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)C: Target price of £0.45 per share: Reaching 2,635 bbl/d without Capella.</li><li>High cash position – The RCE-5 well flowed 680 bbl/d (340 bbl/d net to Arrow) of oil over the last 24 hours.</li><li>GeoPark (GPRK US) C; Target price of US$26 per share: First horizontal well at LL-34 in production at over 3,000 bbl/d – 1Q23 production was 36,578 boe/d.</li></ul>

Arrow Exploration (AXL LN)C: Target price of £0.45 per share: Reaching 2,635 bbl/d without Capella.High cash position – The RCE-5 well flowed 680 bbl/d (340 bbl/d net to Arrow) of oil over the last 24 hours.GeoPark (GPRK US) C; Target price of US$26 per share: First horizontal well at LL-34 in production at over 3,000 bbl/d – 1Q23 production was 36,578 boe/d.

Equity Bottom-Up

<ul><li>First oil al Al-Jumd on Block 56 is expected before the end of next week.</li><li>The test will last 3-6 months with an initial gross flow rate of 400 bbl/d increasing rapidly to 800 bbl/d (Tethys WI: 65%).</li><li>With only ~US$0.35 mm associated opex per month, this will add cashflow and production that is not included in the FY23 guidance. </li></ul>

First oil al Al-Jumd on Block 56 is expected before the end of next week.The test will last 3-6 months with an initial gross flow rate of 400 bbl/d increasing rapidly to 800 bbl/d (Tethys WI: 65%).With only ~US$0.35 mm associated opex per month, this will add cashflow and production that is not included in the FY23 guidance. 

Tethys Oil AB (SSE: TETY): Imminent first oil at Al-Jumd

<ul><li>ADX Energy (ADX AU) C ; Target price of A$0.10 per share: Drilling news flow.</li><li>Production growth. Value. – 2023 is expected to be a busy and transformational year for ADX.</li><li>The company plans to grow gross production at Anshof (4.2 mmbbl net 2P reserves) to almost 1,000 bbl/d with two new wells by YE23. </li></ul>

ADX Energy (ADX AU) C ; Target price of A$0.10 per share: Drilling news flow.Production growth. Value. – 2023 is expected to be a busy and transformational year for ADX.The company plans to grow gross production at Anshof (4.2 mmbbl net 2P reserves) to almost 1,000 bbl/d with two new wells by YE23. 

<ul><li>Tethys held US$41.5 mm in cash and no debt at YE22.</li><li>The most material sand is the Buah with ~100 mmbbl of prospective resources.</li><li>Tethys also plans to drill an exploration well in the Central Area of Block 56 in 3Q23 with 50 mmbbl prospective resources.</li></ul>

Tethys held US$41.5 mm in cash and no debt at YE22.The most material sand is the Buah with ~100 mmbbl of prospective resources.Tethys also plans to drill an exploration well in the Central Area of Block 56 in 3Q23 with 50 mmbbl prospective resources.

Tethys Oil AB (SSE: TETY): >US$40 mm in net cash

<ul><li>3Q22 production had been previously reported.</li><li>3Q22 cash flow from operations adjusted for working capital movement was ~US$27 mm, in line with our expectations.</li><li>As a result 4Q22 WI production is expected to be ~10 mbbl/d (we previously assumed ~ 11 mbbl/d) with the ambition of production growth to resume in 2023.</li></ul>

3Q22 production had been previously reported.3Q22 cash flow from operations adjusted for working capital movement was ~US$27 mm, in line with our expectations.As a result 4Q22 WI production is expected to be ~10 mbbl/d (we previously assumed ~ 11 mbbl/d) with the ambition of production growth to resume in 2023.

Tethys Oil AB (SSE: TETY): Production Growth to Resume in 2023.

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 - 14/04/2023

GeoPark (GPRK US) C; Target price of US$26 per share: First horizontal well at LL-34 in production at over 3,000 bbl/d – 1Q23 production was 36,578...

Auctus Advisors

Tethys Oil AB (SSE: TETY): Imminent first oil at Al-Jumd

With only ~US$0.35 mm associated opex per month, this will add cashflow and production that is not included in the FY23 guidance.

Auctus Advisors

Auctus on Friday - 17/03/2023

ADX Energy (ADX AU) C ; Target price of A$0.10 per share: Drilling news flow. Production growth. Value. – 2023 is expected to be a busy and...

Auctus Advisors

Tethys Oil AB (SSE: TETY): >US$40 mm in net cash

Tethys held US$41.5 mm in cash and no debt at YE22.The most material sand is the Buah with ~100 mmbbl of prospective resources.

Auctus Advisors

Tethys Oil AB (SSE: TETY): Production Growth to Resume in 2023.

3Q22 production had been previously reported. 3Q22 cash flow from operations adjusted for working capital movement was ~US$27 mm, in line with our...

Auctus Advisors

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