Ann: Chairman & CEO AGM Address, page-76

Lol. right. I promised @troyboy et al here no more analytics as most felt such analysis was only for blue chips like BHP and Woodside.

As @plough has pointed out the royalty has not been deducted from IRR noted by AKK.

A Bank would laugh you out of the foyer .... as if they care about what the company's forecasted IRR is. They care about net cash flow ... interest coverage ratio, half life of prodicing reserves and how the principal is going to be repaid.

Banks know that single well economics are most useful for the sell side brokerage analysts to push stock.

A while back I put up a post with a spreadsheet that had that data and more. Probably moderated.