2024 v2 Release Notes

New Features

Import Price and Cost Decks from Excel

GIF demonstration. Click image to expand or minimize.

Building on our transformative lookup story, Val Nav 2024 v2 introduces the ability to import price and cost decks directly from Excel, saving time managing cost lookups, stream price projections, and other fiscal data like taxes, royalty prices, and inflation!

Updates start with a direct-to-Excel export of your current data, so you can easily review and validate all assumptions in Excel first, ensuring accuracy and consistency with a look & feel you are familiar with. Once you are ready to import, Val Nav will validate the data to ensure its integrity, allowing you to make direct Excel edits to address any warnings.

Remember: All global project updates, including price and cost deck imports, should be made in a locked project with no other users in the system.

Advanced Insight Generation

GIF demonstration. Click image to expand or minimize.

Val Nav 2024 v2 advances its leading insight generation with improvements to both the technical comparison and the cross plot tabs:

  • Plot daily actuals in the technical comparison tab for a more detailed comparison of history and forecasts.
  • Build comparisons more intuitively in the Technical Comparison tab with:
    • Modes re-imagined as quick-add starting points rather than strictly enforced comparison views.
    • A UWI option to either pin the explicit entity or the "Current Entity" while honoring the other dimensions: Plan, Res Cat, and Archive.
  • Control which axes and regions in the Cross Plot tabs are normalized to accommodate comparison across datasets that already are or shouldn't be normalized.

Royalty Updates

We have also updated the new British Columbia royalty framework with the latest information from the provincial BC government, reflecting:

  • The new date to transition to the new framework: January 2027.
  • The Producing Hours incentive's dependency on well type.
  • The extension of the Deep Well Deductions life to September 2027 for existing wells.

Like our previous release, these framework inputs can be changed via a custom fiscal regime available on request. This regime, which does not need to be added to wells, was also simplified for more intuitive updates.

Check with our support team for more documentation on these updates and associated fixes.

Enersight Integration

We've enhanced the Enersight integration to improve reliability in the full cycle integration story and accommodate market-specific use cases like Canadian royalty handling across both tools:

  • Enabled the integration to send BC and Alberta royalty details including BC* and C* remaining balances and effective dates
  • Added filters to the opportunity table on the import back from Enersight for easier opportunity selection.
  • Amended the mapping approach between Enersight production sets and Val Nav for clearer and more reliable reserves category matching when importing.

Enhancements

  • Renamed the PCOS 2024 field, which acts as the stand-in for GPA calculations as we await details from the BC government, to GPA, removing mention of the outdated 2024 transition.
  • Removed plan-level headers from custom report template that filtered history results from wells without entries in those fields.
  • Simplified the custom BC Royalty Framework regime that allows users to update key inputs like the transition date, in anticipation for further changes to the framework and its timing. Note: This regime, which can be requested from support, does not need to be added to wells.
  • Renamed the Forecasts Data View to avoid internal conflict automating tests.

Fixed Defects

  • Fixed an issue where certain decline builds requiring iteration would not solve within the max iteration count by increasing the limit.
  • Fixed an issue where the left border of the Economics | General tab was cut off.
  • Fixed an issue where economic results for BC wells were not viewed as stale when spud date had been changed.
  • Fixed an issue where attempting to change units in the Cross Plot tab grids caused an exception.
  • Fixed an issue where fiscal regime variables incorrectly started calculation from the reference date instead of the economic calculation start date.
  • Fixed an issue where a particular well in a .vna import would not match to its equivalent UWI in Val Nav causing it to be duplicated.
  • Fixed an issue where entity locks were not release after performing a bulk operation from the data view.
  • Fixed an issue where unites of Op Costs in lookups were not remembered.
  • Fixed an issue where manual on-time could end prematurely end a partial month end date.
  • Fixed an issue where Volume-slope ratios would occasionally not be solved when the ratios and independent product are anchored.
  • Fixed an issue where the Set Start of Forecast would incorrectly unanchor some declines that progressed past their initial anhored segment.
  • Fixed an issue where date adjustment tools would keep unwanted hour-minute granularity added from tools like Excel. Now, these tools will only use day-level granularity. Note: Decline calculations are still instantaneous.
  • Fixed an issue where inline text values in Excel are not recognized in Val Nav's spreadsheet import.
  • Fixed an issue where selecting a deleted entity while on the Timeline tab would cause a crash.
  • Fixed an issue where list item colours could not be edited on the map.
  • Fixed an issue where lateral length would not recalculate with updated lat/long coordinates.