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>The C-45 infill well on Block G in Equatorial Guinea has been put on stream at a gross rate of 5 mbbl/d on a restricted choke.</li>
<li>Production could increase as the choke size is increased.</li>
<li>While this is line with the company’s expectations, this takes gross production in EG to ~30 mbbl/d.</li>
</ul>


The C-45 infill well on Block G in Equatorial Guinea has been put on stream at a gross rate of 5 mbbl/d on a restricted choke.
Production could increase as the choke size is increased.
While this is line with the company’s expectations, this takes gross production in EG to ~30 mbbl/d.


Panoro Energy ASA (OSE: PEN): High Flow Rate at EG Infill Well

<ul>
<li>3Q24 Gabon gross production was 27,465 bbl/d.</li>
<li>The DHIBM-7H well at Hibiscus Northern Flank is now on stream taking overall current gross production in Gabon close to 40 mbbl/d.</li>
<li>The current rate is very high when considering that three wells (out of eight in the Hibiscus-Ruche area) are still shut-in.</li>
</ul>


3Q24 Gabon gross production was 27,465 bbl/d.
The DHIBM-7H well at Hibiscus Northern Flank is now on stream taking overall current gross production in Gabon close to 40 mbbl/d.
The current rate is very high when considering that three wells (out of eight in the Hibiscus-Ruche area) are still shut-in.


Panoro Energy ASA (OSE: PEN): Gabon production nears 40 mbbl/d with 3 further wells to come back onstream by YE24

<ul>
<li>The 1H24 production and the cash position had been reported previously.</li>
<li>Panoro generated ~US$54 mm cash from operations (we expected ~US$48 mm) with a US$22 mm positive working capital movement.</li>
<li>At the end of June, current accounts receivable of ~US$72 mm were well above the current payables of ~US$43 mm.</li>
</ul>


The 1H24 production and the cash position had been reported previously.
Panoro generated ~US$54 mm cash from operations (we expected ~US$48 mm) with a US$22 mm positive working capital movement.
At the end of June, current accounts receivable of ~US$72 mm were well above the current payables of ~US$43 mm.


Panoro Energy ASA (OSE: PEN): Reserves Addition in Gabon. Strong Financials

<ul>
<li>1H24 production was 9,168 bbl/d. 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>
<li>In EG, the first infill well encountered the primary and secondary reservoirs in line with expectations.</li>
</ul>


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.
In EG, the first infill well encountered the primary and secondary reservoirs in line with expectations.


Panoro Energy ASA (OSE: PEN): All Eyes on EG

<ul>
<li>Gross 2Q24 production in Gabon was 21,184 bbl/d, very close to our expectations (21.5 mbbl/d).</li>
<li>2Q24 production was negatively impacted by 21 days of planned maintenance.</li>
<li>All the existing ESPs will be replaced with conventional ESPs. This should address the electrical problems that have negatively impacted production due to increased downtime at some producing wells.</li>
</ul>


Gross 2Q24 production in Gabon was 21,184 bbl/d, very close to our expectations (21.5 mbbl/d).
2Q24 production was negatively impacted by 21 days of planned maintenance.
All the existing ESPs will be replaced with conventional ESPs. This should address the electrical problems that have negatively impacted production due to increased downtime at some producing wells.


Panoro Energy ASA (OSE: PEN): Rig Contract in Gabon Extended to February 2025.

Norway

Panoro Energy ASA explores for oil and natural gas in Brazil, Gabon, and Nigeria . The Company operates offshore in the Camamu-Almada and Santos basins.

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Panoro Energy ASA (PEN NO)

Panoro Energy ASA (OSE: PEN): High Flow Rate at EG Infill Well

The C-45 infill well on Block G in Equatorial Guinea has been put on stream at a gross rate of 5 mbbl/d on a restricted choke.Production could...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Gabon production nears 40 mbbl/d with 3 further wells to come back onstream by YE24

The DHIBM-7H well at Hibiscus Northern Flank is now on stream taking overall current gross production in Gabon close to 40 mbbl/d.

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Reserves Addition in Gabon. Strong Financials

Panoro generated ~US$54 mm cash from operations (we expected ~US$48 mm) with a US$22 mm positive working capital movement.

Auctus Advisors

Panoro Energy ASA (OSE: PEN): 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...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Rig Contract in Gabon Extended to February 2025.

Gross 2Q24 production in Gabon was 21,184 bbl/d, very close to our expectations (21.5 mbbl/d). 2Q24 production was negatively impacted by 21 days...

Auctus Advisors

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