Investor Presentaiton
Financing Led by a Strategic Investor
Acquisition expected to provide accretion for CEQ shareholders
Financing
Strategic
Investor
Use of
Proceeds
US$11.2 MM (C$15.3 MM)1 to complete MOPL acquisition and
provide working capital for development
Strategic investment of US$9.1 (C$12.5 MM) of the total
US$11.2MM financing, comprised of C$10 MM convertible loan and
C$2.5 MM equity
US$6.6 MM to execute infill development and workover program
US$4.6 MM to MOPL lenders in exchange for US$4.3 MM write-
down
Assumption of debt paydown
(US$ MM)
25.5
Cash paid at closing
Conversion to Common Shares
Conversion to Common Shares (2025)
Cash from operations
4.6
2.5
2.4
16.0
1.5
6.0
Provident Capital
Partners are
converting debt to
equity in 2025
6.0
Closing cash balance build-up²
(US$ MM)
Implied Share Price (C$/share)_
11.2
C
CRITERIUM
ENERGY
1.0
4.6
7.6
MOPL Cash
Debt Payment
Development Capital
CEQ Proceeds
Illustrative Valuation 2024³
(C$/share)
1.00
0.75
0.50
0.25
0.00
2.5
EV Multiple
(1.5x - 2.5x)
Purchase Cash to Conversion Closing
2023
2024E
2025E
2026E
1 Excludes the exercise of the over-allotment option
Price Lenders to Equity
Production
($25k - $35k)
2P NAV (0.8x - 1.2x)
2 On a pro-forma basis upon completion of equity financing and MOPL acquisition
3 Based on Analyst Report, which relies on forward looking information and calculated information in the Reserve Report.
Average
= C$0.68
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