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Ann: Investor Presentation, page-126

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cmonaussie

11,263 Posts.

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29/07/19

16:10

Post #: 39743065
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Originally posted by tt2000: ↑

My thinking is that $710 (60/93 ×1100) represents PV10 of each 5 year block on Pioneer acreage

PV10 = $1100 (first 5 years only as per reserve report)
PV10 (in year 5) =$710 (Second 5 year)
PV10 (in year 5) =$710 (third 5 year block).

PV10 =$1100 +$710/1.10^5 + $710/1.10^10
=1100+440+273
=1800 in today's terms

Less 340 debt

Leaves 1450M equity

=US$2.00
=AUD$2.80

(That's based on SEC price deck which was WTI at $65)

It ignores G&A, abandonment and corporate expenses as cmon mentioned, (though I think it includes interest, as discount rate is 10% which takes into account cost of capital(assumes debt and equity receive 10%), and debt is removed from the PV10 at the end)

Expand

TT,
definitely does not take into account the interest charges on debt and preferred stock.
10% is just the discount applied for the time value of money. In reality it does not bear any resemblance to an individual stocks WACC.

SEA Price at posting: 21.5¢ Sentiment: Hold Disclosure: Held
1 Upvote

0 Great analysis

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Ann: Investor Presentation, page-126

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