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>Arrow Exploration (AXL LN)C; target price of £0.50 per share: CN-1 well in production at 1 mbbl/d from the C7 sands – The C7 formation (~26 feet of net oil pay) in the Carrizales Norte-1 well (CN-1) is now in production at a rate of 1.1 mbbl/d (550 bbl/d net to Arrow).</li>
<li>During the flow test, the sands flowed at a peak rate of 1,272 bbl/d.</li>
<li>The flow rate achieved at the C7 sands is addition to the rate from the deeper Ubaque formation (1,600 bbl/d gross, 800 bbl/d net).</li>
</ul>


Arrow Exploration (AXL LN)C; target price of £0.50 per share: CN-1 well in production at 1 mbbl/d from the C7 sands – The C7 formation (~26 feet of net oil pay) in the Carrizales Norte-1 well (CN-1) is now in production at a rate of 1.1 mbbl/d (550 bbl/d net to Arrow).
During the flow test, the sands flowed at a peak rate of 1,272 bbl/d.
The flow rate achieved at the C7 sands is addition to the rate from the deeper Ubaque formation (1,600 bbl/d gross, 800 bbl/d net).


Thematic (Sector/Industry)

<ul><li>Hartshead Resources (HHR AU)C; target price of A$0.18 per share: On tack for first gas in 2025 – The FDP for Phase I is nearing completion and will be submitted in two weeks.</li><li>Panoro Energy (PEN NO)C; target price of NOK50 per share: Executing on plans.</li><li>Pharos Energy (PHAR LN)C; target price of £0.55 per share: Flow rate at new Vietnam well above expectations.</li></ul>

Hartshead Resources (HHR AU)C; target price of A$0.18 per share: On tack for first gas in 2025 – The FDP for Phase I is nearing completion and will be submitted in two weeks.Panoro Energy (PEN NO)C; target price of NOK50 per share: Executing on plans.Pharos Energy (PHAR LN)C; target price of £0.55 per share: Flow rate at new Vietnam well above expectations.

<ul><li>ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 in line with expectations.</li><li>In March net production from Anshof has increased to 94 bbl/d.</li><li>Calima Energy (CE1 AU)C; target price of A$0.50 per share: Better than expected performance.</li></ul>

ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 in line with expectations.In March net production from Anshof has increased to 94 bbl/d.Calima Energy (CE1 AU)C; target price of A$0.50 per share: Better than expected performance.

<ul><li>ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 update – 1Q23 production in Austria was 299 boe/d.</li><li>Criterium Energy (CEQ CN)C: On track for near term acquisition – The FY22 financials were in line with our expectations.</li><li>Seplat Energy (SEPL LN): 1Q23 results – 1Q23 WI production in Nigeria was 51,720 boe/d.</li></ul>

ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 update – 1Q23 production in Austria was 299 boe/d.Criterium Energy (CEQ CN)C: On track for near term acquisition – The FY22 financials were in line with our expectations.Seplat Energy (SEPL LN): 1Q23 results – 1Q23 WI production in Nigeria was 51,720 boe/d.

<ul><li>Arrow Exploration (AXL LN) C; Target price of £0.45 per share: The RCE-5 well encounters one of the largest net pay to date in the RCE field – The RCE-5 well encountered 90 feet of net oil pay across the Carbonera C7 (36 feet) and the Lower Gacheta sands (54 feet).</li><li>RCE-5 encountered the largest net pay in the current programme.</li><li>Hurricane Energy (HUR LN): Operating update in the UK – Oil production from Lancaster was 7,672 bbl/d in May with 52% water cut.</li></ul>

Arrow Exploration (AXL LN) C; Target price of £0.45 per share: The RCE-5 well encounters one of the largest net pay to date in the RCE field – The RCE-5 well encountered 90 feet of net oil pay across the Carbonera C7 (36 feet) and the Lower Gacheta sands (54 feet).RCE-5 encountered the largest net pay in the current programme.Hurricane Energy (HUR LN): Operating update in the UK – Oil production from Lancaster was 7,672 bbl/d in May with 52% water cut.

Australia

Hartshead Resources NL provides energy solutions. The Company offers oil and gas exploration and production services. Hartshead Resources serves customers in Australia.

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Hartshead Resources (HHR AU)

Auctus on Friday - 23/06/2023

The flow rate achieved at the C7 sands is addition to the rate from the deeper Ubaque formation (1,600 bbl/d gross, 800 bbl/d net).

Auctus Advisors

Auctus on Friday - 26/05/2023

Hartshead Resources (HHR AU)C; target price of A$0.18 per share: On tack for first gas in 2025 – The FDP for Phase I is nearing completion and will...

Auctus Advisors

Auctus on Friday - 05/05/2023

ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 in line with expectations.In March net production from Anshof has increased to 94 bbl/d.

Auctus Advisors

Auctus on Friday - 28/04/2023

Criterium Energy (CEQ CN)C: On track for near term acquisition – The FY22 financials were in line with our expectations.

Auctus Advisors

Auctus on Friday - 06/04/2023

Hurricane Energy (HUR LN): Operating update in the UK – Oil production from Lancaster was 7,672 bbl/d in May with 52% water cut.

Auctus Advisors

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