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> FY22 production had already been reported.</li>
<li>4Q22 is the first quarter including the full contribution of TransGlobe.</li>
<li>FY23 production and capex guidance 1Q23 production is expected to be 22.5-23.8 mboe/d.</li>
</ul>


 FY22 production had already been reported.
4Q22 is the first quarter including the full contribution of TransGlobe.
FY23 production and capex guidance 1Q23 production is expected to be 22.5-23.8 mboe/d.


VAALCO Energy (NYSE: EGY): Collecting material payments from Egypt

<ul><li>Positive testing results opens the Montney - Calima has so far obtained very good results from the re-testing of the Calima #2 and Calima #3 wells.</li><li>This could de-risk the initial development of the Montney with potential for production in 2024.</li><li>This could also materially increase the likelihood of attracting an industry partner. </li></ul>

Positive testing results opens the Montney - Calima has so far obtained very good results from the re-testing of the Calima #2 and Calima #3 wells.This could de-risk the initial development of the Montney with potential for production in 2024.This could also materially increase the likelihood of attracting an industry partner. 

<ul><li>4Q22 WI production was 18,175 boe/d including the contribution of TransGlobe’s assets since mid October.</li><li>4Q22 WI production in Egypt was 8,850 bbl/d, ahead of our expectations of 8,000 bbl/d while Canada generated 2,250 boe/d, below our expectations of 2,500 boe/d given weather and operational delays impacting well tie-ins.</li><li>4Q22 WI production in Gabon was 7,075 bbl/d below our forecasts of 8,000 bbl/d.</li></ul>

4Q22 WI production was 18,175 boe/d including the contribution of TransGlobe’s assets since mid October.4Q22 WI production in Egypt was 8,850 bbl/d, ahead of our expectations of 8,000 bbl/d while Canada generated 2,250 boe/d, below our expectations of 2,500 boe/d given weather and operational delays impacting well tie-ins.4Q22 WI production in Gabon was 7,075 bbl/d below our forecasts of 8,000 bbl/d.

VAALCO Energy (NYSE: EGY): Strong Production in Egypt. Lower Performance from New Wells in Gabon.

<ul><li>The North Tchibala 2H-ST well has been producing about 275 bbl/d (gross) during clean-up, while the post-frac modeling indicates that the well is capable of producing rates in excess of 1,500 bbl/d.</li><li>The lower zone was expected to be the most important contributor to production but it is not clear how much it is producing.</li><li>By contrast, the North Tchibala 2H-ST well was drilled as a Dentale producer.</li></ul>

The North Tchibala 2H-ST well has been producing about 275 bbl/d (gross) during clean-up, while the post-frac modeling indicates that the well is capable of producing rates in excess of 1,500 bbl/d.The lower zone was expected to be the most important contributor to production but it is not clear how much it is producing.By contrast, the North Tchibala 2H-ST well was drilled as a Dentale producer.

VAALCO Energy (NYSE: EGY): Reflections on the Dentale well result

Thematic (Sector/Industry)

<ul><li>Chariot (CHAR LN)C; Target price increased from £0.55 per share: Adding a new renewable power project in Zimbabwe - Chariot continues to execute on its strategy to build a 1 GW (gross) power business.</li><li>Chariot and Total Eren have announced that the partners will work on a solar photovoltaic (PV) project that will provide competitive electricity for the Karo Platinum Project, in Zimbabwe.</li><li>This compares to a read through value of Wentworth’s non cash assets based on the share price of Wentworth on 2 December of p per share (25 p less 12.9 p).</li></ul>

Chariot (CHAR LN)C; Target price increased from £0.55 per share: Adding a new renewable power project in Zimbabwe - Chariot continues to execute on its strategy to build a 1 GW (gross) power business.Chariot and Total Eren have announced that the partners will work on a solar photovoltaic (PV) project that will provide competitive electricity for the Karo Platinum Project, in Zimbabwe.This compares to a read through value of Wentworth’s non cash assets based on the share price of Wentworth on 2 December of p per share (25 p less 12.9 p).

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): Collecting material payments from Egypt

4Q22 is the first quarter including the full contribution of TransGlobe. FY23 production and capex guidance 1Q23 production is expected to be 22.5...

Auctus Advisors

Auctus on Friday - 17/02/2023

Positive testing results opens the Montney - Calima has so far obtained very good results from the re-testing of the Calima #2 and Calima #3 wells.

Auctus Advisors

VAALCO Energy (NYSE: EGY): Strong Production in Egypt. Lower Performance from New Wells in Gabon.

4Q22 WI production in Egypt was 8,850 bbl/d, ahead of our expectations of 8,000 bbl/d while Canada generated 2,250 boe/d, below our expectations of...

Auctus Advisors

VAALCO Energy (NYSE: EGY): Reflections on the Dentale well result

The North Tchibala 2H-ST well has been producing about 275 bbl/d (gross) during clean-up, while the post-frac modeling indicates that the well is...

Auctus Advisors

Auctus on Friday - 09/12/2022

Adding a new renewable power project in Zimbabwe - Chariot continues to execute on its strategy to build a 1 GW (gross) power business.

Auctus Advisors

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