Looks like Paca 1 and Paca 2 are flowing a combined 93 Bod (100%) or 37 Bod (40% erh share). At $70 a barrel thats about $2.3m (100%) or 945k (erh) per yr. Less costs, $5 per barrel pump costs, tax of 46% (34% corporate rate, 10% to state, 1% landowner)Total profit is 474k a yr
What is disturbing is that Paca 2, which should flow upto 150 Bod is only flowing at 30 Bod. Not even the 50 Bod at test. At these rates the field would be nearly be marginal. Hopefully for all our sakes that the drilling crew was in fact incompetent. Using the same drilling crew doesn't give me confidence, even if they have made mistakes and suppose to have learnt from them for future wells, including Tatu2.
Note corporate tax rate will not have to be paid until all tax loses are used up by the company (about 8m now)
Add to My Watchlist
What is My Watchlist?