This model assesses the economics of a shale-EOR huff’n’puff project. NPVs and IRRs can be stress-tested as a function of oil prices, gas prices, production-profiles, EUR uplifts and capex costs. Our input assumptions are derived from technical papers. We think that economics are increasingly exciting, as the technology is de-risked. As more gas is stranded in key shale basins, base case IRRs rise from c15% well-level IRRs to c20%.