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>ADX Energy (ADX AU)C; Target price of A$0.70 per share: Approvals to start well testing at Welchau received.</li>
<li>Rig and test equipment mobilized – All necessary approvals have been received to commence flow testing operations on the Welchau-1 discovery well for the period from 30 October 2024 until 31 March 2025.</li>
<li>A workover rig has been mobilised to the Welchau-1 drill site with flow testing due to commence during the second half of November.</li>
</ul>


ADX Energy (ADX AU)C; Target price of A$0.70 per share: Approvals to start well testing at Welchau received.
Rig and test equipment mobilized – All necessary approvals have been received to commence flow testing operations on the Welchau-1 discovery well for the period from 30 October 2024 until 31 March 2025.
A workover rig has been mobilised to the Welchau-1 drill site with flow testing due to commence during the second half of November.


<ul>
<li>Condor Energies (CDR CN)C; Target price C$5.80 per share: Initiating coverage – Condor Energies is a ~US$75 mm market cap TSX-listed company focused on low carbon and energy transition opportunities in Central Asia.</li>
<li>Condor was transformed in 2024 by the acquisition of &gt;10 mboe/d production of natural gas in Uzbekistan.</li>
<li>The key value driver for the shares is the imminent sanction of Condor’s 1st liquefaction plant in Kazakhstan to convert low-cost natural gas into high value LNG to displace expensive diesel for rail and mining haul truck transportation.</li>
</ul>


Condor Energies (CDR CN)C; Target price C$5.80 per share: Initiating coverage – Condor Energies is a ~US$75 mm market cap TSX-listed company focused on low carbon and energy transition opportunities in Central Asia.
Condor was transformed in 2024 by the acquisition of &gt;10 mboe/d production of natural gas in Uzbekistan.
The key value driver for the shares is the imminent sanction of Condor’s 1st liquefaction plant in Kazakhstan to convert low-cost natural gas into high value LNG to displace expensive diesel for rail and mining haul truck transportation.


<ul><li>AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price NOK52 per share: All eyes on EG – 1H24 production was 9,168 bbl/d.</li><li>EG and Gabon production had already been disclosed.</li><li>1H24 production in Tunisia was 1,670 bbl/d (we forecasted 1,760 bbl/d) given subdued activities.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price NOK52 per share: All eyes on EG – 1H24 production was 9,168 bbl/d.EG and Gabon production had already been disclosed.1H24 production in Tunisia was 1,670 bbl/d (we forecasted 1,760 bbl/d) given subdued activities.

<ul>
<li>Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: Spudding high impact well – Drilling operations have started at the Carrizales Norte B Pad Horizontal Well 1.</li>
<li>This is the first horizontal well drilled in the Ubaque on Tapir.</li>
<li>Three more horizontal wells will be drilled on the pad.</li>
</ul>


Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: Spudding high impact well – Drilling operations have started at the Carrizales Norte B Pad Horizontal Well 1.
This is the first horizontal well drilled in the Ubaque on Tapir.
Three more horizontal wells will be drilled on the pad.


<ul>
<li>GeoPark (GPRK US)C; target price of US$26 per share: More favourable offtake contract in Colombia – GeoPark has signe da new offtake contract with Vitol for a minimum of 20 mbbl/d.</li>
<li>The agreement improves GeoPark’s price realizations by US$0.15/bbl vs the current agreement.</li>
<li>As part of this transaction, GeoPark will obtain immediate access to committed funding from Vitol for up to US$300 mm, with an option to increase by another US$200 mm for a total of US$500 mm, in prepaid future oil sales over the period of the offtake contract.</li>
</ul>


GeoPark (GPRK US)C; target price of US$26 per share: More favourable offtake contract in Colombia – GeoPark has signe da new offtake contract with Vitol for a minimum of 20 mbbl/d.
The agreement improves GeoPark’s price realizations by US$0.15/bbl vs the current agreement.
As part of this transaction, GeoPark will obtain immediate access to committed funding from Vitol for up to US$300 mm, with an option to increase by another US$200 mm for a total of US$500 mm, in prepaid future oil sales over the period of the offtake contract.


United Kingdom

Harbour Energy PLC operates as an oil and gas company. The Company offers oil and gas exploration and products services. Harbour Energy serves customers worldwide.

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Harbour Energy (HBR LN)

AUCTUS ON FRIDAY - 08/11/2024

A workover rig has been mobilised to the Welchau-1 drill site with flow testing due to commence during the second half of November.

Auctus Advisors

AUCTUS ON FRIDAY - 06/09/2024

Condor Energies is a ~US$75 mm market cap TSX-listed company focused on low carbon and energy transition opportunities in Central Asia.

Auctus Advisors

AUCTUS ON FRIDAY - 09/08/2024

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price NOK52 per share: All eyes on EG – 1H24...

Auctus Advisors

AUCTUS ON FRIDAY - 17/05/2024

Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: Spudding high impact well – Drilling operations have started at the Carrizales...

Auctus Advisors

AUCTUS ON FRIDAY - 10/05/2024

GeoPark (GPRK US)C; target price of US$26 per share: More favourable offtake contract in Colombia – GeoPark has signe da new offtake contract with...

Auctus Advisors

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