None. Probably should say as implied US$ everywhere. Benchmark pricing assumed as Brent +/- any local premium/discount for location & quality.
So I guess US$146M NPV10 (or US$0.60 share) - arguably where any discussion of asset sale should start.
I find it useful in a sum of the parts view of what I am buying - but it is a "point in time" assumption and things can change dramatically - e.g. what if a Thai IV fiscal policy came in, replacing the current SRB which targets "windfall profits" with a much stricter policy reducing the returns for those risking capital.
I also look much more closely at what IRR that the asset can deliver - as you can take that metric across the board.
The overall question of US$/AUD$ is really one for the earnings models - where most Capex will be US$, LOE in US$, Corporate expenses in AUD$, Debt & Equity in AUD$ (presently) and Taxes in AUD$.
Could probably get a simplified answer from corporate as to what do they expect their average Operating Netback to be (in US$) given say US$100 bbl oil for the life of the project (that would take into account the varying Royalty based on bopd and the deductions allowed in the PIT).
Net Net for me - I'm buying a company at a discount to what I believe its intrinsic asset value to be.
TAP Price at posting:
52.5¢ Sentiment: Buy Disclosure: Held
