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Gold/Mining/Energy : International Rochester Energy Corp. (V. ROH)
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To: peter hogan who wrote (13)2/19/1997 3:14:00 PM
From: Zeev Hed   of 188
 
Peter, Raymond asked me to intervene here for a second and look at your post. Without going into the details of the assumptions and verification of the data, all I can say is that you have taken $15/barrel for valuation, while usually one should take 10 to 15$ of the value of the goodies in the ground, since it takes time to get these out and you discount to present time the cash flow from future returns, so you may be better off taking just about $3 to maybe $4 per barrel in the ground. I have not seen in your calculations the royalties paid the the Columbian Government, but that might be taken in by assuming only 25% of the goodies. I have no idea what the specifics of the deal are.

Hope it helps.

Zeev
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