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>The YE23 SEC net 1P reserves in Cote d’Ivoire are estimated at 16.9 mmboe; which compares very favorably with the previous estimate for the WI 1P reserves of 13 mmboe (as of 01/10/2023).</li>
<li>The YE23 WI 2P reserves are now estimated at 22.5 mmboe.</li>
<li>Adding back production over November and December 2023 (assuming ~5 mbbl/d production), the new estimate represents an increase of ~1.1 mmboe vs the previous estimate of 21.7 mmboe at the end of October 2023.</li>
</ul>


The YE23 SEC net 1P reserves in Cote d’Ivoire are estimated at 16.9 mmboe; which compares very favorably with the previous estimate for the WI 1P reserves of 13 mmboe (as of 01/10/2023).
The YE23 WI 2P reserves are now estimated at 22.5 mmboe.
Adding back production over November and December 2023 (assuming ~5 mbbl/d production), the new estimate represents an increase of ~1.1 mmboe vs the previous estimate of 21.7 mmboe at the end of October 2023.


VAALCO Energy (NYSE: EGY): Increased reserves and resources estimate in Cote d’Ivoire

<ul>
<li>VAALCO has brought online four new long (2.75 mile) lateral wells in Canada.</li>
<li>Three wells delivered IP rates of 500 bbl/d while the fourth well flowed 350 bbl/d for a total production capacity addition of 1.85 mbbl/d.</li>
<li>This is a good result and compares with individual IP30 oil rates of 374-444 bbl/d achieved at the two wells drilled in 2023.</li>
</ul>


VAALCO has brought online four new long (2.75 mile) lateral wells in Canada.
Three wells delivered IP rates of 500 bbl/d while the fourth well flowed 350 bbl/d for a total production capacity addition of 1.85 mbbl/d.
This is a good result and compares with individual IP30 oil rates of 374-444 bbl/d achieved at the two wells drilled in 2023.


VAALCO Energy (NYSE: EGY): Very good operating update in Canada

<ul>
<li>1Q24 WI production was 21,807 boe/d, in line with our expectations.</li>
<li>VAALCO held ~US$113 mm in cash at the end of March, which is also in line.</li>
<li>With the completion of the acquisition of Svenska, the company now expects to produce 23.6-26.5 mboe/d in FY24.</li>
</ul>


1Q24 WI production was 21,807 boe/d, in line with our expectations.
VAALCO held ~US$113 mm in cash at the end of March, which is also in line.
With the completion of the acquisition of Svenska, the company now expects to produce 23.6-26.5 mboe/d in FY24.


VAALCO Energy (NYSE: EGY): Good quarter. Gearing-up for growth

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>A diverse mix of producing assets in Gabon, Egypt, and Canada, coupled with future development projects in Equatorial Guinea and Cote d’Ivoire, positions VAALCO with an asset base that could generate substantial free cash flow to reinvest for growth and continue returning cash to shareholders in the coming years.</li><li>VAALCO closed the Svenska acquisition on April 30, 2024, for $40.2 million in cash.</li><li>The primary asset is a 27.39% non- operated working interest in the deepwater producing Baobab field in Block CI-40 offshore Cote d’Ivoire.</li></ul>

A diverse mix of producing assets in Gabon, Egypt, and Canada, coupled with future development projects in Equatorial Guinea and Cote d’Ivoire, positions VAALCO with an asset base that could generate substantial free cash flow to reinvest for growth and continue returning cash to shareholders in the coming years.VAALCO closed the Svenska acquisition on April 30, 2024, for $40.2 million in cash.The primary asset is a 27.39% non- operated working interest in the deepwater producing Baobab field in Block CI-40 offshore Cote d’Ivoire.

VAALCO Energy, Inc. - Diversified Asset Portfolio Supports Free Cash Flow

<ul>
<li>The final documents for the Joint Operating agreement (JOA) for the Venus-Block P Plan of Development have now been signed by all the partners.</li>
<li>The JOA has also been approved by the EG government.</li>
<li>The Block P PSC is for 25 years from the date of approval.</li>
</ul>


The final documents for the Joint Operating agreement (JOA) for the Venus-Block P Plan of Development have now been signed by all the partners.
The JOA has also been approved by the EG government.
The Block P PSC is for 25 years from the date of approval.


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): Increased reserves and resources estimate in Cote d’Ivoire

The YE23 SEC net 1P reserves in Cote d’Ivoire are estimated at 16.9 mmboe; which compares very favorably with the previous estimate for the WI 1P...

Auctus Advisors

VAALCO Energy (NYSE: EGY): Very good operating update in Canada

Three wells delivered IP rates of 500 bbl/d while the fourth well flowed 350 bbl/d for a total production capacity addition of 1.85 mbbl/d.

Auctus Advisors

VAALCO Energy (NYSE: EGY): Good quarter. Gearing-up for growth

1Q24 WI production was 21,807 boe/d, in line with our expectations. VAALCO held ~US$113 mm in cash at the end of March, which is also in line.

Auctus Advisors

VAALCO Energy, Inc. - Diversified Asset Portfolio Supports Free Cash Flow

The primary asset is a 27.39% non- operated working interest in the deepwater producing Baobab field in Block CI-40 offshore Cote d’Ivoire.

Water Tower Research

VAALCO Energy (NYSE: EGY): EG unlocked

The final documents for the Joint Operating agreement (JOA) for the Venus-Block P Plan of Development have now been signed by all the partners.

Auctus Advisors

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