Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Equity Bottom-Up

Chariot Limited is an independent oil and gas exploration group focused on Namibia and Mauritania.

<ul><li>• Chariot has raised US$6.4 mm of new equity (US$7 mm before expenses) priced at 6.5 p per share.</li><li>• Management and insiders have contributed ~US$1 mm to the raise.</li><li>The company was initially looking to raise only US$6 mm (before expenses) but the fundraising was oversubscribed.</li></ul>

• Chariot has raised US$6.4 mm of new equity (US$7 mm before expenses) priced at 6.5 p per share.• Management and insiders have contributed ~US$1 mm to the raise.The company was initially looking to raise only US$6 mm (before expenses) but the fundraising was oversubscribed.

Chariot Limited (AIM: CHAR): Potentially entering Namibia offshore and boosting balance sheet

Thematic (Sector/Industry)

<ul>
<li>Condor Energies (CDR CN)C: Signing first LNG framework agreement in Kazakhstan – Condor has signed a first LNG Framework Agreement for the utilization of LNG to fuel Kazakhstan’s rail locomotives.</li>
<li>The agreement was also signed by Kazakhstan Temir Zholy (KTZ), the national railway operator of Kazakhstan and Wabtec Corporation, a U.S. based locomotive manufacturer with existing facilities in Kazakhstan.</li>
<li>KTZ and Wabtec previously signed a memorandum of understanding which includes modernization work to retrofit KTZ’s mainline locomotive fleet for LNG usage and incorporate LNG into new build locomotives.</li>
</ul>


Condor Energies (CDR CN)C: Signing first LNG framework agreement in Kazakhstan – Condor has signed a first LNG Framework Agreement for the utilization of LNG to fuel Kazakhstan’s rail locomotives.
The agreement was also signed by Kazakhstan Temir Zholy (KTZ), the national railway operator of Kazakhstan and Wabtec Corporation, a U.S. based locomotive manufacturer with existing facilities in Kazakhstan.
KTZ and Wabtec previously signed a memorandum of understanding which includes modernization work to retrofit KTZ’s mainline locomotive fleet for LNG usage and incorporate LNG into new build locomotives.


VAALCO Energy, Inc. acquires, explores, and develops crude oil and natural gas properties. The Company owns producing properties and conducts exploration activities in the Philippines and Gabon, and has interest in the Texas Gulf Coast area. VAALCO, through participation in a partnership, has additional international exploration interests in South and North America and Africa.

<ul>
<li>The YE23 SEC net 1P reserves in Cote d’Ivoire are estimated at 16.9 mmboe; which compares very favorably with the previous estimate for the WI 1P reserves of 13 mmboe (as of 01/10/2023).</li>
<li>The YE23 WI 2P reserves are now estimated at 22.5 mmboe.</li>
<li>Adding back production over November and December 2023 (assuming ~5 mbbl/d production), the new estimate represents an increase of ~1.1 mmboe vs the previous estimate of 21.7 mmboe at the end of October 2023.</li>
</ul>


The YE23 SEC net 1P reserves in Cote d’Ivoire are estimated at 16.9 mmboe; which compares very favorably with the previous estimate for the WI 1P reserves of 13 mmboe (as of 01/10/2023).
The YE23 WI 2P reserves are now estimated at 22.5 mmboe.
Adding back production over November and December 2023 (assuming ~5 mbbl/d production), the new estimate represents an increase of ~1.1 mmboe vs the previous estimate of 21.7 mmboe at the end of October 2023.


VAALCO Energy (NYSE: EGY): Increased reserves and resources estimate in Cote d’Ivoire

<ul>
<li>PetroTal (PTAL LN/CN)C; Target price of £1.50 per share: Unrestricted cash position increased by &gt;30% during the last quarter – 2Q24 production of 18,290 bbl/d was very near our forecasts of 18.5 mbbl/d but marginally below the company target of ~19 mbbl/d.</li>
<li>A brief river blockade impacted production but production in June was 20,555 bbl/d.</li>
<li>All regulatory approvals for the pilot to sell 100 mbbl of production through Ecuador have now been secured.</li>
</ul>


PetroTal (PTAL LN/CN)C; Target price of £1.50 per share: Unrestricted cash position increased by &gt;30% during the last quarter – 2Q24 production of 18,290 bbl/d was very near our forecasts of 18.5 mbbl/d but marginally below the company target of ~19 mbbl/d.
A brief river blockade impacted production but production in June was 20,555 bbl/d.
All regulatory approvals for the pilot to sell 100 mbbl of production through Ecuador have now been secured.


PetroTal Corp. operates as an oil and gas development and production company. The Company focuses on acquisition, development, and exploration of material oil assets. PetroTal serves customers in North and South America. ... More

<ul>
<li>2Q24 production of 18,290 bbl/d was very near our forecasts of 18.5 mbbl/d but marginally below the company target of ~19 mbbl/d.</li>
<li>A brief river blockade impacted production but production in June was 20,555 bbl/d.</li>
<li>• Well 19H has achieved production rates of ~8.5 mbbl/d during the initial 7 days of production.</li>
</ul>


2Q24 production of 18,290 bbl/d was very near our forecasts of 18.5 mbbl/d but marginally below the company target of ~19 mbbl/d.
A brief river blockade impacted production but production in June was 20,555 bbl/d.
• Well 19H has achieved production rates of ~8.5 mbbl/d during the initial 7 days of production.


PetroTal Corp: Unrestricted Cash Position Increased by >30% During the Last Quarter