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>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

<ul>
<li>The FY24 production guidance stands at 16.5-17.5 mbbl/d (we forecasted 18.6 mbbl/d assuming a moderate dry season) with US$135 mm capex (broadly in line with our expectations of US$130 mm).</li>
<li>The FY24 production guidance assumes a dry season as severe as in 2023 with production of only 13 mbbl/d in 3Q24 and 17.5 mbbl/d in 4Q24.</li>
<li>The Ecuador export route through the OCP will be operational in October (2 mbbl/d) while a new route via Yurimaguas to Bayovar (2 mbbl/d) could be operational in July.</li>
</ul>


The FY24 production guidance stands at 16.5-17.5 mbbl/d (we forecasted 18.6 mbbl/d assuming a moderate dry season) with US$135 mm capex (broadly in line with our expectations of US$130 mm).
The FY24 production guidance assumes a dry season as severe as in 2023 with production of only 13 mbbl/d in 3Q24 and 17.5 mbbl/d in 4Q24.
The Ecuador export route through the OCP will be operational in October (2 mbbl/d) while a new route via Yurimaguas to Bayovar (2 mbbl/d) could be operational in July.


PetroTal Corp (AIM: PTAL): FY24 Production Expected to Grow by 20%.

<ul>
<li>Production continues to be impacted by the reduced barge movements to/from Brazil during the low river dry season.</li>
<li>Production in August was 12,651 bbl/d, in line with previous indications (~13 mbbl/d).</li>
<li>Important upcoming newsflow includes the potential reopening of the ONP pipeline allowing PetroTal to increase production and eliminate the production constraint during the dry season when the Amazon river water level is low.</li>
</ul>


Production continues to be impacted by the reduced barge movements to/from Brazil during the low river dry season.
Production in August was 12,651 bbl/d, in line with previous indications (~13 mbbl/d).
Important upcoming newsflow includes the potential reopening of the ONP pipeline allowing PetroTal to increase production and eliminate the production constraint during the dry season when the Amazon river water level is low.


PetroTal Corp (AIM: PTAL): Lower level of production in 3Q23 in line with our expectations

<ul>
<li>2Q23 production, net debt and working capital at the end of June had already been reported.</li>
<li>The dry season has started, resulting in low river levels, which constrains barging sales. Production in July was 11,552 bbl/d increasing to 13 mbbl/d in August.</li>
<li>The company has re-iterated its FY23 production guidance of 14-15 mbbl/d.</li>
</ul>


2Q23 production, net debt and working capital at the end of June had already been reported.
The dry season has started, resulting in low river levels, which constrains barging sales. Production in July was 11,552 bbl/d increasing to 13 mbbl/d in August.
The company has re-iterated its FY23 production guidance of 14-15 mbbl/d.


PetroTal Corp (AIM: PTAL): Boosting 2Q23 Dividend Distribution.

<ul>
<li>2Q23 production was 19,031 bbl/d.</li>
<li>This is higher than our forecast (18.5 mbbl/d) and the company’s recently increased 2Q23 guidance (5% higher than 17 mbbl/d).</li>
<li>During the quarter, production was affected by the ongoing ONP closure and six days of planned maintenance, which constrained production by ~25%.</li>
</ul>


2Q23 production was 19,031 bbl/d.
This is higher than our forecast (18.5 mbbl/d) and the company’s recently increased 2Q23 guidance (5% higher than 17 mbbl/d).
During the quarter, production was affected by the ongoing ONP closure and six days of planned maintenance, which constrained production by ~25%.


PetroTal Corp (AIM: PTAL): High production

United States

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 (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

PetroTal Corp (AIM: PTAL): FY24 Production Expected to Grow by 20%.

he FY24 production guidance assumes a dry season as severe as in 2023 with production of only 13 mbbl/d in 3Q24 and 17.5 mbbl/d in 4Q24.

Auctus Advisors

PetroTal Corp (AIM: PTAL): Lower level of production in 3Q23 in line with our expectations

Important upcoming newsflow includes the potential reopening of the ONP pipeline allowing PetroTal to increase production and eliminate the...

Auctus Advisors

PetroTal Corp (AIM: PTAL): Boosting 2Q23 Dividend Distribution.

he dry season has started, resulting in low river levels, which constrains barging sales. Production in July was 11,552 bbl/d increasing to 13 mbbl...

Auctus Advisors

PetroTal Corp (AIM: PTAL): High production

2Q23 production was 19,031 bbl/d. This is higher than our forecast (18.5 mbbl/d) and the company’s recently increased 2Q23 guidance (5% higher...

Auctus Advisors

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