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>2Q24 production of 18,290 bbl/d was very near our forecasts of 18.5 mbbl/d but marginally below the company target of ~19 mbbl/d.</li>
<li>A brief river blockade impacted production but production in June was 20,555 bbl/d.</li>
<li>• Well 19H has achieved production rates of ~8.5 mbbl/d during the initial 7 days of production.</li>
</ul>


2Q24 production of 18,290 bbl/d was very near our forecasts of 18.5 mbbl/d but marginally below the company target of ~19 mbbl/d.
A brief river blockade impacted production but production in June was 20,555 bbl/d.
• Well 19H has achieved production rates of ~8.5 mbbl/d during the initial 7 days of production.


PetroTal Corp: Unrestricted Cash Position Increased by >30% During the Last Quarter

<ul>
<li>PetroTal is acquiring Block 131 onshore Peru including the Los Angeles field from CEPSA for US$5 mm.</li>
<li>The field produces ~900 boe/d from 4 existing wells and holds 4.9 mmbbl of 40-45 deg API oil 2P reserves.</li>
<li>We estimate that 3 new wells (at ~US$12 mm per well) could increase production to 2-3 mbbl/d.</li>
</ul>


PetroTal is acquiring Block 131 onshore Peru including the Los Angeles field from CEPSA for US$5 mm.
The field produces ~900 boe/d from 4 existing wells and holds 4.9 mmbbl of 40-45 deg API oil 2P reserves.
We estimate that 3 new wells (at ~US$12 mm per well) could increase production to 2-3 mbbl/d.


PetroTal Corp (AIM: PTAL): Acquisition in Peru – More than Meets the Eye

<ul>
<li>1Q24 production of 18,518 bbl/d was in line with our expectations.</li>
<li>Production over the last 30 days was 20.5 mbbl/d with the recently drilled 17H well, now on pump, delivering 4,500 bbl/d.</li>
<li>This bodes very well for 2Q24 production given that the 18H well is expected to commence production in May.</li>
</ul>


1Q24 production of 18,518 bbl/d was in line with our expectations.
Production over the last 30 days was 20.5 mbbl/d with the recently drilled 17H well, now on pump, delivering 4,500 bbl/d.
This bodes very well for 2Q24 production given that the 18H well is expected to commence production in May.


PetroTal Corp (AIM: PTAL): Better Balance Sheet than Expected

<ul>
<li>FY23 production of 14,248 bbl/d had been reported previously and the YE23 cash position of US$105 mm (including ~US$15 mm of restricted cash) is very close to previous indications.</li>
<li>PetroTal is re-iterating its FY24 production guidance of ~17 mbbl/d with US$134 mm capex.</li>
<li>Production currently trends ahead of guidance with 24,453 bbl/d in January and 17,411 bbl/d in February.</li>
</ul>


FY23 production of 14,248 bbl/d had been reported previously and the YE23 cash position of US$105 mm (including ~US$15 mm of restricted cash) is very close to previous indications.
PetroTal is re-iterating its FY24 production guidance of ~17 mbbl/d with US$134 mm capex.
Production currently trends ahead of guidance with 24,453 bbl/d in January and 17,411 bbl/d in February.


PetroTal Corp (AIM: PTAL): Delivering on Guidance

<ul>
<li>YE23 1P, 2P and 3P reserves were estimated at 48 mmbbl, 100 mmbbl and 200 mmbbl respectively.</li>
<li>This represents an increase of 6%, 4% and 19% respectively compared to YE22.</li>
<li>The YE23 1P and 2P reserves estimates imply a Reserves Replacement Ratio of 150% and 167% during 2023.</li>
</ul>


YE23 1P, 2P and 3P reserves were estimated at 48 mmbbl, 100 mmbbl and 200 mmbbl respectively.
This represents an increase of 6%, 4% and 19% respectively compared to YE22.
The YE23 1P and 2P reserves estimates imply a Reserves Replacement Ratio of 150% and 167% during 2023.


PetroTal Corp (AIM: PTAL): Replacing >165% of 2P Reserves in 2023

United States

Erin Energy Corporation operates as an independent oil and gas exploration and production company. The Company offers crude oil, natural gas, and other oil products. Erin Energy owns a portfolio of onshore and offshore assets in the United States, Nigeria, Kenya, Gambia, South Africa, and Ghana.

SandRidge Energy, Inc. explores and produces natural gas and crude oil. The Company owns and operates gas gathering, processing facilities, carbon dioxide treating, and transportation facilities. SandRidge Energy serves customers in the United States.

Clean Energy Fuels Corporation designs, builds, finances and operates natural gas filling stations for vehicle fleets.  The Company also helps its customers acquire and finance natural gas vehicles and obtain local, state, and federal clean air rebates and incentives.

Excelerate Energy, Inc. operates as an oil and natural gas company. The Company offers flexible liquefied natural gas sales and distribution solutions, as well as provides LNG terminal services. Excelerate Energy serves customers worldwide.

Tellurian Inc. develops low-cost liquefied natural gas projects. The Company owns and operates natural gas liquefaction and storage facilities and loading terminals. Tellurian serves customers worldwide.

Overseas Shipholding Group, Inc. provides ocean transportation services for crude oil and refined petroleum products. The Company delivers crude oil, petroleum products, and liquefied natural gas throughout the world. Overseas Shipholding Group owns and operates a fleet of vessels registered internationally.

Ur-Energy, Inc. explores for uranium.  The Company operates in Nunavut in Canada and Wyoming in the United States.

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.

W&T Offshore, Inc. is an independent oil and natural gas company focused primarily on the Gulf of Mexico area in the United States.

NGL Energy Partners LP serves as a full service midstream provider. The Company's operations focus on crude oil logistics, water treatment services, NGL logistics and retail propane. NGL Energy Partners operates in the United States.

PT Indika Energy Tbk is an energy company. The Company provides energy services, energy resources and infrastructure, primarily in the areas of coal production, engineering, procurement and construction services and power generation services.

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.

Energy Absolute Public Company Limited engages in the research, development, and production of biodiesel products in Thailand.

Pakistan Oil Fields Limited specializes in the exploration, drilling, production and transmission of petroleum.  The Company also markets Liquified Petroleum Gas (LPG).

China Aviation Oil Singapore Corporation Limited supplies jet fuel to foreign and domestic airlines flying through China's airports.  The Company also trades in other oil products such as fuel oil, gas oil, crude oil, petrochemical products, including physical and paper swaps, and futures trading.

China Aviation Oil Singapore Corp (CAO SP)

Energy Resources of Australia Limited is a uranium company which mines, processes and sells uranium oxide from the Ranger mine in the Northern Territory and uranium concentrates sourced outside Australia to nuclear electric utilities in Japan, South Korea, Europe and North America.  The Company also provides environmental consulting services.

Productive Technologies Company Limited provides productivity solutions to semiconductor and solar cell manufacturers. The Company is engaged in advanced manufacturing of equipment applied in semiconductor and solar power businesses, as well as operates a crude oil asset. Productive Technologies serves customers in China.

Zhengzhou Coal Industry & Electric Power Co., Ltd. (ZCE) produces and markets coal.  The Company also generates and distributes electric power.

Hibiscus Petroleum Berhad is an independent upstream exploration and production company that explores for oil and gas. The Company has operations in the Middle East, Norway and Oceania regions.

Exmar NV transports gases.  The Company primarily transports liquefied natural gas (LNG), and liquefied petroleum gases (LPG) including propane, butane, and anhydrous ammonia.  Exmar produces LNG in Asia, the Middle East, and the Caribbean.  The Company also offers offshore services.

PetroTal Corp. operates as an oil and gas development and production company. The Company focuses on acquisition, development, and exploration of material oil assets. PetroTal serves customers in North and South America. ... More

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PetroTal (PTAL LN)

PetroTal Corp: Unrestricted Cash Position Increased by >30% During the Last Quarter

2Q24 production of 18,290 bbl/d was very near our forecasts of 18.5 mbbl/d but marginally below the company target of ~19 mbbl/d.

Auctus Advisors

PetroTal Corp (AIM: PTAL): Acquisition in Peru – More than Meets the Eye

PetroTal is acquiring Block 131 onshore Peru including the Los Angeles field from CEPSA for US$5 mm.The field produces ~900 boe/d from 4 existing...

Auctus Advisors

PetroTal Corp (AIM: PTAL): Better Balance Sheet than Expected

1Q24 production of 18,518 bbl/d was in line with our expectations. Production over the last 30 days was 20.5 mbbl/d with the recently drilled 17H...

Auctus Advisors

PetroTal Corp (AIM: PTAL): Delivering on Guidance

FY23 production of 14,248 bbl/d had been reported previously and the YE23 cash position of US$105 mm (including ~US$15 mm of restricted cash) is...

Auctus Advisors

PetroTal Corp (AIM: PTAL): Replacing >165% of 2P Reserves in 2023

YE23 1P, 2P and 3P reserves were estimated at 48 mmbbl, 100 mmbbl and 200 mmbbl respectively. This represents an increase of 6%, 4% and 19%...

Auctus Advisors

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