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>• Calima is selling Blackspur for ~A$83.3 mm (C$75 mm) in cash to Astara Energy. • Calima Energy has ~A$4.1 mm in cash which remains with Calima together with a A$0.4 mm bond with BCOGC. • Overall, assuming only A$69 mm (equivalent to A$0.11 per share) will be distributed to shareholders (representing the minimum of 85% of the final sale proceeds) would leave Calima with ~A$15-16 mm in net cash on closing (equivalent to ~A$0.025 per share).</li></ul>

• Calima is selling Blackspur for ~A$83.3 mm (C$75 mm) in cash to Astara Energy. • Calima Energy has ~A$4.1 mm in cash which remains with Calima together with a A$0.4 mm bond with BCOGC. • Overall, assuming only A$69 mm (equivalent to A$0.11 per share) will be distributed to shareholders (representing the minimum of 85% of the final sale proceeds) would leave Calima with ~A$15-16 mm in net cash on closing (equivalent to ~A$0.025 per share).

Calima Energy Ltd (ASX: CE1): Selling Blackspur

<ul>
<li>• 3Q23 production was 3,683 boe/d, slightly below the company’s guidance due to maintenance, turn-around operations at two of the production facilities and unscheduled downhole maintenance on pumping equipment on a few of the more productive wells. </li>
<li>This is more than offset by the high current production of ~4,100 boe/d following Pisces 10 and 11 being brought into production.</li>
<li>Calima forecasts 4Q23 production of 4,028 boe/d and we have increased our 4Q23 production forecast of 3,740 boe/d to 4,030 boe/d to be in line with Calima’s guidance.</li>
</ul>


• 3Q23 production was 3,683 boe/d, slightly below the company’s guidance due to maintenance, turn-around operations at two of the production facilities and unscheduled downhole maintenance on pumping equipment on a few of the more productive wells. 
This is more than offset by the high current production of ~4,100 boe/d following Pisces 10 and 11 being brought into production.
Calima forecasts 4Q23 production of 4,028 boe/d and we have increased our 4Q23 production forecast of 3,740 boe/d to 4,030 boe/d to be in line with Calima’s guidance.


Calima Energy Ltd (ASX: CE1): High production in 4Q23 and 1Q24

<ul>
<li>Pisces#10, the first well of a 2H23 three-well campaign, has reached TD. This is a follow up to the highly successful Pisces #6 and #7. </li>
<li>The company will now drill Pisces#11, the second well of the programme.</li>
<li>The wells continue to be expected to reach peak production in December (post fracture stimulation).</li>
</ul>


Pisces#10, the first well of a 2H23 three-well campaign, has reached TD. This is a follow up to the highly successful Pisces #6 and #7. 
The company will now drill Pisces#11, the second well of the programme.
The wells continue to be expected to reach peak production in December (post fracture stimulation).


Calima Energy Ltd (ASX: CE1): Re-iterating production guidance

<ul>
<li>Calima has sold its Montney acreage and its Tommy Lakes facilities to Advantage Energy for A$11.4 mm. </li>
<li>The disposal of the Montney Assets will also result in operating and holding savings of approximately A$1 mm per year.</li>
<li>As we incorporate the proceeds for the disposition of the Montney assets in our valuation, we have trimmed our target price from A$0.50 per share to A$0.45 per share, which still represents &gt;5x the current share price.</li>
</ul>


Calima has sold its Montney acreage and its Tommy Lakes facilities to Advantage Energy for A$11.4 mm. 
The disposal of the Montney Assets will also result in operating and holding savings of approximately A$1 mm per year.
As we incorporate the proceeds for the disposition of the Montney assets in our valuation, we have trimmed our target price from A$0.50 per share to A$0.45 per share, which still represents &gt;5x the current share price.


Calima Energy Ltd (ASX: CE1): Selling the Montney assets. Increasing dividend distribution

Thematic (Sector/Industry)

<ul>
<li>ADX Energy (ADX AU)C; target price of £A$0.65 per share: High impact well spud in Austria - The Welchau-1 gas exploration well was spudded on 24 February.</li>
<li>Calima Energy (CE1 AU)C; target price of A$0.13 per share: Completing divestment of Blackspur – Blackspur has been sold for A$81.6 mm, after tax provisions and net debt adjustments.</li>
<li>Calima will distribute A$80 mm (~A$12.6 per share) as dividends.</li>
</ul>


ADX Energy (ADX AU)C; target price of £A$0.65 per share: High impact well spud in Austria - The Welchau-1 gas exploration well was spudded on 24 February.
Calima Energy (CE1 AU)C; target price of A$0.13 per share: Completing divestment of Blackspur – Blackspur has been sold for A$81.6 mm, after tax provisions and net debt adjustments.
Calima will distribute A$80 mm (~A$12.6 per share) as dividends.


Australia

Calima Energy Limited operates as an oil and gas company. The Company explores and produces petroleum products. Calima Energy invests in oil and gas projects internationally.

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Calima Energy (CE1 AU)

Calima Energy Ltd (ASX: CE1): Selling Blackspur

• Calima is selling Blackspur for ~A$83.3 mm (C$75 mm) in cash to Astara Energy. • Calima Energy has ~A$4.1 mm in cash which remains with Calima...

Auctus Advisors

Calima Energy Ltd (ASX: CE1): High production in 4Q23 and 1Q24

Calima forecasts 4Q23 production of 4,028 boe/d and we have increased our 4Q23 production forecast of 3,740 boe/d to 4,030 boe/d to be in line with...

Auctus Advisors

Calima Energy Ltd (ASX: CE1): Re-iterating production guidance

Pisces#10, the first well of a 2H23 three-well campaign, has reached TD. This is a follow up to the highly successful Pisces #6 and #7.

Auctus Advisors

Calima Energy Ltd (ASX: CE1): Selling the Montney assets. Increasing dividend distribution

As we incorporate the proceeds for the disposition of the Montney assets in our valuation, we have trimmed our target price from A$0.50 per share...

Auctus Advisors

AUCTUS ON FRIDAY - 01/03/2024

ADX Energy (ADX AU)C; target price of £A$0.65 per share: High impact well spud in Austria - The Welchau-1 gas exploration well was spudded on 24...

Auctus Advisors

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