| Report after-tax NPV at 5%Table 22-4, p.486 | C$1,127M |
| Re-created NPV at 5% | C$1,135M |
| Variance vs report | +0.7% |
Re-created NPV: the report's after-tax NPV recalculated in our model from the report's published inputs, using the report's own tax, working-capital and timing treatment. It shows how closely the published economics can be reproduced. It does not confirm that the report's calculations or assumptions are correct, and it is not our base case.
The model builds the tax deductions two ways. The default uses the depreciation schedule implied by the report, and with it the model matches the report's published annual tax. The alternative, which a subscriber can select, builds the Canadian exploration and development expense pools (CEE and CDE) from statute, so a subscriber can see how much of the value depends on the timing of tax deductions.
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