Pre-Venus Valuation (1 Jan 2022)

Price 2.00 CAD

Shares 479 mn
Market Cap 958 CAD mn
CAD 1.33 x
Market Cap 720 USD mn
Net Debt - Prime 250 USD mn
Debt 509 USD mn
Cash 259 USD mn
Net Debt - Core -59 USD mn
Debt 0 USD mn
Cash 59 USD mn
Enterprise Value 911 USD mn

Reserves - end 21 73 mn boe

Brent Price on 1 Jan 2022 91.20

Implied EV/Reserves
12.5 $/boe

20.20%
Strip Back Valuation (Today)

Price 2.46 CAD

Shares 468 mn
Market Cap 1,151 CAD mn
CAD 1.38 x
Market Cap 834 USD mn
Net Debt - Prime 256 USD mn
Debt 375 USD mn
Cash 119 USD mn
Net Debt - Core -202 USD mn
Debt 0 USD mn
Cash 202 USD mn
Enterprise Value 888 USD mn

Reserves - end 3Q 23 49.20 mn boe

Brent Price today 77.00

EV/Reserves
11.0 $/boe
Core AOI Value (ex-Venus/Nara) 541 USD mn
Africa Energy Stake 20 USD mn
Eco Atlantic 5 USD mn

Implied Venus Value in Current Stock Price 322 USD mn

Pre-tax Buyout Multiple $3.00 $/boe
Tax 25%
Post-tax Buyout Multiple 2.25 $/boe
Implied Recoverable Reserves already valued 143 mn boe
AOI stake in Venus 6.1%
Gross Reserves already Valued in AOI spot EV 2,345 mn boe
 -32%
-16%

This number should be even lower, given reserves are

now down 32% = going concern risk + Oil prices are down
16% since pre-Venus discovery valuation time