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 of C$0.95 per share: Transformational acquisition in Indonesia – Criterium is delivering on its plans by acquiring Mont D’Or Petroleum with long life and high netback production of 1,050 bbl/d and 4.7 mmbbl 2P reserves across 2 PSCs in Indonesia (Tungkal in South Sumatra and West Salawati in Southwest Papua).</li><li>With important spare capacity in existing infrastructure and very low drilling costs (US 5 mm per well) at Tungkal, Criterium plans to increase production by ~50% by the end of 1Q24 and to ~3 mbbl/d by YE25 within cashflow.</li><li>Tethys Oil (TETY SS)C; target price of SEK120 per share: Production update in Oman – Production from Blocks3 &amp; 4 was 8,995 bbl/d in May.</li></ul>

Criterium Energy (CEQ CN)C; target price of C$0.95 per share: Transformational acquisition in Indonesia – Criterium is delivering on its plans by acquiring Mont D’Or Petroleum with long life and high netback production of 1,050 bbl/d and 4.7 mmbbl 2P reserves across 2 PSCs in Indonesia (Tungkal in South Sumatra and West Salawati in Southwest Papua).With important spare capacity in existing infrastructure and very low drilling costs (US 5 mm per well) at Tungkal, Criterium plans to increase production by ~50% by the end of 1Q24 and to ~3 mbbl/d by YE25 within cashflow.Tethys Oil (TETY SS)C; target price of SEK120 per share: Production update in Oman – Production from Blocks3 &amp; 4 was 8,995 bbl/d in May.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

AIM-listed South America-focused oiler <a href="https://www.smartkarma.com/entities/amerisur-resources-plc" target="_blank" data-smartkarma-citation="entities:23299:1" rel="noopener">Amerisur Resources (AMER LN)</a><a href="https://polaris.brighterir.com/public/amerisur_resources_plc/news/rns/story/xz2yeox" target="_blank" rel="noopener">announced</a> a strategic review, including a formal sale process (FSP) on the 19 July, following the receipt of interest in the company.On the 22 July, AMER <a href="https://polaris.brighterir.com/public/amerisur_resources_plc/news/rns/story/w3359dw" target="_blank" rel="noopener">announced</a> a possible offer from <a href="https://www.smartkarma.com/entities/etablissements-maurel-et-prom" target="_blank" data-smartkarma-citation="entities:24885:1" rel="noopener">Etablissements Maurel Et Prom (MAU FP)</a> for 17.5 pence, comprising 12.5 pence in cash and 4.5 pence in MAU shares.Following updates on the <a href="https://polaris.brighterir.com/public/amerisur_resources_plc/news/rns/story/rn6m6kw" target="_blank" rel="noopener">9 August</a> and <a href="https://polaris.brighterir.com/public/amerisur_resources_plc/news/rns/story/wk0j91x" target="_blank" rel="noopener">11 October</a>, AMER <a href="https://polaris.brighterir.com/public/amerisur_resources_plc/news/rns/story/w33e0dw" target="_blank" rel="noopener">announced</a> on the 15 November a recommended cash acquisition from <a href="https://www.smartkarma.com/entities/geopark-ltd" target="_blank" data-smartkarma-citation="entities:27360:1" rel="noopener">Geopark Ltd (GPRK US)</a> of 19.21 pence, in cash, for all shares.The Offer price represents a 58.8% premium to the undisturbed price on the 8 July.A condition to the Scheme requires 75% of AMER shareholders approve the transaction.AMER's directors have unanimously recommended the Offer to its shareholders. Directors holding 4.9% of shares out have given an irrevocable to vote in favour of the Scheme. An additional 18.9% (from Canaccord Genuity Limited and Michinoko Limited) have also provided irrevocable undertakings, taking the irrevocable total to 23.8%.Faced with various interested parties, AMER undertook a relatively lengthy FSP, arriving at an all-cash Offer - 13% above MAU's cash/scrip bid - which has the support of AMER's board and the backing of two major shareholders.Pricing appears fair and the acquisition provides an attractive bolt-on for Geoparks' existing adjacent assets. We recommend getting involved at 19 pence or below.

AIM-listed South America-focused oiler Amerisur Resources (AMER LN)announced a strategic review, including a formal sale process (FSP) on the 19 July, following the receipt of interest in the company.On the 22 July, AMER announced a possible offer from Etablissements Maurel Et Prom (MAU FP) for 17.5 pence, comprising 12.5 pence in cash and 4.5 pence in MAU shares.Following updates on the 9 August and 11 October, AMER announced on the 15 November a recommended cash acquisition from Geopark Ltd (GPRK US) of 19.21 pence, in cash, for all shares.The Offer price represents a 58.8% premium to the undisturbed price on the 8 July.A condition to the Scheme requires 75% of AMER shareholders approve the transaction.AMER's directors have unanimously recommended the Offer to its shareholders. Directors holding 4.9% of shares out have given an irrevocable to vote in favour of the Scheme. An additional 18.9% (from Canaccord Genuity Limited and Michinoko Limited) have also provided irrevocable undertakings, taking the irrevocable total to 23.8%.Faced with various interested parties, AMER undertook a relatively lengthy FSP, arriving at an all-cash Offer - 13% above MAU's cash/scrip bid - which has the support of AMER's board and the backing of two major shareholders.Pricing appears fair and the acquisition provides an attractive bolt-on for Geoparks' existing adjacent assets. We recommend getting involved at 19 pence or below.

In A Light, Sweet Spot As Geopark Bids For Amerisur

France

Etablissements Maurel et Prom is a mid-size oil and gas company.  The Company has operations in Africa and Latin America.

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Etablissements Maurel et Prom (MAU FP)

Auctus on Friday - 16/06/2023

Tethys Oil (TETY SS)C; target price of SEK120 per share: Production update in Oman – Production from Blocks3 & 4 was 8,995 bbl/d in May.

Auctus Advisors

In A Light, Sweet Spot As Geopark Bids For Amerisur

AIM-listed South America-focused oiler Amerisur Resources (AMER LN)announced a strategic review, including a formal sale process (FSP) on the 19...

David Blennerhassett

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