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>Condor Energies (CDR CN)C; Target price of C$5.60 per share: Very high flow rate at bypassed zone boosts production and unlocks reserves - A potential bypassed 60 m gas pay section, identified using advanced cased-hole logging tools and reprocessed existing 3-D seismic data, was put in production over a 23 m perforated interval at a rate of 1,100 boe/d, increasing to 1,300 boe/d over the past five days as the completion fluid has been recovered.</li>
<li>The flow rate is above expectations and unlocks reserves.</li>
<li>This result showcases the potential upside at Condor’s Uzbekistan assets.</li>
</ul>


Condor Energies (CDR CN)C; Target price of C$5.60 per share: Very high flow rate at bypassed zone boosts production and unlocks reserves - A potential bypassed 60 m gas pay section, identified using advanced cased-hole logging tools and reprocessed existing 3-D seismic data, was put in production over a 23 m perforated interval at a rate of 1,100 boe/d, increasing to 1,300 boe/d over the past five days as the completion fluid has been recovered.
The flow rate is above expectations and unlocks reserves.
This result showcases the potential upside at Condor’s Uzbekistan assets.


<ul>
<li>Corcel (CRCL LN)C; Target price of 1.00p per share: Initiating Coverage - Corcel is a ~£6 mm market cap AIM-listed E&amp;P company focused on Portuguese-speaking Angola and Brazil.</li>
<li>It offers a unique exposure to the prolific Kwanza onshore basin in Angola which reopened to international companies in 2021.</li>
<li>Corcel is also building a portfolio of mature onshore producing assets in Brazil.</li>
</ul>


Corcel (CRCL LN)C; Target price of 1.00p per share: Initiating Coverage - Corcel is a ~£6 mm market cap AIM-listed E&amp;P company focused on Portuguese-speaking Angola and Brazil.
It offers a unique exposure to the prolific Kwanza onshore basin in Angola which reopened to international companies in 2021.
Corcel is also building a portfolio of mature onshore producing assets in Brazil.


<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of NOK51 per share: Water inflow from a small interval in Welchau deeper formation.</li><li>Continuing well test up hole – Two intervals in the Steinalm formation (1452.5 m-1463.5 m and 1474.5 m-1480 m MD) were tested at a stable rate (natural flow) of 240-290 bbl/d of drilling mud, likely contaminated formation water and some oil traces.</li><li>Gas was initially observed at surface.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of NOK51 per share: Water inflow from a small interval in Welchau deeper formation.Continuing well test up hole – Two intervals in the Steinalm formation (1452.5 m-1463.5 m and 1474.5 m-1480 m MD) were tested at a stable rate (natural flow) of 240-290 bbl/d of drilling mud, likely contaminated formation water and some oil traces.Gas was initially observed at surface.

<ul>
<li>Condor Energies (CDR CN) C ; Target price of C$5.80 per share: Another positive operating update – The workovers of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated reservoir pay was accessed.</li>
<li>The first well is producing 410 boe/d. It was previously shut-in. The second well is producing an extra 31 boe/d (+65%) and continues to clean-up.</li>
<li>With a total cost of &lt;US$0.2 mm, the pay back of theses workovers is ~2 months. This is a very good result that showcases the opportunity in Uzbekistan. </li>
</ul>


Condor Energies (CDR CN) C ; Target price of C$5.80 per share: Another positive operating update – The workovers of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated reservoir pay was accessed.
The first well is producing 410 boe/d. It was previously shut-in. The second well is producing an extra 31 boe/d (+65%) and continues to clean-up.
With a total cost of &lt;US$0.2 mm, the pay back of theses workovers is ~2 months. This is a very good result that showcases the opportunity in Uzbekistan. 


<ul>
<li>GeoPark (GPRK US)C; Target price US$26 per share: Downtime and blockades continue to impact production.</li>
<li>All eyes on Argentina – 3Q24 production was 33,215 boe/d with production in Colombia still impacted by downtime and blockades (we expected 34.6 mboe/d).</li>
<li>Production at Llanos-34 continues to decline.</li>
</ul>


GeoPark (GPRK US)C; Target price US$26 per share: Downtime and blockades continue to impact production.
All eyes on Argentina – 3Q24 production was 33,215 boe/d with production in Colombia still impacted by downtime and blockades (we expected 34.6 mboe/d).
Production at Llanos-34 continues to decline.


Spain

Repsol S.A., through subsidiaries, explores for and produces crude oil and natural gas, refines petroleum, and transports petroleum products and liquefied petroleum gas (LPG).  The Company retails gasoline and other products through its chain of gasoline filling stations.  Repsol's petroleum reserves are in Spain, Latin America, Asia, North Africa, and the Middle East and United States.

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Repsol SA (REP SM)

AUCTUS ON FRIDAY - 21/02/2025

Condor Energies (CDR CN)C; Target price of C$5.60 per share: Very high flow rate at bypassed zone boosts production and unlocks reserves

Auctus Advisors

AUCTUS ON FRIDAY - 17/01/2025

Corcel (CRCL LN)C; Target price of 1.00p per share: Initiating Coverage - Corcel is a ~£6 mm market cap AIM-listed E&P company focused on...

Auctus Advisors

AUCTUS ON FRIDAY - 29/11/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of NOK51 per share: Water inflow from a small...

Auctus Advisors

AUCTUS ON FRIDAY - 01/11/2024

Another positive operating update – The workovers of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated...

Auctus Advisors

AUCTUS ON FRIDAY - 11/10/2024

All eyes on Argentina – 3Q24 production was 33,215 boe/d with production in Colombia still impacted by downtime and blockades (we expected 34.6...

Auctus Advisors

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