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>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.

Equity Bottom-Up

<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

<ul><li><strong>GeoPark (GPRK US)C: Target price of US$31 per share:</strong><strong>Two new strong development wells at CPO-5</strong> – Two new development wells, Indico 6 and Indico 7, tested over 11,000 bbl/d gross (in aggregate) with hardly any water (Indico 6: 6,270 bbl/d, Indico 7: 5,245 bbl/d).</li><li>This would take gross production from the field from ~20 mbbl/d in 4Q22 to 25-27 mbbl/d.</li><li>OKEA Energy (OKEA NO): 4Q22 update – 4Q22 production in Norway was 19,887 boe/d.</li></ul>

GeoPark (GPRK US)C: Target price of US$31 per share:Two new strong development wells at CPO-5 – Two new development wells, Indico 6 and Indico 7, tested over 11,000 bbl/d gross (in aggregate) with hardly any water (Indico 6: 6,270 bbl/d, Indico 7: 5,245 bbl/d).This would take gross production from the field from ~20 mbbl/d in 4Q22 to 25-27 mbbl/d.OKEA Energy (OKEA NO): 4Q22 update – 4Q22 production in Norway was 19,887 boe/d.

<ul><li>Two new development wells, Indico 6 and Indico 7, tested over 11,000 bbl/d gross (in aggregate) with hardly any water (Indico 6: 6,270 bbl/d, Indico 7: 5,245 bbl/d).</li><li>This would take gross production from the field from ~20 mbbl/d in 4Q22 to 25-27 mbbl/d.</li><li>We estimate that the current year exploration programme has an unrisked value of &gt;US$13 per share (150 mmboe gross unrisked resources).</li></ul>

Two new development wells, Indico 6 and Indico 7, tested over 11,000 bbl/d gross (in aggregate) with hardly any water (Indico 6: 6,270 bbl/d, Indico 7: 5,245 bbl/d).This would take gross production from the field from ~20 mbbl/d in 4Q22 to 25-27 mbbl/d.We estimate that the current year exploration programme has an unrisked value of &gt;US$13 per share (150 mmboe gross unrisked resources).

GeoPark Limited (NYSE: GPRK): Two new strong development wells at CPO-5

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 - 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

Auctus on Friday - 27/02/2023

Two new development wells, Indico 6 and Indico 7, tested over 11,000 bbl/d gross (in aggregate) with hardly any water (Indico 6: 6,270 bbl/d,...

Auctus Advisors

GeoPark Limited (NYSE: GPRK): Two new strong development wells at CPO-5

Two new development wells, Indico 6 and Indico 7, tested over 11,000 bbl/d gross (in aggregate) with hardly any water (Indico 6: 6,270 bbl/d,...

Auctus Advisors

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