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>Chariot (CHAR LM) C; Target price of £0.55 per share: One step closer to FID – Production ramp-up quicker than expected – Chariot has completed the Front-End Engineering and Design (FEED) on the key components of the Anchois gas development project.</li><li>The FEED confirms a plateau production of 105 mmcf/d from three wells including the existing Anchois-2 well, subsea infrastructure to an onshore central processing facility and an onshore gas pipeline to the Maghreb Europe Gas Pipeline (tie-in agreement already signed).</li><li>Neptune Energy: FY22 results – FY22 production was 135 mboe/d.</li></ul>

Chariot (CHAR LM) C; Target price of £0.55 per share: One step closer to FID – Production ramp-up quicker than expected – Chariot has completed the Front-End Engineering and Design (FEED) on the key components of the Anchois gas development project.The FEED confirms a plateau production of 105 mmcf/d from three wells including the existing Anchois-2 well, subsea infrastructure to an onshore central processing facility and an onshore gas pipeline to the Maghreb Europe Gas Pipeline (tie-in agreement already signed).Neptune Energy: FY22 results – FY22 production was 135 mboe/d.

Equity Bottom-Up

<ul><li>The State 16-2 well was initially flow tested at a choked back rate of 2 mmcf/d of natural gas and 100 bbl/d of condensate (433 boe/d), a measured rate which allowed the company to successfully commission surface facilities and improved flow assurance processes.</li><li>As flow rates were increased above those levels, well performance became limited by fresh water pumping capacity and was subsequently impacted by the formation of down hole salt precipitate, an issue not uncommon with this type of completion.</li><li>The precipitate, which blocked and subsequently cleared multiple times, impacted the well's flow capacity to achieve higher rates for an extended period of time.</li></ul>

The State 16-2 well was initially flow tested at a choked back rate of 2 mmcf/d of natural gas and 100 bbl/d of condensate (433 boe/d), a measured rate which allowed the company to successfully commission surface facilities and improved flow assurance processes.As flow rates were increased above those levels, well performance became limited by fresh water pumping capacity and was subsequently impacted by the formation of down hole salt precipitate, an issue not uncommon with this type of completion.The precipitate, which blocked and subsequently cleared multiple times, impacted the well's flow capacity to achieve higher rates for an extended period of time.

Zephyr Energy Plc: State 16-2 Well Test to Be Extended While Precipitate Issues Are Addressed

<ul><li>Positive testing results opens the Montney - Calima has so far obtained very good results from the re-testing of the Calima #2 and Calima #3 wells.</li><li>This could de-risk the initial development of the Montney with potential for production in 2024.</li><li>This could also materially increase the likelihood of attracting an industry partner. </li></ul>

Positive testing results opens the Montney - Calima has so far obtained very good results from the re-testing of the Calima #2 and Calima #3 wells.This could de-risk the initial development of the Montney with potential for production in 2024.This could also materially increase the likelihood of attracting an industry partner. 

<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

<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.

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Zephyr Energy (ZPHR LN)

Auctus on Friday - 10/03/2023

One step closer to FID – Production ramp-up quicker than expected – Chariot has completed the Front-End Engineering and Design (FEED) on the key...

Auctus Advisors

Zephyr Energy Plc: State 16-2 Well Test to Be Extended While Precipitate Issues Are Addressed

The precipitate, which blocked and subsequently cleared multiple times, impacted the well's flow capacity to achieve higher rates for an extended...

Auctus Advisors

Auctus on Friday - 17/02/2023

Positive testing results opens the Montney - Calima has so far obtained very good results from the re-testing of the Calima #2 and Calima #3 wells.

Auctus Advisors

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)