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>ADX Energy (ADX AU)C; target price of A$0.08 per share: A high-quality industry partner in Austria to fund and accelerate Anshof development - ADX is farming out 30% WI in the Anshof discovery to MND.</li>
<li>MND will also fund ADX’s share of drilling and completion costs of A$3.9 mm per well (total of A$7.8 mm for two wells).</li>
<li>Kosmos Energy (KOS US/LN): 2Q23 results – 2Q23 net production was ~58 mboe/d.</li>
</ul>


ADX Energy (ADX AU)C; target price of A$0.08 per share: A high-quality industry partner in Austria to fund and accelerate Anshof development - ADX is farming out 30% WI in the Anshof discovery to MND.
MND will also fund ADX’s share of drilling and completion costs of A$3.9 mm per well (total of A$7.8 mm for two wells).
Kosmos Energy (KOS US/LN): 2Q23 results – 2Q23 net production was ~58 mboe/d.


<ul><li>• ADX is farming out 30% WI in the Anshof discovery to MND. • MND will pay ADX ~A$3.2 mm for back costs and long lead items for the Anshof-1 and 2 wells on completion of the transaction.</li><li>MND will also fund ADX’s share of drilling and completion costs of A$3.9 mm per well (total of A$7.8 mm for two wells).</li></ul>

• ADX is farming out 30% WI in the Anshof discovery to MND. • MND will pay ADX ~A$3.2 mm for back costs and long lead items for the Anshof-1 and 2 wells on completion of the transaction.MND will also fund ADX’s share of drilling and completion costs of A$3.9 mm per well (total of A$7.8 mm for two wells).

ADX Energy Limited (ASE: ADX): A high-quality industry partner in Austria to fund and accelerate Anshof development

Thematic (Sector/Industry)

<ul>
<li>ADX Energy (ADX AU)C; target price of A$0.10 per share: Growing production.</li>
<li>Anshof-3 production performance continues to exceed expectations with strong pressure support and deliverability with no water production.</li>
<li>Calima Energy (CE1 AU)C; target price of A$0.50 per share: Increasing dividend distribution to ~10% yield - 2Q23 production was 4,152 boe/d, above the estimates provided previously (4,125 boe/d).</li>
</ul>


ADX Energy (ADX AU)C; target price of A$0.10 per share: Growing production.
Anshof-3 production performance continues to exceed expectations with strong pressure support and deliverability with no water production.
Calima Energy (CE1 AU)C; target price of A$0.50 per share: Increasing dividend distribution to ~10% yield - 2Q23 production was 4,152 boe/d, above the estimates provided previously (4,125 boe/d).


<ul><li>• 2Q23 production was 317 boe/d reaching 366 boe/d in June and including ~115 bbl/d at Anshof.</li><li>Anshof-3 production performance continues to exceed expectations with strong pressure support and deliverability with no water production.</li><li>In addition, a refurbished storage vessel at Anshof is expected to be commissioned in 3Q23, which will reduce production interruption and increase the production capacity of Anshof-3 from 115 bb/d to 150 bbl/d.</li></ul>

• 2Q23 production was 317 boe/d reaching 366 boe/d in June and including ~115 bbl/d at Anshof.Anshof-3 production performance continues to exceed expectations with strong pressure support and deliverability with no water production.In addition, a refurbished storage vessel at Anshof is expected to be commissioned in 3Q23, which will reduce production interruption and increase the production capacity of Anshof-3 from 115 bb/d to 150 bbl/d.

ADX Energy Limited (ASE: ADX): Growing production. New Anshof well to be spudded in September

<ul>
<li>ADX Energy (ADX AU)C; target price of A$0.10 per share: Securing additional loan to prepare for drilling – ADX is issuing A$1.5 mm of loan notes with a term of 18 months.</li>
<li>A$1.0 mm of the loan notes carry an interest rate of 8% per annum with 30 mm options with an exercise price of A$0.01 per share and 30 mm options with an exercise price of A$0.014 per share.</li>
<li>Chariot (CHAR LN)C; target price of £0.50 per share: Adding portfolio depth and near term newsflow – Chariot has raised US$16.1 mm of new equity priced at £0.14 per share.</li>
</ul>


ADX Energy (ADX AU)C; target price of A$0.10 per share: Securing additional loan to prepare for drilling – ADX is issuing A$1.5 mm of loan notes with a term of 18 months.
A$1.0 mm of the loan notes carry an interest rate of 8% per annum with 30 mm options with an exercise price of A$0.01 per share and 30 mm options with an exercise price of A$0.014 per share.
Chariot (CHAR LN)C; target price of £0.50 per share: Adding portfolio depth and near term newsflow – Chariot has raised US$16.1 mm of new equity priced at £0.14 per share.


Australia

ADX Energy Ltd. explores for oil and natural gas.  The Company operates onshore and offshore in Tunisia, offshore in Italy, and onshore in Australia.

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ADX Energy Ltd (ADX AU)

Auctus on Friday - 11/08/2023

A high-quality industry partner in Austria to fund and accelerate Anshof development - ADX is farming out 30% WI in the Anshof discovery to MND.

Auctus Advisors

ADX Energy Limited (ASE: ADX): A high-quality industry partner in Austria to fund and accelerate Anshof development

• ADX is farming out 30% WI in the Anshof discovery to MND. • MND will pay ADX ~A$3.2 mm for back costs and long lead items for the Anshof-1 and 2...

Auctus Advisors

Auctus on Friday - 04/08/2023

Anshof-3 production performance continues to exceed expectations with strong pressure support and deliverability with no water production.

Auctus Advisors

ADX Energy Limited (ASE: ADX): Growing production. New Anshof well to be spudded in September

• 2Q23 production was 317 boe/d reaching 366 boe/d in June and including ~115 bbl/d at Anshof. Anshof-3 production performance continues to exceed...

Auctus Advisors

AUCTUS ON FRIDAY - 14/07/2023

ADX Energy (ADX AU)C; target price of A$0.10 per share: Securing additional loan to prepare for drilling – ADX is issuing A$1.5 mm of loan notes...

Auctus Advisors

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