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

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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