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>FY23 production, YE23 net cash and YE23 reserves and resources had been reported previously.</li>
<li>The FY24 production guidance of 21.5-24.5 mbbl/d with US$205-235 mm opex and US$135-155 mm capex has been re-iterated.</li>
<li>Current production continues to be high, with average production for the first half of March of ~23,000 bbl/d, including ~7.9 mbbl/d for Jasmine, 7.2 mbbl/d for Nong Yao, 2.9 bbl/d for Manora and 4.9 mbbl/d for Wassana.</li>
</ul>


FY23 production, YE23 net cash and YE23 reserves and resources had been reported previously.
The FY24 production guidance of 21.5-24.5 mbbl/d with US$205-235 mm opex and US$135-155 mm capex has been re-iterated.
Current production continues to be high, with average production for the first half of March of ~23,000 bbl/d, including ~7.9 mbbl/d for Jasmine, 7.2 mbbl/d for Nong Yao, 2.9 bbl/d for Manora and 4.9 mbbl/d for Wassana.


Valeura Energy (TSX: VLE): Additional exploration upside. Lower decommissioning liabilities

<ul>
<li>YE23 1P and 2P reserves are estimated at 29.9 mmbbl and 37.9 mmbbl respectively. This represents a reserve replacement ratio of 219%.</li>
<li>The reserves addition is much greater than we expected.</li>
<li>Valeura has booked 7 mmbbl at Wassana (we expected only 5 mmbbl) and has replaced 112-147% of the 2023 production at each of the other fields. </li>
</ul>


YE23 1P and 2P reserves are estimated at 29.9 mmbbl and 37.9 mmbbl respectively. This represents a reserve replacement ratio of 219%.
The reserves addition is much greater than we expected.
Valeura has booked 7 mmbbl at Wassana (we expected only 5 mmbbl) and has replaced 112-147% of the 2023 production at each of the other fields. 


Valeura Energy (TSX: VLE): 219% reserve replacement ratio in 2023

<ul>
<li>The first two wells of the Wassana drilling programme have exceeded the company’s expectations with production from the field now over 4,000 bbl/d.</li>
<li>With a third well expected to boost production further in the next few days, production from the field could be higher than the target of 4.5 mbbl/d.</li>
<li>The company has decided to extend the current drilling programme at Wassana by adding two wells (from 3 to 5).</li>
</ul>


The first two wells of the Wassana drilling programme have exceeded the company’s expectations with production from the field now over 4,000 bbl/d.
With a third well expected to boost production further in the next few days, production from the field could be higher than the target of 4.5 mbbl/d.
The company has decided to extend the current drilling programme at Wassana by adding two wells (from 3 to 5).


Valeura Energy (TSX: VLE): Wassana: Strong Performance and Accelerated Drilling Programme.

<ul>
<li>4Q23 production was 19,165 bbl/d (we expected ~21,300 boe/d) with minimal production at Wassana and declining production at Jasmine only partially offset by growing production at Nong Yao.</li>
<li>The capex programme includes US$50 mm for Jasmine and US$47 mm for the new Nong Yao C development.</li>
<li>YE23 net cash and YE24 net cash forecast Valeura held ~US$150.9 mm in net cash at YE23.</li>
</ul>


4Q23 production was 19,165 bbl/d (we expected ~21,300 boe/d) with minimal production at Wassana and declining production at Jasmine only partially offset by growing production at Nong Yao.
The capex programme includes US$50 mm for Jasmine and US$47 mm for the new Nong Yao C development.
YE23 net cash and YE24 net cash forecast Valeura held ~US$150.9 mm in net cash at YE23.


Valeura Energy Inc (Tsx: Vle/Otcqx: Vlerf)

<ul>
<li>Valeura has drilled three development wells and one appraisal well at Nong Yao A.</li>
<li>The three development wells were in line with expectations and are now in production.</li>
<li>The appraisal well has exceeded expectations confirming 50 feet of new net oil pay over several intervals that were not producing. </li>
</ul>


Valeura has drilled three development wells and one appraisal well at Nong Yao A.
The three development wells were in line with expectations and are now in production.
The appraisal well has exceeded expectations confirming 50 feet of new net oil pay over several intervals that were not producing. 


Valeura Energy (TSX: VLE): Positive drilling update

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): Additional exploration upside. Lower decommissioning liabilities

FY23 production, YE23 net cash and YE23 reserves and resources had been reported previously. The FY24 production guidance of 21.5-24.5 mbbl/d with...

Auctus Advisors

Valeura Energy (TSX: VLE): 219% reserve replacement ratio in 2023

YE23 1P and 2P reserves are estimated at 29.9 mmbbl and 37.9 mmbbl respectively. This represents a reserve replacement ratio of 219%.

Auctus Advisors

Valeura Energy (TSX: VLE): Wassana: Strong Performance and Accelerated Drilling Programme.

The first two wells of the Wassana drilling programme have exceeded the company’s expectations with production from the field now over 4,000 bbl/d.

Auctus Advisors

Valeura Energy Inc (Tsx: Vle/Otcqx: Vlerf)

4Q23 production was 19,165 bbl/d (we expected ~21,300 boe/d) with minimal production at Wassana and declining production at Jasmine only partially...

Auctus Advisors

Valeura Energy (TSX: VLE): Positive drilling update

Valeura has drilled three development wells and one appraisal well at Nong Yao A. The three development wells were in line with expectations and...

Auctus Advisors

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