Vaca Muerta Strategic Investment
Process Overview
Vista on track to de-SPAC
1
August 2017
Riverstone and Management
Team formed Vista Oil & Gas,
an energy-focused SPAC, and
raised $700MM (1)
2 January 2018
Vista agreed to acquire a
portfolio of assets in
Argentina's most prolific
hydrocarbon basin from
Pampa and Pluspetrol
3 February 2018
Vista secured commitments
for up to $400MM to complete
the acquisitions and fund the
initial Vaca Muerta
development program
■ First LatAm-listed SPAC and
first-ever listed E&P company in
Mexico, having attracted high
quality investors through its IPO
■ Established to take advantage of
a distinct window of opportunity
to acquire and develop assets in
the Latin American oil and gas
sector and to become the leading
independent E&P company
■
◉
Unique initial platform with entry
enterprise value of ~$860MM
■ Attractive entry equity valuation at
$10.00/share, with an estimated
intrinsic value of $16.37/share(2)
Acquired assets provide Vista with
a solid base of reserves and
flowing production with strong
potential cash flow generation and
core Vaca Muerta acreage ready
for full scale development
■
■
Equity commitments of $100MM
successfully secured prior to
public announcement, with
closing of acquisitions expected
in April 2018
Additionally, Vista secured a
commitment from certain banks
to provide a backstop credit
facility of up to $300MM to cover
any potential equity shortfalls,
and increase the certainty of
closing
(1) $650MM through its Global Offering ($325MM through an IPO on the Mexican stock exchange and $325MM through a concurrent international offering) and $50MM through a forward purchase agreement
with a Riverstone-managed vehicle.
(2) Based on a pro forma PV-10 fully diluted value per share assuming Brent at strip for 2018 and 2019 as of 1/22/18 and $60/bbl flat in 2018 real terms from 2020 onwards, and realized gas price of
$4.6/mmbtu flat in real terms
Important Note: projections, estimates, targets and goals are forward-looking statements and not guarantees of future performance. See "Important Note Regarding Projections and Other Forward-Looking
Statements."
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