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  "documentTitle": "Evercore | Investment Banking Pitch Book | 47 slides",
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  "presentationDate": "2012-11-01 00:00:00",
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  "notes": "The slide uses a decision tree structure to illustrate the probability-weighted outcomes (GCOS and MCOS).",
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      "text": "Decision tree showing Exploration Well (GCOS) leading to Full Development or Dry Hole, and Development Wells (#1, #2, #3) leading to Success (MCOS) or Mechanical Failure.",
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      "text": "Legend: Exploration Well, Development Well, GCOS = Probability of Geologic Success, MCOS = Probability of Mechanical Success",
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      "text": "Present Value of Development Well: Risk-weighted sum of the Present Values of the Success and Mechanical Failure cases.",
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      "text": "Expected Value of Ultra Deep Prospect: Risk-weighted sum of the Present Value of Full Development and the Present Value of an Exploratory Dry Hole.",
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      "text": "Industry standard expected value analysis relies on risk weighting outcomes by their probabilities. Cash flows from this analysis represent aggregate expected values for a full program inclusive of risk.",
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      "text": "Expected Value = COS x (Present Value of Full Development) + (1-COS) x (Present Value of Exploratory Dry Hole)",
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      "text": "Ultra Deep Risking Methodology",
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