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$0.65 per share: Drilling update in Austria – The well site construction at the Welchau-1 drill site is complete.</li>
<li>The drilling rig is expected to become available to ADX on 14 February. The rig move and rig assembly will take ~6 days after rig release.</li>
<li>Drilling operations are expected to commence on 20 February with a duration of ~39 days.</li>
</ul>


ADX Energy (ADX AU) C ; target price of £A$0.65 per share: Drilling update in Austria – The well site construction at the Welchau-1 drill site is complete.
The drilling rig is expected to become available to ADX on 14 February. The rig move and rig assembly will take ~6 days after rig release.
Drilling operations are expected to commence on 20 February with a duration of ~39 days.


<ul>
<li>GeoPark (GPRK US)C; target price of US$24 per share: Further exploration success in Colombia – The Perico-1 exploration well at CPO-5 encountered hydrocarbons in the Barco (Guadalupe) formation.</li>
<li>The Halcon-1 well at CPO-5 that also encountered potential hydrocarbons in the Guadalupe flowed at intermittent rates.</li>
<li>Pharos Energy (PHAR LN)C; target price of £0.50 per share: Reducing net debt by a further US$10 mm – FY23 production was 6,508 boe/d, which is the middle of the production guidance of 6.35-6.75 mboe/d.</li>
</ul>


GeoPark (GPRK US)C; target price of US$24 per share: Further exploration success in Colombia – The Perico-1 exploration well at CPO-5 encountered hydrocarbons in the Barco (Guadalupe) formation.
The Halcon-1 well at CPO-5 that also encountered potential hydrocarbons in the Guadalupe flowed at intermittent rates.
Pharos Energy (PHAR LN)C; target price of £0.50 per share: Reducing net debt by a further US$10 mm – FY23 production was 6,508 boe/d, which is the middle of the production guidance of 6.35-6.75 mboe/d.


<ul>
<li>ADX Energy (ADX AU)C ; target price of A$0.08 per share : Completing farm-out transaction in Austria – The farm-out transaction of Anshof to MND has now completed with an initial payment of EUR1.93 mm.</li>
<li>MND has further Anshof development funding obligations of EUR4.683 mm for the drilling, completion and tie-in of the Anshof-2 and Anshof-1 wells as well as payment of further contingent amounts of EUR1.335 mm and EUR3.57 mm (A$ 5.95 million) if the Anshof-2 well meets agreed production performance criteria.</li>
<li>Arrow Exploration (AXL LN/CN)C ; target price of £0.55 per share: Good flow rate in the C7 at CN-3 – A 23 ft pay zone (25% porosity) in the Carbonera C7 formation in the CN-3 well has been perforated and put initially on production at a rate of 1,149 bbl/d on pump with a water cut of &lt;0.5%. </li>
</ul>


ADX Energy (ADX AU)C ; target price of A$0.08 per share : Completing farm-out transaction in Austria – The farm-out transaction of Anshof to MND has now completed with an initial payment of EUR1.93 mm.
MND has further Anshof development funding obligations of EUR4.683 mm for the drilling, completion and tie-in of the Anshof-2 and Anshof-1 wells as well as payment of further contingent amounts of EUR1.335 mm and EUR3.57 mm (A$ 5.95 million) if the Anshof-2 well meets agreed production performance criteria.
Arrow Exploration (AXL LN/CN)C ; target price of £0.55 per share: Good flow rate in the C7 at CN-3 – A 23 ft pay zone (25% porosity) in the Carbonera C7 formation in the CN-3 well has been perforated and put initially on production at a rate of 1,149 bbl/d on pump with a water cut of &lt;0.5%. 


Equity Bottom-Up

<ul><li>• 2Q23 financials were above our expectations with net cash of ~US$34 mm at the end of June (we expected US$31 mm). • 2Q23 WI production at Blocks 3&4 of 8,994 bbl/d had already been reported.</li><li>Tethys has taken the cautious view of changing its FY23 production guidance from 9-10 mbbl/d to ~9 mbbl/d (+/- 0.2 mbbl/d).</li></ul>

• 2Q23 financials were above our expectations with net cash of ~US$34 mm at the end of June (we expected US$31 mm). • 2Q23 WI production at Blocks 3&4 of 8,994 bbl/d had already been reported.Tethys has taken the cautious view of changing its FY23 production guidance from 9-10 mbbl/d to ~9 mbbl/d (+/- 0.2 mbbl/d).

Tethys Oil AB (SSE: TETY): Lower production but positive appraisal results could trigger the development of a new field

<ul><li>The 1Q23 financials were in line with our expectations with net cash of ~US$40 mm at the end of March.</li><li>1Q23 production of 9,411 bbl/d had already been reported and is stable compared to 4Q22.</li><li>Tethys’ shares continue to provide investors with a combination of dividend yield with very high impact exploration.</li></ul>

The 1Q23 financials were in line with our expectations with net cash of ~US$40 mm at the end of March.1Q23 production of 9,411 bbl/d had already been reported and is stable compared to 4Q22.Tethys’ shares continue to provide investors with a combination of dividend yield with very high impact exploration.

Tethys Oil AB (SSE: TETY): ~10% Yield, Stabilized Production and Very Busy Upcoming 6 Months

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)

AUCTUS ON FRIDAY - 16/02/2024

ADX Energy (ADX AU) C ; target price of £A$0.65 per share: Drilling update in Austria – The well site construction at the Welchau-1 drill site is...

Auctus Advisors

Auctus on Friday - 19/01/2024

GeoPark (GPRK US)C; target price of US$24 per share: Further exploration success in Colombia – The Perico-1 exploration well at CPO-5 encountered...

Auctus Advisors

Auctus on Friday - 22/09/2023

ADX Energy (ADX AU)C ; target price of A$0.08 per share : Completing farm-out transaction in Austria – The farm-out transaction of Anshof to MND...

Auctus Advisors

Tethys Oil AB (SSE: TETY): Lower production but positive appraisal results could trigger the development of a new field

• 2Q23 financials were above our expectations with net cash of ~US$34 mm at the end of June (we expected US$31 mm). • 2Q23 WI production at Blocks...

Auctus Advisors

Tethys Oil AB (SSE: TETY): ~10% Yield, Stabilized Production and Very Busy Upcoming 6 Months

The 1Q23 financials were in line with our expectations with net cash of ~US$40 mm at the end of March. 1Q23 production of 9,411 bbl/d had already...

Auctus Advisors

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