Central Petroleum Limited · ASX:CTP
Central Petroleum — Merger or Acquisition (May 2021)
13 slides from Central Petroleum's merger presentation, May 25, 2021
Slide 1: Sale of 50% interest in Amadeus Producing Assets
Sale of 50% interest in Amadeus Producing Assets 25 May 2021 Central Petroleum Limited (ASX:CTP)
Slide 2: Transaction overview
Transaction overview Transaction highlights Map of Sale Assets ▪ 50% of Central’s interests in its Amadeus Basin producing assets : Mereenie, Palm Valley and Dingo Sale Assets (together, the “Sale Assets” or “Amadeus Basin Producing Assets”) ▪ Central retains Operatorship over the Sale Assets ▪ New
Slide 3: Strategic objectives achieved
Strategic objectives achieved Allows Central to pursue multiple avenues for growth $85m consideration(1) for 50%, with an expected $35m - $40m profit(1), P Value accretive delivers a strong signal for the underlying value and quality of Central’s Amadeus Basin Producing Assets Provides $40m free-car
Slide 4: Value accretive
Value accretive Enterprise Value (A$m) Orange-3 eg Dukas (EP112) Range Corporate tax losses (401 PJ unrisked mean and Zevon (EP115) (135 PJ 2C (circa $30m)(2) prospective resource)(4) (multi TCF targets) resource)(4) $170m $152 m Other Assets not included in the Sale Assets (3) (1)(2) Central's curr
Slide 5: Funding for accelerated growth
Funding for accelerated growth The $40 million free carry will fund Central’s share of circa $100m (1) of current and near-term development investment across the Amadeus Basin Producing Assets without any cash outlay from Central Identified activities include: ✓ Current four well re-completion progr
Slide 6: Accelerated growth – two new exploration wells
Accelerated growth – two new exploration wells Palm Valley Deep • Targeting a mean recoverable volume(1) of 123 PJ in the deep Arumbera Sandstone (61.5 PJ net to Central) • The Arumbera Sandstone is the productive interval at the Dingo Field • Deviated within the Arumbera Sandstone to 45o to optimis
Slide 7: Introduces technically capable partners with financial capacity and aligned objectives
Introduces technically capable partners with financial capacity and aligned objectives The transaction introduces technically capable partner(s) with financial capacity and aligned objectives ▪ Oil and gas exploration and production company listed on the NZX and ASX ✓ Fully aligned ▪ Non-operating i
Slide 8: Strengthens Balance Sheet
Strengthens Balance Sheet Transaction will result in significant reductions in liabilities (1) (4) (2) Deferred gas supply (pre-sale and take-or-pay) Debt liabilities In the quarter of completion, Central will repay $30 NZOG will take up 50% of pre-sale and take-or-pay million of debt, reducing the
Slide 9: Central’s Key Milestone Activities
Central’s Key Milestone Activities CY2021 CY2022 Q2 Q3 Q4 Q1 Q2 Q3 Divestment announced / completes Pay-down $30m of debt and $21m liability reduction(1) Range pilot testing Mereenie re-completions (x4) Mereenie new production wells (x2) Range permitting and approvals Range pre-FID design & engineer
Slide 10: Appendix 1: Total Transaction Value
Appendix 1: Total Transaction Value (expected adjustments at Completion) Upfront cash payment to be adjusted for: Effective Date Expected Expected at 1 (-) NZOG Entities' 50% share of free cash generated from $ million (1 July 2020) adjustments(1) Completion(1) the Sale Assets between the Effective
Slide 11: Appendix 2: Reserves and Resources information
Appendix 2: Reserves and Resources information Oil and Gas Reserves and Resources Before After Reserves and contingent resources CTP Share transaction transaction Reserves and contingent resources for the Mereenie, Palm Valley and Dingo fields in this report are as at 30 June 2020 and were first rep
Slide 12: Notice and Legal Disclaimer
Notice and Legal Disclaimer To the maximum extent permitted by law: This presentation is not intended for prospective investors and does not purport to provide all of the information an interested party may require in order to investigate the affairs of Central Petroleum Ltd (“Company”). This presen
Slide 13: Contact and Further Information
Level 7, 369 Ann Street Brisbane QLD 4000 Contact and Australia Further Information +61 (0)7 3181 3800 This ASX announcement was approved and authorised for release by Leon Devaney, Managing Director and Chief Executive Officer info@centralpetroleum.com.au Investor and Media Inquiries Greg Bourke: +