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>Chariot (CHAR LN) C; Target price of £0.55 per share: Meeting with management: Operations on track – The Anchois project continues to make progress towards FID in early 2023.</li><li>We understand that the banking syndicate is likely to include Moroccan banks and that debt could represent 70% of the overall cost of the project to first gas.</li><li>GeoPark (GPRK US)C; Target price of US$31 per share – 3Q22 production had already been reported.</li></ul>

Chariot (CHAR LN) C; Target price of £0.55 per share: Meeting with management: Operations on track – The Anchois project continues to make progress towards FID in early 2023.We understand that the banking syndicate is likely to include Moroccan banks and that debt could represent 70% of the overall cost of the project to first gas.GeoPark (GPRK US)C; Target price of US$31 per share – 3Q22 production had already been reported.

<ul><li>3Q22 WI production of 10,525 bbl/d (NRI of 9,150 bbl/d) had previously been reported.</li><li>VAALCO generated operating cashflow of ~US$61 mm in 3Q22 which is above our expectations (~US$45 mm).</li><li>4Q22 production will be impacted by the shutdown associated with the field reconfiguration (switch from FPSO to FSO) and a staged production ramp-up to reach ~11.5 mbbl/d WI production by YE22.</li></ul>

3Q22 WI production of 10,525 bbl/d (NRI of 9,150 bbl/d) had previously been reported.VAALCO generated operating cashflow of ~US$61 mm in 3Q22 which is above our expectations (~US$45 mm).4Q22 production will be impacted by the shutdown associated with the field reconfiguration (switch from FPSO to FSO) and a staged production ramp-up to reach ~11.5 mbbl/d WI production by YE22.

VAALCO Energy (LSE: EGY): Another strong quarter

Woodside Energy Group Ltd / Equity Bottom-Up

<ul>
<li>Calima Energy (CE1 AU) C; Target price of A$0.70 per share: 3Q22 production in line.</li>
<li>Solid drilling programme – 3Q22 production was 4,150 boe/d, which is in line with expectations.</li>
<li>Tethys Oil (TETY SS)C; Target price of SEK120 per share: Production update in Oman – Production in September was 9,824 bbl/d in line with last month.</li>
</ul>


Calima Energy (CE1 AU) C; Target price of A$0.70 per share: 3Q22 production in line.
Solid drilling programme – 3Q22 production was 4,150 boe/d, which is in line with expectations.
Tethys Oil (TETY SS)C; Target price of SEK120 per share: Production update in Oman – Production in September was 9,824 bbl/d in line with last month.


<ul><li>3Q22 WI production was 10,525 bbl/d (NRI of 9,150 bbl/d).</li><li>This is above the NRI guidance of 8.0-8.7 mboe/d, which is a very good performance given the production over the quarter was impacted by the switch-over to the FSO.</li><li>Cashflow and value We forecasted 10,325 bbl/d WI production in 3Q22 and our FY22 forecasts are broadly unchanged.</li></ul>

3Q22 WI production was 10,525 bbl/d (NRI of 9,150 bbl/d).This is above the NRI guidance of 8.0-8.7 mboe/d, which is a very good performance given the production over the quarter was impacted by the switch-over to the FSO.Cashflow and value We forecasted 10,325 bbl/d WI production in 3Q22 and our FY22 forecasts are broadly unchanged.

VAALCO Energy (NYSE: EGY): High production in 3Q22. Changeover to FSO completed.

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)

Auctus on Friday - 11/11/2022

Chariot (CHAR LN) C; Target price of £0.55 per share: Meeting with management: Operations on track – The Anchois project continues to make progress...

Auctus Advisors

VAALCO Energy (LSE: EGY): Another strong quarter

3Q22 WI production of 10,525 bbl/d (NRI of 9,150 bbl/d) had previously been reported. VAALCO generated operating cashflow of ~US$61 mm in 3Q22...

Auctus Advisors

Auctus on Friday - 21/10/2022

Tethys Oil (TETY SS)C; Target price of SEK120 per share: Production update in Oman – Production in September was 9,824 bbl/d in line with last month.

Auctus Advisors

VAALCO Energy (NYSE: EGY): High production in 3Q22. Changeover to FSO completed.

This is above the NRI guidance of 8.0-8.7 mboe/d, which is a very good performance given the production over the quarter was impacted by the switch...

Auctus Advisors

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