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>• 3Q23 NRI production was nearly 19 mboe/d, near the top range of the 3Q23 guidance range of 17.5-19.2 mboe/d. • 3Q23 sales volumes were almost 19.9 mboe/d, at the higher end of the guidance range of 18.4-20.6 mboe/d. • VAALCO held >US$100 mm in cash and cash equivalents at the end of September.</li></ul>

• 3Q23 NRI production was nearly 19 mboe/d, near the top range of the 3Q23 guidance range of 17.5-19.2 mboe/d. • 3Q23 sales volumes were almost 19.9 mboe/d, at the higher end of the guidance range of 18.4-20.6 mboe/d. • VAALCO held >US$100 mm in cash and cash equivalents at the end of September.

VAALCO Energy (NYSE: EGY): Very strong performance in 3Q23

<ul><li>In Egypt, 2Q23 WI production was 11,579 boe/d (guidance of 10.6-11.6 mboe/d) with 13 new wells drilled in 1H23. • As a result of this strong operational performance, VAALCO has increased the lower end of the FY23 production guidance range from 20.4-24.4 mboe.d to 22.4-24.3 mboe/d.</li><li>With better drilling efficiency in Canada and Egypt, the FY23 capex guidance has been reduced from US$70-90 mm to US$65-75 mm.</li></ul>

In Egypt, 2Q23 WI production was 11,579 boe/d (guidance of 10.6-11.6 mboe/d) with 13 new wells drilled in 1H23. • As a result of this strong operational performance, VAALCO has increased the lower end of the FY23 production guidance range from 20.4-24.4 mboe.d to 22.4-24.3 mboe/d.With better drilling efficiency in Canada and Egypt, the FY23 capex guidance has been reduced from US$70-90 mm to US$65-75 mm.

VAALCO Energy (NYSE: EGY): Raising production guidance with lower capex budget on strong operational performance

<ul><li>________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by YE23 – ADX is expected to start drilling the Anshof-2 appraisal well in November.</li><li>Anshof is also estimated to hold 5.5 mmboe net 3C contingent resources (net to ADX).</li><li>We have changed our target price to A$0.80 per share as we incorporate the recently announced 10 for 1 share consolidation.</li></ul>

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by YE23 – ADX is expected to start drilling the Anshof-2 appraisal well in November.Anshof is also estimated to hold 5.5 mmboe net 3C contingent resources (net to ADX).We have changed our target price to A$0.80 per share as we incorporate the recently announced 10 for 1 share consolidation.

<ul>
<li>ADX Energy (ADX AU)C; target price of A$0.08 per share: A high-quality industry partner in Austria to fund and accelerate Anshof development - ADX is farming out 30% WI in the Anshof discovery to MND.</li>
<li>MND will also fund ADX’s share of drilling and completion costs of A$3.9 mm per well (total of A$7.8 mm for two wells).</li>
<li>Kosmos Energy (KOS US/LN): 2Q23 results – 2Q23 net production was ~58 mboe/d.</li>
</ul>


ADX Energy (ADX AU)C; target price of A$0.08 per share: A high-quality industry partner in Austria to fund and accelerate Anshof development - ADX is farming out 30% WI in the Anshof discovery to MND.
MND will also fund ADX’s share of drilling and completion costs of A$3.9 mm per well (total of A$7.8 mm for two wells).
Kosmos Energy (KOS US/LN): 2Q23 results – 2Q23 net production was ~58 mboe/d.


<ul><li>1Q23 WI production stood at 23,152 boe/d (18,306 boe/d NRI) in line with expectations and guidance (WI: 22.5-23.8 mboe/d). </li><li>As indicated by the company previously, 1Q23 sales were below 4Q22 (1.2 mmbbl in 1Q23 vs ~1.4 mmbbl in 4Q22).</li><li>EG and Gabon 1Q23 WI production in Gabon has been restored to ~10.5 mbbl/d (~7.1 mbbl/d in 4Q23) in line with expectations.</li></ul>

1Q23 WI production stood at 23,152 boe/d (18,306 boe/d NRI) in line with expectations and guidance (WI: 22.5-23.8 mboe/d). As indicated by the company previously, 1Q23 sales were below 4Q22 (1.2 mmbbl in 1Q23 vs ~1.4 mmbbl in 4Q22).EG and Gabon 1Q23 WI production in Gabon has been restored to ~10.5 mbbl/d (~7.1 mbbl/d in 4Q23) in line with expectations.

VAALCO Energy (LSE: EGY): Good operational performance in Egypt

United States

Nordic American Tankers Limited is a shipping company that owns and charters Suezmax tankers for oil transportation.  The Company's ships are all active in the spot freight market.

Teekay Corporation provides international crude oil and petroleum product transportation services to major oil companies, major oil traders, and government agencies.  The Company provides its services through a fleet of medium size oil tankers worldwide.

Erin Energy Corporation operates as an independent oil and gas exploration and production company. The Company offers crude oil, natural gas, and other oil products. Erin Energy owns a portfolio of onshore and offshore assets in the United States, Nigeria, Kenya, Gambia, South Africa, and Ghana.

Clean Energy Fuels Corporation designs, builds, finances and operates natural gas filling stations for vehicle fleets.  The Company also helps its customers acquire and finance natural gas vehicles and obtain local, state, and federal clean air rebates and incentives.

REX American Resources Corporation is invested in ethanol production entities. The Company produces ethanol, and dried and modified distillers grains, as well as leases real estate properties.

Ranger Oil Corporation operates as an oil and gas company. The Company offers exploration, development, and production of oil and natural gas. Ranger Oil serves customers in the United States.

Overseas Shipholding Group, Inc. provides ocean transportation services for crude oil and refined petroleum products. The Company delivers crude oil, petroleum products, and liquefied natural gas throughout the world. Overseas Shipholding Group owns and operates a fleet of vessels registered internationally.

NGL Energy Partners LP serves as a full service midstream provider. The Company's operations focus on crude oil logistics, water treatment services, NGL logistics and retail propane. NGL Energy Partners operates in the United States.

SandRidge Energy, Inc. explores and produces natural gas and crude oil. The Company owns and operates gas gathering, processing facilities, carbon dioxide treating, and transportation facilities. SandRidge Energy serves customers in the United States.

Ardmore Shipping Corp is engaged in the ownership and operation of product and chemical tankers in worldwide trade.  The Company provides shipping services to customers through voyage charters, commercial pools and time charters.

AAG Energy Holdings Limited is  an energy exploration and development company. The Company engages in coalbed methane exploration and development.

Henan Dayou Energy Co., Ltd. engages in the exploitation and distribution of coal in China. The company, through its subsidiaries, is also involved in the production and sale of mining equipment and accessories, as well as the provision of consulting services of coal mine technologies.

Deep Yellow Limited is an advanced stage uranium exploration company progressing its core Namibian projects.

PT ABM Investama Tbk invests in energy resources, energy services and energy infrastructure.  Through subsidiaries, the Company mines coal; offers mining services; offers logistics and warehousing services; generates electricity; and manufactures equipment for the mining, oil and natural gas, electricity generation, and transportation industries.

MITSUUROKO GROUP HOLDINGS CO., LTD. wholesales a variety of fuel products such as liquefied petroleum gas, coal, and briquettes products.  The Company also sells gas appliances and oil-heating equipment.  MITSUUROKO operates office leasing business as well.

Rain Industries Limited engages in the production of cement and other related products. The Company manufactures and markets cement, calcined petroleum coke, coal tar pitch, and specialty chemicals.

PT Baramulti Suksessarana Tbk is a coal mining company in Kalimatan.

Esso Thailand PCL is a fully integrated oil business, including oil refinery and production. The Company provides liquefied petroleum gas (LPG), gasoline, aviation fuel, diesel, marine fuel, lubricants, aromatic products and other related products such as purified terephthalic acid (PTA), solvents, plasticizers, and benzene concentrate stream.

Taiyuan Coal Gasification Co., Ltd. produces and markets coal, coke, gas, and related chemical products.  The Company's products are supplied  to north China and east China areas.

Taiyuan Coal Gasification Company, (000968 CH)

Shenzhen Guangju Energy Co., Ltd. distributes and sells petroleum products and liquefied petroleum gas (LPG).  The Company also provides warehousing services and invests in electric power generation.

Shenzhen Guangju Energy Co, Ltd. (000096 CH)

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): Very strong performance in 3Q23

• 3Q23 NRI production was nearly 19 mboe/d, near the top range of the 3Q23 guidance range of 17.5-19.2 mboe/d. • 3Q23 sales volumes were almost...

Auctus Advisors

VAALCO Energy (NYSE: EGY): Raising production guidance with lower capex budget on strong operational performance

In Egypt, 2Q23 WI production was 11,579 boe/d (guidance of 10.6-11.6 mboe/d) with 13 new wells drilled in 1H23. • As a result of this strong...

Auctus Advisors

Auctus on Friday - 20/10/2023

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by...

Auctus Advisors

Auctus on Friday - 11/08/2023

A high-quality industry partner in Austria to fund and accelerate Anshof development - ADX is farming out 30% WI in the Anshof discovery to MND.

Auctus Advisors

VAALCO Energy (LSE: EGY): Good operational performance in Egypt

1Q23 WI production stood at 23,152 boe/d (18,306 boe/d NRI) in line with expectations and guidance (WI: 22.5-23.8 mboe/d).

Auctus Advisors

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