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>Hartshead Resources (HHR AU)C; target price of A$0.18 per share: On tack for first gas in 2025 – The FDP for Phase I is nearing completion and will be submitted in two weeks.</li><li>Panoro Energy (PEN NO)C; target price of NOK50 per share: Executing on plans.</li><li>Pharos Energy (PHAR LN)C; target price of £0.55 per share: Flow rate at new Vietnam well above expectations.</li></ul>

Hartshead Resources (HHR AU)C; target price of A$0.18 per share: On tack for first gas in 2025 – The FDP for Phase I is nearing completion and will be submitted in two weeks.Panoro Energy (PEN NO)C; target price of NOK50 per share: Executing on plans.Pharos Energy (PHAR LN)C; target price of £0.55 per share: Flow rate at new Vietnam well above expectations.

Equity Bottom-Up

<ul><li>1Q23 production of 6,320 bbl/d had already been reported and net debt of US$25.5 mm at the end of March is close to previous indications (US$27 mm).</li><li>In addition the company holds accounts receivable of US$53 mm with accounts payable of US$15 mm.</li><li>The new Hibiscus Ruche Phase I well is producing at a stabilized gross rate of 6 mbbl/d.</li></ul>

1Q23 production of 6,320 bbl/d had already been reported and net debt of US$25.5 mm at the end of March is close to previous indications (US$27 mm).In addition the company holds accounts receivable of US$53 mm with accounts payable of US$15 mm.The new Hibiscus Ruche Phase I well is producing at a stabilized gross rate of 6 mbbl/d.

Panoro Energy ASA (OSE: PEN): Executing on plans. Declaring a 2nd ~US$3 mm quarterly dividend

<ul><li>ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 in line with expectations.</li><li>In March net production from Anshof has increased to 94 bbl/d.</li><li>Calima Energy (CE1 AU)C; target price of A$0.50 per share: Better than expected performance.</li></ul>

ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 in line with expectations.In March net production from Anshof has increased to 94 bbl/d.Calima Energy (CE1 AU)C; target price of A$0.50 per share: Better than expected performance.

<ul><li>1Q23 production was 6,320 bbl/d (we expected 7,250 bbl/d) as the FPSO in Gabon was shut down for an extended period to complete the necessary final tie-in work of the Hibiscus Ruche Phase I development at the Dussafu Marin Permit.</li><li>Gross production in Gabon was 7 mbbl/d in the quarter (we assumed 10 mbbl/d).</li><li>Production ramp-up in Gabon 1Q23 gross production in Gabon was ~7 mbbl/d (Panoro WI: 17.5%).</li></ul>

1Q23 production was 6,320 bbl/d (we expected 7,250 bbl/d) as the FPSO in Gabon was shut down for an extended period to complete the necessary final tie-in work of the Hibiscus Ruche Phase I development at the Dussafu Marin Permit.Gross production in Gabon was 7 mbbl/d in the quarter (we assumed 10 mbbl/d).Production ramp-up in Gabon 1Q23 gross production in Gabon was ~7 mbbl/d (Panoro WI: 17.5%).

Panoro Energy ASA (OSE: PEN): 1Q23 financials in line

<ul><li>ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 update – 1Q23 production in Austria was 299 boe/d.</li><li>Criterium Energy (CEQ CN)C: On track for near term acquisition – The FY22 financials were in line with our expectations.</li><li>Seplat Energy (SEPL LN): 1Q23 results – 1Q23 WI production in Nigeria was 51,720 boe/d.</li></ul>

ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 update – 1Q23 production in Austria was 299 boe/d.Criterium Energy (CEQ CN)C: On track for near term acquisition – The FY22 financials were in line with our expectations.Seplat Energy (SEPL LN): 1Q23 results – 1Q23 WI production in Nigeria was 51,720 boe/d.

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 - 26/05/2023

Hartshead Resources (HHR AU)C; target price of A$0.18 per share: On tack for first gas in 2025 – The FDP for Phase I is nearing completion and will...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Executing on plans. Declaring a 2nd ~US$3 mm quarterly dividend

1Q23 production of 6,320 bbl/d had already been reported and net debt of US$25.5 mm at the end of March is close to previous indications (US$27 mm).

Auctus Advisors

Auctus on Friday - 05/05/2023

ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 in line with expectations.In March net production from Anshof has increased to 94 bbl/d.

Auctus Advisors

Panoro Energy ASA (OSE: PEN): 1Q23 financials in line

Gross production in Gabon was 7 mbbl/d in the quarter (we assumed 10 mbbl/d). Production ramp-up in Gabon 1Q23 gross production in Gabon was ~7...

Auctus Advisors

Auctus on Friday - 28/04/2023

Criterium Energy (CEQ CN)C: On track for near term acquisition – The FY22 financials were in line with our expectations.

Auctus Advisors

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