GNE - Genesis Energy

[Snoopy]

Here is the short version for those who don't want to read the details. This is my estimate of the total fall in the 'forecast future value' of Kupe because of price changes and field depletion that have occurred over the FY2016 financial year.

	FY2016 (forecast)	FY2017 (forecast)
per share value Kupe Oil (pre tax) [A]	18c	17c
per share value Kupe Gas (pre tax)[B]	22c	19c
per share value all Kupe (pre tax) [A]+[B]	40c	36c
per share value all Kupe (after income tax)	30c	26c

Note that all of these comparative figures are on a 'post field revaluation reserve' basis. IOW the effect of the revaluation of the Kupe total field reserves during FY2016 has been applied to both sets of figures.

Once again we look at the total residual value of the Kupe Field to Genesis Energy at the start of FY2016 (using NZOG production schedules as graphed in NZOG Annual Report for FY2015) compared to the total residual value of the Kupe Field to Genesis Energy at the start of FY2017 (using NZOG production schedules as graphed in NZOG Annual Report for FY2016).

	FY2016 (forecast)	FY2017 (forecast)
per share value Kupe Oil (pre tax) [A]	18c	16c
per share value Kupe Gas (pre tax)[B]	22c	22c
per share value all Kupe (pre tax) [A]+[B]	40c	38c
per share value all Kupe (after income tax)	30c	28c

Note that all of these comparative figures are on a 'post field revaluation reserve' basis. IOW the effect of the revaluation of the Kupe total field reserves during FY2016 are consistent with both sets of figures.

SNOOPY