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>3Q23 production of ~10 mbbl/d and net cash at the end of September had been previously reported.</li>
<li>Production plateau of 40 mbbl/d was reiterated and could be reached by the end of 1Q24 in our estimation.</li>
<li>Shareholder distributions Panoro has declared a cash distribution of NOK40 mm for 3Q23 for a total payout of NOK140 mm since the 2023 shareholder returns policy was announced.</li>
</ul>


3Q23 production of ~10 mbbl/d and net cash at the end of September had been previously reported.
Production plateau of 40 mbbl/d was reiterated and could be reached by the end of 1Q24 in our estimation.
Shareholder distributions Panoro has declared a cash distribution of NOK40 mm for 3Q23 for a total payout of NOK140 mm since the 2023 shareholder returns policy was announced.


Panoro Energy ASA (OSE: PEN): 2024 shareholder distributions could represent a total yield of 12.5%-15.5%

<ul><li>• Production at the DHIBM-3H and DHIBM-4AH wells has been restored to normal levels. • Panoro’s total corporate production is now ~12 mbbl/d, near the target of 13 mbbl/d.</li><li>Well sequencing and production If successful, the Hibiscus South well can be put in production very quickly.</li></ul>

• Production at the DHIBM-3H and DHIBM-4AH wells has been restored to normal levels. • Panoro’s total corporate production is now ~12 mbbl/d, near the target of 13 mbbl/d.Well sequencing and production If successful, the Hibiscus South well can be put in production very quickly.

Panoro Energy ASA (OSE: PEN): Production from Hibiscus wells back to normal. Drilling a new exploration well

<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

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price NOK52 per share: All eyes on EG – 1H24 production was 9,168 bbl/d.</li><li>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></ul>

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price NOK52 per share: 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 1,760 bbl/d) given subdued activities.

<ul>
<li>ADX Energy (ADX AU)C; target of A$0.75 per share: Reflections on Welchau – IIndependent consultants have calculated that each of the three reservoirs encountered at Welchau (Reifling - 128 metres, Steinalm -118 metres and the Guttenstein - 111 metres) are hydrocarbon bearing with uncertainty on the hydrocarbon type.</li>
<li>Laboratory work on the Steinalm reservoir has confirmed the full properties ofthe 43° API light sweet oil that was recovered in an MDT sample run in the Steinalm Formation.</li>
<li>The vertical extent of this light oil in the Steinalm or in the shallower Reifling and deeper Guttenstein is uncertain and there is no clear evidence of a hydrocarbon-water contact in any of the reservoir formations based on the open hole wireline log data.</li>
</ul>


ADX Energy (ADX AU)C; target of A$0.75 per share: Reflections on Welchau – IIndependent consultants have calculated that each of the three reservoirs encountered at Welchau (Reifling - 128 metres, Steinalm -118 metres and the Guttenstein - 111 metres) are hydrocarbon bearing with uncertainty on the hydrocarbon type.
Laboratory work on the Steinalm reservoir has confirmed the full properties ofthe 43° API light sweet oil that was recovered in an MDT sample run in the Steinalm Formation.
The vertical extent of this light oil in the Steinalm or in the shallower Reifling and deeper Guttenstein is uncertain and there is no clear evidence of a hydrocarbon-water contact in any of the reservoir formations based on the open hole wireline log data.


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): 2024 shareholder distributions could represent a total yield of 12.5%-15.5%

3Q23 production of ~10 mbbl/d and net cash at the end of September had been previously reported. Production plateau of 40 mbbl/d was reiterated and...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Production from Hibiscus wells back to normal. Drilling a new exploration well

• Production at the DHIBM-3H and DHIBM-4AH wells has been restored to normal levels. • Panoro’s total corporate production is now ~12 mbbl/d, near...

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

AUCTUS ON FRIDAY - 09/08/2024

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price NOK52 per share: All eyes on EG – 1H24...

Auctus Advisors

AUCTUS ON FRIDAY - 02/08/2024

ADX Energy (ADX AU)C; target of A$0.75 per share: Reflections on Welchau – IIndependent consultants have calculated that each of the three...

Auctus Advisors

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