Ann: Strategic Review of Portfolio, page-11

Its lost $20m in m/c since the sale, the company must be worth more than present m/c.

Share Price(2June2021)A$0.115
Ord Shares724.1m
Market CapA$83.3m
Options/Performance Rights47.7m
Market Cap(fully diluted)A$88.8m
Cash(31 Mar2021)A$37.7m
Total Debt(31Mar2021)A$67.8m
Enterprise ValueA$118.8m

Central Petroleumis selling 50% of its producing assetsfor A$85M,
payable as A$29Mcash,which will immediately repay debt, A$21M
liabilities assumed by the buyers, NZ Oil and Gas/Cue Petroleum, and
A$35M incarried exploration costs.Central retainsoperatorship, and
is able to drive investment spending withafree carried war chest of
A$100M on a joint venture basis. NZOGis a substantial company that
ishighly likely to be supportive and sufficientlyliquid.
•The sale is almost value neutralwith theloss of future cash flow
offset byimproved balance sheetand free carried exploration. The
exploration plans have been public since 2019, but will be rapidly
actionedwith funding unlocked by the sell down.
•Base Case Net Present Value is A$0.35/sh:
oExistingbalance sheet and operationsA$0.15/sh
oExploration Projects A$0.20/sh
https://centralpetroleum.com.au/wp-content/uploads/2021/06/20210608-Breakaway-Analyst-update-Central-Petroleum-Ltd.pdf