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>Calima Energy (CE1 AU)C: Target price of A$0.60 per share: New wells deliver flow rates above expectations – The three new Sunburst wells (Gemini #10, #11 and #12) drilled in 4Q22 are now on production and on average are achieving IP30 rates 35% higher than forecast.</li><li>This compares with IP30 production of 120 boe/d gross for a type well.</li><li>Hurricane Energy (HUR LN): Operating update in the UK – Oil production from Lancaster in December was 7,951 bbl/d with 50% water cut.</li></ul>

Calima Energy (CE1 AU)C: Target price of A$0.60 per share: New wells deliver flow rates above expectations – The three new Sunburst wells (Gemini #10, #11 and #12) drilled in 4Q22 are now on production and on average are achieving IP30 rates 35% higher than forecast.This compares with IP30 production of 120 boe/d gross for a type well.Hurricane Energy (HUR LN): Operating update in the UK – Oil production from Lancaster in December was 7,951 bbl/d with 50% water cut.

Equity Bottom-Up

<ul><li>Longboat has been awarded three new licences in the Norwegian 2022 APA Licensing Round. </li><li>Longboat has been awarded a 30% interest in Licence 1182 S with Aker BP holding 30% and DNO as operator with 40%.</li><li>The licence is located 4 km southeast of the Kveikje discovery and holds an analog prospect called Lotus with 27-44 mmboe gross prospective resources.</li></ul>

Longboat has been awarded three new licences in the Norwegian 2022 APA Licensing Round. Longboat has been awarded a 30% interest in Licence 1182 S with Aker BP holding 30% and DNO as operator with 40%.The licence is located 4 km southeast of the Kveikje discovery and holds an analog prospect called Lotus with 27-44 mmboe gross prospective resources.

Longboat Energy PLC - Licence Awards Add Potential Materiality to Existing Discoveries

<ul><li>Chariot (CHAR LN)C; Target price of £0.55 per share: Agreeing long term offtake gas sales principles is a very important step - Key principles for long term gas sales from the Anchois Gas Project have been agreed with the Office National de l'Electricité et de l'Eau Potable.</li><li>This is an important step ahead of the signing of a GSA with a very credible counter party.</li><li>ATOME Energy (ATOM LN): Raising new equity for Paraguay Hydrogen – ATOME has raised £3.74 mm of new equity priced at 106.2 per share.</li></ul>

Chariot (CHAR LN)C; Target price of £0.55 per share: Agreeing long term offtake gas sales principles is a very important step - Key principles for long term gas sales from the Anchois Gas Project have been agreed with the Office National de l'Electricité et de l'Eau Potable.This is an important step ahead of the signing of a GSA with a very credible counter party.ATOME Energy (ATOM LN): Raising new equity for Paraguay Hydrogen – ATOME has raised £3.74 mm of new equity priced at 106.2 per share.

<ul><li>Longboat expect to have a £9 mm in cash at YE22.</li><li>The size of the EFF is being increased from £49 mm to ~£65 mm with the availability period extended to YE24.</li><li>This is expected to be funded with YE22 cash (~£9 mm), drawings on the EFF (~£15 mm) and the proceeds from the tax refund in November 2023, net of the repayment of the amount drawn on the EFF at YE22 (net inflow of ~£2 mm).</li></ul>

Longboat expect to have a £9 mm in cash at YE22.The size of the EFF is being increased from £49 mm to ~£65 mm with the availability period extended to YE24.This is expected to be funded with YE22 cash (~£9 mm), drawings on the EFF (~£15 mm) and the proceeds from the tax refund in November 2023, net of the repayment of the amount drawn on the EFF at YE22 (net inflow of ~£2 mm).

Longboat Energy plc (AIM: LBE): Balance sheet reflections

<ul><li>ADX Energy (ADX AU) C; Target price of A$0.070 per share: Anshof Reserves estimate well above expectations – RISC estimates that the Anshof field holds 5.2 mmboe of 2P gross reserves (4.2 mmboe net to ADX).</li><li>The 2P reserves estimate is based on an assumption of a water oil contact at 1,720 m and includes the area of the field where the sand thickens.</li><li>Calima Energy (CE1 AU) C; Target price of A$0.70 per share: 3Q22 update.</li></ul>

ADX Energy (ADX AU) C; Target price of A$0.070 per share: Anshof Reserves estimate well above expectations – RISC estimates that the Anshof field holds 5.2 mmboe of 2P gross reserves (4.2 mmboe net to ADX).The 2P reserves estimate is based on an assumption of a water oil contact at 1,720 m and includes the area of the field where the sand thickens.Calima Energy (CE1 AU) C; Target price of A$0.70 per share: 3Q22 update.

United Kingdom

Longboat Energy Limited operates as an exploration company. The Company provides drilling services for petroleum industry. Longboat Energy serves customers in the United Kingdom.

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Longboat Energy (LBE LN)

Auctus on Friday - 13/01/2023

Hurricane Energy (HUR LN): Operating update in the UK – Oil production from Lancaster in December was 7,951 bbl/d with 50% water cut.

Auctus Advisors

Longboat Energy PLC - Licence Awards Add Potential Materiality to Existing Discoveries

Longboat has been awarded three new licences in the Norwegian 2022 APA Licensing Round. Longboat has been awarded a 30% interest in Licence 1182 S...

Auctus Advisors

Auctus on Friday - 16/12/2022

ATOME Energy (ATOM LN): Raising new equity for Paraguay Hydrogen – ATOME has raised £3.74 mm of new equity priced at 106.2 per share.

Auctus Advisors

Longboat Energy plc (AIM: LBE): Balance sheet reflections

Longboat expect to have a £9 mm in cash at YE22. The size of the EFF is being increased from £49 mm to ~£65 mm with the availability period...

Auctus Advisors

Auctus on Friday - 04/11/2022

The 2P reserves estimate is based on an assumption of a water oil contact at 1,720 m and includes the area of the field where the sand thickens.

Auctus Advisors

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