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> Calima Energy (CE1 AU)C: Target price of A$0.60 per share: Activity programme to unlock the value of the Montney – Calima will start the re-testing of two wells in the Montney in late January.</li><li>The Calima #2 test will further define the gas and condensate potential of the Middle Montney.</li><li>Decklar Resources (DKL CN)/San Leon Energy (SLE LN): Production update in Nigeria – Production from the Oza Oil Field has reached ~1,300 bbl/d.</li></ul>

 Calima Energy (CE1 AU)C: Target price of A$0.60 per share: Activity programme to unlock the value of the Montney – Calima will start the re-testing of two wells in the Montney in late January.The Calima #2 test will further define the gas and condensate potential of the Middle Montney.Decklar Resources (DKL CN)/San Leon Energy (SLE LN): Production update in Nigeria – Production from the Oza Oil Field has reached ~1,300 bbl/d.

Equity Bottom-Up

<ul><li>The State 36-2 LNW-CC well in the Paradox basin encountered a significant influx of natural gas and condensate from the Cane Creek reservoir.</li><li>The influx was caused by the well intersecting an apparent major natural fracture network in the reservoir.</li><li>The ongoing drilling programme has an unrisked value of £0.14/sh just based on the contingent resources (39 mmboe) in the Cane Creek reservoir.</li></ul>

The State 36-2 LNW-CC well in the Paradox basin encountered a significant influx of natural gas and condensate from the Cane Creek reservoir.The influx was caused by the well intersecting an apparent major natural fracture network in the reservoir.The ongoing drilling programme has an unrisked value of £0.14/sh just based on the contingent resources (39 mmboe) in the Cane Creek reservoir.

Zephyr Energy Plc (AIM: ZPHR): Paradox well encounters substantial hydrocarbons while drilling

<ul><li>Zephyr Energy (ZPHR LN)C: Target price of £0.20 per share: Very accretive acquisitions boost production and add resources upside – Zephyr is acquiring the 25% WI across the White Sands Unit (WSU) in the Paradox it does not hold from Rockies Standard Oil (RSO).</li><li>In return, Zephyr will issue US$3 mm in shares at a price of 6.05 p/sh (~11% above the share price the day prior to the announcement) to RSO.</li><li>Beacon Energy (BCE LN): Reserves and resources update in Germany – Net 2P reserves in Germany were estimated at 85 mmbbl with 22.96 mmbbl net 2C resources.</li></ul>

Zephyr Energy (ZPHR LN)C: Target price of £0.20 per share: Very accretive acquisitions boost production and add resources upside – Zephyr is acquiring the 25% WI across the White Sands Unit (WSU) in the Paradox it does not hold from Rockies Standard Oil (RSO).In return, Zephyr will issue US$3 mm in shares at a price of 6.05 p/sh (~11% above the share price the day prior to the announcement) to RSO.Beacon Energy (BCE LN): Reserves and resources update in Germany – Net 2P reserves in Germany were estimated at 85 mmbbl with 22.96 mmbbl net 2C resources.

<ul><li>Zephyr is acquiring the 25% WI across the White Sands Unit (WSU) in the Paradox it does not hold from Rockies Standard Oil (RSO).</li><li>In return, Zephyr will issue to RSO US$3 mm in shares at a price of 6.05 p/sh (~11% above the share price the day prior to the announcement).</li><li>More on the Paradox The 3.3 mboe/d run rate production estimate by YE23 is based on 2P forecasts for the Paradox and WSU and the installation of a 10 mmcf/d processing capacity at the Paradox.</li></ul>

Zephyr is acquiring the 25% WI across the White Sands Unit (WSU) in the Paradox it does not hold from Rockies Standard Oil (RSO).In return, Zephyr will issue to RSO US$3 mm in shares at a price of 6.05 p/sh (~11% above the share price the day prior to the announcement).More on the Paradox The 3.3 mboe/d run rate production estimate by YE23 is based on 2P forecasts for the Paradox and WSU and the installation of a 10 mmcf/d processing capacity at the Paradox.

Zephyr Energy Plc: Very Accretive Acquisitions Boost Production and Add Resources Upside

<ul><li>Calima Energy (CE1 AU)C; Target price of A$0.60 per share: Market cap paid back in 2 years, even after incorporating higher differentials - Four wells out of the five well 4Q22 programme have now been drilled with two wells already in production.</li><li>Gemini#10 is producing in line with the type curve (IP of 120 boe/d gross and 60 boe/d net to Calima 50% WI).</li><li>We have reduced our target price from C$0.70 to C$0.60 per share as we incorporate the impact of the higher differentials.</li></ul>

Calima Energy (CE1 AU)C; Target price of A$0.60 per share: Market cap paid back in 2 years, even after incorporating higher differentials - Four wells out of the five well 4Q22 programme have now been drilled with two wells already in production.Gemini#10 is producing in line with the type curve (IP of 120 boe/d gross and 60 boe/d net to Calima 50% WI).We have reduced our target price from C$0.70 to C$0.60 per share as we incorporate the impact of the higher differentials.

United Kingdom

Pharos Energy PLC is an independent oil and gas exploration and production company. The Company focuses on growth and returns to stakeholders, headquartered in London and listed on the London Stock Exchange. Pharos Energy has production, development, and exploration interests in Egypt, Israel, and Vietnam.

Rockhopper Exploration Plc operates as an oil and gas exploration and production company in the United Kingdom. It engages in the exploration and exploitation of its oil and gas acreage primarily in the North Falkland Basin and the Greater Mediterranean region. It holds 95.50% interests in the PL003a production licenses; 60.50% interests in PL003b production licenses; 64.00% interests in PL004a, PL004b, and PL004c production licenses; 100% interests in PL005 production licenses; and 40% interests in PL032 and PL033 production licenses. The company also holds a portfolio of production and exploration interests in Italy, Malta, and Croatia. Rockhopper Exploration Plc was founded in 2004 and headquartered in Salisbury, the United Kingdom.

NWF Group plc, together with its subsidiaries, engages in the agricultural and distribution business delivering feed, food, and fuel in the United Kingdom. The company?s Feeds segment manufactures and sells animal feed and other agricultural products to farmers, as well as supplies seeds. Its Fuels segment sells and distributes domestic heating, industrial, and road fuels to domestic and commercial customers; and distributes fuel cards. This segment operates a network of 17 fuel depots. The company?s Food segment is involved in the warehousing and distribution of ambient grocery and other products to supermarket and other retail distribution centers. The company is also involved in agriculture nutritional advisory business. NWF Group plc was founded in 1871 and is headquartered in Nantwich, the United Kingdom.

Chariot Limited is an independent oil and gas exploration group focused on Namibia and Mauritania.

Afentra PLC is an independent Oil & Gas company focused on the African Energy Transition. The Company has a current interest in a high potential exploration project, onshore southwestern Somaliland.

Petro Matad Limited is a holding company. The Company, through its subsidiaries is focused on oil exploration, as well as future development and production in Mongolia.

Stobart Group Ltd. offers freight transportation and logistics services.  The Company transports cargo by truck, operates a rail freight terminal and port facilities, and offers warehouse storage services.

Hurricane Energy plc, together with its subsidiaries, engages in the exploration of oil and gas properties in the United Kingdom. The company holds interests in Lancaster basement discovery, Whirlwind basement discovery, Lincoln basement, Typhoon basement, Warwick basement, and Strathmore sandstone discovery prospects located to the West of Shetland. It has 100% interest in 450 million barrels of 2C contingent resources. The company was formerly known as Hurricane Exploration plc and changed its name to Hurricane Energy plc in April 2013. Hurricane Energy plc was founded in 2005 and is headquartered in Godalming, the United Kingdom.

Quadrise Fuels International plc and its subsidiaries principally engage in the manufacture and marketing of emulsion fuel for use in power generation, industrial and marine diesel engines, and steam generation applications in the United Kingdom. It produces oil-in-water emulsion-based asphalts and fuels, through its MSAR technology as a substitute for conventional heavy fuel oil. Quadrise Fuels International plc was incorporated in 2004 and is based in London, the United Kingdom.

Egdon Resources PLC is an oil and gas exploration and production company.  The Group owns acreage in the United Kingdom and France.

Shell Pakistan Limited markets petroleum and petrochemical products. The Company also blends and markets different types of lubricating oils.

Pancontinental Oil & Gas NL  a petroleum (oil and gas / hydrocarbon)  exploration company with key assets in Australia, Kenya and Namibia. The Company has high-percentage interests in a range of oil and gas targets in Australia and Africa.

PT Toba Bara Sejahtra Tbk is an exploration company. The Company explores for and produces thermal coal, which is used for power generation, cement manufacturing and other general industrial applications.

Alligator Energy Ltd. is a uranium exploration company. The Company is focused on prospective, drill ready uranium targets on granted tenements in Australia's uranium province, the ARUP in the Northern Territory.

SUSCO Pcl distributes petroleum products including unleaded and regular gasoline and diesel oil through its gasoline filling stations and directly to large end-users.  Through its subsidiaries, the Company acts as an oil agent and offers marine freight transportation services.

BP Castrol K.K. distributes lubricating oil produced by BP plc.  The Company handles brake, transmission, gasoline and diesel engine oils, and radiator fluids.  BP Castrol also sells oil-related chemical products.

E.A. Technique (M) Bhd owns and operates marine vessels focusing on marine transportation and offshore storage of oil and gas, and provision of port marine services. The Company also owns a shipyard involved in shipbuilding, ship repair and minor fabrication of steel structures.

KUB Malaysia Berhad is an investment holding company. Through its subsidiaries, the Company provides information technologies and telecommunication services, and provides online and conventional education. KUB Malaysia also bottles and trades liquefied petroleum gas, operates a chain of restaurants, develops and invests in property, and provides construction services.

Talon Energy Limited is an exploration company. The Company acquires, explores, and develops properties for petroleum resources. Talon Energy serves customers in the United States.

Yanchang Petroleum International Limited and its subsidiaries is principally engaged in investments in the oil, gas and energy related business. The Company also invests in oil and gas exploration and operation, and the trading of fuel oil.

Yanchang Petroleum International (346 HK)

Zephyr Energy plc operates as a technology-led exploration and production company. The Company focuses on the delivery of economic returns from developed oil and gas projects in the Rocky Mountain region of the United States.

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Zephyr Energy (ZPHR LN)

Auctus on Friday - 20/01/2023

Target price of A$0.60 per share: Activity programme to unlock the value of the Montney – Calima will start the re-testing of two wells in the...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Paradox well encounters substantial hydrocarbons while drilling

The State 36-2 LNW-CC well in the Paradox basin encountered a significant influx of natural gas and condensate from the Cane Creek reservoir.

Auctus Advisors

Auctus on Friday - 06/01/2023

Zephyr is acquiring the 25% WI across the White Sands Unit (WSU) in the Paradox it does not hold from Rockies Standard Oil (RSO).

Auctus Advisors

Zephyr Energy Plc: Very Accretive Acquisitions Boost Production and Add Resources Upside

Zephyr is acquiring the 25% WI across the White Sands Unit (WSU) in the Paradox it does not hold from Rockies Standard Oil (RSO).

Auctus Advisors

Auctus on Friday - 25/11/2022

Calima Energy (CE1 AU)C; Target price of A$0.60 per share: Market cap paid back in 2 years, even after incorporating higher differentials

Auctus Advisors

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