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>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of NOK51 per share: Water inflow from a small interval in Welchau deeper formation.</li><li>Continuing well test up hole – Two intervals in the Steinalm formation (1452.5 m-1463.5 m and 1474.5 m-1480 m MD) were tested at a stable rate (natural flow) of 240-290 bbl/d of drilling mud, likely contaminated formation water and some oil traces.</li><li>Gas was initially observed at surface.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of NOK51 per share: Water inflow from a small interval in Welchau deeper formation.Continuing well test up hole – Two intervals in the Steinalm formation (1452.5 m-1463.5 m and 1474.5 m-1480 m MD) were tested at a stable rate (natural flow) of 240-290 bbl/d of drilling mud, likely contaminated formation water and some oil traces.Gas was initially observed at surface.

<ul>
<li>Condor Energies (CDR CN) C ; Target price of C$5.80 per share: Another positive operating update – The workovers of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated reservoir pay was accessed.</li>
<li>The first well is producing 410 boe/d. It was previously shut-in. The second well is producing an extra 31 boe/d (+65%) and continues to clean-up.</li>
<li>With a total cost of &lt;US$0.2 mm, the pay back of theses workovers is ~2 months. This is a very good result that showcases the opportunity in Uzbekistan. </li>
</ul>


Condor Energies (CDR CN) C ; Target price of C$5.80 per share: Another positive operating update – The workovers of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated reservoir pay was accessed.
The first well is producing 410 boe/d. It was previously shut-in. The second well is producing an extra 31 boe/d (+65%) and continues to clean-up.
With a total cost of &lt;US$0.2 mm, the pay back of theses workovers is ~2 months. This is a very good result that showcases the opportunity in Uzbekistan. 


<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>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target of A$0.75 per share: Diversified and high impact newsflow over the balance of 2024 – ADX has confirmed a very busy programme of activity from September.</li><li>The overall unrisked value of the programme is ~A$1.70 per share, which represents 17x the current share price.</li><li>In early September, ADX will drill the Anshof-2A side track.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target of A$0.75 per share: Diversified and high impact newsflow over the balance of 2024 – ADX has confirmed a very busy programme of activity from September.The overall unrisked value of the programme is ~A$1.70 per share, which represents 17x the current share price.In early September, ADX will drill the Anshof-2A side track.

<ul>
<li>PetroTal (PTAL LN/CN)C; Target price of £1.50 per share: Unrestricted cash position increased by &gt;30% during the last quarter – 2Q24 production of 18,290 bbl/d was very near our forecasts of 18.5 mbbl/d but marginally below the company target of ~19 mbbl/d.</li>
<li>A brief river blockade impacted production but production in June was 20,555 bbl/d.</li>
<li>All regulatory approvals for the pilot to sell 100 mbbl of production through Ecuador have now been secured.</li>
</ul>


PetroTal (PTAL LN/CN)C; Target price of £1.50 per share: Unrestricted cash position increased by &gt;30% during the last quarter – 2Q24 production of 18,290 bbl/d was very near our forecasts of 18.5 mbbl/d but marginally below the company target of ~19 mbbl/d.
A brief river blockade impacted production but production in June was 20,555 bbl/d.
All regulatory approvals for the pilot to sell 100 mbbl of production through Ecuador have now been secured.


Portugal

Galp Energia, SGPS, S.A. is an integrated energy company with diversified activities Worldwide. The Company is focused in the prolific South Atlantic area, including Brazil's pre-salt Santos basin and the Angolan offshore, and in the world class Rovuma basin in Mozambique. Downstream activities are centred in Iberia and comprise the Refining & Marketing and the Gas & Power businesses.

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Galp Energia Sgps Sa (GALP PL)

AUCTUS ON FRIDAY - 29/11/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of NOK51 per share: Water inflow from a small...

Auctus Advisors

AUCTUS ON FRIDAY - 01/11/2024

Another positive operating update – The workovers of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated...

Auctus Advisors

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 - 26/07/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target of A$0.75 per share: Diversified and high impact...

Auctus Advisors

AUCTUS ON FRIDAY - 12/07/2024

PetroTal (PTAL LN/CN)C; Target price of £1.50 per share: Unrestricted cash position increased by >30% during the last quarter

Auctus Advisors

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