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>Arrow Exploration (AXL LN)C: Target price of £0.45 per share: Reaching 2,635 bbl/d without Capella.</li><li>High cash position – The RCE-5 well flowed 680 bbl/d (340 bbl/d net to Arrow) of oil over the last 24 hours.</li><li>GeoPark (GPRK US) C; Target price of US$26 per share: First horizontal well at LL-34 in production at over 3,000 bbl/d – 1Q23 production was 36,578 boe/d.</li></ul>

Arrow Exploration (AXL LN)C: Target price of £0.45 per share: Reaching 2,635 bbl/d without Capella.High cash position – The RCE-5 well flowed 680 bbl/d (340 bbl/d net to Arrow) of oil over the last 24 hours.GeoPark (GPRK US) C; Target price of US$26 per share: First horizontal well at LL-34 in production at over 3,000 bbl/d – 1Q23 production was 36,578 boe/d.

Equity Bottom-Up

<ul><li>1Q23 production was 36,578 boe/d.</li><li>High production at CPO-5 (WI: 5,012 bbl/d vs our expectation of 4,500 bbl/d) and Platanillo (2,227 bbl/d vs our expectation of 2,000 bbl/d) was offset by lower production in Chile and Brazil on lower gas offtake.</li><li>This is a very good flow rate that has taken gross production from the block from 54.8 mbbl/d in 1Q23 to ~57 mbbl/d currently.</li></ul>

1Q23 production was 36,578 boe/d.High production at CPO-5 (WI: 5,012 bbl/d vs our expectation of 4,500 bbl/d) and Platanillo (2,227 bbl/d vs our expectation of 2,000 bbl/d) was offset by lower production in Chile and Brazil on lower gas offtake.This is a very good flow rate that has taken gross production from the block from 54.8 mbbl/d in 1Q23 to ~57 mbbl/d currently.

GeoPark Limited (NYSE: GPRK): First horizontal well at LL-34 in production at over 3,000 bbl/d

<ul><li>Chariot (CHAR LM) C; Target price of £0.55 per share: One step closer to FID – Production ramp-up quicker than expected – Chariot has completed the Front-End Engineering and Design (FEED) on the key components of the Anchois gas development project.</li><li>The FEED confirms a plateau production of 105 mmcf/d from three wells including the existing Anchois-2 well, subsea infrastructure to an onshore central processing facility and an onshore gas pipeline to the Maghreb Europe Gas Pipeline (tie-in agreement already signed).</li><li>Neptune Energy: FY22 results – FY22 production was 135 mboe/d.</li></ul>

Chariot (CHAR LM) C; Target price of £0.55 per share: One step closer to FID – Production ramp-up quicker than expected – Chariot has completed the Front-End Engineering and Design (FEED) on the key components of the Anchois gas development project.The FEED confirms a plateau production of 105 mmcf/d from three wells including the existing Anchois-2 well, subsea infrastructure to an onshore central processing facility and an onshore gas pipeline to the Maghreb Europe Gas Pipeline (tie-in agreement already signed).Neptune Energy: FY22 results – FY22 production was 135 mboe/d.

<ul><li>FY22 production and YE22 net debt had been previously reported.</li><li>January to February WI production was only ~37 mboe/d, below the production potential of 39,400-40,300 boe/d as the Indico 6 and Indico 7 wells in the CPO-5 block in Colombia continue to be off line until definitive surface facilities are completed.</li><li>GeoPark is re-iterating its FY23 guidance of 39.5-41.5 mboe/d (excluding any contributions from exploration) but given the low production in January and February FY23 production will be most likely be near the low end of the guidance range.</li></ul>

FY22 production and YE22 net debt had been previously reported.January to February WI production was only ~37 mboe/d, below the production potential of 39,400-40,300 boe/d as the Indico 6 and Indico 7 wells in the CPO-5 block in Colombia continue to be off line until definitive surface facilities are completed.GeoPark is re-iterating its FY23 guidance of 39.5-41.5 mboe/d (excluding any contributions from exploration) but given the low production in January and February FY23 production will be most likely be near the low end of the guidance range.

GeoPark Limited (NYSE: GPRK): CPO-5 production expected to be back to full capacity in early 2Q23

<ul><li>GeoPark has reported YE22 2P reserves of 128.4 mmboe, down from 159.2 mmboe at YE21.</li><li>This reflects FY22 production of 14.1 mmboe and ~17 mmboe of net negative revisions (technical + economic factors).</li><li>Overall 3P reserves have been reduced from 248.3 mmboe at YE21 to 196.3 mmboe at YE22 including ~4 mmboe associated with the divestment of Argentina and ~34 mmboe on technical revisions + economic factors.</li></ul>

GeoPark has reported YE22 2P reserves of 128.4 mmboe, down from 159.2 mmboe at YE21.This reflects FY22 production of 14.1 mmboe and ~17 mmboe of net negative revisions (technical + economic factors).Overall 3P reserves have been reduced from 248.3 mmboe at YE21 to 196.3 mmboe at YE22 including ~4 mmboe associated with the divestment of Argentina and ~34 mmboe on technical revisions + economic factors.

GeoPark Limited (NYSE: GPRK) - Reserves Update. New Discovery at Llanos-34

Colombia

Geopark Limited is an oil and gas exploration and production company. The Company has operating and production properties in Chile, Colombia, Brazil and Argentina.

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Geopark Ltd (GPRK US)

Auctus on Friday - 14/04/2023

GeoPark (GPRK US) C; Target price of US$26 per share: First horizontal well at LL-34 in production at over 3,000 bbl/d – 1Q23 production was 36,578...

Auctus Advisors

GeoPark Limited (NYSE: GPRK): First horizontal well at LL-34 in production at over 3,000 bbl/d

High production at CPO-5 (WI: 5,012 bbl/d vs our expectation of 4,500 bbl/d) and Platanillo (2,227 bbl/d vs our expectation of 2,000 bbl/d) was...

Auctus Advisors

Auctus on Friday - 10/03/2023

One step closer to FID – Production ramp-up quicker than expected – Chariot has completed the Front-End Engineering and Design (FEED) on the key...

Auctus Advisors

GeoPark Limited (NYSE: GPRK): CPO-5 production expected to be back to full capacity in early 2Q23

January to February WI production was only ~37 mboe/d, below the production potential of 39,400-40,300 boe/d as the Indico 6 and Indico 7 wells in...

Auctus Advisors

GeoPark Limited (NYSE: GPRK) - Reserves Update. New Discovery at Llanos-34

GeoPark has reported YE22 2P reserves of 128.4 mmboe, down from 159.2 mmboe at YE21. This reflects FY22 production of 14.1 mmboe and ~17 mmboe of...

Auctus Advisors

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