Ann: Mereenie Update, page-3

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11	Column 12	Column 13	Column 14	Column 15	Column 16	Column 17	Column 18	Column 19	Column 20	Column 21	Column 22	Column 23	Column 24
0	TJ/day		90	90	90	90	160	160	160	160	160	160	160	160	160	160	160	160	160	160	160	160	160
1	profit/PJ		3	3	3	3	3	3	3	3	3	3	2	2	2	2	2	2	2	2	2	2	2
2	DR		8%
3		2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037
4	Year		1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20	21
5	TJ sales/day (100% to CTP)		12	12	54	54	89	89	89	89	89	89	89	89	89	89	89	89	89	89	89	89	89	PJ
6	PJ sales/yr		4.38	4.38	19.71	19.71	32.485	32.485	32.485	32.485	32.485	32.485	32.485	32.485	32.485	32.485	32.485	32.485	32.485	32.485	32.485	32.485	32.485	600.425
7	profit		13.14	13.14	59.13	59.13	97.455	97.455	97.455	97.455	97.455	97.455	64.97	64.97	64.97	64.97	64.97	64.97	64.97	64.97	64.97	64.97	64.97
8	debt increases		-26	-20	-20	-20	-20
9	debt	-90	-116	-122.86	-129.72	-90.59	-51.46
10	debt paydown		13.14	13.14	59.13	59.13	51.46
11
12	cashflow after debt payment						45.995	97.455	97.455	97.455	97.455	97.455	64.97	64.97	64.97	64.97	64.97	64.97	64.97	64.97	64.97	64.97	64.97
13	cashflow
14	interest		-5.8	-6.143	-6.486	-4.5295	-2.573
15
16	Cashflow		-5.8	-6.143	-6.486	-4.5295	43.422	97.455	97.455	97.455	97.455	97.455	64.97	64.97	64.97	64.97	64.97	64.97	64.97	64.97	64.97	64.97	64.97
17	cumulative cashflow		-5.8	-11.943	-18.429	-22.9585	20.4635	117.9185	215.3735	312.8285	410.2835	507.7385	572.7085	637.6785	702.6485	767.6185	832.5885	897.5585	962.5285	1027.499	1092.469	1157.439	1222.409
18
19	DF		1	0.925926	0.857339	0.793832	0.73503	0.680583	0.63017	0.58349	0.540269	0.500249	0.463193	0.428883	0.397114	0.367698	0.340461	0.315242	0.29189	0.270269	0.250249	0.231712	0.214548
20
21	PV		-5.8	-5.68796	-5.5607	-3.59566	31.91647	66.32624	61.41318	56.86406	52.6519	48.75176	30.09368	27.86452	25.80048	23.88933	22.11975	20.48125	18.96412	17.55937	16.25868	15.05433	13.9392
22	cumulative NPV		-5.8	-11.488	-17.0487	-20.6443	11.27214	77.59838	139.0116	195.8756	248.5275	297.2793	327.373	355.2375	381.038	404.9273	427.047	447.5283	466.4924	484.0518	500.3105	515.3648	529.304
23	NPV		529
24	IRR		90%		SP @ 100% NPV	0.66

NPV = 0.66