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  "documentTitle": "Evercore | Investment Banking Pitch Book | 47 slides",
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  "authorName": "Evercore",
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  "presentationDate": "2012-11-01 00:00:00",
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  "notes": "The slide details specific technical and economic parameters for oil and gas exploration and development, such as success rates, well costs, and tax rates.",
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      "text": "The projections incorporate all activity associated with the Conventional Assets",
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      "text": "The following financial projections summarize McMoRan's operating model (the “MMR Operating Model”) as provided by McMoRan management",
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      "text": "NYMEX strip pricing as of November 1, 2012 through 2016E and held flat thereafter",
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      "text": "In addition, the projections incorporate the development of MMR's Ultra-Deep Assets utilizing the following assumptions:",
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      "text": "Assumed 35% U.S. Federal corporate tax rate",
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      "text": "100% success rate on exploration wells (no dry hole costs)\nGross prospect size of 2 Tcfe\nTo develop a 2 Tcfe discovery requires 3 development wells drilled per year following an initial discovery well up to 10 total successful wells\n200 Bcfe gross reserves per well (95% natural gas, 5% condensate)\nDrilling cost per well of $100 million\nCompletion cost per well of $100 million\nFacilities cost of $43 million per well\n1 year drilling duration per well and 6 months to complete per well\nWells commence 18 months following spud date",
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      "text": "Summary Financial Projections – Assumptions",
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