Skip to content
The Financial Modeller
Build free
Oil and gas

Oil and gas explorer financial model, built free.

A three-statement Excel model for an oil and gas explorer, built from your own figures and checked to balance.

  • Free account
  • No card
  • Usually ready within the hour

We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Holds exploration permits and spends shareholder or farm-in partner capital on seismic and exploration wells to find and appraise resources, with no production; value rests on risked prospects and discovered resources.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued and tested

    Net asset value, with scenarios on the key drivers.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.

Annual · 10 years · Low detail
Oil and gas explorer sample model.xlsx
The Summary sheet of the sample oil and gas explorer model

Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.

How it works

How the model works for an oil and gas explorer.

  1. How it earns revenue1 formula
    Revenue (top-down) · The business
    RevenueUnits soldAverage price
  2. What drives its costs3 formulas
    Direct costs (top-down) · The business
    Cost of salesRevenuefrom statementsGross margin
    Exploration programme and risked resources · The business
    Well costs capitalisedWell costsShare of well costs capitalised
    Exploration programme and risked resources · The business
    Exploration expensedExploration and appraisal spendWell costs capitalised
  3. How it is funded1 formula
    Equity raising
    Equity raisedDistributions reinvested under the DRPOther equity raised (net of costs)Equity from an offer, milestone funding, conversions and creditor shares
  4. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

12 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • Exchange rate (US dollar)Exchange rate by financial year
  • Revenue (top-down)Price × volume
  • Direct costs (top-down)Gross margin %
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • Equity raisingDistribution reinvestment plan
  • Net asset valueBook net asset value
  • Exploration programme and risked resourcesExpected monetary value of prospectsExploration and appraisal spend, farm-outs, and the risked value of prospects and discovered but undeveloped resources.
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Burn and runwayRunway to the forecast cash-out date
  • CPI forecastCPI glide path
Key numbers

The numbers it tracks.

  1. 01exploration spend
  2. 02wells and chance of success
  3. 03risked resources
  4. 04risked NAV per share
  5. 05cash runway
Used for

What it is used for.

Also used for
  • Scenarios and sensitivities
Related models

More in oil and gas.

Every energy and utilities model

Looking for an oil and gas explorer financial model template? Ours arrives built for your business, with your figures in it.

See a finished model, sheet by sheet

The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.