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.

Thematic (Sector/Industry)

<ul>
<li>ADX Energy (ADX AU)C; target price of A$0.10 per share: Securing additional loan to prepare for drilling – ADX is issuing A$1.5 mm of loan notes with a term of 18 months.</li>
<li>A$1.0 mm of the loan notes carry an interest rate of 8% per annum with 30 mm options with an exercise price of A$0.01 per share and 30 mm options with an exercise price of A$0.014 per share.</li>
<li>Chariot (CHAR LN)C; target price of £0.50 per share: Adding portfolio depth and near term newsflow – Chariot has raised US$16.1 mm of new equity priced at £0.14 per share.</li>
</ul>


ADX Energy (ADX AU)C; target price of A$0.10 per share: Securing additional loan to prepare for drilling – ADX is issuing A$1.5 mm of loan notes with a term of 18 months.
A$1.0 mm of the loan notes carry an interest rate of 8% per annum with 30 mm options with an exercise price of A$0.01 per share and 30 mm options with an exercise price of A$0.014 per share.
Chariot (CHAR LN)C; target price of £0.50 per share: Adding portfolio depth and near term newsflow – Chariot has raised US$16.1 mm of new equity priced at £0.14 per share.


Equity Bottom-Up

<ul>
<li>2Q23 production was 22,097 bbl/d, near our forecast of 22.8 mbbl/d.</li>
<li>Drilling operations at the Manora oil field are currently in the final stages of a three-well programme.</li>
<li>Valeura has paid US$178.1 mm in tax during 2Q23 in line with the our expectations.</li>
</ul>


2Q23 production was 22,097 bbl/d, near our forecast of 22.8 mbbl/d.
Drilling operations at the Manora oil field are currently in the final stages of a three-well programme.
Valeura has paid US$178.1 mm in tax during 2Q23 in line with the our expectations.


Valeura Energy (TSX: VLE): Entering a phase of cash build-up after large tax payment made.

<ul>
<li>Valeura has decided to temporarily suspend production at the Wassana oil field following an operational mishap by the third party contractor.</li>
<li>The floating storage and offloading vessel stationed at the Wassana oil field deviated from its intended position and contacted the field’s catenary anchor leg mooring (CALM) buoy.</li>
<li>This follows a previously reported incident by the same third party contractor that delayed first oil.</li>
</ul>


Valeura has decided to temporarily suspend production at the Wassana oil field following an operational mishap by the third party contractor.
The floating storage and offloading vessel stationed at the Wassana oil field deviated from its intended position and contacted the field’s catenary anchor leg mooring (CALM) buoy.
This follows a previously reported incident by the same third party contractor that delayed first oil.


Valeura Energy (LSE: VLU): Short Term Inconsequential Blip Offers Opportunity

<ul><li>Criterium Energy (CEQ CN)C; target price of C$0.95 per share: Transformational acquisition in Indonesia – Criterium is delivering on its plans by acquiring Mont D’Or Petroleum with long life and high netback production of 1,050 bbl/d and 4.7 mmbbl 2P reserves across 2 PSCs in Indonesia (Tungkal in South Sumatra and West Salawati in Southwest Papua).</li><li>With important spare capacity in existing infrastructure and very low drilling costs (US 5 mm per well) at Tungkal, Criterium plans to increase production by ~50% by the end of 1Q24 and to ~3 mbbl/d by YE25 within cashflow.</li><li>Tethys Oil (TETY SS)C; target price of SEK120 per share: Production update in Oman – Production from Blocks3 &amp; 4 was 8,995 bbl/d in May.</li></ul>

Criterium Energy (CEQ CN)C; target price of C$0.95 per share: Transformational acquisition in Indonesia – Criterium is delivering on its plans by acquiring Mont D’Or Petroleum with long life and high netback production of 1,050 bbl/d and 4.7 mmbbl 2P reserves across 2 PSCs in Indonesia (Tungkal in South Sumatra and West Salawati in Southwest Papua).With important spare capacity in existing infrastructure and very low drilling costs (US 5 mm per well) at Tungkal, Criterium plans to increase production by ~50% by the end of 1Q24 and to ~3 mbbl/d by YE25 within cashflow.Tethys Oil (TETY SS)C; target price of SEK120 per share: Production update in Oman – Production from Blocks3 &amp; 4 was 8,995 bbl/d in May.

<ul><li>The two horizontal wells drilled at Nong Yao are producing at a combined rate of 1,350 bbl/d.</li><li>Overall aggregate net oil production rates have averaged 23.7 mbbl/d during the first 11 days of June, up from 20.5 mbbl/d in 1Q23. </li><li>Net production at Nong Yao is ~8,000 bbl/d.</li></ul>

The two horizontal wells drilled at Nong Yao are producing at a combined rate of 1,350 bbl/d.Overall aggregate net oil production rates have averaged 23.7 mbbl/d during the first 11 days of June, up from 20.5 mbbl/d in 1Q23. Net production at Nong Yao is ~8,000 bbl/d.

Valeura Energy (LSE: VLU): Very good execution in Thailand

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Valeura Energy Inc (VLE CN)

AUCTUS ON FRIDAY - 14/07/2023

ADX Energy (ADX AU)C; target price of A$0.10 per share: Securing additional loan to prepare for drilling – ADX is issuing A$1.5 mm of loan notes...

Auctus Advisors

Valeura Energy (TSX: VLE): Entering a phase of cash build-up after large tax payment made.

2Q23 production was 22,097 bbl/d, near our forecast of 22.8 mbbl/d. Drilling operations at the Manora oil field are currently in the final stages...

Auctus Advisors

Valeura Energy (LSE: VLU): Short Term Inconsequential Blip Offers Opportunity

Valeura has decided to temporarily suspend production at the Wassana oil field following an operational mishap by the third party contractor.

Auctus Advisors

Auctus on Friday - 16/06/2023

Tethys Oil (TETY SS)C; target price of SEK120 per share: Production update in Oman – Production from Blocks3 & 4 was 8,995 bbl/d in May.

Auctus Advisors

Valeura Energy (LSE: VLU): Very good execution in Thailand

Overall aggregate net oil production rates have averaged 23.7 mbbl/d during the first 11 days of June, up from 20.5 mbbl/d in 1Q23.

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)