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 3Q24 production and cash position at the end of September had been reported previously.</li>
<li>Production in September and October stood at ~26.4 mbbl/d. This is very high.</li>
<li>The company expects production to be ~26 mbbl/d over 4Q24. We only assumed 24-25 mbbl/d. </li>
</ul>


The 3Q24 production and cash position at the end of September had been reported previously.
Production in September and October stood at ~26.4 mbbl/d. This is very high.
The company expects production to be ~26 mbbl/d over 4Q24. We only assumed 24-25 mbbl/d. 


Valeura Energy (TSX: VLE): High Production in 4Q24. Launching a Share Buyback Programme

<ul>
<li>Valeura has completed the restructuring of its Thailand subsidiary companies.</li>
<li>Valeura’s working interests in all its Thai III fiscal contracts, covering the Nong Yao, Manora and Wassana fields will now be held in a single subsidiary.</li>
<li>This will allow Valeura to use its US$397 mm tax losses at Wassana against the profits at Nong Yao and Manora.</li>
</ul>


Valeura has completed the restructuring of its Thailand subsidiary companies.
Valeura’s working interests in all its Thai III fiscal contracts, covering the Nong Yao, Manora and Wassana fields will now be held in a single subsidiary.
This will allow Valeura to use its US$397 mm tax losses at Wassana against the profits at Nong Yao and Manora.


Valeura Energy (TSX: VLE): Tax Restructuring Adds Cash Flow and Showcases Thailand’s Operating Environment

<ul><li>• 3Q24 production was 22.2 mbbl/d.</li><li>This is well above our conservative forecast of 20.4 mbbl/d that incorporated more provisions for downtime and steeper declines.</li><li>All the assets appear to be performing very well.</li></ul>

• 3Q24 production was 22.2 mbbl/d.This is well above our conservative forecast of 20.4 mbbl/d that incorporated more provisions for downtime and steeper declines.All the assets appear to be performing very well.

Valeura Energy (TSX: VLE): Another strong quarter

<ul>
<li>Net production at Nong Yao has reached a stable level of ~12.1 mbbl/d. This compares with 6.3 mbbl/d in 2Q24.</li>
<li>This production, when combined with the Wassana field being back online, has resulted in stable aggregate WI oil production over the past week of 26.2 mbbl/d.</li>
<li>We are assuming only 20.4 mbbl/d for 3Q24, which might be too conservative.</li>
</ul>


Net production at Nong Yao has reached a stable level of ~12.1 mbbl/d. This compares with 6.3 mbbl/d in 2Q24.
This production, when combined with the Wassana field being back online, has resulted in stable aggregate WI oil production over the past week of 26.2 mbbl/d.
We are assuming only 20.4 mbbl/d for 3Q24, which might be too conservative.


Valeura Energy: Production Guidance Re-Iterated but Lower Capex and Additional Resources

<ul><li>• The 2Q24 production and the cash position at the end of June had previously been reported.</li><li>• Development drilling at Nong Yao C has been completed with the 6 development wells encountering the reservoirs in line with expectations.</li><li>One appraisal well was successful and will be converted into a seventh production well.</li></ul>

• The 2Q24 production and the cash position at the end of June had previously been reported.• Development drilling at Nong Yao C has been completed with the 6 development wells encountering the reservoirs in line with expectations.One appraisal well was successful and will be converted into a seventh production well.

Valeura Energy (TSX: VLE): Production guidance re-iterated but lower capex and additional resources

Canada

Valeura Energy Inc. operates as an exploration company. The Company engages in the development and production of petroleum and natural gas. Valeura Energy focuses on growing its resource base and production in the Thrace Basin in Northwest Turkey.

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Valeura Energy Inc (VLE CN)

Valeura Energy (TSX: VLE): Tax Restructuring Adds Cash Flow and Showcases Thailand’s Operating Environment

Valeura’s working interests in all its Thai III fiscal contracts, covering the Nong Yao, Manora and Wassana fields will now be held in a single...

Auctus Advisors

Valeura Energy (TSX: VLE): Another strong quarter

• 3Q24 production was 22.2 mbbl/d. This is well above our conservative forecast of 20.4 mbbl/d that incorporated more provisions for downtime and...

Auctus Advisors

Valeura Energy: Production Guidance Re-Iterated but Lower Capex and Additional Resources

This production, when combined with the Wassana field being back online, has resulted in stable aggregate WI oil production over the past week of...

Auctus Advisors

Valeura Energy (TSX: VLE): Production guidance re-iterated but lower capex and additional resources

• The 2Q24 production and the cash position at the end of June had previously been reported. • Development drilling at Nong Yao C has been...

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Valeura Energy (TSX: VLE): High Production in 4Q24. Launching a Share Buyback Programme

The 3Q24 production and cash position at the end of September had been reported previously. Production in September and October stood at ~26.4 mbbl...

Auctus Advisors

Valeura Energy (TSX: VLE): Tax Restructuring Adds Cash Flow and Showcases Thailand’s Operating Environment

Valeura’s working interests in all its Thai III fiscal contracts, covering the Nong Yao, Manora and Wassana fields will now be held in a single...

Auctus Advisors

Valeura Energy (TSX: VLE): Another strong quarter

• 3Q24 production was 22.2 mbbl/d. This is well above our conservative forecast of 20.4 mbbl/d that incorporated more provisions for downtime and...

Auctus Advisors

Valeura Energy: Production Guidance Re-Iterated but Lower Capex and Additional Resources

This production, when combined with the Wassana field being back online, has resulted in stable aggregate WI oil production over the past week of...

Auctus Advisors

Valeura Energy (TSX: VLE): Production guidance re-iterated but lower capex and additional resources

• The 2Q24 production and the cash position at the end of June had previously been reported. • Development drilling at Nong Yao C has been...

Auctus Advisors