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>YE22 1P, 2P and 3P reserves respectively stand at 45.4 mmbbl, 96.7 mmbbl and 168.3 mmbbl. This represents increases of respectively 21%, 24% and 14% versus YE21.</li><li>The higher 2P reserves reflect an increase to the Oil Initially in Place estimate (+14%) and an improved recovery factor (+2%). The 2P case recovery factor is still 24%.</li><li>The 2022 Reserve Life Index for 1P and 2P reserves, are 10.1 and 22 years respectively with a higher production run rate of 12.2 mbbl/d, compared to 7.3 mbbl/d previously.</li></ul>

YE22 1P, 2P and 3P reserves respectively stand at 45.4 mmbbl, 96.7 mmbbl and 168.3 mmbbl. This represents increases of respectively 21%, 24% and 14% versus YE21.The higher 2P reserves reflect an increase to the Oil Initially in Place estimate (+14%) and an improved recovery factor (+2%). The 2P case recovery factor is still 24%.The 2022 Reserve Life Index for 1P and 2P reserves, are 10.1 and 22 years respectively with a higher production run rate of 12.2 mbbl/d, compared to 7.3 mbbl/d previously.

PetroTal Corp (AIM: PTAL): Another significant reserves increase

<ul><li>4Q22 production of 10,374 bbl/d was above the guidance of 8.5-9.5 mbbl/d given in December.</li><li>YE22 production was 23,709 bbl/d.  Natural flow from well 12H has increased to 6.4 mbbl/d since 8 January.</li><li>Net of the repayment of the US$80 mm bond in 1Q23, we estimate that, at the mid point of the production guidance (14.5 mbbl/d), PetroTal will hold ~US$150-US$180 mm in net cash (calculated as cash minus debt) at YE23 (Brent: US$85-96/bbl).</li></ul>

4Q22 production of 10,374 bbl/d was above the guidance of 8.5-9.5 mbbl/d given in December.YE22 production was 23,709 bbl/d.  Natural flow from well 12H has increased to 6.4 mbbl/d since 8 January.Net of the repayment of the US$80 mm bond in 1Q23, we estimate that, at the mid point of the production guidance (14.5 mbbl/d), PetroTal will hold ~US$150-US$180 mm in net cash (calculated as cash minus debt) at YE23 (Brent: US$85-96/bbl).

PetroTal Corp (AIM: PTAL): >US$100 Mm Potentially Available for Shareholder Returns in 2023

<ul><li>Production has averaged 20 mbbl/d since mid December, up from 18 mbbl/d announced on 15 December as the Brazilian barges have returned.</li><li>The high production rate includes the contribution of well 12H that has produced 2.9 mbbl/d over the first 10 days of production.</li><li>This is above the current total export capacity of 18-20 mbbl/d without the ONP (2 mbbl/d for Iquitos + 16-18 mbbl/d for Brazil).</li></ul>

Production has averaged 20 mbbl/d since mid December, up from 18 mbbl/d announced on 15 December as the Brazilian barges have returned.The high production rate includes the contribution of well 12H that has produced 2.9 mbbl/d over the first 10 days of production.This is above the current total export capacity of 18-20 mbbl/d without the ONP (2 mbbl/d for Iquitos + 16-18 mbbl/d for Brazil).

PetroTal Corp (AIM: PTAL): Production Back at 20 Mbbl/D. Another Good Well Result.

<ul><li>The Asociacion Indigena de Desarrollo y Conservacion de Bajo Puinahua has removed the river blockade to allow oil barge transportation access in and out of the PetroTal’s operating area.</li><li>The removing of the blockade has taken place earlier than we expected (YE22).</li><li>Inclusive of social downtime since late November, the company estimates 4Q22 oil production levels to average between 8,500 and 9,500 bbl/d.</li></ul>

The Asociacion Indigena de Desarrollo y Conservacion de Bajo Puinahua has removed the river blockade to allow oil barge transportation access in and out of the PetroTal’s operating area.The removing of the blockade has taken place earlier than we expected (YE22).Inclusive of social downtime since late November, the company estimates 4Q22 oil production levels to average between 8,500 and 9,500 bbl/d.

PetroTal Corp (AIM: PTAL): Brazil Export Route Re-Opened

<ul><li>PetroTal and Petroperu have finalized an agreement for the repayment of US$64 mm in true up revenue owed to PetroTal by Petroperu.</li><li>PetroTal has reduced production to between 4,500 bbl/d and 5,000 bbl/d since 30 November to manage storage levels and will need to further reduce production levels should the blockade persist as the Northern Peruvian Pipeline remains unavailable due to ongoing repairs.</li><li>Valuation While the latest blockade is frustrating, we view the agreement with Petroperu to recover the US$64 mm owed to PetroTal as very good news.</li></ul>

PetroTal and Petroperu have finalized an agreement for the repayment of US$64 mm in true up revenue owed to PetroTal by Petroperu.PetroTal has reduced production to between 4,500 bbl/d and 5,000 bbl/d since 30 November to manage storage levels and will need to further reduce production levels should the blockade persist as the Northern Peruvian Pipeline remains unavailable due to ongoing repairs.Valuation While the latest blockade is frustrating, we view the agreement with Petroperu to recover the US$64 mm owed to PetroTal as very good news.

PetroTal Corp (AIM: PTAL): Repayment Agreement with Petroperu Finalized.

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 significant reserves increase

YE22 1P, 2P and 3P reserves respectively stand at 45.4 mmbbl, 96.7 mmbbl and 168.3 mmbbl. This represents increases of respectively 21%, 24% and...

Auctus Advisors

PetroTal Corp (AIM: PTAL): >US$100 Mm Potentially Available for Shareholder Returns in 2023

4Q22 production of 10,374 bbl/d was above the guidance of 8.5-9.5 mbbl/d given in December.YE22 production was 23,709 bbl/d. Natural flow from...

Auctus Advisors

PetroTal Corp (AIM: PTAL): Production Back at 20 Mbbl/D. Another Good Well Result.

Production has averaged 20 mbbl/d since mid December, up from 18 mbbl/d announced on 15 December as the Brazilian barges have returned.

Auctus Advisors

PetroTal Corp (AIM: PTAL): Brazil Export Route Re-Opened

The Asociacion Indigena de Desarrollo y Conservacion de Bajo Puinahua has removed the river blockade to allow oil barge transportation access in...

Auctus Advisors

PetroTal Corp (AIM: PTAL): Repayment Agreement with Petroperu Finalized.

PetroTal and Petroperu have finalized an agreement for the repayment of US$64 mm in true up revenue owed to PetroTal by Petroperu

Auctus Advisors

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