Originally Posted by
jwang
Thanks Fabs, but I still can't agree with you. Following is my calculation.
Initial Tui Reserve 50.5m, productions: 2008: 14.23m, 2009: 9.12m, 2010: 4.83m, 2011: 2.8m, total production to date: 14.23+9.12+4.83+2.8=30.98m, remaining reserve: 50.5-30.98=19.52m, NZO share: 19.52 x 12.5%=2.44m.
Revised Tui Reserve, say: 40m, production to date: 30.98m, remaining reserve:40-30.98=9.02, NZO share: 9.02 x 12.5%=1.13m
Therefore NZO share is down from 2.44m barrels to 1.13m barrels. Take your tapis oil US120@ex rate 0.865, gross revenue will be down by $182m( (2.44-1.13)m x120/0.865) over next 9-10 years, or approx $18m revenue loss p.a.