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>4Q22 sales volumes averaged 1,192 boe/d, resulting in 1,490 boe/d over FY22, which is near the top end of the FY22 sales guidance and in line with our forecasts.</li><li>FY22 revenue is estimated at US$42.9 mm, in line with the upgraded guidance of US$40-45 mm.</li><li>In the coming weeks and subject to service availability, Zephyr plans to commence production testing and potential completion of the fractured Cane Creek reservoir interval.</li></ul>

4Q22 sales volumes averaged 1,192 boe/d, resulting in 1,490 boe/d over FY22, which is near the top end of the FY22 sales guidance and in line with our forecasts.FY22 revenue is estimated at US$42.9 mm, in line with the upgraded guidance of US$40-45 mm.In the coming weeks and subject to service availability, Zephyr plans to commence production testing and potential completion of the fractured Cane Creek reservoir interval.

Zephyr Energy Plc (AIM: ZPHR): High production and income in the Williston

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.

<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

United Kingdom

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)

Zephyr Energy Plc (AIM: ZPHR): High production and income in the Williston

4Q22 sales volumes averaged 1,192 boe/d, resulting in 1,490 boe/d over FY22, which is near the top end of the FY22 sales guidance and in line with...

Auctus Advisors

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

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