Chapter 1: Exploration Decisions
1.1: The Big Bets of the Industry
1.2: Valuation for Decision Making
1.3: Exploration Decision Model
1.4: Valuations are Subjective and Transitory 10
1.5: The Journey is Important
1.6: Conclusions
Chapter 2: Sources of Uncertainty
2.1: Introduction
2.2: Geological Uncertainty
2.3: Uncertainty in Exploration Value Chain
2.4: All Models are Wrong, some are Useful
2.5: Conclusions
Chapter 3: Uncertainty to Value
3.1: Introduction
3.2: Comparisons Across Time
3.3: Comparisons Across Different Levels of Uncertainty
3.4: Company's WACC and the Project Discount Rate
3.5: Making Valuation Models
3.6: Markets and Risk-Neutral Valuation
Chapter 4: Applications
4.1: Non-Linearities and Real Options
4.2: Uncertain Future Prices
4.3: Value of a Group of Prospects 4.4: Environmental Considerations
4.5: Useful Analyses and Common Pitfalls
