Calendar Oil production Gas Production Oil Price Gas Price Revenue Oil Revenue Gas

10^6 bbls 10^6 m3 rubl rubl 10^6 rubl 10^6 rubl

2004
2005
2006
2007 16 890 2160 6.6 34560 5874
2008 29 1460 3090 7.2 89610 10512
2009 78 2450 1920 10.8 149760 26460
2010 95 3290 2220 4.2 210900 13818
2011 110 3750 3330 4.5 366300 16875
2012 115 4000 3060 3.3 351900 13200
2013 121 4150 3150 3.9 381150 16185
2014 150 4200 2610 4.8 391500 20160
2015 180 4300 1470 3 264600 12900
2016 180 4300 1380 2.7 248400 11610
2017 180 4600 1500 3.3 270000 15180
2018 180 4600 1500 3.3 270000 15180
2019 180 4600 1500 3.3 270000 15180
2020 180 4600 1500 3.3 270000 15180
2021 164 4300 1500 3.3 246000 14190
2022 164 4300 1500 3.3 246000 14190
2023 152 4100 1500 3.3 228000 13530
2024 150 4000 1500 3.3 225000 13200
2025 147 3500 1500 3.3 220500 11550
2026 128 2900 1500 3.3 192000 9570
2027 107 2250 1500 3.3 160500 7425
2028 92 1780 1500 3.3 138000 5874
2029 82 1500 1500 3.3 123000 4950
2030 50 1200 1500 3.3 75000 3960
2031 50 1200 1500 3.3 75000 3960
2032 37 940 1500 3.3 55500 3102
2033 12 750 1500 3.3 18000 2475
2034 7 500 1500 3.3 10500 1650
2035 5 170 1500 3.3 7500 561
2036
3141 84580

Chart Title
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Total Revenue CAPEX OPEX Payable tax Cash Flow Cum CF DF NCF
10^6 rubl 10^6 rubl 10^6 rubl 10^6 rubl 10^6 rubl 10^6 rubl 10^6 rubl
10410 -3123 -7287 -7287 1 -7287
20820 -6246 -14574 -21861 0.833333 -12145
34710 -10413 -24297 -46158 0.694444 -16872.9
40434 27750 3660 2707.2 6316.8 -39841.2 0.578704 3655.556
100122 6390 28119.6 65612.4 25771.2 0.482253 31641.78
176220 16680 47862 111678 137449.2 0.401878 44880.88
224718 20250 61340.4 143127.6 280576.8 0.334898 47933.14
383175 23400 107932.5 251842.5 532419.3 0.279082 70284.62
365100 24450 102195 238455 770874.3 0.232568 55457.01
397335 25710 111487.5 260137.5 1031011.8 0.193807 50416.39
411660 31800 113958 265902 1296913.8 0.161506 42944.66
277500 38100 71820 167580 1464493.8 0.134588 22554.25
260010 38100 66573 155337 1619830.8 0.112157 17422.08
285180 38100 74124 172956 1792786.8 0.093464 16165.14
285180 38100 74124 172956 1965742.8 0.077887 13470.95
285180 38100 74124 172956 2138698.8 0.064905 11225.79
285180 38100 74124 172956 2311654.8 0.054088 9354.826
260190 34740 67635 157815 2469469.8 0.045073 7113.234
260190 34740 67635 157815 2627284.8 0.037561 5927.695
241530 32220 62793 146517 2773801.8 0.031301 4586.109
238200 31800 61920 144480 2918281.8 0.026084 3768.624
232050 31170 60264 140616 3058897.8 0.021737 3056.529
201570 27180 52317 122073 3180970.8 0.018114 2211.221
167925 22770 43546.5 101608.5 3282579.3 0.015095 1533.774
143874 19620 37276.2 86977.8 3369557.1 0.012579 1094.104
127950 17520 33129 77301 3446858.1 0.010483 810.3152
78960 10800 20448 47712 3494570.1 0.008735 416.788
78960 10800 20448 47712 3542282.1 0.00728 347.3233
58602 8070 15159.6 35372.4 3577654.5 0.006066 214.5802
20475 2820 5296.5 12358.5 3590013 0.005055 62.47548
12150 1770 3114 7266 3597279 0.004213 30.60963
8061 1350 2013.3 4697.7 3601976.7 0.003511 16.49175
15000 -4500 -10500 3591476.7 0.002926 -30.7178
108690 668310 1558986.3 NPV RUB 425554.4

Investment 2335986.3 10^6 rubl

ROI 0.1821733097
PIR 90.144792326
 ex rate 2010 30 Discount rate 0.85341
Time shif DCF Cum (0.12) DF (0.11202) DCF
10^6 USD
0 -242.9 -242.9 1 -7287 0
1 -404.833 -647.7333333 0.5395459357 -7863.34 0
2 -562.431 -1210.163889 0.2911098168 -7073.1 0
3 121.8519 -1088.312037 0.1570671185 992.1616 14.88
4 1054.726 -33.58595679 0.0847449254 5560.318 26.97
5 1496.029 1462.4434928 0.0457237801 5106.34 72.54
6 1597.771 3060.2149477 0.0246700797 3530.969 88.35
7 2342.821 5403.0356058 0.0133106412 3352.185 102.3
8 1848.567 7251.6026667 0.0071817024 1712.513 106.95
9 1680.546 8932.1490094 0.0038748583 1007.996 112.53
10 1431.489 10363.637593 0.0020906641 555.9118 139.5
11 751.8085 11115.446081 0.0011280093 189.0318 167.4
12 580.7359 11696.182024 0.0006086128 94.54009 167.4
13 538.838 12235.019979 0.0003283746 56.79435 167.4
14 449.0316 12684.051608 0.0001771732 30.64316 167.4
15 374.193 13058.244633 9.5593064E-05 16.53339 167.4
16 311.8275 13370.072153 5.1576849E-05 8.920526 167.4
17 237.1078 13607.179954 2.7828079E-05 4.391688 152.52
18 197.5898 13804.769788 1.5014527E-05 2.369518 152.52
19 152.8703 13957.640077 0.000008101 1.186938 141.36
20 125.6208 14083.260878 4.3708762E-06 0.631504 139.5
21 101.8843 14428.04519 2.3582885E-06 136.71
22 73.70738 14906.585899 1.272405E-06 119.04
23 51.1258 15520.142256 6.8652094E-07 99.51
24 36.47013 15434.76053 3.7040958E-07 85.56
25 27.01051 14407.044955 1.9985298E-07 76.26
26 13.89293 12924.908439 1.0782987E-07 46.5
27 11.57744 11338.714429 5.8179165E-08 46.5
28 7.152673 9003.0464441 3.1390332E-08 34.41
29 2.082516 7156.5618993 1.6936526E-08 11.16
30 1.020321 5477.0358774 9.1380339E-09 6.51
31 0.549725 4046.0970189 4.930389E-09 4.65
32 -1.02393 3293.2646055 2.6601714E-09
NPV USD 14408.71 NPV 0.000145

IRR 0.85341
NPVI 6.265229
Calendar Oil production Gas ProducOil Price Gas Price Revenue Oil Revenue Gas Total Reve CAPEX
2010 357.5 0.7 3000
2011 358 0.7 6000
2012 357.5 0.7 10000
2013 11.322 0 357.5 0.7 4047.615 0 4047.615 8000
2014 33.97 0 357.5 0.7 12144.275 0 12144.28
2015 27.68 0 357.5 0.7 9895.6 0 9895.6
2016 21.39 0 357.5 0.7 7646.925 0 7646.925
2017 15.73 0 357.5 0.7 5623.475 0 5623.475
2018 11.96 0 357.5 0.7 4275.7 0 4275.7
2019 8.81 0 358 0.7 3153.98 0 3153.98
2020 7.55 0 358 0.7 2702.9 0 2702.9
2021 6.29 0 358 0.7 2251.82 0 2251.82
2022 5.66 0 358 0.7 2026.28 0 2026.28
2023 5.03 0 358 0.7 1800.74 0 1800.74
2024 4.4 0 358 0.7 1575.2 0 1575.2
2025 3.77 0 358 0.7 1349.66 0 1349.66
2026 3.15 0 358 0.7 1127.7 0 1127.7
2027 3.15 0 358 0.7 1127.7 0 1127.7
2028 3.15 0 358 0.7 1127.7 0 1127.7
2029 357.5 0.7
2030 357.5 0.7
2031 357.5 0.7 27000

Chart Title
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2000 2005 2010 2015 2020 2025 2030 2035
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2000 2005 2010 2015 2020 2025 2030 2035
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 Ex rate 0.175439 Discount r
OPEX Payable tax Cash Flow Cum CF DF NCF Time shif DCF Cum (0.07)DF (0.1120
-1199.99988 -1800 -1800 1 -1800 0 -315.789 -315.789 1
-2400 -3600 -5400 0.934579 -3364.49 1 -590.261 -906.05 0.899264
-4000 -6000 -11400 0.873439 -5240.63 2 -919.409 -1825.46 0.808676
950 -1960.954 -2941.43 -14341.4 0.816298 -2401.08 3 -421.243 -2246.7 0.727214
969 4470.11 6705.165 -7636.27 0.762895 5115.338 4 897.4278 -1349.27 0.653958
988.4 3562.88 5344.32 -2291.95 0.712986 3810.426 5 668.4958 -680.779 0.588081
1008 2655.57 3983.355 1691.409 0.666342 2654.278 6 465.6627 -215.116 0.52884
1028 1838.19 2757.285 4448.694 0.62275 1717.099 7 301.2454 86.12959 0.475567
1049 1290.68 1936.02 6384.714 0.582009 1126.781 8 197.6809 283.8105 0.427661
1070 833.592 1250.388 7635.102 0.543934 680.1282 9 119.3207 403.1313 0.38458
1091 644.76 967.14 8602.242 0.508349 491.6449 10 86.2535 489.3848 0.345839
1113 455.528 683.292 9285.534 0.475093 324.6271 11 56.95212 546.3369 0.311001
1135 356.512 534.768 9820.302 0.444012 237.4434 12 41.65673 587.9936 0.279672
1158 257.096 385.644 10205.95 0.414964 160.0285 13 28.07518 616.0688 0.251499
1181 157.68 236.52 10442.47 0.387817 91.72653 14 16.09237 632.1612 0.226164
1205 57.864 86.796 10529.26 0.362446 31.45886 15 5.519099 637.6803 0.203381
1229 -40.52 -60.78 10468.48 0.338735 -20.5883 16 -3.61198 634.0683 0.182894
1254 -50.52 -75.78 10392.7 0.316574 -23.99 17 -4.20877 629.8595 0.16447
1279 -60.52 -90.78 10301.92 0.295864 -26.8585 18 -4.71202 625.1475 0.147902
1373 -549.2 -823.8 9478.122 0.276508 -227.788 19 -39.9627 585.1848 0.133003
2800 -1120 -1680 7798.122 0.258419 -434.144 20 -76.1656 509.0192 0.119605
21880.4 -19552.15988
NPV NOK 2901.409 NPV USD 509.0192 NPV

bas ecas e
-25%oi l ga s prod

30 2035
30 2035
 0.11202
DCF
-1800 0
-3237.35 0
-4852.06 0
-2139.05 10.52946
4384.894 31.5921
3142.892 25.7424
2106.558 19.8927
1311.274 14.6289
827.9594 11.1228
480.8741 8.1933
334.4748 7.0215
212.5043 5.8497
149.5596 5.2638
96.98907 4.6779
53.49233 4.092
17.65268 3.5061
-11.1163 2.9295
-12.4635 2.9295
-13.4265 2.9295
-109.568 0
-200.936 0
0
743.1543
Calendar Oil producGas ProducOil Price Gas Price Revenue OiRevenue GTotal Reve CAPEX OPEX
2010 0 0 357.5 0.7 3000
2011 0 0 358 0.7 6000
2012 0 0 357.5 0.7 10000
2013 9.0576 418.912 357.5 0.7 3238.092 293.2384 3531.33 8000 950
2014 27.176 1256.8 357.5 0.7 9715.42 879.76 10595.18 969
2015 22.144 1024 357.5 0.7 7916.48 716.8 8633.28 988.4
2016 17.112 791.28 357.5 0.7 6117.54 553.896 6671.436 1008
2017 12.584 581.84 357.5 0.7 4498.78 407.288 4906.068 1028
2018 9.568 466.16 357.5 0.7 3420.56 326.312 3746.872 1049
2019 7.048 325.6 358 0.7 2523.184 227.92 2751.104 1070
2020 6.04 279.2 358 0.7 2162.32 195.44 2357.76 1091
2021 5.032 232.8 358 0.7 1801.456 162.96 1964.416 1113
2022 4.528 209.6 358 0.7 1621.024 146.72 1767.744 1135
2023 4.024 186.4 358 0.7 1440.592 130.48 1571.072 1158
2024 3.52 163.2 358 0.7 1260.16 114.24 1374.4 1181
2025 3.016 140 358 0.7 1079.728 98 1177.728 1205
2026 2.52 116 358 0.7 902.16 81.2 983.36 1229
2027 2.52 116 358 0.7 902.16 81.2 983.36 1254
2028 2.52 116 358 0.7 902.16 81.2 983.36 1279
2029 0 0 357.5 0.7 1373
2030 0 0 357.5 0.7 2800
2031 0 0 357.5 0.7 27000 21880.4

Payable ta Cash Flow Cum CF DF NCF
-1200 -1800 -1800 1 -1800
-2400 -3600 -5400 0.934579 -3364.49
-4000 -6000 -11400 0.873439 -5240.63
-2167.47 -3251.2 -14651.2 0.816298 -2653.95
3850.472 5775.708 -8875.49 0.762895 4406.26
3057.952 4586.928 -4288.57 0.712986 3270.416
2265.374 3398.062 -890.504 0.666342 2264.272
1551.227 2326.841 1436.337 0.62275 1449.04
1079.149 1618.723 3055.06 0.582009 942.1116
672.4416 1008.662 4063.722 0.543934 548.6455
506.704 760.056 4823.778 0.508349 386.3739
340.5664 510.8496 5334.628 0.475093 242.701
253.0976 379.6464 5714.274 0.444012 168.5675
165.2288 247.8432 5962.118 0.414964 102.8461
77.36 116.04 6078.158 0.387817 45.00231
-10.9088 -16.3632 6061.794 0.362446 -5.93078
-98.256 -147.384 5914.41 0.338735 -49.9241
-108.256 -162.384 5752.026 0.316574 -51.4066
Chart Title
-118.256 -177.384 5574.642 0.295864 -52.4815
-549.2 -823.8 4750.842 0.276508 -227.788
-1120 -1680 3070.842 0.258419 -434.144
-19552.2
NPV NOK -54.506 NPV USD -9.56246
Ex rate 0.175439 Discount r 0.11202
Time shif DCF Cum (0.07)DF (0.1120DCF
0 -315.789 -315.789 1 -1800
1 -590.261 -906.05 0.899264 -3237.35
2 -919.409 -1825.46 0.808676 -4852.06
3 -465.605 -2291.06 0.727214 -2364.32
4 773.0281 -1518.04 0.653958 3777.068
5 573.7572 -944.279 0.588081 2697.484
6 397.2407 -547.038 0.52884 1797.031
7 254.2175 -292.821 0.475567 1106.569
8 165.2827 -127.538 0.427661 692.2641
9 96.2536 -31.2846 0.38458 387.9113
10 67.7849 36.50026 0.345839 262.857
11 42.57912 79.07938 0.311001 158.8746
12 29.57325 108.6526 0.279672 106.1764
13 18.04318 126.6958 0.251499 62.33231
14 7.895143 134.591 0.226164 26.24408
15 -1.04049 133.5505 0.203381 -3.32797
16 -8.75861 124.7919 0.182894 -26.9556
17 -9.0187 115.7732 0.16447 -26.7072
18 -9.20729 106.5659 0.147902 -26.2354
19 -39.9627 66.60314 0.133003 -109.568
20 -76.1656 -9.56246 0.119605 -200.936
NPV -1572.65
 0
0
0
335.1296
1005.44
819.2
633.024
465.472
372.928
260.48
223.36
186.24
167.68
149.12
130.56
112
92.8
92.8
92.8
0
0
0