View from a new holder, page-28

'I took the US$540m NPV10 number to be their estimate of value once the project is on production'

Exactly. We are around 3 years from the project being on production and therefore three years from FARs estimate of the value of the project once on production.

So you discount that figure back by 10% per year to end up at todays figure of approximately 32% less than US$540m.


Technically you would probably need to also deduct any interest costs of debt drawn to get to first oil given the value presented by FAR is as at First Oil.