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>• Production at Wassana has restarted, in line with management’s guidance. • The drilling rig will be mobilized to Wassana in the coming days to drill three horizontal production wells. • In 2024, Valeura will also drill wells targeting reserve adds including at Wassana North, Jasmine and Nong Yao.</li></ul>

• Production at Wassana has restarted, in line with management’s guidance. • The drilling rig will be mobilized to Wassana in the coming days to drill three horizontal production wells. • In 2024, Valeura will also drill wells targeting reserve adds including at Wassana North, Jasmine and Nong Yao.

Valeura Energy (TSX: VLE): Restarting Wassana

Thematic (Sector/Industry)

<ul>
<li>Chariot (CHAR LN)C: target price of £0.50 per share: Key step towards developing future gas to industry business onshore Morocco – Chariot has signed Heads of Terms with Vivo Energy for the future offtake from the Loukos onshore licence where natural gas has been encountered at Dartois.</li>
<li>Up to 3 mmcf/d would be initially sold to the CNG midstream business under a long-term gas sales agreement.</li>
<li>Vivo intends to design, fund, construct and operate a CNG plant and virtual distribution network to transport natural gas from a number of sources to existing and new industrial customers in Morocco.</li>
</ul>


Chariot (CHAR LN)C: target price of £0.50 per share: Key step towards developing future gas to industry business onshore Morocco – Chariot has signed Heads of Terms with Vivo Energy for the future offtake from the Loukos onshore licence where natural gas has been encountered at Dartois.
Up to 3 mmcf/d would be initially sold to the CNG midstream business under a long-term gas sales agreement.
Vivo intends to design, fund, construct and operate a CNG plant and virtual distribution network to transport natural gas from a number of sources to existing and new industrial customers in Morocco.


<ul>
<li>3Q23 production of 19,961 bbl/d and net cash at the end of September of ~US$103 mm had already been announced.</li>
<li>Current aggregate production from these two wells is ~1,600 bbl/d, which will support production from the field in 4Q23.</li>
<li>Our YE24 estimated net cash (&gt;US$460 mm) represents ~1.5x the current market cap of the company.</li>
</ul>


3Q23 production of 19,961 bbl/d and net cash at the end of September of ~US$103 mm had already been announced.
Current aggregate production from these two wells is ~1,600 bbl/d, which will support production from the field in 4Q23.
Our YE24 estimated net cash (&gt;US$460 mm) represents ~1.5x the current market cap of the company.


Valeura Energy (TSX: VLE): Another good quarter. Re-iterating FY23 guidance

<ul>
<li>2Q23 production was 19,961 bbl/d with the difference to our forecast mostly reflecting the timing of drilling.</li>
<li>Wassana (1.6 mbbl/d production during 2Q23) was offline in 3Q23.</li>
<li>Our YE24 estimated net cash (~US$450 mm given the late tax restructuring) represents 1.6x the current market cap of the company.</li>
</ul>


2Q23 production was 19,961 bbl/d with the difference to our forecast mostly reflecting the timing of drilling.
Wassana (1.6 mbbl/d production during 2Q23) was offline in 3Q23.
Our YE24 estimated net cash (~US$450 mm given the late tax restructuring) represents 1.6x the current market cap of the company.


Valeura Energy (TSE VLE): ~20 mbbl/d production in 2Q23

<ul>
<li>The A28 and A28-ST1 wells encountered 72 ft and 75 ft of net oil pay respectively in deeper reservoir sections (2.0 and 2.1) at Wassana.</li>
<li>The A28 well results proved the presence of oil down to 5,594 ft TVD, 77 ft below previous the estimate of 5,517 ft, which was the depth that was used to estimate reserves.</li>
<li>A28 also encountered a thicker package of reservoir sands and new oil-filled sands that have not been previously developed.</li>
</ul>


The A28 and A28-ST1 wells encountered 72 ft and 75 ft of net oil pay respectively in deeper reservoir sections (2.0 and 2.1) at Wassana.
The A28 well results proved the presence of oil down to 5,594 ft TVD, 77 ft below previous the estimate of 5,517 ft, which was the depth that was used to estimate reserves.
A28 also encountered a thicker package of reservoir sands and new oil-filled sands that have not been previously developed.


Valeura Energy (TSE VLE): Positive drilling results unlock additional resources and delay decommissioning

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): Restarting Wassana

• Production at Wassana has restarted, in line with management’s guidance. • The drilling rig will be mobilized to Wassana in the coming days to...

Auctus Advisors

AUCTUS ON FRIDAY - 28/06/2024

Chariot has signed Heads of Terms with Vivo Energy for the future offtake from the Loukos onshore licence where natural gas has been encountered at...

Auctus Advisors

Valeura Energy (TSX: VLE): Another good quarter. Re-iterating FY23 guidance

Current aggregate production from these two wells is ~1,600 bbl/d, which will support production from the field in 4Q23.

Auctus Advisors

Valeura Energy (TSE VLE): ~20 mbbl/d production in 2Q23

2Q23 production was 19,961 bbl/d with the difference to our forecast mostly reflecting the timing of drilling. Wassana (1.6 mbbl/d production...

Auctus Advisors

Valeura Energy (TSE VLE): Positive drilling results unlock additional resources and delay decommissioning

The A28 and A28-ST1 wells encountered 72 ft and 75 ft of net oil pay respectively in deeper reservoir sections (2.0 and 2.1) at Wassana.

Auctus Advisors

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