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Energy Advisor · Project Advisor

Review your project.

Search the full framework, follow the evidence, identify what is missing and separate technical facts from promotional claims before capital and reputation are committed.

Use the toolsTrack progress

Project workstreams

62 of 62 modules shown.

01
Foundation

Behind The Curtain

People, ownership, track record, conflicts, reputation and who is really responsible for the opportunity.

Independent professional review may be appropriate.
02
Foundation

Entity Map

Map every operator, issuer, owner, affiliate, SPV, manager and intercompany relationship.

Independent professional review may be appropriate.
04
Asset

Location / Target

Define geography, well or project identifiers, formation, target interval and physical scope.

05
Asset

Acreage / Title

Verify acreage, ownership, leases, title, burdens, assignments and contractual rights.

Independent professional review may be appropriate.
06
Asset

Lease Clock

Track expirations, HBP status, development obligations and deadlines that can destroy value.

Independent professional review may be appropriate.
07
Asset

Surface / Access

Confirm surface rights, access, easements, utilities, local restrictions and operational access.

Independent professional review may be appropriate.
08
Capital

Money Raise

Define amount, timing, uses of proceeds, investor commitments and future funding requirements.

Independent professional review may be appropriate.
Learn: Money Raise

Educational synthesis · reviewed

What it means

A raise connects a specific use of money to an instrument, a provider and a date. Capital can fund acreage, appraisal, development, acquisitions or a company. These are different funding questions. Private equity seeks a credible path from invested capital to distributions and realizable value, supported by management and evidence.

Cash and capital consequences

Fund the complete path to first collected sales: facilities, connection, working capital, contingency and later commitments as well as drilling. Separate operating, investing and financing cash. A debt draw supplies cash and creates an obligation; it is not operating profit. A fund's announced commitments are not money available to your project.

Evidence and inputs

Dated sources and uses in a named currency; current bids and scope; first-sales and collection schedule; milestones; binding commitments, conditions and draw availability; funding instrument and issuer; team execution evidence. Keep hoped-for funding separate from committed and drawable funding.

Hypothetical example

Suppose USD 3 million of development and connection spending is due before first collections. Only USD 2 million is committed and drawable in time. The USD 1 million gap remains unresolved even if another investor has expressed interest. This is a hypothetical funding timeline, not an offer or forecast.

Expected output

A milestone-by-milestone funding timeline showing available cash, required uses, shortfalls, dependencies and who owns each unresolved condition.

Downside and red flags

Delayed sales, unavailable debt draws, overruns and lease deadlines can consume cash before returns begin. Production growth alone does not show that new capital earns an acceptable return.

Next missing evidence

Obtain the missing commitment or a revised funded scope and schedule; verify the draw conditions and first-payment assumptions against original documents.

Qualified review boundaries

Finance/accounting review must reconcile cash needs; securities counsel must approve any deal-specific fundraising materials, offering route, audience and compensation. No universal private-equity hurdle or predicted funding approval is supplied.

Sources and versions

09
Capital

Capital Stack

Map equity, debt, preferred capital, carries, liens, guarantees and distribution restrictions.

Independent professional review may be appropriate.
Learn: Capital Stack

Educational synthesis · reviewed

What it means

The capital stack describes who supplies capital and who has repayment, security, control and distribution rights. Common equity, preferred equity, debt and working-interest partnerships have different negotiated economics. 'Preferred' does not guarantee payment or collateral.

Cash and capital consequences

Debt can reduce equity dilution but adds interest, maturity, covenants and default risk. Senior claims and distribution restrictions may prevent project cash from reaching common owners. Reserve-based borrowing availability can fall when prices and operating cash fall.

Evidence and inputs

Executed term sheets and agreements; issuer and obligor; amounts and currency; maturity and draw dates; liens, guarantees, covenants and borrowing-base provisions; preferences, carries, fees and payout changes. Trace each document's version and effective date.

Hypothetical example

Assume a cash-free/debt-free enterprise sale value of USD 10 million, USD 4 million debt repayment and USD 0.5 million seller expenses, with no other adjustments. USD 5.5 million remains before the shareholder waterfall. Unknown preference terms mean the common owner's proceeds remain unknown.

Expected output

A capital-priority and control map plus a proceeds bridge from defined enterprise consideration to equity and then the actual contractual recipients.

Downside and red flags

Redeterminations, refinancing failure, dilution or senior preferences can impair equity even when an asset has positive cash flow. Refinancing or a debt-funded distribution is financing, not proof of operating profit.

Next missing evidence

Resolve missing priority, cash/debt adjustments, retained liabilities and distribution restrictions from governing agreements; identify unavailable or conditional draws.

Qualified review boundaries

Counsel and qualified finance reviewers must interpret priority, enforceability and the waterfall. Do not apply an assumed standard waterfall or count a liability again if it is already included in price or cash flow.

Sources and versions

10
Economics

AFE

Build and benchmark the authorization for expenditure from location work through facilities.

11
Capital

Investor Economics

Model WI, NRI, fees, waterfall, payout, IRR, MOIC and downside investor outcomes.

Independent professional review may be appropriate.
Learn: Investor Economics

Educational synthesis · reviewed

What it means

Investor economics follow cash to a named beneficiary: a working-interest owner, company shareholder or fund limited partner. Project cash, company equity proceeds, fund LP returns and manager fees/carry are different levels.

Cash and capital consequences

Working interest (WI) allocates applicable costs; net revenue interest (NRI) allocates sales entitlement under the actual agreements. Fees, preferences, debt, tax and timing can separate a project's apparent return from an investor's net outcome.

Evidence and inputs

Contractual WI and NRI; gross/already-net labels; burdens and carries; dated contributions and distributions; fees, tax basis, leverage and residual-value definitions; governing waterfall and payout changes. NRI = WI × (1 − royalty burden) describes only the expressly assumed simple case.

Hypothetical example

Assume gross sales USD 1,000,000, contractual WI 50%, separately given NRI 40%, and gross allocable operating costs USD 200,000, with no carries or other costs. Owned sales are USD 400,000 and costs USD 100,000: USD 300,000 before capex, taxes and financing. Do not subtract royalties again from NRI sales.

Expected output

A traceable project-to-investor cash reconciliation identifying each recipient, deductions, dates, realized distributions and any separately stated unrealized value.

Downside and red flags

Applying ownership twice, deducting royalty twice, ignoring fees or treating asset IRR as net investor IRR overstates outcomes. An aggregated interest can include separate royalties; NRI above WI is not universally invalid.

Next missing evidence

Obtain the distribution terms and missing cash-flow dates; confirm which inputs are already net and reconcile all beneficiaries to the project total.

Qualified review boundaries

Independent accounting, tax and legal review is needed for project-specific returns and contractual allocations. The existing beta Returns Model uses equal periods and entered cash flows; it does not implement a waterfall or certify investor net returns.

Sources and versions

12
Capital

Deal Structure

Define the legal and economic vehicle, governance, voting, transfer, dilution and exit provisions.

Independent professional review may be appropriate.
14
Governance

Investor Eligibility

Document investor qualification, sophistication, risk capacity and offering eligibility.

Independent professional review may be appropriate.
15
Governance

Source of Funds

Verify funding identity, beneficial ownership, sanctions, wire controls and reconciliation.

Independent professional review may be appropriate.
16
Subsurface

Geology

Evaluate regional geology, stratigraphy, structure, depositional setting, charge, trap and seal.

17
Subsurface

Petrophysics

Evaluate logs, core, porosity, saturation, mineralogy, pay cutoffs and uncertainty.

18
Subsurface

Reservoir

Evaluate pressure, fluids, drive mechanism, recovery, drainage, spacing and reservoir behavior.

19
Subsurface

Reserves / Resources

Classify and validate reserves and resources, commerciality, maturity and independent estimates.

Independent professional review may be appropriate.
Learn: Reserves / Resources

Educational synthesis · reviewed

What it means

Reserves and resources describe different levels of discovery, commercial maturity and uncertainty under a stated framework. Technically recoverable, contingent or prospective resources do not automatically become commercial proved reserves. Preserve the evaluator's classification rather than relabeling it.

Cash and capital consequences

Development spending, entitlement, timing and commercial conditions determine whether volumes can become cash. A large resource estimate is not a borrowing base, market appraisal or funding commitment. PV-10's 10% discount rate is not an investor hurdle.

Evidence and inputs

Report framework/version and effective date; evaluator and scope; commodity units and gross/net entitlement; category (including PDP/PDNP/PUD where applicable); development plan, costs, pricing and commercial conditions; complete production/offset evidence, including low and failed cases.

Hypothetical example

A hypothetical report labels a discovery 2C contingent resources and identifies an unresolved sales route. Preserve 2C and that condition. Neither a positive illustrative PV-10 nor a planned pipeline authorizes calling the volumes proved reserves or claiming financing readiness.

Expected output

A qualified resource description and forecast cases with explicit categories, units, dates, entitlement and unresolved commercial conditions.

Downside and red flags

Selective offsets, outdated classifications, unsupported commerciality and gross/net confusion can inflate the capital case. Texas oil lease totals must not be treated as individual well totals.

Next missing evidence

Request the current evaluator report, original production data and evidence resolving the stated commercial conditions; reconcile classifications with the applicable reporting framework.

Qualified review boundaries

A qualified reserves evaluator must review classifications and assumptions. SPEE identifies PRMS 2018 corrected v1.03; older v1.01 is not the latest. Follow source licensing; these lessons paraphrase and do not reproduce proprietary diagrams. PV-10 is not market value or equity proceeds.

Sources and versions

20
Subsurface

Offset Wells

Analyze complete offset populations, production, completions, failures and normalized performance.

21
Subsurface

Type Curve

Build and back-test defensible production type curves with uncertainty ranges.

22
Drilling

Well Design

Design casing, cement, tubing, barriers, integrity and future intervention compatibility.

23
Drilling

Drilling Plan

Plan rig, hydraulics, mud, bits, casing points, ROP, NPT and contingency.

24
Drilling

BHA / Directional

Engineer BHA, MWD/LWD, trajectory, torque and drag, vibration, jar placement and fishability.

25
Drilling

Well Control

Validate pore and fracture pressure, barriers, BOP, kick tolerance, H2S and emergency readiness.

Independent professional review may be appropriate.
26
Completions

Completion Design

Design stages, clusters, perforations, fluids, proppant, diversion and offset protection.

27
Completions

Flowback

Plan drawdown, choke, cleanup, sand, gas capture, temporary facilities and handoff.

28
Operations

Production Plan

Forecast and manage production, surveillance, chemistry, downtime, maintenance and accounting.

29
Operations

Artificial Lift

Select, size and optimize lift systems over the life of the well.

30
Operations

Facilities

Design production, measurement, storage, compression, automation and capacity.

31
Operations

Water / SWD

Plan sourcing, recycling, produced water, disposal capacity, UIC and seismicity exposure.

Independent professional review may be appropriate.
32
Commercial

Midstream / Takeaway

Verify gathering, processing, capacity, fees, dedications, timing and contingency.

Independent professional review may be appropriate.
Learn: Midstream / Takeaway

Educational synthesis · reviewed

What it means

Takeaway is the practical and contractual route from produced volumes through gathering, processing and delivery to a paying buyer. Physical capacity and contractual access are separate questions.

Cash and capital consequences

Fees, quality limits, shrinkage, connection timing, dedications and curtailment change collected cash. Firm, interruptible and volume-dependent arrangements allocate risk differently; a contract label is not a guarantee that every forecast volume will be sold.

Evidence and inputs

Executed contracts and current amendments; delivery point and specifications; volume/energy units; capacity and in-service evidence; fees and minimum-volume commitments; term, dedication, payment timing, counterparties, contingency and funded connection scope.

Hypothetical example

Suppose a hypothetical well can flow in June, but funded gathering access begins in September. June production cannot be counted as June sales without a documented alternate route. Carry the delay, extra connection costs and cash gap into economics and stress cases.

Expected output

A source-linked volume-to-payment route map and net-revenue bridge, including capacity constraints, fees, start dates and contingency owners.

Downside and red flags

Unfunded connections, interruptible service, specification failures or a minimum-volume commitment can reduce cash even when the reservoir performs. Contract terms may survive an asset sale.

Next missing evidence

Confirm the actual available capacity and commissioning date; obtain missing fee/dedication terms and the buyer's acceptance and collection evidence.

Qualified review boundaries

Commercial counsel and qualified operations/engineering reviewers must check access, capacity and obligations. Treasury OCC upstream lending guidance and a public midstream filing do not supply this project's contract terms.

Sources and versions

33
Commercial

Marketing / Hedges

Evaluate purchasers, pricing, basis, differentials, hedging, collateral and counterparty risk.

Independent professional review may be appropriate.
Learn: Marketing / Hedges

Educational synthesis · reviewed

What it means

Marketing turns a measured product into an invoice and collected payment. A benchmark price differs from the realized price at the contract's delivery point. A hedge changes price exposure under its terms, not the well's physical performance.

Cash and capital consequences

Basis, quality differentials, transport/processing, payment delays and counterparty credit affect cash. Hedge collateral, premiums, settlement timing and volume mismatch can create funding needs; protected pricing does not guarantee profit.

Evidence and inputs

Purchaser and executed sales/hedge terms; commodity and currency per unit; price index, basis, deductions, delivery point, settlement/payment dates; volume, tenor, collateral and counterparty exposure. Identify charges already deducted elsewhere and keep oil barrels distinct from gas volume or energy units.

Hypothetical example

Assume a hypothetical USD 80/bbl benchmark, USD 5/bbl basis deduction and USD 3/bbl transport charge, each applied once. The USD 72/bbl net price is before other costs and taxes. It is not a current quote; do not subtract transport again if a supplied net price already includes it.

Expected output

A benchmark-to-collected-price bridge and an exposure schedule linking physical sales, hedge settlements and payment dates.

Downside and red flags

Basis widening, unpaid invoices, collateral calls and hedged volumes exceeding actual output can damage cash. A favorable benchmark or hedge headline cannot establish distributable cash.

Next missing evidence

Reconcile the latest purchaser statement and fee schedule; verify hedge volume, margin/collateral provisions and counterparty terms rather than assume them.

Qualified review boundaries

Qualified commercial, finance and counsel review is required for actual marketing or hedging decisions. This education recommends no transaction and provides no current price, hedge offer or return guarantee.

Sources and versions

34
Governance

Permits / Regulatory

Reconcile permits, orders, reporting, bonds, inspections, violations and jurisdictional requirements.

Independent professional review may be appropriate.
35
Governance

Environmental / Air

Evaluate air, methane, waste, spill, water, remediation, reclamation and environmental liability.

Independent professional review may be appropriate.
36
Execution

HSE

Evaluate safety systems, contractors, well control, H2S, pressure, lifting, fatigue and incident response.

Independent professional review may be appropriate.
37
Execution

Vendors / Supply Chain

Benchmark vendors, bids, capacity, lead times, credit, alternates and related-party exposure.

38
Execution

Operator Execution

Measure drilling, completion, production, cost, schedule, staffing and reporting performance.

39
Strategy

Development Plan

Build inventory, sequencing, cadence, capital needs, lease retention and full-development logic.

40
Liability

P&A / ARO

Quantify plugging, abandonment, restoration, legacy environmental and retirement obligations.

Independent professional review may be appropriate.
Learn: P&A / ARO

Educational synthesis · reviewed

What it means

Plugging and abandonment (P&A), restoration and asset retirement obligations (ARO) account for the end of the asset's life and retained environmental duties. An accounting liability, a regulatory bond and actual closure cash are different measures.

Cash and capital consequences

Closure consumes cash and can remain a seller's responsibility after a sale. Reserves, security or bonding may support performance but need not cover full cleanup. Include late-life costs once in economics and reconcile any transaction-price allowance.

Evidence and inputs

Asset/well IDs and jurisdiction; current orders and responsibility; plugging/restoration scope, condition and timing; current qualified estimates/quotes in currency; remediation, retained contracts, financial assurance and transfer provisions. Record estimate date and exclusions.

Hypothetical example

Assume hypothetical closure cash of USD 300,000 and a USD 50,000 bond. Do not equate the bond with the full cost. If USD 300,000 is already included in the life-cycle cash model, do not deduct the same liability again without a documented proceeds adjustment.

Expected output

A retirement-obligation register with scope, responsible party, timing, funding evidence, estimate range and a reconciliation to cash flow and sale assumptions.

Downside and red flags

Legacy contamination, underestimated work, contractor availability or failed transfer can erase late-life proceeds. An exit does not by itself release retained duties.

Next missing evidence

Obtain current closure quotes and regulator/contract evidence identifying which duties transfer and which remain; resolve excluded remediation and funding shortfalls.

Qualified review boundaries

Environmental, engineering, legal and accounting professionals must review project-specific scope, responsibility and ARO treatment. Verify current applicable jurisdictional rules; no cleanup certification is provided.

Sources and versions

41
Economics

Economics

Model production, pricing, ownership, costs, taxes, cash flow, payout, IRR, NPV and breakevens.

Learn: Economics

Educational synthesis · reviewed

What it means

Economics translate a physical and commercial plan into dated cash flows over the entire life. Revenue, EBITDA, operating cash, free cash and distributable cash answer different questions. Label project-level and investor-level models separately.

Cash and capital consequences

Acquisition and development spending, working capital, taxes, financing and closure can outweigh production receipts. Sale or refinancing proceeds are distinct from operating profit; unrealized value is distinct from realized cash.

Evidence and inputs

Volumes and prices with units, dates and source versions; contractual ownership and gross/net basis; operating/transport costs, capex, tax, working capital and closure; financing and sale assumptions; nominal/real, levered/unlevered, pre/post-tax and discount-period conventions.

Hypothetical example

Assume one USD 100 contribution and one USD 110 return, with no fees, tax or residual value. Realized multiple is 1.10x whether the return arrives after one year or five. Annualized return is 10% after one year and about 1.92% after five; dates change the interpretation.

Expected output

Reconciled life-cycle base/downside cash flows, sources and sensitivities; stated beneficiary and conventions; funding gaps, drivers and an explicit project-to-investor bridge where terms are known.

Downside and red flags

Unsupported exit multiples, perpetual growth, double-counted ownership, missing closure or mixed time intervals can make a plausible model misleading. Positive NPV is not funding approval; PV-10 is not market value.

Next missing evidence

Replace the highest-impact unsupported assumption with original production, contract, quote or tax-review evidence; identify missing dates and the actual distribution agreement.

Qualified review boundaries

Qualified engineering, finance, accounting and tax review is required. The four beta calculators remain simplified aids: Returns uses equal periods, includes time-zero cash in NPV and does not supply dated waterfalls, enterprise appraisal or investor suitability.

Sources and versions

42
Economics

Stress Test

Test commodity, EUR, AFE, LOE, delays, water, downtime, failures and combined downside cases.

Learn: Stress Test

Educational synthesis · reviewed

What it means

Stress testing asks what fails when several plausible risks occur together, including price, recoverable volume, cost, schedule, water, downtime and funding. It challenges a plan rather than predicting the future.

Cash and capital consequences

A delay can move receipts while costs and debt service continue. Lower prices may reduce both operating cash and borrowing availability. A project can look attractive in the base case yet lack enough cash to survive the downside.

Evidence and inputs

Source-linked base case; independently justified ranges with units and dates; correlated downside combinations; revised capital/operating/closure costs; liquidity, draw conditions, debt service and covenants. Identify assumptions instead of assigning unsupported probabilities.

Hypothetical example

In a hypothetical downside, first sales slip three months while product price falls and connection spending rises. Move collections, preserve costs actually still due, and test whether committed cash remains available. Changing only the annual average price would miss the timing gap.

Expected output

A scenario register showing cash shortfalls, binding constraints, key drivers, mitigation owner and proceed/revise/hold triggers agreed by the responsible reviewers.

Downside and red flags

One-variable sensitivities, favorable refinancing assumptions or averages can hide a critical liquidity failure. Do not assign a generic lender limit or universal PE return threshold.

Next missing evidence

Validate the most consequential scenario ranges, draw restrictions and recovery options; obtain the reviewer-approved combined case and missing schedule/cost evidence.

Qualified review boundaries

Technical, commercial and finance reviewers must justify scenario choices and response actions. No new stress calculator, probability engine, funding prediction or professional approval is introduced.

Sources and versions

43
Economics

Reality Check

Compare forecasts with actual offsets, actual costs, medians, failures and observed field performance.

44
Risk

Risk Map

Create an explicit technical, commercial, legal, environmental, financial and reputational risk register.

Independent professional review may be appropriate.
45
Governance

Taxes

Review entity, federal and state, IDC, depreciation, depletion, severance and investor tax assumptions.

Independent professional review may be appropriate.
46
Governance

Accounting / Controls

Establish JIB, revenue, AFE tracking, approvals, reconciliations, fraud controls and reporting.

Independent professional review may be appropriate.
47
Risk

Insurance

Verify control-of-well, pollution, liability, property, D&O, cyber and other coverage and exclusions.

Independent professional review may be appropriate.
48
Data

Data Integrity

Normalize identifiers, dates, formation, coordinates, production units, sources and audit trails.

49
Data

Cyber / Systems

Protect accounting, SCADA, investor, land and technical systems with access and incident controls.

Independent professional review may be appropriate.
50
Diligence

Documents

Assemble governing, land, regulatory, technical, commercial, financial and offering documents.

Independent professional review may be appropriate.
51
Diligence

Data Room

Organize controlled, versioned diligence materials with access, Q&A and missing-document tracking.

Independent professional review may be appropriate.
52
Diligence

References

Validate performance and conduct with investors, partners, vendors, professionals and counterparties.

53
Diligence

Red Flags

Track inconsistencies, unsupported claims, missing records, pressure tactics and unresolved concerns.

Independent professional review may be appropriate.
54
Diligence

Third-Party Review

Assign independent legal, engineering, geology, land, tax, environmental and economic review.

Independent professional review may be appropriate.
55
Capital

Investor Package

Create sourced, balanced investor materials that separate facts, forecasts, risks and assumptions.

Independent professional review may be appropriate.
Learn: Investor Package

Educational synthesis · reviewed

What it means

An investor package is a balanced, versioned explanation of the asset, rights, plan, capital uses and risks. It must separate observed facts, forecasts, assumptions and unresolved questions; presentation quality is not diligence.

Cash and capital consequences

A recipient needs to follow capital supplied today to the correct eventual net cash. Explain fees, financing, timing, dilution and closure rather than substituting production growth, fund size or an exit headline for returns.

Evidence and inputs

Source-linked claims and current document index; issuer/ownership and management; dated uses/sources; technical/commercial evidence; base/downside economics; capital stack and contractual waterfall; conflicts, missing evidence and independent review conclusions. Keep confidential evidence in an approved controlled system, not this local workspace.

Hypothetical example

A hypothetical case study says a sponsor sold an asset but the terms are undisclosed. Label it a transaction mechanism, keep proceeds and investor multiple unknown, and request relevant original evidence. Do not turn the headline into a claimed successful return.

Expected output

A balanced diligence dossier with claim-to-source traceability, version/effective dates, assumptions, risks, missing items, responsible reviewers and the permitted audience.

Downside and red flags

Selective results, resource-to-reserves relabeling, omitted fees or an invented exit multiple can mislead. A disclaimer or Form D filing is not securities approval.

Next missing evidence

Resolve the most material unsupported claim and obtain qualified review of the actual offering route, materials, eligibility process and distribution audience before promotion.

Qualified review boundaries

General education is not deal-specific solicitation. Public offering promotion requires counsel-approved materials and audience for the applicable offering/jurisdiction; counsel must also review introduction activity and transaction-based compensation. This lesson authorizes no fundraising publication.

Sources and versions

56
Capital

Investor Fit

Evaluate investor eligibility, sophistication, liquidity, concentration and understanding of risks.

Independent professional review may be appropriate.
57
Governance

My Role

Define advisor, introducer, consultant, investor, communications, authority and compensation boundaries.

Independent professional review may be appropriate.
58
Governance

Communications / Claims

Control website, email, pitch, social, projection, reserve and performance claims consistently.

Independent professional review may be appropriate.
59
Governance

Investment Committee

Run formal multidisciplinary approval with conditions precedent and documented open issues.

Independent professional review may be appropriate.
Learn: Investment Committee

Educational synthesis · reviewed

What it means

An investment committee records who has authority to decide, which independent reviews support that decision and which conditions remain. Technical feasibility, commercial rights, economics, financing fit and investor net outcome are separate questions.

Cash and capital consequences

A strong technical case can still lack a buyer, drawable capital or acceptable contractual protections. Approval conditions must connect to actual cash, ownership and execution before capital is released.

Evidence and inputs

Versioned review pack; accountable decision authority; independent engineering, land, legal, finance, tax and environmental findings; cash/ownership reconciliation; conditions precedent, conflicts and unresolved critical risks.

Hypothetical example

A hypothetical committee supports the development plan subject to title review and gathering access. Record a conditional decision with named owners and evidence due. Do not mark those missing conditions satisfied because the checklist is otherwise complete.

Expected output

A dated decision record: proceed, revise, hold or reject; reasons, dissent/conflicts, explicit conditions, responsible reviewers and evidence required before the next release of capital.

Downside and red flags

Average scores, urgency or a high forecast IRR can hide a material blocker. A committee record is neither a funding commitment nor legal/technical certification.

Next missing evidence

Obtain the original evidence closing each critical condition and the authorized reviewer's sign-off; preserve unresolved issues rather than replacing them with a readiness percentage.

Qualified review boundaries

Only the actual authorized decision-makers and qualified professionals can approve their scope. Self-reported progress and these lessons do not replace that authority or grant the user investment approval.

Sources and versions

60
Capital

Closing / Funding

Complete subscriptions, cap tables, ownership, funding, commitments, insurance and closing controls.

Independent professional review may be appropriate.
61
Operations

Post-Close Controls

Track drilling, cost, completion, production, cash, compliance, reserves and investor reporting.

62
Decision

Go / No Go

Make the final evidence-based decision on whether the opportunity deserves capital and reputation.

Independent professional review may be appropriate.
Learn: Go / No Go

Educational synthesis · reviewed

What it means

Go / No Go makes the current decision explicit: proceed, revise, hold or reject based on evidence, authority and the unresolved risks. It is a review outcome with conditions, not an automated investment recommendation.

Cash and capital consequences

Identify the precise capital at risk, timing, net beneficiary and survivable downside. A technically possible project may fail commercial, financing or investor-outcome requirements. Walking away or revising scope can preserve cash and reputation.

Evidence and inputs

Current versions of technical, title, commercial, economics, funding and closure evidence; independent reviewer conclusions; permitted communication/audience; actual commitments, closing documents and ownership reconciliation; unresolved conditions and decision authority.

Hypothetical example

A hypothetical project has a positive modeled NPV but no executed delivery agreement and a conditional debt draw. Record Hold with the missing documents and responsible owners. Do not call it financeable or predict that a named firm will approve it.

Expected output

A decision memo linking each conclusion to evidence, remaining conditions, mitigation owners and the next review point; separate approved scope from later proposed spending.

Downside and red flags

A completed checklist, optimistic sale, unsupported reserves or a fund's size cannot cure missing rights or cash. Private investments can be illiquid and can lose all invested capital.

Next missing evidence

Close the specific critical gap or document why the scope should change or stop. Re-open the decision when a material source, contract, forecast or circumstance changes.

Qualified review boundaries

Qualified independent professionals and the existing authorized decision-makers retain approval authority. No certification, universal hurdle, suitability conclusion, guaranteed return or funding commitment follows from this educational framework.

Sources and versions