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.

Thematic (Sector/Industry)

<ul><li>Hartshead Resources (HHR AU)C; target price of A$0.18 per share: On tack for first gas in 2025 – The FDP for Phase I is nearing completion and will be submitted in two weeks.</li><li>Panoro Energy (PEN NO)C; target price of NOK50 per share: Executing on plans.</li><li>Pharos Energy (PHAR LN)C; target price of £0.55 per share: Flow rate at new Vietnam well above expectations.</li></ul>

Hartshead Resources (HHR AU)C; target price of A$0.18 per share: On tack for first gas in 2025 – The FDP for Phase I is nearing completion and will be submitted in two weeks.Panoro Energy (PEN NO)C; target price of NOK50 per share: Executing on plans.Pharos Energy (PHAR LN)C; target price of £0.55 per share: Flow rate at new Vietnam well above expectations.

Equity Bottom-Up

<ul><li>The recently drilled VNV-2PST1 lateral in Vietnam is flowing at 3 mbbl/d gross (750 bbl/d WI).</li><li>The lateral was drill from an existing well at a much lower cost compared to a new drill.</li><li>Total WI production from January to April was 6,805 boe/d including 5,477 boe/d in Vietnam and 1,328 bbl/d Pharos in Egypt.</li></ul>

The recently drilled VNV-2PST1 lateral in Vietnam is flowing at 3 mbbl/d gross (750 bbl/d WI).The lateral was drill from an existing well at a much lower cost compared to a new drill.Total WI production from January to April was 6,805 boe/d including 5,477 boe/d in Vietnam and 1,328 bbl/d Pharos in Egypt.

Pharos Energy Plc (LSE: PHAR): Flow rate at new Vietnam well above expectations. Discovery in Egypt

<ul>
<li>Arrow Exploration (AXL LN) C; Target price of £0.45 per share: Good flow rate at RCE-4 – The RCE-4 well has been put in production.</li>
<li>This is a similar result as at RCE-3 (24 h flow rate of 968 bbl/d gross/484 bbl/d net).</li>
<li>Serinus Energy (SEN LN): FY22 results – FY22 production was 889 boe/d including 379 boe/d in Romania and 510 boe/d in Tunisia.</li>
</ul>


Arrow Exploration (AXL LN) C; Target price of £0.45 per share: Good flow rate at RCE-4 – The RCE-4 well has been put in production.
This is a similar result as at RCE-3 (24 h flow rate of 968 bbl/d gross/484 bbl/d net).
Serinus Energy (SEN LN): FY22 results – FY22 production was 889 boe/d including 379 boe/d in Romania and 510 boe/d in Tunisia.


<ul><li>Pharos also held 19.7 mmboe of net 2C resources at YE22.</li><li>Repatriation of US$ from Egypt continues to be constrained and a second drilling rig to resume production growth is not now expected until next year.</li><li>Dividend, G&amp;A and net debt. The YE22 net debt based on cash and debt of US$29 mm had already been reported.</li></ul>

Pharos also held 19.7 mmboe of net 2C resources at YE22.Repatriation of US$ from Egypt continues to be constrained and a second drilling rig to resume production growth is not now expected until next year.Dividend, G&amp;A and net debt. The YE22 net debt based on cash and debt of US$29 mm had already been reported.

Pharos Energy Plc (LSE: PHAR): Operations on Track.

<ul><li>FY22 production was 7,166 boe/d and within guidance (6,350-7,800 boe/d).</li><li>The FY23 production guidance in Vietnam is lower than we expected (6.8 mboe/d) as initial production from the two recently drilled wells has been below expectations (2 mbbl/d vs 3 mbbl/d).</li><li>The FY23 production guidance in Egypt is also lower than expected as 2H22 production was impacted by limited drilling activity due to a technical problem with a rig, resulting in a lower production starting point at 2023.</li></ul>

FY22 production was 7,166 boe/d and within guidance (6,350-7,800 boe/d).The FY23 production guidance in Vietnam is lower than we expected (6.8 mboe/d) as initial production from the two recently drilled wells has been below expectations (2 mbbl/d vs 3 mbbl/d).The FY23 production guidance in Egypt is also lower than expected as 2H22 production was impacted by limited drilling activity due to a technical problem with a rig, resulting in a lower production starting point at 2023.

Pharos Energy Plc : FY22 Production in Line

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)

Auctus on Friday - 26/05/2023

Hartshead Resources (HHR AU)C; target price of A$0.18 per share: On tack for first gas in 2025 – The FDP for Phase I is nearing completion and will...

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): Flow rate at new Vietnam well above expectations. Discovery in Egypt

The recently drilled VNV-2PST1 lateral in Vietnam is flowing at 3 mbbl/d gross (750 bbl/d WI). The lateral was drill from an existing well at a...

Auctus Advisors

Auctus on Friday - 24/03/2023

Arrow Exploration (AXL LN) C; Target price of £0.45 per share: Good flow rate at RCE-4 – The RCE-4 well has been put in production.

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): Operations on Track.

Repatriation of US$ from Egypt continues to be constrained and a second drilling rig to resume production growth is not now expected until next year.

Auctus Advisors

Pharos Energy Plc : FY22 Production in Line

The FY23 production guidance in Vietnam is lower than we expected (6.8 mboe/d) as initial production from the two recently drilled wells has been...

Auctus Advisors

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