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>3Q24 WI production was 26,709 boe/d. This is above our expectations of 25,740 boe/d and towards the higher end of the guidance range of 24.9-27.6 mboe/d.</li>
<li>Vaalco has narrowed its FY24 production guidance range from 23.6-26.5 mboe/d to 24.1-25.4 mboe/d with lower capex (US$110-130 mm vs US$115-140 mm previously).</li>
<li>Success at the 4Q24 exploration well in the southern area of the Canada licence could derisk 8-12 mmboe and add ~US$0.45/sh to our Core NAV. </li>
</ul>


3Q24 WI production was 26,709 boe/d. This is above our expectations of 25,740 boe/d and towards the higher end of the guidance range of 24.9-27.6 mboe/d.
Vaalco has narrowed its FY24 production guidance range from 23.6-26.5 mboe/d to 24.1-25.4 mboe/d with lower capex (US$110-130 mm vs US$115-140 mm previously).
Success at the 4Q24 exploration well in the southern area of the Canada licence could derisk 8-12 mmboe and add ~US$0.45/sh to our Core NAV. 


Vaalco Energy (NYSE: EGY): High Production. Balance Sheet Strength Ahead of Expectations

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>VAALCO is an Africa-focused oil producer with a portfolio of short- and long-lead time development and exploration projects that could materially grow the reserve and production base over time.</li><li>The company owns positions in four African countries, including Egypt, Gabon, Côte d’Ivoire, and Equatorial Guinea. It also owns a position in Canada.</li><li>VAALCO has a long operating history in Africa and stations <span style="font-size: var(--content-font-size);">a dedicated country manager in each jurisdiction to foster </span>close cooperative working relationships with the local authorities and partners. </li></ul>

VAALCO is an Africa-focused oil producer with a portfolio of short- and long-lead time development and exploration projects that could materially grow the reserve and production base over time.The company owns positions in four African countries, including Egypt, Gabon, Côte d’Ivoire, and Equatorial Guinea. It also owns a position in Canada.VAALCO has a long operating history in Africa and stations a dedicated country manager in each jurisdiction to foster close cooperative working relationships with the local authorities and partners. 

VAALCO Energy, Inc. -  Multiple Catalysts for Future Growth

<ul>
<li>2Q24 WI production was 25,411 boe/d, in line with our expectations and within the company’s guidance for 2Q24 (23.8-27 mboe/d).</li>
<li>WI production of ~3.3 mbb/d in Cote d’Ivoire was particularly high.</li>
<li>WI production has now stabilized at ~4.5 mbbl/d.</li>
</ul>


2Q24 WI production was 25,411 boe/d, in line with our expectations and within the company’s guidance for 2Q24 (23.8-27 mboe/d).
WI production of ~3.3 mbb/d in Cote d’Ivoire was particularly high.
WI production has now stabilized at ~4.5 mbbl/d.


VAALCO Energy (NYSE: EGY): Low Capex Redevelopment of Ebouri Confirmed.

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: 1.9 mbbl/d at latest CN well.</li><li>Water disposal infrastructure operational.</li><li>High net cash – The fifth horizontal well at Carrizales Norte (CNB HZ-6) is producing 1.9 mbbl/d of oil (0.95 mbbl/d net to Arrow) with a water cut of 31%.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: 1.9 mbbl/d at latest CN well.Water disposal infrastructure operational.High net cash – The fifth horizontal well at Carrizales Norte (CNB HZ-6) is producing 1.9 mbbl/d of oil (0.95 mbbl/d net to Arrow) with a water cut of 31%.

<ul><li>Our updated estimates include the impact of the Svenska acquisition, which closed on April 30, 2024, and was included in management’s latest guidance update following the release of 1Q24 financial and operating results.</li><li>The acquisition added a 27.39% non- operated working interest in the CI-40 license located offshore Côte d’Ivoire.</li><li>On May 7, 2024, management increased the midpoint of FY24 working interest (WI) production guidance to ~25.0 MBOE/d from 22.1 MBOE/d.</li></ul>

Our updated estimates include the impact of the Svenska acquisition, which closed on April 30, 2024, and was included in management’s latest guidance update following the release of 1Q24 financial and operating results.The acquisition added a 27.39% non- operated working interest in the CI-40 license located offshore Côte d’Ivoire.On May 7, 2024, management increased the midpoint of FY24 working interest (WI) production guidance to ~25.0 MBOE/d from 22.1 MBOE/d.

VAALCO Energy, Inc. - Estimate Update Including Cote D'Ivoire Contribution

United States

VAALCO Energy, Inc. acquires, explores, and develops crude oil and natural gas properties. The Company owns producing properties and conducts exploration activities in the Philippines and Gabon, and has interest in the Texas Gulf Coast area. VAALCO, through participation in a partnership, has additional international exploration interests in South and North America and Africa.

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VAALCO Energy (EGY US)

Vaalco Energy (NYSE: EGY): High Production. Balance Sheet Strength Ahead of Expectations

3Q24 WI production was 26,709 boe/d. This is above our expectations of 25,740 boe/d and towards the higher end of the guidance range of 24.9-27.6...

Auctus Advisors

VAALCO Energy, Inc. - Multiple Catalysts for Future Growth

VAALCO is an Africa-focused oil producer with a portfolio of short- and long-lead time development and exploration projects that could materially...

Water Tower Research

VAALCO Energy (NYSE: EGY): Low Capex Redevelopment of Ebouri Confirmed.

2Q24 WI production was 25,411 boe/d, in line with our expectations and within the company’s guidance for 2Q24 (23.8-27 mboe/d).WI production of...

Auctus Advisors

AUCTUS ON FRIDAY - 15/11/2024

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: 1.9 mbbl/d at latest...

Auctus Advisors

VAALCO Energy, Inc. - Estimate Update Including Cote D'Ivoire Contribution

On May 7, 2024, management increased the midpoint of FY24 working interest (WI) production guidance to ~25.0 MBOE/d from 22.1 MBOE/d.

Water Tower Research

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