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>GeoPark (GPRK US)C; target price of US$24 per share: Further exploration success in Colombia – The Perico-1 exploration well at CPO-5 encountered hydrocarbons in the Barco (Guadalupe) formation.</li>
<li>The Halcon-1 well at CPO-5 that also encountered potential hydrocarbons in the Guadalupe flowed at intermittent rates.</li>
<li>Pharos Energy (PHAR LN)C; target price of £0.50 per share: Reducing net debt by a further US$10 mm – FY23 production was 6,508 boe/d, which is the middle of the production guidance of 6.35-6.75 mboe/d.</li>
</ul>


GeoPark (GPRK US)C; target price of US$24 per share: Further exploration success in Colombia – The Perico-1 exploration well at CPO-5 encountered hydrocarbons in the Barco (Guadalupe) formation.
The Halcon-1 well at CPO-5 that also encountered potential hydrocarbons in the Guadalupe flowed at intermittent rates.
Pharos Energy (PHAR LN)C; target price of £0.50 per share: Reducing net debt by a further US$10 mm – FY23 production was 6,508 boe/d, which is the middle of the production guidance of 6.35-6.75 mboe/d.


Equity Bottom-Up

<ul><li>________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Drilling commences at Anshof-2 – Drilling at Anshof-2 has started.</li><li>Arrow Exploration (AXL LN/CN)C; target price of £0.55 per share: High flow and a new discovery at RCE-6.</li><li>Re-iterating FY23 guidance - 3Q23 production of 19,961 bbl/d and net cash at the end of September of ~US$103 mm had already been announced.</li></ul>

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Drilling commences at Anshof-2 – Drilling at Anshof-2 has started.Arrow Exploration (AXL LN/CN)C; target price of £0.55 per share: High flow and a new discovery at RCE-6.Re-iterating FY23 guidance - 3Q23 production of 19,961 bbl/d and net cash at the end of September of ~US$103 mm had already been announced.

<ul><li>________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by YE23 – ADX is expected to start drilling the Anshof-2 appraisal well in November.</li><li>Anshof is also estimated to hold 5.5 mmboe net 3C contingent resources (net to ADX).</li><li>We have changed our target price to A$0.80 per share as we incorporate the recently announced 10 for 1 share consolidation.</li></ul>

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by YE23 – ADX is expected to start drilling the Anshof-2 appraisal well in November.Anshof is also estimated to hold 5.5 mmboe net 3C contingent resources (net to ADX).We have changed our target price to A$0.80 per share as we incorporate the recently announced 10 for 1 share consolidation.

<ul><li>• Current production stands at ~39 mboe/d including 7.1 mbbl/d at CPO-5 and 24.4 mboe/d at Llanos-34. • Following the recent exploration success at Toritos-1 and Saltador-1, Llanos-123 is now producing 2,140 bbl/d (1,070 bbl/d net to GeoPark).</li><li>The company is now drilling the Bisbita Centro exploration well that could add further production at the block if successful.</li></ul>

• Current production stands at ~39 mboe/d including 7.1 mbbl/d at CPO-5 and 24.4 mboe/d at Llanos-34. • Following the recent exploration success at Toritos-1 and Saltador-1, Llanos-123 is now producing 2,140 bbl/d (1,070 bbl/d net to GeoPark).The company is now drilling the Bisbita Centro exploration well that could add further production at the block if successful.

GeoPark Limited (NYSE: GPRK): 39 mboe/d current production. All eyes on Halcon-1

<ul>
<li>Calima Energy (CE1 AU); target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed.</li>
<li>3Q23 production levels continue to be affected by weather related energy cuts and unforeseen work-overs.</li>
<li>Valeura Energy (VLE CN)C; target price of C$6.40 per share: 3Q23 update – 3Q23 production was 19,961 boe/d.</li>
</ul>


Calima Energy (CE1 AU); target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed.
3Q23 production levels continue to be affected by weather related energy cuts and unforeseen work-overs.
Valeura Energy (VLE CN)C; target price of C$6.40 per share: 3Q23 update – 3Q23 production was 19,961 boe/d.


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 - 19/01/2024

GeoPark (GPRK US)C; target price of US$24 per share: Further exploration success in Colombia – The Perico-1 exploration well at CPO-5 encountered...

Auctus Advisors

Auctus on Friday - 03/02/2023

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Drilling commences at Anshof-2 – Drilling at...

Auctus Advisors

Auctus on Friday - 20/10/2023

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by...

Auctus Advisors

GeoPark Limited (NYSE: GPRK): 39 mboe/d current production. All eyes on Halcon-1

• Current production stands at ~39 mboe/d including 7.1 mbbl/d at CPO-5 and 24.4 mboe/d at Llanos-34. • Following the recent exploration success...

Auctus Advisors

Auctus on Friday - 06/10/2023

Calima Energy (CE1 AU); target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed.

Auctus Advisors

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