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Benefits

The SmartBid™ software is a comprehensive lease and bidding application. The easy-to-use ArcGIS map view provides all lease, well, platform, and bidding data in an easy to analyze format. Multiple graphical representations are provided that provides for a comprehensive basis for conducting competitive analysis by company or by area. SmartBid™ users have confirmed the application's ease of use, while still providing a powerful analytical tool for bid decision support.

The first state-of-the-art bidding model, the SmartBid™ software predicts the level of competition on focal blocks of interest and links historical bidding behavior and forward-looking decision analysis to save millions of dollars by reducing the likelihood of overbids on blocks of interest or “winner’s curse”. Winner’s curse is the tendency for a winning bid in an auction to be significantly higher than competitors’ bids, and often times higher than the actual value of the asset. SmartBid improves the quality of bid decisions by avoiding decisions made due to incomplete information, poor analysis or emotions. With the SmartBid™ software, bidders can estimate winning bids in about an hour and get continuous lease sale updates to further improve future bid-making processes. SmartZoft also provides updated econometric models and lease data based on the most recent bid activity in the Gulf of Mexico – ensuring the most relevant bid data is available to the user.

 

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