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Prospect Evaluation/Financial Planning Models
The two models described here help the Planning Department at Natural Gas Corporation of California (NGC) evaluate various economic and financial decisions. The Prospect Evaluation model can also be used by engineers in estimating the reserves in a field. In general, the two models help in analyzing the following:
  • Tthe economics of prospecting for oil and gas reserves, producing out the current wells, etc.
  • Tthe fi.nancial impact of various decisions based on detailed information on individual wells,
    future projections on fi.nding reserves, loans from diff.erent source, etc.

The models have been developed on the IBM PC/XT and are designed to be “user-friendly” and easy to use. (They are entirely menu driven and have screen- editing capability). For example, it typically takes between 5 and 15 minutes to explain the entire data entry portion of the model. Learning how to correctly use the model requires somewhat more time, since the user needs to have some understanding of the economic and fi.nancial aspects of Oil and Gas companies.

The computer models allow the user to access a database of information by wells on farmouts, subleases, overrides, etc. The models have extensive report generation capabilities and report before and after tax economics, revenue requirement statements, capitalization statements, etc. All the above capabilities support the extensive analytical capabilities of the models.

In addition, the models are extremely fast. The Prospect Evaluation Model can analyze a well in less than 2 seconds on a PC (which is seven to eight times faster than the current fastest commercially available packages on the market).

Some of the questions that the Economic/Financial models can answer are:

 What are the expected Internal  Rates of Return before and  after  tax?
 What are the expected gas and  oil reserves for a well,  prospect,  etc?
 What would be the impact of  investing in Oil and Gas  exploration?
 How will changes in gas prices  affect NGC’s revenue  requirements?
 How will borrowing affect the  revenue requirements?


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