YEAR 0 YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16 YEAR 17 YEAR 18 YEAR 19 YEAR 20 100% Price $/bbl 50.00 60.00 60.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 50 60 60 65 65 65 65 65 65 65 65 65 65 65 65 65 65 65 65 65 Production Tax Rate % 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 Income Tax Rate % 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 20.00 Cost of Capital/WACC/Vynosove kriterium % 10.00 100% Production M bbls 0 0 105 403 617 559 476 406 345 294 251 214 184 158 136 117 101 88 72 58 0 0 105 403 617 559 476 406 345 294 251 214 184 158 136 117 101 88 72 58 Initial production BOPD Decl. rate Well #1 300 13% 105 105 91 79 69 60 52 45 39 34 30 26 23 20 17 15 13 11 834 Well #2 300 20% 105 105 84 67 54 43 34 27 22 18 14 11 9 7 6 5 0 611 Well #3 300 13% 105 105 91 79 69 60 52 45 39 34 30 26 23 20 17 15 13 823 Well #4 250 13% 88 88 77 67 58 50 44 38 33 29 25 22 19 17 15 13 11 694 Well #5 250 13% 88 88 77 67 58 50 44 38 33 29 25 22 19 17 15 13 683 Well #6 200 20% 70 70 56 45 36 29 23 18 14 11 9 7 6 5 0 0 399 Well #7 200 13% 70 70 61 53 46 40 35 30 26 23 20 17 15 13 11 10 540 100% "Variable OPEX (Tariffs, Consumables)" $/bbl 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 100% "Fixed OPEX 1 (R&M, Workover, Direct Staff Cost)" M $/year 150 500 "1,000" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" 150 500 "1,000" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" 100% "Fixed OPEX 2 (Insurance & Leases, HSE and Security)" M $/year 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 100% General & Administration M $/year "1,500" "1,500" "1,500" "1,500" "1,500" "1,450" "1,300" "1,150" "1,150" "1,000" "1,000" "1,000" 850 850 850 850 700 700 700 700 "1,500" "1,500" "1,500" "1,500" "1,500" "1,450" "1,300" "1,150" "1,150" "1,000" "1,000" "1,000" 850 850 850 850 700 700 700 700 Acquisition Cost/Initial Investment/Production Bonuses M $/year "8,000" 100% Capital Expenditures (Dodatecne investice z vlastnich zdroju) M $/year 0 "5,600" "12,700" "10,700" 0 0 0 0 0 0 0 0 0 0 0 0 0 0 "2,000" 0 0 "5,600" "12,700" "10,700" 0 0 0 0 0 0 0 0 0 0 0 0 0 0 "2,000" 0 # SUCESSFUL EXPLORATION WELLS 1 # DRY WELLS 1 # DEVELOPMENT WELLS 3 3 # WATER INJECTION WELLS Seismic 2D Seismic 3D "1,000" Successful Exploration Drilling "4,000" Dry Wells "3,000" Vertical Development Drilling "10,500" "10,500" Water Injectors Gathering System & Roads 600 200 200 Production facility "1,000" "2,000" Other Abandonment "2,000" 100% Research & Development (Exploration) "1,000" 0 "3,000" 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 "1,000" 0 "3,000" 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ##### Sheet/List 2 ##### USD Thousand TOTAL YEAR 0 YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16 YEAR 17 YEAR 18 YEAR 19 YEAR 20 Revenues "293,665" 0 0 0 "6,300" "26,195" "40,105" "36,335" "30,940" "26,390" "22,425" "19,110" "16,315" "13,910" "11,960" "10,270" "8,840" "7,605" "6,565" "5,720" "4,680" "3,770" Production M bbls "4,526" 0 0 105 403 617 559 476 406 345 294 251 214 184 158 136 117 101 88 72 58 Price $/bbl 50.00 60.00 60.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 Production Taxes "-132,149" 0 0 "-2,835" "-11,788" "-18,047" "-16,351" "-13,923" "-11,876" "-10,091" "-8,600" "-7,342" "-6,260" "-5,382" "-4,622" "-3,978" "-3,422" "-2,954" "-2,574" "-2,106" "-1,697" Production Tax Rate 45.0% 45.0% 45.0% 45.0% 45.0% 45.0% 45.0% 45.0% 45.0% 45.0% 45.0% 45.0% 45.0% 45.0% 45.0% 45.0% 45.0% 45.0% 45.0% 45.0% Variable Operational Expenses "-25,798" 0 0 -599 "-2,297" "-3,517" "-3,186" "-2,713" "-2,314" "-1,967" "-1,676" "-1,431" "-1,220" "-1,049" -901 -775 -667 -576 -502 -410 -331 Variable Opex per unit 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 5.70 Fixed Operational Expenses "-21,300" -300 -650 "-1,150" "-1,200" "-1,200" "-1,200" "-1,200" "-1,200" "-1,200" "-1,200" "-1,200" "-1,200" "-1,200" "-1,200" "-1,200" "-1,200" "-1,200" "-1,200" "-1,200" "-1,200" "R&M, Direct Staff Cost" 150 500 "1,000" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "1,050" "Insurance & Leases, HSE and Security" 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 Gross Profit "114,418" -300 -650 "1,717" "10,910" "17,341" "15,598" "13,104" "11,000" "9,167" "7,635" "6,343" "5,231" "4,329" "3,548" "2,887" "2,316" "1,835" "1,444" 964 543 General & Administration "-21,050" "-1,500" "-1,500" "-1,500" "-1,500" "-1,500" "-1,450" "-1,300" "-1,150" "-1,150" "-1,000" "-1,000" "-1,000" -850 -850 -850 -850 -700 -700 -700 -700 R&D "-4,000" "-1,000" 0 "-3,000" 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 EBITDA "89,368" "-2,800" "-2,150" "-2,784" "9,410" "15,841" "14,148" "11,804" "9,850" "8,017" "6,635" "5,343" "4,231" "3,479" "2,698" "2,037" "1,466" "1,135" 744 264 -157 Depreciation 0 -560 "-1,830" "-2,900" "-2,900" "-2,900" "-2,900" "-2,900" "-2,900" "-2,900" "-2,900" "-2,340" "-1,070" 0 0 0 0 0 EBIT "60,368" "-2,800" "-2,710" "-4,614" "6,510" "12,941" "11,248" "8,904" "6,950" "5,117" "3,735" "2,443" "1,891" "2,409" "2,698" "2,037" "1,466" "1,135" 744 264 -157 Interest EBT "60,368" "-2,800" "-2,710" "-4,614" "6,510" "12,941" "11,248" "8,904" "6,950" "5,117" "3,735" "2,443" "1,891" "2,409" "2,698" "2,037" "1,466" "1,135" 744 264 -157 Income tax "-12,074" 0 0 0 0 "-1,866" "-2,250" "-1,781" "-1,390" "-1,023" -747 -489 -378 -482 -540 -407 -293 -227 -149 -53 0 Income tax rate % 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% Net Profit "48,294" "-2,800" "-2,710" "-4,614" "6,510" "11,075" "8,998" "7,123" "5,560" "4,094" "2,988" "1,954" "1,513" "1,927" "2,158" "1,629" "1,173" 908 596 211 -157 Add back Depreciation 0 560 "1,830" "2,900" "2,900" "2,900" "2,900" "2,900" "2,900" "2,900" "2,900" "2,340" "1,070" 0 0 0 0 0 0 0 Capital Expenditures "-31,000" 0 "-5,600" "-12,700" "-10,700" 0 0 0 0 0 0 0 0 0 0 0 0 0 0 "-2,000" 0 Acquisition Cost/Bonuses "-8,000" "-8,000" 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Net Cash Flow "38,294" "-8,000" "-2,800" "-7,750" "-15,484" "-1,290" "13,975" "11,898" "10,023" "8,460" "6,994" "5,888" "4,854" "3,853" "2,997" "2,158" "1,629" "1,173" 908 596 "-1,789" -157 Cumulative Net CF "-8,000" "-10,800" "-18,550" "-34,034" "-35,323" "-21,348" "-9,450" 573 "9,034" "16,027" "21,915" "26,769" "30,622" "33,619" "35,777" "37,407" "38,580" "39,488" "40,083" "38,294" "38,137" WACC 10.0% Disc. Factor 1 0.909 0.826 0.751 0.683 0.621 0.564 0.513 0.467 0.424 0.386 0.350 0.319 0.290 0.263 0.239 0.218 0.198 0.180 0.164 0.149 Net Present Value (NPV) "5,261" "-8,000" "-2,545" "-6,405" "-11,633" -881 "8,678" "6,716" "5,143" "3,947" "2,966" "2,270" "1,701" "1,228" 868 568 390 255 180 107 -293 -23 Internal Rate of Return (IRR) 13.2% ##### Sheet/List 3 ##### Sensitivity Analysis Report Economic Indicators & Cashflow Chart PROJECT XXX NPV at 10% (MM USD) PROJECT XXX (MM USD) Base Case 5.3 Net Revenues 161.5 Total Reserves (MM bbls) 4.5 Variable 80% 90% 100% 110% 120% CAPEX 39.0 Average Oil price (USD/bbl) 64.88 PRODUCTION (4.9) 0.2 5.3 10.3 15.4 OPEX 68.1 CAPEX (USD/bbl) 8.62 PRICE (6.8) (0.8) 5.3 11.3 17.3 Net Cash Flow 38.3 OPEX (USD/bbl) 15.06 OPEX 10.3 7.8 5.3 2.7 0.2 DVLP CAPEX 9.1 7.2 5.3 3.4 1.5 NPV at 10% 5.3 Netback (USD/bbl) 11.13 Revenue Distribution PROJECT XXX (MM USD) Gross Revenue 293.7 Production Taxes 132.1 45.0% Opex 72.1 24.6% Capex 39.0 13.3% Interest 0.0 0.0% CIT/Other Taxes 12.1 4.1% Company Net CF 38.3 13.0% Y0 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Y16 Y17 Y18 Y19 -8 -3 -8 -15 -1 14 12 10 8 7 6 5 4 3 2 2 1 1 1 -2 -8 -11 -19 -34 -35 -21 -9 1 9 16 22 27 31 34 36 37 39 39 40 38