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

<ul><li>The Phase Field Development Plan is expected to be submitted to the NSTA during 1Q23. </li><li>FID for the Phase I field development could be taken by mid 2023.</li><li>Valuation Our Core NAV for Hartshead assuming a US$100 mm farm-out and 85% chance of development stands at ~A$0.12/sh.</li></ul>

The Phase Field Development Plan is expected to be submitted to the NSTA during 1Q23. FID for the Phase I field development could be taken by mid 2023.Valuation Our Core NAV for Hartshead assuming a US$100 mm farm-out and 85% chance of development stands at ~A$0.12/sh.

Hartshead Resources NL (ASX: HHR): Expecting an industry farm-in partner

Thematic (Sector/Industry)

<ul><li>Calima Energy (CE1 AU)C; Target price of A$0.60 per share: Market cap paid back in 2 years, even after incorporating higher differentials - Four wells out of the five well 4Q22 programme have now been drilled with two wells already in production.</li><li>Gemini#10 is producing in line with the type curve (IP of 120 boe/d gross and 60 boe/d net to Calima 50% WI).</li><li>We have reduced our target price from C$0.70 to C$0.60 per share as we incorporate the impact of the higher differentials.</li></ul>

Calima Energy (CE1 AU)C; Target price of A$0.60 per share: Market cap paid back in 2 years, even after incorporating higher differentials - Four wells out of the five well 4Q22 programme have now been drilled with two wells already in production.Gemini#10 is producing in line with the type curve (IP of 120 boe/d gross and 60 boe/d net to Calima 50% WI).We have reduced our target price from C$0.70 to C$0.60 per share as we incorporate the impact of the higher differentials.

<ul><li>The UK government has announced that from 1 January 2023 the Energy Profits Levy (EPL) on oil and gas companies will increase from 25% to 35%, with the levy remaining in place until the end of March 2028.</li><li>The extra investment deduction (“allowance”) from taxable profit for EPL purposes has been reduced from 80% to 29%.</li><li>At 65 p per therm for UK gas prices, the changes in the EPL have no material impact on the overall tax liability.</li></ul>

The UK government has announced that from 1 January 2023 the Energy Profits Levy (EPL) on oil and gas companies will increase from 25% to 35%, with the levy remaining in place until the end of March 2028.The extra investment deduction (“allowance”) from taxable profit for EPL purposes has been reduced from 80% to 29%.At 65 p per therm for UK gas prices, the changes in the EPL have no material impact on the overall tax liability.

Hartshead Resources NL (ASX: HHR): Changes to UK windfall tax on oil and gas has limited impact

Australia

Heathley Ltd provides real estate investment services. The Company invests in multi-property and single property funds which includes commercial office, industrial, and medical sectors. Heathley operates in Australia.

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Heathley (0364325D AU)

Hartshead Resources NL (ASX: HHR): Expecting an industry farm-in partner

The Phase Field Development Plan is expected to be submitted to the NSTA during 1Q23. FID for the Phase I field development could be taken by mid...

Auctus Advisors

Auctus on Friday - 25/11/2022

Calima Energy (CE1 AU)C; Target price of A$0.60 per share: Market cap paid back in 2 years, even after incorporating higher differentials

Auctus Advisors

Hartshead Resources NL (ASX: HHR): Changes to UK windfall tax on oil and gas has limited impact

The UK government has announced that from 1 January 2023 the Energy Profits Levy (EPL) on oil and gas companies will increase from 25% to 35%, with...

Auctus Advisors

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