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

Woodside Energy Group Ltd / Equity Bottom-Up

<ul><li>ADX Energy (ADX AU) C : Target price of A$0.100 per share: Competent person report confirms the materiality of the Welchau pospect – The Welchau prospect has been estimated to hold between 365 bcfe and 1,128 bcfe of prospective resources by Gaffney, Cline &amp; Associates (GCA) with a mid-case at 645 bcfe including 10.1 mmbbl of condensate.</li><li>While this is below the 807 bcfe mid-case estimated by ADX, the fact that the lower end of the GCA range (332 bcf of natural gas plus 5.5 mmbbl of condensate in the 1U case) is significantly larger than ADX’s estimate of 212 bcfe is the most important take away in our view.</li><li>The unrisked value of the asset (A$0.09 per share) is very high even in the low case. Welchau is now expected to be drilled in September. </li></ul>

ADX Energy (ADX AU) C : Target price of A$0.100 per share: Competent person report confirms the materiality of the Welchau pospect – The Welchau prospect has been estimated to hold between 365 bcfe and 1,128 bcfe of prospective resources by Gaffney, Cline &amp; Associates (GCA) with a mid-case at 645 bcfe including 10.1 mmbbl of condensate.While this is below the 807 bcfe mid-case estimated by ADX, the fact that the lower end of the GCA range (332 bcf of natural gas plus 5.5 mmbbl of condensate in the 1U case) is significantly larger than ADX’s estimate of 212 bcfe is the most important take away in our view.The unrisked value of the asset (A$0.09 per share) is very high even in the low case. Welchau is now expected to be drilled in September. 

Thematic (Sector/Industry)

<ul><li>Arrow Exploration (AXL LN) C; Target price of £0.45 per share: Adding reserves in Colombia – Arrow’s 1P, 2P and 3P reserves were estimated at respectively 3.4 mmboe, 7.7 mmboe and 11.7 mmboe at YE22.</li><li>This includes 2.1 mmboe 2P reserves and 4.3 mmboe 3P reserves at the company’s core assets in Colombia (Tapir and Oso Pardo).</li><li>Calima Energy (CE1 AU) C; Target price of A$0.50 per share: Replacing over 100% of produced reserves – YE22 net 2P reserves have been estimated at 20.5 mmboe (net of royalty), up 1% compared to YE21.</li></ul>

Arrow Exploration (AXL LN) C; Target price of £0.45 per share: Adding reserves in Colombia – Arrow’s 1P, 2P and 3P reserves were estimated at respectively 3.4 mmboe, 7.7 mmboe and 11.7 mmboe at YE22.This includes 2.1 mmboe 2P reserves and 4.3 mmboe 3P reserves at the company’s core assets in Colombia (Tapir and Oso Pardo).Calima Energy (CE1 AU) C; Target price of A$0.50 per share: Replacing over 100% of produced reserves – YE22 net 2P reserves have been estimated at 20.5 mmboe (net of royalty), up 1% compared to YE21.

<ul><li>ADX Energy (ADX AU) C ; Target price of A$0.10 per share: Drilling news flow.</li><li>Production growth. Value. – 2023 is expected to be a busy and transformational year for ADX.</li><li>The company plans to grow gross production at Anshof (4.2 mmbbl net 2P reserves) to almost 1,000 bbl/d with two new wells by YE23. </li></ul>

ADX Energy (ADX AU) C ; Target price of A$0.10 per share: Drilling news flow.Production growth. Value. – 2023 is expected to be a busy and transformational year for ADX.The company plans to grow gross production at Anshof (4.2 mmbbl net 2P reserves) to almost 1,000 bbl/d with two new wells by YE23. 

Norway

DNO ASA is an oil and gas operator focused on onshore and offshore exploration, development and production. The Company operates in the North Sea, the Middle East, and Africa.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

DNO ASA (DNO NO)

Auctus on Friday - 21/04/2023

The Welchau prospect has been estimated to hold between 365 bcfe and 1,128 bcfe of prospective resources by Gaffney, Cline & Associates (GCA) with...

Auctus Advisors

Auctus on Friday - 31/03/2023

Arrow Exploration (AXL LN) C; Target price of £0.45 per share: Adding reserves in Colombia – Arrow’s 1P, 2P and 3P reserves were estimated at...

Auctus Advisors

Auctus on Friday - 17/03/2023

ADX Energy (ADX AU) C ; Target price of A$0.10 per share: Drilling news flow. Production growth. Value. – 2023 is expected to be a busy and...

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)