Hi Oliey,I was hesitant to add EMV initially as the new tax...

Hi Mitchdon. This is a cornerstone of the UK portfolio strategy - leveraging the govt push for development of near term production. Bringing production forward as a policy is proven by the 90% EPL exploration tax offset but also the NSTA's 33rd Licensing round where they are expediting four licenses for production.

What we should all realise, and what the general market hasn't, is that the UK infrastructure is ageing and there is an appetite to utilise it at capacity while it's there. This is where FDR's strategy is really quite smart - advance the exploration of these 'close to infrastructure' assets at the same time as producers are looking to expand production life, with the govt basically paying for the producers exploration expenses through the EPL. It is a win-win

Hope to see you jump on here for the ride

Hi Oliey,

I was hesitant to add EMV initially as the new tax policies are offsetting a lot of exploration costs and so the output starts to stray quite far. However since you raised the question I decided to add it. See below rough models for Wagtail, Bancroft and Marsh, just note these EMV become further conservative values due to the EPL