:H315)","v":-387.70000000000005},{"$f":"SUM($G$315:I315)","v":-451.76820591799355},{"$f":"SUM($G$315:J315)","v":-361.020448125587},{"$f":"SUM($G$315:K315)","v":-25.373252669604881},{"$f":"SUM($G$315:L315)","v":147.29938237613055},{"$f":"SUM($G$315:M315)","v":265.64522944839314},{"$f":"SUM($G$315:N315)","v":415.78590509060541},{"$f":"SUM($G$315:O315)","v":545.61728670209243},{"$f":"SUM($G$315:P315)","v":654.73393683041422},{"$f":"SUM($G$315:Q315)","v":790.44636224437511},{"$f":"SUM($G$315:R315)","v":790.44636224437511},{"$f":"SUM($G$315:S315)","v":790.44636224437511}]
[]
[null,null,790.44636224437511,"Dividend payment","$mm nominal",null,{"$f":"IF(G316<0,0,MAX(0,MIN(G316,G315)))","v":0},{"$f":"IF(H316<0,0,MAX(0,MIN(H316,H315)))","v":0},0,0,0,147.29938237613055,118.34584707226259,150.14067564221227,129.83138161148702,109.11665012832174,135.71242541396089,3.5379199569973709E-14,0]
[null,null,39.522318112218755,"Dividend Withholding Tax","$mm nominal",null,{"$f":"G318*$F$41","v":0},{"$f":"H318*$F$41","v":0},0,0,0,7.3649691188065276,5.9172923536131297,7.5070337821106143,6.4915690805743509,5.4558325064160869,6.7856212706980443,1.7689599784986855E-15,0]
[]
[null,null,750.92404413215627,"Contractor NCF after DWT","$mm nominal",null,{"$f":"G315-G319","v":-250},{"$f":"H315-H319","v":-137.70000000000005},-64.06820591799351,90.74775779240656,335.64719545598211,165.30766592692891,112.42855471864945,142.63364186010165,123.33981253091267,103.66081762190565,128.92680414326284,3.3610239591475022E-14,0]
[]
[null,null,null,"SOC share of JV after profit petroleum sharing"]
[null,null,{"$f":"SUM(G324:S324)","v":508.6039171179093},"Cost petroleum","$mm nominal",null,{"$f":"G220","v":0},{"$f":"H220","v":0},17.012620800000004,43.382183040000001,126.440700748,84.024545059200008,77.849542097583466,55.23507669356998,45.097006225417921,36.847815932393203,22.714426521744723,-8.5265128291212035E-15,0]
[null,null,126.76311208838185,"Profit petroleum","$mm nominal",null,{"$f":"G257","v":0},{"$f":"H257","v":0},2.551893119999999,6.0735056256000002,16.588382739600004,23.763215148427204,16.014247854548874,18.062670975392333,15.560298093347155,13.007981702018638,15.140916829447637,4.9137777180519044E-15,0]
[null,null,7.5685871683679942,"SOC's proceeds from the sale of undepreciated assets","$mm nominal",null,{"$f":"G282","v":0},{"$f":"H282","v":0},0,0,0,0,0,0,0,0,7.5685871683679942,0,0]
[null,null,0,"Exploration costs","$mm nominal",null,{"$f":"G175","v":0},{"$f":"H175","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,51,"Development costs","$mm nominal",null,{"$f":"G176","v":0},{"$f":"H176","v":51},0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"SUM(G329:S329)","v":8.121425073695999},"Replacement capital costs","$mm nominal",null,{"$f":"G177","v":0},{"$f":"H177","v":0},1.5606,1.591812,1.6236482400000001,1.6561212048000002,1.6892436288960004,0,0,0,0,0,0]
[null,null,407.18359304468822,"Operating costs","$mm nominal",null,{"$f":"G178","v":0},{"$f":"H178","v":0},11.392380000000001,29.050568999999996,88.894741140000008,72.538108770240001,59.191096756515847,48.299934953316921,39.41274692190661,32.160801488275794,26.24321401443305,0,0]
[null,null,24.867486167893041,"Decommissioning provision/costs","$mm nominal",null,{"$f":"G179","v":0},0,0,0,0,0,6.8341603263284147,5.6229767255138521,4.6904566887721115,4.0179414773782041,3.7019509499004659,-8.5265128291212035E-15,0]
[null,null,5,"Production bonus","$mm nominal",null,0,0,5,0,0,0,0,0,0,0,0,0,0]
[null,null,146.76311208838189,"Net cash flow","$mm nominal",null,{"$f":"G324+G325+G326-SUM(G327:G332)","v":0},{"$f":"H324+H325+H326-SUM(H327:H332)","v":-51},1.611533920000003,18.813307665600004,52.510694107599988,33.593530232587213,26.149289240392079,19.374835990131544,16.554100708086359,13.677054668757847,15.478765555226843,4.9137777180519044E-15,0]
[]
[null,null,null,"Results","year",null,1,{"$f":"G335+1","v":2},{"$f":"H335+1","v":3},4,5,6,7,8,9,10,11,12,13]
[]
[null,null,"Total ","Contractor Net Cash Flow: Nominal"]
[null,null,{"$f":"SUM(G338:S338)","v":4577.4352540611835},"Cost recovery","$mm nominal",null,{"$f":"G219","v":0},{"$f":"H219","v":0},153.11358720000001,390.43964736000004,1137.966306732,756.22090553279997,700.6458788782511,497.1156902421298,405.87305602876131,331.63034339153882,204.4298386957025,-7.6738615462090825E-14,0]
[null,null,1140.8680087954365,"Profit petroleum","$mm nominal",null,{"$f":"G256","v":0},{"$f":"H256","v":0},22.967038079999988,54.661550630400001,149.29544465640001,213.86893633584481,144.12823069093986,162.56403877853097,140.0426828401244,117.07183531816773,136.26825146502873,4.4223999462467137E-14,0]
[null,null,{"$f":"SUM(G340:U340)","v":68.117284515311951},"Proceeds from the sale of undepreciated assets","$mm nominal",null,{"$f":"G281","v":0},{"$f":"H281","v":0},0,0,0,0,0,0,0,0,68.117284515311951,0,0]
[null,null,71.560055989967523,"Less: Lender net cash flow","$mm nominal",null,{"$f":"G300","v":0},{"$f":"H300","v":-321.29999999999995},78.57201119799349,78.57201119799349,78.57201119799349,78.57201119799349,78.57201119799349,0,0,0,0,0,0]
[null,null,250,"Less: Exploration costs","$mm nominal",null,{"$f":"G165","v":250},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,459,"Less: Development costs","$mm nominal",null,{"$f":"G166","v":0},459,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"SUM(G344:S344)","v":73.092825663263994},"Less: Replacement capital costs","$mm nominal",null,{"$f":"G167","v":0},0,14.045400000000001,14.326307999999999,14.61283416,14.905090843200002,15.203192660064003,0,0,0,0,0,0]
[null,null,3664.6523374021936,"Less: Operating costs","$mm nominal",null,{"$f":"G168","v":0},{"$f":"H168","v":0},102.53142,261.45512099999996,800.05267026000001,652.84297893216001,532.71987080864267,434.69941457985232,354.71472229715948,289.44721339448211,236.18892612989745,0,0]
[null,null,223.80737551103735,"Less: Decommissioning provision/costs","$mm nominal",null,{"$f":"G169","v":0},0,0,0,0,0,61.507442936955727,50.606790529624668,42.214110198949001,36.161473296403841,33.317558549104191,-7.6738615462090825E-14,0]
[null,null,45,"Less: Production bonus","$mm nominal",null,{"$f":"G170","v":0},0,45,0,0,0,0,0,0,0,0,0,0]
[null,null,208.86159056109386,"Less: Corporate Income Tax","$mm nominal",null,{"$f":"G295","v":0},{"$f":"H295","v":0},0,0,58.377040314424328,51.097125849555823,38.425744893272558,24.232848268971477,19.155524761290156,13.97684189049885,3.5964645830806377,8.8447998924934273E-15,0]
[null,null,39.522318112218755,"Less: Dividend Withholding Tax","$mm nominal",null,{"$f":"G319","v":0},{"$f":"H319","v":0},0,0,0,7.3649691188065276,5.9172923536131297,7.5070337821106143,6.4915690805743509,5.4558325064160869,6.7856212706980443,1.7689599784986855E-15,0]
[null,null,750.92404413215627,"Contractor post-tax net cash flow","$mm nominal",null,{"$f":"G338+G339+G340-SUM(G341:G349)","v":-250},{"$f":"H338+H339+H340-SUM(H341:H349)","v":-137.70000000000005},-64.06820591799351,90.74775779240656,335.64719545598211,165.30766592692885,112.42855471864948,142.63364186010165,123.3398125309127,103.66081762190566,128.92680414326281,3.3610239591475029E-14,0]
[null,null,{"$f":"IFERROR(IRR(G350:S350),0)","v":0.2112541124777767},"Contractor post-tax IRR"]
[null,null,{"$f":"SUM(G352:S352)","v":0},"Decommissioning cash flow","$mm nominal",null,{"$f":"(G130+G131+G132)","v":0},0,0,0,0,0,68.341603263284142,56.229767255138519,46.90456688772111,40.179414773782042,37.019509499004656,-248.67486167893048,0]
[]
[null,null,null,"Contractor Net Cash Flow: Real"]
[null,null,null,"Inflation index (from above)","index",null,{"$f":"G99","v":1},1.02,1.0404,1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.1486856676492798,1.1716593810022655,1.1950925686223108,1.2189944199947571,1.243374308394652,1.2682417945625453]
[null,null,{"$f":"SUM(G356:S356)","v":4097.8540062245784},"Cost recovery","$mm const",null,{"$f":"G338/G$355","v":0},0,147.16800000000001,367.92000000000007,1051.3049674466436,684.93257317853522,622.15348949057989,432.7691240889676,346.40874524605243,277.49343615602805,167.70367061777179,-6.1718032087352476E-14,0]
[null,null,1003.9941058950853,"Profit petroleum","$mm const",null,{"$f":"G339/G$355","v":0},0,22.075199999999988,51.508800000000001,137.92591367240973,193.70768490492745,127.9817442186842,141.52177863523715,119.52508135967685,97.96047468785352,111.78742841629645,3.556772820854383E-14,0]
[null,null,{"$f":"SUM(G358:U358)","v":55.879898544248398},"Proceeds from the sale of undepreciated assets","$mm const",null,0,0,0,0,0,0,0,0,0,0,55.879898544248398,0,0]
[null,null,{"$f":"SUM(G359:S359)","v":48.084307140667988},"Less: Lender net cash flow","$mm const",null,{"$f":"G341/G$355","v":0},-314.99999999999994,75.52096424259274,74.040161022149746,72.588393158970348,71.165091332323868,69.769697384631229,0,0,0,0,0,0]
[null,null,250,"Less: Exploration costs","$mm const",null,{"$f":"G342/G$355","v":250},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,450,"Less: Development costs","$mm const",null,{"$f":"G343/G$355","v":0},450,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"SUM(G362:S362)","v":67.5},"Less: Replacement capital costs","$mm const",null,{"$f":"G344/G$355","v":0},0,13.5,13.5,13.5,13.500000000000002,13.500000000000002,0,0,0,0,0,0]
[null,null,3265.5212640000004,"Less: Operating costs","$mm const",null,{"$f":"G345/G$355","v":0},0,98.55,246.37499999999997,739.125,591.29999999999995,473.04000000000008,378.43200000000007,302.74560000000002,242.19647999999998,193.75718400000002,0,0]
[null,null,192.29274801940306,"Less: Decommissioning provision/costs","$mm const",null,{"$f":"G346/G$355","v":0},0,0,0,0,0,54.616849119466906,44.056256602546981,36.02933658316126,30.258303202479436,27.33200251174857,-6.1718032087352476E-14,0]
[null,null,43.252595155709344,"Less: Production bonus","$mm const",null,{"$f":"G347/G$355","v":0},0,43.252595155709344,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"SUM(G366:S366)","v":186.42332297420936},"Less: Corporate Income Tax","$mm const",null,{"$f":"G348/G$355","v":0},0,0,0,53.93136167944634,46.280241175699324,34.120961804413241,21.096152717359683,16.34905593885491,11.695196052144475,2.9503536062914102,7.1135456417087656E-15,0]
[null,null,34.132651541263868,"Less: Dividend Withholding Tax","$mm const",null,{"$f":"G349/G$355","v":0},0,0,0,0,6.6706794443489583,5.254386270037636,6.5353246702149024,5.5404917041856541,4.565196579462885,5.5665728730138317,1.4227091283417532E-15,0]
[null,null,620.52112183265842,"Contractor post-tax net cash flow","$mm const",null,{"$f":"G356+G357+G358-SUM(G359:G367)","v":-250},{"$f":"H356+H357+H358-SUM(H359:H367)","v":-135.00000000000006},-61.580359398302079,85.513638977850349,310.08612628063656,149.72424613109058,99.833339130714876,124.17116873408315,105.26934237952747,86.738735009794766,105.76488458726286,2.7031473438493306E-14,0]
[null,null,{"$f":"IFERROR(IRR(G368:S368),0)","v":0.1875040318410357},"Contractor post-tax IRR"]
[null,null,{"$f":"SUM(G370:S370)","v":13.658608910447896},"Decommissioning cash flow","$mm const",null,{"$f":"G352/G$355","v":0},{"$f":"H352/H$355","v":0},0,0,0,0,60.685387910518791,48.9513962250522,40.032596203512512,33.620336891643817,30.36889167972063,-200.00000000000006,0]
[]
[null,null,null,"Payback Period: Real"]
[null,null,{"$f":"SUM(G373:U373)","v":620.52112183265842},"Contractor post-tax cash flow","$mm const",null,{"$f":"G368","v":-250},{"$f":"H368","v":-135.00000000000006},-61.580359398302079,85.513638977850349,310.08612628063656,149.72424613109058,99.833339130714876,124.17116873408315,105.26934237952747,86.738735009794766,105.76488458726286,2.7031473438493306E-14,0]
[null,null,1930.7782339897417,"Cumulative contractor post-tax cash flow","$mm const",null,{"$f":"G373+F374","v":-250},{"$f":"H373+G374","v":-385.00000000000006},-446.58035939830211,-361.06672042045176,-50.980594139815196,98.743651991275385,198.57699112199026,322.74815985607341,428.01750223560089,514.7562372453956,620.52112183265842,620.52112183265842,620.52112183265842]
[null,null,5.3404965825987816,"Payback period NPV0","year",null,{"$f":"IF(AND(G374<=0,H374>0),G$88+(-G374/H373),0)","v":0},{"$f":"IF(AND(H374<=0,I374>0),H$88+(-H374/I373),0)","v":0},0,0,5.3404965825987816,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Discount index",null,null,{"$f":"(1+$F$52)^(G335-1)","v":1},{"$f":"(1+$F$52)^(H335-1)","v":1.125},1.265625,1.423828125,1.601806640625,1.802032470703125,2.0272865295410156,2.2806973457336426,2.5657845139503479,2.8865075781941414,3.2473210254684091,3.6532361536519602,4.1098906728584552]
[null,null,{"$f":"SUM(G378:U378)","v":125.41136991301313},{"$f":"\"Contractor post-tax cash flow NPV\"&$F$52*100","v":"Contractor post-tax cash flow NPV12.5"},"$mm const",null,{"$f":"G373/G377","v":-250},{"$f":"H373/H377","v":-120.00000000000006},-48.656086438164607,60.058961806117118,193.58524207369112,83.086319789049369,49.24480958955391,54.444386918046085,41.028130697325039,30.04971671131392,32.569888766081213,7.399322765234126E-15,0]
[null,null,-1123.2404205177463,{"$f":"\"Cumulative contractor post-tax cash flow NPV\"&$F$52*100","v":"Cumulative contractor post-tax cash flow NPV12.5"},"$mm const",null,{"$f":"G378+F379","v":-250},{"$f":"H378+G379","v":-370.00000000000006},-418.65608643816466,-358.59712463204755,-165.01188255835643,-81.925562769307064,-32.680753179753154,21.763633738292931,62.791764435617971,92.841481146931898,125.41136991301312,125.41136991301313,125.41136991301313]
[null,null,7.6002593661114553,{"$f":"\"Payback period NPV\"&$F$52*100","v":"Payback period NPV12.5"},"year",null,{"$f":"IF(AND(G379<=0,H379>0),G$88+(-G379/H378),0)","v":0},{"$f":"IF(AND(H379<=0,I379>0),H$88+(-H379/I378),0)","v":0},{"$f":"IF(AND(I379<=0,J379>0),I$88+(-I379/J378),0)","v":0},{"$f":"IF(AND(J379<=0,K379>0),J$88+(-J379/K378),0)","v":0},{"$f":"IF(AND(K379<=0,L379>0),K$88+(-K379/L378),0)","v":0},{"$f":"IF(AND(L379<=0,M379>0),L$88+(-L379/M378),0)","v":0},{"$f":"IF(AND(M379<=0,N379>0),M$88+(-M379/N378),0)","v":7.6002593661114553},{"$f":"IF(AND(N379<=0,O379>0),N$88+(-N379/O378),0)","v":0},{"$f":"IF(AND(O379<=0,P379>0),O$88+(-O379/P378),0)","v":0},{"$f":"IF(AND(P379<=0,Q379>0),P$88+(-P379/Q378),0)","v":0},{"$f":"IF(AND(Q379<=0,R379>0),Q$88+(-Q379/R378),0)","v":0},{"$f":"IF(AND(R379<=0,S379>0),R$88+(-R379/S378),0)","v":0},{"$f":"IF(AND(S379<=0,T379>0),S$88+(-S379/T378),0)","v":0}]
[]
[null,null,null,"Government Revenue: Nominal"]
[null,null,{"$f":"SUM(G383:S383)","v":0},"Royalty","$mm nominal",null,{"$f":"G139","v":0},{"$f":"H139","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,50,"Production bonus","$mm nominal",null,{"$f":"G143","v":0},{"$f":"H143","v":0},50,0,0,0,0,0,0,0,0,0,0]
[null,null,1247.0901114379362,"Profit petroleum","$mm nominal",null,{"$f":"G254","v":0},{"$f":"H254","v":0},{"$f":"I254","v":17.01262079999999},{"$f":"J254","v":47.720401343999995},229.07766640399996,276.167094968208,166.2625732669724,168.62130910562627,129.1315660212727,101.7769847703634,111.31989475749366,3.6127351110692991E-14,0]
[null,null,208.86159056109386,"Corporate Income Tax","$mm nominal",null,{"$f":"G295","v":0},{"$f":"H295","v":0},0,0,58.377040314424328,51.097125849555823,38.425744893272558,24.232848268971477,19.155524761290156,13.97684189049885,3.5964645830806377,8.8447998924934273E-15,0]
[null,null,39.522318112218755,"Dividend Withholding Tax","$mm nominal",null,{"$f":"G319","v":0},{"$f":"H319","v":0},0,0,0,7.3649691188065276,5.9172923536131297,7.5070337821106143,6.4915690805743509,5.4558325064160869,6.7856212706980443,1.7689599784986855E-15,0]
[null,null,146.76311208838189,"SOC","$mm nominal",null,{"$f":"G333","v":0},{"$f":"H333","v":-51},1.611533920000003,18.813307665600004,52.510694107599988,33.593530232587213,26.149289240392079,19.374835990131544,16.554100708086359,13.677054668757847,15.478765555226843,{"$f":"R333","v":4.9137777180519044E-15},0]
[null,null,1692.2371321996309,"Government revenue","$mm nominal",null,{"$f":"SUM(G383:G388)","v":0},{"$f":"SUM(H383:H388)","v":-51},68.624154719999993,66.533709009600003,339.96540082602428,368.22272016915758,236.75489975425018,219.73602714683992,171.33276057122359,134.88671383603617,137.18074616649918,5.1654888699737006E-14,0]
[null,null,{"$f":"IFERROR(C389/C111,0)","v":0.69381410352202744},"AETR","%",null,{"$f":"IFERROR(G389/G111,0)","v":0},0.1,0.82552434487746351,0.28209763779527552,0.45077212854021254,0.60157045912082541,0.47723503035988118,0.52493149324086952,0.5015931703635409,0.48393854867514696,0.60314821293957266,-2.0772058884838056E-16,0]
[]
[null,null,null,"Government Revenue: Real"]
[null,null,{"$f":"SUM(G393:S393)","v":0},"Royalty","$mm const",null,{"$f":"G383/G$355","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,48.058439061899271,"Production bonus","$mm const",null,0,0,48.058439061899271,0,0,0,0,0,0,0,0,0,0]
[null,null,1104.2128674225964,"Profit petroleum","$mm const",null,0,0,16.35199999999999,44.967999999999996,211.63235431216305,250.13304657393033,147.6364069897065,146.79499697310598,110.21254821585644,85.162427951242933,91.321086406591135,2.9055893198676278E-14,0]
[null,null,186.42332297420936,"Corporate Income Tax","$mm const",null,0,0,0,0,53.93136167944634,46.280241175699324,34.120961804413241,21.096152717359683,16.34905593885491,11.695196052144475,2.9503536062914102,7.1135456417087656E-15,0]
[null,null,{"$f":"SUM(G397:S397)","v":34.132651541263868},"Dividend Withholding Tax","$mm const",null,0,0,0,0,0,6.6706794443489583,5.254386270037636,6.5353246702149024,5.5404917041856541,4.565196579462885,5.5665728730138317,1.4227091283417532E-15,0]
[null,null,126.57348927653337,"SOC","$mm const",null,0,-50,1.5489560938100759,17.728200000000005,48.511764568783683,30.42669534260698,23.219820509977474,16.866960680184203,14.128765558063117,11.444347515711357,12.697979007396455,3.9519698009493147E-15,0]
[null,null,1499.4007702765023,"Government revenue","$mm const",null,{"$f":"SUM(G393:G398)","v":0},{"$f":"SUM(H393:H398)","v":-50},65.959395155709345,62.696200000000005,314.07548056039309,333.51066253658558,210.23157557413484,191.29343504086475,146.23086141696012,112.86716809856163,112.53599189329283,4.1544117769676113E-14,0]
[null,null,{"$f":"IFERROR(C399/C82,0)","v":0.70740598480050265},"AETR","%",null,{"$f":"IFERROR(G399/G82,0)","v":0},0.1,0.82552434487746362,0.28209763779527564,0.45077212854021254,0.6015704591208253,0.47723503035988113,0.52493149324086941,0.5015931703635409,0.48393854867514691,0.60314821293957255,-2.0772058884838056E-16,0]
[]
[null,null,null,"Reconciliation: Nominal"]
[null,null,{"$f":"SUM(G403:S403)","v":2514.7212323217545},"Government + Contractor + Lender","$mm nominal",null,{"$f":"G389+G350+G300","v":-250},-510,83.127959999999973,235.85347800000005,754.18460747999984,612.10239729407988,427.75546567089316,362.36966900694154,294.67257310213631,238.54753145794183,266.10755030976202,8.5265128291212035E-14,0]
[null,null,{"$f":"SUM(G404:S404)","v":75.685871683679949},"Joint venture proceeds from the sale of undepreciated assets","$mm nominal",null,{"$f":"G281+G282","v":0},{"$f":"H281+H282","v":0},0,0,0,0,0,0,0,0,75.685871683679949,0,0]
[null,null,0,"Decommissioning cash flow","$mm nominal",null,{"$f":"G352","v":0},0,0,0,0,0,68.341603263284142,56.229767255138519,46.90456688772111,40.179414773782042,37.019509499004656,-248.67486167893048,0]
[null,null,2439.0353606380745,"Project post-tax cash flow","$mm nominal",null,{"$f":"G403-G404+G405","v":-250},{"$f":"H403-H404+H405","v":-510},83.127959999999973,235.85347800000005,754.18460747999984,612.10239729407988,496.09706893417729,418.59943626208008,341.57713998985741,278.7269462317239,227.44118812508674,-248.6748616789304,0]
[null,null,2439.035360638075,"Project pre-tax cash flow (from above)","$mm nominal",null,{"$f":"G111","v":-250},-510,83.127960000000002,235.85347800000005,754.18460747999995,612.10239729407999,496.09706893417729,418.59943626208013,341.57713998985736,278.72694623172384,227.44118812508668,-248.6748616789304,0]
[{"$f":"ROUND(C408,5)=0","v":true},null,0,"Check",null,null,{"$f":"G406-G407","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Reconciliation: Real"]
[null,null,{"$f":"SUM(G411:S411)","v":2168.0061992498281},"Government + Contractor + Lender","$mm const",null,{"$f":"G403/G$355","v":-250},{"$f":"H403/H$355","v":-500},79.899999999999977,222.25000000000006,696.74999999999989,554.39999999999986,379.8346120894812,315.46460377494788,251.50020379648763,199.60590310835647,218.30087648055562,6.8575591208169426E-14,0]
[null,null,62.088776160276005,"Joint venture proceeds from the sale of undepreciated assets","$mm const",null,{"$f":"G404/G$355","v":0},0,0,0,0,0,0,0,0,0,62.088776160276005,0,0]
[null,null,13.658608910447896,"Decommissioning cash flow","$mm const",null,0,0,0,0,0,0,60.685387910518791,48.9513962250522,40.032596203512512,33.620336891643817,30.36889167972063,-200.00000000000006,0]
[null,null,2119.5760320000004,"Project post-tax cash flow","$mm const",null,{"$f":"G411-G412+G413","v":-250},{"$f":"H411-H412+H413","v":-500},{"$f":"I411-I412+I413","v":79.899999999999977},{"$f":"J411-J412+J413","v":222.25000000000006},{"$f":"K411-K412+K413","v":696.74999999999989},{"$f":"L411-L412+L413","v":554.39999999999986},{"$f":"M411-M412+M413","v":440.52},{"$f":"N411-N412+N413","v":364.41600000000005},{"$f":"O411-O412+O413","v":291.53280000000012},{"$f":"P411-P412+P413","v":233.2262400000003},{"$f":"Q411-Q412+Q413","v":186.58099200000024},{"$f":"R411-R412+R413","v":-200},{"$f":"S411-S412+S413","v":0}]
[null,null,2119.5760320000009,"Project pre-tax cash flow (from above)","$mm const",null,{"$f":"G82","v":-250},{"$f":"H82","v":-500},79.900000000000006,222.25,696.75,554.40000000000009,440.52,364.41600000000017,291.53280000000007,233.2262400000003,186.58099200000024,-200,0]
[{"$f":"ROUND(C416,5)=0","v":true},null,0,"Check",null,null,{"$f":"G414-G415","v":0},{"$f":"H414-H415","v":0},{"$f":"I414-I415","v":0},0,0,0,{"$f":"M414-M415","v":0},0,0,0,0,0,0]
[]
[null,null,null,"Results: Nominal"]
[null,null,{"$f":"SUM(G419:S419)","v":2439.035360638075},"Project pre-tax cash flow","$mm nominal",null,{"$f":"G111","v":-250},{"$f":"H111","v":-510},83.127960000000002,235.85347800000005,754.18460747999995,612.10239729407999,496.09706893417729,418.59943626208013,341.57713998985736,278.72694623172384,227.44118812508668,-248.6748616789304,0]
[null,null,1692.2371321996309,"Government revenue","$mm nominal",null,{"$f":"G389","v":0},{"$f":"H389","v":-51},68.624154719999993,66.533709009600003,339.96540082602428,368.22272016915758,236.75489975425018,219.73602714683992,171.33276057122359,134.88671383603617,137.18074616649918,5.1654888699737006E-14,0]
[{"$f":"ROUND(C419+C404-(C420+C421+C422+C352),5)=0","v":true},null,750.92404413215627,"Contractor post-tax cash flow","$mm nominal",null,{"$f":"G350","v":-250},{"$f":"H350","v":-137.70000000000005},-64.06820591799351,90.74775779240656,335.64719545598211,165.30766592692885,112.42855471864948,142.63364186010165,123.3398125309127,103.66081762190566,128.92680414326281,3.3610239591475029E-14,0]
[null,null,71.560055989967523,"Lender cash flow","$mm nominal",null,{"$f":"G300","v":0},{"$f":"H300","v":-321.29999999999995},78.57201119799349,78.57201119799349,78.57201119799349,78.57201119799349,78.57201119799349,0,0,0,0,0,0]
[null,null,3199.0353606380745,"Total benefits","$mm nominal",null,{"$f":"G419+G105+G106","v":0},0,83.127960000000002,235.85347800000005,754.18460747999995,612.10239729407999,496.09706893417729,418.59943626208013,341.57713998985736,278.72694623172384,227.44118812508668,-248.6748616789304,0]
[]
[null,null,null,"Results: Real"]
[null,null,{"$f":"SUM(G426:S426)","v":2119.5760320000009},"Project pre-tax cash flow","$mm const",null,{"$f":"G419/G$355","v":-250},-500,79.900000000000006,222.25000000000006,696.75,554.4,440.52,364.41600000000017,291.53280000000007,233.22624000000025,186.58099200000021,-200,0]
[null,null,1499.4007702765025,"Government revenue","$mm const",null,{"$f":"G420/G$355","v":0},-50,65.959395155709331,62.696200000000005,314.07548056039309,333.51066253658558,210.23157557413487,191.29343504086481,146.23086141696015,112.86716809856163,112.53599189329283,4.1544117769676107E-14,0]
[{"$f":"ROUND(C426+C412-(C427+C428+C429+C370),5)=0","v":true},null,620.52112183265854,"Contractor post-tax cash flow","$mm const",null,{"$f":"G421/G$355","v":-250},-135.00000000000003,-61.580359398302107,85.513638977850306,310.08612628063651,149.72424613109047,99.833339130715103,124.17116873408312,105.26934237952746,86.738735009794837,105.76488458726277,2.7031473438493313E-14,0]
[null,null,48.084307140667988,"Lender cash flow","$mm const",null,{"$f":"G422/G$355","v":0},-314.99999999999994,75.52096424259274,74.040161022149746,72.588393158970348,71.165091332323868,69.769697384631229,0,0,0,0,0,0]
[null,null,2869.5760320000009,"Total benefits","$mm const",null,{"$f":"G423/G$355","v":0},0,79.900000000000006,222.25000000000006,696.75,554.4,440.52,364.41600000000017,291.53280000000007,233.22624000000025,186.58099200000021,-200,0]
[]
[null,null,{"$f":"SUM(G432:S432)","v":668.60542897332653},"Contractor + Lender cash flow","$mm const",null,{"$f":"G428+G429","v":-250},{"$f":"H428+H429","v":-450},13.940604844290633,159.55380000000005,382.67451943960685,220.88933746341434,169.60303651534633,124.17116873408312,105.26934237952746,86.738735009794837,105.76488458726277,2.7031473438493313E-14,0]
[null,null,{"$f":"IFERROR(IRR(G432:S432),0)","v":0.15320364465252601},"Contractor post-tax IRR on total funds"]
[]
[null,null,null,"Net Present Value Results -> discount rates",null,null,0,0.1,0.125,0.15]
[null,null,null,"Project pre tax cash flow","$mm const",null,{"$f":"NPV(G$435,$H$426:$S$426)+$G$426","v":2119.5760320000009},{"$f":"NPV(H$435,$H$426:$S$426)+$G$426","v":1021.0099740198245},{"$f":"NPV(I$435,$H$426:$S$426)+$G$426","v":841.62093541749618},{"$f":"NPV(J$435,$H$426:$S$426)+$G$426","v":687.94789990756794}]
[null,null,null,"Government revenue","$mm const",null,{"$f":"NPV(G$435,$H$427:$S$427)+$G$427","v":1499.4007702765025},{"$f":"NPV(H$435,$H$427:$S$427)+$G$427","v":854.06958803161979},{"$f":"NPV(I$435,$H$427:$S$427)+$G$427","v":751.18092251740927},{"$f":"NPV(J$435,$H$427:$S$427)+$G$427","v":663.51510194167781}]
[null,null,null,"Contractor post-tax cash flow","$mm const",null,{"$f":"NPV(G$435,$H$428:$S$428)+$G$428","v":620.52112183265831},{"$f":"NPV(H$435,$H$428:$S$428)+$G$428","v":192.13182263601215},{"$f":"NPV(I$435,$H$428:$S$428)+$G$428","v":125.41136991301306},{"$f":"NPV(J$435,$H$428:$S$428)+$G$428","v":69.057871403616446}]
[null,null,null,"Lender cash flow","$mm const",null,{"$f":"NPV(G$435,$H$429:$S$429)+$G$429","v":48.084307140667988},{"$f":"NPV(H$435,$H$429:$S$429)+$G$429","v":-35.172200313394278},{"$f":"NPV(I$435,$H$429:$S$429)+$G$429","v":-49.10488523575966},{"$f":"NPV(J$435,$H$429:$S$429)+$G$429","v":-61.078094199527378}]
[null,null,null,"Average Effective Tax Rate","% const",null,{"$f":"G437/G436","v":0.70740598480050276},{"$f":"H437/H436","v":0.83649485290438175},0.89254068061505265,0.96448452278265129]
[null,null,null,"Total benefits","$mm const",null,{"$f":"NPV(G$435,$H$430:$S$430)+$G$430","v":2869.5760320000009},{"$f":"NPV(H$435,$H$430:$S$430)+$G$430","v":1725.5554285652793},{"$f":"NPV(I$435,$H$430:$S$430)+$G$430","v":1536.0653798619408},{"$f":"NPV(J$435,$H$430:$S$430)+$G$430","v":1372.7305086032202}]
[null,null,null,"Government share of total benefits","% const",null,{"$f":"G437/G441","v":0.52251648102575943},{"$f":"H437/H441","v":0.49495343579993817},0.48902926422632109,0.48335423288349383]
[null,null,null,"Proceeds from the sale of undepreciated assets","$mm const",null,{"$f":"NPV(G$435,$H$412:$S$412)+$G$412","v":62.088776160276005},{"$f":"NPV(H$435,$H$412:$S$412)+$G$412","v":23.937910997486679},19.119999431322015,15.347395888644135]
[null,null,null,"Decommissioning cash flow","$mm const",null,{"$f":"NPV(G$435,$H$413:$S$413)+$G$413","v":13.658608910447896},{"$f":"NPV(H$435,$H$413:$S$413)+$G$413","v":33.918674663073638},33.253527654155356,31.800416650445275]
[null,null,null,"Reconciliation",null,null,{"$f":"ROUND(G436+G443-SUM(G437:G439,G444),5)=0","v":true},{"$f":"ROUND(H436+H443-SUM(H437:H439,H444),5)=0","v":true},true,true]
[]
["Fiscal Analysis"]
[]
[null,null,"Total  ",{"$f":"\"Annual government revenue by tax mechanism - selected regime: \"&F6","v":"Annual government revenue by tax mechanism - selected regime: DROP"}]
[null,null,{"$f":"SUM(G450:S450)","v":0},{"$f":"D393","v":"Royalty"},"$mm const",null,{"$f":"G393","v":0},{"$f":"H393","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"SUM(G451:S451)","v":48.058439061899271},{"$f":"D394","v":"Production bonus"},"$mm const",null,{"$f":"G394","v":0},0,48.058439061899271,0,0,0,0,0,0,0,0,0,0]
[null,null,1104.2128674225964,"Profit petroleum","$mm const",null,0,0,16.35199999999999,44.967999999999996,211.63235431216305,250.13304657393033,147.6364069897065,146.79499697310598,110.21254821585644,85.162427951242933,91.321086406591135,2.9055893198676278E-14,0]
[null,null,186.42332297420936,"Corporate Income Tax","$mm const",null,0,0,0,0,53.93136167944634,46.280241175699324,34.120961804413241,21.096152717359683,16.34905593885491,11.695196052144475,2.9503536062914102,7.1135456417087656E-15,0]
[null,null,34.132651541263868,"Dividend Withholding Tax","$mm const",null,0,0,0,0,0,6.6706794443489583,5.254386270037636,6.5353246702149024,5.5404917041856541,4.565196579462885,5.5665728730138317,1.4227091283417532E-15,0]
[null,null,126.57348927653337,"SOC","$mm const",null,0,-50,1.5489560938100759,17.728200000000005,48.511764568783683,30.42669534260698,23.219820509977474,16.866960680184203,14.128765558063117,11.444347515711357,12.697979007396455,3.9519698009493147E-15,0]
[null,null,{"$f":"SUM(G456:S456)","v":1499.4007702765023},"Total government revenue","$mm const",null,{"$f":"SUM(G450:G455)","v":0},{"$f":"SUM(H450:H455)","v":-50},65.959395155709345,62.696200000000005,314.07548056039309,333.51066253658558,210.23157557413484,191.29343504086475,146.23086141696012,112.86716809856163,112.53599189329283,4.1544117769676113E-14,0]
[]
[]
[]
[]
[null,null,null,null,null,null,"Title:"]
[null,null,null,null,null,null,{"$f":"\"Government Revenue ($mm), regime: \"&F6","v":"Government Revenue ($mm), regime: DROP"}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,"Government revenue by fiscal mechanism - regime comparison"]
[null,null,null,null,null,null,{"$f":"H6","v":"DROP"},{"$f":"I6","v":"Rfactor"},"Royalty + CIT","Alt1","Alt2"]
[null,null,null,"Regime",null,null,{"$f":"H7","v":1},{"$f":"I7","v":2},3,4,5]
[null,null,null,{"$f":"D450","v":"Royalty"},"$mm const",{"$f":"C450","v":0},0,0,1015.9399488000003,0,0]
[null,null,null,"Production bonus","$mm const",{"$f":"C451","v":48.058439061899271},48.058439061899271,48.058439061899271,48.058439061899271,0,0]
[null,null,null,"Profit petroleum","$mm const",1104.2128674225964,1104.2128674225964,1122.273346752324,0,0,0]
[null,null,null,"Corporate Income Tax","$mm const",186.42332297420936,186.42332297420936,168.21664019063329,281.37435953238526,0,0]
[null,null,null,"Dividend Withholding Tax","$mm const",34.132651541263868,34.132651541263868,31.409680787880525,30.6420359469031,0,0]
[null,null,null,"SOC","$mm const",126.57348927653337,126.57348927653337,118.55856372753298,129.19190352276536,0,0]
[null,null,null,"Total government revenue","$mm const",{"$f":"C456","v":1499.4007702765023},1499.4007702765023,1488.5166705202701,1505.2066868639533,0,0]
[]
[null,null,null,"Annual government revenue - regime comparison"]
[null,null,{"$f":"SUM(G487:S487)","v":1499.4007702765023},"Total government revenue","$mm const",null,{"$f":"G456","v":0},{"$f":"H456","v":-50},65.959395155709345,62.696200000000005,314.07548056039309,333.51066253658558,210.23157557413484,191.29343504086475,146.23086141696012,112.86716809856163,112.53599189329283,4.1544117769676113E-14,0]
[null,null,{"$f":"SUM(G488:S488)","v":1499.4007702765023},{"$f":"TRANSPOSE(H6:M6)","v":"DROP"},"$mm const",1,0,-50,65.959395155709345,62.696200000000005,314.07548056039309,333.51066253658558,210.23157557413484,191.29343504086475,146.23086141696012,112.86716809856163,112.53599189329283,4.1544117769676113E-14,0]
[null,null,{"$f":"SUM(G489:S489)","v":1488.5166705202701},"Rfactor","$mm const",{"$f":"F488+1","v":2},0,-50,65.959395155709345,59.01700000000001,227.22872772264418,301.31728846642676,212.75717894883124,221.80883644982333,185.50386466027066,148.00044710013071,116.92393201643378,5.6849165111572445E-14,0]
[null,null,1505.2066868639533,"Royalty + CIT","$mm const",{"$f":"F489+1","v":3},0,-50,78.836595155709333,91.210000000000008,299.95072536440199,301.26190462514739,212.69291959500822,194.19302958201175,155.17292707536578,123.80273858224378,98.085846884064864,2.7533099870080024E-14,0]
[null,null,0,"Alt1","$mm const",4,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,0,"Alt2","$mm const",5,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,{"$f":"\"Average Effective Tax Rate (AETR) - selected regime: \"&F6","v":"Average Effective Tax Rate (AETR) - selected regime: DROP"}]
[null,null,null,"Discount rate","%",null,{"$f":"G$435","v":0},{"$f":"H$435","v":0.1},0.125,0.15]
[null,null,null,"Government revenue (numerator)","$mm const",null,{"$f":"G$437","v":1499.4007702765025},{"$f":"H$437","v":854.06958803161979},751.18092251740927,663.51510194167781]
[null,null,null,"Project pre-tax cash flow (denominator)","$mm const",null,{"$f":"G$436","v":2119.5760320000009},{"$f":"H$436","v":1021.0099740198245},841.62093541749618,687.94789990756794]
[null,null,null,"Average Effective Tax Rate (AETR)","%",null,{"$f":"G513/G514","v":0.70740598480050276},{"$f":"H513/H514","v":0.83649485290438175},0.89254068061505265,0.96448452278265129]
[]
[null,null,null,"Average Effective Tax Rate (AETR) - regime comparison"]
[null,null,null,"Regime",null,null,{"$f":"H6","v":"DROP"},{"$f":"I6","v":"Rfactor"},"Royalty + CIT","Alt1","Alt2"]
[null,null,null,null,null,null,{"$f":"H7","v":1},{"$f":"I7","v":2},3,4,5]
[null,null,null,{"$f":"\"Average Effective Tax Rate (AETR) NPV\"&G435*100","v":"Average Effective Tax Rate (AETR) NPV0"},"%",{"$f":"G440","v":0.70740598480050276},0.70740598480050276,0.7022709485517854,0.71014517249643649,0,0]
[null,null,null,{"$f":"\"Average Effective Tax Rate (AETR) NPV\"&H435*100","v":"Average Effective Tax Rate (AETR) NPV10"},"%",{"$f":"H440","v":0.83649485290438175},0.83649485290438175,0.80704009590570847,0.84482901471196981,0,0]
[null,null,null,{"$f":"\"Average Effective Tax Rate (AETR) NPV\"&I435*100","v":"Average Effective Tax Rate (AETR) NPV12.5"},"%",{"$f":"I440","v":0.89254068061505265},0.89254068061505265,0.85545490854657036,0.90299215845987768,0,0]
[null,null,null,{"$f":"\"Average Effective Tax Rate (AETR) NPV\"&J435*100","v":"Average Effective Tax Rate (AETR) NPV15"},"%",{"$f":"J440","v":0.96448452278265129},0.96448452278265129,0.91854213573546195,0.97755260342147265,0,0]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,{"$f":"\"Average Effective Tax Rate (AETR) NPV\"&I435*100&\" Price Sensitivity - regime comparison\"","v":"Average Effective Tax Rate (AETR) NPV12.5 Price Sensitivity - regime comparison"}]
[null,null,null,"Oil price","$/bbl",{"$f":"I440","v":0.89254068061505265},50,{"$f":"G543+10","v":60},{"$f":"H543+10","v":70},{"$f":"I543+10","v":80},{"$f":"J543+10","v":90},{"$f":"K543+10","v":100}]
[null,null,null,{"$f":"D488","v":"DROP"},"%",1,1.8000622920706741,0.89254068061505265,0.79463537422094133,0.75621616709954487,0.73502400214481722,0.72136989010640029]
[null,null,null,{"$f":"D489","v":"Rfactor"},"%",{"$f":"F544+1","v":2},1.5952323900679959,0.85545490854657036,0.80928459611551018,0.78972831975407454,0.77716685718677347,0.78000483339987248]
[null,null,null,"Royalty + CIT","%",{"$f":"F545+1","v":3},2.2262996451825554,0.90299215845987768,0.72394084668901193,0.65233973454274885,0.61413344841831663,0.59073368803254367]
[null,null,null,"Alt1","%",4,0,0,0,0,0,0]
[null,null,null,"Alt2","%",5,0,0,0,0,0,0]
[]
[null,null,null,{"$f":"\"Government Share of Total Benefits - selected regime: \"&F6","v":"Government Share of Total Benefits - selected regime: DROP"}]
[null,null,null,"Discount rate","%",null,{"$f":"G$435","v":0},{"$f":"H$435","v":0.1},0.125,0.15]
[null,null,null,"Government revenue (numerator)","$mm const",null,{"$f":"G$437","v":1499.4007702765025},{"$f":"H$437","v":854.06958803161979},751.18092251740927,663.51510194167781]
[null,null,null,"Total benefits (denominator)","$mm const",null,{"$f":"G$441","v":2869.5760320000009},{"$f":"H$441","v":1725.5554285652793},1536.0653798619408,1372.7305086032202]
[null,null,null,"Government Share of Total Benefits","%",null,{"$f":"G552/G553","v":0.52251648102575943},{"$f":"H552/H553","v":0.49495343579993817},0.48902926422632109,0.48335423288349383]
[]
[null,null,null,"Government Share of Total Benefits - regime comparison"]
[null,null,null,"Regime",null,null,{"$f":"H6","v":"DROP"},{"$f":"I6","v":"Rfactor"},"Royalty + CIT","Alt1","Alt2"]
[null,null,null,null,null,null,{"$f":"H7","v":1},2,3,4,5]
[null,null,null,{"$f":"\"Government Share of Total Benefits NPV\"&G435*100","v":"Government Share of Total Benefits NPV0"},"%",{"$f":"G442","v":0.52251648102575943},0.52251648102575943,0.51872355146583182,0.52453974736291376,0,0]
[null,null,null,{"$f":"\"Government Share of Total Benefits NPV\"&H435*100","v":"Government Share of Total Benefits NPV10"},"%",{"$f":"H442","v":0.49495343579993817},0.49495343579993817,0.47752507610767347,0.49988475367578156,0,0]
[null,null,null,{"$f":"\"Government Share of Total Benefits NPV\"&I435*100","v":"Government Share of Total Benefits NPV12.5"},"%",{"$f":"I442","v":0.48902926422632109},0.48902926422632109,0.46870971104313469,0.49475570183475642,0,0]
[null,null,null,{"$f":"\"Government Share of Total Benefits NPV\"&J435*100","v":"Government Share of Total Benefits NPV15"},"%",{"$f":"J442","v":0.48335423288349383},0.48335423288349383,0.46033007155847583,0.489903339627284,0,0]
[]
[null,null,null,{"$f":"\"Government Share of Total Benefits NPV\"&I435*100&\" Price Sensitivity (Progressivity) - regime comparison\"","v":"Government Share of Total Benefits NPV12.5 Price Sensitivity (Progressivity) - regime comparison"}]
[null,null,null,"Oil price","$/bbl",{"$f":"I442","v":0.48902926422632109},50,{"$f":"G565+10","v":60},{"$f":"H565+10","v":70},{"$f":"I565+10","v":80},{"$f":"J565+10","v":90},{"$f":"K565+10","v":100}]
[null,null,null,{"$f":"D544","v":"DROP"},"%",1,0.42025587202733555,0.48902926422632109,0.5398867676679352,0.56841338534128771,0.58605304406182324,0.59787655274398677]
[null,null,null,{"$f":"D545","v":"Rfactor"},"%",{"$f":"F566+1","v":2},0.37243476635638273,0.46870971104313469,0.5498396609244971,0.59360295013662445,0.61965459776717902,0.64647361542630855]
[null,null,null,"Royalty + CIT","%",{"$f":"F567+1","v":3},0.51976840073910524,0.49475570183475642,0.49185588306448536,0.49033418357911218,0.48966397812248225,0.48960432897822348]
[null,null,null,"Alt1","%",4,0,0,0,0,0,0]
[null,null,null,"Alt2","%",5,0,0,0,0,0,0]
[]
[null,null,null,null,null,null,{"$f":"G565","v":50},{"$f":"H565","v":60},70,80,90,100]
[null,null,null,"Pre-tax IRR at different prices","%",{"$f":"C84","v":0.35457462421423069},0.19605610047607991,0.35457462421423069,0.47586680919498181,0.57775949841007423,0.66718063285038465,0.74771542497769738]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,{"$f":"\"Breakeven price - selected regime: \"&F6","v":"Breakeven price - selected regime: DROP"}]
[null,null,null,"Contractor post-tax IRR on total funds","%",{"$f":"ROUND(C433,3)","v":0.153},{"$f":"F52*100&\"% post-tax IRR\"","v":"12.5% post-tax IRR"}]
[null,null,null,"Breakeven price","$/bbl",{"$f":"F55","v":60},"Goal-seek price"]
[]
[null,null,null,"Save the original price here and restore it after the goal seek analysis in the input cell F55 in the Economic Assumptions ","$/bbl",60]
[]
[null,null,null,{"$f":"\"Marginal Effective Tax Rate (METR) - selected regime: \"&F6","v":"Marginal Effective Tax Rate (METR) - selected regime: DROP"}]
[null,null,null,"Contractor post-tax IRR with breakeven price","%",{"$f":"F596","v":0.153}]
[null,null,null,"Difference between pre-tax and post-tax IRR with breakeven price (numerator)","%",{"$f":"(F604-F602)","v":0.2015746242142307}]
[null,null,null,"Project pre-tax IRR with breakeven price (denominator)","%",{"$f":"C84","v":0.35457462421423069}]
[null,null,null,"Marginal Effective Tax Rate (METR)","%",{"$f":"F603/F604","v":0.56849703968787446}]
[]
[null,null,null,"Breakeven price and METR stored results - regime comparison"]
[null,null,null,null,null,null,"Breakeven price",null,"METR"]
[null,null,null,{"$f":"D566","v":"DROP"},null,null,56.534847677806106,null,0.58618602746883552]
[null,null,null,{"$f":"D567","v":"Rfactor"},null,null,55.10801580784242,null,0.56433818860300655]
[null,null,null,"Royalty + CIT",null,null,58.501095066868174,null,0.62620735231216285]
[null,null,null,"Alt1",null,null,"N/A",null,"N/A"]
[null,null,null,"Alt2",null,null,"N/A",null,"N/A"]

{"sheet":"Mining model","index":3,"n_rows":505,"n_cols":20,"rows_kept":505,"cut":false,"hidden":false,"merged":[]}
["ReadMe Sheet",null,{"$f":"AND(A:A)","v":true},null,"year",null,1,{"$f":"G1+1","v":2},{"$f":"H1+1","v":3},4,5,6,7,8,9,10,11,12,13]
[]
["INPUTS"]
[]
[null,null,null,"Fiscal Regime Assumptions"]
[null,null,null,"Regime name",null,{"$f":"INDEX(H6:K6,$F$7)","v":"Royalty + CIT"},null,"Royalty + CIT","Royalty + CIT + SCF","Royalty + CIT + RRT","Alt1",null,"SNAPSHOT RESULTS"]
[null,null,null,"Select regime number",null,1,null,1,{"$f":"H7+1","v":2},{"$f":"I7+1","v":3},4]
[null,null,null,"Signature bonus","$mm",{"$f":"INDEX(H8:K8,$F$7)","v":0},null,null,null,null,null,null,"NPV results "]
[null,null,null,"Royalty rate","%",{"$f":"INDEX(H9:K9,$F$7)","v":0.05},null,0.05,0.05,0.05,null,null,null,null,null,null,{"$f":"G324","v":0},{"$f":"H324","v":0.1},0.125,0.15]
[null,null,null,"Royalty base (net/gross)","switch","net",null,"net","net","net"]
[null,null,null,"Decommissioning provision (yes/no)","swtich","yes",null,"yes","yes","yes",null,null,"Project pre-tax cashflow",null,null,"$mm const",{"$f":"G325","v":1123.5},{"$f":"H325","v":507.86869722149913},417.10545215222203,341.7647349485697]
[null,null,null,"Commencement of decommissioning provision","% depletion",{"$f":"INDEX(H12:K12,$F$7)","v":0.6},null,0.6,0.6,0.6,null,null,"Total benefits",null,null,"$mm const",{"$f":"G330","v":1383.5},{"$f":"H330","v":750.59596994877188},655.99434104111106,576.98212625291762]
[null,null,null,"Corporate Income Tax rate","%",0.3,null,0.3,0.3,0.3,null,null,"Contractor NPV",null,null,"$mm const",{"$f":"G327","v":522.92578934479729},{"$f":"H327","v":240.2118158465376},199.17433552515089,165.27825896329148]
[null,null,null,"Exploration costs (expensing)","switch","deferred",null,"deferred","deferred","deferred",null,null,"Government NPV",null,null,"$mm const",{"$f":"G326","v":573.813855459877},{"$f":"H326","v":289.53259516630339},248.4570154282124,214.58308166384131]
[null,null,null,"Development costs - intangibles (expensing)","switch","deferred",null,"deferred","deferred","deferred",null,null,"Average Effective Tax Rate (AETR)",null,null,"$mm const",{"$f":"Q14/Q11","v":0.51073774406753625},{"$f":"R14/R11","v":0.57009340554026744},{"$f":"S14/S11","v":0.59566954626509738},0.62786782754555626]
[null,null,null,"Development costs - tangibles (depreciation)","switch","deferred",null,"deferred","deferred","deferred",null,null,"Govt. share of total benefits",null,null,"$mm const",{"$f":"Q14/Q12","v":0.41475522620880162},{"$f":"R14/R12","v":0.38573694338655184},{"$f":"S14/S12","v":0.37874871760919909},0.37190594283639861]
[null,null,null,"Development costs - tangibles and replacement capital depreciation (years)","years",5,null,5,5,5]
[null,null,null,"Surcharge on Cash Flows rate","%",0,null,null,0.2,null,null,null,"Real terms results"]
[null,null,null,"CIT deductible (yes/no)","switch",0,null,null,"yes",null,null,null,"METR",null,null,{"$f":"INDEX($I$497:$I$500,F7)","v":0.39705377068384273}]
[null,null,null,"Resource Rent Tax rate","%",0,null,null,null,0.2,null,null,"Pre-tax IRR",null,null,{"$f":"C70","v":0.40714364829978811}]
[null,null,null,"RRT threshhold","%",0,null,null,null,0.1,null,null,"Hurdle rate",null,null,{"$f":"F33","v":0.125}]
[null,null,null,"CIT deductible (yes/no)","switch",0,null,null,null,"yes",null,null,"Post-tax IRR on total funds",null,null,{"$f":"C322","v":0.27122406060782289}]
[null,null,null,"Dividend Withholding Tax","%",0.15,null,0.15,0.15,0.15,null,null,"Difference",null,null,{"$f":"P21-P22","v":-0.14622406060782289}]
[null,null,null,"State equity (free)","%",0.1,null,0.1,0.1,0.1,null,null,"Breakeven price",null,null,{"$f":"INDEX($G$497:$G$500,F7)","v":951.80255545696548}]
[]
[null,null,null,"Financing assumptions"]
[null,null,null,"Percent of development costs borrowed","%",0.7]
[null,null,null,"Repayment period (beginning production)","years",5]
[null,null,null,"Real interest rate","%",0.05]
[]
[null,null,null,"Economic assumptions"]
[null,null,null,"Discount rate government","%",0.1]
[null,null,null,"Discount rate contractor","%",0.125]
[null,null,null,"Inflation rate","%",0.02]
[null,null,null,"Gold smelter price","US $/ounce",1300]
[null,null,null,"Transport post-fiscal point","US $/ounce",25]
[null,null,null,"Smelting and refining charge post-fiscal point","US $/ounce",50]
[]
[null,null,null,"MINING PROJECT"]
[null,null,"Total ","Raw Project Data","year",null,1,2,3,4,5,6,7,8,9,10,11,12,13]
[null,null,{"$f":"SUM(G41:U41)","v":1900},"Production gold","000 ounces",null,0,0,100,200,200,200,200,200,200,200,200,200,0]
[null,null,{"$f":"SUM(G42:U42)","v":47.5},"Transport post-fiscal point","$mm const",null,{"$f":"G41*$F$36/1000","v":0},0,2.5,5,5,5,5,5,5,5,5,5,0]
[null,null,95,"Refining and processing post-fiscal point","$mm const",null,{"$f":"G$41*$F$37/1000","v":0},0,5,10,10,10,10,10,10,10,10,10,0]
[null,null,10,"Exploration costs (expensed)","$mm const",null,10,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,50,"Development costs - intangibles (expensed)","$mm const",null,10,40,0,0,0,0,0,0,0,0,0,0,0]
[null,null,200,"Development costs - tangibles (depreciable)","$mm const",null,50,150,0,0,0,0,0,0,0,0,0,0,0]
[null,null,50,"Replacement capital costs (depreciable)","$mm const",null,0,0,10,10,10,10,10,0,0,0,0,0,0]
[null,null,380,"Operating costs - mining","$mm const",null,0,0,20,40,40,40,40,40,40,40,40,40,0]
[null,null,380,"Operating costs - milling","$mm const",null,0,0,20,40,40,40,40,40,40,40,40,40,0]
[null,null,114,"Operating costs - other","$mm const",null,0,0,6,12,12,12,12,12,12,12,12,12,0]
[null,null,20,"Decommissioning costs","$mm const",null,0,0,0,0,0,0,0,0,0,0,0,0,20]
[]
[null,null,null,"Price assumptions"]
[null,null,null,"Gold sales price","$ const/ounce",null,{"$f":"$F$35","v":1300},1300,1300,1300,1300,1300,1300,1300,1300,1300,1300,1300,1300]
[]
[null,null,null,"Project Pre-Tax Cash Flow: Real","year",null,1,{"$f":"G56+1","v":2},{"$f":"H56+1","v":3},4,5,6,7,8,9,10,11,12,13]
[null,null,{"$f":"SUM(G57:U57)","v":1900},"Production gold","000 ounces",null,{"$f":"G41","v":0},0,100,200,200,200,200,200,200,200,200,200,0]
[null,null,{"$f":"SUM(G58:U58)","v":2470},"Gross revenue","$mm const",null,{"$f":"G57*G54/1000","v":0},0,130,260,260,260,260,260,260,260,260,260,0]
[null,null,142.5,"Transport and processing post-fiscal point","$mm const",null,{"$f":"G42+G43","v":0},{"$f":"H42+H43","v":0},7.5,15,15,15,15,15,15,15,15,15,0]
[{"$f":"ROUND(C60-(C58-C59),5)=0","v":true},null,2327.5,"Net revenue","$mm const",null,{"$f":"G58-G59","v":0},{"$f":"H58-H59","v":0},122.5,245,245,245,245,245,245,245,245,245,0]
[null,null,10,"Exploration costs (expensed)","$mm const",null,{"$f":"G44","v":10},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,50,"Development costs - intangibles (expensed)","$mm const",null,{"$f":"G45","v":10},40,0,0,0,0,0,0,0,0,0,0,0]
[null,null,200,"Development costs - tangibles (depreciable)","$mm const",null,{"$f":"G46","v":50},150,0,0,0,0,0,0,0,0,0,0,0]
[null,null,50,"Replacement capital costs (depreciable)","$mm const",null,{"$f":"G47","v":0},0,10,10,10,10,10,0,0,0,0,0,0]
[null,null,874,"Operating costs","$mm const",null,{"$f":"SUM(G48:G50)","v":0},0,46,92,92,92,92,92,92,92,92,92,0]
[null,null,20,"Decommissioning costs","$mm const",null,{"$f":"G51","v":0},0,0,0,0,0,0,0,0,0,0,0,20]
[null,null,1204,"Total costs","$mm const",null,{"$f":"SUM(G61:G66)","v":70},190,56,102,102,102,102,92,92,92,92,92,20]
[{"$f":"ROUND(C68-(C60-SUM(C61:C66)),5)=0","v":true},null,1123.5,"Project pre-tax cash flows","$mm const",null,{"$f":"G60-G67","v":-70},{"$f":"H60-H67","v":-190},66.5,143,143,143,143,153,153,153,153,153,-20]
[]
[null,null,{"$f":"IFERROR(IRR($G68:U68),0)","v":0.40714364829978811},"Internal rate of return (real)","%",null,{"$f":"IFERROR(IRR($G68:G68),\"--\")","v":"--"},{"$f":"IFERROR(IRR($G68:H68),\"--\")","v":"--"},{"$f":"IFERROR(IRR($G68:I68),\"--\")","v":"--"},{"$f":"IFERROR(IRR($G68:J68),\"--\")","v":-0.10468652822773838},{"$f":"IFERROR(IRR($G68:K68),\"--\")","v":0.13145239994000635},{"$f":"IFERROR(IRR($G68:L68),\"--\")","v":0.24841032247374994},{"$f":"IFERROR(IRR($G68:M68),\"--\")","v":0.3124285516083205},{"$f":"IFERROR(IRR($G68:N68),\"--\")","v":0.35220906054784162},{"$f":"IFERROR(IRR($G68:O68),\"--\")","v":0.37630680888539558},{"$f":"IFERROR(IRR($G68:P68),\"--\")","v":0.39146478896202441},{"$f":"IFERROR(IRR($G68:Q68),\"--\")","v":0.40126294176290789},{"$f":"IFERROR(IRR($G68:R68),\"--\")","v":0.40772607175364217},{"$f":"IFERROR(IRR($G68:S68),\"--\")","v":0.40714364829978811}]
[null,null,{"$f":"NPV($F$32,$H$68:$U$68)+$G$68","v":507.86869722149925},{"$f":"\"Project pre-tax cash flows NPV\"&$F$32*100","v":"Project pre-tax cash flows NPV10"},"$mm const"]
[]
[null,null,null,"Flags"]
[null,null,{"$f":"MAX(G74:U74)","v":13},"Project years","years",null,{"$f":"(SUM($G$41:G51)>0)*1+F74","v":1},{"$f":"(SUM($G$41:H51)>0)*1+G74","v":2},{"$f":"(SUM($G$41:I51)>0)*1+H74","v":3},{"$f":"(SUM($G$41:J51)>0)*1+I74","v":4},{"$f":"(SUM($G$41:K51)>0)*1+J74","v":5},{"$f":"(SUM($G$41:L51)>0)*1+K74","v":6},{"$f":"(SUM($G$41:M51)>0)*1+L74","v":7},{"$f":"(SUM($G$41:N51)>0)*1+M74","v":8},{"$f":"(SUM($G$41:O51)>0)*1+N74","v":9},{"$f":"(SUM($G$41:P51)>0)*1+O74","v":10},{"$f":"(SUM($G$41:Q51)>0)*1+P74","v":11},{"$f":"(SUM($G$41:R51)>0)*1+Q74","v":12},{"$f":"(SUM($G$41:S51)>0)*1+R74","v":13}]
[null,null,{"$f":"MAX(G75:U75)","v":10},"Production year","years",null,{"$f":"((G41>0)*1+F75)*(G41>0)","v":0},0,1,2,3,4,5,6,7,8,9,10,0]
[null,null,{"$f":"MAX(G76:U76)","v":10},"Remaining production years","years",null,{"$f":"($C$75-G75+1)*(G41>0)","v":0},0,10,9,8,7,6,5,4,3,2,1,0]
[]
[null,null,null,"Payback period"]
[null,null,{"$f":"MAX(G79:U79)","v":153},"Project pre-tax cash flow","$mm const",null,{"$f":"G68","v":-70},{"$f":"H68","v":-190},66.5,143,143,143,143,153,153,153,153,153,-20]
[null,null,1143.5,"Cumulative project pre-tax cash flow","$mm const",null,{"$f":"G79+F80","v":-70},{"$f":"H79+G80","v":-260},-193.5,-50.5,92.5,235.5,378.5,531.5,684.5,837.5,990.5,1143.5,1123.5]
[null,null,4.3531468531468533,"Payback period","years",null,{"$f":"IF(AND(G80<=0,H80>0),G74+(-G80/H79),0)","v":0},{"$f":"IF(AND(H80<=0,I80>0),H74+(-H80/I79),0)","v":0},0,4.3531468531468533,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Inflation"]
[null,null,null,"Inflation index","index",null,{"$f":"IF(G$40=1,1,(1+$F$34)^(G$40-1))","v":1},{"$f":"IF(H$40=1,1,(1+$F$34)^(H$40-1))","v":1.02},1.0404,1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.1486856676492798,1.1716593810022655,1.1950925686223108,1.2189944199947571,1.243374308394652,1.2682417945625453]
[]
[null,null,null,"Project Pre-Tax Cash Flow: Nominal","year",null,1,{"$f":"G86+1","v":2},{"$f":"H86+1","v":3},4,5,6,7,8,9,10,11,12,13]
[null,null,{"$f":"SUM(G87:U87)","v":2826.6913293130888},"Gross revenue","$mm nominal",null,{"$f":"G58*G$84","v":0},0,135.25200000000001,275.91407999999996,281.43236159999998,287.06100883200003,292.80222900864004,298.65827358881273,304.63143906058906,310.72406784180083,316.93854919863685,323.27732018260951,0]
[null,null,{"$f":"SUM(G88:U88)","v":163.07834592190898},"Transport and processing post-fiscal point","$mm nominal",null,{"$f":"G59*G$84","v":0},0,7.8029999999999999,15.918119999999998,16.2364824,16.561212048000002,16.892436288960003,17.230285014739199,17.574890715033984,17.926388529334663,18.284916299921356,18.650614625919779,0]
[{"$f":"ROUND(C89-(C87-C88),5)=0","v":true},null,2663.6129833911796,"Net revenue","$mm nominal",null,{"$f":"G60*G$84","v":0},0,127.449,259.99595999999997,265.19587919999998,270.49979678400001,275.90979271968001,281.42798857407354,287.05654834555503,292.79767931246613,298.6536328987155,304.62670555668973,0]
[null,null,10,"Exploration costs (expensed)","$mm nominal",null,{"$f":"G61*G$84","v":10},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,50.8,"Development costs - intangibles (expensed)","$mm nominal",null,{"$f":"G62*G$84","v":10},40.799999999999997,0,0,0,0,0,0,0,0,0,0,0]
[null,null,203,"Development costs - tangibles (depreciable)","$mm nominal",null,{"$f":"G63*G$84","v":50},153,0,0,0,0,0,0,0,0,0,0,0]
[null,null,54.14283382464,"Replacement capital costs (depreciable)","$mm nominal",null,{"$f":"G64*G$84","v":0},0,10.404,10.612079999999999,10.824321599999999,11.040808032000001,11.261624192640001,0,0,0,0,0,0]
[null,null,1000.2138549877086,"Operating costs","$mm nominal",null,{"$f":"G65*G$84","v":0},0,47.858400000000003,97.631135999999998,99.583758719999992,101.57543389440001,103.60694257228801,105.67908142373375,107.79266305220843,109.9485163132526,112.14748663951765,114.39043637230799,0]
[null,null,25.364835891250905,"Decommissioning costs","$mm nominal",null,{"$f":"G66*G$84","v":0},0,0,0,0,0,0,0,0,0,0,0,25.364835891250905]
[null,null,1343.5215247035992,"Total costs","$mm nominal",null,{"$f":"SUM(G90:G95)","v":70},{"$f":"SUM(H90:H95)","v":193.8},58.2624,108.24321599999999,110.40808032,112.61624192640001,114.868566764928,105.67908142373375,107.79266305220843,109.9485163132526,112.14748663951765,114.39043637230799,25.364835891250905]
[{"$f":"ROUND(C97-(C89-SUM(C90:C95)),5)=0","v":true},null,1320.0914586875806,"Project pre-tax cash flows","$mm nominal",null,{"$f":"G89-G96","v":-70},{"$f":"H89-H96","v":-193.8},69.186599999999999,151.75274399999998,154.78779887999997,157.88355485760002,161.04122595475201,175.74890715033979,179.26388529334662,182.84916299921355,186.50614625919786,190.23626918438174,-25.364835891250905]
[]
[null,null,{"$f":"IFERROR(IRR($G97:U97),0)","v":0.43528652126565315},"Internal rate of return (nominal)","%",null,{"$f":"IFERROR(IRR($G97:G97),\"--\")","v":"--"},{"$f":"IFERROR(IRR($G97:H97),\"--\")","v":"--"},{"$f":"IFERROR(IRR($G97:I97),\"--\")","v":"--"},{"$f":"IFERROR(IRR($G97:J97),\"--\")","v":-8.6780258793687781E-2},{"$f":"IFERROR(IRR($G97:K97),\"--\")","v":0.15408144794730361},{"$f":"IFERROR(IRR($G97:L97),\"--\")","v":0.27337852892317938},{"$f":"IFERROR(IRR($G97:M97),\"--\")","v":0.33867712264048655},{"$f":"IFERROR(IRR($G97:N97),\"--\")","v":0.37925324175869624},{"$f":"IFERROR(IRR($G97:O97),\"--\")","v":0.40383294505483591},{"$f":"IFERROR(IRR($G97:P97),\"--\")","v":0.41929408474126473},{"$f":"IFERROR(IRR($G97:Q97),\"--\")","v":0.42928820059815509},{"$f":"IFERROR(IRR($G97:R97),\"--\")","v":0.43588059318853256},{"$f":"IFERROR(IRR($G97:S97),\"--\")","v":0.43528652126565315}]
[null,null,{"$f":"NPV($F$32,$H$97:$U$97)+$G$97","v":601.53188662933724},{"$f":"\"Project pre-tax cash flows NPV\"&$F$32*100","v":"Project pre-tax cash flows NPV10"},"$mm nominal"]
[]
["Fiscal Calculations"]
[]
[null,null,"Total","Decommissioning"]
[null,null,{"$f":"SUM(G105:S105)","v":13},"Decommissioning year","years",null,{"$f":"G40*(G106>0)","v":0},0,0,0,0,0,0,0,0,0,0,0,13]
[null,null,{"$f":"SUM(G106:S106)","v":25.364835891250905},"Decommissioning costs spent","$mm nominal",null,{"$f":"G95","v":0},{"$f":"H95","v":0},0,0,0,0,0,0,0,0,0,0,25.364835891250905]
[null,null,20,"Decommissioning costs real terms","$mm const",null,{"$f":"G106/G84","v":0},0,0,0,0,0,0,0,0,0,0,0,20]
[null,null,null,"Escalated decommissioning costs, end of year","$mm nominal",null,{"$f":"$C$107*G84*(G40<=$C$105)*(1+$F$34)","v":20.399999999999999},20.808,21.224160000000001,21.648643199999999,22.081616063999999,22.523248385280002,22.973713352985602,23.43318762004531,23.901851372446217,24.37988839989514,24.867486167893048,25.364835891250902,25.872132609075923]
[]
[null,null,null,"% reserves produced, end of year","%",null,{"$f":"SUM($G$41:G41)/$C$41","v":0},{"$f":"SUM($G$41:H41)/$C$41","v":0},{"$f":"SUM($G$41:I41)/$C$41","v":5.2631578947368418E-2},{"$f":"SUM($G$41:J41)/$C$41","v":0.15789473684210525},{"$f":"SUM($G$41:K41)/$C$41","v":0.26315789473684209},{"$f":"SUM($G$41:L41)/$C$41","v":0.36842105263157893},{"$f":"SUM($G$41:M41)/$C$41","v":0.47368421052631576},{"$f":"SUM($G$41:N41)/$C$41","v":0.57894736842105265},{"$f":"SUM($G$41:O41)/$C$41","v":0.68421052631578949},{"$f":"SUM($G$41:P41)/$C$41","v":0.78947368421052633},{"$f":"SUM($G$41:Q41)/$C$41","v":0.89473684210526316},{"$f":"SUM($G$41:R41)/$C$41","v":1},{"$f":"SUM($G$41:S41)/$C$41","v":1}]
[null,null,null,"Remaining recoverable reserves, end of year","000 ounces",null,{"$f":"$C$41-SUM($G$41:G41)","v":1900},{"$f":"$C$41-SUM($G$41:H41)","v":1900},{"$f":"$C$41-SUM($G$41:I41)","v":1800},{"$f":"$C$41-SUM($G$41:J41)","v":1600},{"$f":"$C$41-SUM($G$41:K41)","v":1400},{"$f":"$C$41-SUM($G$41:L41)","v":1200},{"$f":"$C$41-SUM($G$41:M41)","v":1000},{"$f":"$C$41-SUM($G$41:N41)","v":800},{"$f":"$C$41-SUM($G$41:O41)","v":600},{"$f":"$C$41-SUM($G$41:P41)","v":400},{"$f":"$C$41-SUM($G$41:Q41)","v":200},{"$f":"$C$41-SUM($G$41:R41)","v":0},{"$f":"$C$41-SUM($G$41:S41)","v":0}]
[null,null,null,"Decommissioning fund flag","flag",null,{"$f":"1*(G110>$F$12)*(G41>0)","v":0},0,0,0,0,0,0,0,1,1,1,1,0]
[null,null,{"$f":"SUM(G113:S113)","v":800},"Production during decommissioning period","000 ounces",null,{"$f":"G112*G41","v":0},0,0,0,0,0,0,0,200,200,200,200,0]
[null,null,2000,"Cumulative production during decommissioning period","000 ounces",null,{"$f":"(G113+F114)*G112","v":0},{"$f":"(H113+G114)*H112","v":0},0,0,0,0,0,0,200,400,600,800,0]
[null,null,61.939448861368106,"Decommissioning fund opening balance","$mm nominal",null,{"$f":"F119","v":0},{"$f":"G119","v":0},0,0,0,0,0,0,0,5.9754628431115542,12.110271362039416,18.488878764966231,25.364835891250902]
[null,null,25.364835891250902,"Provision allowed current period","$mm nominal",null,{"$f":"IF(G112<>0,(G108-G115)*IFERROR(G113/F111,1)*($F$11=\"yes\"),0)","v":0},{"$f":"IF(H112<>0,(H108-H115)*IFERROR(H113/G111,1)*($F$11=\"yes\"),0)","v":0},0,0,0,0,0,0,5.9754628431115542,6.1348085189278621,6.3786074029268161,6.8759571262846713,0]
[null,null,-25.364835891250902,"Withdrawal to meet decommissioning costs","$mm nominal",null,{"$f":"MIN(G106,F119)*-1","v":0},{"$f":"MIN(H106,G119)*-1","v":0},0,0,0,0,0,0,0,0,0,0,-25.364835891250902]
[null,null,0,"Surplus balance","$mm nominal",null,{"$f":"(G117<>0)*(G115+G117)*-1","v":0},{"$f":"(H117<>0)*(H115+H117)*-1","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing balance","$mm nominal",null,{"$f":"SUM(G115:G118)","v":0},{"$f":"SUM(H115:H118)","v":0},0,0,0,0,0,0,5.9754628431115542,12.110271362039416,18.488878764966231,25.364835891250902,0]
[]
[null,null,null,"Royalty"]
[null,null,{"$f":"SUM(G122:U122)","v":2826.6913293130888},"Gross revenue","$mm nominal",null,{"$f":"G87","v":0},{"$f":"H87","v":0},135.25200000000001,275.91407999999996,281.43236159999998,287.06100883200003,292.80222900864004,298.65827358881273,304.63143906058906,310.72406784180083,316.93854919863685,323.27732018260951,0]
[null,null,{"$f":"SUM(G123:U123)","v":2663.6129833911796},"Net revenue","$mm nominal",null,{"$f":"G89","v":0},{"$f":"H89","v":0},127.449,259.99595999999997,265.19587919999998,270.49979678400001,275.90979271968001,281.42798857407354,287.05654834555503,292.79767931246613,298.6536328987155,304.62670555668973,0]
[null,null,{"$f":"SUM(G124:U124)","v":2663.6129833911796},{"$f":"\"Royalty base: \"&$F$10 &\" revenue\"","v":"Royalty base: net revenue"},"$mm nominal",null,{"$f":"IF(G75=0,0,IF($F$10=\"gross\",G122,G123))","v":0},0,127.449,259.99595999999997,265.19587919999998,270.49979678400001,275.90979271968001,281.42798857407354,287.05654834555503,292.79767931246613,298.6536328987155,304.62670555668973,0]
[null,null,{"$f":"SUM(G125:U125)","v":133.18064916955899},"Royalty payable","$mm nominal",null,{"$f":"G124*$F$9","v":0},0,6.3724500000000006,12.999797999999998,13.25979396,13.524989839200002,13.795489635984001,14.071399428703678,14.352827417277751,14.639883965623307,14.932681644935776,15.231335277834487,0]
[]
[null,null,null,"Bonus"]
[null,null,{"$f":"SUM(G128:U128)","v":0},"Signature bonus","$mm nominal",null,{"$f":"(G74=1)*$F$8","v":0},{"$f":"(H74=1)*$F$8","v":0},0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Project cash flow after decommissioning, royalty and bonus"]
[null,null,{"$f":"SUM(G131:U131)","v":2530.4323342216212},"Net revenue after royalty","$mm nominal",null,{"$f":"G89-G125","v":0},0,121.07655,246.99616199999997,251.93608523999998,256.97480694480004,262.11430308369603,267.35658914536987,272.70372092827728,278.15779534684282,283.72095125377973,289.39537027885524,0]
[null,null,10,"Exploration costs","$mm nominal",null,{"$f":"G90","v":10},{"$f":"H90","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,50.8,"Development costs - intangibles (expensed)","$mm nominal",null,{"$f":"G91","v":10},40.799999999999997,0,0,0,0,0,0,0,0,0,0,0]
[null,null,203,"Development costs - tangibles (depreciable)","$mm nominal",null,50,153,0,0,0,0,0,0,0,0,0,0,0]
[null,null,54.14283382464,"Replacement capital costs (depreciable)","$mm nominal",null,0,0,10.404,10.612079999999999,10.824321599999999,11.040808032000001,11.261624192640001,0,0,0,0,0,0]
[null,null,1000.2138549877086,"Operating costs","$mm nominal",null,0,0,47.858400000000003,97.631135999999998,99.583758719999992,101.57543389440001,103.60694257228801,105.67908142373375,107.79266305220843,109.9485163132526,112.14748663951765,114.39043637230799,0]
[null,null,25.364835891250905,"Decommissioning costs/provision","$mm nominal",null,{"$f":"G106+G116+G117+G118","v":0},{"$f":"H106+H116+H117+H118","v":0},0,0,0,0,0,0,5.9754628431115542,6.1348085189278621,6.3786074029268161,6.8759571262846713,3.5527136788005009E-15]
[null,null,0,"Signature bonus","$mm nominal",null,{"$f":"G128","v":0},{"$f":"H128","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,1186.9108095180218,"Net cash flow","$mm nominal",null,{"$f":"G131-SUM(G132:G138)","v":-70},{"$f":"H131-SUM(H132:H138)","v":-193.8},62.814149999999998,138.75294599999998,141.52800492,144.35856501840004,147.24573631876802,161.67750772163612,158.93559503295728,162.07447051466235,165.19485721133526,168.12897678026258,-3.5527136788005009E-15]
[]
[null,null,null,"Depreciation"]
[null,null,null,"Depreciation switch","flag",null,{"$f":"(MAX(G75:$S$75)>1)*1","v":1},{"$f":"(MAX(H75:$S$75)>1)*1","v":1},{"$f":"(MAX(I75:$S$75)>1)*1","v":1},{"$f":"(MAX(J75:$S$75)>1)*1","v":1},{"$f":"(MAX(K75:$S$75)>1)*1","v":1},{"$f":"(MAX(L75:$S$75)>1)*1","v":1},{"$f":"(MAX(M75:$S$75)>1)*1","v":1},{"$f":"(MAX(N75:$S$75)>1)*1","v":1},{"$f":"(MAX(O75:$S$75)>1)*1","v":1},{"$f":"(MAX(P75:$S$75)>1)*1","v":1},{"$f":"(MAX(Q75:$S$75)>1)*1","v":1},{"$f":"(MAX(R75:$S$75)>1)*1","v":1},{"$f":"(MAX(S75:$S$75)>1)*1","v":0}]
[]
[null,null,{"$f":"SUM(G144:U144)","v":10},"Exploration costs","$mm nominal",null,{"$f":"G132","v":10},{"$f":"H132","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"SUM(G145:U145)","v":10},{"$f":"\"Expensing of exploration (\"&$F$14&\")\"","v":"Expensing of exploration (deferred)"},"$mm nominal",null,{"$f":"IF($F$14=\"immediate\",G144,IF(G75=0,0,IF(G75=1,SUM($G$144:G144),G144)))","v":0},{"$f":"IF($F$14=\"immediate\",H144,IF(H75=0,0,IF(H75=1,SUM($G$144:H144),H144)))","v":0},{"$f":"IF($F$14=\"immediate\",I144,IF(I75=0,0,IF(I75=1,SUM($G$144:I144),I144)))","v":10},{"$f":"IF($F$14=\"immediate\",J144,IF(J75=0,0,IF(J75=1,SUM($G$144:J144),J144)))","v":0},{"$f":"IF($F$14=\"immediate\",K144,IF(K75=0,0,IF(K75=1,SUM($G$144:K144),K144)))","v":0},{"$f":"IF($F$14=\"immediate\",L144,IF(L75=0,0,IF(L75=1,SUM($G$144:L144),L144)))","v":0},{"$f":"IF($F$14=\"immediate\",M144,IF(M75=0,0,IF(M75=1,SUM($G$144:M144),M144)))","v":0},{"$f":"IF($F$14=\"immediate\",N144,IF(N75=0,0,IF(N75=1,SUM($G$144:N144),N144)))","v":0},{"$f":"IF($F$14=\"immediate\",O144,IF(O75=0,0,IF(O75=1,SUM($G$144:O144),O144)))","v":0},{"$f":"IF($F$14=\"immediate\",P144,IF(P75=0,0,IF(P75=1,SUM($G$144:P144),P144)))","v":0},{"$f":"IF($F$14=\"immediate\",Q144,IF(Q75=0,0,IF(Q75=1,SUM($G$144:Q144),Q144)))","v":0},{"$f":"IF($F$14=\"immediate\",R144,IF(R75=0,0,IF(R75=1,SUM($G$144:R144),R144)))","v":0},{"$f":"IF($F$14=\"immediate\",S144,IF(S75=0,0,IF(S75=1,SUM($G$144:S144),S144)))","v":0}]
[]
[null,null,{"$f":"SUM(G147:U147)","v":50.8},"Development costs - intangibles","$mm nominal",null,{"$f":"G133","v":10},{"$f":"H133","v":40.799999999999997},0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"SUM(G148:U148)","v":50.8},{"$f":"\"Expensing of development costs - intangibles (\"&$F$15&\")\"","v":"Expensing of development costs - intangibles (deferred)"},"$mm nominal",null,{"$f":"IF($F$15=\"immediate\",G147,IF(G75=0,0,IF(G75=1,SUM($G$147:G147),G147)))","v":0},{"$f":"IF($F$15=\"immediate\",H147,IF(H75=0,0,IF(H75=1,SUM($G$147:H147),H147)))","v":0},{"$f":"IF($F$15=\"immediate\",I147,IF(I75=0,0,IF(I75=1,SUM($G$147:I147),I147)))","v":50.8},{"$f":"IF($F$15=\"immediate\",J147,IF(J75=0,0,IF(J75=1,SUM($G$147:J147),J147)))","v":0},{"$f":"IF($F$15=\"immediate\",K147,IF(K75=0,0,IF(K75=1,SUM($G$147:K147),K147)))","v":0},{"$f":"IF($F$15=\"immediate\",L147,IF(L75=0,0,IF(L75=1,SUM($G$147:L147),L147)))","v":0},{"$f":"IF($F$15=\"immediate\",M147,IF(M75=0,0,IF(M75=1,SUM($G$147:M147),M147)))","v":0},{"$f":"IF($F$15=\"immediate\",N147,IF(N75=0,0,IF(N75=1,SUM($G$147:N147),N147)))","v":0},{"$f":"IF($F$15=\"immediate\",O147,IF(O75=0,0,IF(O75=1,SUM($G$147:O147),O147)))","v":0},{"$f":"IF($F$15=\"immediate\",P147,IF(P75=0,0,IF(P75=1,SUM($G$147:P147),P147)))","v":0},{"$f":"IF($F$15=\"immediate\",Q147,IF(Q75=0,0,IF(Q75=1,SUM($G$147:Q147),Q147)))","v":0},{"$f":"IF($F$15=\"immediate\",R147,IF(R75=0,0,IF(R75=1,SUM($G$147:R147),R147)))","v":0},{"$f":"IF($F$15=\"immediate\",S147,IF(S75=0,0,IF(S75=1,SUM($G$147:S147),S147)))","v":0}]
[]
[null,null,{"$f":"SUM(G150:U150)","v":257.14283382463998},"Development costs - tangibles and replacement capital costs","$mm nominal",null,{"$f":"G134+G135","v":50},{"$f":"H134+H135","v":153},10.404,10.612079999999999,10.824321599999999,11.040808032000001,11.261624192640001,0,0,0,0,0,0]
[null,null,{"$f":"SUM(G151:U151)","v":257.14283382463998},{"$f":"\"Development costs - tangibles and replacement capital costs (\"&$F$16&\")\"","v":"Development costs - tangibles and replacement capital costs (deferred)"},"$mm nominal",null,{"$f":"IF($F$16=\"immediate\",G150,IF(G75=0,0,IF(G75=1,SUM($G$150:G150),G150)))","v":0},{"$f":"IF($F$16=\"immediate\",H150,IF(H75=0,0,IF(H75=1,SUM($G$150:H150),H150)))","v":0},{"$f":"IF($F$16=\"immediate\",I150,IF(I75=0,0,IF(I75=1,SUM($G$150:I150),I150)))","v":213.404},{"$f":"IF($F$16=\"immediate\",J150,IF(J75=0,0,IF(J75=1,SUM($G$150:J150),J150)))","v":10.612079999999999},{"$f":"IF($F$16=\"immediate\",K150,IF(K75=0,0,IF(K75=1,SUM($G$150:K150),K150)))","v":10.824321599999999},{"$f":"IF($F$16=\"immediate\",L150,IF(L75=0,0,IF(L75=1,SUM($G$150:L150),L150)))","v":11.040808032000001},{"$f":"IF($F$16=\"immediate\",M150,IF(M75=0,0,IF(M75=1,SUM($G$150:M150),M150)))","v":11.261624192640001},{"$f":"IF($F$16=\"immediate\",N150,IF(N75=0,0,IF(N75=1,SUM($G$150:N150),N150)))","v":0},{"$f":"IF($F$16=\"immediate\",O150,IF(O75=0,0,IF(O75=1,SUM($G$150:O150),O150)))","v":0},{"$f":"IF($F$16=\"immediate\",P150,IF(P75=0,0,IF(P75=1,SUM($G$150:P150),P150)))","v":0},{"$f":"IF($F$16=\"immediate\",Q150,IF(Q75=0,0,IF(Q75=1,SUM($G$150:Q150),Q150)))","v":0},{"$f":"IF($F$16=\"immediate\",R150,IF(R75=0,0,IF(R75=1,SUM($G$150:R150),R150)))","v":0},{"$f":"IF($F$16=\"immediate\",S150,IF(S75=0,0,IF(S75=1,SUM($G$150:S150),S150)))","v":0}]
[null,{"$f":"IF($F$17=0,0,1/$F$17)","v":0.2},51.428566764928,"Depreciation year 1","$mm nominal",null,{"$f":"G$151*$B152*G$142","v":0},{"$f":"H$151*$B152*H$142","v":0},42.680800000000005,2.1224159999999999,2.16486432,2.2081616064000005,2.2523248385280001,0,0,0,0,0,0]
[null,{"$f":"IF($F$17=0,0,MIN(1/$F$17,1-SUM($B$152:B152)))","v":0.2},51.428566764928,"Depreciation year 2","$mm nominal",null,null,{"$f":"G$151*$B153*H$142","v":0},{"$f":"H$151*$B153*I$142","v":0},42.680800000000005,2.1224159999999999,2.16486432,2.2081616064000005,2.2523248385280001,0,0,0,0,0]
[null,{"$f":"IF($F$17=0,0,MIN(1/$F$17,1-SUM($B$152:B153)))","v":0.2},51.428566764928,"Depreciation year 3","$mm nominal",null,null,null,{"$f":"G$151*$B154*I$142","v":0},{"$f":"H$151*$B154*J$142","v":0},42.680800000000005,2.1224159999999999,2.16486432,2.2081616064000005,2.2523248385280001,0,0,0,0]
[null,{"$f":"IF($F$17=0,0,MIN(1/$F$17,1-SUM($B$152:B154)))","v":0.2},51.428566764928,"Depreciation year 4","$mm nominal",null,null,null,null,{"$f":"G$151*$B155*J$142","v":0},{"$f":"H$151*$B155*K$142","v":0},42.680800000000005,2.1224159999999999,2.16486432,2.2081616064000005,2.2523248385280001,0,0,0]
[null,{"$f":"IF($F$17=0,0,MIN(1/$F$17,1-SUM($B$152:B155)))","v":0.19999999999999996},51.428566764927986,"Depreciation year 5","$mm nominal",null,null,null,null,null,{"$f":"G$151*$B156*K$142","v":0},{"$f":"H$151*$B156*L$142","v":0},42.680799999999991,2.1224159999999994,2.1648643199999995,2.2081616063999996,2.2523248385279997,0,0]
[null,{"$f":"IF($F$17=0,0,MIN(1/$F$17,1-SUM($B$152:B156)))","v":0},0,"Depreciation year 6","$mm nominal",null,null,null,null,null,null,{"$f":"G$151*$B157*L$142","v":0},{"$f":"H$151*$B157*M$142","v":0},0,0,0,0,0,0]
[null,{"$f":"IF($F$17=0,0,MIN(1/$F$17,1-SUM($B$152:B157)))","v":0},0,"Depreciation year 7","$mm nominal",null,null,null,null,null,null,null,{"$f":"G$151*$B158*M$142","v":0},{"$f":"H$151*$B158*N$142","v":0},0,0,0,0,0]
[null,{"$f":"IF($F$17=0,0,MIN(1/$F$17,1-SUM($B$152:B158)))","v":0},0,"Depreciation year 8","$mm nominal",null,null,null,null,null,null,null,null,{"$f":"G$151*$B159*N$142","v":0},{"$f":"H$151*$B159*O$142","v":0},0,0,0,0]
[null,{"$f":"IF($F$17=0,0,MIN(1/$F$17,1-SUM($B$152:B159)))","v":0},0,"Depreciation year 9","$mm nominal",null,null,null,null,null,null,null,null,null,{"$f":"G$151*$B160*O$142","v":0},{"$f":"H$151*$B160*P$142","v":0},0,0,0]
[null,{"$f":"IF($F$17=0,0,MIN(1/$F$17,1-SUM($B$152:B160)))","v":0},0,"Depreciation year 10","$mm nominal",null,null,null,null,null,null,null,null,null,null,{"$f":"G$151*$B161*P$142","v":0},{"$f":"H$151*$B161*Q$142","v":0},0,0]
[{"$f":"ROUND(C150-C162-C166,5)=0","v":true},null,257.14283382463998,"Capital costs - tangibles depreciation","$mm nominal",null,{"$f":"SUM(G152:G161)","v":0},{"$f":"SUM(H152:H161)","v":0},42.680800000000005,44.803216000000006,46.968080320000006,49.176241926400003,51.428566764927993,8.7477667649280004,6.6253507649280001,4.4604864449279997,2.2523248385279997,0,0]
[]
[null,null,{"$f":"INDEX(G164:S164,,MATCH($C$75,$G$75:$S$75,0))","v":257.14283382463998},"Cumulative development - tangibles and replacement capital costs (depreciable)","$mm nominal",null,{"$f":"(F164+G150+F166)*G142","v":50},{"$f":"(G164+H150+G166)*H142","v":203},213.404,224.01607999999999,234.84040159999998,245.88120963199998,257.14283382463998,257.14283382463998,257.14283382463998,257.14283382463998,257.14283382463998,257.14283382463998,0]
[null,null,{"$f":"INDEX(G165:S165,,MATCH($C$75,$G$75:$S$75,0))","v":257.14283382463998},"Cumulative depreciation","$mm nominal",null,{"$f":"(F165+G162)*G142","v":0},{"$f":"(G165+H162)*H142","v":0},42.680800000000005,87.484016000000011,134.45209632000001,183.62833824640001,235.05690501132801,243.80467177625601,250.430022541184,254.890508986112,257.14283382463998,257.14283382463998,0]
[{"$f":"ROUND(C164-C165-C166,5)=0","v":true},null,{"$f":"SUM(G166:S166)","v":0},"Undepreciated balance at the end of the project","$mm nominal",null,{"$f":"(G164-G165)*(G76=1)","v":0},{"$f":"(H164-H165)*(H76=1)","v":0},0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Corporate Income Tax"]
[null,null,{"$f":"SUM(G169:U169)","v":2663.6129833911796},"Net revenue","$mm nominal",null,{"$f":"G89","v":0},{"$f":"H89","v":0},127.449,259.99595999999997,265.19587919999998,270.49979678400001,275.90979271968001,281.42798857407354,287.05654834555503,292.79767931246613,298.6536328987155,304.62670555668973,0]
[null,null,{"$f":"SUM(G170:U170)","v":133.18064916955899},"Royalty","$mm nominal",null,{"$f":"G125","v":0},{"$f":"H125","v":0},6.3724500000000006,12.999797999999998,13.25979396,13.524989839200002,13.795489635984001,14.071399428703678,14.352827417277751,14.639883965623307,14.932681644935776,15.231335277834487,0]
[null,null,0,"Signature bonus","$mm nominal",null,{"$f":"G128","v":0},{"$f":"H128","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,10,"Exploration costs (expensed)","$mm nominal",null,{"$f":"G145","v":0},{"$f":"H145","v":0},10,0,0,0,0,0,0,0,0,0,0]
[null,null,50.8,"Development costs - intangibles (expensed) ","$mm nominal",null,{"$f":"G148","v":0},{"$f":"H148","v":0},50.8,0,0,0,0,0,0,0,0,0,0]
[null,null,257.14283382463998,"Development costs - tangibles and replacement capex (depreciation)","$mm nominal",null,{"$f":"G162","v":0},{"$f":"H162","v":0},42.680800000000005,44.803216000000006,46.968080320000006,49.176241926400003,51.428566764927993,8.7477667649280004,6.6253507649280001,4.4604864449279997,2.2523248385279997,0,0]
[null,null,1000.2138549877086,"Operating costs","$mm nominal",null,{"$f":"G136","v":0},{"$f":"H136","v":0},47.858400000000003,97.631135999999998,99.583758719999992,101.57543389440001,103.60694257228801,105.67908142373375,107.79266305220843,109.9485163132526,112.14748663951765,114.39043637230799,0]
[null,null,25.364835891250905,"Decommissioning provision/costs","$mm nominal",null,{"$f":"G137","v":0},0,0,0,0,0,0,0,5.9754628431115542,6.1348085189278621,6.3786074029268161,6.8759571262846713,3.5527136788005009E-15]
[null,null,39.568501547393758,"Interest payment","$mm nominal",null,{"$f":"G187","v":0},{"$f":"H187","v":0},12.613860000000031,10.424799338027038,8.0803153690539595,5.5693730382837918,2.8801538020289432,0,0,0,0,0,0]
[null,null,1147.3423079706279,"Taxable income before prior period losses","$mm nominal",null,{"$f":"G169-SUM(G170:G177)","v":0},{"$f":"H169-SUM(H170:H177)","v":0},-42.876510000000067,94.137010661972937,97.30393083094603,100.65375808571619,104.19863994445106,152.92974095670812,152.31024426802929,157.61398406973439,162.94253237280728,168.12897678026258,-3.5527136788005009E-15]
[null,null,-42.876510000000067,"Prior period losses carried forward","$mm nominal",null,{"$f":"F180*(F180<0)","v":0},{"$f":"G180*(G180<0)","v":0},0,-42.876510000000067,0,0,0,0,0,0,0,0,0]
[null,null,1104.4657979706278,"Taxable income after losses","$mm nominal",null,{"$f":"SUM(G178:G179)","v":0},{"$f":"SUM(H178:H179)","v":0},-42.876510000000067,51.26050066197287,97.30393083094603,100.65375808571619,104.19863994445106,152.92974095670812,152.31024426802929,157.61398406973439,162.94253237280728,168.12897678026258,-3.5527136788005009E-15]
[null,null,344.20269239118829,"CIT payable","$mm nominal",null,{"$f":"G180*(G180>0)*$F$13","v":0},0,0,15.378150198591861,29.191179249283806,30.196127425714856,31.259591983335316,45.878922287012436,45.69307328040879,47.284195220920317,48.882759711842183,50.438693034078774,0]
[]
[null,null,null,"Lender Cash Flow"]
[null,null,{"$f":"SUM(G184:U184)","v":177.66},"Financing during development","$mm nominal",null,{"$f":"SUM(G133:G134)*$F$27*(G75=0)","v":42},135.66,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"SUM(G185:U185)","v":217.22850154739379},"Loan repayment","$mm nominal",null,{"$f":"PMT(($F$29+1)*(1+$F$34)-1,$F$28,$C$184)*AND(G75>0,G75<=$F$28)*-1","v":0},0,43.445700309478759,43.445700309478759,43.445700309478759,43.445700309478759,43.445700309478759,0,0,0,0,0,0]
[null,null,{"$f":"SUM(G186:U186)","v":39.568501547393787},"Lender net cash flow","$mm nominal",null,{"$f":"G185-G184","v":-42},{"$f":"H185-H184","v":-135.66},43.445700309478759,43.445700309478759,43.445700309478759,43.445700309478759,43.445700309478759,0,0,0,0,0,0]
[null,null,{"$f":"SUM(G187:U187)","v":39.568501547393758},"Interest payment","$mm nominal",null,{"$f":"IF(AND(G75>0,G75<=$F$28),-1*IPMT(($F$29+1)*(1+$F$34)-1,G75,$F$28,$C$184),0)","v":0},0,12.613860000000031,10.424799338027038,8.0803153690539595,5.5693730382837918,2.8801538020289432,0,0,0,0,0,0]
[]
[null,null,null,"Surcharge on Cash Flows"]
[null,null,{"$f":"SUM(G190:U190)","v":1147.3423079706279},"Taxable income before losses for CIT purposes","$mm nominal",null,{"$f":"G178","v":0},{"$f":"H178","v":0},-42.876510000000067,94.137010661972937,97.30393083094603,100.65375808571619,104.19863994445106,152.92974095670812,152.31024426802929,157.61398406973439,162.94253237280728,168.12897678026258,-3.5527136788005009E-15]
[null,null,39.568501547393758,"(add back) interest deduction","$mm nominal",null,{"$f":"G177","v":0},{"$f":"H177","v":0},12.613860000000031,10.424799338027038,8.0803153690539595,5.5693730382837918,2.8801538020289432,0,0,0,0,0,0]
[null,null,257.14283382463998,"(add back) depreciation deduction","$mm nominal",null,{"$f":"G174","v":0},{"$f":"H174","v":0},42.680800000000005,44.803216000000006,46.968080320000006,49.176241926400003,51.428566764927993,8.7477667649280004,6.6253507649280001,4.4604864449279997,2.2523248385279997,0,0]
[null,null,0,"(add) proceeds from sale of undepreciated assets","$mm nominal",null,{"$f":"G166","v":0},{"$f":"H166","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,-257.14283382463998,"(deduct) depreciable capital expenditure","$mm nominal",null,{"$f":"(G92+G93)*-1","v":-50},{"$f":"(H92+H93)*-1","v":-153},-10.404,-10.612079999999999,-10.824321599999999,-11.040808032000001,-11.261624192640001,0,0,0,0,0,0]
[null,null,0,{"$f":"\"(deduct) CIT paid: \"&IF($F$19=\"yes\",\"yes\",\"no\")","v":"(deduct) CIT paid: no"},"$mm nominal",null,{"$f":"G181*($F$19=\"yes\")*-1","v":0},{"$f":"H181*($F$19=\"yes\")*-1","v":0},0,0,0,0,0,0,0,0,0,0,0]
[{"$f":"ROUND(C196+C125+C128-C166-C195,5)=ROUND(C97,5)","v":true},null,1186.9108095180216,"Adjusted taxable income before prior period losses","$mm nominal",null,{"$f":"SUM(G190:G195)","v":-50},{"$f":"SUM(H190:H195)","v":-153},2.0141499999999688,138.75294600000001,141.52800492,144.35856501839999,147.245736318768,161.67750772163612,158.93559503295728,162.07447051466238,165.19485721133529,168.12897678026258,-3.5527136788005009E-15]
[null,null,-516.21875399999999,"Prior period adjusted losses","$mm nominal",null,{"$f":"F198*(F198<0)","v":0},{"$f":"G198*(G198<0)","v":-50},-203,-200.98585000000003,-62.232904000000019,0,0,0,0,0,0,0,0]
[null,null,670.69205551802156,"Adjusted taxable income after prior period losses","$mm nominal",null,{"$f":"SUM(G196:G197)","v":-50},{"$f":"SUM(H196:H197)","v":-203},-200.98585000000003,-62.232904000000019,79.295100919999982,144.35856501839999,147.245736318768,161.67750772163612,158.93559503295728,162.07447051466238,165.19485721133529,168.12897678026258,-3.5527136788005009E-15]
[null,null,0,"Surcharge on Cash Flows payable","$mm nominal",null,{"$f":"$F$18*G198*(G198>0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Resource Rent Tax"]
[null,null,{"$f":"SUM(G202:U202)","v":-597.01875400000006},"RRT opening balance","$mm nominal",null,{"$f":"F207*(F207<0)","v":0},{"$f":"G207*(G207<0)","v":-70},-263.8,-200.98585000000003,-62.232904000000048,0,0,0,0,0,0,0,0]
[null,null,0,"(add) uplift on negative balance","$mm nominal",null,{"$f":"G202*$F$21","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,1186.9108095180218,"(add) project NCF after royalty, bonus and decommissioning","$mm nominal",null,{"$f":"G139","v":-70},{"$f":"H139","v":-193.8},62.814149999999998,138.75294599999998,141.52800492,144.35856501840004,147.24573631876802,161.67750772163612,158.93559503295728,162.07447051466235,165.19485721133526,168.12897678026258,-3.5527136788005009E-15]
[null,null,{"$f":"SUM(G205:U205)","v":0},"(add) proceeds from sale of undepreciated assets","$mm nominal",null,{"$f":"G166","v":0},{"$f":"H166","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,0,{"$f":"\"(deduct) CIT paid: \"&IF($F$22=\"yes\",\"yes\",\"no\")","v":"(deduct) CIT paid: no"},"$mm nominal",null,{"$f":"G181*($F$22=\"yes\")*-1","v":0},{"$f":"H181*($F$22=\"yes\")*-1","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,589.89205551802161,"RRT closing balance","$mm nominal",null,{"$f":"SUM(G202:G206)","v":-70},{"$f":"SUM(H202:H206)","v":-263.8},-200.98585000000003,-62.232904000000048,79.295100919999953,144.35856501840004,147.24573631876802,161.67750772163612,158.93559503295728,162.07447051466235,165.19485721133526,168.12897678026258,-3.5527136788005009E-15]
[null,null,0,"Resource Rent Tax payable","$mm nominal",null,{"$f":"G207*(G207>0)*$F$20","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Check"]
[null,null,{"$f":"SUM(G210:U210)","v":1186.9108095180218},"NCF after royalty and CIT if deductible","$mm nominal",null,{"$f":"G204+G206","v":-70},{"$f":"H204+H206","v":-193.8},62.814149999999998,138.75294599999998,141.52800492,144.35856501840004,147.24573631876802,161.67750772163612,158.93559503295728,162.07447051466235,165.19485721133526,168.12897678026258,-3.5527136788005009E-15]
[null,null,null,"Cumulative IRR","%",null,{"$f":"IFERROR(IRR($G$210:G210),0)","v":0},{"$f":"IFERROR(IRR($G$210:H210),0)","v":0},{"$f":"IFERROR(IRR($G$210:I210),0)","v":0},{"$f":"IFERROR(IRR($G$210:J210),0)","v":-0.12857375119718573},{"$f":"IFERROR(IRR($G$210:K210),0)","v":0.11197420828287319},{"$f":"IFERROR(IRR($G$210:L210),0)","v":0.23309453623271215},{"$f":"IFERROR(IRR($G$210:M210),0)","v":0.30034961518498693},{"$f":"IFERROR(IRR($G$210:N210),0)","v":0.34293124521805152},{"$f":"IFERROR(IRR($G$210:O210),0)","v":0.36816822397466242},{"$f":"IFERROR(IRR($G$210:P210),0)","v":0.38432899157820399},{"$f":"IFERROR(IRR($G$210:Q210),0)","v":0.39495162563920072},{"$f":"IFERROR(IRR($G$210:R210),0)","v":0.40206636935341566},{"$f":"IFERROR(IRR($G$210:S210),0)","v":0.40206636935341566}]
[]
[null,null,null,"Dividend Withholding Tax and Government Equity"]
[null,null,{"$f":"SUM(G214:U214)","v":1186.9108095180218},"Project NCF after royalty, bonus and decommissioning","$mm nominal",null,{"$f":"G139","v":-70},-193.8,62.814149999999998,138.75294599999998,141.52800492,144.35856501840004,147.24573631876802,161.67750772163612,158.93559503295728,162.07447051466235,165.19485721133526,168.12897678026258,-3.5527136788005009E-15]
[null,null,{"$f":"SUM(G215:U215)","v":0},"Proceeds from the sale of undepreciated assets","$mm nominal",null,{"$f":"G166","v":0},{"$f":"H166","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"SUM(G216:U216)","v":39.568501547393787},"Lender net cash flows","$mm nominal",null,{"$f":"G186","v":-42},-135.66,43.445700309478759,43.445700309478759,43.445700309478759,43.445700309478759,43.445700309478759,0,0,0,0,0,0]
[null,null,344.20269239118829,"Corporate Income Tax","$mm nominal",null,{"$f":"G181","v":0},{"$f":"H181","v":0},0,15.378150198591861,29.191179249283806,30.196127425714856,31.259591983335316,45.878922287012436,45.69307328040879,47.284195220920317,48.882759711842183,50.438693034078774,0]
[null,null,0,"Surcharge on Cash Flows","$mm nominal",null,{"$f":"G199","v":0},{"$f":"H199","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,0,"Resource Rent Tax","$mm nominal",null,{"$f":"G208","v":0},{"$f":"H208","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,803.13961557943946,"Contractor cash flow before distributions","$mm nominal",null,{"$f":"G214+G215-SUM(G216:G219)","v":-28},{"$f":"H214+H215-SUM(H216:H219)","v":-58.140000000000015},19.368449690521238,79.92909549192936,68.891125361237442,70.716737283206427,72.540444025953946,115.79858543462367,113.2425217525485,114.79027529374204,116.31209749949308,117.69028374618381,-3.5527136788005009E-15]
[null,null,3948.6831187497928,"Cumulative contractor cash flow before distributions","$mm nominal",null,{"$f":"SUM($G$220:G220)","v":-28},{"$f":"SUM($G$220:H220)","v":-86.140000000000015},{"$f":"SUM($G$220:I220)","v":-66.771550309478783},{"$f":"SUM($G$220:J220)","v":13.157545182450576},{"$f":"SUM($G$220:K220)","v":82.048670543688019},{"$f":"SUM($G$220:L220)","v":152.76540782689443},{"$f":"SUM($G$220:M220)","v":225.30585185284838},{"$f":"SUM($G$220:N220)","v":341.10443728747202},{"$f":"SUM($G$220:O220)","v":454.34695904002052},{"$f":"SUM($G$220:P220)","v":569.13723433376254},{"$f":"SUM($G$220:Q220)","v":685.44933183325566},{"$f":"SUM($G$220:R220)","v":803.13961557943946},{"$f":"SUM($G$220:S220)","v":803.13961557943946}]
[]
[null,null,{"$f":"SUM(G223:U223)","v":803.13961557943946},"Distributable cash","$mm nominal",null,{"$f":"IF(G221<0,0,MAX(0,MIN(G221,G220)))","v":0},{"$f":"IF(H221<0,0,MAX(0,MIN(H221,H220)))","v":0},0,13.157545182450576,68.891125361237442,70.716737283206427,72.540444025953946,115.79858543462367,113.2425217525485,114.79027529374204,116.31209749949308,117.69028374618381,0]
[null,null,80.313961557943955,"State participation","$mm nominal",null,{"$f":"G$223*$F$24*(G223>0)","v":0},0,0,1.3157545182450576,6.8891125361237444,7.0716737283206434,7.2540444025953947,11.579858543462368,11.32425217525485,11.479027529374205,11.631209749949308,11.769028374618381,0]
[null,null,722.82565402149544,"Dividend payment","$mm nominal",null,{"$f":"G223-G224","v":0},{"$f":"H223-H224","v":0},0,11.841790664205519,62.002012825113695,63.64506355488578,65.286399623358548,104.21872689116131,101.91826957729364,103.31124776436783,104.68088774954377,105.92125537156542,0]
[null,null,108.42384810322433,"Dividend Withholding Tax","$mm nominal",null,{"$f":"G225*$F$23","v":0},0,0,1.7762685996308278,9.3003019237670532,9.5467595332328674,9.7929599435037815,15.632809033674196,15.287740436594046,15.496687164655174,15.702133162431565,15.888188305734813,0]
[]
[null,null,{"$f":"SUM(G228:U228)","v":614.40180591827129},"Contractor NCF after DWT and state participation","$mm nominal",null,{"$f":"G220-G226-G224","v":-28},-58.140000000000015,19.368449690521238,76.837072374053477,52.701710901346644,54.098304021652922,55.493439679854767,88.585917857487118,86.630529140699593,87.814560599712664,88.978754587112206,90.033067065830608,-3.5527136788005009E-15]
[]
[null,null,null,"Results","year",null,1,{"$f":"G230+1","v":2},3,4,5,6,7,8,9,10,11,12,13]
[]
[null,null,"Total ","Contractor Net Cash Flow: Nominal"]
[null,null,{"$f":"SUM(G233:U233)","v":1186.9108095180218},"Project NCF after royalty, bonus and decommissioning","$mm nominal",null,{"$f":"G139","v":-70},{"$f":"H139","v":-193.8},62.814149999999998,138.75294599999998,141.52800492,144.35856501840004,147.24573631876802,161.67750772163612,158.93559503295728,162.07447051466235,165.19485721133526,168.12897678026258,-3.5527136788005009E-15]
[null,null,{"$f":"SUM(G234:U234)","v":0},"Proceeds from the sale of undepreciated assets","$mm nominal",null,{"$f":"G166","v":0},{"$f":"H166","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,39.568501547393787,"Less: Lender net cash flow","$mm nominal",null,{"$f":"G186","v":-42},{"$f":"H186","v":-135.66},43.445700309478759,43.445700309478759,43.445700309478759,43.445700309478759,43.445700309478759,0,0,0,0,0,0]
[null,null,344.20269239118829,"Less: Corporate Income Tax","$mm nominal",null,{"$f":"G181","v":0},{"$f":"H181","v":0},0,15.378150198591861,29.191179249283806,30.196127425714856,31.259591983335316,45.878922287012436,45.69307328040879,47.284195220920317,48.882759711842183,50.438693034078774,0]
[null,null,0,"Less: Surcharge on Cash Flows","$mm nominal",null,{"$f":"G199","v":0},{"$f":"H199","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,0,"Less: Resource Rent Tax","$mm nominal",null,{"$f":"G208","v":0},{"$f":"H208","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,80.313961557943955,"Less: State participation","$mm nominal",null,{"$f":"G224","v":0},{"$f":"H224","v":0},0,1.3157545182450576,6.8891125361237444,7.0716737283206434,7.2540444025953947,11.579858543462368,11.32425217525485,11.479027529374205,11.631209749949308,11.769028374618381,0]
[null,null,108.42384810322433,"Less: Dividend Withholding Tax","$mm nominal",null,{"$f":"G226","v":0},{"$f":"H226","v":0},0,1.7762685996308278,9.3003019237670532,9.5467595332328674,9.7929599435037815,15.632809033674196,15.287740436594046,15.496687164655174,15.702133162431565,15.888188305734813,0]
[null,null,614.40180591827107,"Contractor post-tax cash flow","$mm nominal",null,{"$f":"G233+G234-SUM(G235:G240)","v":-28},{"$f":"H233+H234-SUM(H235:H240)","v":-58.140000000000015},19.368449690521238,76.837072374053477,52.701710901346644,54.098304021652908,55.49343967985476,88.585917857487118,86.630529140699593,87.814560599712649,88.978754587112206,90.033067065830608,-3.5527136788005009E-15]
[null,null,{"$f":"IFERROR(IRR(G241:S241),0)","v":0.50259523416804819},"Contractor post-tax IRR"]
[null,null,0,"Decommissioning cash flow","$mm nominal",null,{"$f":"G116+G117+G118","v":0},{"$f":"H116+H117+H118","v":0},0,0,0,0,0,0,5.9754628431115542,6.1348085189278621,6.3786074029268161,6.8759571262846713,-25.364835891250902]
[]
[null,null,null,"Contractor Net Cash Flow: Real"]
[null,null,null,"Inflation index (from above)",null,null,{"$f":"G84","v":1},{"$f":"H84","v":1.02},1.0404,1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.1486856676492798,1.1716593810022655,1.1950925686223108,1.2189944199947571,1.243374308394652,1.2682417945625453]
[null,null,{"$f":"SUM(G247:U247)","v":1006.1289087530437},"Project NCF after royalty, bonus and decommissioning","$mm const",null,{"$f":"G233/G$246","v":-70},-190,60.375,130.75,130.75,130.75000000000003,130.75,140.75,135.64999999999998,135.61666666666665,135.51732026143793,135.21992182493912,-2.8012904905297959E-15]
[null,null,{"$f":"SUM(G248:U248)","v":0},"Proceeds from the sale of undepreciated assets","$mm const",null,{"$f":"G234/G$246","v":0},{"$f":"H234/H$246","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,25.764263948369354,"Less: Lender net cash flow","$mm const",null,-42,{"$f":"H235/H$246","v":-133},41.758650816492462,40.939853741659284,40.137111511430668,39.350109324932021,38.578538553854926,0,0,0,0,0,0]
[null,null,295.73762344262343,"Less: Corporate Income Tax","$mm const",null,0,{"$f":"H236/H$246","v":0},0,14.491174396152179,26.968137429770941,27.349562947020051,27.757623100018666,39.940362780795425,38.998598074913069,39.565299343655866,40.10088882281547,40.565976547481732,0]
[null,null,0,"Less: Surcharge on Cash Flows","$mm const",null,0,{"$f":"H237/H$246","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,0,"Less: Resource Rent Tax","$mm const",null,0,{"$f":"H238/H$246","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,68.809034900958991,"Less: State participation","$mm const",null,0,{"$f":"H239/H$246","v":0},0,1.2398648693235046,6.3644751058798406,6.4050327728047973,6.4413838346126422,10.080963721920456,9.6651401925086908,9.6051367323010783,9.5416431438622453,9.4653945277457385,0]
[null,null,92.892197116294625,"Less: Dividend Withholding Tax","$mm const",null,0,{"$f":"H240/H$246","v":0},0,1.6738175735867313,8.5920413929377837,8.6467942432864753,8.6958681767270658,13.609301024592614,13.04793925988673,12.966934588606454,12.881218244214031,12.778282612456746,0]
[null,null,522.92578934479729,"Contractor post-tax cash flow","$mm const",null,{"$f":"G247+G248-SUM(G249:G254)","v":-28},{"$f":"H247+H248-SUM(H249:H254)","v":-57},18.616349183507538,72.40528941927829,48.688234559980756,48.99850071195668,49.276586334786714,77.119372472691509,73.938322472691482,73.47929600210324,72.993570050546182,72.410268137254903,-2.8012904905297959E-15]
[null,null,{"$f":"IFERROR(IRR(G255:S255),0)","v":0.47313258251433821},"Contractor post-tax IRR"]
[null,null,{"$f":"SUM(G257:U257)","v":0.99609124695630058},"Decommissioning cash flow","$mm const",null,{"$f":"G243/G$246","v":0},0,0,0,0,0,0,0,5.0999999999999996,5.1333333333333329,5.2326797385620933,5.5300781750608721,-19.999999999999996]
[]
[null,null,null,"Payback Period: Real"]
[null,null,{"$f":"SUM(G260:U260)","v":522.92578934479729},"Contractor post-tax cash flow","$mm const",null,{"$f":"G255","v":-28},{"$f":"H255","v":-57},18.616349183507538,72.40528941927829,48.688234559980756,48.99850071195668,49.276586334786714,77.119372472691509,73.938322472691482,73.47929600210324,72.993570050546182,72.410268137254903,-2.8012904905297959E-15]
[null,null,2546.0772339245209,"Cumulative contractor post-tax cash flow","$mm const",null,{"$f":"G260+F261","v":-28},{"$f":"H260+G261","v":-85},-66.383650816492462,6.0216386027858277,54.709873162766584,103.70837387472326,152.98496020950998,230.10433268220149,304.04265515489294,377.52195115699618,450.51552120754235,522.92578934479729,522.92578934479729]
[null,null,3.9168342720389355,"Payback period NPV0","year",null,{"$f":"IF(AND(G261<=0,H261>0),G$74+(-G261/H260),0)","v":0},{"$f":"IF(AND(H261<=0,I261>0),H$74+(-H261/I260),0)","v":0},3.9168342720389355,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Discount index",null,null,{"$f":"(1+$F$33)^(G230-1)","v":1},{"$f":"(1+$F$33)^(H230-1)","v":1.125},1.265625,1.423828125,1.601806640625,1.802032470703125,2.0272865295410156,2.2806973457336426,2.5657845139503479,2.8865075781941414,3.2473210254684091,3.6532361536519602,4.1098906728584552]
[null,null,{"$f":"SUM(G265:U265)","v":199.17433552515089},{"$f":"\"Contractor post-tax cash flow NPV\"&$F$33*100","v":"Contractor post-tax cash flow NPV12.5"},"$mm const",null,{"$f":"G260/G264","v":-28},{"$f":"H260/H264","v":-50.666666666666664},14.709214169684968,50.852548947421788,30.395825142155338,27.190686909674955,24.30667082168355,33.813944062746373,28.817042924175318,25.456124403481873,22.47808870082909,19.820856109964293,-6.8159732545427557E-16]
[null,null,915.43081758303344,{"$f":"\"Cumulative contractor post-tax cash flow NPV\"&$F$33*100","v":"Cumulative contractor post-tax cash flow NPV12.5"},"$mm const",null,{"$f":"G265+F266","v":-28},{"$f":"H265+G266","v":-78.666666666666657},{"$f":"I265+H266","v":-63.957452496981688},{"$f":"J265+I266","v":-13.1049035495599},{"$f":"K265+J266","v":17.290921592595438},{"$f":"L265+K266","v":44.48160850227039},{"$f":"M265+L266","v":68.788279323953944},{"$f":"N265+M266","v":102.60222338670032},{"$f":"O265+N266","v":131.41926631087563},{"$f":"P265+O266","v":156.87539071435751},{"$f":"Q265+P266","v":179.3534794151866},{"$f":"R265+Q266","v":199.17433552515089},{"$f":"S265+R266","v":199.17433552515089}]
[null,null,4.4311415626412778,{"$f":"\"Payback period NPV\"&$F$33*100","v":"Payback period NPV12.5"},"year",null,{"$f":"IF(AND(G266<=0,H266>0),G$74+(-G266/H265),0)","v":0},{"$f":"IF(AND(H266<=0,I266>0),H$74+(-H266/I265),0)","v":0},{"$f":"IF(AND(I266<=0,J266>0),I$74+(-I266/J265),0)","v":0},{"$f":"IF(AND(J266<=0,K266>0),J$74+(-J266/K265),0)","v":4.4311415626412778},{"$f":"IF(AND(K266<=0,L266>0),K$74+(-K266/L265),0)","v":0},{"$f":"IF(AND(L266<=0,M266>0),L$74+(-L266/M265),0)","v":0},{"$f":"IF(AND(M266<=0,N266>0),M$74+(-M266/N265),0)","v":0},{"$f":"IF(AND(N266<=0,O266>0),N$74+(-N266/O265),0)","v":0},{"$f":"IF(AND(O266<=0,P266>0),O$74+(-O266/P265),0)","v":0},{"$f":"IF(AND(P266<=0,Q266>0),P$74+(-P266/Q265),0)","v":0},{"$f":"IF(AND(Q266<=0,R266>0),Q$74+(-Q266/R265),0)","v":0},{"$f":"IF(AND(R266<=0,S266>0),R$74+(-R266/S265),0)","v":0},{"$f":"IF(AND(S266<=0,T266>0),S$74+(-S266/T265),0)","v":0}]
[]
[null,null,null,"Government Revenue: Nominal"]
[null,null,{"$f":"SUM(G270:U270)","v":0},"Signature bonus","$mm nominal",null,{"$f":"G128","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"SUM(G271:U271)","v":133.18064916955899},"Royalty","$mm nominal",null,{"$f":"G125","v":0},0,6.3724500000000006,12.999797999999998,13.25979396,13.524989839200002,13.795489635984001,14.071399428703678,14.352827417277751,14.639883965623307,14.932681644935776,15.231335277834487,0]
[null,null,344.20269239118829,"Corporate Income Tax","$mm nominal",null,{"$f":"G181","v":0},0,0,15.378150198591861,29.191179249283806,30.196127425714856,31.259591983335316,45.878922287012436,45.69307328040879,47.284195220920317,48.882759711842183,50.438693034078774,0]
[null,null,0,"Surcharge on Cash Flows","$mm nominal",null,{"$f":"G199","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,0,"Resource Rent Tax","$mm nominal",null,{"$f":"G208","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,80.313961557943955,"State participation","$mm nominal",null,{"$f":"G224","v":0},{"$f":"H224","v":0},0,1.3157545182450576,6.8891125361237444,7.0716737283206434,7.2540444025953947,11.579858543462368,11.32425217525485,11.479027529374205,11.631209749949308,11.769028374618381,0]
[null,null,108.42384810322433,"Dividend Withholding Tax","$mm nominal",null,{"$f":"G226","v":0},{"$f":"H226","v":0},0,1.7762685996308278,9.3003019237670532,9.5467595332328674,9.7929599435037815,15.632809033674196,15.287740436594046,15.496687164655174,15.702133162431565,15.888188305734813,0]
[null,null,666.12115122191562,"Government revenue","$mm nominal",null,{"$f":"SUM(G270:G276)","v":0},{"$f":"SUM(H270:H276)","v":0},6.3724500000000006,31.469971316467745,58.640387669174601,60.339550526468365,62.102085965418496,87.162989292852671,86.657893309535439,88.899793880573,91.148784269158838,93.327244992266458,0]
[null,null,{"$f":"IFERROR(C277/C97,0)","v":0.50460227345472364},"AETR","%",null,{"$f":"IFERROR(G277/G97,0)","v":0},0,9.2105263157894746E-2,0.20737662125218473,0.37884373376635366,0.3821775521895896,0.38562849728222642,0.49595181390397713,0.48340965704123201,0.48619196512786533,0.48871732163981529,0.49058597181492958,0]
[]
[null,null,null,"Government Revenue: Real"]
[null,null,{"$f":"SUM(G281:U281)","v":0},"Signature bonus","$mm const",null,{"$f":"G270/G$246","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"SUM(G282:U282)","v":116.375},"Royalty","$mm const",null,0,0,6.1250000000000009,12.25,12.25,12.250000000000002,12.25,12.25,12.249999999999998,12.25,12.250000000000002,12.25,0]
[null,null,295.73762344262343,"Corporate Income Tax","$mm const",null,{"$f":"G272/G$246","v":0},0,0,14.491174396152179,26.968137429770941,27.349562947020051,27.757623100018666,39.940362780795425,38.998598074913069,39.565299343655866,40.10088882281547,40.565976547481732,0]
[null,null,0,"Surcharge on Cash Flows","$mm const",null,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,0,"Resource Rent Tax","$mm const",null,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,68.809034900958991,"State participation","$mm const",null,0,0,0,1.2398648693235046,6.3644751058798406,6.4050327728047973,6.4413838346126422,10.080963721920456,9.6651401925086908,9.6051367323010783,9.5416431438622453,9.4653945277457385,0]
[null,null,92.892197116294625,"Dividend Withholding Tax","$mm const",null,0,0,0,1.6738175735867313,8.5920413929377837,8.6467942432864753,8.6958681767270658,13.609301024592614,13.04793925988673,12.966934588606454,12.881218244214031,12.778282612456746,0]
[null,null,{"$f":"SUM(G288:AB288)","v":573.813855459877},"Government revenue","$mm const",null,{"$f":"SUM(G281:G287)","v":0},{"$f":"SUM(H281:H287)","v":0},6.1250000000000009,29.654856839062415,54.174653928588569,54.651389963111328,55.144875111358374,75.880627527308491,73.961677527308495,74.387370664563392,74.773750210891748,75.059653687684218,0]
[null,null,{"$f":"IFERROR(C288/C68,0)","v":0.51073774406753625},"AETR","%",null,{"$f":"IFERROR(G288/G68,0)","v":0},0,9.2105263157894746E-2,0.20737662125218473,0.37884373376635361,0.38217755218958971,0.38562849728222637,0.49595181390397708,0.48340965704123201,0.48619196512786528,0.48871732163981535,0.49058597181492952,0]
[]
[null,null,null,"Reconciliation: Nominal"]
[null,null,{"$f":"SUM(G292:AB292)","v":1320.0914586875806},"Government + Contractor + Lender","$mm nominal",null,{"$f":"G241+G277+G186","v":-70},-193.8,69.186599999999999,151.75274399999998,154.78779888,157.88355485760002,161.04122595475201,175.74890715033979,173.28842245023503,176.71435448028564,180.12753885627103,183.36031205809707,-3.5527136788005009E-15]
[null,null,{"$f":"SUM(G293:U293)","v":0},"Proceeds from the sale of undepreciated assets","$mm nominal",null,{"$f":"G234","v":0},{"$f":"H234","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"SUM(G294:AB294)","v":0},"Decommissioning cash flow","$mm nominal",null,{"$f":"G243","v":0},{"$f":"H243","v":0},0,0,0,0,0,0,5.9754628431115542,6.1348085189278621,6.3786074029268161,6.8759571262846713,-25.364835891250902]
[null,null,{"$f":"SUM(G295:AB295)","v":1320.0914586875801},"Project post-tax cash flow","$mm nominal",null,{"$f":"G292-G293+G294","v":-70},{"$f":"H292-H293+H294","v":-193.8},69.186599999999999,151.75274399999998,154.78779888,157.88355485760002,161.04122595475201,175.74890715033979,179.26388529334659,182.84916299921349,186.50614625919783,190.23626918438174,-25.364835891250905]
[null,null,{"$f":"SUM(G296:AB296)","v":1320.0914586875806},"Project pre-tax cash flow (from above)","$mm nominal",null,{"$f":"G97","v":-70},-193.8,69.186599999999999,151.75274399999998,154.78779887999997,157.88355485760002,161.04122595475201,175.74890715033979,179.26388529334662,182.84916299921355,186.50614625919786,190.23626918438174,-25.364835891250905]
[{"$f":"ROUND(C297,5)=0","v":true},null,{"$f":"SUM(G297:AB297)","v":0},"Check",null,null,{"$f":"G295-G296","v":0},{"$f":"H295-H296","v":0},0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Reconciliation: Real"]
[null,null,{"$f":"SUM(G300:AB300)","v":1122.5039087530438},"Government + Contractor + Lender","$mm const",null,{"$f":"G292/G246","v":-70},-190,66.5,143,143,143,143,152.99999999999997,147.89999999999998,147.86666666666662,147.7673202614379,147.46992182493912,-2.8012904905297959E-15]
[null,null,{"$f":"SUM(G301:U301)","v":0},"Proceeds from the sale of undepreciated assets","$mm const",null,{"$f":"G248","v":0},{"$f":"H248","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"SUM(G302:AB302)","v":0.99609124695630058},"Decommissioning cash flow","$mm const",null,{"$f":"G257","v":0},{"$f":"H257","v":0},0,0,0,0,0,0,5.0999999999999996,5.1333333333333329,5.2326797385620933,5.5300781750608721,-19.999999999999996]
[null,null,{"$f":"SUM(G303:AB303)","v":1123.5},"Project post-tax cash flow","$mm const",null,{"$f":"G300-G301+G302","v":-70},{"$f":"H300-H301+H302","v":-190},{"$f":"I300-I301+I302","v":66.5},{"$f":"J300-J301+J302","v":143},{"$f":"K300-K301+K302","v":143},{"$f":"L300-L301+L302","v":143},{"$f":"M300-M301+M302","v":143},{"$f":"N300-N301+N302","v":152.99999999999997},{"$f":"O300-O301+O302","v":152.99999999999997},{"$f":"P300-P301+P302","v":152.99999999999994},{"$f":"Q300-Q301+Q302","v":153},{"$f":"R300-R301+R302","v":153},{"$f":"S300-S301+S302","v":-20}]
[null,null,{"$f":"SUM(G304:AB304)","v":1123.5},"Project pre-tax cash flow (from above)","$mm const",null,{"$f":"G68","v":-70},{"$f":"H68","v":-190},66.5,143,143,143,143,153,153,153,153,153,-20]
[{"$f":"ROUND(C305,5)=0","v":true},null,{"$f":"SUM(G305:AB305)","v":0},"Check",null,null,{"$f":"G303-G304","v":0},{"$f":"H303-H304","v":0},0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Results: Nominal "]
[null,null,{"$f":"SUM(G308:AB308)","v":1320.0914586875806},"Project pre-tax cash flow","$mm nominal",null,{"$f":"G97","v":-70},-193.8,69.186599999999999,151.75274399999998,154.78779887999997,157.88355485760002,161.04122595475201,175.74890715033979,179.26388529334662,182.84916299921355,186.50614625919786,190.23626918438174,-25.364835891250905]
[null,null,{"$f":"SUM(G309:AB309)","v":666.12115122191562},"Government revenue","$mm nominal",null,{"$f":"G277","v":0},{"$f":"H277","v":0},6.3724500000000006,31.469971316467745,58.640387669174601,60.339550526468365,62.102085965418496,87.162989292852671,86.657893309535439,88.899793880573,91.148784269158838,93.327244992266458,0]
[{"$f":"ROUND(C308+C293-(C309+C310+C311+C243),5)=0","v":true},null,{"$f":"SUM(G310:AB310)","v":614.40180591827129},"Contractor post-tax cash flow","$mm nominal",null,{"$f":"G241","v":-28},{"$f":"H228","v":-58.140000000000015},19.368449690521238,76.837072374053477,52.701710901346644,54.098304021652922,55.493439679854767,88.585917857487118,86.630529140699593,87.814560599712664,88.978754587112206,90.033067065830608,-3.5527136788005009E-15]
[null,null,{"$f":"SUM(G311:AB311)","v":39.568501547393787},"Lender cash flow","$mm nominal",null,{"$f":"G186","v":-42},-135.66,43.445700309478759,43.445700309478759,43.445700309478759,43.445700309478759,43.445700309478759,0,0,0,0,0,0]
[null,null,{"$f":"SUM(G312:AB312)","v":1583.8914586875808},"Total benefits","$mm nominal",null,{"$f":"G308+G90+G91+G92","v":0},0,69.186599999999999,151.75274399999998,154.78779887999997,157.88355485760002,161.04122595475201,175.74890715033979,179.26388529334662,182.84916299921355,186.50614625919786,190.23626918438174,-25.364835891250905]
[]
[null,null,null,"Results: Real"]
[null,null,{"$f":"SUM(G315:AB315)","v":1123.5},"Project pre-tax cash flow","$mm const",null,{"$f":"G308/G$246","v":-70},-190,66.5,143,142.99999999999997,143,143,152.99999999999997,153,153,153.00000000000003,152.99999999999997,-20]
[null,null,{"$f":"SUM(G316:AB316)","v":573.813855459877},"Government revenue","$mm const",null,{"$f":"G309/G$246","v":0},0,6.1250000000000009,29.654856839062415,54.174653928588562,54.65138996311132,55.144875111358381,75.880627527308491,73.961677527308495,74.387370664563392,74.773750210891748,75.059653687684218,0]
[{"$f":"ROUND(C315+C301-(C316+C317+C318+C257),5)=0","v":true},null,{"$f":"SUM(G317:AB317)","v":522.92578934479729},"Contractor post-tax cash flow","$mm const",null,{"$f":"G310/G$246","v":-28},-57.000000000000014,18.616349183507534,72.40528941927829,48.688234559980778,48.998500711956694,49.276586334786707,77.119372472691495,73.938322472691482,73.47929600210324,72.993570050546168,72.410268137254889,-2.8012904905297959E-15]
[null,null,{"$f":"SUM(G318:AB318)","v":25.764263948369354},"Lender cash flow","$mm const",null,{"$f":"G311/G$246","v":-42},-133,41.758650816492462,40.939853741659284,40.137111511430668,39.350109324932021,38.578538553854926,0,0,0,0,0,0]
[null,null,{"$f":"SUM(G319:AB319)","v":1383.5},"Total benefits","$mm const",null,{"$f":"G312/G$246","v":0},0,66.5,143,142.99999999999997,143,143,152.99999999999997,153,153,153.00000000000003,152.99999999999997,-20]
[]
[null,null,{"$f":"SUM(G321:AB321)","v":548.69005329316656},"Contractor + Lender cash flow","$mm const",null,{"$f":"G317+G318","v":-70},{"$f":"H317+H318","v":-190},60.375,113.34514316093757,88.825346071411445,88.348610036888715,87.855124888641626,77.119372472691495,73.938322472691482,73.47929600210324,72.993570050546168,72.410268137254889,-2.8012904905297959E-15]
[null,null,{"$f":"IFERROR(IRR(G321:AB321),0)","v":0.27122406060782289},"Contractor post-tax IRR on total funds"]
[]
[null,null,null,"Net Present Value Results -> discount rates",null,null,0,0.1,0.125,0.15]
[null,null,null,"Project pre tax cash flow","$mm const",null,{"$f":"NPV(G$324,$H$315:$S$315)+$G$315","v":1123.5},{"$f":"NPV(H$324,$H$315:$S$315)+$G$315","v":507.86869722149913},{"$f":"NPV(I$324,$H$315:$S$315)+$G$315","v":417.10545215222203},{"$f":"NPV(J$324,$H$315:$S$315)+$G$315","v":341.7647349485697}]
[null,null,null,"Government revenue","$mm const",null,{"$f":"NPV(G$324,$H$316:$S$316)+$G$316","v":573.813855459877},{"$f":"NPV(H$324,$H$316:$S$316)+$G$316","v":289.53259516630339},{"$f":"NPV(I$324,$H$316:$S$316)+$G$316","v":248.4570154282124},{"$f":"NPV(J$324,$H$316:$S$316)+$G$316","v":214.58308166384131}]
[null,null,null,"Contractor post-tax cash flow","$mm const",null,{"$f":"NPV(G$324,$H$317:$S$317)+$G$317","v":522.92578934479729},{"$f":"NPV(H$324,$H$317:$S$317)+$G$317","v":240.2118158465376},{"$f":"NPV(I$324,$H$317:$S$317)+$G$317","v":199.17433552515089},{"$f":"NPV(J$324,$H$317:$S$317)+$G$317","v":165.27825896329148}]
[null,null,null,"Lender cash flow","$mm const",null,{"$f":"NPV(G$324,$H$318:$S$318)+$G$318","v":25.764263948369361},{"$f":"NPV(H$324,$H$318:$S$318)+$G$318","v":-24.015002740133529},{"$f":"NPV(I$324,$H$318:$S$318)+$G$318","v":-32.550805823171686},{"$f":"NPV(J$324,$H$318:$S$318)+$G$318","v":-39.966966664802605}]
[null,null,null,"Average Effective Tax Rate","% const",null,{"$f":"G326/G325","v":0.51073774406753625},{"$f":"H326/H325","v":0.57009340554026744},0.59566954626509738,0.62786782754555626]
[null,null,null,"Total benefits","$mm const",null,{"$f":"NPV(G$324,$H$319:$S$319)+$G$319","v":1383.5},{"$f":"NPV(H$324,$H$319:$S$319)+$G$319","v":750.59596994877188},{"$f":"NPV(I$324,$H$319:$S$319)+$G$319","v":655.99434104111106},{"$f":"NPV(J$324,$H$319:$S$319)+$G$319","v":576.98212625291762}]
[null,null,null,"Government share of total benefits","% const",null,{"$f":"G326/G330","v":0.41475522620880162},{"$f":"H326/H330","v":0.38573694338655184},0.37874871760919909,0.37190594283639861]
[null,null,null,"Proceeds from the sale of undepreciated assets","$mm const",null,{"$f":"NPV(G$324,$H$301:$S$301)+$G$301","v":0},{"$f":"NPV(H$324,$H$301:$S$301)+$G$301","v":0},0,0]
[null,null,null,"Decommissioning cash flow","$mm const",null,{"$f":"NPV(G$324,$H$302:$S$302)+$G$302","v":0.99609124695630058},{"$f":"NPV(H$324,$H$302:$S$302)+$G$302","v":2.1392889487917803},2.0249070220304737,1.8703609862394839]
[null,null,null,"Reconciliation",null,null,{"$f":"ROUND(G325+G332-SUM(G326:G328,G333),5)=0","v":true},{"$f":"ROUND(H325+H332-SUM(H326:H328,H333),5)=0","v":true},true,true]
[]
["Fiscal Analysis"]
[]
[null,null,"Total ",{"$f":"\"Annual government revenue by tax mechanism - selected regime: \"&F6","v":"Annual government revenue by tax mechanism - selected regime: Royalty + CIT"}]
[null,null,{"$f":"SUM(G339:S339)","v":0},{"$f":"D281","v":"Signature bonus"},"$mm const",null,{"$f":"G281","v":0},{"$f":"H281","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"SUM(G340:S340)","v":116.375},"Royalty","$mm const",null,{"$f":"G282","v":0},0,6.1250000000000009,12.25,12.25,12.250000000000002,12.25,12.25,12.249999999999998,12.25,12.250000000000002,12.25,0]
[null,null,295.73762344262343,"Corporate Income Tax","$mm const",null,0,0,0,14.491174396152179,26.968137429770941,27.349562947020051,27.757623100018666,39.940362780795425,38.998598074913069,39.565299343655866,40.10088882281547,40.565976547481732,0]
[null,null,0,"Surcharge on Cash Flows","$mm const",null,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,0,"Resource Rent Tax","$mm const",null,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,68.809034900958991,"State participation","$mm const",null,0,0,0,1.2398648693235046,6.3644751058798406,6.4050327728047973,6.4413838346126422,10.080963721920456,9.6651401925086908,9.6051367323010783,9.5416431438622453,9.4653945277457385,0]
[null,null,92.892197116294625,"Dividend Withholding Tax","$mm const",null,0,0,0,1.6738175735867313,8.5920413929377837,8.6467942432864753,8.6958681767270658,13.609301024592614,13.04793925988673,12.966934588606454,12.881218244214031,12.778282612456746,0]
[null,null,573.813855459877,"Total government revenue","$mm const",null,{"$f":"SUM(G339:G345)","v":0},{"$f":"SUM(H339:H345)","v":0},6.1250000000000009,29.654856839062415,54.174653928588569,54.651389963111328,55.144875111358374,75.880627527308491,73.961677527308495,74.387370664563392,74.773750210891748,75.059653687684218,0]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,"Government revenue by fiscal mechanism - regime comparison"]
[null,null,null,"Regime",null,null,{"$f":"H6","v":"Royalty + CIT"},{"$f":"I6","v":"Royalty + CIT + SCF"},"Royalty + CIT + RRT","Alt1"]
[null,null,null,null,null,null,{"$f":"H7","v":1},{"$f":"I7","v":2},3,4]
[null,null,null,{"$f":"D339","v":"Signature bonus"},"$mm const",{"$f":"C339","v":0},0,0,0,0]
[null,null,null,{"$f":"D340","v":"Royalty"},"$mm const",{"$f":"C340","v":116.375},116.375,116.375,116.375,0]
[null,null,null,"Corporate Income Tax","$mm const",295.73762344262343,295.73762344262343,295.73762344262343,295.73762344262343,0]
[null,null,null,"Surcharge on Cash Flows","$mm const",0,0,144.41136845522149,0,0]
[null,null,null,"Resource Rent Tax","$mm const",0,0,0,130.74589725502898,0]
[null,null,null,"State participation","$mm const",68.809034900958991,68.809034900958991,54.367898055436839,55.734445175456095,0]
[null,null,null,"Dividend Withholding Tax","$mm const",92.892197116294625,92.892197116294625,73.396662374839735,75.241500986865702,0]
[null,null,null,"Total government revenue","$mm const",573.813855459877,573.813855459877,684.28855232812145,673.83446685997421,0]
[]
[null,null,null,"Annual government revenue - regime comparison"]
[null,null,{"$f":"SUM(G378:S378)","v":573.813855459877},"Total government revenue","$mm const",null,{"$f":"G346","v":0},{"$f":"H346","v":0},6.1250000000000009,29.654856839062415,54.174653928588569,54.651389963111328,55.144875111358374,75.880627527308491,73.961677527308495,74.387370664563392,74.773750210891748,75.059653687684218,0]
[null,null,{"$f":"SUM(G379:S379)","v":573.813855459877},{"$f":"H6","v":"Royalty + CIT"},"$mm const",1,0,0,6.1250000000000009,29.654856839062415,54.174653928588569,54.651389963111328,55.144875111358374,75.880627527308491,73.961677527308495,74.387370664563392,74.773750210891748,75.059653687684218,0]
[null,null,{"$f":"SUM(G380:S380)","v":684.28855232812145},{"$f":"I6","v":"Royalty + CIT + SCF"},"$mm const",{"$f":"F379+1","v":2},0,0,6.1250000000000009,29.654856839062415,59.083084434972463,70.471656832217263,70.902708777055508,91.304502021846801,88.749342021846786,89.083229864984048,89.372464221000982,89.541707315135199,0]
[null,null,673.83446685997421,{"$f":"J6","v":"Royalty + CIT + RRT"},"$mm const",{"$f":"F380+1","v":3},0,0,6.1250000000000009,29.654856839062415,54.174653928588569,64.926001870453874,70.902708777055523,91.304502021846801,88.749342021846786,89.083229864984034,89.372464221000982,89.541707315135199,0]
[null,null,0,{"$f":"K6","v":"Alt1"},"$mm const",{"$f":"F381+1","v":4},0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,{"$f":"\"Average Effective Tax Rate (AETR) - selected regime: \"&F6","v":"Average Effective Tax Rate (AETR) - selected regime: Royalty + CIT"}]
[null,null,null,"Discount rate","%",null,{"$f":"G$324","v":0},{"$f":"H$324","v":0.1},0.125,0.15]
[null,null,null,"Government revenue (numerator)","$mm const",null,{"$f":"G$326","v":573.813855459877},{"$f":"H$326","v":289.53259516630339},248.4570154282124,214.58308166384131]
[null,null,null,"Project pre-tax cash flow (denominator)","$mm const",null,{"$f":"G325","v":1123.5},{"$f":"H325","v":507.86869722149913},417.10545215222203,341.7647349485697]
[null,null,null,"Average Effective Tax Rate (AETR)","%",null,{"$f":"G403/G404","v":0.51073774406753625},{"$f":"H403/H404","v":0.57009340554026744},0.59566954626509738,0.62786782754555626]
[]
[null,null,null,"Average Effective Tax Rate (AETR) - regime comparison"]
[null,null,null,"Regime",null,null,{"$f":"H6","v":"Royalty + CIT"},{"$f":"I6","v":"Royalty + CIT + SCF"},"Royalty + CIT + RRT","Alt1"]
[null,null,null,null,null,null,{"$f":"H7","v":1},2,3,4]
[null,null,null,{"$f":"\"Average Effective Tax Rate (AETR) NPV\"&G324*100","v":"Average Effective Tax Rate (AETR) NPV0"},"%",{"$f":"G329","v":0.51073774406753625},0.51073774406753625,0.60906858240153228,0.59976365541608745,0]
[null,null,null,{"$f":"\"Average Effective Tax Rate (AETR) NPV\"&H324*100","v":"Average Effective Tax Rate (AETR) NPV10"},"%",{"$f":"H329","v":0.57009340554026744},0.57009340554026744,0.67606721195772601,0.66268591963974643,0]
[null,null,null,{"$f":"\"Average Effective Tax Rate (AETR) NPV\"&I324*100","v":"Average Effective Tax Rate (AETR) NPV12.5"},"%",{"$f":"I329","v":0.59566954626509738},0.59566954626509738,0.70521861525772478,0.69049391315995157,0]
[null,null,null,{"$f":"\"Average Effective Tax Rate (AETR) NPV\"&J324*100","v":"Average Effective Tax Rate (AETR) NPV15"},"%",{"$f":"J329","v":0.62786782754555626},0.62786782754555626,0.74202771600642525,0.72574873478675572,0]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,{"$f":"\"Average Effective Tax Rate (AETR) NPV\"&I324*100&\" Price Sensitivity - regime comparison\"","v":"Average Effective Tax Rate (AETR) NPV12.5 Price Sensitivity - regime comparison"}]
[null,null,null,"Gold price","$/ounce",{"$f":"I329","v":0.59566954626509738},1000,{"$f":"G433+100","v":1100},{"$f":"H433+100","v":1200},{"$f":"I433+100","v":1300},{"$f":"J433+100","v":1400},{"$f":"K433+100","v":1500}]
[null,null,null,{"$f":"H6","v":"Royalty + CIT"},"%",1,0.81679473904221966,0.68293724233284447,0.62646078704232477,0.59566954626509738,0.57617028380126534,0.56257303186139196]
[null,null,null,{"$f":"I6","v":"Royalty + CIT + SCF"},"%",{"$f":"F434+1","v":2},0.95435611521341579,0.80340292689653114,0.73935214348978018,0.70521861525772478,0.6835848222569203,0.66849911661073891]
[null,null,null,{"$f":"J6","v":"Royalty + CIT + RRT"},"%",{"$f":"F435+1","v":3},0.90572816805503564,0.77490940264856589,0.7200913882564357,0.69049391315995157,0.67177876560386007,0.65895046006138036]
[null,null,null,{"$f":"K6","v":"Alt1"},"%",4,0,0,0,0,0,0]
[]
[null,null,null,{"$f":"\"Government Share of Total Benefits - selected regime: \"&F6","v":"Government Share of Total Benefits - selected regime: Royalty + CIT"}]
[null,null,null,"Discount rate","%",null,{"$f":"G$324","v":0},{"$f":"H$324","v":0.1},0.125,0.15]
[null,null,null,"Government revenue (numerator)","$mm const",null,{"$f":"G$326","v":573.813855459877},{"$f":"H$326","v":289.53259516630339},248.4570154282124,214.58308166384131]
[null,null,null,"Total benefits (denominator)","$mm const",null,{"$f":"G330","v":1383.5},{"$f":"H330","v":750.59596994877188},655.99434104111106,576.98212625291762]
[null,null,null,"Government Share of Total Benefits","%",null,{"$f":"G441/G442","v":0.41475522620880162},{"$f":"H441/H442","v":0.38573694338655184},0.37874871760919909,0.37190594283639861]
[]
[null,null,null,"Government Share of Total Benefits - regime comparison"]
[null,null,null,"Regime",null,null,{"$f":"H6","v":"Royalty + CIT"},{"$f":"I6","v":"Royalty + CIT + SCF"},"Royalty + CIT + RRT","Alt1"]
[null,null,null,null,null,null,{"$f":"H7","v":1},2,3,4]
[null,null,null,{"$f":"\"Government Share of Total Benefits NPV\"&G324*100","v":"Government Share of Total Benefits NPV0"},"%",{"$f":"G331","v":0.41475522620880162},0.41475522620880162,0.49460683218512574,0.48705057235993798,0]
[null,null,null,{"$f":"\"Government Share of Total Benefits NPV\"&H324*100","v":"Government Share of Total Benefits NPV10"},"%",{"$f":"H331","v":0.38573694338655184},0.38573694338655184,0.45744100410581107,0.44838694603894441,0]
[null,null,null,{"$f":"\"Government Share of Total Benefits NPV\"&I324*100","v":"Government Share of Total Benefits NPV12.5"},"%",{"$f":"I331","v":0.37874871760919909},0.37874871760919909,0.44840406537104993,0.43904155544977369,0]
[null,null,null,{"$f":"\"Government Share of Total Benefits NPV\"&J324*100","v":"Government Share of Total Benefits NPV15"},"%",{"$f":"J331","v":0.37190594283639861},0.37190594283639861,0.43952645003471819,0.42988389535472393,0]
[]
[null,null,null,{"$f":"\"Government Share of Total Benefits NPV\"&I324*100&\" Price Sensitivity (Progressivity) - regime comparison\"","v":"Government Share of Total Benefits NPV12.5 Price Sensitivity (Progressivity) - regime comparison"}]
[null,null,null,"Gold price","$/ounce",{"$f":"I331","v":0.37874871760919909},1000,{"$f":"G454+100","v":1100},{"$f":"H454+100","v":1200},{"$f":"I454+100","v":1300},{"$f":"J454+100","v":1400},{"$f":"K454+100","v":1500}]
[null,null,null,{"$f":"H6","v":"Royalty + CIT"},"%",1,0.30921889149409321,0.33943263176138017,0.36180574856712822,0.37874871760919909,0.39179351224954378,0.40201677923383805]
[null,null,null,{"$f":"I6","v":"Royalty + CIT + SCF"},"%",{"$f":"F455+1","v":2},0.36129632811169182,0.39930633876366983,0.42700494789621651,0.44840406537104993,0.46483497320541745,0.47771195304422254]
[null,null,null,{"$f":"J6","v":"Royalty + CIT + RRT"},"%",{"$f":"F456+1","v":3},0.34288695400923397,0.38514452223920237,0.41588110405904816,0.43904155544977369,0.45680690141489971,0.47088844758879395]
[null,null,null,{"$f":"K6","v":"Alt1"},"%",4,0,0,0,0,0,0]
[]
[null,null,null,null,null,null,{"$f":"G454","v":1000},{"$f":"H454","v":1100},1200,1300,1400,1500]
[null,null,null,"Pre-tax IRR at different prices","%",{"$f":"C70","v":0.40714364829978811},0.23882013430363447,0.29937055122226752,0.35506282537133393,0.40714364829978811,0.45639629686568295,0.50334806954130018]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,{"$f":"\"Breakeven price - selected regime: \"&F6","v":"Breakeven price - selected regime: Royalty + CIT"}]
[null,null,null,"Contractor post-tax IRR on total funds","%",{"$f":"ROUND(C322,3)","v":0.27100000000000002},{"$f":"F33*100&\"% post-tax IRR\"","v":"12.5% post-tax IRR"}]
[null,null,null,"Breakeven price","$/ounce",{"$f":"F35","v":1300},"Goal-seek price"]
[]
[null,null,null,"Save the original price here and restore it after the goal seek analysis in the input cell F35 in the Economic Assumptions ","$/ounce",1300]
[]
[null,null,null,{"$f":"\"Marginal Effective Tax Rate (METR) - selected regime: \"&F6","v":"Marginal Effective Tax Rate (METR) - selected regime: Royalty + CIT"}]
[null,null,null,"Contractor post-tax IRR with breakeven price","%",{"$f":"F484","v":0.27100000000000002}]
[null,null,null,"Difference between pre-tax and post-tax IRR with breakeven price (numerator)","%",{"$f":"(F492-F490)","v":0.13614364829978809}]
[null,null,null,"Project pre-tax IRR with breakeven price (denominator)","%",{"$f":"C70","v":0.40714364829978811}]
[null,null,null,"Marginal Effective Tax Rate (METR)","%",{"$f":"F491/F492","v":0.3343872583259429}]
[]
[null,null,null,"Breakeven price and METR stored results - regime comparison"]
[null,null,null,null,null,null,"Breakeven price",null,"METR"]
[null,null,null,{"$f":"H6","v":"Royalty + CIT"},null,null,951.80255545696548,null,0.39705377068384273]
[null,null,null,{"$f":"I6","v":"Royalty + CIT + SCF"},null,null,990.04462241729016,null,0.46226161988280579]
[null,null,null,{"$f":"J6","v":"Royalty + CIT + RRT"},null,null,972.22381921377894,null,0.4340857707706049]
[null,null,null,{"$f":"K6","v":"Alt1"},null,null,"N/A",null,"N/A"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Title:"]
[]
[null,null,null,null,null,null,null,null,"Title:"]
[null,null,null,null,null,null,null,null,{"$f":"\"Government Revenue ($mm), regime: \"&F6","v":"Government Revenue ($mm), regime: Royalty + CIT"}]