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>Arrow Exploration (AXL LN/CN) C; Target price of A$0.50 per share: Good well results in Colombia – The RCE-3 well flowed naturally at rates equivalent to 2,000 bbl/d gross for four hours after unloading kill fluid.</li><li>Calima Energy (CE1 AU)C; Target price of A$0.50 per share: High condensate yield in the Montney and lower costs – The Calima #2’s peak 24 hour condensate rate was 396 bbl/d at a rate of 3.4 mmcf/d gas.</li><li>YE22 production was 53 mboe/d with 90% of oil production evacuated through the Amukpe to Escravos pipeline rather than the Trans Forcados.</li></ul>

Arrow Exploration (AXL LN/CN) C; Target price of A$0.50 per share: Good well results in Colombia – The RCE-3 well flowed naturally at rates equivalent to 2,000 bbl/d gross for four hours after unloading kill fluid.Calima Energy (CE1 AU)C; Target price of A$0.50 per share: High condensate yield in the Montney and lower costs – The Calima #2’s peak 24 hour condensate rate was 396 bbl/d at a rate of 3.4 mmcf/d gas.YE22 production was 53 mboe/d with 90% of oil production evacuated through the Amukpe to Escravos pipeline rather than the Trans Forcados.

Equity Bottom-Up

<ul><li>The Calima #2’s peak 24 hour condensate rate in the Middle Montney was 396 bbl/d at a rate of 3.4 mmcf/d gas.</li><li>This is higher than the average yield reported previously (102 bbl/mmcf on 3.65 mmcf/d production over the duration of the test).</li><li>The 24 hour peak rates and condensate yields are also representative of what could be achieved once the wells are in production.</li></ul>

The Calima #2’s peak 24 hour condensate rate in the Middle Montney was 396 bbl/d at a rate of 3.4 mmcf/d gas.This is higher than the average yield reported previously (102 bbl/mmcf on 3.65 mmcf/d production over the duration of the test).The 24 hour peak rates and condensate yields are also representative of what could be achieved once the wells are in production.

Calima Energy Ltd (ASX: CE1): High condensate yield in the Montney and lower costs

<ul><li>Positive testing results opens the Montney - Calima has so far obtained very good results from the re-testing of the Calima #2 and Calima #3 wells.</li><li>This could de-risk the initial development of the Montney with potential for production in 2024.</li><li>This could also materially increase the likelihood of attracting an industry partner. </li></ul>

Positive testing results opens the Montney - Calima has so far obtained very good results from the re-testing of the Calima #2 and Calima #3 wells.This could de-risk the initial development of the Montney with potential for production in 2024.This could also materially increase the likelihood of attracting an industry partner. 

<ul><li>• Calima has so far obtained very good results from the re-testing of the Calima #2 and Calima#3 wells.</li><li>Calima has been estimated to hold 2C contingent resources of 35.8 mmbbl of liquids plus 748 bcf of natural gas in the Montney.</li><li>Assuming 4 mmcf/d per well and an overall condensate + LPG ration of 100 bbl/mmcf could suggest an initial 2,000 bbl/d of liquids production.</li></ul>

• Calima has so far obtained very good results from the re-testing of the Calima #2 and Calima#3 wells.Calima has been estimated to hold 2C contingent resources of 35.8 mmbbl of liquids plus 748 bcf of natural gas in the Montney.Assuming 4 mmcf/d per well and an overall condensate + LPG ration of 100 bbl/mmcf could suggest an initial 2,000 bbl/d of liquids production.

Calima Energy Ltd (ASX: CE1): Positive testing results opens the Montney

<ul><li>Over January, production was ~1,800 boe/d with short term outages due to weather at Ombu and Pepper.</li><li>This compares with production rate of 1,900-2,000 in November which included an initial high contribution at East Pepper (that has since declined, as expected).</li><li>4Q22 production of 3,727 boe/d including 1,132 boe/d at Thorsby and 2,595 boe/d at Brooks was below our expectations of 3,970 boe/d.</li></ul>

Over January, production was ~1,800 boe/d with short term outages due to weather at Ombu and Pepper.This compares with production rate of 1,900-2,000 in November which included an initial high contribution at East Pepper (that has since declined, as expected).4Q22 production of 3,727 boe/d including 1,132 boe/d at Thorsby and 2,595 boe/d at Brooks was below our expectations of 3,970 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)

Auctus on Friday - 03/03/2023

Arrow Exploration (AXL LN/CN) C; Target price of A$0.50 per share: Good well results in Colombia – The RCE-3 well flowed naturally at rates...

Auctus Advisors

Calima Energy Ltd (ASX: CE1): High condensate yield in the Montney and lower costs

The Calima #2’s peak 24 hour condensate rate in the Middle Montney was 396 bbl/d at a rate of 3.4 mmcf/d gas.This is higher than the average yield...

Auctus Advisors

Auctus on Friday - 17/02/2023

Positive testing results opens the Montney - Calima has so far obtained very good results from the re-testing of the Calima #2 and Calima #3 wells.

Auctus Advisors

Calima Energy Ltd (ASX: CE1): Positive testing results opens the Montney

Assuming 4 mmcf/d per well and an overall condensate + LPG ration of 100 bbl/mmcf could suggest an initial 2,000 bbl/d of liquids production.

Auctus Advisors

Auctus on Friday - 03/02/2023

4Q22 production of 3,727 boe/d including 1,132 boe/d at Thorsby and 2,595 boe/d at Brooks was below our expectations of 3,970 boe/d.

Auctus Advisors

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