Ann: Karoon Confirms Negotiations with Petrobras-KAR.AX, page-11

CEO,
I think it should b a combination for the funding. Bauna (aka Tiro) came online in Feb2013 & has produced over 60 mmbbls for PBR, so there should be another 50 mmbbls left in it for the new owner. So basically use a 3-5$/bbl for this as a rough guide as there's an FPSO onsite etc. So once the field declines in 3-5-7 yrs time the FPSO can b used at Echidna. TEEKAY provided the FPSO for Bauna. Chk attached report (has production curve till Aug 2015).

https://www.btgpactual.com/Research/OpenPdf.aspx?file=31118.pdf

TV is a different field, 970m water depths, 27 API oil, Cretaceous Carbonate reservoir at 2700-2800m depths & was declared Commercial in Jan 2013 with production due in 2017.

PBR had shortlisted MV29 FPSO from Modec.

So as a non-producing field this may attract a different premium as Development drilling was done & some advance payment was paid to MODEC for the FPSO etc etc. So 50% of 230mmboe at TV is what KAR are planning to acquire ie 115mmboe.

Overall metric for this acq should b interesting if one adds up 50 + 115 mmboe for both fields. Use USD 2-3-4-5/bbl as a rough guide. cheers