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 northern flank at Hibiscus, appraised by the DHIBM-7P pilot vertical well, is estimated to hold 8-12 mmbbl gross reserves (Panoro WI: 17.5%).</li>
<li>This is above our early estimate of 8 mmbbl.</li>
<li>The well was drilled from the pilot hole of the recently drilled Hibiscus South well that had already encountered 5-6 mmbbl recoverable resources in a north-east extension of the field.</li>
</ul>


The northern flank at Hibiscus, appraised by the DHIBM-7P pilot vertical well, is estimated to hold 8-12 mmbbl gross reserves (Panoro WI: 17.5%).
This is above our early estimate of 8 mmbbl.
The well was drilled from the pilot hole of the recently drilled Hibiscus South well that had already encountered 5-6 mmbbl recoverable resources in a north-east extension of the field.


Panoro Energy ASA (OSE: PEN): Northern flank at Hibiscus estimated to hold 8 12 mmbbl reserves

<ul>
<li>The 1Q24 production of 9,605 bbl/d, the cash position of US$22.4 mm and the debt position of US$80.6 mm had been reported previously.</li>
<li>The 1Q24 operating cash flow of US$25 mm was impacted by US$5.4 mm of negative working capital movement and US$3.6 mm negative inventory movement.</li>
<li>This suggests an underlying operating cash flow of US$34 mm for the period.</li>
</ul>


The 1Q24 production of 9,605 bbl/d, the cash position of US$22.4 mm and the debt position of US$80.6 mm had been reported previously.
The 1Q24 operating cash flow of US$25 mm was impacted by US$5.4 mm of negative working capital movement and US$3.6 mm negative inventory movement.
This suggests an underlying operating cash flow of US$34 mm for the period.


Panoro Energy ASA (OSE: PEN): NOK100 mm share buyback

<ul>
<li>The DHIBM-7P pilot vertical well encountered 24 metres of net pay in an overall hydrocarbon column of 37 metres.</li>
<li>The well was drilled from the pilot hole of the recently drilled Hibiscus South well that had already encountered 5-6 mmbbl recoverable resources.</li>
<li>The bottom part of this well had been plugged ahead of drilling a horizontal producer in the area (this horizontal well will be drilled next).</li>
</ul>


The DHIBM-7P pilot vertical well encountered 24 metres of net pay in an overall hydrocarbon column of 37 metres.
The well was drilled from the pilot hole of the recently drilled Hibiscus South well that had already encountered 5-6 mmbbl recoverable resources.
The bottom part of this well had been plugged ahead of drilling a horizontal producer in the area (this horizontal well will be drilled next).


Panoro Energy ASA (OSE: PEN): Likely reserves increase at Hibiscus following better than expected drilling results

<ul>
<li>The Hibiscus South exploration well on the Dussafu permit has encountered 25 m of pay in an overall hydrocarbon column of 35 m in the Gamba formation.</li>
<li>This discovery could add ~5-6 mmbbl gross recoverable reserves (~1 mmbbl net to Panoro).</li>
<li>The Hibiscus South structure is a separate accumulation with a deeper oil-water contact than the nearby Hibiscus Field.</li>
</ul>


The Hibiscus South exploration well on the Dussafu permit has encountered 25 m of pay in an overall hydrocarbon column of 35 m in the Gamba formation.
This discovery could add ~5-6 mmbbl gross recoverable reserves (~1 mmbbl net to Panoro).
The Hibiscus South structure is a separate accumulation with a deeper oil-water contact than the nearby Hibiscus Field.


Panoro Energy ASA (OSE: PEN): Discovery in Gabon. Reiterating Production Guidance

<ul>
<li>Positive update in Gabon. 1Q24 gross production was 24,840 boe/d increasing to 29,800 boe/d to date in 2Q24 (Panoro WI: 17.5%).</li>
<li>The increasing production reflects the first Hibiscus South well coming on stream in March and encouraging production performance from two wells on ESP at Hibiscus.</li>
<li>A third Hibiscus well continues to produce on natural flow at high rate.</li>
</ul>


Positive update in Gabon. 1Q24 gross production was 24,840 boe/d increasing to 29,800 boe/d to date in 2Q24 (Panoro WI: 17.5%).
The increasing production reflects the first Hibiscus South well coming on stream in March and encouraging production performance from two wells on ESP at Hibiscus.
A third Hibiscus well continues to produce on natural flow at high rate.


Panoro Energy ASA (OSE: PEN): Drilling to Restart in EG in June.

Norway

Questerre Energy Corporation is an independent energy company focused on non-conventional oil and gas reserves.

DNO ASA is an oil and gas operator focused on onshore and offshore exploration, development and production. The Company operates in the North Sea, the Middle East, and Africa.

Norwegian Energy Company ASA (Noreco) focuses on exploration, appraisal, development, and production of oil and gas resources on the Norwegian Continental Shelf.

Flex LNG Ltd. owns technology for liquefying natural gas.  The Company intends to outfit a flexible liquefied natural gas (LNG) carrier to both liquefy and transport the gas.

Sevan Marine ASA manufactures equipment for the offshore oil and natural gas industry.  The Company designs and produces floating production and storage platforms.

SFL Corporation Ltd. owns and charters out ships. The Company operates fleet includes crude oil tankers, bulk and ore vessels, dry bulk carriers, container ships, and jack up oil rigs. SFL serves customers worldwide.

BW LPG Limited provides safe, reliable and cost-efficient maritime transportation solutions to customers. The Company links areas of supply and demand globally with its fleet of LPG carriers, which is managed by experienced officers and crew. BW LPG is operating out of Singapore and its fleet operates on a combination of spot voyages, contracts of affreightment, and time charters.

Electromagnetic Geoservices ASA provides oil and gas services using 3D electromagnetic data. The Company's services include reconnaissance scanning for prospects in frontier areas, finding bypassed and satellite fields in mature areas, surveying in shallower waters, and recording and depth migrating 3D electromagnetic data.

Frontline PLC owns a fleet of very large crude carriers and tankers that transport crude oil and oil products between ports. The Company's vessels are managed by ship management companies. Frontline conducts activities worldwide.

Petroleum Geo-Services ASA is an oilfield service company primarily involved in geophysical and floating production services.  The Company provides a range of seismic- and reservoir services, including acquisition, processing, interpretation, and field evaluation.  Petroleum operates in a worldwide basis.

Siamgas & Petrochemicals PCL distributes liquefied petroleum gas (LPG). The Company provides LPG, ammonia and other related petrochemical products such as propane, butane and propellant. Siamgas is also involved in the logistics services for LPG and petrochemical products.

Hallador Energy Company processes, mines and sells coal to producers of electric power.  The Company also owns interests in an oil and gas company with operations in Michigan.

Sinopec Shandong Taishan Petroleum Co., Ltd. distributes gasoline, diesel oil, and kerosene throughout Shandong province. Through its subsidiaries. The Company also operates in real estate development.

PT Rukun Raharja Tbk operates transmission lines and distributes natural gas to industry.

SALA CORPORATION is a holding company which operates and manages its subsidiaries.  The Company provides energy supply and solution, and facility management services through its subsidiaries.  Other services include infrastructure development, animals' health care, auto services, and logistic business.

Bannerman Resources Ltd. explores for uranium in Australia and Africa.

Petron Corporation refines crude oil and sells a full range of petroleum products. The Company transports its products by sea, using tankers and barges. Petron also retails gasoline, diesel, and kerosene to motorists, public transportation operators and households through its service stations. Petro also provides insurance & reinsurance service and leases property.

Warrego Energy Limited operates as an oil and gas exploration company. The Company provides onshore oil and gas services. Warrego Energy serves customers in Western Australia, Spain, and Uruguay.

Ring Energy Inc is an independent oil and gas exploration company with headquarters in Midland, Texas. The Company's business strategy is focused on the exploration, development and acquisition of oil and natural gas properties in the Permian and Mid-Continent regions of the United States.

Hankook Shell Oil Co., Ltd. manufactures and markets lubricants, grease, and other petroleum products used for cars, vessels, industrial machinery, and cutting tools.  The Company exports its products to Southeast Asian countries, Russia, and China.  Hankook Shell is an affiliate of Royal Dutch Shell Group.

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00