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>The Indigenous Association for Development and Conservation of Bajo Puinahua (AIDECOBAP) has started a violent blockade in the Puinahua Canal against all ships providing services to PetroTal, preventing the monetization of oil production.</li><li>Already US$8 mm has been accumulated in a social fund by PetroTal in a restricted bank account.</li><li>At YE24, the net working capital would be ~US$165 mm net of a further dividend distribution of US$55 mm in 2024.</li></ul>

The Indigenous Association for Development and Conservation of Bajo Puinahua (AIDECOBAP) has started a violent blockade in the Puinahua Canal against all ships providing services to PetroTal, preventing the monetization of oil production.Already US$8 mm has been accumulated in a social fund by PetroTal in a restricted bank account.At YE24, the net working capital would be ~US$165 mm net of a further dividend distribution of US$55 mm in 2024.

PetroTal Corp (AIM: PTAL): Another (Probably Short Lived) River Blockade

<ul><li>Production continues to be very high, averaging ~21 mbbl/d in April and ~21.14 mbbl/d so far in May.</li><li>We understand that April sales matched production, which demonstrates that the Brazil export route is working well.</li><li>Given the high production so far in 2Q23 (leading us to increase our forecast from 17 mbbl/d to 18.5 mbbl/d), the FY23 production guidance of 14 15 mbbl/d looks increasingly conservative.</li></ul>

Production continues to be very high, averaging ~21 mbbl/d in April and ~21.14 mbbl/d so far in May.We understand that April sales matched production, which demonstrates that the Brazil export route is working well.Given the high production so far in 2Q23 (leading us to increase our forecast from 17 mbbl/d to 18.5 mbbl/d), the FY23 production guidance of 14 15 mbbl/d looks increasingly conservative.

PetroTal Corp (AIM: PTAL): Another strong quarter with continued high production

<ul><li>1Q23 production was 12,618 bbl/d, above our expectations of 11,500 bbl/d.</li><li>Oil sales continued to be very high in March at 21,500 bbl/d with 19,565 bbl/d sold through Brazil and the balance to Iquitos, with production averaging &gt; 20 mbbl/d for more than 60 consecutive days.</li><li>Well 14H has been put in production at a rate of 3 mbbl/d constrained by export route capacity.</li></ul>

1Q23 production was 12,618 bbl/d, above our expectations of 11,500 bbl/d.Oil sales continued to be very high in March at 21,500 bbl/d with 19,565 bbl/d sold through Brazil and the balance to Iquitos, with production averaging &gt; 20 mbbl/d for more than 60 consecutive days.Well 14H has been put in production at a rate of 3 mbbl/d constrained by export route capacity.

PetroTal Corp (AIM: PTAL): High Production. More Free Cash Flow than Expected.

<ul><li>YE22 net cash and 4Q22 production had already been reported.</li><li>Production continues to be very high with 20,500 bbl/d production to date during March.</li><li>Comparing dividend yield across the sector PetroTal’s dividend yield of ~13% is one of the highest of the sector.</li></ul>

YE22 net cash and 4Q22 production had already been reported.Production continues to be very high with 20,500 bbl/d production to date during March.Comparing dividend yield across the sector PetroTal’s dividend yield of ~13% is one of the highest of the sector.

PetroTal Corp - Generous Capital Return: 10% Buyback Plus ~13% Dividend Yield

<ul><li>Production was constrained in January and February, with average production of ~7,600 bbl/d and 8,000 bbl/d respectively, due to restricted barging capacity over these two months.</li><li>The barging fleet schedules have now been re-established with an increased capacity of 5 mmbbl (1.2 mmbbl in 2022) and PetroTal’s production has been averaging 20 mbbl/d since the last week of February.</li><li>However, given the strong current production rate and increased barging capacity, the company anticipates it will make up the 1Q23 production shortfall in 2Q23.</li></ul>

Production was constrained in January and February, with average production of ~7,600 bbl/d and 8,000 bbl/d respectively, due to restricted barging capacity over these two months.The barging fleet schedules have now been re-established with an increased capacity of 5 mmbbl (1.2 mmbbl in 2022) and PetroTal’s production has been averaging 20 mbbl/d since the last week of February.However, given the strong current production rate and increased barging capacity, the company anticipates it will make up the 1Q23 production shortfall in 2Q23.

PetroTal Corp (AIM: PTAL): Production back at 20 mbbl/d. Regular payments from Petroperu

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 (AIM: PTAL): Another (Probably Short Lived) River Blockade

This river access disruption coincides with planned production reductions to tie in previously installed infrastructure. Production in June to date...

Auctus Advisors

PetroTal Corp (AIM: PTAL): Another strong quarter with continued high production

Given the high production so far in 2Q23 (leading us to increase our forecast from 17 mbbl/d to 18.5 mbbl/d), the FY23 production guidance of 14 15...

Auctus Advisors

PetroTal Corp (AIM: PTAL): High Production. More Free Cash Flow than Expected.

1Q23 production was 12,618 bbl/d, above our expectations of 11,500 bbl/d. Oil sales continued to be very high in March at 21,500 bbl/d with 19,565...

Auctus Advisors

PetroTal Corp - Generous Capital Return: 10% Buyback Plus ~13% Dividend Yield

YE22 net cash and 4Q22 production had already been reported. Production continues to be very high with 20,500 bbl/d production to date during March.

Auctus Advisors

PetroTal Corp (AIM: PTAL): Production back at 20 mbbl/d. Regular payments from Petroperu

Production was constrained in January and February, with average production of ~7,600 bbl/d and 8,000 bbl/d respectively, due to restricted barging...

Auctus Advisors

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