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>3Q24 production of 879 bbl/d was in line with expectations.</li>
<li>The company’s cash position of C$6.1 mm at the end of September is high but reflects greater current payables.</li>
<li>We note a further opex reduction from C$3.4 mm in 2Q24 to C$2.6 mm with flat production.</li>
</ul>


3Q24 production of 879 bbl/d was in line with expectations.
The company’s cash position of C$6.1 mm at the end of September is high but reflects greater current payables.
We note a further opex reduction from C$3.4 mm in 2Q24 to C$2.6 mm with flat production.


Criterium Energy Ltd (TSX-V: CEQ): Work-Overs Outperform. Still Waiting on Well Results.

<ul>
<li>Production to date in October is 950 bbl/d, the same level as reported on 24 September.</li>
<li>The MGH-43 well has encountered 41 m of prospective gross sand intervals with good to excellent oil shows in the main TAF target that will now be perforated.</li>
<li>Due to unstable hole conditions in MGH-43, Criterium was unable to conduct pressure testing and resistivity calculations on the zones of interest and therefore could not determine the estimated productivity rates.</li>
</ul>


Production to date in October is 950 bbl/d, the same level as reported on 24 September.
The MGH-43 well has encountered 41 m of prospective gross sand intervals with good to excellent oil shows in the main TAF target that will now be perforated.
Due to unstable hole conditions in MGH-43, Criterium was unable to conduct pressure testing and resistivity calculations on the zones of interest and therefore could not determine the estimated productivity rates.


Criterium Energy Ltd (TSX-V: CEQ): Encouraging drilling results. Decreasing opex

<ul>
<li>Current production has reached 950 bbl/d, representing an increase of 90 bbl/d since August.</li>
<li>This reflects the very good performance of the work-over programme with 98 bbl/d incremental production from three new workovers in Tranche 3 from early August.</li>
<li>Overall, the programme (three tranches with a total of 11 work-overs so far) has delivered 227 bbl/d of incremental production.</li>
</ul>


Current production has reached 950 bbl/d, representing an increase of 90 bbl/d since August.
This reflects the very good performance of the work-over programme with 98 bbl/d incremental production from three new workovers in Tranche 3 from early August.
Overall, the programme (three tranches with a total of 11 work-overs so far) has delivered 227 bbl/d of incremental production.


Criterium Energy Ltd (TSX-V: CEQ): High production in September. The drilling programme has commenced

<ul>
<li>A drilling rig is scheduled to be mobilize on site in August.</li>
<li>The two-well infill program, targeting a previously undrilled section of the MGH Field, is anticipated to commence in early September with the wells expected to come on production in early November at a forecasted combined rate of 300 bbl/d.</li>
<li>While this is a bit later than we anticipated, we continue to forecast that Criterium will exit 2024 with ~1,250 boe/d production.</li>
</ul>


A drilling rig is scheduled to be mobilize on site in August.
The two-well infill program, targeting a previously undrilled section of the MGH Field, is anticipated to commence in early September with the wells expected to come on production in early November at a forecasted combined rate of 300 bbl/d.
While this is a bit later than we anticipated, we continue to forecast that Criterium will exit 2024 with ~1,250 boe/d production.


Criterium Energy Ltd (TSX-V: CEQ): New Drilling Expected to Start in September

<ul>
<li>The work-over programme has delivered a production increase of 180 bbl/d from six wells at a total cost of US$0.36 mm.</li>
<li>This represents an average increase of ~30 bbl/d, which is 50% above management’s expectations (20 bbl/d).</li>
<li>The overall costs are on budget.</li>
</ul>


The work-over programme has delivered a production increase of 180 bbl/d from six wells at a total cost of US$0.36 mm.
This represents an average increase of ~30 bbl/d, which is 50% above management’s expectations (20 bbl/d).
The overall costs are on budget.


Criterium Energy Ltd (TSX-V: CEQ): Results of Work-Over Campaign Above Expectations.

Canada

Criterium Energy Ltd. is a mineral exploration and mining company. The Company mines for oil and gas in southern Turkey. Criterium Energy also mines for diamonds, gold, and base metals in Greenland.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Criterium Energy (CEQ CN)

Criterium Energy Ltd (TSX-V: CEQ): Work-Overs Outperform. Still Waiting on Well Results.

3Q24 production of 879 bbl/d was in line with expectations.The company’s cash position of C$6.1 mm at the end of September is high but reflects...

Auctus Advisors

Criterium Energy Ltd (TSX-V: CEQ): Encouraging drilling results. Decreasing opex

The MGH-43 well has encountered 41 m of prospective gross sand intervals with good to excellent oil shows in the main TAF target that will now be...

Auctus Advisors

Criterium Energy Ltd (TSX-V: CEQ): High production in September. The drilling programme has commenced

This reflects the very good performance of the work-over programme with 98 bbl/d incremental production from three new workovers in Tranche 3 from...

Auctus Advisors

Criterium Energy Ltd (TSX-V: CEQ): New Drilling Expected to Start in September

The two-well infill program, targeting a previously undrilled section of the MGH Field, is anticipated to commence in early September with the...

Auctus Advisors

Criterium Energy Ltd (TSX-V: CEQ): Results of Work-Over Campaign Above Expectations.

The work-over programme has delivered a production increase of 180 bbl/d from six wells at a total cost of US$0.36 mm. This represents an average...

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)