| --- |
| title: "House Oversight: Estate Documents (Nov 12) (HOUSE_OVERSIGHT_014878)" |
| source: "House Oversight: Estate Documents (Nov 12)" |
| sourceUrl: "https://www.justice.gov/epstein" |
| date: "2026-01-01" |
| category: "House Oversight" |
| eftaNumber: "HOUSE_OVERSIGHT_014878" |
| ocrPages: 1 |
| ocrChars: 2415 |
| ocrElapsed: 0.0 |
| parseTier: "external-legacy" |
| engine: "engine undisclosed (ep-nov-12.greg.technology mirror)" |
| externalSource: "greg-ep-nov-12" |
| externalLicense: "not granted" |
| externalCredit: "ep-nov-12.greg.technology" |
| externalUrl: "https://ep-nov-12.greg.technology" |
| --- |
| |
| • Snoek and with Liza deep previously likely moves recoverable resource closer |
| to the upper end of this range 2on boe before Liza #4 and Pacuma, providing |
| line of sight for at least a 4 FPSO development starting in 2019. |
| • After Liza 4, the Stena Carron drillship will move back to Payara to drill an |
| appraisal well which will also test a deeper prospect 'Pacuma tail'. Where pre- |
| drill prospect size is scaled at about 1bn boe. The next prospect (Turbot) will |
| then be spud south east of Payara. Note is that if Payara 2 is successful, this |
| would likely add another 'boat' with capacity of 150,000 boepd. |
| The graphics below characterize Hess view of Payara and Snoek. We assume the 1bn |
| boe Pacuma prospect is the light green area below Payara. |
| Exhibit 7: Initial characterization of Payara |
| Liza Water Depth: 5,500-5,700 ft |
| Drilling TD: 18,000-18,800 ft |
| Future |
| Prospect |
| Payara |
| Ranger |
| Exhibit 8: Updated characterization suggests a similar footprint to Liza |
| Liza Water Depth: 5,500-6,000 ft |
| Drilling TD: 18,000-18,800 ft |
| Payara. |
| Guyana |
| Liza |
| Liza |
| 2/2ST |
| Snoek |
| So Miles |
| GoM Green Canyon for scale |
| Source: Hess |
| Source: Hess |
| Again quoting ExxonMobil management: |
| Just as we progressed rapidly at Liza, we'll move quickly to develop Payara if the |
| delineation well is successful. |
| Recall that Hess management has suggested Payara will 'definitely be commercial'. |
| However at this early stage we assume no value for Payara in our assessed value of |
| Hess' not least as any attempt at precision is obviously premature. But with discussions |
| with management suggesting scenarios through appraisal where Payara is a lookalike to |
| Liza, we believe a 'plus three year' development scheme is a reasonable basis to frame |
| option value in a success case. |
| Under our $70 Brent base case, the theoretical NPV would be around $10/sh. This is on |
| top of the approximate $12-14/ share value we estimate is reasonable for Hess from |
| he existing Liza discovery. Note we continue to assume about 400,000 bpd gros |
| evelopment scenario-reviewed again below to reflect the latest project proposa |
| submitted to the Guyana Government which now targets first production in 2H19. |
| Note we assume negligible value for natural gas revenue in this latest iteration, thus the |
| range of $12-$14 for Liza mentioned above and $22-$24 for Liza / Payara. The table |
| below assumes gas valued at $1 / mmcfe. |
| 6 |
| Hess Corp. | 11 April 2017 |
| Barri America e |
| HOUSE_OVERSIGHT_014878 |
|
|
