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>ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 update – 1Q23 production in Austria was 299 boe/d.</li><li>Criterium Energy (CEQ CN)C: On track for near term acquisition – The FY22 financials were in line with our expectations.</li><li>Seplat Energy (SEPL LN): 1Q23 results – 1Q23 WI production in Nigeria was 51,720 boe/d.</li></ul>

ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 update – 1Q23 production in Austria was 299 boe/d.Criterium Energy (CEQ CN)C: On track for near term acquisition – The FY22 financials were in line with our expectations.Seplat Energy (SEPL LN): 1Q23 results – 1Q23 WI production in Nigeria was 51,720 boe/d.

<ul><li>Arrow Exploration (AXL LN) C; Target price of £0.45 per share: The RCE-5 well encounters one of the largest net pay to date in the RCE field – The RCE-5 well encountered 90 feet of net oil pay across the Carbonera C7 (36 feet) and the Lower Gacheta sands (54 feet).</li><li>RCE-5 encountered the largest net pay in the current programme.</li><li>Hurricane Energy (HUR LN): Operating update in the UK – Oil production from Lancaster was 7,672 bbl/d in May with 52% water cut.</li></ul>

Arrow Exploration (AXL LN) C; Target price of £0.45 per share: The RCE-5 well encounters one of the largest net pay to date in the RCE field – The RCE-5 well encountered 90 feet of net oil pay across the Carbonera C7 (36 feet) and the Lower Gacheta sands (54 feet).RCE-5 encountered the largest net pay in the current programme.Hurricane Energy (HUR LN): Operating update in the UK – Oil production from Lancaster was 7,672 bbl/d in May with 52% water cut.

Equity Bottom-Up

<ul><li>Hartshead is farming out 60% WI of its UK assets to RockRose Energy for a combination of cash (US$34.4 mm/A$52.9 mm) and net free carry (US$61.8 mm/A$95 mm) for Phase I.</li><li>A further US$5.9 mm cash payment is contingent on the NSTA approval of the FDP for the Phase II Lovelace or Hodgkin.</li><li>The fact that a proportion of the proceeds is in cash (US$34.4 mm/A$52.9 mm) allows Hartshead to directly fund a larger share of capex and capture the generous tax benefits on UK capex.</li></ul>

Hartshead is farming out 60% WI of its UK assets to RockRose Energy for a combination of cash (US$34.4 mm/A$52.9 mm) and net free carry (US$61.8 mm/A$95 mm) for Phase I.A further US$5.9 mm cash payment is contingent on the NSTA approval of the FDP for the Phase II Lovelace or Hodgkin.The fact that a proportion of the proceeds is in cash (US$34.4 mm/A$52.9 mm) allows Hartshead to directly fund a larger share of capex and capture the generous tax benefits on UK capex.

Hartshead Resources NL (ASX: HHR): Delivering a re-rating farm-in transaction

<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>ADX Energy (ADX AU) C ; Target price of A$0.10 per share: Drilling news flow.</li><li>Production growth. Value. – 2023 is expected to be a busy and transformational year for ADX.</li><li>The company plans to grow gross production at Anshof (4.2 mmbbl net 2P reserves) to almost 1,000 bbl/d with two new wells by YE23. </li></ul>

ADX Energy (ADX AU) C ; Target price of A$0.10 per share: Drilling news flow.Production growth. Value. – 2023 is expected to be a busy and transformational year for ADX.The company plans to grow gross production at Anshof (4.2 mmbbl net 2P reserves) to almost 1,000 bbl/d with two new wells by YE23. 

Australia

Hartshead Resources NL provides energy solutions. The Company offers oil and gas exploration and production services. Hartshead Resources serves customers in Australia.

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Hartshead Resources (HHR AU)

Auctus on Friday - 28/04/2023

Criterium Energy (CEQ CN)C: On track for near term acquisition – The FY22 financials were in line with our expectations.

Auctus Advisors

Auctus on Friday - 06/04/2023

Hurricane Energy (HUR LN): Operating update in the UK – Oil production from Lancaster was 7,672 bbl/d in May with 52% water cut.

Auctus Advisors

Hartshead Resources NL (ASX: HHR): Delivering a re-rating farm-in transaction

Hartshead is farming out 60% WI of its UK assets to RockRose Energy for a combination of cash (US$34.4 mm/A$52.9 mm) and net free carry (US$61.8 mm...

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

Auctus on Friday - 17/03/2023

ADX Energy (ADX AU) C ; Target price of A$0.10 per share: Drilling news flow. Production growth. Value. – 2023 is expected to be a busy and...

Auctus Advisors

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