million dollar spud, page-38

Oilman and all this is the Argonaut extract.

"The fiscal regime in Guatemala is set out in the Country Overview section. Our base case
project assumptions for Atzam are detailed below:
?
Initial production per well of 400 barrels per day
?
Estimated Ultimate Recovery per well of 1.2mmbbl

Capex per wel
l of US$5m (completed)

Opex per barrel US$18
(US$8 lifting cost, US$8 trucking cost
, US$2 oil tariff
)

Number of wells = 8

Total reserves recovered = 9.4mmbbl

Long term oil price of US$90, FX $0.85
These assumptions, combined with the fiscal terms, result
in gross project NPV of A$165m. Net to CTR’s working
interest, this equates to A$94m or $0.08
.
If we model the full 20mmbbl potential for the field, this results in valuation
(net to CTR) of A$210m or $0.18"