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Tract 570 Essay

963 words - 4 pages

Bidd ding for Trac 570 r ct
After a lo delay following the blowout on BP's Deepw ong water Horizon drilling rig the United n g, d States go overnment ha again ope as ened an area in the Gulf o Mexico fo potential d of or deepwater o oil explorati and prod ion duction. Follo owing its customary sale procedure the gover es es, rnment will b be putting se everal areas up for lease but one are is of parti e, ea icular interes Tract 570 Tract 570 st, 0. comprise 15,000 acr that is ge es res enerally belie eved to hold substantial deposits of oil and gas. d Rights to explore for and extract oil and gas on Tract 570 will be auc o r o 0 ctioned in tw weeks, in the wo n usual “bo onus plus roy ...view middle of the document...

Your in-h house valuat tion team ha been work as king on this p project for th months and they hree estimate the value of Tract 570 at $94 million This estim reflects their projec f a n. mate ctions for productio volumes, costs of exp on ploration and developme royalties wholesale prices and a d ent, s, discount rate to take account of th fact that most of the c he m costs will be incurred up e p-front but n ny 3 revenues will flow in over as man as 20 or 30 years. Past expe erience within your com mpany with th sort of au his uction sugge that the e ests estimates of the valuation group can diverge subs n d stantially fro the true v om values, as rev vealed by properties that t have been developed Twenty-fiv estimates were recent studied an the estim d. ve tly nd mated value w was compared to the ultim value of the propert The follo d mate o ty. owing chart s shows the di istribution of estimated values, wh the data of historical errors have been 'scale adjusted' so that they ap d here l e o pply to projects with an ac ctual value of $94 millio In other w o on. words, for pr roperties act tually worth $94 million, the valuation team would have come up with est t n d e timates below $70 millio and above w on e
This note was written by Professor & Senior Associat Dean Robert G. Hansen, an Professors J Hall, Steph w S te t nd Joe hen Powell, and Rob Shumsk of the Tuck School of Business at Dartm ky...

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