Investor Presentaiton
Contemplated business combination with DBO¹ - Highlights
{ MAHA
MAHA +dbo energy
ENERGY
←
Binding term sheet signed
regarding business
combination with DBO
Energy, which holds 15% in
3R Offshore's shares'.
Consideration of 36,775,410
new shares in Maha - value
of USD ~33.7 million at share
price per 3rd February.
Increase Maha's net 2P
reserves with ~18.5 mmboe
and estimated to add ~2,000
boepd net production in
2023 with further upside
through ramp-up at Papa
Terra, Peroá and the potential
Malombe development²
The transaction reinforces the
construction of a diversified
portfolio balanced between
mature oil and gas onshore
and offshore assets
Acquired 1P and 2P reserves
have an estimated value
(NPV10) of USD 86 million
and USD 145 million (net of
future contingent payments)
based on public reserve
reports 2,3. Net cash flow² of
USD 16m in 2023
Attractive price metrics -
P/NAV of ~0.39x based on 1P
reserves, ~0.23x based on 2P
reserves, and EV/2P of USD
~3.0/boe.
1)
2)
3)
Number of shares may be adjusted in view of applicable taxes). The transaction is subject to confirmatory and
satisfactory due diligence, board approvals and, if applicable, regulatory approvals, as well as a general meeting
in Maha resolving to issue new shares, or to approve a resolution of the board of Maha to issue new shares
Based on public reserve reports from DeGolyer and MacNaughton and Gaffney Cline. Value estimates are based
on oil price of USD 71/bbl in 2023 and USD 66/bbl thereafter and a gas price of USD 5.0-5.5/mcf
Institutional Presentation, 3R Petroleum, August 2022
6
MAHA
ENERGYView entire presentation