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  "documentTitle": "Evercore | Investment Banking Pitch Book | 37 slides",
  "authorId": "evercore",
  "authorName": "Evercore",
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  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2012-12-01 00:00:00",
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  "pageNumber": 16,
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  "notes": "The slide details technical and financial inputs for a valuation model, specifically for oil and gas exploration assets.",
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      "text": "The following represents the assumptions utilized by Evercore in its net asset value analysis (the “NAV Assumptions”)\nProjections of proved, probable and possible production, operating costs, and capital expenditures based on the Reserve Report rolled forward to October 1, 2012\nVolumes and risking for specific Ultra-Deep prospects and discoveries (as per MMR estimates)\nGross well costs of $243.0 million per well (as per MMR estimates) comprised of:",
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      "text": "Geologic and mechanical risking was estimated by Evercore and reviewed by MMR’s technical team with Evercore\nUtilized an expected value analysis based on the assumed geologic and mechanical risking\nEach well has a 200 Bcfe EUR\nDeveloped using a continuous four rig program through 2014, going to a six rig program in 2015 and finally an eight rig program by 2016, held constant thereafter\nLineham Creek Yegua wells begin drilling in January 2014 with an incremental non-operated drilling rig\nProduction for each well of 70 MMcfed held flat for six years, then exponential decline (as per MMR estimates)\nCondensate is 5% of well stream (8.8 bbl/MMcf)",
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      "text": "$100.0 million and 1 year to drill\n$100.0 million and 6 months to complete\n$43.0 million to equip and tie-in\nFirst production after 18 months",
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      "kind": "paragraph",
      "text": "Financial Analysis",
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      "text": "Net Asset Value Analysis – Assumptions",
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