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: 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.

<ul><li>Panoro Energy (PEN NO)C; Target price of NOK50 per share: Dry hole in South Africa – The Gazania- 1 well did not encounter hydrocarbons.</li><li>Panoro, Africa Energy (AFE CN/AEC SS) and Eco Atlantic (ECO LN/EOG CN) hold respectively 12.5%, 27.5% and 50% WI in the well.</li><li>Neptune Energy (EQNR NO): 3Q22 results – 3Q22 production was 133.7 mboe/d.</li></ul>

Panoro Energy (PEN NO)C; Target price of NOK50 per share: Dry hole in South Africa – The Gazania- 1 well did not encounter hydrocarbons.Panoro, Africa Energy (AFE CN/AEC SS) and Eco Atlantic (ECO LN/EOG CN) hold respectively 12.5%, 27.5% and 50% WI in the well.Neptune Energy (EQNR NO): 3Q22 results – 3Q22 production was 133.7 mboe/d.

Equity Bottom-Up

<ul><li>3Q22 sales volumes were 1,313 boe/d (1,208 boe/d production).</li><li>3Q22 revenue was US$9.6 mm, also very close to our expectations of US$10.6 mm.</li><li>3Q22 production was marginally impacted by temporary shut-ins due to planned frac-protect procedures on existing wells while new nearby wells were completed.</li></ul>

3Q22 sales volumes were 1,313 boe/d (1,208 boe/d production).3Q22 revenue was US$9.6 mm, also very close to our expectations of US$10.6 mm.3Q22 production was marginally impacted by temporary shut-ins due to planned frac-protect procedures on existing wells while new nearby wells were completed.

Zephyr Energy Plc (AIM: ZPHR): Solid 3Q22 Financial update. Raising FY22 revenue guidance

<ul><li>Chariot (CHAR LN) C; Target price of £0.55 per share: Meeting with management: Operations on track – The Anchois project continues to make progress towards FID in early 2023.</li><li>We understand that the banking syndicate is likely to include Moroccan banks and that debt could represent 70% of the overall cost of the project to first gas.</li><li>GeoPark (GPRK US)C; Target price of US$31 per share – 3Q22 production had already been reported.</li></ul>

Chariot (CHAR LN) C; Target price of £0.55 per share: Meeting with management: Operations on track – The Anchois project continues to make progress towards FID in early 2023.We understand that the banking syndicate is likely to include Moroccan banks and that debt could represent 70% of the overall cost of the project to first gas.GeoPark (GPRK US)C; Target price of US$31 per share – 3Q22 production had already been reported.

<ul><li>Zephyr has now received approval of its Application for Permit to Drill from the U.S.</li><li>Bureau of Land Management, the final regulatory approval required to spud the State 36-2 LNW-CC well on its project in the Paradox Basin.</li><li>Zephyr has also signed a rig contract with CWC Ironhand Drilling for its Ironhand Rig 118. </li></ul>

Zephyr has now received approval of its Application for Permit to Drill from the U.S.Bureau of Land Management, the final regulatory approval required to spud the State 36-2 LNW-CC well on its project in the Paradox Basin.Zephyr has also signed a rig contract with CWC Ironhand Drilling for its Ironhand Rig 118. 

Zephyr Energy Plc (AIM: ZPHR): Rig contracted to initiate high impact drilling campaign

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)

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

Auctus on Friday - 18/11/2022

Panoro Energy (PEN NO)C; Target price of NOK50 per share: Dry hole in South Africa – The Gazania- 1 well did not encounter hydrocarbons.

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Solid 3Q22 Financial update. Raising FY22 revenue guidance

3Q22 production was marginally impacted by temporary shut-ins due to planned frac-protect procedures on existing wells while new nearby wells were...

Auctus Advisors

Auctus on Friday - 11/11/2022

Chariot (CHAR LN) C; Target price of £0.55 per share: Meeting with management: Operations on track – The Anchois project continues to make progress...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Rig contracted to initiate high impact drilling campaign

Bureau of Land Management, the final regulatory approval required to spud the State 36-2 LNW-CC well on its project in the Paradox Basin.

Auctus Advisors

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