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>Arrow Exploration (AXL LN/CN) C; Target price of A$0.50 per share: Good well results in Colombia – The RCE-3 well flowed naturally at rates equivalent to 2,000 bbl/d gross for four hours after unloading kill fluid.</li><li>Calima Energy (CE1 AU)C; Target price of A$0.50 per share: High condensate yield in the Montney and lower costs – The Calima #2’s peak 24 hour condensate rate was 396 bbl/d at a rate of 3.4 mmcf/d gas.</li><li>YE22 production was 53 mboe/d with 90% of oil production evacuated through the Amukpe to Escravos pipeline rather than the Trans Forcados.</li></ul>

Arrow Exploration (AXL LN/CN) C; Target price of A$0.50 per share: Good well results in Colombia – The RCE-3 well flowed naturally at rates equivalent to 2,000 bbl/d gross for four hours after unloading kill fluid.Calima Energy (CE1 AU)C; Target price of A$0.50 per share: High condensate yield in the Montney and lower costs – The Calima #2’s peak 24 hour condensate rate was 396 bbl/d at a rate of 3.4 mmcf/d gas.YE22 production was 53 mboe/d with 90% of oil production evacuated through the Amukpe to Escravos pipeline rather than the Trans Forcados.

Equity Bottom-Up

<ul><li>Jay Bhattacherjee was appointed Interim Executive Chairman, in December while Daan Hanssen was promoted from Group Financial Controller to Interim CFO.</li><li>The Board currently comprises Jay Bhattacherjee as Interim Executive Chairman, Tim Linacre as Senior Independent Director and Chairman of the Audit Committee, and Krzysztof Zielicki as Non-Executive Director and Chairman of the Remuneration Committee.</li><li>Estimates Pending further details on the new strategy, we are withdrawing our estimates, valuation and target price.</li></ul>

Jay Bhattacherjee was appointed Interim Executive Chairman, in December while Daan Hanssen was promoted from Group Financial Controller to Interim CFO.The Board currently comprises Jay Bhattacherjee as Interim Executive Chairman, Tim Linacre as Senior Independent Director and Chairman of the Audit Committee, and Krzysztof Zielicki as Non-Executive Director and Chairman of the Remuneration Committee.Estimates Pending further details on the new strategy, we are withdrawing our estimates, valuation and target price.

SDX Energy : New Leadership Brought in to Deliver on Transformative Transactions

<ul><li>3Q22 production was in line with expectations and within management’s guidance.</li><li>In Morocco, production in 4Q22 is expected to benefit both from the recently drilled KSR-1 and SAK-1 wells being tied-in and workovers on existing wells.</li><li>At West Gharib, the MSD-28 and MSD-22 wells that were drilled in October will add to 4Q22 production.</li></ul>

3Q22 production was in line with expectations and within management’s guidance.In Morocco, production in 4Q22 is expected to benefit both from the recently drilled KSR-1 and SAK-1 wells being tied-in and workovers on existing wells.At West Gharib, the MSD-28 and MSD-22 wells that were drilled in October will add to 4Q22 production.

SDX Energy (AIM: SDX): Putting the Building Blocks in Place

<ul><li>The SAK-1 and KSR-20 exploration/appraisal wells have been successful.</li><li>The volumes encountered a the SAK-1 well on the Lalla Mimouna Sud Concession are ahead of the pre-drill expectations of 0.44 bcf.</li><li>The SAK-1 well is particularly important because it is located ~6 km to the north west of SDX’s core production area and opens a new production area.</li></ul>

The SAK-1 and KSR-20 exploration/appraisal wells have been successful.The volumes encountered a the SAK-1 well on the Lalla Mimouna Sud Concession are ahead of the pre-drill expectations of 0.44 bcf.The SAK-1 well is particularly important because it is located ~6 km to the north west of SDX’s core production area and opens a new production area.

SDX Energy (AIM: SDX): Successful Drilling in Morocco Unlocks Further Exploration Upside

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>SDX Energy delivered a strong performance over the first nine months of 2020 as production increased predominantly due to South Disouq continuing to perform ahead of expectation since coming onstream in late 2019. Production in Egypt was unaffected by COVID-19, while a few customer shut-ins in Morocco had returned to c 90% capacity by September 2020. The drilling programmes in both Egypt and Morocco were also successfully concluded, with highlights including the Sobhi discovery in South Disouq and a potential 233bcf in a further six prospects, together with confirmation of the extension of prospectivity to the north of the company’s core area in Morocco. Our mid-case RENAV valuation has increased to 45.0p/share (+11%) as we adjust our short-term oil price assumptions and revise our production and capex estimates.
</p>

SDX Energy delivered a strong performance over the first nine months of 2020 as production increased predominantly due to South Disouq continuing to perform ahead of expectation since coming onstream in late 2019. Production in Egypt was unaffected by COVID-19, while a few customer shut-ins in Morocco had returned to c 90% capacity by September 2020. The drilling programmes in both Egypt and Morocco were also successfully concluded, with highlights including the Sobhi discovery in South Disouq and a potential 233bcf in a further six prospects, together with confirmation of the extension of prospectivity to the north of the company’s core area in Morocco. Our mid-case RENAV valuation has increased to 45.0p/share (+11%) as we adjust our short-term oil price assumptions and revise our production and capex estimates.


SDX Energy - Record production and material prospectivity

United Kingdom

Bowleven plc engages in the exploration, appraisal, and development of oil and gas properties in Africa. The company has equity interests in two permits in Cameroon, including the offshore shallow water Etinde permit that covers an area of approximately 461 square kilometers; and the onshore Bomono permit covering an area of 2,328 square kilometers. It also holds equity interests in the Block 11B, which covers an area of 14,287 square kilometers located in Kenya; and the Blocks 25, 28, and 29 that covers an area of 16,251 square kilometers located in Zambia. Bowleven plc was incorporated in 2001 and is headquartered in Edinburgh, the United Kingdom.

Empyrean Energy Plc is involved in energy resource exploration and project development in geopolitically stable environments. The Company's activities are carried out principally in North America it has projects in Texas and California .

Sequa Petroleum N.V. operates as an oil and gas company that focuses on taking discovered oil and gas reserves and resources from appraisal through production.

The Parkmead Group plc, an independent oil and gas company, engages in the exploration and production of oil and gas properties. It holds interests in 48 exploration and production blocks; and produces approximately 5,000 barrels of oil equivalent per day. The company also provides energy sector economics, valuation, and benchmarking services, as well as advises on energy policies and fiscal matters, and undertakes economic evaluations; and benchmarking and training services. It has operations in Europe, North America, and internationally. The Parkmead Group plc was incorporated in 2000 and is headquartered in Aberdeen, the United Kingdom.

Sound Energy plc, together its subsidiaries, operates as an oil and gas exploration, development, and production company. It operates a portfolio of 22 onshore gas licenses and permits in Italy and Morocco. The company was formerly known as Sound Oil Plc and changed its name to Sound Energy plc in September 2015. Sound Energy plc was founded in 2005 and is based in Sevenoaks, the United Kingdom.

Egdon Resources PLC is an oil and gas exploration and production company.  The Group owns acreage in the United Kingdom and France.

Borders & Southern Petroleum PLC explores for oil and natural gas. The Company explores an area southeast of the Falkland Islands.

Stobart Group Ltd. offers freight transportation and logistics services.  The Company transports cargo by truck, operates a rail freight terminal and port facilities, and offers warehouse storage services.

Quadrise Fuels International plc and its subsidiaries principally engage in the manufacture and marketing of emulsion fuel for use in power generation, industrial and marine diesel engines, and steam generation applications in the United Kingdom. It produces oil-in-water emulsion-based asphalts and fuels, through its MSAR technology as a substitute for conventional heavy fuel oil. Quadrise Fuels International plc was incorporated in 2004 and is based in London, the United Kingdom.

Petro Matad Limited is a holding company. The Company, through its subsidiaries is focused on oil exploration, as well as future development and production in Mongolia.

Rey Resources Ltd. explores for and mines coal and minerals.  The Company mines coal in Australia, copper in Chile, and gold in Peru.

Eden Energy Ltd. produces energy.  The Company produces, uses and stores hythane, which is a mixture of hydrogen and natural gas, owns interests in coal bed methane projects and geothermal projects, and holds petroleum exploration licenses.

Fitzroy River Corp Ltd is an oil and gas exploration and development company.

New Age Exploration Limited is an Australian-based exploration company. The Company's flagship project is the Lochinvar Coking Coal Project in the UK. Lochinvar is well-located to supply European mills with access to rail and ports. New Age Exploration also owns the Redmoor Tin-Tungsten project in the UK.

Perpetual Resources Limited is a mineral exploration and development company. The Company is focused on exploring and developing the Atoz Coal Project located south of Padang in the central west of West Sumatra.

SI RESOURCES Co., Ltd. designs and manufactures various types of jacquard textile products. The Company's main products are spandex jacquard and nylon jacquard. The company also distributes bituminous coal.

White Energy Company Ltd. develops and commercializes coal technologies used for processing poor quality coal into a higher quality and environmentally friendly coal.

Galilee Energy Limited is a coal exploration and development company. The Company has operations in Australia and New Zealand along with coal seam methane activities in the Galilee Basin in Queensland.

Silk Road Energy Services Group Ltd is a mining company. The Company engages in flouroite mining, trading of commodities, mine constructions, and other related services.

Lion Energy Ltd is an ASX listed oil and gas exploration and production company focused on Indonesia, where it has been operating for over twenty years. The Company has two existing conventional Production Sharing Contracts (PSC's) Seram and South Block A - and an early mover position in the fledgling Indonesian shale and unconventional industry via four Joint Study Applications.

SDX Energy PLC operates as an oil and gas company. The Company engages in exploration, development, and operation of oil and gas properties. SDX Energy serves customers in Egypt.

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SDX Energy (SDX LN)

Auctus on Friday - 03/03/2023

Arrow Exploration (AXL LN/CN) C; Target price of A$0.50 per share: Good well results in Colombia – The RCE-3 well flowed naturally at rates...

Auctus Advisors

SDX Energy : New Leadership Brought in to Deliver on Transformative Transactions

Jay Bhattacherjee was appointed Interim Executive Chairman, in December while Daan Hanssen was promoted from Group Financial Controller to Interim...

Auctus Advisors

SDX Energy (AIM: SDX): Putting the Building Blocks in Place

In Morocco, production in 4Q22 is expected to benefit both from the recently drilled KSR-1 and SAK-1 wells being tied-in and workovers on existing...

Auctus Advisors

SDX Energy (AIM: SDX): Successful Drilling in Morocco Unlocks Further Exploration Upside

The SAK-1 and KSR-20 exploration/appraisal wells have been successful.The volumes encountered a the SAK-1 well on the Lalla Mimouna Sud Concession...

Auctus Advisors

SDX Energy - Record production and material prospectivity

SDX Energy delivered a strong performance over the first nine months of 2020 as production increased predominantly due to South Disouq continuing...

Edison Investment Research

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