Rager
That number assumes an oil price of A$100 a barrel - is now A$80 a barrel. Also it is pre-tax.
So $70m a year.
PRT @ 40% is $28m
Taxable profits $42m
Tax at 30% is $12m
Net profit after tax is $30m
10 years, $30m, discounted at 15% is $150m which is only half of the $310 value based on AED deal.
There are a number of issues with the above valuation
- it is higher because I used A$100 per barrel rather than current price of $80 per barrel
- the estimate of PRT and income tax ignores exploration expenditure that can be transferred from other projects and bought forward income tax losses.
I still get back to $310m being a negotiated market price as a fair value.
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