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>• 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

<ul><li>________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by YE23 – ADX is expected to start drilling the Anshof-2 appraisal well in November.</li><li>Anshof is also estimated to hold 5.5 mmboe net 3C contingent resources (net to ADX).</li><li>We have changed our target price to A$0.80 per share as we incorporate the recently announced 10 for 1 share consolidation.</li></ul>

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by YE23 – ADX is expected to start drilling the Anshof-2 appraisal well in November.Anshof is also estimated to hold 5.5 mmboe net 3C contingent resources (net to ADX).We have changed our target price to A$0.80 per share as we incorporate the recently announced 10 for 1 share consolidation.

<ul>
<li>Calima Energy (CE1 AU); target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed.</li>
<li>3Q23 production levels continue to be affected by weather related energy cuts and unforeseen work-overs.</li>
<li>Valeura Energy (VLE CN)C; target price of C$6.40 per share: 3Q23 update – 3Q23 production was 19,961 boe/d.</li>
</ul>


Calima Energy (CE1 AU); target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed.
3Q23 production levels continue to be affected by weather related energy cuts and unforeseen work-overs.
Valeura Energy (VLE CN)C; target price of C$6.40 per share: 3Q23 update – 3Q23 production was 19,961 boe/d.


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): 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 - 20/10/2023

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by...

Auctus Advisors

Auctus on Friday - 06/10/2023

Calima Energy (CE1 AU); target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed.

Auctus Advisors

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