SL. No.

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

All figures are in $ Millions

Assumptions:
TOTCO and COTCO as independent entity and is taking debt and paying them off as well, In case they
Whenever net loss occurs( in the event of net negative cash flows), Pvt. Sponsors loose money. And R
Price and Volume will vary as per the given projections in the case.
Operating Cost= 2.159978+3.844628*number of years in operation +1.951171*volume extracted(CH
Other uses of cash will remain the same.
DSRF should be of level 0.86*Debt service due in next period. (Sponsors will put in money if money ca
Royalty paid to CHAD govt.=7.32+0.91*Volume extracted (Column O(O21) in sheet royalty and d
Upstream and Pipeline tax is taken as per the projections given in the data.(%age of revenue)
ROE of three parties from TOTCO and COTCO is taken from their net earnings after paying of debt, in t
Earning of TOTCO and COTCO is purely related to the volume of OIL transported. (See TOTCO and COT
Transit Tax= 0.008+0.41*Volume of oil transported (Sheet cam. Transit tax n ppt tax)
In 1st year Equity invested by PVt. Spn. In pipelines is 0. From next year they invest in same proportio
NPV and IRR is calculated at 10% discounted rate.
Net change in DSRF if negative can be used by the project.
25 million payment from petronas and chevron is not included in calculation.

US $ million

Price
Financing

Total Debt &

Total Debt
Pvt. Sponsors
Cameroon
Equity
Equity
Chad Equity Equity
2000.00
24.00
9.00
13.00
315.00
361.00
2001.00
298.00
6.00
10.00
312.00
626.00
2002.00
611.00
9.00
15.00
467.00
1102.00
2003.00
559.00
8.00
14.00
283.00
864.00
2004.00
409.00
11.00
18.00
23.00
461.00
2005.00
305.00
4.00
0.00
0.00
309.00
2006.00
0.00
0.00
0.00
0.00
0.00
2007.00
0.00
0.00
0.00
0.00
0.00
2008.00
0.00
0.00
0.00
0.00
0.00
2009.00
0.00
0.00
0.00
0.00
0.00
2010.00
0.00
0.00
0.00
0.00
0.00
2011.00
0.00
0.00
0.00
0.00
0.00
2012.00
0.00
0.00
0.00
0.00
0.00
2013.00
0.00
0.00
0.00
0.00
0.00
2014.00
0.00
0.00
0.00
0.00
0.00
2015.00
0.00
0.00
0.00
0.00
0.00
2016.00
0.00
0.00
0.00
0.00
0.00
2017.00
0.00
0.00
0.00
0.00
0.00
2018.00
0.00
0.00
0.00
0.00
0.00
2019.00
0.00
0.00
0.00
0.00
0.00
2020.00
0.00
0.00
0.00
0.00
0.00
2021.00
0.00
0.00
0.00
0.00
0.00
2022.00
0.00
0.00
0.00
0.00
0.00
2023.00
0.00
0.00
0.00
0.00
0.00
2024.00
0.00
0.00
0.00
0.00
0.00
2025.00
0.00
0.00
0.00
0.00
0.00
2026.00
0.00
0.00
0.00
0.00
0.00
2027.00
0.00
0.00
0.00
0.00
0.00
Total
2206.00
47.00
70.00
1400.00
3723.00
Stated Total (2000-2032)
Year

0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
11.00
12.00
13.00
14.00
15.00
16.00
17.00
18.00
19.00
20.00
21.00
22.00
23.00
24.00
25.00
26.00
27.00

Average

12.00 Volume (mm

595.00
Project Cash Flow

Capital
Investment
304.00
736.00
1101.00
864.00
519.00
137.00
16.00
13.00
13.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
3722.00
3737.00

Volume (mm
Price per
Mod. Volume
bbl)
Barrel
0.00
0.00
0.00
0.00
42.00
81.00
81.00
81.00
81.00
79.00
65.00
51.00
39.00
32.00
28.00
25.00
23.00
20.00
19.00
17.00
15.00
14.00
13.00
12.00
11.00
10.00
9.00
7.00
855.00
883.00

0.00
0.00
0.00
0.00
29.2
56.4
56.4
56.4
56.4
55.0
45.2
35.5
27.1
22.3
19.5
17.4
16.0
13.9
13.2
11.8
10.4
9.7
9.0
8.4
7.7
7.0
6.3
4.9
595.00
614.49

0.00
0.00
0.00
0.00
14.29
14.64
14.78
14.94
15.05
15.20
15.28
15.57
15.59
15.88
16.07
16.20
15.87
16.55
16.11
16.53
16.93
16.79
17.08
17.33
17.45
18.10
17.33
18.00

16.15

Mod. Price
/bbl

10.62
10.88
10.98
11.10
11.18
11.30
11.35
11.57
11.59
11.80
11.94
12.04
11.79
12.30
11.97
12.28
12.58
12.48
12.69
12.88
12.97
13.45
12.88
13.38
0.00
0.00

Rev ($
Million)
0.00
0.00
0.00
0.00
600.00
1186.00
1197.00
1210.00
1219.00
1201.00
993.00
794.00
608.00
508.00
450.00
405.00
365.00
331.00
306.00
281.00
254.00
235.00
222.00
208.00
192.00
181.00
156.00
126.00
13228.00
13721.00

Mod. Rev($
M)
0.00
0.00
0.00
0.00
310.37
613.24
619.10
625.81
630.41
620.98
513.62
410.64
314.42
262.79
232.69
209.44
188.76
171.17
158.29
145.32
131.33
121.56
114.82
107.54
99.26
93.60
80.66
65.16
6840.99
0.00

Project Cash Flow

Op Costs
0.00
0.00
0.00
0.00
100.00
184.00
174.00
175.00
182.00
181.00
166.00
151.00
137.00
131.00
125.00
122.00
120.00
119.00
150.00
115.00
113.00
111.00
109.00
109.00
106.00
106.00
101.00
95.00
3182.00
3183.00

MOD. Op
costs

Other Uses

0.00
0.00
0.00
0.00
74.57
131.37
135.21
139.06
142.90
144.03
128.87
113.70
101.25
95.59
94.00
93.78
94.90
94.68
97.16
98.29
99.42
101.91
104.39
106.88
109.37
111.85
114.34
115.47
2642.99
#VALUE! n/a

0.00
0.00
0.00
0.00
67.00
108.00
16.00
33.00
13.00
1.00
1.00
1.00
1.00
1.00
1.00
2.00
1.00
0.00
2.00
2.00
2.00
2.00
2.00
1.00
2.00
1.00
1.00
2.00
263.00

Op cash Flow
0.00
0.00
0.00
0.00
433.00
894.00
1007.00
1002.00
1024.00
1019.00
826.00
642.00
470.00
376.00
324.00
281.00
244.00
212.00
154.00
164.00
139.00
122.00
111.00
98.00
84.00
74.00
54.00
29.00
9783.00
#VALUE!

Mod. Opr.
Cash
0.00
0.00
0.00
0.00
168.81
373.87
467.89
453.75
474.51
475.95
383.75
295.94
212.17
166.20
137.69
113.66
92.86
76.50
59.13
45.03
29.91
17.65
8.43
-0.34
-12.10
-19.25
-34.68
-52.31
3935.01
#VALUE!

Total Debt
Service
0.00
0.00
0.00
0.00
205.00
348.00
337.00
249.00
191.00
148.00
106.00
83.00
66.00
57.00
46.00
37.00
29.00
8.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1910.00
1909.00

DSCR
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.46
0.70
1.00
1.35
1.92
2.48
2.71
2.62
2.27
1.98
1.50
1.38
1.15
3.22
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

DSRF
FCF

0.00
0.00
0.00
0.00
228.00
546.00
670.00
753.00
833.00
871.00
720.00
559.00
404.00
319.00
278.00
244.00
215.00
204.00
154.00
164.00
139.00
122.00
111.00
98.00
84.00
74.00
54.00
29.00
7873.00
#VALUE!

Mod. FCF

0.00
0.00
0.00
0.00
-159.66
35.37
206.87
254.83
320.64
364.21
297.61
227.62
153.94
118.69
99.46
83.57
81.99
75.40
59.13
45.03
29.91
17.65
8.43
-0.34
-12.10
-19.25
-34.68
-52.31
2025.01
#VALUE!

Opening Bal. Closing Bal.

0.00
0.00
0.00
0.00
177.00
300.47
290.97
214.99
164.91
127.79
91.52
71.66
56.99
49.21
39.72
31.95
25.04
6.91
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1649.12
1648.26

0.00
0.00
0.00
177.00
300.47
290.97
214.99
164.91
127.79
91.52
71.66
56.99
49.21
39.72
31.95
25.04
6.91
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1649.12
1648.26
0.00

Chng in total
cash flow

0.00
0.00
0.00
0.00
123.47
-9.50
-75.98
-50.08
-37.13
-36.26
-19.86
-14.68
-7.77
-9.50
-7.77
-6.91
-18.13
-6.91
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

US $ million

Chad
FCF to
distribute

Year

Royalty as
%age of Rev.

Royalty
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27

2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
Total

0
0
0
0
-159.6613323
35.370033008
206.87264877
254.82765826
320.6394883
364.20938661
297.61219481
227.61953132
153.94333532
118.69437903
99.456962463
83.572002741
81.987179139
75.403878049
59.127918752
45.029195914
29.906544692
17.651058462
8.4311578932
-0.336906355
-12.10304221
-19.2524722
-34.68317069
-52.31
2025.0069434

0
0
0
0
22
55
70
81
89
96
78
59
41
32
39
39
36
35
28
29
26
24
22
20
18
17
14
11
981

0.00%
0.00%
0.00%
0.00%
3.67%
4.64%
5.85%
6.69%
7.30%
7.99%
7.85%
7.43%
6.74%
6.30%
8.67%
9.63%
9.86%
10.57%
9.15%
10.32%
10.24%
10.21%
9.91%
9.62%
9.38%
9.39%
8.97%
8.73%

Royalty on
basis of
volume
(using this
Mod. Royalty now)
0
0
0
0
0
0
0
0
11.4 33.848778315
28.4 58.483813529
36.2 58.483813529
41.9 58.483813529
46.0 58.483813529
49.6 57.22047839
40.3 48.377132416
30.5 39.533786442
21.2 31.953775607
16.6 27.53210262
20.2 25.005432341
20.2 23.110429633
18.6 21.847094493
18.1 19.952091785
14.5 19.320424215
15.0 18.057089076
13.4 16.793753937
12.4 16.162086367
11.4 15.530418798
10.3 14.898751228
9.3 14.267083658
8.8 13.635416089
7.2 13.003748519
5.7 11.74041338
507.3

Upstream
Tax
0
0
0
0
0
0
0
0
0
0
0
0
0
0
25.043120045
25.345607389
25.168157317
22.916864897
16.509743548
12.904708585
8.3910449135
4.7744666331
2.2786913225
0
0
0
0
0
552

Chad Returns

% of net
profit(upstre
am)
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
25.18%
30.33%
30.70%
30.39%
27.92%
28.66%
28.06%
27.05%
27.03%
25.51%
26.19%
27.03%
29.63%
17.24%

Pipeline Tax
0
0
0
0
0
0.9069239233
2.4701211793
1.6920827242
0.769842709
9.1993186056
10.747107035
8.9581926461
7.2399093344
6.3254057792
3.21982972
1.3700328318
1.5253428677
0.7392537064
0.7678950487
0.5491365355
0.2151549978
0.1446808071
0.0759563774
0
0
0
0
0
167

% of net
profit(pipelin Share of
e)
ROE
0
0
0
0
0.0043859649
0.0256410256
0.0119402985
0.0066401062
0.0024009604
0.0252583238
0.0361111111
0.0393559928
0.047029703
0.0532915361
0.0323741007
0.0163934426
0.0186046512
0.0098039216
0.012987013
0.012195122
0.0071942446
0.0081967213
0.009009009
0.0102040816
0.0119047619
0.0135135135
0.0185185185
0.0344827586

%chad
0
0
0
0
8
11
10
10
10
8
6
6
5
5
1
0
0
0
0
0
0
0
0
0
0
0
0
0
80

corrected
Share of
ROE

Total

0.00%
0
0
0.00%
0
0
0.00%
0
0
0.00%
0
0
4.30%
0 33.848778315
4.04%
0 59.390737452
4.10%
0 60.953934708
4.18%
0 60.175896253
4.27%
0 59.253656238
3.98%
0 66.419796995
3.59% 1.8676191938 60.991858644
3.95% 3.0909400927 51.58291918
3.68%
0 39.193684941
4.03%
0 33.857508399
2.78%
0 53.268382106
0.00%
0 49.826069853
0.00%
0 48.540594678
0.00%
0 43.608210388
0.00%
0 36.598062812
0.00%
0 31.510934196
0.00%
0 25.399953848
0.00%
0 21.081233807
0.00%
0 17.885066497
0.00%
0 14.898751228
0.00%
0 14.267083658
0.00%
0 13.635416089
0.00%
0 13.003748519
0.00%
0 11.74041338
920.93269219

Cameroon Returns

Transit Tax
0
0
0
0
11.924299612
22.996863537
22.996863537
22.996863537
22.996863537
22.429039746
18.454273208
14.479506671
11.072563925
9.0851806565
7.9495330744
7.0977973879
6.5299735969
5.6782379103
5.3943260148
4.8265022238
4.2586784327
3.9747665372
3.6908546417
3.4069427462
3.1230308507
2.8391189552
2.5552070596
1.9873832686
349

%of net
profit
0.00%
0.00%
0.00%
0.00%
7.46%
6.04%
4.93%
4.38%
3.96%
3.67%
3.75%
3.76%
3.96%
4.08%
4.32%
4.10%
4.19%
3.92%
5.19%
4.27%
4.32%
4.92%
4.50%
5.10%
4.76%
5.41%
7.41%
10.34%

Pipeline Tax
0
0
0
0
0
0.0647802802
0
0
0
0.4181508457
4.5468529762
4.0719057482
3.0483828776
2.6045788503
1.0732765733
0.6850164159
0.3813357169
0.3696268532
0.3839475244
0.2745682678
0.2151549978
0
0
0
0
0
0
0
48

% of net
Share of
profit
ROE
0.00%
0.00%
0.00%
0.00%
0.00%
0.18%
0.00%
0.00%
0.00%
0.11%
1.53%
1.79%
1.98%
2.19%
1.08%
0.82%
0.47%
0.49%
0.65%
0.61%
0.72%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

%cam.
0
0
0
0
12
18
16
15
15
14
12
11
10
9
3
1
1
1
0
0
0
0
0
0
0
0
0
0
138

0.00%
0.00%
0.00%
0.00%
6.45%
6.62%
6.56%
6.28%
6.41%
6.97%
7.19%
7.24%
7.35%
7.26%
8.33%
14.29%
14.29%
11.11%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

CorrectedSh
are of ROE
0
0
0
0
0
0
0
0
0
0
1.6978356307
2.8099455388
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Private Sponsors Returns

Total
0
0
0
0
11.924299612
23.061643817
22.996863537
22.996863537
22.996863537
22.847190591
24.698961815
21.361357958
14.120946803
11.689759507
9.0228096478
7.7828138038
6.9113093138
6.0478647635
5.7782735392
5.1010704915
4.4738334305
3.9747665372
3.6908546417
3.4069427462
3.1230308507
2.8391189552
2.5552070596
1.9873832686
265.39002976

Upstream
Cash Flow

CorrectedSha
%age of rev. re of ROE
%spon
0.00
See yellow box
0.00
(at 2nd last column)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
15.11
25.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1850.00

Mod. Share
of ROE

Total(see last
box)
0
#VALUE!
#VALUE!
0
0.00
0.00
0.00
0.00
0.00
0.00
15.11
25.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0
5753

Royalty+taxe Distributable
s
fcf

0
0
0
0
45.77308
82.45238
83.9508
83.17276
82.25052
89.26699
82.12537
67.04339
53.31463
45.54727
62.29119
57.60888
55.4519
49.65608
42.37634
36.612
29.87379
25.056
21.57592
18.30569
17.39011
16.47454
15.55896
13.7278

0
0
0
0
-205.4344
-47.08235
122.9219
171.6549
238.389
274.9424
215.4868
160.5761
100.6287
73.14711
37.16577
25.96312
26.53528
25.7478
16.75158
8.417191
0.032757
-7.404942
-13.14476
-18.6426
-29.49316
-35.72701
-50.24213
-66.03848

total of
chad+ca
Total of
m+pvt
Upstream Pvt. Spon.
spn.
cash flow
Return
0
0
0
0
0
0
0
0
0
0
0
0
45.77
-251.21
-251.21
82.45
-129.53
-129.53
83.95
38.97
38.97
83.17
88.48
88.48
82.25
156.14
156.14
89.27
185.68
185.68
100.80
114.69
129.80
97.95
62.62
87.63
53.31
47.31
47.31
45.55
27.60
27.60
62.29
-25.13
-25.13
57.61
-31.65
-31.65
55.45
-28.92
-28.92
49.66
-23.91
-23.91
42.38
-25.62
-25.62
36.61
-28.19
-28.19
29.87
-29.84
-29.84
25.06
-32.46
-32.46
21.58
-34.72
-34.72
18.31
-36.95
-36.95
17.39
-46.88
-46.88
16.47
-52.20
-52.20
15.56
-65.80
-65.80
13.73
-79.77
-79.77

Volume
Price

595
Chad

2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027

0
0
0
0
53.728429592
107.09257736
103.57434437
100.820354
98.278311083
116.86828441
106.2714208
88.140379256
72.53844179
63.480699646
114.06153554
110.32465947
97.543861339
86.99844917
75.458523524
67.798097852
56.228052618
48.943596148
44.20453137
38.477530368
33.317698439
29.782805206
22.358762212
15.032516125

12
cam.
0
0
0
0
20.80239
40.86993
40.1189
40.1189
40.1189
43.28929
46.25344
39.02408
31.53583
27.37462
22.35725
20.44023
12.31864
11.11485
11.4351
10.24952
8.23892
6.934131
6.438835
5.94354
5.448245
4.95295
4.457655
3.467065

spon.
0
0
0
0
-120.10
114.14
298.55
357.00
431.32
433.31
319.07
238.27
151.63
111.50
-16.15
-34.02
-20.45
-12.94
-13.91
-17.96
-16.41
-17.75
-20.51
-21.24
-26.85
-29.14
-37.36
-47.87

Chad
0
0
0
0
54.37161
114.5219
107.067
102.7837
98.99345
124.279
115.0347
95.77621
79.52511
70.09746
145.3038
141.9581
126.5808
112.371
97.31237
88.3126
74.08389
64.94967
59.35607
51.95828
46.15943
42.33307
34.35605
19.1523

15.25
cam.
0
0
0
0
20.80239
41.40059
40.1189
40.1189
40.1189
43.62615
49.96096
42.49491
34.47758
30.09917
23.54367
21.25134
12.73345
11.5113
11.92074
10.66819
8.685316
6.934131
6.438835
5.94354
5.448245
4.95295
4.457655
3.467065

15.25
spon.
0
0
0
0
25.26132
387.9609
584.0736
648.7518
727.7518
711.2098
536.8071
410.0811
280.3331
216.9753
28.93154
0.044935
9.830252
16.3979
16.19512
8.838549
9.030407
7.668044
3.442575
2.610223
-5.632764
-10.01946
-23.24751
-25.32643

18.5
cam.

Chad
0
0
0
0

55.01479
121.9512
110.5597
104.7471
99.7086
131.6898
123.7979
103.412
86.51177
76.71423
176.5461
173.5916
155.6178
137.7436
119.1662
108.8271
91.93973
80.95574
74.50761
65.43903
59.00116
54.88334
46.35334
25.52188

0
0
0
0
20.80239
41.93126
40.1189
40.1189
40.1189
43.963
53.66849
45.96575
37.41933
32.82372
24.73009
22.06246
13.14827
11.90775
12.40639
11.08685
9.131712
6.934131
6.438835
5.94354
5.448245
4.95295
4.457655
3.467065

Price
spon.

12

Debt taken

Chad

0
0
0
0
170.6203
661.784
869.602
940.5055
1024.179
989.1129
754.5398
581.8874
409.0348
322.4543
74.01537
34.11174
40.11166
45.73495
46.30486
35.633
34.47498
33.08945
27.39179
26.46078
15.58401
9.104762
-9.133052
-7.279293

2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
NPV
IRR

-9
-6
-9
-8
42.728429592
103.09257736
103.57434437
100.820354
98.278311083
116.86828441
106.2714208
88.140379256
72.53844179
63.480699646
114.06153554
110.32465947
97.543861339
86.99844917
75.458523524
67.798097852
56.228052618
48.943596148
44.20453137
38.477530368
33.317698439
29.782805206
22.358762212
15.032516125
$488.79
80%

12
cam.

spon.

-13
-10
-15
-14
2.8023915914
40.869928931
40.118898069
40.118898069
40.118898069
43.289294521
46.253442387
39.024076591
31.535828116
27.374619221
22.357254526
20.440227815
12.318640983
11.114853541
11.435103317
10.24952385
8.2389203883
6.9341305305
6.4388354926
5.9435404547
5.4482454168
4.9529503789
4.457655341
3.4670652652
$124.31
35%

-24
-298
-611
-559
-529.0977063439
-190.8621617779
298.5451875475
356.9981273069
431.3246334869
433.3067652023
319.0743964077
238.2748253973
151.6313603689
111.4963373669
-16.1522988852
-34.0218678135
-20.4511556062
-12.9391519685
-13.9146237666
-17.9558975678
-16.4141660358
-17.7533614904
-20.5066359933
-21.2403303157
-26.8495364414
-29.1436776228
-37.3619675276
-47.8731539889
($656.99)
-8%

-9
-6
-9
-8
43.37161
110.5219
107.067
102.7837
98.99345
124.279
115.0347
95.77621
79.52511
70.09746
145.3038
141.9581
126.5808
112.371
97.31237
88.3126
74.08389
64.94967
59.35607
51.95828
46.15943
42.33307
34.35605
19.1523

15.25
cam.
-13
-10
-15
-14
2.802392
41.40059
40.1189
40.1189
40.1189
43.62615
49.96096
42.49491
34.47758
30.09917
23.54367
21.25134
12.73345
11.5113
11.92074
10.66819
8.685316
6.934131
6.438835
5.94354
5.448245
4.95295
4.457655
3.467065

$550.70
81%

$129.53
35%

Chad

spon.

Chad

-24
-298
-611
-559
-383.7386799
82.960916715
584.07357512
648.75181099
727.7517587
711.20984964
536.80708067
410.08112102
280.33306399
216.97533122
28.931536748
0.0449350355
9.8302518676
16.397897984
16.195116158
8.8385492402
9.0304069465
7.6680438356
3.4425752198
2.6102230098
-5.632763862
-10.01945777
-23.24750964
-25.32643244

-9
-6
-9
-8
44.014792658
117.95119403
110.55974834
104.7470523
99.70859878
131.68978225
123.79789074
103.41204998
86.511769612
76.71422655
176.54614984
173.59157905
155.61779348
137.74361666
119.16621051
108.82709453
91.939733997
80.955736188
74.507614946
65.439025432
59.001159982
54.883343762
46.353340618
25.521881768
$355.67
$612.76
14%
83%

18.5
cam.
-13
-10
-15
-14
2.8023915914
41.931258693
40.118898069
40.118898069
40.118898069
43.962998969
53.668487362
45.965745101
37.419334567
32.823718534
24.730087981
22.062456522
13.148268585
11.907746783
12.40638525
11.086850313
9.1317124228
6.9341305305
6.4388354926
5.9435404547
5.4482454168
4.9529503789
4.457655341
3.4670652652
$134.75
36%

18.5
spon.
-24
-298
-611
-559
-238.3796535
356.78399521
869.60196269
940.50549468
1024.1788839
989.11293407
754.53976492
581.88741664
409.03476762
322.45432507
74.015372382
34.111737885
40.111659341
45.734947936
46.304856083
35.632996048
34.474979929
33.089449162
27.391786433
26.460776335
15.584008718
9.104762081
-9.133051756
-7.279293459
$1,368.02
25%

Equity
Chad

Cam
-9
-6
-9
-8
-11
-4
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

-13
-10
-15
-14
-18
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Pvt spn.
-24
-298
-611
-559
-409
-305
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Volume
0.00
0.00
0.00
0.00
29.23
56.37
56.37
56.37
56.37
54.98
45.23
35.49
27.14
22.27
19.49
17.40
16.01
13.92
13.22
11.83
10.44
9.74
9.05
8.35
7.65
6.96
6.26
4.87
595.00

PAT
COTCO PAT TOTCO PAT
0
0
0
0
0
0
0
0
10
0
117.7508 6.060606
117.7508 6.060606
117.7508 6.060606
117.7508 6.060606
116.5208 6.060606
107.9112 6.060606
99.3016 6.060606
10
0
10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
824.7367 42.42424

Amount invested as Eq.

Chad
Cam
-9
-13
-6
-10
-9
-15
-8
-14
-11
-18
-4
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

invested as Eq.
Pvt spn.
0.00
-128.08
-176.50
-166.17
-205.88
-9.38
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

5.00%
COTCO
Volume
<20
20-30
30-79
80-100

Earnings
0
10
0.8837*vol + 67.968
160

Year
2000
2001
2002
2003
2004
2005
2006
2007
2008

PVT. SPN. Equity in

Chad
Cam.
14.55319 113.2857
9.702128 87.14286
14.55319 130.7143
12.93617
122
17.78723 156.8571
6.468085

TOTCO
VOL
0-30
30-80
80+

Earnings

Total in year
127.8389
96.84498
145.2675
134.9362
174.6444
6.468085

0
6.060606
20.5

YEAR

Year

MOD. PVT. SPN. Eq in

TOTCO
COTCO
2000
0
0
2001 12.61277 115.4643
2002 17.46383 159.0357
2003 15.84681 150.3214
2004 20.69787 185.1786
2005 9.378723

2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027

Total in yea
0
128.0771
176.4995
166.1682
205.8764
9.378723

NPV
IRR

FCFF
CALCULATING NPV and IRR
COTCO
TOTCO
-13
-9
-125.4643 -18.61277
-174.0357 -26.46383
-164.3214 -23.84681
-193.1786 -31.69787
117.7508 -7.318117
117.7508 6.060606
117.7508 6.060606
117.7508 6.060606
116.5208 6.060606
107.9112 6.060606
99.3016 6.060606
10
0
10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
($126.77) ($68.65)
4%
Err:523

nominal su 144.7367 -80.57576

YEAR
Year
2000
2001
2002
2003
2004
2005

DEBT/year taken by Total debt

TOTCO
COTCO
44.775
270.225
315
44.34857 267.6514
312
66.38071 400.6193
467
40.22643 242.7736
283
3.269286 19.73071
23
0
0

2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
NPV
IRR

FCFE
CALCULATING NPV and IRR
COTCO
TOTCO
257.23
35.78
142.19
25.74
226.58
39.92
78.45
16.38
-349.31
-57.57
-180.78
-56.78
-171.35
-41.84
-95.86
-29.33
-46.10
-21.09
-10.44
-14.98
16.98
-9.01
28.10
-5.74
-46.62
-9.38
-38.90
-8.10
-39.46
-6.54
-31.74
-5.26
-24.88
-4.12
-6.86
-1.14
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
68.65
-36.27
7.07%
17.56%

YEAR

Debt sevici
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027

0.00
0.00
0.00
0.00
205.00
348.00
337.00
249.00
191.00
148.00
106.00
83.00
66.00
57.00
46.00
37.00
29.00
8.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

TOTCO
COTCO
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
29.14
175.86
49.47
298.53
47.90
289.10
35.39
213.61
27.15
163.85
21.04
126.96
15.07
90.93
11.80
71.20
9.38
56.62
8.10
48.90
6.54
39.46
5.26
31.74
4.12
24.88
1.14
6.86
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Op cash Flow Revenue

Royalty
0
0
0
0
22
55

0
0
0
0
433
894

0
0
0
0
600
1186

70
81
89
96
78

1007
1002
1024
1019
826

1197
1210
1219
1201
993

59

642

794

41
32

470
376

608
508

39
39

324
281

450
405

36

244

365

35

212

331

28

154

306

29

164

281

26

139

254

24
22

122
111

235
222

20

98

208

18
17
14

84
74
54

192
181
156

11
981

29
9783
9857

126

Royalty as
Royalty as %age of
Upstream
%age
Rev.
Cash Flow %age of rev%
0
0.00%
0
#DIV/0!
0
0.00%
0
#DIV/0!
0
0.00%
0
#DIV/0!
0
0.00%
0
#DIV/0!
5.08%
3.67%
19
3.17%
6.15%
4.64%
141
11.89%
6.95%
5.85%
369
30.83%
8.08%
6.69%
448
37.02%
8.69%
7.30%
498
40.85%
9.42%
7.99%
543
45.21%
9.44%
7.85%
425
42.80%
9.19%
7.43%
304
38.29%
8.72%
6.74%
189
31.09%
8.51%
6.30%
132
25.98%
12.04%
8.67%
113
25.11%
13.88%
9.63%
112
27.65%
14.75%
9.86%
101
27.67%
16.51%
10.57%
95
28.70%
18.18%
9.15%
66
21.57%
17.68%
10.32%
72
25.62%
18.71%
10.24%
60
23.62%
19.67%
10.21%
52
22.13%
19.82%
9.91%
46
20.72%
20.41%
9.62%
40
19.23%
21.43%
9.38%
33
17.19%
22.97%
9.39%
25
13.81%
25.93%
8.97%
15
9.62%
37.93%
8.73%
5
3.97%
10.03%
#DIV/0!
#DIV/0!
0.00%
#DIV/0!
#DIV/0!

of opr. Rev
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
8.33%
25.82%
55.07%
59.50%
59.78%
62.34%
59.03%
54.38%
46.78%
41.38%
40.65%
45.90%
46.98%
46.57%
42.86%
43.90%
43.17%
42.62%
41.44%
40.82%
39.29%
33.78%
27.78%
17.24%
#DIV/0!
#DIV/0!

% of opr. Rev

cash avail to
distr

0
0
0
0
228
546
670
753
833
871
720
559
404
319
278
244
215
204
154
164
139
122
111
98
84
74
54
29

Chad ROE %chad

0
0
0
0
8
11
10
10
10
8
6
6
5
5
1
0
0
0
0
0
0
0
0
0
0
0
0
0

4.30%
4.04%
4.10%
4.18%
4.27%
3.98%
3.59%
3.95%
3.68%
4.03%
2.78%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

cam. ROE %cam.

0
0
0
0
12
18
16
15
15
14
12
11
10
9
3
1
1
1
0
0
0
0
0
0
0
0
0
0

6.45%
6.62%
6.56%
6.28%
6.41%
6.97%
7.19%
7.24%
7.35%
7.26%
8.33%
14.29%
14.29%
11.11%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

spon. ROE %spon

0
0
0
0
166
243
218
214
209
179
149
135
121
110
32
6
6
8
7
7
6
6
6
5
5
5
4
3

89.25%
89.34%
89.34%
89.54%
89.32%
89.05%
89.22%
88.82%
88.97%
88.71%
88.89%
85.71%
85.71%
88.89%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%

total
0
0
0
0
186
272
244
239
234
201
167
152
136
124
36
7
7
9
7
7
6
6
6
5
5
5
4
3

total_royal Upstream
royalty+ta ty+taxes Cash Flow
#REF!
0
#REF!
0
#REF!
0
#REF!
0
#REF!
#REF!
19
#REF!
#REF!
141
#REF!
#REF!
369
#REF!
#REF!
448
#REF!
#REF!
498
#REF!
#REF!
543
#REF!
#REF!
425
#REF!
#REF!
304
#REF!
#REF!
189
#REF!
#REF!
132
#REF!
#REF!
113
#REF!
#REF!
112
#REF!
#REF!
101
#REF!
#REF!
95
#REF!
#REF!
66
#REF!
#REF!
72
#REF!
#REF!
60
#REF!
#REF!
52
#REF!
#REF!
46
#REF!
#REF!
40
#REF!
#REF!
33
#REF!
#REF!
25
#REF!
#REF!
15
#REF!
#REF!
5

Difference

#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!

#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!

with year
no. and
vol.
0
0
0
0
99.487671
179.42797
183.2726
187.11722
190.96185
190.90414
167.43237
143.96061
124.39118
114.57761
110.61756
108.60867
108.55096
106.54208
108.43553
108.37782
108.32011
110.21356
112.10702
114.00048
115.89393
117.78739
119.68085
119.62314

200
180
160
140
120
100
80

200
180
160
140
120
100
80
60
40
20
0

10

Volume (mm
Op Costs
bbl)

Year no.

200
180
160
140
120
100
80

0
1
2
3
4
5

0
0
0
0
42
81

0
0
0
0
100
184

6
7
8
9
10

81
81
81
79
65

174
175
182
181
166

11

51

151

12
13

39
32

137
131

14
15

28
25

125
122

16

23

120

17

20

119

18

19

150

19

17

115

20

15

113

21
22

14
13

111
109

23

12

109

24
25
26

11
10
9

106
106
101

27

7
855
883

95
3182
3183

calc. trend line

0
0
0
0
131.4591
192.0674
192.0674
192.0674
192.0674
188.9593
167.2025 SUMMARY OUTPUT
145.4456
126.7969
Regression Statistics
115.9184 Multiple R
0.803911
109.7022 R Square
0.646273
105.04 Adjusted R Square 0.632669
101.9319 Standard Error
33.12705
97.26971 Observations
28
95.71565
92.60753 ANOVA
89.49941
df
SS
87.94534 Regression
1 52129.99
86.39128 Residual
26 28532.44
84.83722 Total
27 80662.43
83.28316
81.7291
Coefficients
Standard Error
80.17504 Intercept
66.18849 9.305837
77.06691 Volume (mm bbl) 1.554061
0.22548
1394.911
1438.425
66.18849 operating cost=66.19+1.55*vol

Chart Title

200
180
160
140
120
100
80
60
40
20
0

10

20

30

40

50

60

70

80

90

MS
F
Significance F
52129.99 47.50311 2.57E-007
1097.402

t Stat
P-value Lower 95% Upper 95%Lower 95.0%
Upper 95.0%
7.112577 1.49E-007 47.06006 85.31691 47.06006 85.31691
6.89225 2.57E-007 1.090581 2.017541 1.090581 2.017541

SUMMARY OUTPUT
Regression Statistics
Multiple R 0.968952
R Square
0.938867
Adjusted R 0.933977
Standard Er 14.04438
Observatio
28
ANOVA
df
Regression
Residual
Total

SS
MS
2 75731.31 37865.66
25 4931.117 197.2447
27 80662.43

F
Significance F
191.973 6.74E-016

Coefficients
Standard Error t Stat
P-value Lower 95% Upper 95%Lower 95.0%
Intercept
2.159978 7.058845 0.305996 0.762141 -12.37798 16.69794 -12.37798
Year no.
3.844628
0.35147
10.9387 5.09E-011 3.120761 4.568495 3.120761
Volume (mm1.951171 0.102254 19.08152 2.04E-016 1.740574 2.161768 1.740574

Upper 95.0%
16.69794
4.568495
2.161768

dollar pricevolume
12
595
15.25
917
18.5
1038
Price/bbl Volume
12
595
15.25
917
18.5
1038

Volume (mm
bbl)

Pipeline
Tax(CHAD)

SUMMARY OUTPUT

Royalty

0
0

0
0

0
0

0
0
1
14

0
0
42
81

0
0
22
55

8
5

81
81

70
81

2
22

81
79

89
96

26
22

65
51

78
59

19

39

41

17

32

32

28

39

25

39

4
2
2

23
20
19

36
35
28

2
1

17
15

29
26

1
1
1
1
1
1

14
13
12
11
10
9

24
22
20
18
17
14

11

0
0
0
0
45.44174
80.84166
80.84166
80.84166
80.84166
79.02628
66.31861
53.61095
42.71866
36.36483
32.73407
30.011
28.19562
25.47255
24.56486
22.74948
20.9341
20.02641
19.11872
18.21102
17.30333
16.39564
15.48795
13.67257

Regression Statistics
Multiple R
R Square
-23.44174 Adjusted R
-25.84166 Standard Er
-10.84166 Observatio
0.158339
8.158339 ANOVA
16.97372
11.68139 Regression
5.389051 Residual
-1.718665 Total
-4.364832
6.265929
Coefficients
8.989 Intercept
7.804381 Volume (mm
9.527452
3.435143
6.250523
5.065904
3.973594
2.881285
1.788975
0.696666
0.604356
-1.487954
-2.672573
1.21979

UMMARY OUTPUT

Regression Statistics
0.936879
0.877742
0.873039
9.76074
28

df

SS
MS
F
Significance F
1 17783.89 17783.89 186.6643 2.24E-013
26 2477.073 95.27204
27 20260.96

Coefficients
Standard Error t Stat
P-value Lower 95% Upper 95%Lower 95.0%
7.31874 2.741924 2.669199 0.012926 1.682635 12.95485 1.682635
0.90769 0.066437 13.66252 2.24E-013 0.771128 1.044253 0.771128

SUMMARY OUTPUT
Regression Statistics
Multiple R 0.619137
R Square
0.383331
Adjusted R 0.359613
Standard Er 6.38889
Observatio
28
ANOVA
df
Regression
Residual
Total

SS
MS
F
Significance F
1 659.6986 659.6986 16.16199 0.000444
26 1061.266 40.81791
27 1720.964

Coefficients
Standard Error t Stat
P-value Lower 95% Upper 95%
Intercept
0.625958 1.794725 0.348777 0.730066 -3.063153 4.315069
Volume (mm0.174822 0.043486 4.020198 0.000444 0.085436 0.264209

Upper 95.0%
12.95485
1.044253

Lower 95.0%
Upper 95.0%
-3.063153 4.315069
0.085436 0.264209

cameroon
Volume (mm
Transit Tax
bbl)

SUMMARY OUTPUT

Pipeline Tax

0
0
0
0
42
81

0
0
0
0
17
33

0
0
0
0
0
1

81
81

33
33

0
0

81
79
65
51

33
32
27
21

0
1
11
10

39

16

32
28
25

13
12
10

7
3
2

23
20
19
17
15
14
13
12
11
10
9
7

9
8
8
7
6
6
5
5
4
4
4
3

1
1
1
1
1
0
0
0
0
0
0
0

Regression Statistics
Multiple R
R Square
Adjusted R
Standard Er
Observatio
ANOVA
Regression
Residual
Total
Coefficients
Intercept
X Variable

UMMARY OUTPUT

Regression Statistics
0.999731
0.999463
0.999438
0.264788
24

df

SS
MS
F
Significance F
1 2868.416 2868.416 40911.65 1.82E-037
22 1.542474 0.070112
23 2869.958

Coefficients
Standard Error t Stat
P-value Lower 95% Upper 95%Lower 95.0%
0.007584 0.089915 0.084352 0.933539 -0.178887 0.194056 -0.178887
0.407974 0.002017 202.2663 1.82E-037 0.403791 0.412157 0.403791

Upper 95.0%
0.194056
0.412157

Volume
0
0
0
0
7
9
10
11
12
13
14
15
17
19
20
23
25
28
32
39
42
51
65
79
81
81
81
81

*****

****

Total earninVolume
COTCO
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10
10
10
30
90
100
120
110
120
140
180
160
150
150

TOTCO
0
0
0
0
7
9
10
11
12
13
14
15
17
19
20
23
25
28
32
39
42
51
65
79
81
81
81
81

from 20-79
SUMMARY OUTPUT
Regression Statistics
Multiple R 0.858668
R Square
0.737311
Adjusted R 0.704475
Standard Er 28.67432
Observatio
10
ANOVA
df

SS

MS

Significance F

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4.545455
0
18.18182
4.545455
0
9.090909
18.18182
18.18182
22.72727
22.72727

Regression
Residual
Total

1 18462.27 18462.27 22.45426 0.001467

8 6577.733 822.2166
9
25040

Coefficients
Standard Error t Stat
P-value Lower 95% Upper 95%
Intercept -20.24761 21.85883 -0.92629
0.38139 -70.65417 30.15895
X Variable 2.332862 0.492311 4.738593 0.001467
1.19759 3.468133

200

COTCO

180
160
140
120
100
80
60
40
20
0

10

20

30

40

50

60

70

80

90

Chart Title
25

20

15

10

10

20

30

40

50

60

70

80

90

Lower 95.0%
Upper 95.0%
-70.65417 30.15895
1.19759 3.468133

70

TOTCO
Volume
<20
20-30
30-79
80-100

80

Earnings
0
10
0.8837*vol + 67.968
160

90

COTCO
VOL
0-30
30-80
80+

80

90

Earnings
0
6.0606060606
20.5

Revenue of Totc
Share of ROE of

Spons.
Chad
Cam.

Holdings
Totco
Cotco
89%
85%
11%
5%
0%
10%

Year

chad from both

2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027

0
0
0
0
8
11
10
10
10
8
6
6
5
5
1
0
0
0
0
0
0
0
0
0
0
0
0
0

Revenue of Totco and Cotco from projected cash flows 4.4B

Share of ROE of

Total earnings of

cam. From COTCO

COTCO
0
0
0
0
12
18
16
15
15
14
12
11
10
9
3
1
1
1
0
0
0
0
0
0
0
0
0
0

0
0
0
0
120
180
160
150
150
140
120
110
100
90
30
10
10
10
0
0
0
0
0
0
0
0
0
0
1380

Total Cap.
NPV
IRR

1881
negative
negative

TOTCO
0
0
0
0
18.18182
18.18182
18.18182
22.72727
22.72727
9.090909
0
4.545455
0
4.545455
0
0
0
0
0
0
0
0
0
0
0
0
0
0
118.1818
322 NPV
IRR

Share of Parties con

CHAD
-9
-6
-9
-8
-3
7
10
10
10
8
6
6
5
5
1.5
0.5
0.5
0.5
0
0
0
0
0
0
0
0
0
0
82
$1.28
11%

Equity
share
%age
19.15%
12.77%
19.15%
17.02%
23.40%
8.51%
100.00%

Share of Parties concerned

CAM.
-13
-10
-15
-14
-6
18
16
15
15
14
12
11
10
9
3
1
1
1
0
0
0
0
0
0
0
0
0
0
138
$6.78
12%

76

610

Equity
Pvt. Spn.
share
Equity in
%age
Pvt. Spons. TOTCO
18.57%
0 14.55319
14.29%
0 9.702128
21.43%
0 14.55319
20.00%
0 12.93617
25.71% 118.1818 17.78723
100.00% 169.1818 6.468085
152.1818
76
147.7273
147.7273
127.0909
102
97.54545
85
80.54545
25.5
8.5
8.5
8.5
0
0
0
0
0
0
0
0
0
0
1278.182

Pvt. Spn.
Equity in
COTCO
113.2857
87.14286
130.7143
122
156.8571
610

DATA
127.8389
96.84498
145.2675
134.9362
174.6444
679.5319

24
298
611
559
409
305