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: 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. 


Equity Bottom-Up

<ul><li>________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Adding further exploration prospects in FY24 - ADX has farmed out a 50% interest in an exploration area within the ADX AT I licence to MND in return for a A$0.73 mm back costs payment plus A$7.34 mm funding in exploration drilling.</li><li>The exploration area farmed-out to MND includes the LICHT and IRR gas prospects.</li><li>The cash and carry component alone values 10% of the project at US$220 mm or US$440 mm for Chariot’s residual 20% interest (£0.31/sh).</li></ul>

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Adding further exploration prospects in FY24 - ADX has farmed out a 50% interest in an exploration area within the ADX AT I licence to MND in return for a A$0.73 mm back costs payment plus A$7.34 mm funding in exploration drilling.The exploration area farmed-out to MND includes the LICHT and IRR gas prospects.The cash and carry component alone values 10% of the project at US$220 mm or US$440 mm for Chariot’s residual 20% interest (£0.31/sh).

<ul>
<li>Criterium Energy (CEQ CN)C ; target price of C$0.45 per share: Transactions repriced on more attractive terms – Criterium has renegotiated the terms of the Mont d’Or (MOPL) acquisition.</li>
<li>Criterium will now assume only ~US$25.5 mm of debt rather than ~US$37 mm previously.</li>
<li>A US$4.8 mm payment to the lenders and the conversion of US$4.9 mm of debt into equity (US$2.5 mm on completion of the acquisition plus US$2.4 mm in 2025) reduce further the existing debt to ~US$15.8 mm at closing. </li>
</ul>


Criterium Energy (CEQ CN)C ; target price of C$0.45 per share: Transactions repriced on more attractive terms – Criterium has renegotiated the terms of the Mont d’Or (MOPL) acquisition.
Criterium will now assume only ~US$25.5 mm of debt rather than ~US$37 mm previously.
A US$4.8 mm payment to the lenders and the conversion of US$4.9 mm of debt into equity (US$2.5 mm on completion of the acquisition plus US$2.4 mm in 2025) reduce further the existing debt to ~US$15.8 mm at closing. 


<ul>
<li>ADX Energy (ADX AU)C; target price of A$0.08 per share: Drilling permit at key prospect awarded – The drilling permit for the Welchau prospect (807 bcfe prospective resources) has been awarded.</li>
<li>The permit allows drilling and testing of the Welchau-1 well, as well as a longer-term production test if required.</li>
<li>Serinus Energy (SENX LN): 2Q23 results – 1H23 production 677 boe/d including 533 boe/d in Tunisia and the balance in Romania.</li>
</ul>


ADX Energy (ADX AU)C; target price of A$0.08 per share: Drilling permit at key prospect awarded – The drilling permit for the Welchau prospect (807 bcfe prospective resources) has been awarded.
The permit allows drilling and testing of the Welchau-1 well, as well as a longer-term production test if required.
Serinus Energy (SENX LN): 2Q23 results – 1H23 production 677 boe/d including 533 boe/d in Tunisia and the balance in Romania.


<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.


Canada

Kelt Exploration Ltd is an oil and gas exploration and production company.  The Company owns properties at Grande Cache, Alberta; Inga, British Columbia; and Karr, Alberta.

Fission Uranium Corp. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties.

Crew Energy Inc. acquires, explores, and develops oil and natural gas properties.  The Company is currently producing natural gas and light oil and liquids in Alberta and Saskatchewan, both located in Canada.

Frontera Energy Corporation provides oilfield services. The Company explores, develops, and produces crude oil and natural gas. Frontera Energy serves customers worldwide.

Birchcliff Energy Ltd. evaluates acquisition opportunities for light oil and natural gas with a view to purchasing assets.  The Company is seeking to explore and develop oil and gas in Western Canada.

Gran Tierra Energy, Inc. is an international oil and gas exploration and production company. The Company operates in South America.

Canacol Energy Limited is an international junior energy company with production and exploration operations located in South America. The Company's operations are focused in Colombia, with operations also in Ecuador.

Bonterra Energy Corp. is an oil and gas exploration company operating in the Western Canadian Sedimentary Basin. The Company's core areas of operations are in Alberta, Saskatchewan and British Columbia.

Freehold Royalties Ltd. produces oil, natural gas, natural gas liquids and potash.  The Company operates in western Canada and Ontario.

Tamarack Valley Energy Ltd. explores for oil and natural gas in the western Canadian sedimentary basin.  The Company owns Cardium light oil properties in Alberta, and natural gas properties in Alberta and British Columbia.

Nordic American Tankers Limited is a shipping company that owns and charters Suezmax tankers for oil transportation.  The Company's ships are all active in the spot freight market.

AAG Energy Holdings Limited is  an energy exploration and development company. The Company engages in coalbed methane exploration and development.

Henan Dayou Energy Co., Ltd. engages in the exploitation and distribution of coal in China. The company, through its subsidiaries, is also involved in the production and sale of mining equipment and accessories, as well as the provision of consulting services of coal mine technologies.

Teekay Corporation provides international crude oil and petroleum product transportation services to major oil companies, major oil traders, and government agencies.  The Company provides its services through a fleet of medium size oil tankers worldwide.

Deep Yellow Limited is an advanced stage uranium exploration company progressing its core Namibian projects.

MITSUUROKO GROUP HOLDINGS CO., LTD. wholesales a variety of fuel products such as liquefied petroleum gas, coal, and briquettes products.  The Company also sells gas appliances and oil-heating equipment.  MITSUUROKO operates office leasing business as well.

SAN-AI OIL CO., LTD. primarily wholesales petroleum and LP gas nationwide.  The Company also supplies fuels for aircrafts at Haneda Airport.  San-Ai Oil has business divisions including industry energy, gas, chemical and research, and business development.

PT Baramulti Suksessarana Tbk is a coal mining company in Kalimatan.

Ardmore Shipping Corp is engaged in the ownership and operation of product and chemical tankers in worldwide trade.  The Company provides shipping services to customers through voyage charters, commercial pools and time charters.

PT Surya Esa Perkasa Tbk produces liquefied petroleum gas.

Africa Oil Corporation is an oil and gas exploration and production company. The Company owns and operates assets in Kenya and Ethiopia.

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Africa Oil Corp (AOI CN)

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 - 08/12/2023

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Adding further exploration prospects in FY24 -...

Auctus Advisors

Auctus on Friday - 29/09/2023

Criterium Energy (CEQ CN)C ; target price of C$0.45 per share: Transactions repriced on more attractive terms – Criterium has renegotiated the...

Auctus Advisors

Auctus on Friday - 18/08/2023

Serinus Energy (SENX LN): 2Q23 results – 1H23 production 677 boe/d including 533 boe/d in Tunisia and the balance in Romania.

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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