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>Criterium Energy (CEQ CN) C ; Target price C$0.35 per share: Encouraging drilling results. Decreasing opex – 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>


Criterium Energy (CEQ CN) C ; Target price C$0.35 per share: Encouraging drilling results. Decreasing opex – 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. 


<ul>
<li>Arrow Exploration (AXL LN/CN)C; Target price £0.70 per share: Another horizontal well with high flow rate – The fourth horizontal well at Carrizales Notre (CNB HZ-5) has been put on production at a gross oil rate of 2.7 mbbl/d (1.35 mbbl/d net to Arrow) with a water cut of 11%.</li>
<li>This flow rate compares favourably with CNB HZ-4 that was put on production at a gross oil rate of &gt;2.5 mbbl/d (8% water cut).</li>
<li>Overall gross oil production from the three other horizontal wells is ~5.62 mbbl/d (~2.8 mbbl/d net to Arrow) including 2.1 mbbl/d for CNB HZ-4, 1.9 mbbl/d for CNB HZ-3 and 1.6 mbbl/d for CNB HZ-1.</li>
</ul>


Arrow Exploration (AXL LN/CN)C; Target price £0.70 per share: Another horizontal well with high flow rate – The fourth horizontal well at Carrizales Notre (CNB HZ-5) has been put on production at a gross oil rate of 2.7 mbbl/d (1.35 mbbl/d net to Arrow) with a water cut of 11%.
This flow rate compares favourably with CNB HZ-4 that was put on production at a gross oil rate of &gt;2.5 mbbl/d (8% water cut).
Overall gross oil production from the three other horizontal wells is ~5.62 mbbl/d (~2.8 mbbl/d net to Arrow) including 2.1 mbbl/d for CNB HZ-4, 1.9 mbbl/d for CNB HZ-3 and 1.6 mbbl/d for CNB HZ-1.


<ul>
<li>Condor Energies (CDR CN)C; Target price C$5.80 per share: Initiating coverage – Condor Energies is a ~US$75 mm market cap TSX-listed company focused on low carbon and energy transition opportunities in Central Asia.</li>
<li>Condor was transformed in 2024 by the acquisition of &gt;10 mboe/d production of natural gas in Uzbekistan.</li>
<li>The key value driver for the shares is the imminent sanction of Condor’s 1st liquefaction plant in Kazakhstan to convert low-cost natural gas into high value LNG to displace expensive diesel for rail and mining haul truck transportation.</li>
</ul>


Condor Energies (CDR CN)C; Target price C$5.80 per share: Initiating coverage – Condor Energies is a ~US$75 mm market cap TSX-listed company focused on low carbon and energy transition opportunities in Central Asia.
Condor was transformed in 2024 by the acquisition of &gt;10 mboe/d production of natural gas in Uzbekistan.
The key value driver for the shares is the imminent sanction of Condor’s 1st liquefaction plant in Kazakhstan to convert low-cost natural gas into high value LNG to displace expensive diesel for rail and mining haul truck transportation.


<ul>
<li>Criterium Energy (CEQ CN)C; Target price C$0.35 per share: New drilling expected to start in September – A drilling rig is scheduled to be mobilized to 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>


Criterium Energy (CEQ CN)C; Target price C$0.35 per share: New drilling expected to start in September – A drilling rig is scheduled to be mobilized to 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.


<ul>
<li>Chariot (CHAR LN)C: target price of £0.50 per share: Key step towards developing future gas to industry business onshore Morocco – Chariot has signed Heads of Terms with Vivo Energy for the future offtake from the Loukos onshore licence where natural gas has been encountered at Dartois.</li>
<li>Up to 3 mmcf/d would be initially sold to the CNG midstream business under a long-term gas sales agreement.</li>
<li>Vivo intends to design, fund, construct and operate a CNG plant and virtual distribution network to transport natural gas from a number of sources to existing and new industrial customers in Morocco.</li>
</ul>


Chariot (CHAR LN)C: target price of £0.50 per share: Key step towards developing future gas to industry business onshore Morocco – Chariot has signed Heads of Terms with Vivo Energy for the future offtake from the Loukos onshore licence where natural gas has been encountered at Dartois.
Up to 3 mmcf/d would be initially sold to the CNG midstream business under a long-term gas sales agreement.
Vivo intends to design, fund, construct and operate a CNG plant and virtual distribution network to transport natural gas from a number of sources to existing and new industrial customers in Morocco.


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.

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Criterium Energy (CEQ CN)

AUCTUS ON FRIDAY - 18/10/2024

Criterium Energy (CEQ CN) C: Encouraging drilling results. Decreasing opex – Production to date in October is 950 bbl/d, the same level as...

Auctus Advisors

AUCTUS ON FRIDAY - 27/09/2024

This flow rate compares favourably with CNB HZ-4 that was put on production at a gross oil rate of >2.5 mbbl/d (8% water cut).

Auctus Advisors

AUCTUS ON FRIDAY - 06/09/2024

Condor Energies is a ~US$75 mm market cap TSX-listed company focused on low carbon and energy transition opportunities in Central Asia.

Auctus Advisors

AUCTUS ON FRIDAY - 16/08/2024

Criterium Energy (CEQ CN)C; Target price C$0.35 per share: New drilling expected to start in September – A drilling rig is scheduled to be...

Auctus Advisors

AUCTUS ON FRIDAY - 28/06/2024

Chariot has signed Heads of Terms with Vivo Energy for the future offtake from the Loukos onshore licence where natural gas has been encountered at...

Auctus Advisors

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