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/CN)C: target price of £0.55 per share: Tripling 2P reserves at Tapir – The 2P reserves at Carrizales Norte (net to Arrow) have been estimated at 3.92 mmbbl with an 3P upside case of 6.62 mmbbl 82 mmbbl of 1P reserves).</li><li>The 2P reserves at Carrizales Norte are ~2x larger than at Rio Crave Este with overall net 2P reserves at Tapir increased to ~6 mmbbl.</li><li>The Ubaque reservoir alone is estimated to hold ~3 mmbbl of 2P reserves (out of 3.92 mmbbl total 2P reserves at Carrizales Norte).</li></ul>

________________________________________ Arrow Exploration (AXL LN/CN)C: target price of £0.55 per share: Tripling 2P reserves at Tapir – The 2P reserves at Carrizales Norte (net to Arrow) have been estimated at 3.92 mmbbl with an 3P upside case of 6.62 mmbbl 82 mmbbl of 1P reserves).The 2P reserves at Carrizales Norte are ~2x larger than at Rio Crave Este with overall net 2P reserves at Tapir increased to ~6 mmbbl.The Ubaque reservoir alone is estimated to hold ~3 mmbbl of 2P reserves (out of 3.92 mmbbl total 2P reserves at Carrizales Norte).

<ul><li>• The DHIBM-6H well at Hibiscus/Ruche (Dussafu) has been put on production at a rate of 6.5 mbbl/d.</li><li>Current production impacted by short term issues Current gross production in Gabon is 26.5 mbbl/d, 8-10 mbbl/d below the current production capacity due to electrical supply issues to the ESPs at two wells.</li><li>Panoro continues to anticipate gross production of ~40 mbbl/d at Dussafu with two futher wells to be drilled on the Ruche field.</li></ul>

• The DHIBM-6H well at Hibiscus/Ruche (Dussafu) has been put on production at a rate of 6.5 mbbl/d.Current production impacted by short term issues Current gross production in Gabon is 26.5 mbbl/d, 8-10 mbbl/d below the current production capacity due to electrical supply issues to the ESPs at two wells.Panoro continues to anticipate gross production of ~40 mbbl/d at Dussafu with two futher wells to be drilled on the Ruche field.

Panoro Energy ASA (OSE: PEN): Good drilling results in Gabon could unlock additional reserves

<ul><li>• 2Q23 production and cash and debt at the end of June had reported previously. • Gross production at Dussafu is 27 mbbl/d, below the rate achieved at the end of July (30 mbbl/d) due to an ESP failing at one of the new wells, reducing production from that well to 2.8 mbbl/d.</li><li>This equates to 80 mmbbl 2P reserves and 32.9 mbbl/d production net to Assala Energy for transaction multiples of ~US$16.6/bbl of 2P reserves and US$40,425/bopd.</li></ul>

• 2Q23 production and cash and debt at the end of June had reported previously. • Gross production at Dussafu is 27 mbbl/d, below the rate achieved at the end of July (30 mbbl/d) due to an ESP failing at one of the new wells, reducing production from that well to 2.8 mbbl/d.This equates to 80 mmbbl 2P reserves and 32.9 mbbl/d production net to Assala Energy for transaction multiples of ~US$16.6/bbl of 2P reserves and US$40,425/bopd.

Panoro Energy ASA (OSE: PEN): Increasing dividend. M&A transaction in Gabon highlights the value of Panoro’s assets

Thematic (Sector/Industry)

<ul>
<li>ADX Energy (ADX AU)C; target price of A$0.10 per share: Growing production.</li>
<li>Anshof-3 production performance continues to exceed expectations with strong pressure support and deliverability with no water production.</li>
<li>Calima Energy (CE1 AU)C; target price of A$0.50 per share: Increasing dividend distribution to ~10% yield - 2Q23 production was 4,152 boe/d, above the estimates provided previously (4,125 boe/d).</li>
</ul>


ADX Energy (ADX AU)C; target price of A$0.10 per share: Growing production.
Anshof-3 production performance continues to exceed expectations with strong pressure support and deliverability with no water production.
Calima Energy (CE1 AU)C; target price of A$0.50 per share: Increasing dividend distribution to ~10% yield - 2Q23 production was 4,152 boe/d, above the estimates provided previously (4,125 boe/d).


<ul>
<li>2Q23 production was 8,093 boe/d, below our forecasts of 9,055 boe/d, mostly due to lower production in EG.</li>
<li>We forecast 28 mbbl/d gross production in 3Q23 (4.9 mbbl/d net to Panoro 17.5% WI).</li>
<li>With a total of 6 new Hibiscus Ruche wells (including 3 wells already on production), Panoro is on track to reach gross production plateau of ~40 mbbl/d (7 mbbl/d net to Panoro WI) in Gabon and overall WI corporate production of 13 mbbl/d at the end of the campaign.</li>
</ul>


2Q23 production was 8,093 boe/d, below our forecasts of 9,055 boe/d, mostly due to lower production in EG.
We forecast 28 mbbl/d gross production in 3Q23 (4.9 mbbl/d net to Panoro 17.5% WI).
With a total of 6 new Hibiscus Ruche wells (including 3 wells already on production), Panoro is on track to reach gross production plateau of ~40 mbbl/d (7 mbbl/d net to Panoro WI) in Gabon and overall WI corporate production of 13 mbbl/d at the end of the campaign.


Panoro Energy ASA (OSE: PEN): Growing Production in Gabon.

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)

Auctus on Friday - 15/09/2023

________________________________________ Arrow Exploration (AXL LN/CN)C: target price of £0.55 per share: Tripling 2P reserves at Tapir – The 2P...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Good drilling results in Gabon could unlock additional reserves

• The DHIBM-6H well at Hibiscus/Ruche (Dussafu) has been put on production at a rate of 6.5 mbbl/d. Current production impacted by short term...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Increasing dividend. M&A transaction in Gabon highlights the value of Panoro’s assets

• 2Q23 production and cash and debt at the end of June had reported previously. • Gross production at Dussafu is 27 mbbl/d, below the rate...

Auctus Advisors

Auctus on Friday - 04/08/2023

Anshof-3 production performance continues to exceed expectations with strong pressure support and deliverability with no water production.

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Growing Production in Gabon.

2Q23 production was 8,093 boe/d, below our forecasts of 9,055 boe/d, mostly due to lower production in EG. We forecast 28 mbbl/d gross production...

Auctus Advisors

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