The Asset
Wressle-1 · 4.5% overriding royalty · the cash the field actually generates
Production & royalty
Field output and the royalty cash it throws off · actual and projected to Dec 2027
Production — actual vs planned (bpd)
Field history from 2022 · planned overlay across the programme window
Actual bpd
Planned bpd
Royalty cash — received & projected ($)
4.5% royalty on gross field revenue · received to date, then projected at $65/bbl Brent
Royalty received
Royalty projected
Realized price vs benchmark ($/bbl)
Realized
WTI
Monthly differential — realized minus benchmark ($/bbl)
Cash flow — field to holders
How field revenue becomes royalty cash, and the slice that reaches token holders
The royalty dollar — from royalty cash to what holders claim
Cumulative to date · each brick floats from the running total; navy = royalty received, cyan = tokenised & claimed, grey = outflows retained or not yet claimed
Correlation vs markets
How the asset's royalty revenue moves against oil and equities
Correlation matrix (r)
Normalized trend — index = 100 at May 2025
Realized oil price, royalty revenue, and S&P 500 (SPY), rebased
Realized oil
Royalty revenue
S&P 500
Monthly reconciliation
Field production → royalty → fees → USDC received → token distributions · break forced to zero each month
| Month | Production (bbl) | Realized $/bbl | Gross revenue | Royalty due | USDC to Albion | R1 dist | R2 dist |
|---|
The Token Programme
The tokenised 10% slice of the royalty · what we sold, distributed, and what holders claimed
Returns per token
Cash paid and projected per token bought at the $1.00 initial sale · payback when distributions reach $1.00
Cumulative distributions per token — cents, vs the $1.00 initial-sale price
Solid = actual on-chain distributions · Dashed = projection at $65/bbl Brent · Reference line at 100¢ marks capital payback
R1 actual
R1 projected
R2 actual
R2 projected
Sensitivity & fair value
How conservative the $65 base case is · NAV-style marks at stated discount rates
| Brent $/bbl | Production | Lifetime royalty | R1 remaining ¢/token | R2 remaining ¢/token | R1 fwd IRR @ $1.00 | R2 fwd IRR @ $1.00 | R1 since launch | R2 since launch | R1 payback | R2 payback |
|---|
Fair value per token — PV of remaining distributions
| Discount rate | R1 fair value | R2 fair value |
|---|
What the mark is for
secondary pricing & the escrowed unclaimed balance
Distributions & claims
16 distributions across both tokens · claimed vs unclaimed by month
Distributed by month — claimed vs unclaimed
Grouped by token (R1 / R2); solid = claimed, 30% fill = unclaimed sitting in escrow
R1 claimed
R1 unclaimed
R2 claimed
R2 unclaimed
Monthly distributions — actual & projected ($)
Solid bars = distributed to date · 30% bars = projection · dashed divider at snapshot date
R1
R2
R1 proj.
R2 proj.
| Month | Token | Total $ | Claimed $ | Unclaimed $ | Claim rate | Recipients | Claimants | Median days | Note |
|---|
Claiming behaviour
How quickly and completely holders claim what they are owed
Claim rate by distribution
% of each distribution claimed, by token
Median days to claim
Speed of claiming per distribution
Cumulative value claimed ($)
Running total of claimed cash over time
Claim economics & compliance
Why claims go unclaimed · the 3-year limitation clock · concentration flags
Claim rate by entitlement size
% of recipient-distribution entitlements claimed, bucketed by $ size — tests the claim-economics hypothesis
By count
By value
Concentration flags
largest holders as a share of token supply
Claim rate over time, split by entitlement size
R1 small
R1 large
R2 small
R2 large
| Distributed | Token | Month | Unclaimed $ | Reverts to Issuer | Time left |
|---|
Holders & concentration
Holder growth over time · ownership concentration by token
Holders over time
Deduplicated total accounts for overlap across R1 and R2
R1
R2
Total (dedup)
Top holders
Largest wallets per token · links open on Basescan
Market evidence
Secondary activity on the OrderBook · transfer activity · price-implied returns
Completed token transfers by month
monthly transfer counts, split by sender type · volume in tooltip
Distribution-wallet outflows
Holder-to-holder
Forward IRR at a secondary price
| Price per token | R1 IRR | R1 multiple | R2 IRR | R2 multiple |
|---|
The Rails
Settlement and the distribution backlog, measured against the Token Terms
Settlement vs the Token Terms
5-business-day Vault deposit SLA · unit economics per run
Receipt → Vault settlement log
| Month | Token | Amount | Receipt (proxy) | Vault deposit | Lag (bus. days) | SLA |
|---|
Pending-distribution backlog
The 1/12 catch-up, finally sized · accrued entitlement vs distributed, and when it amortises
Backlog over time — accrued minus distributed ($)
Solid = history by entitlement month · dashed = projected decline at $65/bbl
R1
R2
Where the backlog stands