{"text_format":"1","workbook":"xlsx","n_sheets":8,"sheets":["Unit 1","Unit 2","Unit 3","Unit 4","My Cash Flow","My Discounting","My NPV","My IRR"],"not_rendered":{"charts":10,"images":0,"macros":1,"external_links":3,"defined_names":60,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Unit 1","index":0,"n_rows":36,"n_cols":36,"rows_kept":36,"cut":false,"hidden":true,"merged":[[17,13,17,16],[17,29,17,32]]}
[null,null,null,null,null,null,null,null,null,null,null,"As Used In Powerpoint"]
[null,null,null,null,null,null,null,null,null,null,null,"2023-01-01",2025,null,null,null,null,null,null,null,null,"For this example, depreciation based on when cost incurred, and assuming flat oil price (Revenue equivalent to production)"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Percent","Depreciation",null,null,null,null,"Default Values"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Capex","Revenue","Opex","Royalty","Tax","Net Cash Flow","Profit",null,"Year","Depletion",null,null,null,null,null,null,"Capex","Revenue","Opex","Royalty","Tax","Net Cash Flow","Profit"]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"DATE($M$2+M6,MONTH($L$2),DAY($L$2))","v":"2026-01-01"},1,{"$f":"IF($L$24,-Capex/$AD$17*AD6,AD6)","v":-50},null,null,null,null,{"$f":"SUM(N6:R6)","v":-50},null,null,1,{"$f":"O6/SUM($O$6:$O$15)","v":0},{"$f":"SUM(N$6:N6)*W6","v":0},null,null,null,null,1,-50,null,null,null,null,{"$f":"SUM(AD6:AH6)","v":-50}]
[null,null,null,null,null,null,null,null,null,null,null,"2027-01-01",2,{"$f":"IF($L$24,-Capex/$AD$17*AD7,AD7)","v":-100},null,null,null,null,{"$f":"SUM(N7:R7)","v":-100},null,null,2,0,{"$f":"SUM(N$6:N7)*W7","v":0},null,null,null,null,2,-100,null,null,null,null,{"$f":"SUM(AD7:AH7)","v":-100}]
[null,null,null,null,null,null,null,null,null,null,null,"2028-01-01",3,{"$f":"IF($L$24,-Capex/$AD$17*AD8,AD8)","v":-50},null,null,null,null,-50,null,null,3,0,{"$f":"SUM(N$6:N8)*W8","v":0},null,null,null,null,3,-50,null,null,null,null,-50]
[null,null,null,null,null,null,null,null,null,null,null,"2029-01-01",4,null,{"$f":"IF($L$27,Revenue/$AE$17*AE9,AE9)","v":100},{"$f":"IF($L$30,-Opex*AE9,AF9)","v":-10},{"$f":"IF($L$33,-Royalty*AE9,AG9)","v":-15},{"$f":"IF($L$36,MIN(-(O9+P9+Q9+X9)*TaxRate,0),AH9)","v":-11.450845665961943},63.549154334038057,{"$f":"O9+(P9+X9+Q9+R9)","v":21.265856236786476},null,4,0.21141649048625794,{"$f":"SUM(N$6:N9)*W9","v":-42.283298097251588},null,null,null,null,4,null,100,-10,-15,-11.450845665961943,63.549154334038057,{"$f":"AE9+(AF9+AP9+AG9+AH9)","v":63.549154334038057}]
[null,null,null,null,null,null,null,null,null,null,null,"2030-01-01",5,null,90,-9,-13.5,-10.30576109936575,57.194238900634247,19.139270613107826,null,5,0.19027484143763213,{"$f":"SUM(N$6:N10)*W10","v":-38.054968287526428},null,null,null,null,5,null,90,-9,-13.5,-10.30576109936575,57.194238900634247,57.194238900634247]
[null,null,null,null,null,null,null,null,null,null,null,"2031-01-01",6,null,80,-8,-12,-9.1606765327695552,50.839323467230443,17.012684989429175,null,6,0.16913319238900634,{"$f":"SUM(N$6:N11)*W11","v":-33.826638477801268},null,null,null,null,6,null,80,-8,-12,-9.1606765327695552,50.839323467230443,50.839323467230443]
[null,null,null,null,null,null,null,null,null,null,null,"2032-01-01",7,null,70,-7,-10.5,-8.0155919661733606,44.484408033826639,14.886099365750525,null,7,0.14799154334038056,{"$f":"SUM(N$6:N12)*W12","v":-29.598308668076111},null,null,null,null,7,null,70,-7,-10.5,-8.0155919661733606,44.484408033826639,44.484408033826639]
[null,null,null,null,null,null,null,null,null,null,null,"2033-01-01",8,null,60,-6,-9,-6.8705073995771668,38.129492600422836,12.759513742071888,null,8,0.12684989429175475,{"$f":"SUM(N$6:N13)*W13","v":-25.369978858350951},null,null,null,null,8,null,60,-6,-9,-6.8705073995771668,38.129492600422836,38.129492600422836]
[null,null,null,null,null,null,null,null,null,null,null,"2034-01-01",9,null,50,-5,-7.5,-5.7254228329809713,31.774577167019029,10.632928118393238,null,9,0.10570824524312897,{"$f":"SUM(N$6:N14)*W14","v":-21.141649048625794},null,null,null,null,9,null,50,-5,-7.5,-5.7254228329809713,31.774577167019029,31.774577167019029]
[null,null,null,null,null,null,null,null,null,null,null,"2035-01-01",10,null,23,-5,{"$f":"Q14","v":-7.5},-0.27119450317124733,10.228805496828752,0.50364693446088538,null,10,4.8625792811839326E-2,{"$f":"SUM(N$6:N15)*W15","v":-9.7251585623678647},null,null,null,null,10,null,23,-5,-7.5,-0.27119450317124733,10.228805496828752,10.228805496828752]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(N6:N15)","v":-200},473,-50,-75,-51.799999999999983,96.200000000000017,96.200000000000017,null,null,null,{"$f":"SUM(X6:X15)","v":-200},null,null,null,null,null,{"$f":"SUM(AD6:AD15)","v":-200},473,-50,-75,-51.799999999999983,96.200000000000017,296.2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(N17:Q17)","v":148},null,null,null,{"$f":"-R17/N18","v":0.34999999999999987},null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(AD17:AG17)","v":148},null,null,null,{"$f":"-AH17/AD18","v":0.34999999999999987}]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Base Case",96.2,"NCF/Profit"]
[null,null,null,null,null,null,null,null,null,null,"Check box(es) to include in sensitivity"]
[null,null,null,null,null,null,null,null,null,null,null,null,"% Change",{"$f":"-AD17","v":200},null,null,null,"Sensitivity Case",{"$f":"S17","v":96.200000000000017},{"$f":"IF(S23=S21,\"No Change\",IF(S23>S21,\"Up \"&ROUND((S23/S21-1)*100,0)&\"%\",\"Down \"&ROUND(-(S23/S21-1)*100,0)&\"%\"))","v":"No Change"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(Capex=\"Base\",\"\",IF(Capex>$N$23,\"Up \"&ROUND(($N$24/$N$23-1)*100,0)&\"%\",\"Down \"&ROUND(-($N$24/$N$23-1)*100,0)&\"%\"))","v":""},false,"Capex ($)",{"$f":"IF(L24,P24,\"Base\")","v":"Base"},null,300]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AE17","v":473}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(Revenue=\"Base\",\"\",IF(Revenue>$N$26,\"Up \"&ROUND(($N$27/$N$26-1)*100,0)&\"%\",\"Down \"&ROUND(-($N$27/$N$26-1)*100,0)&\"%\"))","v":""},false,"Revenue ($)",{"$f":"IF(L27,P27,\"Base\")","v":"Base"},null,500]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-SUM(AF6:AF14/SUM(AE6:AE14))","v":0.1}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(Opex=\"Base\",\"\",IF(Opex>$N$29,\"Up \"&ROUND(($N$30/$N$29-1)*100,0)&\"%\",\"Down \"&ROUND(-($N$30/$N$29-1)*100,0)&\"%\"))","v":""},false,"Opex (% Rev)",{"$f":"IF(L30,P30/100,\"Base\")","v":"Base"},null,0]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-SUM(AG6:AG14/SUM(AE6:AE14))","v":0.15}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(Royalty=\"Base\",\"\",IF(Royalty>$N$32,\"Up \"&ROUND(($N$33/$N$32-1)*100,0)&\"%\",\"Down \"&ROUND(-($N$33/$N$32-1)*100,0)&\"%\"))","v":""},false,"Royalty (%)",{"$f":"IF(L33,P33/100,\"Base\")","v":"Base"},null,15]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-AH17/AD18","v":0.34999999999999987}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(TaxRate=\"Base\",\"\",IF(TaxRate>$N$35,\"Up \"&ROUND(($N$36/$N$35-1)*100,0)&\"%\",\"Down \"&ROUND(-($N$36/$N$35-1)*100,0)&\"%\"))","v":""},false,"Tax Rate (%)",{"$f":"IF(L36,P36/100,\"Base\")","v":"Base"},null,25]

{"sheet":"Unit 2","index":1,"n_rows":36,"n_cols":40,"rows_kept":36,"cut":false,"hidden":true,"merged":[[3,15,3,17]]}
[null,null,null,null,null,null,null,null,null,null,null,"As Used In Powerpoint"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"What a 10% discount rate may represent",null,null,null,null,"As Discount",null,null,null,null,"As Interest"]
[null,null,null,null,null,null,null,null,null,null,null,"Chart 3","Chart 4","Chart 1",null,"Chart 2",null,null,null,null,null,null,null,null,null,null,null,100,null,null,null,null,100,null,null,null,null,null,null,{"$f":"AF16","v":38.554328942953148}]
[null,null,null,null,null,null,null,null,null,null,null,"Interest Rate","Discount Rate","Interest Rate",null,"Interest Rate","Interest Rate","Interest Rate",null,null,null,null,"Inflation","Real return","Risk","Total",null,0.02,0.01,null,7.0000000000000007E-2,null,0.1,0.01,0.02,0.03,7.0000000000000007E-2,0.1,null,0.1]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF($L27=TRUE,InterestRate,\"10%\")","v":"10%"},{"$f":"IF($L30=TRUE,DiscountRate,10%)","v":0.1},{"$f":"L6","v":"10%"},null,{"$f":"N34","v":0.01},{"$f":"N34+N35","v":0.03},{"$f":"SUM(N34:N36)","v":0.1},null,null,null,null,0.02,0.01,7.0000000000000007E-2,0.1,null,null,null,null,null,null,null,null,null,null,null,null,0,{"$f":"$AF$16*(1+$AN$5)^AM6","v":38.554328942953148}]
[null,null,null,null,null,null,null,null,null,null,0,{"$f":"IF($L24=TRUE,Investment,\"100.00\")","v":"100.00"},{"$f":"$L$7/(1+M$6)^$K7","v":100},{"$f":"$M$17*(1+N$6)^$K7","v":38.554328942953148},null,{"$f":"$L$7/(1+P$6)^$K7","v":100},{"$f":"$L$7/(1+Q$6)^$K7","v":100},100,null,null,null,1,{"$f":"1/(1+W$6)^$V7","v":0.98039215686274506},{"$f":"1/(1+X$6)^$V7","v":0.99009900990099009},0.93457943925233644,{"$f":"1/(1+Z$6)^$V7","v":0.90909090909090906},null,{"$f":"$AB$4*W7","v":98.039215686274503},{"$f":"$AB$4*X7","v":99.009900990099013},{"$f":"$AB$4*(1/(1+$AB$5+$AC$5)^$V7)","v":97.087378640776706},{"$f":"$AB$4*Y7","v":93.45794392523365},{"$f":"$AB$4*(1/(1+$AB$5+$AC$5+$AE$5)^$V7)","v":90.909090909090907},{"$f":"$AB$4*Z7","v":90.909090909090907},{"$f":"$AG$4*(1+AH$5)^$V7","v":101},{"$f":"$AG$4*(1+AI$5)^$V7","v":102},103,107,110.00000000000001,1,{"$f":"$AF$16*(1+$AN$5)^AM7","v":42.409761837248467}]
[null,null,null,null,null,null,null,null,null,null,1,{"$f":"$L$7*(1+L$6)^$K8","v":110.00000000000001},90.909090909090907,{"$f":"$M$17*(1+N$6)^$K8","v":42.409761837248467},null,{"$f":"$L$7/(1+P$6)^$K8","v":99.009900990099013},97.087378640776691,90.909090909090907,null,null,null,2,{"$f":"1/(1+W$6)^$V8","v":0.96116878123798544},0.98029604940692083,0.87343872827321156,0.82644628099173545,null,{"$f":"$AB$4*W8","v":96.116878123798543},98.029604940692082,{"$f":"$AB$4*(1/(1+$AB$5+$AC$5)^$V8)","v":94.259590913375433},{"$f":"$AB$4*Y8","v":87.34387282732115},{"$f":"$AB$4*(1/(1+$AB$5+$AC$5+$AE$5)^$V8)","v":82.644628099173545},{"$f":"$AB$4*Z8","v":82.644628099173545},{"$f":"$AG$4*(1+AH$5)^$V8","v":102.01},104.03999999999999,106.08999999999999,114.49000000000001,121.00000000000001,2,46.650738020973314]
[null,null,null,null,null,null,null,null,null,null,2,121.00000000000001,82.644628099173545,46.650738020973314,null,98.029604940692082,94.259590913375433,82.644628099173545,null,null,null,3,0.94232233454704462,0.97059014792764453,0.81629787689085187,0.75131480090157754,null,94.232233454704456,97.059014792764458,91.514165935315958,81.629787689085191,75.131480090157751,75.131480090157751,103.03009999999999,106.12079999999999,109.2727,122.50430000000001,133.10000000000005,3,51.315811823070653]
[null,null,null,null,null,null,null,null,null,null,3,133.10000000000005,75.131480090157751,51.315811823070653,null,97.059014792764458,91.514165935315958,75.131480090157751,null,null,null,4,0.9238454260265142,0.96098034448281622,0.7628952120475252,0.68301345536507052,null,92.384542602651422,96.098034448281624,88.848704791568906,76.289521204752518,68.301345536507057,68.301345536507057,104.060401,108.243216,112.55088099999999,131.079601,146.41000000000005,4,56.44739300537772]
[null,null,null,null,null,null,null,null,null,null,4,146.41000000000005,68.301345536507057,56.44739300537772,null,96.098034448281624,88.848704791568892,68.301345536507057,null,null,null,5,0.90573080982991594,0.95146568760674888,0.71298617948366838,0.62092132305915493,null,90.573080982991598,95.146568760674882,86.260878438416412,71.298617948366839,62.092132305915491,62.092132305915491,105.10100500999999,110.40808032,115.92740742999999,140.25517307000001,161.05100000000004,5,62.092132305915499]
[null,null,null,null,null,null,null,null,null,null,5,161.05100000000004,62.092132305915499,62.092132305915499,null,95.146568760674882,86.260878438416412,62.092132305915499,null,null,null,6,0.88797138218619198,0.94204523525420658,0.66634222381651254,0.56447393005377722,null,88.797138218619196,94.204523525420655,83.748425668365442,66.634222381651256,56.44739300537772,56.44739300537772,106.15201506010001,112.61624192640001,119.40522965289999,150.07303518489999,177.15610000000009,6,68.301345536507057]
[null,null,null,null,null,null,null,null,null,null,6,177.15610000000009,56.44739300537772,68.301345536507057,null,94.204523525420655,83.748425668365442,56.44739300537772,null,null,null,7,0.87056017861391388,0.93271805470713554,0.62274974188459109,0.51315811823070645,null,87.056017861391382,93.271805470713559,81.30915113433538,62.274974188459112,51.315811823070646,51.315811823070646,107.21353521070098,114.86856676492798,122.987386542487,160.57814764784302,194.87171000000012,7,75.131480090157766]
[null,null,null,null,null,null,null,null,null,null,7,194.87171000000012,51.315811823070646,75.131480090157766,null,93.271805470713545,81.30915113433538,51.315811823070646,null,null,null,8,0.85349037119011162,0.92348322248231218,0.5820091045650384,0.46650738020973315,null,85.349037119011157,92.348322248231213,78.940923431393571,58.200910456503841,46.650738020973314,46.650738020973314,108.28567056280802,117.16593810022655,126.67700813876159,171.81861798319201,214.35888100000011,8,82.644628099173545]
[null,null,null,null,null,null,null,null,null,null,8,214.35888100000011,46.650738020973314,82.644628099173545,null,92.348322248231213,78.940923431393571,46.650738020973314,null,null,null,9,0.83675526587265847,0.91433982423991289,0.54393374258414806,0.42409761837248466,null,83.67552658726585,91.433982423991296,76.641673234362699,54.393374258414809,42.409761837248467,42.409761837248467,109.36852726843611,119.50925686223108,130.47731838292444,183.84592124201549,235.79476910000014,9,90.909090909090907]
[null,null,null,null,null,null,null,null,null,null,9,235.79476910000014,42.409761837248467,90.909090909090907,null,91.433982423991296,76.641673234362699,42.409761837248467,null,null,null,10,0.82034829987515534,0.90528695469298315,0.5083492921347178,0.38554328942953148,null,82.034829987515536,90.528695469298313,74.409391489672515,50.834929213471781,38.554328942953148,38.554328942953148,110.46221254112048,121.89944199947571,134.39163793441219,196.71513572895657,259.37424601000021,10,100]
[null,null,null,null,null,null,null,null,null,null,10,259.37424601000021,38.554328942953148,100,null,90.528695469298313,74.409391489672515,38.554328942953148,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(AG7:AG16)","v":614.45671057046798}]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Slide 1 Title:",null,{"$f":"\"Compound Interest @ \"&ROUND($N$6*100,1)&\"%\"&\" and Discounting @ \"&ROUND($M$6*100,1)&\"%\"","v":"Compound Interest @ 10% and Discounting @ 10%"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Slide 2 Title:",null,{"$f":"\"Discounting at \"&ROUND(N34*100,1)&\"%, \"&ROUND(SUM($N$34:$N$35)*100,1)&\"%, \"&ROUND(SUM($N$34:$N$36)*100,1)&\"% \"","v":"Discounting at 1%, 3%, 10% "}]
[null,null,null,null,null,null,null,null,null,null,"Check box(es) to include in sensitivity",null,null,null,null,null,null,null,null,null,null,null,"Slide 3 Title:",null,{"$f":"\"Compound Interest @ \"&ROUND($L$6*100,1)&\"%\"","v":"Compound Interest @ 10%"}]
[null,null,null,null,null,null,null,null,null,null,null,null,"% Change",100,null,null,null,null,null,null,null,null,"Slide 4 Title:",null,{"$f":"\"Discounting @ \"&ROUND($L$6*100,1)&\"%\"","v":"Discounting @ 10%"}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(Investment=\"Base\",\"\",IF(Investment>$N$23,\"Up \"&ROUND(($N$24/$N$23-1)*100,0)&\"%\",\"Down \"&ROUND(-($N$24/$N$23-1)*100,0)&\"%\"))","v":""},false,"Initial Investment ($)",{"$f":"IF(L24,P24,\"Base\")","v":"Base"},null,400]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,0.1]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(InterestRate=\"Base\",\"\",IF(InterestRate>$N$26,\"Up \"&ROUND(($N$27/$N$26-1)*100,0)&\"%\",\"Down \"&ROUND(-($N$27/$N$26-1)*100,0)&\"%\"))","v":""},false,"Interest Rate (%)",{"$f":"IF(L27,P27/100,\"Base\")","v":"Base"},null,12]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,0.1]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(DiscountRate=\"Base\",\"\",IF(DiscountRate>$N$29,\"Up \"&ROUND(($N$30/$N$29-1)*100,0)&\"%\",\"Down \"&ROUND(-($N$30/$N$29-1)*100,0)&\"%\"))","v":""},false,"Discount Rate (%)",{"$f":"IF(L30,P30/100,\"Base\")","v":"Base"},null,10]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,"Real Return (%)",{"$f":"P34/1000","v":0.01},null,10]
[null,null,null,null,null,null,null,null,null,null,null,null,"Inflation (%)",{"$f":"P35/1000","v":0.02},null,20]
[null,null,null,null,null,null,null,null,null,null,null,null,"Risk Premium (%)",7.0000000000000007E-2,null,70]

{"sheet":"Unit 3","index":2,"n_rows":47,"n_cols":37,"rows_kept":47,"cut":false,"hidden":true,"merged":[[17,13,17,16],[17,30,17,33]]}
[null,null,null,null,null,null,null,null,null,null,null,"As Used In Powerpoint"]
[null,null,null,null,null,null,null,null,null,null,null,"2023-01-01",2025,null,null,null,null,null,null,null,null,null,"For this example, depreciation based on when cost incurred, and assuming flat oil price (Revenue equivalent to production)"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Percent","Depreciation",null,null,null,null,"Default Values"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Capex","Revenue","Opex","Royalty","Tax","Net Cash Flow","Discount Factor","Discounted Cash Flow","Cumulative DCF","Year","Depletion",null,null,null,null,null,null,"Capex","Revenue","Opex","Royalty","Tax","Net Cash Flow","Profit"]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"DATE($M$2+M6,MONTH($L$2),DAY($L$2))","v":"2026-01-01"},1,{"$f":"IF($L$24,-Capex/$AE$17*AE6,AE6)","v":-50},null,null,null,null,{"$f":"SUM(N6:R6)","v":-50},{"$f":"1/(1+DiscRate)^M6","v":0.86956521739130443},{"$f":"S6*T6","v":-43.478260869565219},{"$f":"U6","v":-43.478260869565219},1,{"$f":"O6/SUM($O$6:$O$15)","v":0},{"$f":"SUM(N$6:N6)*X6","v":0},null,null,null,null,1,-50,null,null,null,null,{"$f":"SUM(AE6:AI6)","v":-50}]
[null,null,null,null,null,null,null,null,null,null,null,"2027-01-01",2,{"$f":"IF($L$24,-Capex/$AE$17*AE7,AE7)","v":-100},null,null,null,null,{"$f":"SUM(N7:R7)","v":-100},0.7561436672967865,{"$f":"S7*T7","v":-75.61436672967865},{"$f":"V6+U7","v":-119.09262759924387},2,0,{"$f":"SUM(N$6:N7)*X7","v":0},null,null,null,null,2,-100,null,null,null,null,{"$f":"SUM(AE7:AI7)","v":-100}]
[null,null,null,null,null,null,null,null,null,null,null,"2028-01-01",3,{"$f":"IF($L$24,-Capex/$AE$17*AE8,AE8)","v":-50},null,null,null,null,-50,0.65751623243198831,-32.875811621599418,{"$f":"V7+U8","v":-151.96843922084329},3,0,{"$f":"SUM(N$6:N8)*X8","v":0},null,null,null,null,3,-50,null,null,null,null,-50]
[null,null,null,null,null,null,null,null,null,null,null,"2029-01-01",4,null,{"$f":"IF($L$27,Revenue/$AF$17*AF9,AF9)","v":100},{"$f":"IF($L$30,-Opex*AF9,AG9)","v":-10},{"$f":"IF($L$33,-Royalty*AF9,AH9)","v":-15},{"$f":"IF($L$36,MIN(-(O9+P9+Q9+Y9)*TaxRate,0),AI9)","v":-11.450845665961943},63.549154334038057,0.57175324559303342,36.334435245178845,-115.63400397566446,4,0.21141649048625794,{"$f":"SUM(N$6:N9)*X9","v":-42.283298097251588},null,null,null,null,4,null,100,-10,-15,-11.450845665961943,63.549154334038057,{"$f":"AF9+(AG9+AQ9+AH9+AI9)","v":63.549154334038057}]
[null,null,null,null,null,null,null,null,null,null,null,"2030-01-01",5,null,90,-9,-13.5,-10.30576109936575,57.194238900634247,0.49717673529828987,28.435644974487786,-87.198359001176669,5,0.19027484143763213,{"$f":"SUM(N$6:N10)*X10","v":-38.054968287526428},null,null,null,null,5,null,90,-9,-13.5,-10.30576109936575,57.194238900634247,57.194238900634247]
[null,null,null,null,null,null,null,null,null,null,null,"2031-01-01",6,null,80,-8,-12,-9.1606765327695552,50.839323467230443,0.43232759591155645,21.979242492357713,-65.219116508818956,6,0.16913319238900634,{"$f":"SUM(N$6:N11)*X11","v":-33.826638477801268},null,null,null,null,6,null,80,-8,-12,-9.1606765327695552,50.839323467230443,50.839323467230443]
[null,null,null,null,null,null,null,null,null,null,null,"2032-01-01",7,null,70,-7,-10.5,-8.0155919661733606,44.484408033826639,0.37593703992309269,16.723336678967829,-48.495779829851131,7,0.14799154334038056,{"$f":"SUM(N$6:N12)*X12","v":-29.598308668076111},null,null,null,null,7,null,70,-7,-10.5,-8.0155919661733606,44.484408033826639,44.484408033826639]
[null,null,null,null,null,null,null,null,null,null,null,"2033-01-01",8,null,60,-6,-9,-6.8705073995771668,38.129492600422836,0.32690177384616753,12.464598766932545,-36.031181062918584,8,0.12684989429175475,{"$f":"SUM(N$6:N13)*X13","v":-25.369978858350951},null,null,null,null,8,null,60,-6,-9,-6.8705073995771668,38.129492600422836,38.129492600422836]
[null,null,null,null,null,null,null,null,null,null,null,"2034-01-01",9,null,50,-5,-7.5,-5.7254228329809713,31.774577167019029,0.28426241204014574,9.0323179470525705,-26.998863115866016,9,0.10570824524312897,{"$f":"SUM(N$6:N14)*X14","v":-21.141649048625794},null,null,null,null,9,null,50,-5,-7.5,-5.7254228329809713,31.774577167019029,31.774577167019029]
[null,null,null,null,null,null,null,null,null,null,null,"2035-01-01",10,null,23,-5,-7.5,-0.27119450317124733,10.228805496828752,0.24718470612186585,2.5284042807113409,-24.470458835154673,10,4.8625792811839326E-2,{"$f":"SUM(N$6:N15)*X15","v":-9.7251585623678647},null,null,null,null,10,null,23,-5,-7.5,-0.27119450317124733,10.228805496828752,10.228805496828752]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(N6:N15)","v":-200},473,-50,-75,-51.799999999999983,96.200000000000017,null,-24.470458835154673,null,null,null,{"$f":"SUM(Y6:Y15)","v":-200},null,null,null,null,null,{"$f":"SUM(AE6:AE15)","v":-200},473,-50,-75,-51.799999999999983,96.200000000000017,296.2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(N17:Q17)","v":148},null,null,null,{"$f":"-R17/N18","v":0.34999999999999987},null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(AE17:AH17)","v":148},null,null,null,{"$f":"-AI17/AE18","v":0.34999999999999987}]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Base Case",96.2,"NCF/Profit",null,null,null,null,null,null,null,null,null,null,{"$f":"DiscRate","v":0.15},{"$f":"U17","v":-24.470458835154673},null,{"$f":"\"NPV at \" & ROUND(AE21*100,1) & \"% = \" &\nIF(AF21<0, \"(\" & TEXT(ABS(ROUND(AF21,1)),\"0.0\") & \")\", ROUND(AF21,1))","v":"NPV at 15% = (24.5)"}]
[null,null,null,null,null,null,null,null,null,null,"Check box(es) to include in sensitivity",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,96.200000000000017]
[null,null,null,null,null,null,null,null,null,null,null,null,"% Change",{"$f":"-AE17","v":200},null,null,null,"Sensitivity Case",{"$f":"S17","v":96.200000000000017},{"$f":"IF(S23=S21,\"No Change\",IF(S23>S21,\"Up \"&ROUND((S23/S21-1)*100,0)&\"%\",\"Down \"&ROUND(-(S23/S21-1)*100,0)&\"%\"))","v":"No Change"},null,null,null,null,null,null,null,null,null,null,{"$f":"AE22+0.01","v":0.01},82.332846374904065]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(Capex=\"Base\",\"\",IF(Capex>$N$23,\"Up \"&ROUND(($N$24/$N$23-1)*100,0)&\"%\",\"Down \"&ROUND(-($N$24/$N$23-1)*100,0)&\"%\"))","v":""},false,"Capex ($)",{"$f":"IF(L24,P24,\"Base\")","v":"Base"},null,150,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AE23+0.01","v":0.02},69.651678471495984]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.03,58.049050895189957]
[null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AF17","v":473},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.04,47.428224035431597]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(Revenue=\"Base\",\"\",IF(Revenue>$N$26,\"Up \"&ROUND(($N$27/$N$26-1)*100,0)&\"%\",\"Down \"&ROUND(-($N$27/$N$26-1)*100,0)&\"%\"))","v":""},false,"Revenue ($)",{"$f":"IF(L27,P27,\"Base\")","v":"Base"},null,500,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.05,37.701994556833682]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,6.0000000000000005E-2,28.791664731383278]
[null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-SUM(AG6:AG14/SUM(AF6:AF14))","v":0.1},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,7.0000000000000007E-2,20.626132853374866]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(Opex=\"Base\",\"\",IF(Opex>$N$29,\"Up \"&ROUND(($N$30/$N$29-1)*100,0)&\"%\",\"Down \"&ROUND(-($N$30/$N$29-1)*100,0)&\"%\"))","v":""},false,"Opex (% Rev)",{"$f":"IF(L30,P30/100,\"Base\")","v":"Base"},null,0,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.08,13.141089407616294]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.09,6.2783057373354811]
[null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-SUM(AH6:AH14/SUM(AF6:AF14))","v":0.15},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,9.9999999999999992E-2,-1.4996264709599583E-2]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(Royalty=\"Base\",\"\",IF(Royalty>$N$32,\"Up \"&ROUND(($N$33/$N$32-1)*100,0)&\"%\",\"Down \"&ROUND(-($N$33/$N$32-1)*100,0)&\"%\"))","v":""},false,"Royalty (%)",{"$f":"IF(L33,P33/100,\"Base\")","v":"Base"},null,20,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.10999999999999999,-5.7867033946490709]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.11999999999999998,-11.080307949554562]
[null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-AI17/AE18","v":0.34999999999999987},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.12999999999999998,-15.935349631612224]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(TaxRate=\"Base\",\"\",IF(TaxRate>$N$35,\"Up \"&ROUND(($N$36/$N$35-1)*100,0)&\"%\",\"Down \"&ROUND(-($N$36/$N$35-1)*100,0)&\"%\"))","v":""},false,"Tax Rate (%)",{"$f":"IF(L36,P36/100,\"Base\")","v":"Base"},null,20,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AE35+0.01","v":0.13999999999999999},-20.387809093214617]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.15,-24.470458835154673]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.16,-28.213176447242915]
[null,null,null,null,null,null,null,null,null,null,null,null,"Discount Rate",{"$f":"P39/1000","v":0.15},null,150,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.17,-31.643224555178669]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.18000000000000002,-34.785501295509441]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.19000000000000003,-37.662764670200445]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.20000000000000004,-40.29583372367351]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.21000000000000005,-42.703769129595777]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AE43+0.01","v":0.22000000000000006},-44.904035464900758]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.23000000000000007,-46.912647178260713]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.24000000000000007,-48.744300024152409]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.25000000000000006,-50.412489527183425]

{"sheet":"Unit 4","index":3,"n_rows":110,"n_cols":43,"rows_kept":110,"cut":false,"hidden":false,"merged":[[17,13,17,16],[17,30,17,33],[91,24,91,27]]}
[null,null,null,null,null,null,null,null,null,null,null,"As Used In Powerpoint"]
[null,null,null,null,null,null,null,null,null,null,null,"2023-01-01",2025,null,null,null,null,null,null,null,null,null,"For this example, depreciation based on when cost incurred, and assuming flat oil price (Revenue equivalent to production)"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Percent","Depreciation",null,null,null,null,"Default Values"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Capex","Revenue","Opex","Royalty","Tax","Net Cash Flow","Discount Factor","Discounted Cash Flow","Remaining NPV \n(Start Yr)","Year","Depletion",null,null,null,null,null,null,"Capex","Revenue","Opex","Royalty","Tax","Net Cash Flow","Profit"]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"DATE($M$2+M6,MONTH($L$2),DAY($L$2))","v":"2026-01-01"},1,{"$f":"-Capex/$AE$17*AE6","v":-50},null,null,null,null,{"$f":"SUM(N6:R6)","v":-50},{"$f":"1/(1+DiscRate)^M6","v":0.90909090909090906},{"$f":"S6*T6","v":-45.454545454545453},{"$f":"NPV(DiscRate,$S6:$S$15)","v":-1.499626470962215E-2},1,{"$f":"O6/SUM($O$6:$O$15)","v":0},{"$f":"SUM(N$6:N6)*X6","v":0},null,null,null,null,1,-50,null,null,null,null,{"$f":"SUM(AE6:AI6)","v":-50},null,null,null,null,96.200000000000017,{"$f":"V6","v":-1.499626470962215E-2},{"$f":"AP6-AO6","v":-96.21499626470964}]
[null,null,null,null,null,null,null,null,null,null,null,"2027-01-01",2,{"$f":"-Capex/$AE$17*AE7","v":-100},null,null,null,null,{"$f":"SUM(N7:R7)","v":-100},0.82644628099173545,{"$f":"S7*T7","v":-82.644628099173545},{"$f":"NPV(DiscRate,$S7:$S$15)","v":49.983504108819439},2,0,{"$f":"SUM(N$6:N7)*X7","v":0},null,null,null,null,2,-100,null,null,null,null,{"$f":"SUM(AE7:AI7)","v":-100},null,null,null,null,146.20000000000002,{"$f":"V7","v":49.983504108819439},{"$f":"AP7-AO7","v":-96.216495891180585}]
[null,null,null,null,null,null,null,null,null,null,null,"2028-01-01",3,{"$f":"-Capex/$AE$17*AE8","v":-50},null,null,null,null,-50,0.75131480090157754,-37.565740045078876,{"$f":"NPV(DiscRate,$S8:$S$15)","v":154.98185451970136},3,0,{"$f":"SUM(N$6:N8)*X8","v":0},null,null,null,null,3,-50,null,null,null,null,-50,null,null,null,null,246.20000000000005,154.98185451970136,-91.218145480298688]
[null,null,null,null,null,null,null,null,null,null,null,"2029-01-01",4,null,{"$f":"Revenue/$AF$17*AF9","v":100},{"$f":"-Opex*AF9","v":-10},{"$f":"-Royalty*AF9","v":-15},{"$f":"MIN(-(O9+P9+Q9+Y9)*TaxRate,0)","v":-11.450845665961939},63.549154334038064,0.68301345536507052,43.404927487219489,{"$f":"NPV(DiscRate,$S9:$S$15)","v":220.48003997167154},4,0.21141649048625794,{"$f":"SUM(N$6:N9)*X9","v":-42.283298097251588},null,null,null,null,4,null,100,-10,-15,-11.450845665961943,63.549154334038057,{"$f":"AF9+(AG9+AQ9+AH9+AI9)","v":-12.170805694290436},null,null,null,296.20000000000005,220.48003997167154,-75.719960028328501]
[null,null,null,null,null,null,null,null,null,null,null,"2030-01-01",5,null,90,-9,-13.5,-10.305761099365746,57.194238900634254,0.62092132305915493,35.513122489543207,{"$f":"NPV(DiscRate,$S10:$S$15)","v":178.97888963480062},5,0.19027484143763213,{"$f":"SUM(N$6:N10)*X10","v":-38.054968287526428},null,null,null,null,5,null,90,-9,-13.5,-10.30576109936575,57.194238900634247,3.5222828694728889,null,null,null,232.65084566596198,178.97888963480062,-53.671956031161358]
[null,null,null,null,null,null,null,null,null,null,null,"2031-01-01",6,null,80,-8,-12,-9.1606765327695534,50.839323467230443,0.56447393005377722,28.697472718822791,{"$f":"NPV(DiscRate,$S11:$S$15)","v":139.68253969764649},6,0.16913319238900634,{"$f":"SUM(N$6:N11)*X11","v":-33.826638477801268},null,null,null,null,6,null,80,-8,-12,-9.1606765327695552,50.839323467230443,15.065256399549227,null,null,null,175.45660676532771,139.68253969764649,-35.774067067681216]
[null,null,null,null,null,null,null,null,null,null,null,"2032-01-01",7,null,70,-7,-10.5,-8.0155919661733588,44.484408033826639,0.51315811823070645,22.8275351172454,{"$f":"NPV(DiscRate,$S12:$S$15)","v":102.81147020018069},7,0.14799154334038056,{"$f":"SUM(N$6:N12)*X12","v":-29.598308668076111},null,null,null,null,7,null,70,-7,-10.5,-8.0155919661733606,44.484408033826639,22.67859493591007,null,null,null,124.61728329809726,102.81147020018069,-21.80581309791657]
[null,null,null,null,null,null,null,null,null,null,null,"2033-01-01",8,null,60,-6,-9,-6.8705073995771642,38.129492600422836,0.46650738020973315,17.787689701749663,{"$f":"NPV(DiscRate,$S13:$S$15)","v":68.608209186372136},8,0.12684989429175475,{"$f":"SUM(N$6:N13)*X13","v":-25.369978858350951},null,null,null,null,8,null,60,-6,-9,-6.8705073995771668,38.129492600422836,26.604826522524348,null,null,null,80.132875264270623,68.608209186372136,-11.524666077898488]
[null,null,null,null,null,null,null,null,null,null,null,"2034-01-01",9,null,50,-5,-7.5,-5.7254228329809695,31.774577167019032,0.42409761837248466,13.475522501325502,{"$f":"NPV(DiscRate,$S14:$S$15)","v":37.339537504586517},9,0.10570824524312897,{"$f":"SUM(N$6:N14)*X14","v":-21.141649048625794},null,null,null,null,9,null,50,-5,-7.5,-5.7254228329809713,31.774577167019029,27.110732007757758,null,null,null,42.003382663847788,37.339537504586517,-4.6638451592612711]
[null,null,null,null,null,null,null,null,null,null,null,"2035-01-01",10,null,23,{"$f":"P14","v":-5},{"$f":"Q14","v":-7.5},-0.27119450317124727,10.228805496828752,0.38554328942953148,3.9436473181822298,{"$f":"NPV(DiscRate,$S15:$S$15)","v":9.2989140880261374},10,4.8625792811839326E-2,{"$f":"SUM(N$6:N15)*X15","v":-9.7251585623678647},null,null,null,null,10,null,23,-5,-7.5,-0.27119450317124733,10.228805496828752,9.2989140880261374,null,null,null,10.228805496828752,9.2989140880261374,-0.92989140880261445]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(N6:N15)","v":-200},473,-50,-75,-51.799999999999976,96.200000000000017,{"$f":"\"NPV @ \"&ROUND(DiscRate*100,1)&\"% = \"","v":"NPV @ 10% = "},{"$f":"SUM(U6:U15)","v":-1.4996264709599583E-2},null,null,null,{"$f":"SUM(Y6:Y15)","v":-200},null,null,null,null,null,{"$f":"SUM(AE6:AE15)","v":-200},473,-50,-75,-51.799999999999983,96.200000000000017,92.109801128949996]
[null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(N17:Q17)","v":148},null,null,null,{"$f":"-R17/N18","v":0.34999999999999981},null,"IRR = ",{"$f":"IRR(S6:S15,DiscRate)","v":9.9975112222097984E-2},null,null,null,null,null,null,null,null,null,{"$f":"SUM(AE17:AH17)","v":148},null,null,null,{"$f":"-AI17/AE18","v":0.34999999999999987}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"MIN(MAX(S24,-50%),50%)","v":0},"Plot NCF Change"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"L24+L27+L30+L33+L36","v":0},"# params changing",null,"Revenue",null,"Capex",null,"Opex",null,"Royalty",null,"Tax Rate"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Base Case",96.2,"NCF/Profit",null,null,{"$f":"IF(W19<S24,\"Change > \"&ROUND(W19*100,0)&\"% (\"&ROUND(S24*100,1)&\"%)\",IF(W19>S24,\"Change > \"&ROUND(W19*100,0)&\"% (\"&ROUND(S24*100,1)&\"%)\",\"\"))","v":""}]
[null,null,null,null,null,null,null,null,null,null,"Check box(es) to include in sensitivity",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"$U$18","v":9.9975112222097984E-2},null,{"$f":"$U$18","v":9.9975112222097984E-2},null,{"$f":"$U$18","v":9.9975112222097984E-2},null,{"$f":"$U$18","v":9.9975112222097984E-2},null,{"$f":"$U$18","v":9.9975112222097984E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,"% Change",{"$f":"-AE17","v":200},null,null,null,"Sensitivity Case",{"$f":"S17","v":96.200000000000017},null,null,null,"Start Sens",-0.5,{"$f":"X23","v":-0.5},-0.12908568456263159,{"$f":"$Y23","v":-0.5},0.27599448377349201,{"$f":"$Y23","v":-0.5},0.11447451495264982,{"$f":"$Y23","v":-0.5},0.12153526558492045,{"$f":"$Y23","v":-0.5},0.12367039661314849]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(Capex=N23,\"\",IF(Capex>$N$23,\"Up \"&ROUND(($N$24/$N$23-1)*100,0)&\"%\",\"Down \"&ROUND(-($N$24/$N$23-1)*100,0)&\"%\"))","v":""},false,"Capex ($)",{"$f":"IF(L24,P24,IF($AB$20<>\"\", N23*(1+$AB$21), N23))","v":200},null,275,null,null,{"$f":"IF(W20=0,0,IF(W20>1,S17/AJ17-1,(Capex/N23*L24+Revenue/N26*L27+Opex/N29*L30+Royalty/N32*L33+TaxRate/N35*L36)-1))","v":0},{"$f":"IF(W20>1,\"% NCF Change\",\"% Change\")","v":"% Change"},null,null,"Incr Sens",0.05,{"$f":"Y23+$X$24","v":-0.45},-8.8635647988966282E-2,{"$f":"$Y24","v":-0.45},0.24791525703447448,-0.45,0.11304771923067558,-0.45,0.11942966116303921,-0.45,0.1213503145014605]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Y24+$X$24","v":-0.4},-5.3336170064130384E-2,-0.4,0.22343082827394989,-0.4,0.11161592389205088,-0.4,0.1173133119638623,-0.4,0.11901960459469829]
[null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AF17","v":473},null,null,null,null,null,null,null,null,null,null,-0.35000000000000003,-2.1680274388806819E-2,-0.35000000000000003,0.20184469809837324,-0.35000000000000003,0.11017907672450478,-0.35000000000000003,0.11518605402964277,-0.35000000000000003,0.1166781364433076]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(Revenue=N26,\"\",IF(Revenue>$N$26,\"Up \"&ROUND(($N$27/$N$26-1)*100,0)&\"%\",\"Down \"&ROUND(-($N$27/$N$26-1)*100,0)&\"%\"))","v":""},false,"Revenue ($)",{"$f":"IF(L27,P27,IF($Z$20<>\"\",N26*(1+$Z$21),N26))","v":473},null,350,null,null,null,null,null,null,null,null,-0.30000000000000004,2.1721068332918314E-3,-0.30000000000000004,0.18263562368806352,-0.30000000000000004,0.1087371246036779,-0.30000000000000004,0.11304771923067536,-0.30000000000000004,0.11432577698441992]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.25000000000000006,2.0424506078222437E-2,-0.25000000000000006,0.16540469048388418,-0.25000000000000006,0.10729001347090317,-0.25000000000000006,0.11089813508553137,-0.25000000000000006,0.1119623905503393]
[null,null,null,null,null,null,null,null,null,null,null,null,null,0.1,null,null,null,null,null,null,null,null,null,null,-0.20000000000000007,3.7770056289394338E-2,-0.20000000000000007,0.14984070167779739,-0.20000000000000007,0.10583768831028206,-0.20000000000000007,0.10873712460367768,-0.20000000000000007,0.1095878387725715]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(Opex=0.1,\"\",IF(Opex>$N$29,\"Up \"&ROUND(($N$30/$N$29-1)*100,0)&\"%\",\"Down \"&ROUND(-($N$30/$N$29-1)*100,0)&\"%\"))","v":""},false,"Opex (% Rev)",{"$f":"IF(L30,P30/100,IF($AD$20<>\"\", N29*(1+$AD$21), N29))","v":0.1},null,13,null,null,null,null,null,null,null,null,-0.15000000000000008,5.4328134763327096E-2,-0.15000000000000008,0.13569683374416175,-0.15000000000000008,0.10438009312502916,-0.15000000000000008,0.10656450612060087,-0.15000000000000008,0.10720198050983387]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.10000000000000007,7.0194272951393799E-2,-0.10000000000000007,0.12277446479084597,-0.10000000000000007,0.10291717091305741,-0.10000000000000007,0.10438009312502916,-0.10000000000000007,0.1048046717734652]
[null,null,null,null,null,null,null,null,null,null,null,null,null,0.15,null,null,null,null,null,null,null,null,null,null,-5.0000000000000072E-2,8.5446283951737367E-2,-5.0000000000000072E-2,0.11091170785328774,-5.0000000000000072E-2,0.10144886364024019,-5.0000000000000072E-2,0.10218369407782846,-5.0000000000000072E-2,0.10239576565017727]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(Royalty=N32,\"\",IF(Royalty>$N$32,\"Up \"&ROUND(($N$33/$N$32-1)*100,0)&\"%\",\"Down \"&ROUND(-($N$33/$N$32-1)*100,0)&\"%\"))","v":""},false,"Royalty (%)",{"$f":"IF(L33,P33/100,IF($AF$20<>\"\", N32*(1+$AF$21), N32))","v":0.15},null,30,null,null,null,null,null,null,null,null,-6.9388939039072284E-17,9.9975112222097762E-2,-6.9388939039072284E-17,9.9975112222097984E-2,-6.9388939039072284E-17,9.9975112222097984E-2,-6.9388939039072284E-17,9.9975112222097984E-2,-6.9388939039072284E-17,9.9975112222097984E-2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,4.9999999999999933E-2,0.11395838341957032,4.9999999999999933E-2,8.9853547511310694E-2,4.9999999999999933E-2,9.8495856483344024E-2,4.9999999999999933E-2,9.7754145383979196E-2,4.9999999999999933E-2,9.7542558484031705E-2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-AI17/AE18","v":0.34999999999999987},null,null,null,null,null,null,null,null,null,null,9.9999999999999936E-2,0.12752599954902299,9.9999999999999936E-2,8.0408463590585066E-2,9.9999999999999936E-2,9.7011035136497892E-2,9.9999999999999936E-2,9.5520585763633203E-2,9.9999999999999936E-2,9.5097948257869769E-2]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(TaxRate=N35,\"\",IF(TaxRate>$N$35,\"Up \"&ROUND(($N$36/$N$35-1)*100,0)&\"%\",\"Down \"&ROUND(-($N$36/$N$35-1)*100,0)&\"%\"))","v":""},false,"Tax Rate (%)",{"$f":"IF(L36,P36/100,IF($AH$20<>\"\", N35*(1+$AH$21), N35))","v":0.34999999999999987},null,55,null,null,null,null,null,null,null,null,0.14999999999999994,0.14071122942808212,0.14999999999999994,7.1538670428627826E-2,0.14999999999999994,9.5520585763633203E-2,0.14999999999999994,9.3192517249844675E-2,0.14999999999999994,9.2641122104046403E-2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.19999999999999996,0.15354316071866525,0.19999999999999996,6.324229954693994E-2,0.19999999999999996,9.3972154561690724E-2,0.19999999999999996,9.0843212440013144E-2,0.19999999999999996,9.0171917229884491E-2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.24999999999999994,0.16604739435264548,0.24999999999999994,5.5461619566923748E-2,0.24999999999999994,9.241115548187584E-2,0.24999999999999994,8.8478072716874134E-2,0.24999999999999994,8.7690167394629981E-2]
[null,null,null,null,null,null,null,null,null,null,null,null,"Discount Rate",{"$f":"P39/1000","v":0.1},null,100,null,null,null,null,null,null,null,null,0.29999999999999993,0.17824659835723833,0.29999999999999993,4.8146697662420967E-2,0.29999999999999993,9.0843212440013144E-2,0.29999999999999993,8.6096773398321558E-2,0.29999999999999993,8.5195702810864971E-2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.34999999999999992,0.19016095409254308,0.34999999999999992,4.125409543986791E-2,0.34999999999999992,8.9268231877463133E-2,0.34999999999999992,8.3698978671957969E-2,0.34999999999999992,8.2688350041897563E-2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.39999999999999991,0.20180851949205092,0.39999999999999991,3.4745821933106935E-2,0.39999999999999991,8.7686118137257907E-2,0.39999999999999991,8.1284341074398636E-2,0.39999999999999991,8.0167931920973823E-2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.4499999999999999,0.21320552713505569,0.4499999999999999,2.8588485749241555E-2,0.4499999999999999,8.6096773398321558E-2,0.4499999999999999,7.8852500883479726E-2,0.4499999999999999,7.7634267375904287E-2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.49999999999999989,0.22436663095001208,0.49999999999999989,2.2752603201946497E-2,0.49999999999999989,8.4500097606996283E-2,0.49999999999999989,7.640308555959785E-2,0.49999999999999989,7.5087171393481755E-2]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Frozen values based on original base values:"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.5,-0.12908568456263159,-0.5,0.27599448377349201,-0.5,0.11447451495264982,-0.5,0.12153526558492045,-0.5,0.12367039661314849]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.45,-8.8635647988966282E-2,-0.45,0.24791525703447448,-0.45,0.11304771923067558,-0.45,0.11942966116303921,-0.45,0.1213503145014605]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.4,-5.3336170064130384E-2,-0.4,0.22343082827394989,-0.4,0.11161592389205088,-0.4,0.1173133119638623,-0.4,0.11901960459469829]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.35000000000000003,-2.1680274388806819E-2,-0.35000000000000003,0.20184469809837324,-0.35000000000000003,0.11017907672450478,-0.35000000000000003,0.11518605402964277,-0.35000000000000003,0.1166781364433076]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.30000000000000004,2.1721068332918314E-3,-0.30000000000000004,0.18263562368806352,-0.30000000000000004,0.1087371246036779,-0.30000000000000004,0.11304771923067536,-0.30000000000000004,0.11432577698441992]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.25000000000000006,2.0424506078222437E-2,-0.25000000000000006,0.16540469048388418,-0.25000000000000006,0.10729001347090317,-0.25000000000000006,0.11089813508553137,-0.25000000000000006,0.1119623905503393]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.20000000000000007,3.7770056289394338E-2,-0.20000000000000007,0.14984070167779739,-0.20000000000000007,0.10583768831028206,-0.20000000000000007,0.10873712460367768,-0.20000000000000007,0.1095878387725715]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.15000000000000008,5.4328134763326874E-2,-0.15000000000000008,0.13569683374416175,-0.15000000000000008,0.10438009312502916,-0.15000000000000008,0.10656450612060087,-0.15000000000000008,0.10720198050983387]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.10000000000000007,7.0194272951393799E-2,-0.10000000000000007,0.12277446479084597,-0.10000000000000007,0.10291717091305741,-0.10000000000000007,0.10438009312502916,-0.10000000000000007,0.1048046717734652]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-5.0000000000000072E-2,8.5446283951737589E-2,-5.0000000000000072E-2,0.11091170785328774,-5.0000000000000072E-2,0.10144886364024019,-5.0000000000000072E-2,0.10218369407782846,-5.0000000000000072E-2,0.10239576565017727]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-6.9388939039072284E-17,9.9975112222097762E-2,-6.9388939039072284E-17,9.9975112222097984E-2,-6.9388939039072284E-17,9.9975112222097984E-2,-6.9388939039072284E-17,9.9975112222097984E-2,-6.9388939039072284E-17,9.9975112222097984E-2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,4.9999999999999933E-2,0.11395838341957032,4.9999999999999933E-2,8.9853547511310694E-2,4.9999999999999933E-2,9.8495856483344024E-2,4.9999999999999933E-2,9.7754145383979196E-2,4.9999999999999933E-2,9.7542558484031705E-2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,9.9999999999999936E-2,0.12752599954902299,9.9999999999999936E-2,8.0408463590585066E-2,9.9999999999999936E-2,9.7011035136497892E-2,9.9999999999999936E-2,9.5520585763633203E-2,9.9999999999999936E-2,9.5097948257869769E-2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.14999999999999994,0.14071122942808212,0.14999999999999994,7.1538670428627826E-2,0.14999999999999994,9.5520585763633203E-2,0.14999999999999994,9.3192517249844675E-2,0.14999999999999994,9.2641122104046403E-2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.19999999999999996,0.15354316071866547,0.19999999999999996,6.324229954693994E-2,0.19999999999999996,9.3972154561690724E-2,0.19999999999999996,9.0843212440013144E-2,0.19999999999999996,9.0171917229884491E-2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.24999999999999994,0.16604739435264548,0.24999999999999994,5.5461619566923748E-2,0.24999999999999994,9.241115548187584E-2,0.24999999999999994,8.8478072716874134E-2,0.24999999999999994,8.7690167394629981E-2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.29999999999999993,0.17824659835723833,0.29999999999999993,4.8146697662420967E-2,0.29999999999999993,9.0843212440013144E-2,0.29999999999999993,8.6096773398321558E-2,0.29999999999999993,8.5195702810864971E-2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.34999999999999992,0.19016095409254308,0.34999999999999992,4.125409543986791E-2,0.34999999999999992,8.9268231877463133E-2,0.34999999999999992,8.3698978671957969E-2,0.34999999999999992,8.2688350041897563E-2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.39999999999999991,0.20180851949205092,0.39999999999999991,3.4745821933106935E-2,0.39999999999999991,8.7686118137257907E-2,0.39999999999999991,8.1284341074398636E-2,0.39999999999999991,8.0167931920973823E-2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.4499999999999999,0.21320552713505569,0.4499999999999999,2.8588485749241555E-2,0.4499999999999999,8.6096773398321558E-2,0.4499999999999999,7.8852500883479726E-2,0.4499999999999999,7.7634267375904287E-2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.49999999999999989,0.22436663095001208,0.49999999999999989,2.2752603201946497E-2,0.49999999999999989,8.4500097606996283E-2,0.49999999999999989,7.640308555959785E-2,0.49999999999999989,7.5087171393481755E-2]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Test Double IRR & Abandonment"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"2023-01-01",2025]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Capex","Revenue","Opex","Royalty","Tax","Net Cash Flow","Discount Factor","Discounted Cash Flow","Remaining NPV \n(Start Yr)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"DATE($M$2+X80,MONTH($L$2),DAY($L$2))","v":"2026-01-01"},1,-50,null,null,null,null,{"$f":"SUM(Y80:AC80)","v":-50},{"$f":"1/(1+$Z$97)^X80","v":0.90909090909090906},{"$f":"AD80*AE80","v":-45.454545454545453},{"$f":"SUM(AF80:AF$89)","v":-38.56932520766275}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"2027-01-01",2,-100,null,null,null,null,{"$f":"SUM(Y81:AC81)","v":-100},{"$f":"1/(1+$Z$97)^X81","v":0.82644628099173545},{"$f":"AD81*AE81","v":-82.644628099173545},{"$f":"SUM(AF81:AF$89)","v":6.8852202468827031}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"2028-01-01",3,-50,null,null,null,null,-50,0.75131480090157754,-37.565740045078876,{"$f":"SUM(AF82:AF$89)","v":89.529848346056241}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"2029-01-01",4,null,100,-10,-15,-11.450845665961943,63.549154334038057,0.68301345536507052,43.404927487219481,{"$f":"SUM(AF83:AF$89)","v":127.09558839113514}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"2030-01-01",5,null,90,-9,-13.5,-10.30576109936575,57.194238900634247,0.62092132305915493,35.5131224895432,{"$f":"SUM(AF84:AF$89)","v":83.690660903915642}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"2031-01-01",6,{"$f":"-AB96","v":0},80,-8,-12,-9.1606765327695552,50.839323467230443,0.56447393005377722,28.697472718822791,{"$f":"SUM(AF85:AF$89)","v":48.177538414372435}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"2032-01-01",7,null,{"$f":"70+AB$96*50%","v":70},-7,-10.5,-8.0155919661733606,44.484408033826639,0.51315811823070645,22.8275351172454,{"$f":"SUM(AF86:AF$89)","v":19.480065695549641}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"2033-01-01",8,null,{"$f":"60+AB$96*30%","v":60},-6,-9,-6.8705073995771668,38.129492600422836,0.46650738020973315,17.787689701749663,{"$f":"SUM(AF87:AF$89)","v":-3.3474694216957559}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"2034-01-01",9,null,{"$f":"50+AB$96*15%","v":50},-5,-7.5,-5.7254228329809713,31.774577167019029,0.42409761837248466,13.475522501325502,{"$f":"SUM(AF88:AF$89)","v":-21.135159123445419}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"2035-01-01",10,{"$f":"-Z96","v":-100},{"$f":"23+AB$96*5%","v":23},-5,-7.5,-0.27119450317124733,-89.771194503171245,0.38554328942953148,-34.610681624770919,{"$f":"SUM(AF89:AF$89)","v":-34.610681624770919}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(Y80:Y89)","v":-300},473,-50,-75,-51.799999999999983,-3.7999999999999829,{"$f":"\"NPV @ \"&ROUND(DiscRate*100,1)&\"% = \"","v":"NPV @ 10% = "},{"$f":"SUM(AF80:AF89)","v":-38.56932520766275}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(Y91:AB91)","v":48},null,null,null,{"$f":"-AC91/Y92","v":1.0791666666666664},null,"IRR = ",{"$f":"IRR(AD80:AD89,DiscRate)","v":-8.2918361775473626E-3}]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,100,null,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.1,0.15,{"$f":"NPV(AA97,$AD$80:$AD$89)","v":-49.188929447341216}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AA97-1%","v":0.13999999999999999},{"$f":"NPV(AA98,$AD$80:$AD$89)","v":-47.362190045104491}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AA98-1%","v":0.12999999999999998},-45.394184444224763]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.11999999999999998,-43.277631608624176]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.10999999999999999,-41.005151272095787]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,9.9999999999999992E-2,-38.569325207662764]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.09,-35.962774952233381]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.08,-33.17825940085212]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,7.0000000000000007E-2,-30.208796360096915]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,6.0000000000000005E-2,-27.047812960128528]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.05,-23.689330797242306]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AA107-1%","v":0.04},-20.128192847148188]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.03,-16.360340594482594]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1.9999999999999997E-2,-12.383151516019501]

{"sheet":"My Cash Flow","index":4,"n_rows":9,"n_cols":1,"rows_kept":9,"cut":false,"hidden":true,"merged":[]}
["Use this sheet to build and test your own cash flow model - can you replicate the one on the prior sheet ?"]
[]
["In the cash flow in the prior sheet, the Revenue and Costs are hard-wired"]
[]
["The royalty is calculated for years 1-9 at 15%, but for Year 10 at the same value as Year 9 (don't ask why !)"]
[]
["Tax is at 35% "]
[]
["Depreciation for tax and profit purposes is on a Unit-of-Revenue basis (Revenue standing in for production in this case)"]

{"sheet":"My Discounting","index":5,"n_rows":6,"n_cols":1,"rows_kept":6,"cut":false,"hidden":true,"merged":[]}
["Use this sheet to build and test your own discounting model"]
[]
["See if you can replicate the compound interest and discount tables in the Unit 2 sheet"]
[]
["Then, apply this logic to the cash flow you built in Unit 1, and add a column calculating the discounted cash flow (DCF) for each year at various discount rates"]
["   - Do this by using one cell to input your discount rate, and then referring to this cell in your DCF calculation"]

{"sheet":"My NPV","index":6,"n_rows":3,"n_cols":1,"rows_kept":3,"cut":false,"hidden":true,"merged":[]}
["Use this sheet to build and test your own net present value model"]
[]
["See if you can replicate the net present value calculations in the Unit 3 sheet"]

{"sheet":"My IRR","index":7,"n_rows":15,"n_cols":12,"rows_kept":15,"cut":false,"hidden":false,"merged":[]}
["Use this sheet to build and test your own net present value model"]
[]
["See if you can replicate the IRRcalculations in the Unit 4 sheet"]
[]
["Once you have built your own model (it can't be inserted in Ptotected Sheet 'Unit 4')"]
[null,"Put a further capital investment (such as an abandonment expense) in Year 10 (cell N15 in the model in Unit 4)"]
[null,"Now use the Discount Rate slider and you will see (as you would expect) the NPV (U17) to decrease with an increasse in the Discount Rate"]
[null,"Now look at the 'Remaining NPV' (that is, the NPV at the start of each year) - and how this behaves with an increasiung NOV"]
[null,"   Is this what you expect ?"]
[null,"   What is the explanation for this ?"]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,"u18"]
[null,null,null,null,null,null,null,null,null,null,null,"v15"]