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>The three new Sunburst wells (Gemini #10, #11 and #12) drilled in 4Q22 are now in production and on average these wells have achieved IP30 rates 35% higher than budgeted.</li><li>This compares with IP30 production of 120 boe/d gross for a type well.</li><li>With two more Pisces wells to be drilled in 1Q23, we have increased our 1Q23 production forecast from ~3.8 mboe/d to 4.1 mboe/d.</li></ul>

The three new Sunburst wells (Gemini #10, #11 and #12) drilled in 4Q22 are now in production and on average these wells have achieved IP30 rates 35% higher than budgeted.This compares with IP30 production of 120 boe/d gross for a type well.With two more Pisces wells to be drilled in 1Q23, we have increased our 1Q23 production forecast from ~3.8 mboe/d to 4.1 mboe/d.

Calima Energy Ltd (ASX: CE1): New wells deliver flow rates above expectations

Thematic (Sector/Industry)

<ul><li>Calima Energy (CE1 AU)C; Target price of A$0.60 per share: Market cap paid back in 2 years, even after incorporating higher differentials - Four wells out of the five well 4Q22 programme have now been drilled with two wells already in production.</li><li>Gemini#10 is producing in line with the type curve (IP of 120 boe/d gross and 60 boe/d net to Calima 50% WI).</li><li>We have reduced our target price from C$0.70 to C$0.60 per share as we incorporate the impact of the higher differentials.</li></ul>

Calima Energy (CE1 AU)C; Target price of A$0.60 per share: Market cap paid back in 2 years, even after incorporating higher differentials - Four wells out of the five well 4Q22 programme have now been drilled with two wells already in production.Gemini#10 is producing in line with the type curve (IP of 120 boe/d gross and 60 boe/d net to Calima 50% WI).We have reduced our target price from C$0.70 to C$0.60 per share as we incorporate the impact of the higher differentials.

<ul><li>Four wells out of the five well 4Q22 programme have now been drilled with two wells already in production.</li><li>Gemini#10 is producing in line with the type curve (IP of 120 boe/d gross and 60 boe/d net to Calima 50% WI).</li><li>The impact of the associated new production (~460 boe/d IP rate in aggregate for the two wells) will be visible in January.</li></ul>

Four wells out of the five well 4Q22 programme have now been drilled with two wells already in production.Gemini#10 is producing in line with the type curve (IP of 120 boe/d gross and 60 boe/d net to Calima 50% WI).The impact of the associated new production (~460 boe/d IP rate in aggregate for the two wells) will be visible in January.

Calima Energy Ltd (ASX: CE1): Market cap paid back in 2 years

<ul><li>ADX Energy (ADX AU) C; Target price of A$0.070 per share: Anshof Reserves estimate well above expectations – RISC estimates that the Anshof field holds 5.2 mmboe of 2P gross reserves (4.2 mmboe net to ADX).</li><li>The 2P reserves estimate is based on an assumption of a water oil contact at 1,720 m and includes the area of the field where the sand thickens.</li><li>Calima Energy (CE1 AU) C; Target price of A$0.70 per share: 3Q22 update.</li></ul>

ADX Energy (ADX AU) C; Target price of A$0.070 per share: Anshof Reserves estimate well above expectations – RISC estimates that the Anshof field holds 5.2 mmboe of 2P gross reserves (4.2 mmboe net to ADX).The 2P reserves estimate is based on an assumption of a water oil contact at 1,720 m and includes the area of the field where the sand thickens.Calima Energy (CE1 AU) C; Target price of A$0.70 per share: 3Q22 update.

<ul><li>3Q22 production was 4,162 boe/d, which is in line with previous indications.</li><li>The Pisces #6 and #7 wells continue to be expected to come on stream mid December but peak production will only now be reached in 1Q23.</li><li>4Q22 production is now expected to be around 4 mboe/d, slightly below our expectations (4,150 boe/d), reflecting the timing of the new wells coming on stream.</li></ul>

3Q22 production was 4,162 boe/d, which is in line with previous indications.The Pisces #6 and #7 wells continue to be expected to come on stream mid December but peak production will only now be reached in 1Q23.4Q22 production is now expected to be around 4 mboe/d, slightly below our expectations (4,150 boe/d), reflecting the timing of the new wells coming on stream.

Calima Energy Ltd (ASX: CE1): 3Q22 update. Restarting activities in the Montney

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): New wells deliver flow rates above expectations

The three new Sunburst wells (Gemini #10, #11 and #12) drilled in 4Q22 are now in production and on average these wells have achieved IP30 rates...

Auctus Advisors

Auctus on Friday - 25/11/2022

Calima Energy (CE1 AU)C; Target price of A$0.60 per share: Market cap paid back in 2 years, even after incorporating higher differentials

Auctus Advisors

Calima Energy Ltd (ASX: CE1): Market cap paid back in 2 years

Four wells out of the five well 4Q22 programme have now been drilled with two wells already in production. Gemini#10 is producing in line with the...

Auctus Advisors

Auctus on Friday - 04/11/2022

The 2P reserves estimate is based on an assumption of a water oil contact at 1,720 m and includes the area of the field where the sand thickens.

Auctus Advisors

Calima Energy Ltd (ASX: CE1): 3Q22 update. Restarting activities in the Montney

4Q22 production is now expected to be around 4 mboe/d, slightly below our expectations (4,150 boe/d), reflecting the timing of the new wells coming...

Auctus Advisors

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