Schema Changes
To avoid schema changes compared to the previous release of Value Navigator (2016.1.1), all new MRF inputs (see details below) are stored in entity level custom fields. This custom fields are tied to economic delta checking so that changes to values in the fields trigger an economic calculation.
Modernized Royalty Framework
Value Navigator 2016 v1.2 builds upon the Modernized Royalty Framework functionality released in Value Navigator 2016 and 2016 v1.1. Please see the release notes for previous versions; this list of changes is supplemental:
- Alberta Capital Cost Index (ACCI) has been referenced in the C* calculation
- We will factor the C* displayed on the Interests tab by the ACCI when economics are run in Value Navigator.
- In order to apply ACCI, the value must be present in the active price deck and any price decks used in scenario calculations (Price Deck Editor > Tax Rates > Canada > Alberta)
- For manual overrides of C* that include ACCI, make sure the value is removed from price decks to avoid double factoring during an economic run
- New well-level multi-leg properties for the C* calculation (Data View > Wells and General Economics > Well Info and Custom Fields). The full list is now comprised of:
- ACCI – Alberta Capital Cost Index (viewable in Price Deck only)
- TVDmax – The deepest True Vertical Depth
- TVDavg – The average True Vertical Depth for all legs
- TLL – Total Lateral Length
- TPP – Total Proppant Placed
- TMD – Total Measured Depth (i.e. combined total length for all legs)
- The C* formula has been changed to use a Y factor, which is a ratio of Total Measured Depth to TVDmax
- Y =1 if the ratio of TMD/TVDmax < 10
- Otherwise Y = the greater of 0.24 and [1.39-0.04*(TMD/TVDmax)]
- See: http://www.energy.alberta.ca/Org/pdfs/MRFCstar.pdf
- On upgrade to 2016 v1.2 well level values that were previously entered will be moved to the single leg fields:
- TMD in 2016 v1.1 is now Measured Depth in 2016 v1.2
- Lateral Length (TLL) in 2016 v1.1 is now Lateral Length in 2016 v1.2
- There are now three MRF re-entry incremental C* incentives:
- New legs
- Lengthening
- Re-fracturing
- These incremental C* values are valid on MRF and existing ARF wells. There are new fields on all Alberta ARF and MRF incentives for:
- Incremental C* – added to any remaining C* balance and applied to the production from all legs from the Re-entry date forward
- Re-Entry Date – Date from which the Incremental C* is applied
- To assist with calculating the Incremental C* we have added a calculator (Plug-ins menu > Incremental C* Calculator)
- The calculator will stay open as you browse between wells
- Known depth values on the well will load into the ‘Prior to re-entry’ fields
- Enter After re-entry inputs
- Optionally select a Re-Entry Date and apply the incremental values to the well
- On the Interests & Royalties tab, for Alberta wells, are all the C*-related well-level fields (proppant placed, acid volume, etc.) for quick review/edit
- All incentives now have a balance effective date, to allow for future economic calculation date changes
- Now using raw gas, not sales gas plus liquids, to determine the maturity threshold
- Production update from external sources (IHS, GeoLogic) have been modified:
- Continue to import Measured Depth and True Vertical Depth for the single well event
- Continue to calculate Lateral Length based on the surface and bottomhole lat/long for the single well event
- Added True Vertical Depth Average (TVDavg), and calculate the average depth of all well events tied to the current well’s License number
- Added True Vertical Depth Max (TVDmax), and calculate the deepest depth of all well events tied to the current well’s License number
- Total Lateral Length and Total Measured Depth are not calculated for all legs
Bug Fixes
Other
- Fixed an issue where XML upgrades would fail from 2016.1.0.73 to 2016.1.1.27