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>ADX Energy (ADX AU) C ; target price of £A$0.65 per share: Drilling update in Austria – The well site construction at the Welchau-1 drill site is complete.</li>
<li>The drilling rig is expected to become available to ADX on 14 February. The rig move and rig assembly will take ~6 days after rig release.</li>
<li>Drilling operations are expected to commence on 20 February with a duration of ~39 days.</li>
</ul>


ADX Energy (ADX AU) C ; target price of £A$0.65 per share: Drilling update in Austria – The well site construction at the Welchau-1 drill site is complete.
The drilling rig is expected to become available to ADX on 14 February. The rig move and rig assembly will take ~6 days after rig release.
Drilling operations are expected to commence on 20 February with a duration of ~39 days.


<ul>
<li>ADX Energy (ADX AU) C ; target price of A$0.65 per share: Operations on track – 4Q23 production was 218 boe/d as Anshof did not contribute to production during the quarter (in line with previous indications).</li>
<li>Commercial production at Anshof is expected to restart in March after the commissioning of a permanent production facility.</li>
<li>ADX held ~A$8 mm in cash as at YE23. Drilling at the high impact Welchau-1 well targeting between 365 bcf and 1,128 bcf gross prospective resources is expected to commence in February. </li>
</ul>


ADX Energy (ADX AU) C ; target price of A$0.65 per share: Operations on track – 4Q23 production was 218 boe/d as Anshof did not contribute to production during the quarter (in line with previous indications).
Commercial production at Anshof is expected to restart in March after the commissioning of a permanent production facility.
ADX held ~A$8 mm in cash as at YE23. Drilling at the high impact Welchau-1 well targeting between 365 bcf and 1,128 bcf gross prospective resources is expected to commence in February. 


Equity Bottom-Up

<ul>
<li>ADX Energy (ADX AU)C; target price of A$0.65 per share: Drilling rig on location of high impact well by the end of January – A rig is expected to be mobilised to the high impact Welchau-1 drilling location during the last week of January.</li>
<li>The total vertical depth of the well is only 1,800 m with a dry hole cost estimated at ~EUR5.1 mm.</li>
<li>BW Energy (BWE NO): BW Offshore sells interests in BW Energy to BW Group – BW Offshore will sell 58,111,461 (22.52%) shares in BW Energy to BW Group at a price of NOK32 per share, resulting in total proceeds ~US$176 mm.</li>
</ul>


ADX Energy (ADX AU)C; target price of A$0.65 per share: Drilling rig on location of high impact well by the end of January – A rig is expected to be mobilised to the high impact Welchau-1 drilling location during the last week of January.
The total vertical depth of the well is only 1,800 m with a dry hole cost estimated at ~EUR5.1 mm.
BW Energy (BWE NO): BW Offshore sells interests in BW Energy to BW Group – BW Offshore will sell 58,111,461 (22.52%) shares in BW Energy to BW Group at a price of NOK32 per share, resulting in total proceeds ~US$176 mm.


<ul>
<li>ADX Energy (ADX AU) C ; target price of A$0.65 per share: Closing new farm-out transaction with MND/Amendment of agreement for Welchau farmout – The farm-out of 50% economic interest in a part of the ADX-AT-I licence has been completed and ADX has received EUR0.45 mm from MND for back costs payments. MND will fund EUR4.5 mm for exploration drilling.</li>
<li>ADX and MND currently intend to drill either the LICHT or the IRR gas exploration prospect during 2H24.</li>
<li>ADX also announced that the farm-out agreement with MCF Energy regarding Welchau has been amended. </li>
</ul>


ADX Energy (ADX AU) C ; target price of A$0.65 per share: Closing new farm-out transaction with MND/Amendment of agreement for Welchau farmout – The farm-out of 50% economic interest in a part of the ADX-AT-I licence has been completed and ADX has received EUR0.45 mm from MND for back costs payments. MND will fund EUR4.5 mm for exploration drilling.
ADX and MND currently intend to drill either the LICHT or the IRR gas exploration prospect during 2H24.
ADX also announced that the farm-out agreement with MCF Energy regarding Welchau has been amended. 


<ul>
<li>ADX Energy (ADX AU)C; target price of A$0.65 per share: Narrowing uncertainty and resources range at Anshof - The Anshof-2 well encountered high quality Eocene sands with at least 12 metres vertical thickness and porosity of ~20%.</li>
<li>The top of the Eocene sand was encountered ~40-50 m higher than expected, suggesting a much larger and flatter structure than expected in the P50 case.</li>
<li>Tethys Oil (TETY SS)C; target price of SEK100 per share: Production update in Oman – WI Production in November was 8,361 bbl/d.</li>
</ul>


ADX Energy (ADX AU)C; target price of A$0.65 per share: Narrowing uncertainty and resources range at Anshof - The Anshof-2 well encountered high quality Eocene sands with at least 12 metres vertical thickness and porosity of ~20%.
The top of the Eocene sand was encountered ~40-50 m higher than expected, suggesting a much larger and flatter structure than expected in the P50 case.
Tethys Oil (TETY SS)C; target price of SEK100 per share: Production update in Oman – WI Production in November was 8,361 bbl/d.


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 - 16/02/2024

ADX Energy (ADX AU) C ; target price of £A$0.65 per share: Drilling update in Austria – The well site construction at the Welchau-1 drill site is...

Auctus Advisors

Auctus on Friday - 02/02/2024

ADX Energy (ADX AU) C ; target price of A$0.65 per share: Operations on track – 4Q23 production was 218 boe/d as Anshof did not contribute to...

Auctus Advisors

Auctus on Friday - 26/01/2024

ADX Energy (ADX AU)C; target price of A$0.65 per share: Drilling rig on location of high impact well by the end of January

Auctus Advisors

Auctus on Friday - 12/01/2024

ADX Energy (ADX AU) C ; target price of A$0.65 per share: Closing new farm-out transaction with MND/Amendment of agreement for Welchau farmout

Auctus Advisors

Auctus on Friday - 15/12/2023

ADX Energy (ADX AU)C; target price of A$0.65 per share: Narrowing uncertainty and resources range at Anshof - The Anshof-2 well encountered high...

Auctus Advisors

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