Carnegie Investment Bank
Maha Energy
Date Title Alternative
2024-04-12 Q1 production in line with last year's average Download | Show Close
2024-04-11 MOU for possible transaction regarding 3R Offshore holding Download | Show Close
Research | 11 Apr 2024 | Maha Energy

MOU for possible transaction regarding 3R Offshore holding

 

3R Petroleum has signed an MOU with Enauta for a business combination…

3R Petroleum (3R) has signed a memorandum of understanding (MOU) with Enauta Participações (Enauta) for the terms of a possible business combination. According to the terms, which are subject to due diligence, 3R shareholders would own 53% of the combined entity, with Enauta shareholders owning the remaining 47%. Maha would thus own 2.65% of the combined entity. The combined market cap of the two is around USD3.05bn, meaning Maha’s stake would be worth approximately USD80m, or almost SEK5 per share.

…and with Maha for a roll-up of its 3R Offshore holding

In addition, 3R has signed an MOU with Maha regarding a roll-up of its 15% shareholding in 3R Offshore, which would provide Maha with 2.17% of the total shares in the combined entity in exchange for its stake in 3R Offshore. This would leave Maha holding around 5% of the combined entity, which corresponds to close to USD150m, or almost SEK9 per share.

 

Exclusivity for one to two months during evaluation period

Enauta and 3R have mutually granted exclusivity rights for 30 days, which are automatically extendable by a further 30 days, to analyse the potential operation. The parties also have the right to conduct confirmatory due diligence, with an estimated completion period of 21 days. We find it positive the proposal has this tight deadline. The outcome of the evaluation is an upcoming trigger for Maha, along with the decision whether the US government’s General License (GL) 44 – which eased the restrictions on O&G in Venezuela – will be extended (expiry date: 18 April 2024). The company has paid EUR4.6m for exclusivity to indirectly acquire up to 24% of PetroUrdaneta, which operates in Venezuela. Should GL44 be extended, we believe Maha would exercise this option, thus bolstering its P2 reserves by 759 mboe from around 26 mboe.

 

Download
2024-04-08 Updated reserve report Download | Show Close
2024-04-04 Several catalysts ahead Download | Show Close
2024-03-21 Joining 3R's board Download | Show Close
2024-03-19 Keeps on transforming Download | Show Close
2024-01-18 Acquires 5% of 3R Petroleum for USD 69m Download | Show Close
2024-01-09 Strong production in December Download | Show Close
2023-12-14 Transformation continues Download | Show Close
2023-11-17 Asset in Venezuela provides optionality Show Close
2023-08-09 Further production increases in July Show Close
2023-08-08 Update on Mafraq in Oman Show Close
2023-05-24 Completes the combination with BDO 2.0 Show Close
2023-05-24 Several upcoming catalysts Show Close
2023-01-31 Sale of Maha Brazil will result in cash larger than market cap Show Close
2022-12-02 Investigates potential divestments of assets Show Close
2022-11-20 Robust indicators that the Tie wells are onstream Show Close

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