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>• The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate.</li><li> • Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Tethys Oil’s unrisked recoverable prospective resources on the block are estimated to be 435.9 mmbbl (Pmean).</li><li>• The geological chance of success ranges from 6% to 11% for the six new prospects.</li></ul>

• The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. • Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Tethys Oil’s unrisked recoverable prospective resources on the block are estimated to be 435.9 mmbbl (Pmean).• The geological chance of success ranges from 6% to 11% for the six new prospects.

Tethys Oil AB (SSE: TETY): Increasing further the size of the prize

<ul>
<li>Overall 4Q23 financials were ahead of our expectations and, despite a small underlift position, YE23 cash was US$25.8 mm, above our forecasts of US$22.2 mm.</li>
<li>Tethys expects to spend US$90-94 mm capex in 2024.</li>
<li>This is above our forecasts of US$70 mm that incorporated only US$10 mm of exploration and appraisal capex on Block 56 and Block 58.</li>
</ul>


Overall 4Q23 financials were ahead of our expectations and, despite a small underlift position, YE23 cash was US$25.8 mm, above our forecasts of US$22.2 mm.
Tethys expects to spend US$90-94 mm capex in 2024.
This is above our forecasts of US$70 mm that incorporated only US$10 mm of exploration and appraisal capex on Block 56 and Block 58.


Tethys Oil AB (SSE: TETY): All Eyes on Block 56. Outcome of Strategic Review Expected in 1Q24

<ul><li>• The Menna-1 well encountered hydrocarbons in the Al Khlata, Karim and Birba formations.</li><li>In a success case, this could increase the size of the development of the Eastern Flank (together with Al Jumd) on Block 56.</li><li>On Block 58, the very high impact Kunooz (South Fahd) prospect with 123 mmbbl unrisked resources continues to be expected to be drilled in early 2024.</li></ul>

• The Menna-1 well encountered hydrocarbons in the Al Khlata, Karim and Birba formations.In a success case, this could increase the size of the development of the Eastern Flank (together with Al Jumd) on Block 56.On Block 58, the very high impact Kunooz (South Fahd) prospect with 123 mmbbl unrisked resources continues to be expected to be drilled in early 2024.

Tethys Oil AB (SSE: TETY): New exploration well at Block 56 encounters hydrocarbons

Thematic (Sector/Industry)

<ul>
<li>ADX Energy (ADX AU)C; target price of A$1.00 per share: Logging results at Welchau further derisk the discovery – The logging program has confirmed open fracture networks and vuggy porosity (matrix porosity) essential for well productivity coincident with hydrocarbon shows between 1346 m and 1702 m measured depth.</li>
<li>This represents 356 m of gross interval across three interpreted lithological sequences.</li>
<li>This compares with only 115 m of liquids-rich gas shows announced previously.</li>
</ul>


ADX Energy (ADX AU)C; target price of A$1.00 per share: Logging results at Welchau further derisk the discovery – The logging program has confirmed open fracture networks and vuggy porosity (matrix porosity) essential for well productivity coincident with hydrocarbon shows between 1346 m and 1702 m measured depth.
This represents 356 m of gross interval across three interpreted lithological sequences.
This compares with only 115 m of liquids-rich gas shows announced previously.


<ul>
<li>ADX Energy (ADX AU) C ; target price of A$1.00 per share: Very high impact exploration well encounters gas and condensate in Austria – The Welchau well (ADX WI: 75%) encountered 115 m of liquids-rich gas shows in the primary target formation (Steinalm Formation) between 1452 m and 1567 m.</li>
<li>The deepest gas shows were encountered at a depth of 1645 m.</li>
<li>The well has reached TD at 1733 m. The Steinalm Formation intersection in the well is in line with the pre-drill prognosis.</li>
</ul>


ADX Energy (ADX AU) C ; target price of A$1.00 per share: Very high impact exploration well encounters gas and condensate in Austria – The Welchau well (ADX WI: 75%) encountered 115 m of liquids-rich gas shows in the primary target formation (Steinalm Formation) between 1452 m and 1567 m.
The deepest gas shows were encountered at a depth of 1645 m.
The well has reached TD at 1733 m. The Steinalm Formation intersection in the well is in line with the pre-drill prognosis.


Sweden

Tethys Oil AB explores for and develops oil and natural gas projects.  The Company's primary operations are within the European Union.

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Tethys Oil (TETY SS)

Tethys Oil AB (SSE: TETY): Increasing further the size of the prize

• The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl...

Auctus Advisors

Tethys Oil AB (SSE: TETY): All Eyes on Block 56. Outcome of Strategic Review Expected in 1Q24

Overall 4Q23 financials were ahead of our expectations and, despite a small underlift position, YE23 cash was US$25.8 mm, above our forecasts of...

Auctus Advisors

Tethys Oil AB (SSE: TETY): New exploration well at Block 56 encounters hydrocarbons

• The Menna-1 well encountered hydrocarbons in the Al Khlata, Karim and Birba formations. In a success case, this could increase the size of the...

Auctus Advisors

AUCTUS ON FRIDAY - 28/03/2024

This represents 356 m of gross interval across three interpreted lithological sequences. This compares with only 115 m of liquids-rich gas shows...

Auctus Advisors

AUCTUS ON FRIDAY - 15/03/2024

The Welchau well (ADX WI: 75%) encountered 115 m of liquids-rich gas shows in the primary target formation (Steinalm Formation) between 1452 m and...

Auctus Advisors

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