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>Hartshead published its half year financial report for the six month period ending 31/12/2022.</li><li>The cash position as at the end of December had already been reported and there are no surprises in the financials.</li><li>Valuation Our Core NAV for Hartshead assuming a US$100 mm farm-out and 85% chance of development stands at ~A$0.12/sh.</li></ul>

Hartshead published its half year financial report for the six month period ending 31/12/2022.The cash position as at the end of December had already been reported and there are no surprises in the financials.Valuation Our Core NAV for Hartshead assuming a US$100 mm farm-out and 85% chance of development stands at ~A$0.12/sh.

Hartshead Resources NL: Re-Iterating Key Guidances

Thematic (Sector/Industry)

<ul><li>Arrow Exploration (AXL LN/CN)C: Target price of £0.45 per share: Positive drilling results at RCE-3 - RCE-3, the first well of the FY23 10 well drilling programme, has encountered 58 feet of net oil pay across seven hydrocarbon bearing intervals.</li><li>The total 58 feet of net pay compares with 55 feet in the RCS-1 well and 80 feet in the RCE-2 well.</li><li>Importantly, ~500 bbl/d net production comes from 16 feet in the C7 at RCE-2 while the C7A and C7B produces ~350 bbl/d (net) at RCS-1 from a total 38 feet of net pay.</li></ul>

Arrow Exploration (AXL LN/CN)C: Target price of £0.45 per share: Positive drilling results at RCE-3 - RCE-3, the first well of the FY23 10 well drilling programme, has encountered 58 feet of net oil pay across seven hydrocarbon bearing intervals.The total 58 feet of net pay compares with 55 feet in the RCS-1 well and 80 feet in the RCE-2 well.Importantly, ~500 bbl/d net production comes from 16 feet in the C7 at RCE-2 while the C7A and C7B produces ~350 bbl/d (net) at RCS-1 from a total 38 feet of net pay.

<ul><li>Over January, production was ~1,800 boe/d with short term outages due to weather at Ombu and Pepper.</li><li>This compares with production rate of 1,900-2,000 in November which included an initial high contribution at East Pepper (that has since declined, as expected).</li><li>4Q22 production of 3,727 boe/d including 1,132 boe/d at Thorsby and 2,595 boe/d at Brooks was below our expectations of 3,970 boe/d.</li></ul>

Over January, production was ~1,800 boe/d with short term outages due to weather at Ombu and Pepper.This compares with production rate of 1,900-2,000 in November which included an initial high contribution at East Pepper (that has since declined, as expected).4Q22 production of 3,727 boe/d including 1,132 boe/d at Thorsby and 2,595 boe/d at Brooks was below our expectations of 3,970 boe/d.

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Skymark Airlines / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/skymark-airlines-inc" target="_blank" data-smartkarma-citation="entities:20430:1" rel="noopener">Skymark Airlines (9204 JP)</a> is looking to raise approximately US$235m in its Japan IPO.</li>
<li>Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline  according to the company. Unlike major airlines and other low-cost carriers, Skymark operates only domestic flights.</li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we talk about peer comparison and valuations.</li>
</ul>



Skymark Airlines (9204 JP) is looking to raise approximately US$235m in its Japan IPO.
Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline  according to the company. Unlike major airlines and other low-cost carriers, Skymark operates only domestic flights.
In our previous notes, we looked at the company’s past performance. In this note, we talk about peer comparison and valuations.


Skymark Airlines IPO - Peer Comparison & Valuation - Asking Too Much for Clipped Wings

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

<p>Edison Investment Research is terminating coverage on Pura Vida Energy (PVD). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.</p>

Edison Investment Research is terminating coverage on Pura Vida Energy (PVD). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

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)

Hartshead Resources NL: Re-Iterating Key Guidances

This would provide clarity on the funding of the project as well as well as an external industry valuation for the assets. FID for the Phase I...

Auctus Advisors

Auctus on Friday - 24/02/2023

AXL: Positive drilling results at RCE-3 - RCE-3, the first well of the FY23 10 well drilling programme, has encountered 58 feet of net oil pay...

Auctus Advisors

Auctus on Friday - 03/02/2023

4Q22 production of 3,727 boe/d including 1,132 boe/d at Thorsby and 2,595 boe/d at Brooks was below our expectations of 3,970 boe/d.

Auctus Advisors

Skymark Airlines IPO - Peer Comparison & Valuation - Asking Too Much for Clipped Wings

Skymark Airlines (9204 JP) is looking to raise approximately US$235m in its Japan IPO. In this note, we talk about peer comparison and valuations.

Ethan Aw

Termination of coverage

Edison Investment Research is terminating coverage on Pura Vida Energy (PVD). Please note you should no longer rely on any previous research or...

Edison Investment Research

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