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>4Q23 production in the Williston was 1,053 boe/d.</li>
<li>This only reflects oil and natural gas production.</li>
<li>Adding our estimates of NGL production (reported in previous periods but not in 4Q23) would lead to ~1,200 boe/d (we forecasted ~1,400 boe/d).</li>
</ul>


4Q23 production in the Williston was 1,053 boe/d.
This only reflects oil and natural gas production.
Adding our estimates of NGL production (reported in previous periods but not in 4Q23) would lead to ~1,200 boe/d (we forecasted ~1,400 boe/d).


Zephyr Energy Plc (AIM: ZPHR): Gearing-up for the return to drilling in the Paradox

<ul><li>• The six Slawson wells in the Williston Basin have delivered an aggregate IP20-30 of 897 boe/d net to Zephyr. • The YE23 run rate from the Williston is expected to be between 1,450 and 1,700 boe/d. • Pending further details on the programme, we currently forecast overall production (net to Zephyr) of 4.6 mboe/d in 4Q24.</li></ul>

• The six Slawson wells in the Williston Basin have delivered an aggregate IP20-30 of 897 boe/d net to Zephyr. • The YE23 run rate from the Williston is expected to be between 1,450 and 1,700 boe/d. • Pending further details on the programme, we currently forecast overall production (net to Zephyr) of 4.6 mboe/d in 4Q24.

Zephyr Energy Plc (AIM: ZPHR): High initial production from Slawson

<ul><li>• 3Q23 sales of 1,043 boe/d was above our expectations of 987 boe/d. • In addition, ten Harms East Federal / Quale Federal wells are expected to come online in December or January. • 3Q23 operating income was US$4.3 mm, compared to US$4.2 mm in 2Q23.</li></ul>

• 3Q23 sales of 1,043 boe/d was above our expectations of 987 boe/d. • In addition, ten Harms East Federal / Quale Federal wells are expected to come online in December or January. • 3Q23 operating income was US$4.3 mm, compared to US$4.2 mm in 2Q23.

Zephyr Energy Plc (AIM: ZPHR): High sales in 3Q23

<ul><li>• Zephyr is acquiring a minimum of 75% WI in a 1,047-acre leasehold position in the Salt Wash field which lies three miles to the south of the company’s WSU.</li><li>Salt Wash was discovered in 1961 and produced 1.65 mmbbl from a 15 feet oil rim and 11.7 bcf of natural gas.</li><li>Using our valuation for the Topaz helium project (Pulsar Helium), the unrisked value of 0.13 bcf of helium at Salt Wash could be ~US$60 mm (~£0.03/sh).</li></ul>

• Zephyr is acquiring a minimum of 75% WI in a 1,047-acre leasehold position in the Salt Wash field which lies three miles to the south of the company’s WSU.Salt Wash was discovered in 1961 and produced 1.65 mmbbl from a 15 feet oil rim and 11.7 bcf of natural gas.Using our valuation for the Topaz helium project (Pulsar Helium), the unrisked value of 0.13 bcf of helium at Salt Wash could be ~US$60 mm (~£0.03/sh).

Zephyr Energy Plc (AIM: ZPHR): Adding a helium asset in the Paradox

<ul><li>• 1H23 sales had been previously reported.</li><li>Zephyr held US$6.2 mm in cash at the end of June, ahead of our expectations of US$4.8 mm.</li><li>Zephyr is also carrying US$6.0 mm of current receivables and US$12.8 mm of current payables.</li></ul>

• 1H23 sales had been previously reported.Zephyr held US$6.2 mm in cash at the end of June, ahead of our expectations of US$4.8 mm.Zephyr is also carrying US$6.0 mm of current receivables and US$12.8 mm of current payables.

Zephyr Energy Plc (AIM: ZPHR): Balance sheet ahead of expectations. Waiting on Paradox progress

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): Gearing-up for the return to drilling in the Paradox

Adding our estimates of NGL production (reported in previous periods but not in 4Q23) would lead to ~1,200 boe/d (we forecasted ~1,400 boe/d).

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): High initial production from Slawson

• The six Slawson wells in the Williston Basin have delivered an aggregate IP20-30 of 897 boe/d net to Zephyr. • The YE23 run rate from the...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): High sales in 3Q23

• 3Q23 sales of 1,043 boe/d was above our expectations of 987 boe/d. • In addition, ten Harms East Federal / Quale Federal wells are expected to...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Adding a helium asset in the Paradox

• Zephyr is acquiring a minimum of 75% WI in a 1,047-acre leasehold position in the Salt Wash field which lies three miles to the south of the...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Balance sheet ahead of expectations. Waiting on Paradox progress

• 1H23 sales had been previously reported. Zephyr held US$6.2 mm in cash at the end of June, ahead of our expectations of US$4.8 mm. Zephyr is...

Auctus Advisors

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