Investor Presentaiton
Contemplated business combination with DBO¹- Overview
Key takeaways
Key stats (net DBO)
Net production to DBO (kboepd)1
Papa Terra
Peroá
•
DBO is a private upstream oil and gas company focusing on mature
offshore fields in Brazil
15% and 9.375%
interest in Peroá
•
DBO entered into a JV agreement with 3R Petroleum in 2021 -
creating 3R Offshore
and Papa Terra
•
DBO / 3R Petroleum holds 15% / 85% of the shares in 3R
Offshore
3R Offshore signed two SPAs in 2021
18.5 mmboe
4.1
4.0
3.8
3.7
3.6
0.9
3.5
0.9
0.9
0.9
Net 2P reserves
(YE'22)
0.9
2.8
0.9
·
•
Peroá Cluster (100% WI) - signed in Feb'21, closed in
Aug'22
•
Papa Terra Cluster (62.5% WI) - signed in July 2021, closed
in Dec'22
0.5
2.1
DBO will add an estimated 18.3 mmboe 2P reserves with net
NPV10 of USD 145 million to Maha¹
USD 145 million
NPV10 of 2P
(YE'22)
0.5
•
DBO's current shareholders shall receive 36,775,410 (number
may be adjusted in view of applicable taxes) shares issued by
Maha as payment - valued at USD ~33.7million at share price per
03 February 2023
.
1P reserves valued at USD 86 millions (P/NAV 0.39x) and 2P
reserves valued at USD 145 million (P/NAV 0.23x) based on
public third-party reserve reports.
USD 161 million
Cumulative net cash
flow 2023-2030
1) Based on public reserve reports from DeGolyer and MacNaughton and Gaffney Cline and Institutional
Presentation, 3R Petroleum, August 2022. Value and cash flow 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 and are net of contingent payments
11
3.1
3.2
2.9
2.8
2.6
2.5
2.3
1.6
2023
2024
2025 2026
2027
2028
2029 2030
Ама
MAHA
ENERGYView entire presentation