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.

Equity Bottom-Up

<ul><li>Chariot (CHAR LN) C; Target price of £0.55 per share: Meeting with management: Operations on track – The Anchois project continues to make progress towards FID in early 2023.</li><li>We understand that the banking syndicate is likely to include Moroccan banks and that debt could represent 70% of the overall cost of the project to first gas.</li><li>GeoPark (GPRK US)C; Target price of US$31 per share – 3Q22 production had already been reported.</li></ul>

Chariot (CHAR LN) C; Target price of £0.55 per share: Meeting with management: Operations on track – The Anchois project continues to make progress towards FID in early 2023.We understand that the banking syndicate is likely to include Moroccan banks and that debt could represent 70% of the overall cost of the project to first gas.GeoPark (GPRK US)C; Target price of US$31 per share – 3Q22 production had already been reported.

<ul><li>3Q22 production had already been reported.</li><li>4Q22 production at Llanos-34 has been impacted by new blockades in mid-October.</li><li>These are now resolved but are expected to reduce net production by ~230 bbl/d over the quarter.</li></ul>

3Q22 production had already been reported.4Q22 production at Llanos-34 has been impacted by new blockades in mid-October.These are now resolved but are expected to reduce net production by ~230 bbl/d over the quarter.

GeoPark Limited (NYSE: GPRK): 2023: ~20% FCF Yield + Large Exploration Upside

<ul><li>ADX Energy (ADX AU) C; Target price of A$0.060 per share: Good production rate at Anshof.</li><li>Busy months ahead – Commercial production at Anshof-3 has started at a stable rate of 100 bbl/d (80 bbl/d net to ADX).</li><li>Equinor (EQNR NO): 3Q22 results, increased dividend distribution, additional share buyback – Adjusted net earnings over the period were US$6.7 bn with 2,021 mboe/d production.</li></ul>

ADX Energy (ADX AU) C; Target price of A$0.060 per share: Good production rate at Anshof.Busy months ahead – Commercial production at Anshof-3 has started at a stable rate of 100 bbl/d (80 bbl/d net to ADX).Equinor (EQNR NO): 3Q22 results, increased dividend distribution, additional share buyback – Adjusted net earnings over the period were US$6.7 bn with 2,021 mboe/d production.

<ul><li>3Q22 production was 38,396 boe/d with blockades affecting CPO-5 production for 10 days and Platanillo for 38 days.</li><li>3Q23 WI production at CPO-5 and Platanillo was respectively 5,600 bbl/d and 1,505 bbl/d, down from 6,090 bbl/d and 2,190 bbl/d. </li><li>We have incorporated the impact of the recent exploration drilling results in our valuation and fewer exploration wells at CPO-5 by YE22.</li></ul>

3Q22 production was 38,396 boe/d with blockades affecting CPO-5 production for 10 days and Platanillo for 38 days.3Q23 WI production at CPO-5 and Platanillo was respectively 5,600 bbl/d and 1,505 bbl/d, down from 6,090 bbl/d and 2,190 bbl/d. We have incorporated the impact of the recent exploration drilling results in our valuation and fewer exploration wells at CPO-5 by YE22.

GeoPark Limited (NYSE: GPRK) - FY22 Guidance Reiterated

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

<p>Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).<br/> We view Geopark's ESG as "Adequate", in line with the scores for all three pillars. Controversies are "Immaterial" and Disclosure is "Adequate".<br/></p>

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We view Geopark's ESG as "Adequate", in line with the scores for all three pillars. Controversies are "Immaterial" and Disclosure is "Adequate". 

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 - 11/11/2022

Chariot (CHAR LN) C; Target price of £0.55 per share: Meeting with management: Operations on track – The Anchois project continues to make progress...

Auctus Advisors

GeoPark Limited (NYSE: GPRK): 2023: ~20% FCF Yield + Large Exploration Upside

3Q22 production had already been reported. 4Q22 production at Llanos-34 has been impacted by new blockades in mid-October.

Auctus Advisors

Auctus on Friday - 28/10/2022

Equinor (EQNR NO): 3Q22 results, increased dividend distribution, additional share buyback – Adjusted net earnings over the period were US$6.7 bn...

Auctus Advisors

GeoPark Limited (NYSE: GPRK) - FY22 Guidance Reiterated

3Q23 WI production at CPO-5 and Platanillo was respectively 5,600 bbl/d and 1,505 bbl/d, down from 6,090 bbl/d and 2,190 bbl/d.

Auctus Advisors

Geopark - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We view Geopark's ESG as...

Lucror Analytics

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