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 of A$0.75 per share: Reflections on Welchau – IIndependent consultants have calculated that each of the three reservoirs encountered at Welchau (Reifling - 128 metres, Steinalm -118 metres and the Guttenstein - 111 metres) are hydrocarbon bearing with uncertainty on the hydrocarbon type.</li>
<li>Laboratory work on the Steinalm reservoir has confirmed the full properties ofthe 43° API light sweet oil that was recovered in an MDT sample run in the Steinalm Formation.</li>
<li>The vertical extent of this light oil in the Steinalm or in the shallower Reifling and deeper Guttenstein is uncertain and there is no clear evidence of a hydrocarbon-water contact in any of the reservoir formations based on the open hole wireline log data.</li>
</ul>


ADX Energy (ADX AU)C; target of A$0.75 per share: Reflections on Welchau – IIndependent consultants have calculated that each of the three reservoirs encountered at Welchau (Reifling - 128 metres, Steinalm -118 metres and the Guttenstein - 111 metres) are hydrocarbon bearing with uncertainty on the hydrocarbon type.
Laboratory work on the Steinalm reservoir has confirmed the full properties ofthe 43° API light sweet oil that was recovered in an MDT sample run in the Steinalm Formation.
The vertical extent of this light oil in the Steinalm or in the shallower Reifling and deeper Guttenstein is uncertain and there is no clear evidence of a hydrocarbon-water contact in any of the reservoir formations based on the open hole wireline log data.


<ul>
<li>PetroTal (PTAL LN/CN)C; Target price of £1.50 per share: Unrestricted cash position increased by &gt;30% during the last quarter – 2Q24 production of 18,290 bbl/d was very near our forecasts of 18.5 mbbl/d but marginally below the company target of ~19 mbbl/d.</li>
<li>A brief river blockade impacted production but production in June was 20,555 bbl/d.</li>
<li>All regulatory approvals for the pilot to sell 100 mbbl of production through Ecuador have now been secured.</li>
</ul>


PetroTal (PTAL LN/CN)C; Target price of £1.50 per share: Unrestricted cash position increased by &gt;30% during the last quarter – 2Q24 production of 18,290 bbl/d was very near our forecasts of 18.5 mbbl/d but marginally below the company target of ~19 mbbl/d.
A brief river blockade impacted production but production in June was 20,555 bbl/d.
All regulatory approvals for the pilot to sell 100 mbbl of production through Ecuador have now been secured.


<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>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)

AUCTUS ON FRIDAY - 02/08/2024

ADX Energy (ADX AU)C; target of A$0.75 per share: Reflections on Welchau – IIndependent consultants have calculated that each of the three...

Auctus Advisors

AUCTUS ON FRIDAY - 12/07/2024

PetroTal (PTAL LN/CN)C; Target price of £1.50 per share: Unrestricted cash position increased by >30% during the last quarter

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

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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