A little back-of-envelope calc on Par's numbers:
Production rate: 14,400 bbl/d x 257 = 3.7mmbbl which corresponds reasonbaly ok with difference in reserves between 2010 & 2011 = 4.49mmbbl.
NDO rate = 14,400 x 22% = 3,168 bpd which corresponds ok with
model rate of 3345.
Looks like he's got it right guys :)
One question though.. why did you use 257 days per year?
financial model - ndo - investment bank analyz, page-31
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