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>FY23 production was 6,508 boe/d, which is the middle of the production guidance of 6.35-6.75 mboe/d.</li>
<li>This includes 5,127 boe/d for Vietnam (guidance of 5.0-5.3 mboe/d) and 1,381 boe/d in Egypt (guidance of 1.35-1.45 mbbl/d).</li>
<li>While the production guidance is below our expectations of 6.8 mboe/d, the net capex forecast is also below our numbers (US$30 mm).</li>
</ul>


FY23 production was 6,508 boe/d, which is the middle of the production guidance of 6.35-6.75 mboe/d.
This includes 5,127 boe/d for Vietnam (guidance of 5.0-5.3 mboe/d) and 1,381 boe/d in Egypt (guidance of 1.35-1.45 mbbl/d).
While the production guidance is below our expectations of 6.8 mboe/d, the net capex forecast is also below our numbers (US$30 mm).


Pharos Energy Plc (LSE: PHAR): Reducing net debt by a further US$10 mm

<ul><li>• Pharos has declared an interim dividend of 0.33 p per share for 2023 payable in January.</li><li>The interim dividend represents ~33% of the final dividend of the previous year. • The company is also looking to commit a further US$3 mm to share buybacks in 2024 which will provide additional support to the share price.</li></ul>

• Pharos has declared an interim dividend of 0.33 p per share for 2023 payable in January.The interim dividend represents ~33% of the final dividend of the previous year. • The company is also looking to commit a further US$3 mm to share buybacks in 2024 which will provide additional support to the share price.

Pharos Energy Plc (LSE: PHAR): More share buybacks and more dividends

Thematic (Sector/Industry)

<ul>
<li>Chariot (CHAR LN)C; Target price of £0.08 per share: US$100 mm guarantees highlight the value of the South Africa energy trading business - British International Investment (BII) and GuarantCo have announced a US$100 mm guarantee finance facility for Etana Energy, the South African electricity trading platform which is owned and was co-founded by Chariot (49%) and H1 Holdings (51%).</li>
<li>Etana is one of the few companies holding an electricity trading licence in South Africa that can buy and sell electricity through the grid.</li>
<li>Etana is therefore a required counterparty to power producers.</li>
</ul>


Chariot (CHAR LN)C; Target price of £0.08 per share: US$100 mm guarantees highlight the value of the South Africa energy trading business - British International Investment (BII) and GuarantCo have announced a US$100 mm guarantee finance facility for Etana Energy, the South African electricity trading platform which is owned and was co-founded by Chariot (49%) and H1 Holdings (51%).
Etana is one of the few companies holding an electricity trading licence in South Africa that can buy and sell electricity through the grid.
Etana is therefore a required counterparty to power producers.


<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX CN)C; Target price A$0.75 per share: Production boost at Anshof in October – The ANS-2A sidetrack well has encountered a 6.5 m net vertical oil column in high quality Eocene-aged sandstone reservoir.</li><li>The reservoir quality encountered at ANS-2A is consistent with ANS-2 (porosity and permeability ~20% higher than at ANS-3).</li><li>The oil-water contact was encountered very close to the top of the water wet reservoir encountered at ANS-2.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX CN)C; Target price A$0.75 per share: Production boost at Anshof in October – The ANS-2A sidetrack well has encountered a 6.5 m net vertical oil column in high quality Eocene-aged sandstone reservoir.The reservoir quality encountered at ANS-2A is consistent with ANS-2 (porosity and permeability ~20% higher than at ANS-3).The oil-water contact was encountered very close to the top of the water wet reservoir encountered at ANS-2.

<ul>
<li>Condor Energies (CDR CN)C: Signing first LNG framework agreement in Kazakhstan – Condor has signed a first LNG Framework Agreement for the utilization of LNG to fuel Kazakhstan’s rail locomotives.</li>
<li>The agreement was also signed by Kazakhstan Temir Zholy (KTZ), the national railway operator of Kazakhstan and Wabtec Corporation, a U.S. based locomotive manufacturer with existing facilities in Kazakhstan.</li>
<li>KTZ and Wabtec previously signed a memorandum of understanding which includes modernization work to retrofit KTZ’s mainline locomotive fleet for LNG usage and incorporate LNG into new build locomotives.</li>
</ul>


Condor Energies (CDR CN)C: Signing first LNG framework agreement in Kazakhstan – Condor has signed a first LNG Framework Agreement for the utilization of LNG to fuel Kazakhstan’s rail locomotives.
The agreement was also signed by Kazakhstan Temir Zholy (KTZ), the national railway operator of Kazakhstan and Wabtec Corporation, a U.S. based locomotive manufacturer with existing facilities in Kazakhstan.
KTZ and Wabtec previously signed a memorandum of understanding which includes modernization work to retrofit KTZ’s mainline locomotive fleet for LNG usage and incorporate LNG into new build locomotives.


United Kingdom

Pharos Energy PLC is an independent oil and gas exploration and production company. The Company focuses on growth and returns to stakeholders, headquartered in London and listed on the London Stock Exchange. Pharos Energy has production, development, and exploration interests in Egypt, Israel, and Vietnam.

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Pharos Energy (PHAR LN)

Pharos Energy Plc (LSE: PHAR): Reducing net debt by a further US$10 mm

While the production guidance is below our expectations of 6.8 mboe/d, the net capex forecast is also below our numbers (US$30 mm).

Auctus Advisors

AUCTUS ON FRIDAY - 06/12/2024

Chariot (CHAR LN)C; Target price of £0.08 per share: US$100 mm guarantees highlight the value of the South Africa energy trading business -...

Auctus Advisors

AUCTUS ON FRIDAY - 20/09/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX CN)C; Target price A$0.75 per share: Production boost at Anshof in...

Auctus Advisors

AUCTUS ON FRIDAY - 19/07/2024

Condor has signed a first LNG Framework Agreement for the utilization of LNG to fuel Kazakhstan’s rail locomotives.

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pharos Energy Plc (LSE: PHAR): Reducing net debt by a further US$10 mm

While the production guidance is below our expectations of 6.8 mboe/d, the net capex forecast is also below our numbers (US$30 mm).

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): More share buybacks and more dividends

• Pharos has declared an interim dividend of 0.33 p per share for 2023 payable in January. The interim dividend represents ~33% of the final...

Auctus Advisors

AUCTUS ON FRIDAY - 06/12/2024

Chariot (CHAR LN)C; Target price of £0.08 per share: US$100 mm guarantees highlight the value of the South Africa energy trading business -...

Auctus Advisors

AUCTUS ON FRIDAY - 20/09/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX CN)C; Target price A$0.75 per share: Production boost at Anshof in...

Auctus Advisors

AUCTUS ON FRIDAY - 19/07/2024

Condor has signed a first LNG Framework Agreement for the utilization of LNG to fuel Kazakhstan’s rail locomotives.

Auctus Advisors