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.

Thematic (Sector/Industry)

<ul><li>Chariot (CHAR LN)C; Target price increased from £0.55 per share: Adding a new renewable power project in Zimbabwe - Chariot continues to execute on its strategy to build a 1 GW (gross) power business.</li><li>Chariot and Total Eren have announced that the partners will work on a solar photovoltaic (PV) project that will provide competitive electricity for the Karo Platinum Project, in Zimbabwe.</li><li>This compares to a read through value of Wentworth’s non cash assets based on the share price of Wentworth on 2 December of p per share (25 p less 12.9 p).</li></ul>

Chariot (CHAR LN)C; Target price increased from £0.55 per share: Adding a new renewable power project in Zimbabwe - Chariot continues to execute on its strategy to build a 1 GW (gross) power business.Chariot and Total Eren have announced that the partners will work on a solar photovoltaic (PV) project that will provide competitive electricity for the Karo Platinum Project, in Zimbabwe.This compares to a read through value of Wentworth’s non cash assets based on the share price of Wentworth on 2 December of p per share (25 p less 12.9 p).

<ul><li>Panoro Energy (PEN NO)C; Target price of NOK50 per share: Dry hole in South Africa – The Gazania- 1 well did not encounter hydrocarbons.</li><li>Panoro, Africa Energy (AFE CN/AEC SS) and Eco Atlantic (ECO LN/EOG CN) hold respectively 12.5%, 27.5% and 50% WI in the well.</li><li>Neptune Energy (EQNR NO): 3Q22 results – 3Q22 production was 133.7 mboe/d.</li></ul>

Panoro Energy (PEN NO)C; Target price of NOK50 per share: Dry hole in South Africa – The Gazania- 1 well did not encounter hydrocarbons.Panoro, Africa Energy (AFE CN/AEC SS) and Eco Atlantic (ECO LN/EOG CN) hold respectively 12.5%, 27.5% and 50% WI in the well.Neptune Energy (EQNR NO): 3Q22 results – 3Q22 production was 133.7 mboe/d.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Taiwan Stock Exchange Weighted Index / Technical Analysis

<ul>
<li>The bear market rally that we have discussed since our Sept. 29 Int'l Compass has managed to surpass our price targets, which were YTD downtrends on the ACWX-US and EFA-US.</li>
<li>As a result of these bullish reversals and breakdowns on the US dollar (DXY) and 10-year Treasury yield, we are upgrading our outlook to neutral.</li>
<li>Buy ideas on a pullback in: Consumer Discretionary, Energy, and Technology/Tech Services</li>
</ul>


The bear market rally that we have discussed since our Sept. 29 Int'l Compass has managed to surpass our price targets, which were YTD downtrends on the ACWX-US and EFA-US.
As a result of these bullish reversals and breakdowns on the US dollar (DXY) and 10-year Treasury yield, we are upgrading our outlook to neutral.
Buy ideas on a pullback in: Consumer Discretionary, Energy, and Technology/Tech Services


Bullish Reversals Continue: TAIEX, KOSPI, AEX, Hang Seng, CSI 300. Buy Cyclicals/Growth on Pullbacks

Equity Bottom-Up

<ul><li>ADX Energy (ADX AU) C; Target price of A$0.070 per share: Anshof Reserves estimate well above expectations – RISC estimates that the Anshof field holds 5.2 mmboe of 2P gross reserves (4.2 mmboe net to ADX).</li><li>The 2P reserves estimate is based on an assumption of a water oil contact at 1,720 m and includes the area of the field where the sand thickens.</li><li>Calima Energy (CE1 AU) C; Target price of A$0.70 per share: 3Q22 update.</li></ul>

ADX Energy (ADX AU) C; Target price of A$0.070 per share: Anshof Reserves estimate well above expectations – RISC estimates that the Anshof field holds 5.2 mmboe of 2P gross reserves (4.2 mmboe net to ADX).The 2P reserves estimate is based on an assumption of a water oil contact at 1,720 m and includes the area of the field where the sand thickens.Calima Energy (CE1 AU) C; Target price of A$0.70 per share: 3Q22 update.

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Project Gemini seems to have been put on ice for at least twelve months, which is unsurprising given the volatility in energy markets and Government intervention.</li>
<li>Top shareholders IFM and CVC are committed to their investments. GIP has on paper gained almost the same amount it invested from dividends and share price increases. </li>
<li>The stake of GIP is worth c. €5 billion. I do not see TotalEnergiesto spending that money for a stake that would not grant it control over Naturgy.</li>
</ul>


Project Gemini seems to have been put on ice for at least twelve months, which is unsurprising given the volatility in energy markets and Government intervention.
Top shareholders IFM and CVC are committed to their investments. GIP has on paper gained almost the same amount it invested from dividends and share price increases. 
The stake of GIP is worth c. €5 billion. I do not see TotalEnergiesto spending that money for a stake that would not grant it control over Naturgy.


France

TOTAL S.A. explores for, produces, refines, transports, and markets oil and natural gas. The Company also operates a chemical division which produces polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and resins. TOTAL operates gasoline filling stations in Europe, the United States, and Africa.

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TotalEnergies (TTE FP)

Auctus on Friday - 09/12/2022

Adding a new renewable power project in Zimbabwe - Chariot continues to execute on its strategy to build a 1 GW (gross) power business.

Auctus Advisors

Auctus on Friday - 18/11/2022

Panoro Energy (PEN NO)C; Target price of NOK50 per share: Dry hole in South Africa – The Gazania- 1 well did not encounter hydrocarbons.

Auctus Advisors

Bullish Reversals Continue: TAIEX, KOSPI, AEX, Hang Seng, CSI 300. Buy Cyclicals/Growth on Pullbacks

Bullish reversals: Taiwan $TAIEX, Korea $KOSPI, Netherlands' $AEX reversing YTD downtrends, while Hang Seng $HSI and China's CSI 300 are reversing...

Vermilion Research

Auctus on Friday - 04/11/2022

The 2P reserves estimate is based on an assumption of a water oil contact at 1,720 m and includes the area of the field where the sand thickens.

Auctus Advisors

Naturgy Split Remains Frozen

Project Gemini seems to have been put on ice for at least twelve months, which is unsurprising given the volatility in energy markets and...

Jesus Rodriguez Aguilar

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