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but it goes on to say...Our base case valuation at Shaikan implies a recovery factor of 18% (from the pMean OIP of 13.7bnbbls), made up of 12% from FDP (250mb/d) production and 6% from moving to the 400mb/d plateau. This is lower than our previous long-term recovery factor of over 20% and the average of Genel’s CPR expectations for its reservoirs and the global fractured carbonate average (26%). As such, we also include optimistic cases where the plateau rates are up to 500mb/d and the implied recovery factor is closer to the global average. At this stage, we are reluctant to model any rates above this, although we fully acknowledge the recovery factors could be higher in the fullness of time.
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