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>2Q23 production and net cash at the end of June had already been reported.</li>
<li>The drilling programmes at various fields have delivered positive results, unlocking further drilling campaigns to extend production and delay decommissioning.</li>
<li>At Nong Yao, following the 2Q23 drilling programme, Valeura is progressing plans for further infill drilling on the already-producing Nong Yao accumulations aimed at enhancing production and minimising the effect of natural declines.</li>
</ul>


2Q23 production and net cash at the end of June had already been reported.
The drilling programmes at various fields have delivered positive results, unlocking further drilling campaigns to extend production and delay decommissioning.
At Nong Yao, following the 2Q23 drilling programme, Valeura is progressing plans for further infill drilling on the already-producing Nong Yao accumulations aimed at enhancing production and minimising the effect of natural declines.


Valeura Energy - Lower Capex, Lower Opex and Potentially More Reserves

<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

Thematic (Sector/Industry)

<ul>
<li>Arrow Exploration (AXL LN/AXL CN)C; target price of £0.65 per share: All eyes on the first horizontal well at Carrizales Norte – The 1Q24 production of 2,730 boe/d was close to our expectations.</li>
<li>Arrow’s cash position of US$11.6 mm was also in line.</li>
<li>The first water disposal well at RCE is being brought into production and the conversion of the CN-4 well is currently waiting regulatory approval.</li>
</ul>


Arrow Exploration (AXL LN/AXL CN)C; target price of £0.65 per share: All eyes on the first horizontal well at Carrizales Norte – The 1Q24 production of 2,730 boe/d was close to our expectations.
Arrow’s cash position of US$11.6 mm was also in line.
The first water disposal well at RCE is being brought into production and the conversion of the CN-4 well is currently waiting regulatory approval.


<ul>
<li>GeoPark (GPRK US)C; target price of US$26 per share: More favourable offtake contract in Colombia – GeoPark has signe da new offtake contract with Vitol for a minimum of 20 mbbl/d.</li>
<li>The agreement improves GeoPark’s price realizations by US$0.15/bbl vs the current agreement.</li>
<li>As part of this transaction, GeoPark will obtain immediate access to committed funding from Vitol for up to US$300 mm, with an option to increase by another US$200 mm for a total of US$500 mm, in prepaid future oil sales over the period of the offtake contract.</li>
</ul>


GeoPark (GPRK US)C; target price of US$26 per share: More favourable offtake contract in Colombia – GeoPark has signe da new offtake contract with Vitol for a minimum of 20 mbbl/d.
The agreement improves GeoPark’s price realizations by US$0.15/bbl vs the current agreement.
As part of this transaction, GeoPark will obtain immediate access to committed funding from Vitol for up to US$300 mm, with an option to increase by another US$200 mm for a total of US$500 mm, in prepaid future oil sales over the period of the offtake contract.


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 - Lower Capex, Lower Opex and Potentially More Reserves

The drilling programmes at various fields have delivered positive results, unlocking further drilling campaigns to extend production and delay...

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 - 31/05/2024

Arrow Exploration (AXL LN/AXL CN)C; target price of £0.65 per share: All eyes on the first horizontal well at Carrizales Norte – The 1Q24...

Auctus Advisors

AUCTUS ON FRIDAY - 10/05/2024

GeoPark (GPRK US)C; target price of US$26 per share: More favourable offtake contract in Colombia – GeoPark has signe da new offtake contract with...

Auctus Advisors

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