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: Closing new farm-out transaction with MND/Amendment of agreement for Welchau farmout – The farm-out of 50% economic interest in a part of the ADX-AT-I licence has been completed and ADX has received EUR0.45 mm from MND for back costs payments. MND will fund EUR4.5 mm for exploration drilling.</li>
<li>ADX and MND currently intend to drill either the LICHT or the IRR gas exploration prospect during 2H24.</li>
<li>ADX also announced that the farm-out agreement with MCF Energy regarding Welchau has been amended. </li>
</ul>


ADX Energy (ADX AU) C ; target price of A$0.65 per share: Closing new farm-out transaction with MND/Amendment of agreement for Welchau farmout – The farm-out of 50% economic interest in a part of the ADX-AT-I licence has been completed and ADX has received EUR0.45 mm from MND for back costs payments. MND will fund EUR4.5 mm for exploration drilling.
ADX and MND currently intend to drill either the LICHT or the IRR gas exploration prospect during 2H24.
ADX also announced that the farm-out agreement with MCF Energy regarding Welchau has been amended. 


Equity Bottom-Up

<ul>
<li>Calima Energy (CE1 AU); target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed.</li>
<li>3Q23 production levels continue to be affected by weather related energy cuts and unforeseen work-overs.</li>
<li>Valeura Energy (VLE CN)C; target price of C$6.40 per share: 3Q23 update – 3Q23 production was 19,961 boe/d.</li>
</ul>


Calima Energy (CE1 AU); target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed.
3Q23 production levels continue to be affected by weather related energy cuts and unforeseen work-overs.
Valeura Energy (VLE CN)C; target price of C$6.40 per share: 3Q23 update – 3Q23 production was 19,961 boe/d.


<ul>
<li>Criterium Energy (CEQ CN)C ; target price of C$0.45 per share: Transactions repriced on more attractive terms – Criterium has renegotiated the terms of the Mont d’Or (MOPL) acquisition.</li>
<li>Criterium will now assume only ~US$25.5 mm of debt rather than ~US$37 mm previously.</li>
<li>A US$4.8 mm payment to the lenders and the conversion of US$4.9 mm of debt into equity (US$2.5 mm on completion of the acquisition plus US$2.4 mm in 2025) reduce further the existing debt to ~US$15.8 mm at closing. </li>
</ul>


Criterium Energy (CEQ CN)C ; target price of C$0.45 per share: Transactions repriced on more attractive terms – Criterium has renegotiated the terms of the Mont d’Or (MOPL) acquisition.
Criterium will now assume only ~US$25.5 mm of debt rather than ~US$37 mm previously.
A US$4.8 mm payment to the lenders and the conversion of US$4.9 mm of debt into equity (US$2.5 mm on completion of the acquisition plus US$2.4 mm in 2025) reduce further the existing debt to ~US$15.8 mm at closing. 


<ul>
<li>ADX Energy (ADX AU)C; target price of A$0.10 per share: Growing production.</li>
<li>Anshof-3 production performance continues to exceed expectations with strong pressure support and deliverability with no water production.</li>
<li>Calima Energy (CE1 AU)C; target price of A$0.50 per share: Increasing dividend distribution to ~10% yield - 2Q23 production was 4,152 boe/d, above the estimates provided previously (4,125 boe/d).</li>
</ul>


ADX Energy (ADX AU)C; target price of A$0.10 per share: Growing production.
Anshof-3 production performance continues to exceed expectations with strong pressure support and deliverability with no water production.
Calima Energy (CE1 AU)C; target price of A$0.50 per share: Increasing dividend distribution to ~10% yield - 2Q23 production was 4,152 boe/d, above the estimates provided previously (4,125 boe/d).


<ul>
<li>Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: CN-2 flows at up to 1 mbbl/d.</li>
<li>Focusing on developping the Ubaque at Carrizales Norte - The Carrizales Norte-2 well (CN-2) encountered 60’ of net pay in the Ubaque formation.</li>
<li>Eni (ENI IM): 2Q23 results – 2Q23 adjusted net earnings were Eur1.9 bn with 1,611 mboe/d production.</li>
</ul>


Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: CN-2 flows at up to 1 mbbl/d.
Focusing on developping the Ubaque at Carrizales Norte - The Carrizales Norte-2 well (CN-2) encountered 60’ of net pay in the Ubaque formation.
Eni (ENI IM): 2Q23 results – 2Q23 adjusted net earnings were Eur1.9 bn with 1,611 mboe/d production.


France

TotalEnergies SE operates as an energy company. The Company produces, transports, and supplies crude oil, natural gas, and low carbon electricity, as well as refines petrochemical products. TotalEnergies owns and manages gasoline filling stations worldwide.

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TotalEnergies (TTE US)

Auctus on Friday - 12/01/2024

ADX Energy (ADX AU) C ; target price of A$0.65 per share: Closing new farm-out transaction with MND/Amendment of agreement for Welchau farmout

Auctus Advisors

Auctus on Friday - 06/10/2023

Calima Energy (CE1 AU); target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed.

Auctus Advisors

Auctus on Friday - 29/09/2023

Criterium Energy (CEQ CN)C ; target price of C$0.45 per share: Transactions repriced on more attractive terms – Criterium has renegotiated the...

Auctus Advisors

Auctus on Friday - 04/08/2023

Anshof-3 production performance continues to exceed expectations with strong pressure support and deliverability with no water production.

Auctus Advisors

Auctus on Friday - 28/07/2023

Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: CN-2 flows at up to 1 mbbl/d. Focusing on developping the Ubaque at Carrizales Norte

Auctus Advisors

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